i'm arabile gumede and these are your headlines. u.s.quities close out their best may since 2003 which is driven by the chip boom. >>> tech stocks rally as jensen huang unveils a new chip in t'aipei. >> so many models are being invented daily. every single tindustry is pilin on. >>> the delaware judge ruled the company may face a trial after zantac caused cancer. >>> and mexico's claudia sheinbaum is set to be the first female president. in india, raimondi looks for a landslide victory. >>> there have been question marks as to if europe is recovering somewhat. we have been following data particularly in the manufacturing sector this morning. all of the countries sort have looked at germany, france, italy in contractionary territory. not much by way of change. previously sitting at the flash number of 47.4. the number that is now coming out now is 47.3. no major change when it comes to that. the weakness is still in the european economy. some might say that is the reason for the divergence in interest rates. you still have a lagging econo

i'm arabile gumede, and these are your headlines. european equity markets seeing some upside momentum. growing at its fastest pace in a year, with the focus now turning to an expected rate cut for the ecb. that's tomorrow. >>> inditex shares popping as the retailer reports a 7% jump in first quarter sales looks to stand out amid fierce competition from chinese rivals shein and temu. >>> and india's nifty fifty stages are looking. they prepare to meet with allies, all aiming to form a new coalition government. >>> intel rises premarket. that's after selling a 49% stake in an irish venture, all in a bid to bring in funds to bring it back in fashion. he plans to outline his plans. >> the first piece is to get back to leadership. all of it is associated with unprocessed technologies. the processed technologies aren't as good as some of the alter alternative. >>> so while we are indeed headed toward that ecb decision on whethermadam lagarde and the ecb will cut rates or not, the anticipation being they would cut by 25 basis poimtss, the t

i'm arabile gumede and these are your headlines.he ecb poised to cut borrowing costs for the first time in years marking the end of the tightening cycle. vitor constancio says a cut is all by certain. >> after all of the statements from the governing council and if it did not happen, it would provoke backlash in markets and a bit arming the reputation of the ecb. >>> european equities follow wall street higher driven up by tech stocks. >>> nvidia's market cap crossing the $3 trillion mark overtaking apple as the most valuable public company as asml rallies in europe. >>> and d-day 80 years on as war once again casts a shadow over the coulntinent. >>> countdown to the cut, possibly, from the ecb. before we head to that then, where is the market looking? we see it higher out of germany more than 1% to the good. a .50% for the cac 40. the markets then are looking toward the tech counters following on from nvidia's push higher yesterday. you see more positivity for the tech counters. asml is moving higher as the chip demand story is pos

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my name is arabile gumede and these are the headlineses.u commission vice president tells cnbc in the exclusive inte interview. >> we have become much better to defending ourselves against unfair competition. the point is to realize that we can never out spend china or the u.s. we can spend strategically. >>> eu leaders fail to get the top job as the center right party calls for a slice of the eu council presidency. >>> european stocks open in the green as the rally pushes wall street higher with the 30th record close of the year. >>> dark trace shareholders are looking for a crucial vote to take the security firm private after accepting a 4.3 billion pound deal from toma bravo. > let's get into that story. dark trace shareholders are looking to the take private offer today and they agreed to sell itself for 4.3 billion pounds. directors expected to recommend unanimously that shareholders vote in favor. the sale comes two years after the previous attempt, should i say, by thoma bravo went awry. dark trace shares are trading 570 pence fallen

i'm arabile gumede. "worldwide exchange" is coming up next. your business.e full control of your brand with your own custom store. scale faster with tools that let you manage every sale from every channel. and sell more with the best converting checkout on the planet. a lot more. take your business to the next stage when you switch to shopify. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com. >>> it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." >>> stocks hovering near all-time highs as investors are questioning the recent market rally and if it can hold in the summer months. >>> don't tell that though the chief market strategist who is raising his target to now 6,000. goldman sachs is getting bullish as well. >>> in europe, stocks trying to stage a comeback after the rough week for the region and france's worst week in more tha

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we are looking at the trading day with arabile gumede in the london newsroom with the early action.rabile, good to see you. >> good morning, frank. the fight for rebound still continues today. you are seeing a lot of green across the board. it is marginal when you compare to the 6% loss of the cac 40 last week. they haven't made up any inroads in that decline. you have data crossing the wires. european cpi at 0.2% on the month on month basis. meet beating estimates which may give the central bank more leeway. the question was around the rate cut path and how many more could be in play. you didn't want to diffiverge t much across the states. the ftse 100 is up .30%. the election risk is still in play for the uk as well as france. overall in terms of sectors, we have the banks managing to move higher up .75%. so, too, construction and material. the big gainer is travel and leisure up 1.5%. we are watching that sector stateside because of dave calhoun's testimony later today. that will be unpacked. on the down sside, you have household goods in the red. frank. >> arabile gumede live fr

i'm arabile gumede. these are your headlines. european retaping some of its losses and cpi is due out tomorrow. crossing it a moment. ras ppberry pi. we will be hearing from the ceo knew moments. a partnership with open a.i. apple announcing. it seeks to catch rivals in that a.i. race but with shares dropping 2% on the back of that announcement. a notable uptick in the movement across the equities space state side. flat with a slight positivity. we may be recovering some of those losses but not too much to write home about and. just open an hour. lacking direction and perhaps trying to find some. yesterday we had been looking at retail stocks going up and did slide a little bit there. the key question marks are the cpi out of the united states and the fed policy decision anticipated flat as it comes to the race decision but what happens with the rate pathway from here on? you are seeing negativity out of spain, across the other markets. again, anything could happen because it's still around the flat line

i'm arabile gumede. these are your headlines.resident biden on the back foot stumbling in the first presidential debate struggling to counter attack and false claims from his republican rival donald trump. >> we had an economy that was in free fall and pandemic so badly handled, many people were dying and he said it was not that serious. >> he has not done a good job. he has done a poor job. inflation is killing this country. >>> french stocks under perform while the french-german ten-year spread hits the highest level in decades with the french debates. >> there is something i find dangerous which concerns marine le pen raising the president's role as commander in chief of the military. >> my position is system. support ukraine and protect against the risks of escalation. >>> and eu leaders nominate ursula von der leyen for the bloc's top job despite opposition from italy and hungary. >> plain and simple, i would like to express my gratitude for those who endorsed my nomination as president of the european commission. i'm very h

arabile gumede is in the london newsroom with the latest.d morning, arabile. >> good morning, frank. that is the hope, really. the market was looking toward to see the rebound come into play following on the worst week, like you pointed, since july for the stoxx 600. the cac 40 since march. it went down 6.41%. a major sddrawdown on that fron. italian market is weaker. significant losses across there. the anticipation was, perhaps, you find a rebound. while there is some green, it doesn't write home to give you a clear sense of the rebound. we have the bank of england set to put out the interest rate decision this week and the inflation figure out of the united kingdom on wednesday. that will factor into the market play. let's look at what you saw across last week. this is why you had thought you might get a rebound. these were the significant drops. this is a market that tells you over the last seven trading days how things look. even with that rebound, perhaps likely in play today, you are still getting major movement. italian market 5.6%.

. ♪ (old spice mnemonic) ♪ for that let's bring in cnbc's arabile gumede who joins us live from londonarabile. so futures appear relatively flat this morning as investors look towards some retail sales data for the month of may. what should we expect? >> yeah, so the expectation here is that really the highlight is perhaps a slow down in the spend then from consumers, according to a lot of this data then, john. good morning to you. a significant shift has been seen in inflation numbers, and that has meant the central bank, the federal reserve has said they're actually encouraged by the data, which points towards them perhaps cutting interest rates as far down perhaps as december but still looking towards those rate cuts. of course there are question marks whether there would be a rate cut at all and whether there would be any kind of conversations around maybe even a rate hike, but that seems to be out the window now. the key question mark is whether this market can sustain its rally, whether there will be tech stocks which will continue to move higher. we saw invid you manage to move

arabile gumede is in our london newsroom with much more on the early action. >> yeah, frank.n, one thing is for sure, right? when you saw that tech selloff a few days ago, one would have wondered how big that would have been across the globe. we saw a bit of a selloff globally. today the stocks have come back. you have seen gains as well. although you have seen a giveback of some of those gains early on, the markets here opened for around 2 1/2 hours or so. you're seeing the ftse 100, one of the leaders, up 14% to the good, half a percent higher for the dax as well as the autos managed to shift things a little higher. your sectors here as well managed to move up. the technology stocks, we've been looking toward them and they're at the top of the stoxx 600. 1% higher. following on from the nvidia trade you've just been speaking about, a rebound there. basic resources also managing to move higher. on the downside you're seeing autos in decline, frank. >> arabile gumede live in our newsroom. always good to see you. >>> we want to turn our attention back to the shares market. nvi

it's time now for business, and for that let's bring in cnbc's arabile gumede who joins us live from little changed in the early hours as traders look ahead to the federal reserve's interest rate decision and some inflation tata due for may. what should we expect today? >> yeah, good morning, jon. certainly it would be a question mark of the repercussions, how they make this marketable move. so far you're seeing a little bit of a downtrodden week. it manned to move up. significant gain. passed $3 trillion in market cap. just last week they're losing its place to apple at some stages when it valuation. but those tech counters are the ones to look out for. there's the fed putting out their interest rate decision this week. it's not going to be about this decision. what happens in the future? will they be cutting any time soon? so job growth in the u.s. shot up much higher than expected last month. we got that data during "morning joe" on friday. so what does that mean for the state and trajectory of the economy, arabile? >> yeah. so it actually falls hot and cold a little bit, jon, bel

. >>> time now for business, and for that let's bring in cnbc's arabile gumede who joins us live fromo-day federal reserve policy meeting is set to kick off today. what's the market looking for, and how's it shaping up in the morning hours? >> yeah, good morning, john. look, certainly the impact then of this fed policy meeting will be quite significant for this market picture, right? because it determines ultimately what does the rate cut in policy pretty much look like? how all the data has culminated so far and you saw just last week friday that hot jobs report being the labor market still looked pretty robust, 270,000 jobs still being created. all of that plus the growth projection, the inflation trajectory remaining a bit sticky, although there seems to be a drop, though. has all that data meant the fed is little more comfortable with cutting interest rates a little bit later on this year? or are they still in wait and see mode? and how much more data dependent will it be? all of that has meant the market is pretty nervous ahead of this meeting and has remained pretty negative to

e*trade from morgan stanley >>> time now for business, and for that let's bring in cnbc's arabile gumedehis hour after the s&p 500 notched a new record closing high. give us a sense what's driving the market? >> yeah, well, if you want to find something that actually is the key driver toward this market movement it really is about tech stocks. we have looked at the magnificent seven being quite key, but actually it's all about nvidia sucking out all the air from this market. amidst a passing $3 trillion in market cap. then by the end of the trading picture, actually, even surpassed the valuation of apple. now nvidia is the second largest stock in the world with only microsoft in its peer review. at this rate who knows how soon it will surpass microsoft. the big question had been about demand as well as supply into the market of those a.i. semiconductors and chips then the market is looking towards. and what the runway looks like with inviv yud having recently launched another set of chips the market has said the runway for nvidia looks positive. >> hitting a couple other headlines now, h

of course unemployment already at 4%. >> all right, cnbc's arabile gumede live from london, thank youweekend. >>> next up here we're going to play for you more clips from last night's high stakes head to head debate here in atlanta including president biden's comments on inflation. >>> plus democratic congresswoman debbie dingell of michigan will join the conversation with her take-aways from last night. "way too early" will be right back. from last night. "way too early" will be right back has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. you didn't live this strong, this long to get put on the shelf like a porcelain doll. if you have postmenopausal osteoporosis and are at high risk for fracture, you can build new bone with evenity®. ask your doctor if you can do more than j

cnbc's arabile gumede is here tell us what's at stake.d morning, arabile. >> yeah, good morning, frances. this is certainly one of those situations that you're getting a clear sense of happening in and around this artificial intelligence synopsis, that it's taking over a lot of the world. a lot of the large language 3403 models being learned by a.i. chatbots and other technologies as well are perhaps beginning to, according to the music levels, universal, sony music, are infringing on their record labels, and on the data that they've of course, acquired over a number of years. this includes voices, of course, that have been remade then by the artificial intelligence bots as well. all of those are really getting a bit of a hit now. the record labels now finally putting in a lott then in the federal court, in u.s. federal court, then, against these a.i. companies saying they can no longer tolerate it. speaking of a.i. nvidia, the largest chip company, they are the largest company in the world, in fact, they've lost around 13% since reaching

cnbc's arabile gumede is here to break it all down for us.>> yeah, good morning, frances. let's get to that elon musk pay package. $56 billion u.s. that's how much shareholders are willing to, you know, part ways with, to say well, that's the amount that was agreed back in 2018. that's the amount that elon musk should get. let's remember that with regard to this pay package, a court said that this pay package should not be given to elon musk because it was unfair, didn't make sense at the time, then they decided we're just going to hold a second vote anyway. the second vote has gone the way of elon musk and he's set to receive that $56 billion. but there is a high possibility that it's going to go to court again. the same judge could then say okay, you've chosen to really take this on. now you can have it your way, or it can say no, this is still incorrect. and perhaps not let it happen. so there's still a few contentious issues. but just imagine you've just seen ukraine get $50 billion, actually, from the world and the g7 meeting. $50 billio

cnbc's arabile gumede will tell us what to expect. >>> a dogfight that's tough to stomach. why competitive eating legend and reigning champ joey chestnut won't get to defend his title at the hot dog eating contest next month. it's wednesday, june 12th. "early today" starts right now. good morning, i'm frances rivera. glad you're with me. we begin with another historic first for our justice system. the child of a sitting u.s. president has been convicted of a crime. a jury in delaware finding hunter biden guilty of three federal counts related to the purchase of a gun. nbc's brie jackson kicks off our coverage. >> reporter: hunter biden, president biden's only surviving son found guilty on all three charges tied to the possession of a gun while using narcotics. special counsel david weiss, appointed by attorney general merrick garland brought the charges. >> no one in this country is above the law. everyone must be accountable for their actions, even this defendant. >> reporter: during the trial, prosecutors argued hunter knowingly lied on a federal form, checking a box clai

cnbc's arabella gumede is in london with those details. good morning arabella. yeah, good morning frances. look let's talk about that vw and rivian story right. so vw choosing them to put in that massive investment in rivian then in really both are trying to boost up and pick up their electric vehicle sales. right. because of course volkswagen wants to get into that game. but it has been a struggle. of course, some of the big players here have continued to see demand wane in this segment. so trying to, i guess, push into a segment that is currently very competitive and there's a whole lot of regulation in and around it as well. stocks for rivian actually managed to move up quite significantly on the back of that investment. then from volkswagen, rivian has also needed the funding in order to push out a lot more output when it comes to the amount of vehicles that it has on board as well. so a significant investment being put into rivian now and volkswagen certainly hoping that it produces a whole lot more electric vehicles and ultimately sales later on down the r

let's see how europe is shaping up its trading day with arabile gumede in the london newsroom.rabile, we see a lot of red on the board now. >> we certainly are, but, frank, if you are looking for direction, you will not necessarily find it out of these markets. we have seen the positivity stateside. it did impact things out of the market in asia. a lot of the semiconductor play from that side of the world. it is fairly mixed in. it is the lack of direction we're seeing out of this side of the world. you are still seeing the tech players, although micron went down stateside, the european chipmake rs are moving higher. they are finding some gains. down on the cac 40. the french market ahead of the first set of polls that are set to open up this weekend in that poll in france. we are looking at that as the spanish market is down .30% so far. the interesting news at play is the swedish central bank and the riksbank is keeping the rates unchanged at 3.75%. you have the retailers on the downward trend. 1.7% weaker. media moving up .50% with utilitiies at the bottom of the stoxx 600.

arabile gumede is here with much more. >> reporter: good morning. over two hours or so since the markets here in europe has been open. one thing for sure, uncertainty is certainly at play across a lot of the european picture. we saw the eu parliamentary elections see things shift a little more to the right and gotten an impact out of germany, italy, but really significantly out of france. cac 40 index down nearly 2% in this morning's picture. that really is off the back then of the french president emmanuel macron calling a snap election over the weekend saying he has to trust that the people will ultimately be voting. what has shifted along in the cac 40? a lot mother-in-law of the lenders. you're getting the entire picture most of the part. you have society here at the bottom 7.4% weaker and ligs loser across today's trading. the shift is going to the right wing. what happens to the rest of europe? we will see across the week, frank. >> we are talking about the impact reaction on the markets. i know you've been talking about the markets overall on

. >>> that is the set up, let's get the latest with arabile gumede in the london newsroom with more on the early action. arabile, good morning. >> good morning, frank. it is about the data as well. what we have seen is manufacturing data coming out of europe still pointing to contractionary in italy and france and germany. the eurozone manufacturing pmi data still sitting in the contractionary territory. perhaps with the ecb saying we need to find a cut to boost the economic circumstances for europe. a rate cut by the european central bank will be made on thursday. overall, an uptick across the board. a significant move higher for may. the tech stocks getting a boost from the nvidia play with jensen huang with the new chip. speaking of stocks, let's look at some of the sectorsdoing well today. initially, you saw basic resources doing well on the back of china's story with the pmi numbers. that has lost out a little bit today. it is on the downturn going down .13%. at the top of the stoxx 600 is construction with retail managing to move up more than 1%. technology is following on from t

arabile gumede is live in london with the reaction. >> good morning, frank. unfortunately, no dice on the resources uptick or the uptick in the market picture in europe. you see the same amount of red you saw yesterday perhaps a little bit of a lower pace. a flat line cac 40 in front as it stabged a comeback from yesterday with the macron calling for snap elections and loss in the eu parliamentary elections so that shift to the right seems to be hurting things quite considerably. it is that instability and lack of understanding knowing where things are going then across europe is basically hurting a lot of the equity markets. you're seeing red then across the board, even ftse down. yesterday, retail stocks are coming up but mining stocks and bake resources dipped down yesterday. they are still continuing that downward move 1 2/3% weaker and banks falling on yesterday's decline down 1%. a third of a percent higher for retail managing to find some sense of gain. all eyes on the cpi number as well as the fed's two-day policy meeting. all eyes will be all over th

arabile gumede in our london newsroom. >>> wall street on track to wrap up the first half of the yearthe good times could keep rolling if history is a guide. dow jones industrial average market shows july is the best for the market with the average gain of 1.7% going all the way back to 1928. the dow gaining 1.4% in july going back to the 1800s. and the nasdaq rising less than 1% going back to 1971. joining me now is janet mui. >> thank you, frank. >> janet, we are talking about concentration or momentum. i want to bounce something off you. wolf out with a note yesterday. stick with momentum with the mag seven over the summer. volatility will continue to pick up over the summer, but we expect this to benefit the mag seven secular growers. they go on to say a bit more. saying the companies have a strong q2 earnings season. agree or disagree? >> i agree with that. we are currently overweight u.s. stocks and favoring high quality growth. i think the reason why is because the macro environment is okay, but we are starting to se some weakness in the u.s. data and consumer spending. i think

cnbc's arabile gumede, live from london, good to see you as always. >>> next up here a leaked documentme court might rule in favor of emergency abortions. what we're learning about the potential decision surrounding a case from idaho and the effect it could have on other restrictive health care laws. we're going to dive into that next on "way too early" live from atlanta. d patches are all people see. otezla is the #1 prescribed pill to treat plaque psoriasis. otezla can help you get clearer skin. don't use otezla if you're allergic to it. serious allergic reactions can happen. otezla may cause severe diarrhea, nausea, or vomiting. some people taking otezla had depression, suicidal thoughts, or weight loss. upper respiratory tract infection and headache may occur. live in the moment. ask your doctor about otezla. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out