>> thank you, seema. seema mody at hq >>> stay with us on "squawk alley.the marine mammal center, the environment is everything. we want to do our very best for each and every animal, and we want to operate a sustainable facility. and pg&e has been a partner helping us to achieve that. we've helped the marine mammal center go solar, install electric vehicle charging stations, and become more energy efficient. pg&e has allowed us to be the most sustainable organization we can be. any time you help a customer, it's a really good feeling. it's especially so when it's a customer that's doing such good and important work for the environment. together, we're building a better california. >>> forcing online shoppers to pay sales tax. grover norquist is with us good to talk to you again. >> i'm trying to see where you would come down on this. there does seem to be some equality in the decision, the majority argues. there does subject more remote retailers to sales tax what do you think? >> this is much bigger than this this doesn't determine what you can be taxed

seema: i think they are slightly .fic countries like germany would be the major losers, but as bad ay are not in position as countries like canada and mexico, who are the key closest u.s. trade allies. emerging markets have been buffeted continuously this year and they would be the key losers from this given u.s. dollar, of. rates and now signs protectionism, which will be focused that china. trade chain, it will spread to southeast asia. matt: long emerging markets has been a popular trade lately. long distressed debt, triple c bonds has been a popular trade and pay off quite well this year. do those things have to turnaround now? seema: investors have to have a little bit of caution. at the beginning of this year, there was so much potential for but every single geopolitical crisis that has come up this year has affected emerging markets. now, the fundamentals for e.m. are still pretty decent. strong growth later in the cycle suggesting the expansion can go the same time,t sentiment, when you are looking at how much

. >>> seema mody is here at post nine seema?igher unemployment rate falling to a record low 5.2% plus some optimism around that migration deal. migrant centers across the eu as well as asylum centers in africa to stop migration. overall it's seen as a positive, a step forward the euro right now higher an 1.16 against the dollar. the euro's own currency is down 5% in the past three months. the u.s. dollar, though, may fall going forward if other nations like europe continue to impose new tariffs that could actually help european growth. so, one story to continue to watch. point out weaker currency hasn't helped european stocks out perform this year. steadily outperforming the s&p 500. stock down 2% so far in 2018 and some sharp declines in turkey, russia, greece, germany, coinciding with this elevated trade fare so far this year. next quarter, politics will take center stage july 16th meeting between president and russian president vladimir putin in helsinki, finland. we're still waiting key positions in the ministry of the econo

>>> i'm seema mody, it's 5:00 a.m. at cnn global headquarters. >>> general electric gets the boot after more than a century on the dow ge is being replaced by walgreens. >>> starbuck shares getting rested aftres roasted after announcing lower guidance and a slew of store closures. >>> and fresh comments from the ceos of jpmorgan and microsoft on the border controversy. >>> and oil prices down ahead of the big opec meeting. >>> and canada approving recreational marijuana use it's wednesday, june 20, 2018. "worldwide exchange" begins right now. >>> good morning welcome to "worldwide exchange." i'm dominic chu. brian sullivan is on assignment today. we'll hear from him later on in the show let's check the market action for this wednesday morning as you can see behind me, futures are pointing to what should be a higher open. the dow up by 100 points s&p up by 7. on the treasury side of things, a check on the ten-year u.s. note yield finds stability for right now. just about 2.90% not a huge amount of movement. still well b

to seema with the european close here hey, seema. >> european stocks are rallying as the euro suffersiggest one-day decline in eight months on this big news out of the ecb meeting. central bank announcing plans to discontinue its bond buying program at the end of the year and keep rates at record lows, at least through the summer of 2019 mario draghi spoke about the decision recent data indicating a slowdown in growth. >> it says something about the environment in which we took this decision when news are still good but they're not as good as they were a quarter ago, but are still solid. so, we see increasing uncertainty. we see -- i think i saw that quarterly gdp growth moderated to 0.4 0.4 is less than 0.7 but it's still high growth. >> now, analysts at barclays say they strongly believe that the ecb will not alter the monetary policy path laid out today as a result of the volatility induced by that risk in italy. german ten-year yield falling today. and bank of japan's monetary policy tomorrow. unilever missing out on today's rally, saying it's extremely unlikely to remain in the f

>>> eem seema mody it's 5:00 a.m. here's your five at 5:00 >> oil ministers meeting now behind closed doors in vienna. >>> wall street pointing to a higher open after the dow tries to snap eight straight days of losses >>> big banks clearing a major hurdle as they pass the fed's annual stress test. >>> china calling out the u.s. again today as the threat of a trade war heats up. >>> and a big deal could be brewing in the food space as conagra and pinnacle foods looks to team up it's friday, june 22, 2018, "worldwide exchange" begins right now. ♪ >>> good morning tgif welcome to "worldwide exchange." i'm dominic which you. let's check on the futures we are seeing a nice move higher in the equity side of things if the dow opens up the way it is now with the futures picture, we could be up by 125 points the nasdaq up by 25. the s&p by 13. oil is the big focus today ahead of the big opec decision right now both brent and wti crude are trading higher wt i-i $66.22 ice brent crude, $73.92. so, as we talk about that big opec

. >>> let's get to seema mody with the european close. >> it's an upbeat day for the global sector.i conductors in europe among the biggest gainers led by asm international, sd microand austria-based asm. european sector, tech sector hitting a 17-year high, up about 10% year to date but still being outperformed by its u.s. counterpart. to currencies,iing pound weighing on thse 100 aft uk pmi came in better than expected, up more than a point to a reading of 54, even for the month of may royal bank scotland al adding to the ftse's weakness, uk government selling a 7.7% stake in the bank it bailed out a decade ago, losing more than 2 billion pounds on that scale new italian prime minister addressed his country's parliament, promising radical change, universal income for citizens and curbing imgration. debt reduction would be pursued through economic growth instead of austerity in response italian two-year yield rising in reaction to the comments from the prime minister 1% there you go back to you, jon. >> thank you, seema. seema mody. >>> shares of apple hitting rd high day as the com

a lot of focus on next week's june 14th ecb policy meeting >> all right thank you, seema >>> when wen, the attorney general of washington state is going to be with us for the the latest on the state's lawsuit against facebook and google. more "squawk alley" after this >>> facebook has confirmed it hr chch companies inclung one flagged by u.s. intelligence those companies include huawei, on po and leno as washington state targets the social media giant and google as well alleging the company's failed to keep legally required records on political advertising. jous now is washington state attorney general bob ferguson thank you for being with us. understand exactly how washington state. >> so i was looking trying to understand exactlyhow washington state defines political advertising because in this digital environment it can be difficult to define whether it's an issue ad or something targeted to a candidate or topic on the ballot.how do youit in washington statave broadisu laws and those definitions tend to be broad as well so it's a broad in terms of what the content is but broad in

seema?rtt, european stocks are retreating today, way down by those deepening trade concerns the euro, i will point out, slightly higher. apparently it won't take action on raising short-term interest rates until october of 2019. that, according to a top ecb official that had an interview with the wall street journal euro holding on to 116 against the dollar these trade sensitive stocks, we tend to look at the european car makers once again they're down, led by volkswagen, down 2.5%. ongoing trade concerns have pressure, european automakers throughout the year. automakers down about 12 to 15% so far in 2019 let's also talk politics turkish president erdogan won the most votes in the snap election, granting him 15-year sweeping executive power, ability to have larger oversight of the government, military and potentially the central bank at a time when turkey, once seen as a vastly growing emerging market is facing serious economic pain. inflation is above 12%, growth is slowing and the currenc

let's go to seema mody apple, seema, is on pace to break its three-week streak. the worst performance since late april. >> the display makers falling on this report that apple is rebalancing production plans for this year's iphones expecting to sell more phones with lcd screens, as opposed to the oled models now, that shift for the lineup of phones comes amid growing consumer sensitivity to the price of smartphones sources tell "wall street journal" that apple would now likely wait until 2020 or later to shift entirely to oleds now, that's weighing on shares of universal display corp down more than 6% and a company likely to supply some of the upcoming screens down more than 7% there. >> good stuff there, seema you're talking about the suppliers and what these comments and the commentary overall means for the apple picture. >> yeah. take a look at jbl they came out last night with some pretty great numbers. i thought. obviously, the street didn't think so so, i'm wrong. i didn't have a position but they beat on profit. beat on sales. and they're buying back about

. >> all right, seema, thank you >> let's get to our call of the day right now. yelp being downgraded to a sell at aegis capital, cutting its estimates and lowering its price target to $34 a share. yelp shares are no surprise under some pressure in today's session, but the stock is still uprly 35% over the past 12 months sarat, you own this one? >> i do. it's down 20% from its peak about $48 to about $40 now this is kind of how we look at it the analyst is looking at it very short term. what yelp did was a fundamental change to their business structure. they went from long-term contracts to no contracts. they had been testing this for two years. they found current clients, nothing had changed. but they were able to get more omers who were trying it on a trial basis. that the short term, customers might churn more because they try it, and i like it, and some might stick around, but if youk at facebook, google, none of them have long-term contracts, and yelp in their, and what we support, they're looking longer term to say this is how we're going to grow our they a

." >> thank you, courtney to seema moody at hq with the european close seema?n, european stocks on track to snap a three-day losing streak as worries about the u.s./china trade wars seem to be easing for now, but the eu announcing plans to launch a 25% tariff on $3.2 billion worth of u.s. exports on friday the move is in response to u.s. imposed tariffs on eu steel and aluminum that's how stocks are fairing. "the wall street journal" reports german automakers back the white house's idea of scrapping tariffs for cars between the eu and the united states. right now looking at volkswagen up nearly 2% moving to m&a and media, shares of sky moving higher in reaction to disney raising its offer for fox assets to $38 per share. fox owns 39% of sky and that stock is higher by more than 3%. earlier at a central bank summit in portugal, mario draghi said forces holding back wages in the eurozone are gradually waning adding that he sees inflation rising back towards the ecb's target of just under 2%. now tomorrow the bank of england is expected to not raise rates at its p

seema mody joining us with more on that. >> reporter: turkish president erdogan won the election he's the helm of turkey for over 15 years. the results grant him sweeping executive power, the a bilgt to have larger over sight of the government, military and even the central bank it comes at a time when turkey, once seen as a vastly growing economic market is seeing pain growth is slowing and the lira is down over 20% just this year. this is a move that has pushed the central bank to high grades. nato is important to this as well turkey stores a significant percentage of u.s. nuclear weapons. so the state of u.s./turkey relations will be key for investors. so far the market reaction has been positive. you're seeing the turkish lira higher and the stock index basically flat on the day. any further signs of an economic deceleration and that will be a big test for the market. >> yeah, seema mody, it certainly will we'll see you all day on cnbc with this important story. thank you very much. >>> let's turn back to the broader market joining us is the chief global strategist at wieden compa

. >>> welcome back let's get over to seema mody with the european close. >> hi, morgan. about a second round of tariffs but ways, rough consumer boycotts.er take a look at germany, particularly sensitive to trade tensions, fallen back into negative territory for the year. political uncertainty in europe's largest economy also playing a role in today's sell-off angela merkel facing criticism on immigration from within her governing coalition. some members urging her to crack down on the inflow of refugees earlier today she did say germany would not let in migrants who had already registered ir countries. a move some say gives her the political clout she needs. >> airbus, siemens and volkswagen are under pressure. being arrested by german authorities as a probe no volkswagen's emission scandal widens uk oil companies also seeing gains on reports that opec might consider a smaller than expected hike in output as it meets later this week. bp, shell and tullow oil all in the green. that decision slated for friday. >> seema, thank you very much. >>> cnbc news update with conte

i'm seema mody >> i'm dominic chu >>> a developing story in spain. of parliament are currently voting on the fate of the prime minister, mariano rajoy. you're watching live shots now of that parliament making its vote so that will be a big deal details on that coming up. italy swearing in a new government the ceremony puts to bed weeks of uncertainty hanging over those global markets deutsche bank getting a credit downgrade from s&p 500 the agency said they are in troubled condition, it is still investment grade but just barely >>> let's check early market action may was a positive month for u.s. stocks despite those fears around trade, politics out of europe, the major averages in the u.s. closing higher for may. on june 1st we are higher by 127 points on the dow. we gained a bit of steam here. s&p 500 is also in the green looking at the bond market that's been a central concern for investors as yields dip below 3% the ten-year at 2.88%. >> we were just showing you madrid and the parliament in spain making its no confidence vote on prime minister ma

>>> i'm seema mody he's your five at 5:00 starting with the record rally the nasdaq rally continues we're expected to open at a new all-time high. it's thursday, june 21st, we're awaiting that opec deal, that announcement expected to come on friday emerging market status argentina and saudi arabia getting that msci status >>> and a profit warning coming from daimler on those u.s./china trade tensions more on that >>> plus travel alert. more people expected to travel on that july 4th weekend what to expect as "worldwide exchange" begins right now >>> good morning welcome to "worldwide exchange." i'm dominic chu. brian sullivan is on assignment today. let's check the markets right now. we're seeing deterioration for the futures. the s&p would open up about 2 points to the down side. the dow jones off by 45. the nasdaq up by 10. on the treasury and rate side of things, 2.92% is the last trade we're seeing on the ten-year u.s. treasury note two-year notes, 2.55%. on the oil side of things, big story is iran possibly signaling it could be on board for a production increase. that's putting pres

. >> amazing half past the hour let's get to seema mody. >> with today's loss, germany, spain and italycorrection territory they're down 10% from their respective highs the eu two-day summit kicks off and brussels and migrattion, specifically people trying to cross the mediterranean sea from africa, a heated debate inside the eu the hope is that at the summit, leaders will be able to carve out a migration strategy >>> also, president trump and russian president putin will hold their first summit. they've met twice before on the sidelines of international gatherings back to you. >> all right thank you, seema mody. now let's get to sue herera for a news update. sue? >>> good morning, jon. good morning, everyone here is what's happening at this hour deputy attorney general rod rosenstein facing tough questions about his department's independence he says the justice department needs to correct errors and prevent future violations. this came in testimony to a house committee, probing its conduct during the 2016 election. >> inspector general conducted a thorough investigation, found that som

if they were fairly prosecuted, no. >> how do you read that, seema? >> i think he's basically saying the same thing. he's saying there is an opening for pardons afterwards. just to single back to manafort, you had the president distancing himself. he was barely around a little while in the campaign. which is really not true. he was around for several months which the president feels isn't a significant amount of time considering how often people come and go. there was talk about there being a floor fight and people trying to strip the nomination from him he was obviously an integral part of the campaign. >> i think three months try of the days he suggests that manafort worked for him. jay, c has retaliated. after the president unleashed new sanctions on canada and uk as well. what is the president's goal here? >> the president is trying to harness a lot of that rust belt anger that got him elected in michigan and pennsylvania where you're seeing the manufacturing jobs disappear. at the same time, if i were president, i'd be worried to wake up to see t

however, bitcoin not catching a break today, down about 1%, 6180 melissa, back to you. >> seema modithe crypto desk what is striking about her background is her doj experience. >> absolutely. she's been at the forefront of this as well as andreesen horowitz so what's interesting about this, we've talked about -- and i've talked about this wave of institutional money coming. >> it's $2.5 billion that they've invested in cryptocurrencies and blockchain ventures over the past few years. he could build the space out. >> i think that's really what we hear from the community more than anything. i think they're investing in tokens but the platforms are where people is excited and that's where these guys are getting their credibility. >>> many believe the emergence of institutional players will drive crypto our next guest says there's a bigger catalyst that could bring about a crypto comeback -- you at home. bart smith a head of digital assets at susquehanna but he's known as wall street's crypto king hope you like your nickname. >> the narrative has been about this institutional money andre

recent high getting very close to entering crux territo correction territory morgan >> thank you, seema> let's get over to sue herera with a news update. >> good morning. a 5-4 vote, the supreme court upholding president trump's ban on travel from several mostly muslim countries, rejecting a challenge that it discriminated against muslims or exceeded his authority. president trump acknowledged the ruling on twitter saying, quote, wow, end quote senator rand paul has filed a civil suit against his neighbor for assault. it seeks compensatory and punitive damages from rene boucher who he says caused him physical pain and mental suffering. >>> ident rouhani promising his people that they will be able to handle new u.s. sanctions. it comes a day after protesters gathered outside of parliament, protesting a sharp fall in the national currency. >>> and the pope welcoming president macron to the vatican. the encounter comes amid european tensions over accepting migrants you are up-to-date that's the news update this hour back downtown to "squawk alley." carl, back to you. >> sue, thank you very

spot seema rochelle. messi is always trying to deny it was clear but he just wasn't going from us and he just wasn't his days. of course when you miss a penalty. in a world cup in a moment where your team needs that the ball of course that affects you. and after that after that moment he was trying but probably even in superman even in super players. they are humans and they have feelings and i think the penalty yes affected them. we have to look ahead i think we deserved three points but we have to keep calm and stay focused and i think a lot of what we did was good but in any case from just have to try to win the croatian much was very beautiful you know. my team came with the determination to win this match we faced a team with a strong defensive structure and lots of people behind the ball so it stopped us from capitalizing on our possession mostly in the second half but well this is only started. i did my homework i looked at a lot of penalties from messi and i also looked at how i have been behaving

i am seema mody, volacanic activity in hawaii, here is what the ceo of hilton told me of future bookinghawaii >> the news cycle is having an impact of booking. clear i ly as i have talked to team advance bookings are definitely down we try to educate the people on the fact that we do not expect them to be in harm's way, we are open for business and it is beautiful there on the other parts of the island and there are more attractive deals right now because occupancies are down >> hawaii makes up a small percentage of total bookings, clearly this will be a bigger concern for hawaii given that travel and tourism is its biggest export >> seema, thank you very much. >>>. >> jim, we want to do these ask cramer if you can only own two stocks for the next 15 years, which ones wouldy be which ones would you recommend >> for 15-year period, i actually think you can own j&j they're not expensive and disney >> i was thinking of this tweet when you are talking about j&j, it seems to fit the category >> all right, what do you got coming up tonight? we got some controversies. i was telling you guys ea

carnival cruise on pace for its worst day in more than six years after cutting guidance seema mody has the details >> that's right. an ugly day for carnival shares after they cut their yearly outlook due to higher fuel prices, a stronger dollar and signs of weakness in the caribbean. carnival has a home port in san juan, puerto rico. there's also interesting comments from arnold donald where he said the chinese are still not going to korea at this point in time, and inthat changes, that could open up the possibility on some itinerary planning and maybe help the situation. now, remember, china implemented an unofficial boycott on south korea in 2017 in opposition to the deployment of the thaad device the statement, some analysts say, from carnival's ceo is evident of how china's boycott is having an impact on the travel sector, though donald says he expects china over time to become the world's largest cruise market. all the cruise stocks are down today and on the year, led by carnival back to you. >> seema, thank you. >> we should note that carnival ceo arnold donald will be on the clo

seema malhotra, do have sympathy for prisoners, who were held in solitary confinement? is solitary confinement, and the reason why i held the debate in parliament last month, which was supported by the british medical association, the royal college of psychiatristss and paediatrics and child health and others, is because of the harm that this practice causes the young people in prison, but also the ongoing harm we havejust people in prison, but also the ongoing harm we have just heard from sephton and others after they leave. i believe the practice is inhumane and we can have a system ofjustice thatis and we can have a system ofjustice that is tough but does not have this and actually uses alternatives that are available. doctor katie razall, why should solitary confinement for child prisoners in ukjails be banned —— doctor alison steele.” believe it should be banned because there is a huge body of evidence that shows it can be harmful to children's health and well—being at this critical time in their development. hell is it harmful? bolster their physical health, if th

seema, think is a must. we continue our coverage.veillance this morning, we continue to look at singapore. ♪ ♪ tom: this evening in singapore, one step or chairman kim and president trump, a great leap forward for sanctions remaining in effect. after 68 years, the korean war will "soon and." the president says the wargames will stop. pres. trump: we will be stopping the wargames which will save us money, unless and until we see future negotiation is not going along like it should. tom: back in washington, the federal reserve prepares for outgrowth of inflation and rate increases to calm. brexit, francine, once more, prime minister may enjoys a special kind of tory hell. this is "bloomberg surveillance," we are live from new york, francine lacqua in london and haslinda in singapore. when does the president leave? he is expected to lead tonight -- leave tonight. it was supposed to be 10:00 p.m. but we do not know for sure. kim jong-un is also expected to me tonight. he was meant to leave it to :00. we do not really know -- he was meant

seema mody >> just take a look at an etf that attracts major chinese company.hat index is seventh daily loss the first time we have seen such a move in 2016 down 3% on the week and led by 10% of the largest chinese company by market cap other major decliner including industrial and commercial bank of china and petro of china. zte is the worse performer after ending nearly two months of a trading halt on wednesday. >> seema, mo mody, thank you >> s&p is still positive but we'll see if he can climb back but we are sitting at the lows now. >> the nasdaq could still finish the weak high. we'll look at the key movers when "closing bell" returns. with the new chase ink business unlimited card i get unlimited 1.5% cash back. it's so simple, i don't even have to think about it. so i think about mouthfeel. introducing chase ink business unlimited with unlimited 1.5% cash back on every purchase. (slow jazz music) ♪ fly me to the moon ♪ and let me play (bell ring) >>> welcome back to "the closing bell." nasdaq is down 120 points today. transport is up to 58. oil and energ

. >>> i'm seema mody he's your five at 5:00 starting with the record rally the nasdaq rally continues we're expected to open at a new all-time high. it's thursday, june 21st, we're awaiting that opec deal, that announcement expected to come on friday emerging market status argentina and saudi arabia getting that msci status >>> and a profit warning coming from daimler on those u.s./china trade tensions more on that >>> plus travel alert. more peopl

back to you. >> thank you seema mody >>> and a big day at the supreme court. and then just as anthony kennedy announcing his retirement just a few hours ago. eamon javers joins us with more. eamon? >> yeah, kelly that's right it caught a lot of us by surprise we were at the supreme court this morning for the janice versus afscme ruling which was that blow to unions. the decision from the supreme court siding with mark janice, the plaintiff in that case who said he didn't want to pay union dues as a municipal employee even though afscme was allowed to collect them from non-union members who were employees there. the supreme courts now saying that ultimate public employee unions will not have the ability to collect dues from non-union members. that is seen as a blow to unions across the country meanwhile after that announcement came out, the supreme court gave some indication there might be some news we stood by for news they said it's just retirement of staffers. no justices retiring today that's the news we got then hours later anthony kennedy did announce as

airbnb marriott now launching its own home-sharing pilot program for that and much more let's go to seemawith a special guest. >> good morning. we're joined by arne sorenson, head of marriott international >> great to be with you. >> let's talk about trade. interestingly enough, that's the topic of discussion at today's hospitality conference talk to us about the wider implications of a potential trade war, not just on marriott but the broader hotel industry >> obviously our business depends on economic growth around the world demand is driven by economic growth people sometimes forget that our business is not only about taking vacations but boots business travelers and about companies having their meetings with us. all of those things are driven collectively by economic growth. our fear, of course is that a trade war, depending on how it develops could dampen economic growth that may be in the united states it might be globally you never know it's still early in this process. but we're watching these steps that are taken by the united states and other countries around the world in trying

is that something that you feel like maybe necessary in the near future, or does it seema los angelesist? >> -- seem alarmist? >> we have the president negotiating with north korea right now in singapore in historic point. why be talking about military force? let's see where things go. >> and what's your assessment of how the president has handled this so far? he essentially says he's going to know in just a few moments whether kim jong-un is serious. >> i don't know about that, but i think he's actually his unique style has done better to bring china and north korea to the table than any of his three predecessors. that doesn't mean it's going to work out well. they're at the table. >> he left the g7 summit early. flies to singapore. when he leaves there's an impression there is a communique the g7 is signing onto, but he starts tweeting. i think we have the trump tweet we can show you about this communique, saying, no, actually, justin trudeau of canada acted so meek and mild during our g7 meetings only to give a news conference after i left saying the tariffs were kind of insulting

count of how $500 billion of goods could be affected by this zble steve, thank you >>> let's get to seema mody with the markets. >> scott, media in focus today, those stocks moving higher on the back of comcast, $65 billion bid for 21st century fox assets. that propose representing a roughly 90% mreem to the offer made by disney last year now that bidding war sending a number of media stocks higher including discovery, via kom and charter communications on the potential before this consolidation in this industry, scott. take a look. >> you see the stocks moving right now. you guys wanted to weigh in on how they're trading. >> it's exciting we haven't seen like an old school, knockdown drag-out brawl for a property like this in media in a long time and i hope comcast wins. no, but i think it's exciting because you really don't know how things are going to play out. the comcast offer is sweeter in dollar terms but disney is saying we have a better shot to actually get this through the ftc. and i'm not in a position to comment on either one. >> obviously, that's in disney's best interest to

. >>> i'm seema mody, it's 5:00 a.m.t cnn global headquarters. >>> general electric gets the boot after more than a century on the dow ge is being replaced by walgreens. >>> starbuck shares getting rested aftres roasted after announcing lower guidance and a slew of store closures. >>> and fresh comments from the ceos of jpmorgan and microsoft on the border controversy. >>> and oil prices down ahead of the big opec meeting. >>> and canada approving

we'll bring you inside that meeting once the doors are opened >>> eem seema mody it's 5:00 a.m. here's your five at 5:00 >> oil ministers meeting now behind closed doors in vienna. >>> wall street pointing to a higher open after the dow tries to snap eight straight days of losses >>> big banks clearing a major hurdle as they pass the fed's annual stress test. >>> china calling out the u.s. again today as the threat of a trade war heats up. >>> and a big deal could be brewing in the food space as conagra and pinnacle

let's get to seema at the commodities desk >> opec is about to make a major market decision next weekrices are dropping a ahead of that announcement. brent on pace for its worst day since april 2nd, down just about 3% the gathering next week is shaping up to be a contentious event with lines drawn between countries that can benefit from output boost and those with little to gain the goal is to increase oil production to compensate for iran potentially going offline as well as falling production out of venezuela meantime, also want to draw your attention to gold prices which are down about $26 an ounce at the lows of the year, this as the dollar gains ground on the back of these elevated trade tensions worth noting as we head to the close. >> seema, thank you very much. >>> meanwhile, u.s. drillers added one oil rig in the past seven days, marking the fourth straight week of increases now, all this despite crude prices see a decline of 9% over the same period, so what needs to happen for crude to see a turn around of sorts our next guest says the answer could just be offshore we bring

thing on the move today, emerging markets also moving on pace for its worst quarter since 2015 eem seema mody. >> markets down 6% just this month. two factor in play growing investor concern about the economic impact of a potential trade war and the stronger dollar. now up 5% just this quarter. moody's warning that a stronger dollar increases it's credit risk of several emerging markets. just point out, asian companies among the hardest hit, china leading the pack trading lowest level. trading deeper into negative into bear market territory yuan currency dipping to the lows year, raising concerns that china is using currency to respond to increased trade tensions and speaking of currencies, it's worth pointing out the indian ruppy just a low >>> and a trucker's strike has brought the country really to a standstill take a look at the brazilian company etf. ticker twz, after hitting a an 18-month low >> thank you very much what we've seen with bank of america, the outflows for merging markets cumulatively are higher they've been intensifying for may and june ally, do you like emerging mark

i'm seema moody. modest moves in european stocks today as we wait aision from the fed.are putting together their predictions ahead of the ecb policy decision which is due tomorrow morning tv security says the ecb faces a delicate balance they are expting an un press release, though, analysts predict the ecb president should remain upbeat in the press conference stressing growth is above potential. jpmorgan is expecting the ecb tomorrow to confirm a reduction in stimulus that will happen in the fourther of 2018 now data ahead of tomorrow's ecb meeting shows that eurozone industrial production fell more than anticipated in the month of april. each of the eurozone's five largest members saw a drop in output with the netherlands witnessing its biggest decline at 4.4%. in the meantime the euro is rising 1.17, that's a two-week high against the dollar. keep in mind, though, still down about 2% so far this year. moving on to stock stories, sky is moving lower as you heard from david faber, our parent comcast expected to unveil its bid for fox assets later today after a u.s. ju

. >> seema mody has a market flash fous >> i want to point your attention to the euro, which is spiking. session highs. two factors, the ecb is set to use its next policy meeting on june 14th as a live meeting to debate an exit from qe, that according to a bloomberg report. separately, the new italian prime minister giuseppe conte said a euro exit has never been discussed by the government. he has no plans to exit the euro we're looking at the currency at 117. big picture, still down 5% in the past three months. >> i discuss doing sit-ups every morning before work, but it doesn't mean it's going to happen the market is not really starting to price in the euro exit, because no serious person thinks they're going to have a serious conversation about it. they could say it. >> they're not going to have a serious conversation, and the template was from a few years back when we had troubles with greece and the southern countries in europe know they'll get the bail-out from the ecb. >> look at the size of chicago >> it benefits the germans do we want to go back to the germans? no, they do not.

when you book early at hollidayinn.com >>> markets closing in europe and in just a couple minutes, to seemaq with that >> here's a setup in europe today. european markets are rebounding to finish potentially on a positive note after president trump appeared to soften his stance on trade with china following weeks of heightened rhetoric see the german dax up 0.8% let's take a look at currencies. the euro is falling by as much as half a percent against the u.s. dollar as the u.s. dollar rallies to a multimonth high 115 for the euro european stocks worth pointing out down around 2.5% here in 2018 that's the yearly performance. really led by the banks which is the worst performing sector in europe as european rates are forecasted to stay lower for a longer period of time. the banking index down about 24% since february it's really led by deutsche bank which hit an all-time low today. back to trade, just worth noting interesting analysis from the alliance of automobile manufactures which represents a number of foreign automakers said buyers of imported vehicles would face a nearly $6,000 price r

. >>> breaking news on general electric seema. >> dow jones says walgreens reliance will replace gem electric in the dow jones industrials average. major news a big change in the dow adding walgreens, which will replace gem electric of course, ge has been under immense pressure, down 26% and lower here in after hours trade by 1%. take a look at how walgreens is trading right now. last time i checked, slightly higher on this big move, going to the dow replacing ge. >> thank you so much. >>> pete, something tipped you off earlier today. >> yeah, it was earlier in the day, 10:30, 11:00 in the morning, east coast time may 23rd, they bought 42,000 the july 14 put. stock was trading 14 point 50. those were sold for a double a little more than double. today 85,000 the july 12 put bought so really aggressive 12-and-a-half put. they're 32 cents that's big it makes you wonder. i said this for a while, is it going to be a single dim it stock? i don't know it will sometimes the dow is a boost for some of these different, but it will be an interesting thing to watch over the next couple of days t

seema. >> reporter: reuters is reporting that the wholesale club priced at $17 a share the upper ends indicated range of 15 to $17. it goes public tomorrow on the new york stock exchange where it is looking to raise about $700 million. back to you. >> thank you. >>> is this a good time for retailer to go public? guy? >> no, i would say in a nut shell. no, it's not a great time but is there ever a good time market influence, external factors, if we're lined up to go public, you go public and then you play the long game. it's not the best time for retailers, but quite frankly there's never a great time. >>> from a hot ipo to hot sector, energy stocks going wild. names like marathon oil, conocophillip all surging out of control but if you missed the move, pete says there's one name you can still buy. pete's over at the plasma for his fast pick. >> i love chevron. this guy's been around for a really long time. the ceo, he's been directing it from the mid-stream and all over the different map, all over geographically. earning strength, this company has so many different fundamental storie

seema sueko. i'm the deputy artistic director here. how many of you have been to arena stage? fantastic. welcome back. give you i would context. ago, the professor frustrated about the lack of dialogue. it is a topic that might be discuss and engage in the act of listening and one another civil ly. and when he approached us about this, we thought it felt like a good match with the mission because as a theater company, that's what we strive to do every day in our shows. put up some ideas on stage. gather a community in the audience, and hopefully he then with the theater conversations. so we thought, well, would that weome to dialogues host here without the show? and so we did a couple of tests. tests. the third of the many ofsed to see so you here. yes, people are hungry for this. we are going to be continuing the latelogues into summer and fall at the back of the programs, you'll see the dialogues.oming dialogue, is about thought your conversation maker, turn to somebody near you. just shea. we're going to take 30 seconds for this. you came with one another. go ahead and take

high was 2.93 points, now 96 the s&p up 0.6%, and now just .25, and bringing in sectors of the day, seematory of the day, telcos, suffering, but energy doing well, holding significant gains, but looked at lots closer percent, and that slippage seen in the last hour or so playing out there, still only two sectors negative, but not off as much as we were. >> that's right. end of the quarter selling we came off the highs, but higher for the quarter, but lower own the year the dow down 1.5%. what's ironic is that they took ge out of the dow jones index, and inserted walgreens, funny enough, the worst performing stock on the dow, lower 16% on the year with the news from amazon the russell 2,000, small caps r a -- caps, and technology, the winning trades as a way to be seen insulated from the trade fears, plus, benefitting from that stronger dollar, what has not worked, industrials, i have to mention bitcoin, below 6,000, moving 20% in the month of june. >> and in terms of today's trade, a quick look at the dollar because euro and sterling very strong today. the dollar's just positive for the w

. >> all right, seema, tha you very much. >>> airline stocks down significantly, underperforming broaderday." fast money" talks whether it's a buying opportunity down 1.5%. tesla shareholders set to vote on whether the chairman and ceo musk has too much power. phil lebeau has the story. >> reporter: kelly, there's some investors in tesla who think elon musk should not be chairman of the company do they have a shot of making him give up the job? the odds when we return. >>> welcome back, a rough year for tesla, stock down 7%, nearly 2% today investors are set to vote on key proposals at the annual shareholder meeting including whether the chairman and ceo elon musk has too much power phil lebeau has the preview. >> reporter: much of the power is granted to him because in the eyes of the board, they are too cozy with rusk, including the board of the director being his brother. these are the three directors up for re-election. only three of the nine up for re-election, and most believe they will be reelected by the way, institutional shareholder services are both opposing the re-election of

. >>> welcome back to "squawk on the street i'm seema mody stocks are near their session lows, s&p down.5%. we are higher so those rates continue to lead the market higher we're being dragged down by financials, energy and industrials. that group on pace stocks there leading the decline, including names like f fedex, among others, leading industrials as the worst performing sector in today's trade. guys, sending it back to you. >> dow is down showing some pronounced weakness in the final half hour of trade. a lot more oe prsueme court decision when "squawk alley" starts in three minutes. eligible for medicare? that's a good thing, but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like any of these types of plans, they pick up some of what medicare doesn't pay. and could really save you in out-of-pocket medical costs. call unitedhealthcare insurance company today to request a free [decision guide] to help you better understand what m

we'll get to seema. >> last trading day of the quarter. see heavy volume at the close as the first half of the year wraps up. the dow higher by 200. we're positive for the month and nasdaq, though, that's been the big outperformer on pace to close higher for an eighth straight investors struggle with three risks. how to quantify the risk of a trade war. second, the threat of a longer dollar now up 5.8 the last is a flattening yield curve as investors buy up treasuries that's a source of concerns for the financials you'll see the banks are higher today on positive, relatively positive stress test results the xlf snapping a 13-day losing streak will technology be able to come out as the best performing sector this quarter as energy continues to rebound take a look at the nasdaq up 7%. tech seen as more insulated from this trade dispute, though should point out overseas markets have been caught in the cross hairs. the shanghai composite posted the worst quarters since the first quarter of 2016 when we had the devaluation fears rise south kore

josh lipton has results from oracle seema covering fedex bob xcited for that.ou guys in a couple minutes. joining me on the panel is the mikes, michael season aantoli ad michael block, and vilary jo joining us as well welcome, everybody >>> boeing the biggest decliner as often happens in the trade issues boeing down 4% today nearly, over in the s&p, assurant the winner and mgm the loser is this emblematic of what happens? not nearly as scary as it felt this morning and people all last hour telling us this whole trade spat looks worse and worse for china than the u.s >> if you keep score by whose stock market is down more, sure, china looks relatively bad i don't think that investors love the entire effort, but that does not matter. market can do math the market can inflict pain where it belongs, and guess what, that probably is boeing up 80% over 12 months >> this does not make sense to me i understand they have a big business in china, but do you think it's because of the exposure, adding dollars and cents or saying they are up so much >> high up so much, a pr

let's get to seema mody on the floor. >> reporter: strong open for the stocks the dow up 126 points somenomic data that investors are chewing on the u.s. trade deficit falling to a 7 month low in response, the u.s. dollar has weakened, but these trade headlines having an impact on the emerging market currencies like the peso which is at the lowest level of the year stocks overlooking this trade uncertainty. the currency market is not take a look at what is working for stocks today technology continues its run higher as does financials. energy higher by .07 we're lower on the day take a look how the s&p tech sector has performed in comparison to financials over the past one month a strong outperformance up 7% lead by those faang stocks facebook, amazon, apple, netflix up in the past four weeks. a tremendous run there pivot to earnings where retail continues to perform well. vera bradley higher on an -- lower now. it did report improved margin outlook. five below will report after the bell markets gearing up for next week the u.s.-north korea summit. fed, ecb, bank of japan meeting next we

but a nice tick up it's got the biggest retail exposure going to bring in seema mody as we approach theave expected to see the dollar respond more positively. because european yields have risen as well, in fact the dollars are softer particularly against the euro >> we also had the u.s. trade deficit reducing we saw the dollar tick lower on that as well that's one of the reasons that multinationals outperformed today. caterpillar, boeing. that helped the dow move to the upside the dow the biggest percentage gainer for the day but continues to be a source of strength the nasdaq, can those continue in the face of rising yields what will it take for traders to say i no longer want to buy stock? some people here saying we're still a ways away from that. >> long away from that and the nasdaq and russell yesterday standings out in a way whereas today they've not taken it higher. they tend to do better on the negative trade >> we had the japanese prime minister shinzo abe visiting the white house again. trade will be discussed as well as north korea so expect more headlines on that front. mean

seema is here to tell us more. >> it's often referred to as boycott diplomacy.n the chinese boycott a country's goods to exert economic pressure. at the height of the south china sea conflict, the chinese boycotted mangos and bananas from the philippines, salmon from norway over a human rights dispute, and most recently a boycott of south korean cosmetics and cars due to a disagreement over the deployment of an anti-missile device, which china saw as a threat to its own security now, china went as far as stopping chinese tourists from visiting south korea, which economists say did result in the decline of south korea's gdp now, as trade tensions between the united states and china escalate, the fear is that american brands could witness a similar backlash and the main way to figure out if this is in the cards is by monitoring social media platforms like waymo and china's unofficial mouthpiece, the people's daily, which is often used to convey a specific message and drum up the support for a campaign like a boycott. >> tourism, south korea too. that was a big one