tv Worldwide Exchange CNBC May 1, 2018 5:00am-6:00am EDT
good tuesday morning it's 5:00 a.m. at cnbc global headquarters here's your five at 5:00 number one, president trump extending steel and aluminum exemptions on several key u.s. allies bp shares are popping after the oil giant posted a jump in quarterly profits. china's hna dropping its bid for anthony scaramucci's sky bridge capital. and the fed meeting kicks
off today in washington. it's tuesday, may 1, 2018. "worldwide exchange" begins right now. there's a reason for that music. we'll tell you why later on. good morning i'm dominic chu. happy may day. brian sullivan is on assignment. let's check the early market action right now futures are pointing to what could be a fractionally lower open to start here the dow down about 58 points the s&p down by 4. the nasdaq down by 14. we'll have more on the markets in a moment. first to some big news out of the white house. president trump extending steel and aluminum tariff exemptions for many allies. let's go live to tracie potts in washington >> good morning, everyone. the eu, canada and mexico get another 30 days to try to work this out, the white house calls
it a final 30 days the fed line instead of today june 1st for those countries to work out a deal to avoid those steel and aluminum tariffs the europeans are looking for a permanent exemption. the issue seems to be whether or not they will agree to quotas. south korea did. they got a permanent dieeal. the eu nations, again, the north american allies of mexico and canada, they get another month to try to figure this out or they will be hit with those steep tariffs that president trump just recently implemented. >> just curious, is there any indication how much of this was a result of trump's meeting with macron and merkel last week? >> it's likely we don't know because they didn't say
that's one of the things on the agenda for both of those meetings the europeans have been pressing the u.s. hard for a permanent exemption. they got that temporary exemption, but it's running out. >> also one other thing to point out here, it's not just steel and aluminum that are the focus of tariff talks. an ongoing negotiation we can assume with china with regard to that particular programs for tariffs and retaliation. any development on that front? can we expect to hear anything on that front with regard to what will happen next with the trump administration >> nothing new that we're aware of here's the thing the president's outlook, his view on this is that the u.s. is being ripped off that things are to the fair. so he continues to pursue trade policies of trying to push big tariffs, then using that as a stick, so to speak, a carrot and a stick in this case, a stick to push these countries into yegss to get what he considers a
fairer deal for the u.s. >> tracie potts, thank you very much for that update on to the markets following a wild april here. the dow, nasdaq and s&p 500 finishing the month in the green. the first positive month for these major indices since january. six sectors posted gains in january led by energy, consumer, discretionary and utilities. consumer staples was the worst performer. united health, chevron and merck were among the best performing blue chips y 3m, p & g and ibm were the worst performers with april in the books, let's find out what's in store for your money forthe month of may. joining us now is ian steeley.
rates have been a huge part of the discussion, yet we have not seen ten-year yields budge for the better part of a week. how important is that rate picture given the fact that we have a fed meeting this week >> i think it will be hugely important over the next few months we have a fed meeting. the likelihood is they'll have to acknowledge that inflation is picking up core cpi is above target core cpe hovering around about the target level it looks sustainable that could probably push rates higher over the summer months. whether that has a knock on impact to other markets has more to do with the speed of the move rather than if we can get a gradual rise higher. >> let's talk about the fed meeting to come this week. how much mow cuss in tfocus in e markets and the fed is inflation? >> it's the big thing. we don't have a press conference
we don't get economic projection updates. it will be language around the statement and whether they see that rise in inflation as sustainable. our expectations is they do when we look at base effects. we see inflation can pick up that's really the focus when we get the information tomorrow >> so, that's on the u.s. front here the other big rate story we've been following or currency story and rate story is what's happening with the uk. the pound has been weakening it's been helping some large cap stocks in the uk can we expect anything surprising out of the bank of england any time soon with regard to their rate policy, and what does that mean for the pound? remember, the pound had been rallying strongly up until really a couple weeks ago when governor carney sort of did an about turn on the view the market had been expecting the bank of england to be raising rates at the meeting in
may. he came out saying that's not the case since then we had weak gdp data. we had pmis out earlier today where they continued to look full there are concerns regarding sustainability of growth in the uk and as we look forward to all the problems that could occur around the brexit negotiations and the final move there so the likelihood is that you could see sterling weaker in the near-term as people digest the change in rhetoric from the bank of england >> can we talk about the u.s. markets for a minute we've seen more than half of the s&p companies now come out with their quarterly earnings 79% have reported or have beat street expectations. yet the markets have reacted so sluggishly has our glass turned half empty now? there's a bit of that. people were expecting this to be pretty good earnings season. it's more the forward
trajectory we have had some concerns in the near-term regarding the trade concerns or the trade wars going on we have geopolitics going on there is this underlying problem of rising rates, if we do start to get rates higher does it actually, as you stifle the economy, so i think people will be very much looking forward for how the economic data plays out over the coming months and quarters q1, we had that bit of a slowdown in the data definitely in other parts of the world also concern there so we are still on a good growth trajectory, i think that will be buoyant for markets. >> let's put a top on this quickly. you're a fixed income portfolio manager. you manage around bonds. where are the opportunities now? i would focus on parts of the
credit market. corporate earnings look great. high yield spreads are not as attractive as we would like. when we compare them to default rates which are expected to be low, spreads of about 300, 350 basis point mark, we think that's a decent place to park some cash. then some of the local emerging markets where you can get decent real yields. we like some of those areas. we're avoiding government bonds. we see core rates in the uk, in europe higher by the end of the year >> ian, thank you very much for joining us from london >> thank you >> today we get the ism manufacturing index and construction spending at 10:00 a.m. eastern automakers report their april sales throughout the day plus the fed begins that two-day meeting with the statement expected tomorrow at 2:00 p.m. eastern. as for earnings, merck and pfizer leave the list of companies reporting before the
open after the close, we'll hear from apple. >> arguably the biggest one out there today. your big tock stories include bp, the company reporting its strongest quarterly profit since 2014 thanks to higher oil prices and rising production. cash flow was lower than expected bt's debt levels crept higher as liabilities related to the gulf oil spill continued to weigh on performance. shares up about a percent or so. boeing is buying klx for 2 $3.2 billion in cash boeing is paying $63 a share the deal is contingent on klx spinning off its energy services business we got headlines on that yesterday. boeing shares up fractionally premarket. akami q1 results beat
expectations those shares up premarket. >> big growth on cloud some other stocks that we're watching shares of cognex down sharply. the maker of industrial automation hardware and software reporting first quarter results that missed forecasts. in extended hours trading off by almost 16% current quarter guidance also weak the company anticipates lower demand from consumer electronics this year. tenet healthcare posted a surprise first quarter profit. it's also raising its outlook for the year it is now up 6.5% in extended hours trading. the hospital operator benefited from lower costs and an increase in patient visits. interesting that we're watching upside to flu season shares of electronic force
electronics for images, revenues rose 5% easily beating analyst estimates that stock is up almost 15%. whatsapp's founder is leaving the company. >> so whatsapp's founder is stepping down. jan koum says it is time to move on, do things outside of technology reports say koum is also leaving facebook's board when contacted by cnbc, facebook did not address his future role with the company there are reportedly clashes with facebook and its strategy on whether to putt ads on what's app, a move that koum opposed. koum was one of the strongest advocates for privacy within facebook along with brian acton.
acton left last year and has been publicly critical of facebook in a comment on koum's facebook post, mark zuckerberg said he was thankful for what he taught him about encryption this one will be a talker. back to you. china's hna group dropping its bid for anthony scaramucci's sky bridge capital the move endured delays as the terms of the agreement were reviewed the price tag was between 200 million and $250 million hna may still strike a partnership with sky bridge but the details are unknown. scaramucci plans to return to sky bridge as a co-managing partner. coming up, drills down on oil.
wti near the $75 level what that means for your money and what you're paying at the pump. and check this out a pair of pesky pelicans crash pepperdine's graduation. >> try saying that five times fast >> i will practice the video is completely viral. you can see why. we'll bring you full details when "worldwide exchange" returns. mr. elliot, what's your wifi password?
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oil prices holding firmly above $68 a barrel crude spiked late yesterday after israel said it had proof that iran was lying about its nuclear weapons program. iran denies the claims let's bring in john kilduff. how big a deal is this looming renegotiation, renewal, reupping of the iran deal on may 12th and what netanyahu did yesterday saying that iran is basically totally lying and they're teaming up with the saudis >> that was september cal fkepty for the ages i was trying to watch it on channel chann channels, and there's a sense from netanyahu's perspective that trump is still considering staying in the deal, so is the
market that's why you saw us pull back after his presentation, because it sort of fell flat in the end. in the final analysis, it wasn't -- >> we didn't see a lot of news that should move the market. >> the first slide was dated 1999 through 2003. the air came out of the balloon quickly. it was a scary moment for the market may 12th is setting up as a cliff trade for the oil market if president trump pulls out, it's more than likely off to the races. iran and the saudis are teaming up there is a hard position not to allow an iranian based set up in syria. at one point yesterday there was suggestions that they had closed the airspace over the golan heights and a strike was imminent last weekend we caught a break there were rumors about a potential coup in saudi arabia
because a toy drone had gotten too close to the royal palace and there were efforts to shoot it down. thank goodness it was a saturday >> so we're watching oil fripris now. you mentioned they gave up some losses yesterday those losses are continuing today. wti is below $6 8 a barrel >> you saw yesterday that run to 69.30 or so was certainly geopolitical risk premium. so people getting drawn in and short covering you're right this market is spectacularly long but the term structure, it's in backwardation, which means front prices are much higher than back prices that's a bullish condition for future markets >> gas prices now on average, $2.81 nationwide what do you
expect to see this summer? >> they will push a national average over $3 over the course of the next several weeks. history has been of late that they will trend lower once we get past memorial day and we know supplies are sufficient, there's more than enough gasoline being made. there's a big call on u.s. gasoline, both here and abroad, we're exporting an elevated amount of it versus historical standards. refiners are cleaning up, but it could mean for a more expensive ride to the beach. still ahead on "worldwide exchange," we're talking technology brian sullivan catching up with oath ceo tim armstrong we'll bring you those comments straight ahead stick around, you're watching "worldwide exchange" on cnbc now i'm thinking...i'd like to retire early.
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♪ a power summit is under way in los angeles as top business leaders, politician and regulators assemble for the milkin global conference brian sullivan is there and caught up with oath's britim armstrong. >> for partners like us, we're partners with nbc and other traditional broadcasters, we bring digital scale. we have 1 billion consumers. we do billions of dollars in ad
revenue. so we can take traditional television broadcasts, movies, bring them to mobile, the internet and scale them dramatically >> so verizon is your parent company. i think people are confused how do you work together and what is your goal through distribution and content. >> they looked at where the future of wireless was going and realized the value of what wireless provides which is really big, connecting that with great services that are make peoples lives better >> doesn't it seem silly to start talking about tv and digital. i don't care if our viewers watch us on a 70 inch flat panel, on their phone, ipad, through the web. we want them to watch. >> if you look at the mobile phone, the average consumer will be on their phone for almost seven years during their life. >> that's scary in itself. >> scary and mornt with us, we want to be the best
company in the world translating media on to phones that's the most important device for people >> what does the landscape hold for watching good produced video content in five years. 5g what does that look like 56r7b8g9s >> 5g will allow more ability for you to interact. >> buy stuff >> in the finance world, if you wanted realtime machine learning driven portfolios that are realtime in the marketplace that you could be watching video and trade at the same time with machine learning level interactivity, that will happen. the second thing 5g will do is allow you to have massive speed improvements in home, car, office >> you can see more of brian's interviews from the milkin global conference on our
website, cnbc.com. >> let's check the headlines outside the world of business. frances rivera is live in new york with the latest there's a bombshell coming from the "new york times" reporting that robert mueller has over four dozen questions for president trump. the times writing the majority relate to possible obstruction of justice demonstrating how the investigation into meddling in the election grew to include conduct in office. stormy daniels claims she had an affair with mr. trump over a decade and then says she was threatened about an unknown man who told her to keep quiet about it ashley judd is suing harvey
weinstein claiming he tried to destroy her acting career after she refused his sexual advances. the civil lawsuit focuses on comments made by peter jackson, saying weinstein dissuaded him from casting judd over her professionalism. a representative for wieinstein said he had never defamed ms. judd or interfered with her career those are your headlines back to you. >> frances, thank you. still on "worldwide exchange," we're talking trade what president trump's latest tariff move could mean for the u.s. and our allies. and trending today, milk's favorite cookie is at it again and it's making waves on social media. all the details when "worldwide exchange" returns.
sell in may and go away. what you should be doing with your money as we kick off this new month. >> countdown to apple. the tech giant reporting results today. we'll tell you what to watch >> and a royal pain. how the new u.s. tax law makes marrying a prince anything but a fairytale. it's tuesday, may 1, 2018. you're watching "worldwide exchange" on cnbc. ♪ welcome back to "worldwide exchange." i'm contessa brewer.
>> i'm dominic chu brian sullivan is on assignment today. we're kicking off the debate on whether it's worth to marry a prince if you feel the tax pain. let's get a check on the early market action now. stock futures are looking negative the dow is off by 40 points. the s&p is just down slightly. nasdaq as well we'll keep an eye on that throughout the morning the u.s. holding off on extending steel and loaluminum tariffs on several key allies, at least temporarily >> and doing so hours before a midnight deadline for those tariffs to otherwise go into effect for the allies. the trump administration in a presidential proclamation announcing a one-month delay as trade negotiations with those allies continue. the delay was first reported by us on friday and it will apply to all
countries granted a temporary exemption in march except south korea which has agreed to quotas as part of a new trade deal the delay applies to the european union where two of its leaders asked last week for a permanent exemption while visiting the white house and also canada and mexico, which are seeking a nafta deal with the u.s. and talks on nafta resume later this week justin trudeau referenced his talks with the trump administration on this issue yesterda yesterday. >> on the issue of steel and aluminum tariffs, we feel it would hurt american jobs almost as much as canadian jobs that's something nobody wants. as for brazil and proclamation, the president said those countries would see tariffs delayed while finalizing details to get satisfactory
means means. this does compound the uncertainty put towards the end of the month the new effective date for the steel and aluminum tariffs are on a collision course for another deadline on tech tariffs for china to go into effect if talks held in beijing this week don't bear fruit >> just one more point on this, as we talk about where the focal point is, the timeline puts steel and aluminum front and center is there a sense of where the importance lies, where they're focusing the most, where is lighthizer and where are navarro and larry kudlow focusing more of their efforts which geographic location and which products >> i would say europe because of its complexity given that you have two dozen plus member states with different makeup for steel and aluminum industries, but they're represented en masse
by the european union. the department of commerce is leading the exemption process for the eu specifically because of secretary ross' expertise with previous investments he's had in the steel industry in europe that's complex and also there's not a current negotiation for a trade deal because canada and mexico are in talks over nafta, they are able to say to the u.s., look, if you hold off on these tariffs, we might be willing to give in some other areas on nafta talks or introduce a steel or aluminum element to nafta the eu doesn't have a venue to do that. that's why all areas are watching europe specifically with regards to steel and aluminum >> there's been so much talk about the retaliatory tariffs that could be put into place against american products, harley davidson and levi jeans, especially agricultural producers who want to sell their cranberries overseas do you have any sense coming from the white house how much
pressure they're feeling from those groups >> the president doesn't seem to be phased. he has said it might take suffering some short-term pain in order to settle the long-term trade disputes we heard secretary ross say on cnbc that the roughly 3 billion or so in gdp that's being targeted by europe's retaliatory efforts, that that is not enough to break the bank for the u.s. that, yes, it will effect certain micro economies, but it won't have a macro economic effect it won't bring the u.s. into a recession. therefore they should not be worried about it it is those tech tariffs on china, the $50 billion unveiled initially followed by the president's call for an additional $1 billion in export to be targeted that people are watching in terms of retaliation. that's where we could see china open up its playbook to a deeper
chapter saying how can we extract some pain from the united states. >> a woman who has her pulse on everything having to do with trade. thank you very much, kayla tausche. let's bring in our cnbc contributor, and jim, kayla brought up so many complex points this trade discussion going on with the world what's the most important thing to focus on with regard to the u.s. and which particular area will have the most impact on us? >> i think the most important thing is getting sort of a coalition of the willing to confront china on trade, particularly on technology the issues of intellectual property, technology transfer, massive industry subsidies as part of their advanced technology initiative. that's where the energy should be i think there's a lot of people in the administration who understand that.
i know they have to do the steel thing. the president ran on that. the president has a natural affinity for american steel. a lot of his voters are into that they think it's important. but it's really the tech battle and how getting key allies including europe together. that's where the battle is that's what we'll be talking about a year from now, probably not steel. >> could the unintended consequences have real impacts when you do a google search on american farmer, the headlines from all of these local papers in the middle of the country are topped with tariff worries from local farmers who worry they can't sell crops or livestock overseas is the president running a political risk if you look at the areas that may get hit with tariffs, agricultural tariffs from china, it looks like the president's
electoral map, those are key areas. that's why there's a lot of political risk here. there's political risk if they don't do anything on steel you can't look like all you care about is technology and what's good for silicon valley dealing with some of this ip stuff an ignore the issues which are really more relevant to your voters >> jim, if you were sitting right there advising president trump right now, what would you tell him the next step should be in this process? >> the next step in the process should be to think about what's most important, which is dealing with china and technology. steel quotas, the only thing economists hate more than tariffs is quotas. this is a really self defeating effort by the united states. you're hurting consumers and producers. dealing with china on these technology issues, they're sort of backwards turn and becoming
less of a market economy, that's where the u.s. emphases should be >> thank you very much for joining us remember, 10:00 a.m. eastern time, "squawk on the street," commerce secretary wilbur ross will be on there that's another interview to watch. we'll stick on the topic, alibaba co-founder and executive vice chair, joe tsai talking the throwing threat of a trade war with china >> there's a temporary blip in terms of the relationship. and there's an ongoing trade war. but we're looking beyond that. in a way this trade war comes at a very ironic time we are in a time in history when china is shifting from a manufacturing export led economy to a consumption driven economy. so there are now 300 million chinese consumers that are demanding and desiring to buy from all over the world.
so there's great opportunity for producers from america, from europe to sell to china. >> tsai also said despite recent trade tensions he's optimistic about future growth prospects for china. still much more ahead on "worldwide exchange," including a viral video alert. a pair of pelicans pummels pepperdine's graduation and the internet can't stop watching this crazy footage coming up. and a royal tax pain the countdown to prince parry and meghan markle's wedding is on, but marrying a royal comes at a price we'll explain when "worldwide exchange" returns. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide.
welcome back to "worldwide exchange." you will want to watch these casino stocks today. new numbers out overnight show gambling revenue in mac coau jue 27% in april alone macau is just booming. it's the only place in china where casino gambling is legal, wynn resorts, las vegas sands and mgm have a something cignift presence there >> in my instagram feed i saw an
advertisement, mgm wants to open a casino in connecticut, so they're doing a lobbying effort. casino is an expanding business, perhaps more in the u.s. from a structural standpoint rather than macau >> and stable in the regional sectors. mgm opening a new casino in springfield, massachusetts on the border and the connecticut is a ke casinos are concerned about that. 'n sync is getting a star on the hollywood walk of fame all five members of the pop group gathered yesterday for the unveiling. it was a notable day lance bass calling april 30th a nod to our day "many be me" which many think should be many be may >> a bunch of bird brains
disrupted a california commencement ceremony. a pair of pelicans pummelled pepperdine parents leer you are getting a fancy diploma, and pelicans tour the crowd. the birs a s abirds are waddlinf security eventually got him. >> it just bit him they can be dangerous. i say that tongue and cheek. >> it reminded us last week, we saw a goose attack, fowl going gonzo over a golfer. and we also found video where they're attacking this woman in a phone booth. this goes back to 1963 >> that's an alfred hitchcock movie. >> you got that, did you >> "the birds. >> right it seems like there's an aisle at the grocery store dedicated
to the many flavors of the classic oreo.nabisco is not dont they have a final three for a new flavor, cherry cola, pina colada and kettle corn oreo fans can vote on their favorite we'll vote this morning on this set. i have a selection of oreos for you. i would like you to taste one and see if you can identify the flavor >> i'll try this one >> that's traditional oreo >> they're all original, because we don't have the new ones in the vending machine of cnbc just yet. now that i have a mouthful of cookie -- >> the countdown to the royal wedding is on. meghan markle's marriage to a prince could cost. >> marrying a prince is not all
fairytales and happily ever after. there's nothing less promantic than figuring out your taxes here is the problem. meghan markle is an american the u.s. is one of the only countries in the world that requires its citizens to pay taxes on income no matter where they live. there's no special carve out for princesses so uncle sam is entitled to the cut to anything she earns as a member of the royal family meghan is supposed to disclose all of her foreign bank accounts if the total balance is more than $10,000 it's pretty safe to assume it will be more than that that applies to accounts that are in her name as well as any accounts she shares with her new prince the penalty for not complying, $10,000 perform. the only way that meghan can get out of this is to renounce her u.s. citizenship
that's not going to be easy either in order to do that, you have to pay an exit tax. you have to add up all of your assets, estimate what you would get if you sold it all, and then make a real and painful payment to the irs based on that hypothetical profit from the sale unclear if meghan markle will give up her status as an american meghan markle is about to become a royal, but filing her taxes will be a royal pain in the neck back over to you >> can you imagine the diplomatic problems of trying to enforce u.s. tax law against meghan markle? >> you know who she should call? the folks at pearson, specter, litt, that's the fictional law firm at her show "suits. >> if she's delinquent on her u.s. taxes, if she comes to the united states, she could be
arrested this was facing boris johnson, the uk politician. he had to stay away from the u.s. for quite awhile because he owed hundreds of thousands of dollars in back taxes from his home >> for those who advocate reforming tax law, perfect case in point thank you very much for bringing us that story. >> sure thing. we're approaching the top of the hour the team is getting ready for "squawk box. joe kernen is in new york. april, auto sales are in focus today. you have on mike jackson of auto zone >> april is done it's may sell in may. it was probably better to sell february first that was probably a better expression this year but another disappointing session yesterday. up triple digits for a while mcdonald's reported, everything was great. when all was said and done, we
were down 150 points it's characterestcharacteristict sessions that's what we've been dealing with can't hold on to gains it wasn't the ten-year ten-year stayed below 3% we're down again this morning. i don't know what the next trading impetus will be. maybe it's friday. maybe the jobs number on friday. we'll talk about that. we have richard fisher, former fed head who will be on. that's kind of weighing on us ever since january that is as rates continue to creep up, debt services goes up. it doesn't feel like we have the tailwinds of tax reform and deregulation that we had we're being -- maybe the temperature, though. as the temperature rises, maybe the stock market will do better. it's supposed to get up to the 70s today. i know dom just perked up. maybe the 80s tomorrow
who would they replace you with tomorrow, dom, if the first tee calls? do you have someone that can come in? >> i will be in your neck of the woods tomorrow afternoon i have this early "worldwide exchange" shift. so the chances are, joe, if the weather is above 60 degrees, i'll be on the golf course >> it's going to be 70 or 80 tomorrow >> almost 90 >> who else we have? we have judd gregg that will be interesting we have the regeneron guy. multi gazillion dollar multi tech company and becky likes to talk to the guy from xpress scripts. >> mike jackson is on. >> mike jackson of hall of fame. >> he's being inducted in july nominated. yes, he will get inducted in july >> i don't think i'll be in there. >> big show, joe
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no matter where you go this summer make it better with audible. text summer4 to 500500 to start listening today. welcome back to "worldwide exchange." i'm contessa brewer. futures pointing to a lower open as investors gear up for the first trading day of may should you live by the old wall street adage, sell in may and go away let's bring in art hogan art, great to see you today, though i prefer it when you're sitting on the set with me, not separated by satellite when we see these earnings, 70% of the companies reported have beat wall street expectations. why are we seeing this sluggish move in the markets? >> i wish i was there for those oreo cookies you just had. i'm sorry i'm coming in
remotely the problem is that we knew we would have great earnings. they're better than our expectations so you can't take anything away from the fundamental picture of the earnings back drop the first issue is trade concerns over a trade policy mistake. we're pressing hard against china. steel and aluminum tariffs against the world is a back door to getting into china. that's why we're accepting quotas so china can't dump into our country. negotiations with china on trade are important. unless and until we get good news on that front, it's hard to shift our focus back to fundament fundamentals the other things are geopolitical, iran, the nuclear deal there and interest rates it's interesting we have this conundrum where if the ten-year goes up, the two/ten spread will
steepen, then we get concerned something too high will slow down economic activity and be an attraction for equity dollars. it's the street counter balances to what otherwise would be great news it held this market back in the month of april i think we get some good news in may. >> just a few moments left in our show just a quick question here about whether this is still a constructive market. you are still bullish? should we still be buying dips >> very much so. we'll get some answers on trade negotiations i think geopolitics will always be with us interest rate yields and concern over that is overblown the fundamentals lay out nicely for this year and into the next. >> here's a different adage to start may. may's new pattern, a smile and a frown. odd years up, even years down. >> sell in may go away hasn't worked five of the last six years. i wouldn't go by that.
>> thank you very much that wraps this one up thank you for joining us "squawk box" is next mr. elliot, what's your wifi password? wifi? wifi's ordinary. basic. do i look basic? nope! which is why i have xfinity xfi. it's super fast and you can control every device in the house. [ child offscreen ] hey! let's basement. and thanks to these xfi pods, the signal reaches down here, too. so sophie, i have an xfi password, and it's "daditude".
key allies getting an exemption from president trump's tariffs on steel and aluminum. stocks set for a negative open two dow components this hour could change things. we'll bring you reports from america and pfizer and a high profile departure from facebook. we'll tell you why the cofou co-founder of whatsapp is leaving the company.
it's may 1, 2018 "squawk box" starts now. ♪ live from new york where business never sleeps, this is "squawk bo "squawk box. >> good morning. welcome to "squawk box" on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. april is in the books. the dow, the nasdaq, the s&p 500 are all finishing the month in the green, but just barely it is the first positive month for the major indices since january. u.s. equity futures at this hour look weaker. you can see that the dow is down by 30 points below fair value. the s&p futures down by 1. nasdaq down by 5 yesterday we saw gains in the morning, up by over 18 0 points after the bell rang. that all turned around later in the day. concerns about the telecom