tv Worldwide Exchange CNBC May 17, 2018 5:00am-6:00am EDT
it is 5:00 a.m. on the east coast. the trade war is on, but not with china, japan reportedly working up retaliatory tariffs against the united states. oil hitting new highs for the year, trading nearly $80 a barrel overseas. youtube taking on spotify. it will launch its own streaming music service. kroger inking a major delivery deal with a uk supermarket chain. and hawaii on high alert big boulders now shooting from mount kilauea. it's thursday, may 17, 2018, "worldwide exchange" begins
right now. good morning welcome from wherever in the world you are watching i'm brian sullivan so glad to have you with us. here's how your money and the global markets are looking stock futures indicating a slightly down move at the open we're indicated to open down about 32 still early. stock futures lower as the cost of borrowing cons to rise. t continues to rise. the bond holders get paid almost a percent more than eight months ago but also mortgages to auto loans are also up significantly. overnight in asia and japan, we talked about the trade battle. we have talks in china between the u.s. and china in d.c. the nikkei not reacting to some of those trade war concerns. the hong kong market and the
shanghai as well as korea are down about the same. outside of the stock market, here's how things are looking around the world the german dax, the ftse opening up slightly higher, albeit in early trading. on the commodity and currency side, the dollar has been a big story. we're seeing crude oil continue to rise. u.s. traded crude is up as well over $72 per barrel. we talked about this extensively with our coverage in houston we just continue to put more oil, but the fact that venezuela is losing so much production and global demand remains so strong, that even though we're at new record highs for u.s. oil production, the market is able for now to absorb it you can see brent crude which is what we trade overseas, that's trading just a tad, a few cents under $80 a barrel the u.s. dollar continues to strengthen as well we're seeing the dollar hit a new high across the board, across many different currencies gold market is not moving much
in the crypto world, bitcoin is something you need to watch. and brian kelly will join us later on in the show we're down, not a whole lot on all the cryptos. ford planning to restart production of its f-series pickup truck tomorrow. from du production was shut for more than a week after a fire at a parts supplier the f-150 is the most popular and profitable vehicle for ford. we'll get an update from the automaker later this morning joe hinrichs will join the "squawk box" team at 7:30 a.m. eastern time a judge calling a time-out in the feud between the boards of cbs and national amusements, that's the company owned by the redstone family. the judge is set to issue a ruling today on the request to prevent shari redstone from
interfering with a special board meeting that cbs directors are setting. that meeting should take place today and will consider taking away shari's control of the company. time for the other top money stories. leslie picker is here with those. >> good morning. cisco, the company's third quarter earnings and revenue beat forecasts, but revenue from the security and services divisions missed expectations. cisco's fourth quarter outlook fell in the middle of the range of analysts estimates. cisco's ceo, chuck robbins, will be on "squawk on the street" at 9:00 a.m take two interactive's fourth quarter revenue missed forecasts. the sales outlook for the current quarter and full-year are also well below estimates. jack in the box had earnings beat forecasts but revenues
missed it expects sales to be flat to up about 1% this quarter. shares of ocado are soaring in london today. kroger struck a deal to use its grocery delivery technology. kroger will also take a 5% stake in the company shares of loxo oncology are higher after the company released data showing its experimental cancer drug shrunk tumors in about 70% of patients regardless of where the cancer originated. back to the markets and your money. we'll call this the all american triple play. the dollar hitting highs of the year against many major currencies the u.s. shale oil boom rolls on we continue to pump record amounts of oil by wait, the domestically small cap stocks are hitting new all-time highs joining us to talk about this
and figure out how to play it and make money from it is talley leger small caps not exposed to trade for the most part. not exposed to the global economies. are they the best place for our viewers money right now? >> in the short-term, small caps are rallying for the right reasons. we're seeing some geopolitical uncertainty rise here alongside the threat of trade wars and tariffs. also have, i would say, lower exposure to some of that international geopolitical turmoil that we're seeing. >> are the valuations fair you look at the domestic economy. people are starting to whisper that things may slow down. do you worry about the valuations >> i think the valuations are attractive, but that's nothing
new. small caps always trade at a discount to large caps because of their inherent volatility and comparative riskiness versus the larger peers that's nothing new i think the key is that the domestic growth outlook and the dollar as you mentioned earlier, the dollar has been given a bit of a bounce here i don't think that will last in the face of twin deficitdeficit. what is the biggest concern? you are optimistic that's a fair statement, right >> i'm optimistic about the global back drop in the u.s. i think -- >> by the way, that's why oil keeps going up, even as production goes up because the global demand is strong enough to absorb most of that increase in supply. people are driving more, flying more, making more chemical products >> agreed. so the play on that is to favor the global cyclical sectors of the market that benefit from those trends that we're talking
about. namely technology, industrials, materials and energy stocks because of that rising pricing power. >> how do we make money off of this that's what we want to know. >> again, i think it's still global cyclicals i still like technology. in the u.s. i think looking past this near-term balance in small caps, i would favor the large caps i don't think the rally in the dollar will last looking beyond the u.s., looking for better value, more supportive monetary policy, i think that points to international markets, namely emerging and to a degree europe as well. >> you don't worry about the emerging markets being overr overrallied? >> on the debt and currency side there are concerns for very good reasons. on the equity side, valuations
are favorable relative to the global benchmark and the u.s. peers. >> talley, thanks for coming in on this beautiful spring morning. it's been raining since 2016 it seems like we're just getting started on "wex. on deck, the streaming music wars are on in a big way youtube taking on spotify. we'll give you full details after the break. and we'll give you a housing pulse check as interest rates rise how will it hurt the spring selling season or maybe hurt it not at all? we'll talk about the health of housing coming up.
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it feels like it's been raining for weeks in new york city there's a live shot of times square that glisten on the street, that's not wax that's not clean that's water just keeps raining there's still flights available to phoenix good morning thanks for joining us on "wex. if you use streaming music, you have a new competitor. google's youtube is going to launch its own music streaming service. arjun kharpal has more on this from london. you have apple you have pandora, you have all these, now you have a new competitor >> yes so many companies jumping into the space. let's give you some background will google's efforts.
they launched youtube red about two years ago, that was 10 bucks a month ad-free. now they're trying to overhaul that with two new products, youtube music, a spotify rival essential essentially, streaming music, download songs offline, create a play list. that will be $10 a month the second product they're introducing is youtube premium that will incorporate music and original programming so these are shows that youtube is investing in and creating to bring to consumers that's going to be $12 a month for an extra $2 a month, you can get the music and the original content. youtube and google have struggled behind spotify and apple, but youtube has 1.5 billion monthly users on its flat for platform, but most of those are not subscribing. many analysts see youtube as a key part of youtube's future
growth if they can monetize that massive base of users that can be an interesting prospect for google it remains to be seen whether many users will be able and willing to fork out for yet another subscription service >> i love putting people on the spot in the morning on international tv so answer this question. not as a journalist, but as a millennial what do you use? would you switch >> i actually have three separate subscription services i have spotify, i have netflix, and believe it or not, i also subscribe to the wwe network big wrestling fan. >> that's some breaking news netflix, spotify, and the wwe network. >> that's how i consume everything nowadays, on my phone. everything is on mobile. 90% of my viewing is on my
smartphone now >> you and everybody else, it's not just millennials, us old folks, we even sometimes use the interweb thank you very much. wwe. we will have some fun with arjun on that one. the spring housing selling season is getting into full swing. however it could be trouble ahead for housing, mortgage rates hitting multi-year highs joining us is mark fleming at first american welcome. good morning we have not seen mortgage rates climb to the extent that bond yields have risen. we're up over 1% in eight months do you think mortgage rates will get there? are they going nowhere but higher >> i think it's finally true that mortgage rates are rising many people have been saying that was supposed to happen for a number of years now. we have to keep in mind that they're up over 1% to a shockingly high 4.5% on a 0-year fixed rate mortgage. >> was that sarcasm i got from
you? >> yes, 4.5% we're not going to the 1980s 18% for a mortgage or anything like that there's still room for rates to rise without really any meaningful impact on the housing market at large. >> i understand your point 4 4.5% historically, but if you're sitting on a mortgage of 3.75 or lower, 4.5 does look higher to you. >> that's the rub and one of the main reasons why we see such a short supply of inventory. all of those existing homeown s homeowners, you're rate-locked in it would cost you more to buy your own home back from yourself
that's one reason why we see such a shortage of supply in the housing market >> do you think this will do anything to alleviate that supply shortage? if you have the same supply but fewer purchasers, in a way the supply goes up, less competition for each home. >> that's true there would be less demand, because most people who sell their homes then become buyers we are also facing the benefit of a demographic tailwind, all those young millennials are now reaching their mid 30s and deciding they want to be homeowners >> 88 million people between the age of 18 and 23 so what is your outlock for hou -- outlook for housing for the rest of the year. is it a better time to be a seller or a better time to be a buyer? >> it's a much better time to be a seller than buyer. inventories are so tight it's hard to find something you would like to buy even if you wanted
to that means prices will continue to rise. so affordability will go down. that's a strong market for existing home owners today >> how much higher do you think mortgage rates -- i know you're poking fun at 4.5% is there a level -- this is the down side of low rates it was great for realtor foors lo realtors for a long time now maybe people are thinking we need an extra bedroom, but maybe it's cheaper to build on to our home than move >> we surveyed existing homeowners, they suggested it would take a more than 5% interest rate to significantly change their demand decisions.
you bring in the larger point, if you're rate locked into your home, you might instead of moving choose to build an addition, improve the kitchen or the bathroom i think companies like home depot, lows, and e's and heloc will benefit >> mark, appreciate you getting up nice and early for us take care. >> my pleasure. as oil prices continue to rise, we have another big cnbc exclusive for you. the permian power player, the ceo of devon energy with everything about demand and why some are selling their oil at discount. and mount kilauea is continuing to wreak havoc, and the's more talk of earthquakes. the latest when we come back
brent crude a hair away from $80 a barrel natural gas making a move higher as well. sticking with oil and another big cnbc exclusive we sat down in houston with the devon energy ceo and talked about everything from the u.s. oil boom to where he thought crude prices were headed but we also asked about an important story that's only starting to come to light, why some companies in the permian basin have to sell their oil at a discount here's what he told us >> the growth has been so much, it's outpaced the growth in pipeline capacity out of the basin. in order to get it moved, you have to be willing to take a discount that will be remedied, but in the short-term it's caused a differential to go up. again, we anticipated that issue. we have a lot of long haul capacity out, straight to the gulf coast and the rest we locked in our
basis differential at wti prices >> how much of your production is locked in for transportation? >> 90% of our oil out of the permian is that differential and locked in. >> why didn't other companies see this coming? we heard tales of companies pulling the oil out of the ground >> we look at other things we look at things like this on a long-term basis. that's part of what we do. we think we do a good job of it. >> are you cash flow positive at 50 >> yes >> so 70 -- >> essentially neutral with spending plans >> you and i have chatted over the past couple of years cash flow neutral at 50. 70, is that pure excess cash flow for you at 75, 80, is that a win for devon? >> it's a win, but at the same time we hedged some production at prices not far away from 50 >> 52 i think i saw on the
investor slides? >> something like that we do have about half of the production locked in at prices less than 70 >> one thing you try dodd is get yo tried to do is get the credit rating up. if oil stays at 70, 75, 65 for months or quarters, tell me if you think it will, will that benefit your chances of ratcheting up that credit rating >> absolutely. it would show we're generating much stronger cash flow. that's got to be beneficial. >> do you think oil will stay at these levels we've been like this for years your industry has to stop making news >> we don't control that there's a lot of different projections out there. in the shorter term, i think it's possible we do have some room to run. but the longer term, the question really is how is saudi and how is opec going to respond
to the production cuts are they going maintain those? how strong will the production growth be in the u.s.? those are still some open questions out there that we don't know the long-term answer to we just make our i investments based on what we think is a reasonable range of expectations, optimize costs, get the most return we can >> it's a big story in the permian basin that not a lot of people saw coming. there's so much oil unless you have a pipeline, a truck or train under contract, it's hard to get out the black oil swan, if you will. a story to watch over the next couple days or weeks if you missed any of the devon interview, find it on worldwideexchange.cnbc.com let's get to frances rivera with other stories this morning. robert mueller's russia probe is hitting its one-year mark with no telling when it could wrap up.
so far four former trump campaign associates have been charged, three pleaded guilty and are cooperating. mueller has obtained two more guilty pleas and indicted 13 russians and three russian companies, still the president and his personal lawyer, rudy giuliani, claim it is all a witch hunt. kilauea has spewed ash 12,000 feet into the air triggering a code red alert. planes are being warned to avoid the area, and residents on the ground are preparing for what could be the most destructive eruption yet. the surgeon general answered the call for help on board a flight he helped a passenger who lost consciousness. adams told the plane to go back to the gate where he and two nurses escorted the passenger to medics he said he was just glad to help right place, right time. back to you. >> we all hope we not only have a doctor but that doctor on our
money off of it. and an epic catch by this oakland a's player that you have to see to believe. it's 5/17, and you're watching "worldwide exchange" on cnbc ♪ welcome back happy thursday thanks for being with us i'm brian sullivan is a trade war on with japan that country considering retaliatory tariffs on u.s. production as china delegation kicks off its own talks in washington ford set to resume production of the f-150 pickup truck today production has been shut for more than a week after a fire broke out at a parts supplier. and get ready for another streaming music player this one coming from youtube, it's coming in hot and launching a new streaming music service on
may 22nd the ad supported version will be free but music premium will have zero ads and cost $9.99 a month. iss is hold -- on shareholders to hold support from five facebook board members, including mark zuckerberg here's how your money and investments look right now stock futures indicating what is likely to be a slight drop at the open down 30 points -- actually, less let's call that flat because it's raining, we want to be optimistic. what's not flat are bond yields. bond yields continue to go up hitting 3.11% right now. borrowing costs have gone up by a full percent in just eight
months overnight in asia, any response to trade concerns and headlines? not really the nikkei is up a half of a percent. the chinese markets and korean markets are down about a half percent. some green on the screen across europe not huge moves, but we are seeing the majority of the markets up germany, france, italy and spain is up. you have to keep watching oil. prices continuing to tick up venezuelan production coming offline. global demand remains strong even in the face of record production we continue to hit more highs $72 on a barrel of crude gasoline prices set to go up ahead of the summer driving season the u.s. dollar not doing a whole lot today. but the trend has been stronger. in the goal market, not a big move let's get back to the top story, trade. the treasury department is hosting a trade delegation from
china today this as we get word that japan may be set to work up retaliatory tariffs against america. kayla tausche has more on a three-sided trade story. >> good morning. talks will officially begin with china at treasury this morning secretary steven mnuchin will lead a cabinet-level delegation which will include the trade secretary and robert lighthizer. senior administration officials will be involved in talks, but it's unclear what role peter navorro will play in the talks after reports that mnuchin views him as an impedestrianibiment t and that navorro had a blow up in front of the chinese using expletives on a trade trip a few weeks ago. the senate finance chair, orrin hatch, who opposes tariffs, says
he thinks the u.s. has no choice but to leave them on the table >> they're talking about it i suspect it will happen i'm not sure we have any guarantee by china that they'll be fair to us. >> kevin brady asked about prospect forces for a deal, andu said he is optimistic, but some are limiting expectations. >> two weeks ago we thought we would be wrapping up a nafta negotiation to be voted on later in the year, and now we learn that that process is slowed and maybe we won't get there by the end of the year. >> the talks with china are considered open-ended. they will go through the 19th. as we have seen with many other trade discussions, you have to take any optimism with a grain
of salt. >> i don't know how you're keeping track of the story can you give us a rough idea of what the timeline is what can we expect from china and what can we expect from the u.s. administration and are you sleeping >> i could be sleeping more, put it that way. the talks with china will go through the 19th it's unclear what can be resolved on a big picture basis within a short time frame, even the white house and the president will acknowledge these issues have been long standing issues there are deadlines on tuesday approaching. it is on tuesday after which that the u.s. trade representative could put tariffs in place, and also on tuesday that the treasury secretary will update the president on whether further investment restrictions on china would be warranted. you also have on tuesday a senate committee voting on legislation that would increase the scrutiny on chinese investments into the u.s
so you have this ramping up behind the scenes even as talks are going on >> we have not even started to talk about nafta >> which has a deadline of today. it's been clear in my conversation there's will not be anything that is substantial that will be presented to congress this week there could be a partial agreement or an agreement in principle, but even if that were to happen it would be days or weeks away members are optimistic they hope to get something sent over, but the deadlines have proven extremely elusive >> do you remember the song "no sleep until brooklyn?" >> of course >> we'll change it to no sleep until tuesday. should fears of a trade war keep you away from the stock market joining us is linda bacafin.
you have the stuff kayla talked about, all the trade issues, you have the price of oil creeping above 71 a barrel, and the ten-year yield at 3.10%. it's gone up a percent in eight months should any of those three things keep us out of the equity market >> we don't think so all of these things are manifesting itself because of better economic numbers. we've seen those numbers, be it industrial production, retail, inflation is tame. so the underlying economy seems to be doing pretty good. especially coming from a weaker q1 q2 is picking up, not only in the u.s. but in europe as well earnings were stronger as well we have trade war issues, war is probably a strong word, but issues that are fluid and we have to work through these things the ten-year moving higher,
energy prices moving higher is because of the better economic numbers, better demand coming through from underlying economic activity >> can the u.s. economy, can the global economy absorb the higher yields >> i think as long as rates move up or energy prices move up on a gradual basis, and we don't have huge spikes up, again that industrial production, productivity more importantly, and global economic environment continues to grow, as long oz those things continue to be strong, earnings come through, i think we can absorb those. again, on a gradual basis. what looks good? what have you been buying lately given the back drop that we laid out, what looks attractive to federated? >> so, throughout 2018 we've been advocating a balanced approach between cyclical value companies and sectors, and
growth we continue to like financials, select industrials we continue to like energy of course we like technology as well so, having a balanced portfoli i think through 2018 can help balance some of these exposures either from trade or higher energy, higher interest rates, it can absorb that given a balanced portfolio approach. >> linda, thank you. it's a pleasure to see you thank you very much. >> thank you let's get to the top trending stories leslie picker has those. >> i can't that was such a good pun salad lovers rejoice after weeks long e. coli outbreak, the cdc says it is finally safe to buy and eat romaine again. the outbreak was traced back to lettuce from yuma, arizona the growing season has since ended, and the cdc says it's unlikely
any yuma lettuce remains on shelves. the backstreet boys have released a new single complete with a music video it's called "don't go breaking my heart" it dropped at midnight >> is this the version of the other song -- ♪ don't go breaking my heart >> or same name? >> you were a back street believer >> i was more of an 'n sync fan. >> what's the difference >> the guys. my cousin was into 'n sync so i took her word for it. i had no taste in music back then, or now >> speaking of sound, it's the audio clip that divided a nation what do you hear when we play this recording >> laurel.
laurel laurel >> so is it yanny or laurel? apparently it's the vocabulary.com entry for laurel, but why do so many people hear yanny? it's all in the frequencies. yanny is on the clip at higher frequency than laurel. it might have something to do with age as people get older their ability to distinguish higher frequencies diminish so, which one did you hear >> can we play it again? >> who could hear yanny? that's a singer, isn't he? >> that's yanni. yanni is the singer. >> i love him. had him on tape, cassette. >> yeah. >> because my cousin turned me on to yanni. >> i had the yanni cassette and the backstreet boys cassette >> it's laurel the dress is blue and black, folks. >> i heard both. it depends when i hear it. just then i heard laurel
>> laurel. >> team laurel over here >> i think this is why the stock market traded at such low volume yesterday. because everyone was too busy listening to all this to actually trade stocks. >> i like you putting those two together thank you very much. laurel check out this incredibly : acrobatic play the red sox were taking on the a's. mookie beth betts pops up the , and into the full run, the catch in the stands. shares of british bookmakers and gambling companies, william hill, cbj holdings and paddy power betfair are lower after the uk government will slash the maximum betting on gaming machines from 100 to 2 pounds.
the argument is the games are highly addictive and gamblers rack up big losses a tshout out to the rockets who came back last night it's now 1-1 some big companies are on the move we'll break down the winners and losers for you and much more on that facebook story breaking this morning proxy adviser iss saying do not vote for mark zuckerberg for the facebook board that story developing. we're back after this.
welcome back futures not indicating a whole lot. maybe a slight down move for your money and investments good morning it's 5:47. a big cancer conference coming up in chicago. the biggest in the world every year they release tons of cancer research data ahead of the meeting, and there were some stock moves that came out after it meg tirrell has some winners and losers >> reporter: good morning. it is the largest cancer research conference in the world, asco taking place the first week of june more than 39 attend,000 attende be heading there, and two weeks before the meeting 5,000 data sets were released some stories in the stock moves speak to the themes we'll see at
asco an immunotherapy combinations and targeting therapies. immunotherapy is this new way of treating cancer that harnesses the immune system. right now as we have gone through the first wave of immunotherapies, the next wave is figuring out how to combine drugs to improve how well they work for patients. we're following two movers this morning. one is jounce therapeutics, and the other is nektar. jounce had some early data some analysts calling the response rates modest as of right now. but that data is early nektar was also weak last night, as its combination with bristol-myers may have disappointed some folks. analysts are coming out and defending that over to targeted therapies, looking at two stocks moving in different directions loxo oncology and blueprint
medicines. these companies are both targeting the same target, they're looking at different cancers that all have the same genetic mutation loxo had an update last night that investors are happy with. we will see more data at asco and analysts suggested that data looks even better as we get closer to the meeting. blueprint, because it's working on the same target is down a bit this morning back over to you >> meg tirrell, appreciate it. coming up, even if you are not a bitcoin believer, don't worry. we have a way you can make some money from it. brian kelly will join us next. and your morning rbi what happened today 226 years ago that forever changed the business world as we know it it is random but certainly interesting as we head to break with little black keys to wake you up your joints... or your digestion...
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iss is now calling on shoulders shareholders to hold their vote for mark zuckerberg on the board. it is recommending backing directors who seek to better improve facebook's response after its recent litany of problems with privacy and alleged election interference. let's get more on this and bitcoin and how to make money from it and bring in brian kelly, a "fast money" contributor. i want to get to your new fund, your ideas on bitcoin. i have to ask you about this developing facebook story. iss has a lot of power >> a lot >> do you think they can keep mark zuckerberg off the board of the company that he created? >> listen, facebook has a dual share class structure, calsters wrote an open ed about it a month ago.
this is the only way shareholders have a way to influence things zuckerberg has to answer to this the rests of the board has to answer this. maybe we can see that dismantling of the dual class share structure. >> i guess is it more of a symbolic gesture by iss saying we can't get behind this but ultimately zuckerberg's dual share structure will prevent anyone from making changes to the board? >> that was the design of it >> that's why you have it. >> when you apply enough pressure, and facebook is under quite a bit of pressure, not just from the response but also from the idea that everybody has finally realized -- we all opted into it everybody finally realized that our own personal data is valuable facebook is making money off of that that kind of shift against the company is a big thing a big deal so while they may may not be
able to do something, the dual structure protects them, o optically they may have to make some changes >> you have the launch of a new blockchain-focused etf, actively managed by you congrats >> thank you >> tell viewers, if they are not believers in bitcoin, and some people are not, brian, they can still make money off of the interest around it how >> absolutely. if they're not watching "fast money," they absolute i will have to watch "wex." those are the two shows to watch. >> one of the five that's right >> the fund itself is global equities these are all companies devoting material resources towards generating revenue from
blockchain and cryptocurrencies. we have four pillars we look at, wall street disrupters, enterprise blockchain, mining and exchanges, and finally looking for decentralized internet, or the d-net all four pillers feed into the investment thesis. some people say i like blockchain but not bitcoin, we're looking for companies that are using disruptive game changing technology to streamline businesses, disrupt industries, that's what we're looking to invest in >> an amg, that would be in your etf because you need those powerful processors to mine the coin, correct? >> yeah. that's how we look at it everything that is supporting the ecosystem. nvidia, amd, global unichip, they have 30% of the revenues that are devoted and coming from designing the chips so that's fitting into our mining bucket
>> by the way, we'll leave you with this view, a month ago you recommended getting back into bitcoin cash, the price has nearly doubled since you called that comeback. this is why they should be watching "fast money." brian kelly, thanks. >> thanks. time to wrap up the show with the morning rbi today you have a major market anniversary. we're taking you back, way back. on this day in 179224 stock brokers gathered under a buttonwood tree outside 68 wall street and decided to sign a deal that would help them trade stocks it was known as the buttonwood agreement. that little agreement signed by those 24 men and unfortunately at that time they were all men, under that tree, that laid the foundation for what would be the modern day new york stock exchange a long time ago in 1792 we
good morning trade turmoil. the new reports on a rift in the president's trade team as the treasury department prepares to host the chinese delegation. and japan now considering retaliatory tariffs against the united states. we will have a retail round up and get you ready for reports from walmart and jcpenney. and youtube will launch its new music streaming service next week we'll tell you how it stacks up with spotify and apple music it's thursday, may 17, 2018. "squawk box" begins right now.
♪ live from new york where business never sleeps, this is "squawk box. good morning welcome to "squawk box" on cnbc. we're live at the nasdaq market site in times square i'm melissa lee, along with joe kernen and mike santoli. let's check on u.s. equity futures. yesterday we did finish in the green, so the dow saw nine straight up days in ten sessions we are looking to open lower by 11 points on the dow down by 2 points on the s&p 500. the nasdaq looking to lose 21 at the open russell 2000 is the real star in yesterday's session, hitting a fresh record high. let's look at the action overnight in asia. stellar earnings out of tencent. didn't help the hang seng. third straight day of declines there. nikkei managing to