accusations of espionage. i decided right there and then that i wanted to be on the other side reporting on the news. i love bringing transparency to complicated topics. i think it's so important for us to deliver the right numbers to our audience so they can make better investment decisions. san francisco was built on ambition, a belief that anyone can disrupt any industry and change the world. >> it is why i am here at cnbc global headquarters. welcome to worldwide exchange. here is your five at five. >> futures under. pressure this morning as we. >> ride a. >> roller coaster. >> week on wall street. >> stocks coming. >> off their first. >> positive day. >> in the last three. >> the trump trade. >> war is upending the playbook for investors. >> while our jim. >> cramer says it's just. >> time to. >> face reality. >> the sell off continues as another. >> eye darling. >> it fails to meet some very. lofty estimates, plus housing market warning signs that investors should not ignore. >> and later, more uproar. >> over doge, this time from inside the republican party. >> forcing elon. >> musk to face his critics. it is thursday, march the 6th,

2025. >> and you're watching. >> worldwide exchange right. here on cnbc. >> good morning. >> thank you. >> so much for. >> being here. >> with us i am frank. >> let's get you ready. >> for. >> the. >> day ahead. >> taking a look at the markets. >> as tariff concessions. >> and hopes for even. >> more concessions. they fail to rebound. >> yesterday with the major indexes, the. >> russell and. >> the transports, all. >> of them. >> finishing more than. >> a percent higher. >> but take a look what we're looking at right now. >> futures in. >> the red. >> hitting session. >> lows right now. >> let's take a look at. >> the s&p. >> down about 60 points plus. >> down almost 1%. >> the dow down about. >> almost 400. >> points. >> down around. >> three quarters of 1%. the nasdaq. the hardest. >> hit down 280 or so, points down more than 1% on a percentage basis. >> we also want to look. >> at the small caps right now. also under pressure. >> in the premarket. >> as you can. >> see small. >> caps down more than 1%. >> these are. >> small cap futures that we're looking at right now. so the president giving a month tariff exemption for autos in the white house, comments that he would be

at least open to hearing about additional exemptions. >> giving a. >> big boost to etfs tracking the countries that are facing tariffs. take a look at the action that we're seeing right now in the premarket for these various etfs. the canadian. >> etf. >> the iwc you. >> can see right. now it. >> closed up. almost 2.5%. taking a look at some of the other ones. >> the chinese etf. >> the. >> one we've been. >> tracking very closely up. >> almost 2%. >> right now. >> the web that tracks. >> chinese internet stocks up. >> over 3% right now. the eurozone etf it finished higher yesterday up about 2% right now just fractionally higher in the pre-market. >> china also. >> announcing its annual growth target. and raising hopes for. >> more stimulus. >> and more government support for business. that also helped to raise chinese equities. and as we just mentioned, the eurozone etf. also higher yesterday. so we saw some upside moves across the board for a number of those etfs. >> a rally in auto stocks. >> yesterday, something. >> else. >> that we're tracking after the ceos of the big three they met with the president. >> take a look. >> you can see this. morning excuse me. this the action from yesterday. you can. >> see general. >> motors up 7%. stellantis also

a big move to the upside. now this morning in the pre-market we're seeing a bit of a pullback. right now we're seeing general motors down just about 1.5% for down more than 1%. tesla shares pulling back more than 2%. also looking at rivian those shares pulling back 1.5% right now as well. bond yields they continue to tick higher. the fed beige book showing signs of tariff related inflation. take a look at the benchmark. we're seeing the benchmark ten year yield ticking up to just about 4.3 right now. moving up a few basis points from the levels we've seen yesterday. the two year still staying below 4%, something we'll continue to watch. take a look at the dollar. also, it's continuing to move lower on pace for its worst week since november of 2022. take a look at the dollar right now. fractionally lower for the week, down just about 3%. a similar story. for oil wti. of course, that's the us benchmark when it comes to oil hitting multi-year lows right now wti up just about a half percent a. bit of a rebound. but as you can see trading well below 70 bucks a barrel. that's a key sentiment level. brant crude also now below 70 bucks a barrel. and we'll take a look at

cryptocurrency. bitcoin just ticking just above 90,000. once again remember we got that white house crypto summit coming up tomorrow. bitcoin trading at about 90,700 a coin. up just about a half percent week to date moving more than 9% higher okay. that is your set up. now it's time for your big money movers. let's begin with marvell technology. those shares sinking in the premarket despite a top and bottom line beat for the most recent quarter, investors instead focusing on its outlook, which failed to top the street's very bullish estimates. shares are now down more than 30% on the year after an 80% pop in 2020 for shares of alibaba. they're surging overseas and ahead of the wall street open. the chinese e-commerce giant unveiling a new open source ai model that it says rivals deep six performance while just using a fraction of its data requirements. we're also looking at shares of mongodb sinking after its full year outlook came in well below street estimates. the database software maker now forecasting its slowest revenue growth since it went public back in 2017. take a look at that chart right there. shares of mongodb down more than 17%. all

right. now let's take a look at how europe is shaping up as this trading day gets underway. julianna tatelbaum is in london with a look at the early action. julianna, good morning. good to see you. >> hey, frank. great to see you. well, it's been a pretty choppy session so far. the markets have been open for just a couple of hours, but we've already seen a lot of swings. we opened up higher european equities, adding to yesterday's gains driven by some strong moves higher in those cyclical parts of the market. construction, basic resources, autos. but in the last half an hour or so, we've seen sentiment turn sour. and now the stoxx 600 actually lower on the day. you can see here we've got the xetra dax now up 2/10 of a percent. at the start of the morning. we were up more than 1% in the german market ftse 100 down 1%. now here in the uk the cac40 down about half a percent. so clearly the positive momentum has faded through the course of the morning. the auto sector continues to be the top performer in europe this morning, with hopes that trade tensions could be easing after president trump's decision to give those u.s. automakers a one

month tariff exemption. as you flag stellantis up this morning by about 1.4% in european trade, porsche, volkswagen also trading higher, but nothing like the early gains that we saw. we're also tracking some significant moves in the bond market. frank. this morning yields across europe rising for a second day. now these moves have been driven by germany the country's ten year yield hitting its highest level since october 2023. continuing to climb after seeing the biggest selloff in 35 years in yesterday's session. after the likely next chancellor, friedrich moritz, revealed those plans to ease debt rules and spend more on defense and infrastructure. what we here in europe are calling a bazooka when it comes to defense and infrastructure infrastructure. the german ten year bond, now trading around 2.8%. frank. >> all right, juliana. >> thank you very much. our julianna tatelbaum live in our london newsroom. turning back to the u.s. markets. these u.s. markets have been volatile over the past week, hitting some turbulence before. >> leveling off. >> with moves largely caused by president trump's tariffs. our jim cramer says this uneven

trading, it may be the result of the president upending the way that investors view and value stocks. >> this market is furiously trying to revalue stocks because of the president's comments. and we do it day after day after day because he's always making so much news. so it's been doing a poor job, and that's created a ton of opportunities for you to both buy and sell. and i say you take them right away. >> joining me now is simon shaw, chief global strategist at principal asset management. good morning. good to see you. >> good morning. >> well first i want to get your reaction to jim cramer's comments. some of this trade war and some of the volatility in the markets and the policy, the exemptions, it's kind of hard to know exactly what's coming up next. does that change the way that you're valuing stocks and the way that you look at stocks? >> well. >> frank, i mean i think. >> that uncertainty. >> is really. >> key for investors right now, not. exactly knowing what. >> the policy. >> is going to be tomorrow, how long the tariffs are going to be kept on for, which additional countries are going to be. >> subject to tariffs. >> that is creating.

>> a very tough. >> and volatile environment. >> for investors. >> what we're trying to think. >> about is how. >> resilient is the us economy. >> to some of the potential headwinds that are coming from some of the policies. >> from the administration? >> and then from that perspective, we are quite. >> confident. >> at least, that the us. >> economy can. >> withstand some of those pressures. we really take a lot of. >> reassurance from the. >> strength of consumer household balance sheets, corporate balance sheets. >> so from. >> that. >> perspective. >> it does suggest. >> that earnings growth will continue to perform well through 2025. >> probably not as. >> strong as we saw in 2024. >> but as long as earnings growth is positive and solid. >> we should see continued gains in the s&p 500. it is going to be a very rocky ride though. >> and that is. >> going to be increasingly clear. so it does start to become more and more important for investors not to just look at the index level, but think about what are the. >> kind of sectors. >> what are the kind of companies that they want to be invested in. >> so with this level of volatility like this huge the dow for an example i'm looking right here. on thursday the dow fell. almost 200 points. then last friday it gained 600

points. then on monday it fell 650 points. i mean we can just go on and go on. i think people are pretty aware of a lot of these up and down moves. when you see these kind of up and down moves, is it hard to figure out where a buying point is? is it hard to figure out where you might want to take profits because you think there might be more volatility? i mean, as someone who's really looking at the markets and looking for places to invest or maybe even take profit, how do you gauge all this? >> right. and it is, you. >> know, typically it's a very difficult thing to do to perfectly time the market. you're going to be windswept many times over in any kind of opportunity. so actually from our perspective. >> because we still. have that constructive. >> outlook for broad. >> us equities. >> we're still saying. >> that. >> look. >> this. >> is still the time to have exposure. you want to be careful, right? you want to be looking at companies that still have that pricing power, that maybe have less exposure to some of the countries that are sitting right in the line of fire. that is going to be key. but certainly you don't be trying to time the market because it is very, very difficult to get that correct. >> so i. >> want to ask you, we're looking at some of your your

notes about the markets right now. you're saying the fed is likely to begin a prolonged pause until they have greater clarity. we got the beige book yesterday. it showed a lot of signs of tariff related inflation across the board. how do you think that influences the fed. and at the same time, we had a big jobs report coming up tomorrow. how do you see that jobs report influencing the fed? is there a possibility that a cut if we see a weak jobs report, could it come sooner than maybe you even expect today? >> yes. there are a number of people saying that actually the prospects of a march rate cut have increased, of course, in the last few days because of concerns around the economy. and then, as you said, the beige book and a number of other indicators are suggesting that actually inflation expectations are increasing. and companies are starting to think about price increases. that is a really, really difficult spot to be in for the fed. and it makes it even more likely that they almost sit there, kind of almost paralyzed, waiting for some kind of clarity, not only some from a policy perspective, but also how is the economy responding to that? that is not very clear right now. the data, just like

the market, is quite choppy. so that to us adds probably more reason for them to sit in that prolonged pause. and then from june, once they have a little bit more information to then respond, we do think, actually that they're more likely to look through the inflation increases. so it's still on a bias to rate cuts. but it is definitely a very challenging environment for investors but also the fed. >> all right great to see you. thank you very much. >> thanks. >> a lot more to come here on worldwide exchange including a manufacturing play. one market watcher says has a whole lot more room to run. but first, silicon valley heading to the white house for a reported high stakes face to face and much, much more on the chip selloff and what's going on under the hood. and then later, elon musk forced to face the music from republican lawmakers. a very busy hour still ahead when worldwide exchange returns. stay with us. >> with allegra. i hope you can stop being sneezy without feeling sleepy. get 0% brain interference for fast, non drowsy allergy relief with

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the tv. >> welcome back. >> to worldwide exchange. let's get a check on some of this morning's top stories. silvana henao is here with those. silvana. good morning. >> hey, frank. good thursday morning to you. president trump will reportedly meet with the heads of some u.s. tech companies next week as they face pressures from tariffs and stricter export rules. bloomberg says the group includes the ceos of hewlett packard, intel, ibm and qualcomm. now hp confirming the company will attend on monday with trade policy and u.s. manufacturing two key areas of interest. intel, ibm, qualcomm and the white house have commented the u.s. government is hitting pause on what may be one of the largest

sales of commercial real estate ever. the general services administration, removing about 440 federal buildings from its website yesterday. that was just hours after listing them for sale. now, the move coming after heavy criticism from employees, lawmakers and others opposed to the sale of the buildings, which represent nearly 80,000,000ft■!s of space. a gsa spokesperson says a list of specific properties will be republished in the near future, after the agency evaluates that input. and president trump is expected to issue an executive order as soon as today aimed at eliminating the department of education. now, the wall street journal first reporting a draft of the order, directing secretary linda mcmahon to take all steps to facilitate the shutdown based on the maximum extent appropriate and allowed by law. now, this order has been in the works since president trump was elected in november. frank.

>> all right. >> samana, thank you very much. we'll see you just a bit later in the show. all right. moving on. some other news. mastercard shares are outperforming the market since earnings, despite a 3% drop so far this week around the market's broader sell off. mastercard, also the lead sponsor for the arnold palmer invitational in orlando. the type of experience the president of the americas, linda kirkpatrick, tells me, consumers are still willing to spend on even as they cut back in other areas and they face new tariffs. >> consumers in general are spending differently. >> they are. >> the consumer. >> is incredibly nimble. >> and engaged. >> and also choiceful. they're choiceful in terms of finding value for how. >> they're. >> spending. >> looking for. >> good digital means of making. >> their. >> transactions, and of. >> course, spending on experiences. cybercriminals are. quite active. and again. >> 10 or $14 trillion of cyber theft. >> by 2028.

>> if it were an economy, it would be the third largest economy in the world. so as they become more sophisticated. >> so do we. >> mastercard is. >> as much. >> a security company as we are a payments company. >> so kirkpatrick says the company is also seeing rising cyber threats for both businesses and consumers, a reason for mastercard's $2.6 billion of purchase of threat intelligence company recorded future last year. if you want to see more from this interview with mastercard president america's linda kirkpatrick, go to cnbc.com. we talk a whole lot more about tariffs and why mastercard sees experiences as an important part of its marketing. all right. coming up here on worldwide exchange we've got a lot more to come including we're going to talk about core weave and why one of their biggest customers, one of their biggest customers is reportedly looking to scale back their orders. we're going to have that full story right after this full story right after this break. stay with (vo) what does it mean to be rich? maybe it's not just about the places you can go... but also the people who welcome you home.

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and cultural treasures. because when you experience europe on a viking longship, you'll spend less time getting there and more time being there. viking. exploring the world in comfort. a look at futures. right now you can see the s&p down just about 1%. the dow down about three quarters of 1%. the nasdaq the hardest hit on a percentage basis down more than 1%. taking a look at the s&p 500 laggards in the premarket. microchip tech the biggest laggard, shares down about 3.5%, followed by broadcom digital and vistra. all of them pulling back right around three 3.5%. also looking at the nasdaq 100 laggards mongodb right there at the bottom of that list shares down more than 17% after earnings. marvell technology also sliding after earnings. microchip tech broadcom and on semiconductor rounding out the

bottom five of the nasdaq 100. all right turning now to washington and elon musk and the department of government officials facing some very tough criticism from an unlikely source. members of the republican party. emily wilkins joins us now with much more on this story. emily. good morning. >> good morning frank. well, yeah, republicans on capitol hill told elon musk to keep making those cuts through the department of government efficiency, but to also make sure that congress ultimately gets a vote. musk met with senators in the capitol yesterday afternoon. he discussed a process that would allow lawmakers to ensure that doj's cuts stick under the process, which is known as rescission. the white house would send congress a request to cancel funding for specific items. and then lawmakers would have a 45 day window to either approve the cuts with a simple majority. that means republicans could pass it without any democratic votes. musk also met with house republicans last night. speaker mike johnson told nbc that the cuts musk was

finding now will be a part of next year's government funding bills. >> it's really. revolutionary in the way that. we'll do. >> budgeting. >> will limit. >> the size and scope of the federal government, and will be. >> much more accountable. >> to taxpayers. >> in this country, and that is long overdue. >> republican leaders invited musk to the hill after several lawmakers faced contentious town halls, with attendees frustrated over the slashing of federal jobs and a major shakeup of agencies. congressman derrick van orden told nbc that he was working with doge officials and musk on bringing clarity to key constituent groups. >> those are. >> our veterans and our farmers. and i said there's a lot of angst going. on in our veterans community. >> because they. >> just simply. >> don't know. what the heck is going on. >> uncertainty leads. to angst. >> while republicans say that they are overall supportive of what musk is doing, some of the pushback they got in those town halls was so strong that the

head of the house republicans campaign arm told members that they should start doing virtual town halls or via phone, rather than in person. frank. >> all right, so elon musk and the whole doge effort, broadly supported by republicans, but getting some pushback just with how he's doing it. are there any bills coming up to put out a, you know, a, i guess, a spending cut package that the senators and the house could vote on? >> you know, frank, that's the really interesting with this timing right now, because next week, congress is going to have to vote on a government package to keep the government funded, basically from march 15th onward. and yet what they're looking at is just extending current funding. so basically voting for all of this funding that musk has been saying that he's going through and finding cuts to. and republicans say that they just need more time to better understand the cuts, to incorporate them into a longer bill. or of course, they could use that rescission process later in the year to claw some of those funds back. but it is sort of a going to be a bit of a

weird moment to hear republicans kind of cheer a lot of the cuts that musk is making and proposing. and then yet for the budget that is going to be voted on next week to fund the government. you won't. we're not expecting to see any of those cuts in there. >> you know, emily, i know we're kind of having a new normal when it comes to dc right now, but how often does a white house adviser or a special advisor, whatever elon musk official title is, meet with congresspeople behind closed doors, as opposed to an open session to discuss these kind of things? is this normal or is this something different? >> i mean, i will say that it is common for folks in the white house to come up to capitol hill to meet with lawmakers over lunch to have some of these private discussions. so it's not all that out of the ordinary, but i do think, of course, elon musk, you know, given his role as special envoy, just given how much power that that has allowed him and afforded him how much attention that he has gotten for the work that he's done. i mean, obviously, the state of the union, or rather, the joint address to congress call out the other night, i think it certainly a bit unprecedented in

terms of the amount of power that musk holds in this position. and i think to the amount that lawmakers are feel very influenced by what he perceives, what his comments are, kind of how he pushes things. of course, with his his ownership of x, he has a lot of power there with a lot of the constituents that many of these republicans are going back home to. >> all right. emily wilkins live in dc. emily, great to see you. thank you very much. as we head to break now we're watching shares of german automakers. they're actually higher across the board and pushing the dax to a record all time high. on president trump's tariff reprieve. taking a look right now you can see volkswagen shares up almost 3%. bmw shares up almost 2.5%. mercedes shares up over 3% as well. much much more on this story all day right here on cnbc. we're back right here on cnbc. we're back right after this break. (grunting) at morgan stanley, old school hard work

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>> i would say that. >> that my feelings. >> about blackwell. >> is better today than it was. >> at last quarter. >> it stands to. reason that with blackwell. >> and. >> with. >> all the new. >> data centers going online. >> we're going to have a. >> fairly great year. >> we have a lot of demand for ai right now. i would tell. >> you. >> that at this stage it could change. but at this stage, if we had more capacity than. we already have and we have a lot, but if we had more capacity, we could monetize it.

>> so that was nvidia ceo jensen huang and amazon ceo andy jassy talking with cnbc last week about their optimism around ai and the chips needed for that tech. however, investors are not feeling quite the same, with the number of semi players getting hit this week set to continue their slide today, adding to an already tough start to the year. welcome back to worldwide exchange i am frank collin. coming up this half an hour. the headwinds our next guest says could put even more pressure on that once red hot trade. but first let's get you ready for the day ahead. let's start off with the markets under some pressure this morning. as you know, yesterday, tariff concessions and hopes of more concessions. they fueled a rebound. the major indices and the russell and the transports all of them finishing up more than 1%. but take a look at futures right now. futures under deep pressure this morning. we had our first up day in the last three yesterday. but again looking like we're set for a rough start this morning. the s&p down about 55 points. the dow down almost 350 points. the nasdaq down just about 230 points. we also want to take a

look at the russell futures this morning again also under some pressure this morning. the russell is still down just about 1% when we're talking about the futures. okay. back to the markets. the president giving a month tariff exemption for autos in the white house, comments that he would be at least open to hearing about additional exemptions, giving a boost to etfs that are tracking the countries facing the tariffs. china also announcing its annual growth target, raising hopes for stimulus and more government support for business, giving a boost to chinese equities. the eurozone etf also higher yesterday. take a look at these etfs this morning. take a look at the action that we are seeing. let's start off with the canadian etf the iwc. you can see it's up just about where it closed up. just about 2.5%. the mta this is the chinese etf. we've been following very closely up just about 2%. the chinese internet etf up over 2.5%. but right now we're starting to see actually a pullback in the eurozone etf pulling back just about 1%. earlier this morning it was just fractionally higher. so yesterday we also saw a rally in auto stocks after the ceos of the big three they met with the president again got those tariff concessions for one month.

yesterday gm finishing up over 7%. stellantis up over 9% tesla shares up also up over 2.5%. let's take a look at the action this morning. we are seeing a bit of a pullback when it comes to those auto stocks. you can see the same board is now red across the board. gm pulling back more than 1%. similar story for ford. stellantis almost down 2%. similar story for tesla. rivian also pulling back more than 1%. taking a look at treasuries bond yields they continue to tick higher. the fed beige book showing some signs of tariff related inflation. the benchmark again moving up a few basis points right now at 4.3% when we're talking about the yield there. the dollar however, continuing to move lower on pace for its worst week since all the way back in november of 2022. you can see right here the dollar fractionally lower right now over the last week pulling back nearly 3%. similar story for oil. wti the us benchmark hitting multi-year lows. you can see right now a bit of a rebound but very slight rebound. wti up a third of a percent. similar story for brant crude. but here's the big thing. both of them trading below 70 bucks a

barrel. that's a key sentiment level when we're talking about oil. and we want to take a look at bitcoin and bitcoin actually saying just a bit of a rebound right now. bitcoin actually just back above 90,000. now back above 91,000 up 1.5% right now for the week up 10%. remember white house crypto summit coming up tomorrow okay. that is your setup now. want to pay attention to the chip sector. and what's been a very rough start to the year after just a blockbuster 2020 for the smh semiconductor etf down more than 6% year to date. you can see right here it's lower again this morning pulling back about 2.25%. investors today they're looking ahead to marvell. the stock under heavy selling pressure on earnings and an outlook that fell short of the street's most bullish estimates including today's drop. the stock is down more than 30% on the year after more than 80% surge in 2020, for a number of other names there also falling in sympathy in the premarket. we've been showing you all morning long chip stocks under quite a bit of pressure. broadcom shares pulling back 3.5%. nvidia down about one and three quarters of 1%. our christina partsinevelos has more

on what's going on under the hood. >> well frank i semiconductor stocks are experiencing a new market phenomenon where strong financial performance is being punished instead of rewarded. custom chip. maker marvell technology epitomizes this trend, posting q4. >> earnings and. >> guidance beat yesterday. >> only to see its. >> stock plunge. >> in after hours trading. >> credo technologies offers another stark example delivering a knockout report with 160% year over year revenue growth and a guide above estimates. and yet, the stock fell 14% on tuesday due to investor anxiety over amazon's 85% revenue concentration. even sector sector bellwether nvidia and amd aren't immune. both companies reported earnings and forecasts higher. >> than estimated. >> yet saw their stocks retreat as investors nitpicked details. >> like. >> gross margins for nvidia. broadcom stands poised for potentially similar treatment. on to actually tonight. the stock carries a forward p e ratio around 30 times compared to nvidia's 26 times, which

means valuation is adding another layer of investor hesitation. >> the message, though. >> frank. >> is clear. >> in today's hyper scrutinized market, stellar. performance is no longer enough. investors are hunting for reasons to be cautious, zeroing in on nuanced details and potential risks. at this rate, no longer guarantees market enthusiasm. frank. >> all right, for much more, let's bring in joel colina, managing director and head of tmt at wedbush securities. joel, good morning. good to see you. >> good morning frank. >> joel, let's just start off with marvell. this is a very interesting story. so, you know, stock had had beats and the guidance it was generally strong if you look at just the base numbers. but they kind of showed a plus or -5% when it came to the revenue outlook for q1. and then plus or -$0.05 a share when it came to the eps outlook. is that really a big deal when we're talking about this company that gave very bullish outlook when we were talking about what you're hearing from executives. >> yeah, i think it is. >> because. >> you're really i.

>> think i think. >> marvell is now the eighth or. >> ninth name where you're just seeing. these horrific kind of t plus one reactions. >> you know, i know you. >> guys just mentioned crypto. earlier and marvell, you know, there just wasn't a lot of wiggle room to miss. and for next quarter, they, you know, the street by side was looking for north of 2 billion. they came in you know. >> well. >> below that. and we've just seen this ongoing trend, this current earnings. >> cycle within tech especially you. >> know anything in line to disappointing. and stocks are. >> just. getting punished. >> and we've just seen really little. willingness to kind of draw the line in the sand from the long island community to defend stocks. you know, coming off a. >> multi-year bull. >> bull. >> market cycle. >> and expectations are high. and any misses, like i said, the reactions are brutal. >> all right let's look ahead to broadcom coming up later. we generally stick to the estimates here on this show joel. but you actually hit us with something that we talk about here and there. like kind of the whisper numbers when it comes to earnings. so the guide from the company is 3.8 billion. you say the whisper number. that's actually 4 billion. so does the stock okay. does the stock have to hit that whisper number or is it just important that it gets

over the guide. >> yeah i think well the what it's telling us recently is and the recent reaction. within tech is that yeah, we're the buy side kind of you know has their. >> numbers and their bogies. >> that's sort of the line in the sand. and anything. below it is just not going to. >> be. >> you know. >> get a favorable reaction. >> so for broadcom obviously the focus is on the revenues. >> you know. >> 4 billion for this. quarter for next quarter. the buy side is around 4.2. and again another stock is. >> is that's. >> been. >> bulletproof for a very long time. i you know prefer i prefer broadcom within probably. >> the larger. >> i complex. >> just given valuation. >> execution from hock. >> tan and. his team. >> and. >> again valuation. >> isn't demanding at all. >> but again. >> just semis. >> just an i trade just continues to unravel. >> as as. >> dollars are rotating elsewhere. >> so it seems like it's more about expectations than even estimates. like people want a beat and a raise it seems like across the board. exactly. so clearly money is moving away from chips right now. and again, it's important to know it is a cyclical sector. it has ups. it has downs. but it also seems like there's a lot of money

moving towards china. so i want to ask you yesterday the chinese government putting out its growth targets, kind of hinting towards stimulus perhaps, and also more support for businesses. how big is that when it comes to chinese equities? >> it's massive. >> you know i. >> was. >> just kind. >> of looking. >> at. >> you know, the price action of kweb, which is the chinese internet etf. you know, including this morning's move. it's now up 30% year to date. and that's versus the. qs down 3%. so there's clearly a. massive rotation into a. group a cohort of stocks that have really just been underweight from the global long only community since late 2020, early 21. so you're talking about 3 or 4 years. >> where no. >> one. wanted to touch these stocks. deep sea comes along. >> i think. >> i think. >> chinese companies unveiled four new ai models overnight last night led. by alibaba. and it's really whether it's. >> trump policy. >> you know. >> just kind. >> of what they're doing on the doge front of things. it's sort of just ignited this rotation. >> into the. >> rest of. >> the world. >> you see what's going on in europe and germany specifically. and, and, and u.s. is right now

it's a funding source, funding trade, you know, for the rotation in the europe, in china. it's just been a. >> long time. >> since we've been able to say that. >> all right. so, joel, a lot of people think that china is, you know, perhaps quote unquote, uninvestable. other people are obviously very bullish on it. we've talked about a number of big name investors that are bullish on it. i want to ask you now that we got this growth target expectations of stimulus. xi jinping seemingly at least having a better relationship with big name executives like jack ma is all the good news already priced into this stock? or is there something else coming up that you see as another catalyst, not stock this area chinese internet tech stocks? is there another catalyst that. >> you see? >> yeah, yeah. >> you hit the nail on the head with jack ma. i mean, that picture of xi and jack ma shaking hands a week or two ago was extremely symbolic, especially. in china and the culture. that's a big deal. so china is completely, you know, done a complete 180. >> on. >> how they view the relationship. >> with the tech. >> entrepreneurs and. >> the big. >> ai companies. but the next catalyst for china, there is more stimulus. expected next week. >> as meetings kind. >> of continue at the npc. so

that's going. >> already priced in now. i mean, aren't people already you talk about the whisper number when it comes to investors. isn't that already kind of whispered in when we're looking at the kweb and other chinese tech stocks? >> it is. but i think i encourage people to kind of look at the chinese charts and pull them back to 2021, where kind. >> of these, these indices. >> sort. >> of topped. >> there is a lot of room to. >> the. >> upside here. >> i'm not saying we're going to close. >> that gap. >> to. >> where we were. >> you know, four years ago. >> but i mean, we are i mean these stocks have just massively underperformed and global long. only is again had been underweight for so long. and these and these rotations they take longer than 3 to 4 weeks. >> i mean this. >> is just a massive shift of dollars. >> from the investment community. and this there's no reason this couldn't. >> be you know. >> another 4 to 5 week phenomenon. and again i. >> think deep tech. >> just told us china is. getting very creative with what they're doing in. >> terms of ai. >> and the. gap in the technology gap is just a lot narrower than people would. >> have said, you know. >> probably two months ago. >> all right, joe, great to see you. thank you very much. >> take care. bye. >> all right. coming up on worldwide exchange, china's ai

arms race is heating up even further, sending shares of alibaba higher. full details. worldwide exchange returns taking a look. shares of alibaba and the u.s. trading right now up just about 3%. but overseas in hong kong up over 8%. much more after this break. stay with us. >> the number of. public companies is. shrinking while the number of private companies is increasing. at franklin templeton, we're expanding access to the growing opportunity in private markets, offering the potential for greater diversification and enhanced returns through our world class specialist investment managers. we are empowering advisors with solutions to build the portfolios of the future. today. alternatives by franklin templeton, your trusted partner for what's ahead. >> the omaha. >> steaks semiannual sale is back. >> right now. you'll save 50% sitewide on america's. >> best steaks. >> chicken, burgers, and so much more, all backed by our.

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it would open up nearly 400 points lower nearly 1%. the nasdaq the hardest hit on a percentage basis down 1.25%. all right. time now for your big money movers. those are three big stock stories of this morning. let's start off with shares of victoria's secret. under some pressure this morning, q4 earnings and revenue beat expectations. but the retailer's revenue guidance for the current quarter that came in below street estimates. you can see shares of victoria's secret down more than 3%. we're also watching shares of microsoft. the ftc reporting has withdrawn some of its commitments to cloud computing provider core weave ahead of its ipo, the ftc says. the tech giant cites delivery issues and missed deadlines for that move. shares of microsoft actually pulling back this morning as well, down nearly 1%. retail's big week of earnings rolls out, with costco, kroger and macy's all reporting their earnings today. shares of costco and kroger they're both up more than 5% since their last report. while macy's shares they're down more than 18%. also we got a bonus money mover for you. alibaba surging in the hong kong markets. and also in the premarket here in the us. the chinese e-commerce giant

unveiling a new ai model it claims performs just as well as deep sea while requiring just a fraction of the data. alibaba has been on a tear this year, gaining more than $130 billion in market cap. you can see over in hong kong shares up over 8% here in the us. shares up just about 3%. all right here on worldwide exchange a potential red flag for the housing market. our diana olick lays out the new strains appearing to take shape in that space. we're going to be right back with that story. stay right back with that story. stay with us. investment opportunities are everywhere you turn. but at t. rowe price, we're letting curiosity light the way. asking smart questions about opportunities like advances in healthcare. and how these innovations will create a healthier world tomorrow. better questions. better outcomes.

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>> welcome back to worldwide exchange. mortgage rates mortgage rates are falling and demand is rising. however, there's a red flag in the housing market that we have not seen in a very long time. our diana olick joins us now with the very latest on that story. diana. good morning. >> good morning frank. >> yeah. >> the mortgage delinquency. >> rate has been very low for nearly a decade. >> aside from a brief pop. >> at. >> the start of the pandemic before the. >> government forbearance programs. it's now. >> sitting at around. >> 3.98%. >> again, very low, according to. >> the. >> mortgage bankers association. compare that to. >> just over 10%. >> back in 2010 during the subprime crisis. the mortgage landscape. >> is quite healthy. >> but there. >> is that one red flag. >> fha loans, their. >> delinquency rate, while. >> always higher. >> has been. rising recently, now. >> hitting 11.3%. >> and that is. >> the highest level since 2013. >> all of the stresses in life we're seeing right now, a little bit of softening in the job market. we're seeing big jumps in insurance premiums as a

result of all of the hazards out there, whether it be wildfires, hurricanes, what have you. all of that leading to some stress. >> fha attracts. >> first time. buyers with. >> lower income and. credit scores. >> the fha. >> down payment. >> requirement is. >> just 3.5%. and borrowers. >> can carry. >> higher debt. >> to income. >> so-called dti. >> that's because. >> fha borrowers. >> have to pay. >> mortgage insurance. >> fha actually. >> recently lowered. >> the. insurance premium, which brought in more borrowers. >> so we've seen the. >> average fha credit score increase really improving the overall credit stance of. >> the program. >> but the. dti is have. >> remained high. >> and gone higher, and that's more a reflection of the affordability environment we're living in. >> the nba is. >> also reporting a big. >> jump in the number. >> of new construction. >> buyers going. >> into fha. >> it's gone from. 10% just a few years ago. >> to. >> 30% today. and frank, that is of course, because of high home

prices. >> you know, diane, i mean, it's an important story for our audience and so many other people. so some good signs at least. mortgage rates are going down. but given how much demand there is for housing right now, couldn't we see some of these troubled borrowers just decide to sell? >> yeah, we. >> could for a lot of them. >> remember, we saw home prices run up very quickly. >> right after. >> the pandemic. >> and so a lot of people are sitting. >> on record home equity. but for those. >> who bought in the last couple. >> of years, maybe. >> when interest. >> rates were. >> higher and more. >> and prices. >> started to flatten. >> out, even. >> in some markets where prices might be falling. >> it is possible. >> that some borrowers in. >> that case would be. >> underwater on their mortgages, and it would be difficult. >> to sell. but you're right, for. >> the vast majority. they could just put their homes on. >> the market. >> and probably. >> make some money. >> all right, diane, great reporting as always and always. good to see you. thank you very much. as we head to break here on worldwide exchange, taking a look at futures right now sitting at session lows the s&p down more than 1%. the dow down nearly 1%. looking like it would open more than 400 points lower.

the nasdaq the hardest hit down more than 1% as well. similar story for small caps. you can see small caps down more than 1% in the premarket. want to take a look at the dow laggards right now. some of the stocks moving the dow lower. nvidia right there at the bottom of that list down almost 2% amazon walmart and ibm rounding out the bottom four. much more worldwide four. much more worldwide exchange coming business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities.

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cnbc.com now. >> welcome back. as we close on at 6 a.m, our check of the few stories that we're tracking this morning, agriculture secretary brooke rollins telling bloomberg the trump administration is weighing some tariff exemptions on agricultural products from mexico and canada. meanwhile, the white house says the president is open to additional tariff exemptions beyond those announced on autos. yesterday, bloomberg reporting that klarna could file for an ipo here in the us as early as next week. the report adds the swedish fintech company is looking to raise at least $1 billion. meanwhile, the new york times is reporting that discord is exploring potentially going public. the times says the social platform recently met with investment bankers to discuss preparations for an ipo, possibly as soon as this year. elon musk turning the focus of his government cost saving efforts to the post office and to amtrak. speaking at a conference. musk said he thinks the two should be privatized. the comments come after president trump last month said he was considering merging the postal service with the commerce department. and a federal

appeals court has allowed the trump administration administration to remove a top federal watchdog from his office. hampton dellinger, who was the head of the office of special counsel, had opposed the administration's efforts to terminate probationary federal government employees. all right. turning back to the market stocks looking to keep the momentum going after putting a stop to the sell off around president trump's tariffs. we'll take a look at futures this morning. you can see in the red across the board. the dow looks like it would open more than 400 points lower. for more let's bring in jeff kilburg founder and ceo of cam financial, also a cnbc contributor. jeff, good morning. good to see you. >> good morning frank. how are you. >> all right. so we had an up day yesterday largely on the idea of tariff concessions futures under some heavy selling pressure right now. what do you make of this action that we're seeing in the premarket? >> frank i think what we're. >> seeing pre-market. >> the vix up almost 10%. we're seeing. >> the s&p 500 on. >> its. lows right now down about. >> 70 points. >> i think this is part of the negotiations. this is exactly what president trump and the. >> white house. >> wants to try and get a better deal. but this is the volatility that market. participants are trying to digest.

>> and yesterday. >> frank was. >> the third largest. >> put buying we have seen in the history of the s&p 500 put options. so therefore i think there's a lot of fear in the market. but i want to embrace this fear. and i'm cautiously optimistic as we're seeing the market reprice. >> all right. so you're cautiously optimistic with that. give us your word of the day. and why is this your word of the day. >> my word. >> of the day, frank, is opportunity. >> because i think there really is opportunity. >> if you. >> rewind just about a month and. >> a half. >> ago and you. >> saw the vix at 15 and. >> the s&p 500 put. >> in two. >> new additional all. time highs. >> no one. >> really was concerned about downside risk. there was complacency. now the vix. knocking on 25. that's where i think there's opportunity. that's why i want to sell puts. >> that option premium. >> and reposition i think for the first time. >> investors and. >> wealth managers. >> are really considering repositioning their exposure. as we see volatility. >> as. >> a. >> consistent theme. in 2025. >> so do you also see some opportunity when it comes to some parts of this? i trade specifically the chips. we've been talking about it all morning long under quite a bit of pressure off some of its earnings, but some of it just

seems to be a lack of confidence in the strength of this trade going forward. >> yeah. >> and i. >> would add on to that, it's a little bit. of froth, right. >> we've seen. >> nvidia be the backbone of most. s&p 500 games for the last two years. but i think tech and i that theme is not going away. it's just repricing frank. and that's actually quite healthy. when you look at the top. >> ten names. >> of the s&p 500. just about a month ago, you saw that consistent about 37% of the s&p 500. so as we bring that price down of. >> the mag. >> seven, i think there's opportunity to look at a name like ibm. >> it's not. >> a mag. >> seven, but it is really doing. >> well and has. >> an arm length. away from. >> the eye. >> and is really dominating the cloud. so i think you have to be considerate of your exposure and also maybe consider bringing it down to equal weight versus that market cap weight of the. s&p 500 for specifically the mag seven. >> all right. speaking of opportunity, you are looking for opportunity in a number of areas. let's get to your pick for today. what's your pick and why? >> my pick. >> of the. >> day is. >> fcx, freeport-mcmoran. it's been a. >> sideways chart, frank, for the last three years. >> but if you. rewind and remember. >> this is one of the metals

leaders. when you. >> talk. >> about copper. >> copper, copper, you can see it up at 4.75. >> thinking about going. >> back above five, that's really underscoring. the global expansion. and when you talk. about copper being needed for all different types of renewables, for electrical batteries and as well as just construction in general, i think you have to consider owning it. we actually just put it into the essential 40 etf. >> ticker. >> and we want to. own fcx because we believe after three years of going sideways, it may have the ability to reclaim. if you. look at 2020, frank. >> it was up 99%. >> 2021 up 63%. so as we've seen fcx cool, i think now is the time to own it. it's just ticking over its 50 day moving average at $38. we want to own this for the long term as. >> we see. >> copper being a beacon of light. >> well jeff, really quick we got to make this one quick. you mentioned freeport-mcmoran is trading sideways. i'm looking at the chart on copper. copper is up about 17% year to date. so why isn't freeport-mcmoran doing better? what else would be a catalyst for this stock to move higher? >> well, the correlation isn't 1 to 1. you saw last year they

sold about 1.2 million tons of copper, but they also saw about 1,000,000oz of gold. so there is a little bit of a lag effect. >> of. >> fcx to the price of copper. but hang in there, frank. it's going to be okay. >> all right. jeff kilburg your pick for us today. freeport-mcmoran also threw in an extra one for us. ibm, always great to see you. thank you very much. >> see you pal. >> all right. here's what to watch today. ahead of the open we get the initial jobless claims and the latest look at the us trade deficit. also, three fed officials are speaking across the day. and at 8:15 a.m. eastern, we get the latest policy decision from the ecb. treasury secretary also delivering remarks in new york today. we also get earnings from macy's, bj's, costco, broadcom, the gap and many others. very busy day when it comes to earnings. before we let you go i want to take one more look at futures. as we mentioned earlier futures in the red across the board. we actually hit session lows just a short time ago. pretty much in the same situation right now. looks like the dow would open up about 450 points lower. the nasdaq down more than 1%. heavy selling pressure at least in the futures right now after a kind of a wild week on wall street, yesterday

was our first up. day in three. looks right now. looks like we may see another down day. and taking a look right now at the nasdaq 100 gainers. we've been showing you the laggards all morning. but there are some gainers. zscaler shares up over 4.5%. on the other side the laggards mongodb falling more than 18% after earnings. that does it for us. i hope you enjoyed the show. have a great day. squawk box starts right now. >> good morning. >> well unless. >> you just. >> turned on the. >> tv and that's possible. you like squawk box. you know, you just saw what frank was talking about with the futures. look at them again. >> because they're eventually. >> because they're big losses this morning across the board. it's more of the volatility. >> we've seen all week. >> driven by tariff uncertainty and mixed economic data. president trump though, granting. >> canada and mexico a one month delay on auto tariffs. >> that's why we bounced a little bit yesterday. there's also talk of exemption for farm products. >> and we're.

>> hearing that elon musk was dancing again. only this time it. >> was. >> when he heard that congress might be able to enshrine his. >> wage cuts. >> without needing that filibuster proof 60 senate votes might might need less. it's thursday, march 6th, 2025 on squawk box begins right now. >> good morning. welcome to squawk box right here on cnbc. >> we are live at the nasdaq market site in times square. i'm andrew ross sorkin along with joe kernen. becky's off. but we got. >> a. >> lot going on. you and i have not seen. >> each other in. >> a little bit, so we got a lot to talk about. >> but we got. >> the blue thing. >> we got the blue shirts. we blue shirts, red ties. >> similar ties. >> similar ties. >> this is. >> is this blue or purple i can't ts