Skip to main content

tv   Worldwide Exchange  CNBC  May 22, 2018 5:00am-6:00am EDT

5:00 am
it's 5:00 a.m. i'm dominic chu, china says it will cut tariffs on some cars and auto parts president trump is hosting the south korean president today at the white house mark zuckerberg will appear before european lawmakers in brussels today. we still have lava from mount kilauea destroying more homes in hawaii. and the new york stock exchange naming its first female lead ner ier in its 226-year hiy
5:01 am
it's tuesday, may 22, 2018, "worldwide exchange" begins now. ♪ good morning welcome to "worldwide exchange." i'm seema mody, brian sullivan is on assignment today let's check on markets following yesterday's big rally. the market is set up now in premarket trade, setting up for another positive day with the nasdaq up 22 dow jones up 47. the s&p 500 is higher by 5 let's look at the global market situation. a quiet session overnight in asia markets in hong kong and south korea are closed you can see the shanghai is flat on the day in australia stocks closed down by 0.7%. and the japanese nikkei lower by 0.2% let's look at early trade in europe the dax higher fractionally. france, the ftse 100, italy and
5:02 am
spain seeing minor gains we'll keep a close eye on the heightened political uncertainty out of italy those two populist or anti-establishment parties picking a prime minister still learning more details on this individual, but that's something to keep in mind. as for the broader markets, look at oil a very interesting set up with somewhat of a disparity between wti crude and ice brent crude. a discount, if you will, with wti trading at $72.66. ice brent crude at $79.74. a lot of analysts say this is due to the oversupply situation we're seeing in western texas. look at currencies, the stronger dollar has been a big story. the impact it will have not only on multinationals but earnings a different story today. you can see the dollar giving up gains against the japanese yen at 111 euro at 118. looking at gold, which is actually higher, 1,293
5:03 am
up $2 right now. dom? >> we'll have more on the markets in a moment. first big trade news breaking out of china let's get to eunice yoon live in beijing with the details what can you tell us >> china offered its latest conciliatory gesture when it comes to the trade dispute in the past hour the finance ministry said china is cutting tariff force cs for cars and cas for cars, the tariffs drops from 20% to 15% for car parts, that drops to 6%. those will kick in on july 1st the move comes after reports that the u.s. and china have been heading for a deal on zte, this is the chinese telecomsmaker that's been in near collapse after the u.s. commerce department imposed sanctions on the company, disallowing u.s. companies from selling critical components to
5:04 am
zte. getting a lifeline for the company was a key demand for the chinese negotiations in the u.s. the two sides have reportedly agreed on a deal the u.s. would lift the ban if zte agreed to make changes in management including board seats and possibly pay significant fines. zte wouldn't comment on that report to us but as we know from yesterday, secretary mnuchin said that the two sides were looking for ways to ease the sanctions, but at the same time making sure they met the needs of national security and also the two sides appear to be engaging in confidence building measures, even though secretary mnuchin said this is not going to be quid pro quo >> why do you think both sides have been able to provide these concessions? what led to today's results that
5:05 am
we're seeing >> i think it's just an easing up and an effort especially on the part of the chinese to try to offer some sort of olive branch to the united states. hopefully from their perspective see an easing of tensions. but from the chinese perspective, saving zte would be a huge win this is a state-backed company that has 80,000 employees. it's also seen as a company here that is important for china's future because it wants to be a technology leader. it wants to be strategic when it comes to telecoms like 5g. for the auto tariffs, i got on the phone with a couple auto analysts who said this probably is not going to be so meaningful for the companies themselves one analyst pointed out to me that gm, ford, as well as chrysler together sell 5.2 million cars here. out of that number 1% are
5:06 am
imported and then in terms of the supply chain, pretty much all of it is here so not so meaningful but symbolic in that the chinese are trying to build the confidence to ease tensions >> we are seeing action in the early going for automakers in the united states and europe that's one of the better performing sectors eunice yoon, thank you very much let's get back to the early market action. joining us is daniel morris from bnp paribas. as we talk about the overall market cloud that's been there, it has been china, it has been the trade talks. is there anything that you have seen over the last couple of days that has given you a bit more optimist about what's happening with the global market >> absolutely. i guess i would question whether or not trade has been such a big
5:07 am
overhang on the markets. we saw a rebound yesterday certainly with the announcement from china, maybe not as much as you would have expected given the assumption it's been a drag up to now. the bigger issue for the u.s. markets over the last several weeks has been interest rates. we have conflated that with the outlook around trade certainly on the margin sentiment should get better. if we're worried about trade, i'm not sure we see a huge move up in the s&p because of it, because we still have interest rates that are of a concern. >> it's an overhang that has been lifted, it seems at this point a u.s./china trade war is being averted. earnings season ended up being strong what's the next catalyst for the market >> yes that's exactly it. that's why i think we have more modest expectations for the s&p this year, because last year we had the tax cuts making progress on deregulation and so on, that raises the question of what's next? from a legislative point of view you're not likely to get
5:08 am
anything that will excite the markets all that much. as we're aware this has been the case for years, margins are high, for u.s. corporations, not as much earnings growth potential. the big advantage now perhaps is that evaluations or from a price to forward earnings basis have come down. earnings season was very good. earnings expectations continue to rise but the market has not advanced that much so valuations look better. certainly not cheap, but better. otherwise it's harder to see a significant catalyst >> daniel, that's what's happening here in the united states there's a lot of stiff, machinations going on in europe. is there any worry that the italian issues could have more of a spillover effect like we saw during the sovereign debt crisis or is this pretty much contained to what's happening with italy now >> i think we are already
5:09 am
starting to see some contagion you look at bond spreads for spanish debt or greek debt, they severed. if you look at spanish equities, they suffered. to the periphery there is already contagion. certainly a question of how far it goes. does it spread more broadly? the decline in bund yields suggests people are looking for safety so it's a mini replay of what you had in europe several years ago. certainly hopeful it doesn't go anywhere near as far as it did then, but there's a lot of parallels with the situations you had in greece then a lot of the rhetoric is similar. concerns about the objectives of the government and we have to see this time whether or not the government sticks to the plans it's proposed so far which would be disruptive for assets within the eurozone >> so it sounds like investors will be watching closely what's happening with the european peripheral markets thank you very much, daniel
5:10 am
morris >> facebook's ceo mark zuckerberg is meeting with european lawmakers today contessa brewer joins us with that story >> a lot of attention to be paid in brussels. zuckerberg will testify before the european parliament with the big focus on data privacy. the facebook founder will be expected to admit that the social networking giant did not do enough to prevent its tools from causing harm. zuckerberg is expected to say whether it's fake news, foreign interference in elections or developers misusing peoples information, we did not take a broad enough view of our responsibilities that was a mistake, i'm sorry. so zuckerberg is on this apology tour following the alleged misuse of data by cambridge analyti analytica. congressional lawmakers grilled zuckerberg on the issue last month in washington, d.c today's european hearing will be live streamed. it's scheduled for just after
5:11 am
noon eastern you can see shares of facebook are flat in the premarket. >> contessa, thank you very much big changes are coming to the new york stock exchange. for the first time in its 226-year history, the nyse will have a female leader, her name is stacy cunningham. she will become the 67th president effective this friday. she is going to replace the nyse's current president, thomas farley farley is leaving the new york stock exchange to head up a new special purpose acquisition company backed by dan loeb's third point hedge point. quarterly results just out from toll brothers the home builder earning 72 cents per share, short of the 76 cents analysts were expecting. revenues coming in better than expected shares are basically flat, slightly lower if premarket.
5:12 am
one of those indicating to watch for the housing market sony is buying a controlling stake in emi music for 2$2.3 billion. the doeal gives sony access to 2 million songs from the likes of queen, fpharrell williams and other big artists. two pieces of news on adobe. the company announcing an $8 billion stock buyback program. separately adobe is buying e-commerce firm magento for 1$17 billion. it's a cloud-based e-commerce service company used by kormratikor corporations like coca-cola. check out shares of spotify. the e-commerce platform slipping on that adobe dell news.
5:13 am
shopify, rather. shopify shares off 2.25% in extended trading micron increasing its third quarter guidance the chipmaker says optimism is thanks to a healthy semiconductor industry they announced a $10 billion share repurchase program shares of pure storage dropping despite decemberer than expected earnings the stock soared 50% this year nordson under pressure after posting a weaker than expected third quarter outlook. that stock is down 6%. we're just getting started on "worldwide exchange." call it the obama effect what the former president and first lady did that has shares of netflix pushing higher this morning. first italy's political drama front and center willem marx is live on the ground in rome >> >> that's right we'll give you an update on the
5:14 am
complex political situation and what a potential new prime minierou mn r st cldeafothe italian economy and for investors. stay with uswe make is our businessbusiness the united states postal service. priority: you
5:15 am
5:16 am
a developing story out of europe italy could be getting a prime minister no one has ever heard of global investors should take notice willem marx joins us live from rome with what we need to know hello, willem. so what we're waiting for at
5:17 am
the moment is for the italian president, sergio mattarella to approve this candidate we've had from this coalition put forward, giuseppe conte, he's a law professor based in rome and florence but has no government experience whatsoever. the challenge for a man like him is to try to marshal these diverse forces, the lega and five-star. they're different platforms that have had investors concerned about spending and taxation. they proposed a two tier flat tax. they're not looking to make significant costs, so they'll have to fund that with more borrowing. we've had a lot of criticism from european leaders and politicians about the policies what this mean in terms of italy's relationship with the european union salvini responded to those critics last nike. >> translator: we are ready. we have given our name we have made clear the team and
5:18 am
the project for the country. we want to start so we can begin to grow this country's economy we read with interest and sometimes with surprise the declarations made by ministers from other countries and commissioners who are worried. they have nothing to be worried about. the government of which we play a part wants to make italy grow to increase jobs we want to bring back companies to invest in italy we want jobs to become more stable >> so the next steps to watch for over the course of today and tomorrow is whether the italian president indeed approves conte as prime minister. he will then try to form his own government with a fresh cabinet. that needs to get voted through both houses of parliament where the coalition has a slim majority >> is it fair to say goo siusep conte wants to keep italy inside the european union >> he will do whatever these guys tell him to do. their policy proposals have
5:19 am
withdrawn some of those elements of euro skepticism, things like are drawing from the "u eurozon. east an independent thinker and a well-respected lawyer here in italy. still to come on "worldwide exchange," a big day at the white house as president trump meets with south korean president moon what you need to know and watch for next. and some excellent news, breakfast lovers the one apstle in the most important meal of the day got an important seal of approval that's when "worldwide exchange" returns.
5:20 am
5:21 am
5:22 am
. thanks for waking up with us let's look at futures now. the dow did gain 300 points in yesterday's session. higher by 46 points in the premarket. nasdaq up 24 s&p up by 5. oil, let's look at the big story there, wti crude trading at 7 2.51 ice brent crude just below that $80 mark a big day coming up on cnbc. it's time to find out who made our sixth annual list of game changing private startups. the 2018 disruptor 50 list will be revealed today on "squawk box" at 6:40 a.m. eastern time a big day for those private
5:23 am
companies. so stay tuned. all right. in political news, president trump is set to meet with south korea's president at the white house today. tracie potts joins live from washington good morning south korea does have a lot riding on this upcoming summit, and now it looks like things could be a bit rocky between the u.s. and north korea s south korea's president is in washington trying to pull it together south korean president moon jae-in makes a quick trip to the white house today to convince president trump to ignore north korea's tough talk and show up for the june 12th summit in singapore. >> it's critical that they make some kind of break through here. the whole process you can feel is a little bit on the rocks now. it's shaky ground. >> reporter: north korea's threatening to cancel the meeting after military drills by the u.s. and south korea, and after john bolton suggested that
5:24 am
the north give up its nuclear weapons without requiring south korea to give up theirs. >> the reality is that we hope for a peaceable solution the president remains open to a summit taking place and we'll continue to pursue that path >> the vice president warning north korea not to play games. >> it would be a great mistake for kim jong-un to think he could play donald trump. >> our willingness to meet with kim jong-un underscores the trump administration's commitment to diplomacy. >> reporter: they don't have much time. they really don't have a lot of time south korea's president is only at the white house for less than two hours today. that summit is supposed to happen in three weeks. back to you. >> hopefully it's a quick and effective meet thank you very much. let's check on this morning's other top headlines outside of the world of business
5:25 am
phillip mena is in new york with the latest good morning a manhunt is under way for several suspects in baltimore after an officer was killed. police say a female officer was responding to a call about a suspicious vehicle she was critically injured after a confrontation and taken to the hospital where she later died. it's unclear how she was hurt, a witness does say she was ran over authorities are asking anyone with information to call police. in florida police released dramatic body cam footage between officers and a gunman who opened fire at the miami area golf resort owned by president trump. that suspect is facing a dozen charges. he has been ordered held without bond. here's some news that might make your breakfast choice this morning easier there's been a lot of back and forth about whether eggs are good or bad for you because of cholesterol. now a new study published today by the bmj journal heart claims an egg a day may reduce your
5:26 am
cardiovascular risk and the risk of stroke by 26% back to you. >> all right thank you for that i don't know about this, it seems like every few years, maybe a 5 to 7-year cycle some vitamin, some egg, some medicine becomes good for you, bad for you. >> it's all a marketing scheme >> it is but i have not given up on eggs. i never have hopefully this is the last time. >> it's a staple still to come, what happens in vegas may not stay there. tens of thousands of workers in casinos may go on strike what it could cost gamblers, investors and sin city coming up next. still have royal wedding fever? now you can score your own bag of swag for a price. that's when "worldwide exchange" returns. with no aerosols and no heavy perfumes. so you can spray and stay. febreze one.
5:27 am
5:28 am
we're experts in connecting your advertising message to welcothe right audience.ight. we can connect to your audiences wherever they are and however they watch whether on their tv, laptop or mobile device. and to make sure they don't miss your message, we give you access to advertise on over fifty networks, sharing it on the hottest shows, digital sites, and mobile destinations. work with some of the best media experts in the business. get started at
5:29 am
pushing higher futures in the green as the dow holds that 25,000 level. we'll find out what's driving that market action straight ahead. hawaii on high alert we're digging in on the tourism impact as mount kilauea continues to erupt. and doubling down. tens of thousands of las vegas casino workers could walk off the job over a labor dispute full details straight ahead. it's tuesday, may 22, 2018, you're watching "worldwide exchange" on cnbc.
5:30 am
welcome to "worldwide exchange." i'm seema mody >> i'm dominic chu. let's see what's happening on china says it will cut tariffs on some vehicles to 15% down from 25% tariffs on auto parts will fall to 6%. big news just breaking this morning. facebook ceo mark zuckerberg will testify before the european parliament in brussels this afternoon. data privacy will be on the agenda as zuckerberg is expected to tell lawmakers that the social networking giant did not do enough to prevent tools from causing harm. and big changes are coming to the new york stock exchange for the first time in its 226-year history, the nyse will have a female leader stacey cunningham will be
5:31 am
replacing tom farley come this friday farley is leaving the big board to head up a new special purpose acquisition company backed by third point hedge fund between today's news about tom farley leaving and stacey cunningham stepping in, gina haspel being confirmed, there's a long way to go, no doubt, but glass ceilings are being shattered in certain sectors straight to the markets with the dow indicating a higher open by 48 points or so keep in mind yesterday was a big day for wall street with the dow gaining over a percent as news trickled through on hopes that a u.s./china trade deal will be averted. more details coming out in the last half hour look at the treasury market. the u.s. treasury yield at 3.06%. the two-year note yielding 2.5
5:32 am
oil, look at where brent is trading, below $80 a barrel at 79.51. joining us is gina sanchez i ask personally a ton of wall street strategists last week what they thought the biggest risk to the market was we would like to hear your take on it. >> i think everybody's concern was the trade war. the news this morning is good news, but we're not out of the woods yet. while it mooikt bight benefit t with the trade news, it benefits germany more so i think there are plenty of other things, geopolitical
5:33 am
risks, inflation that are also continuing to be on peoples minds. >> oil has been getting a lot of attention. we hit $80 last week we're below that level, what do you think? oil prices moving higher good or bad for producers? good for producers but what about consumers? that leads to higher gas prices. >> you're right. if you look at the effect recently of higher oil prices on the u.s., they don't have the same level levof impact as theya before oxford economics just put out a piece just recently highlighting that so i think it is important to recognize that the u.s. as an oil player we're changing. and the impact of higher oil prices doesn't have to be devastating on the u.s. economy or on consumption as it did before it's not good. if you continue to see oil prices rising, that is a bad
5:34 am
thing. >> we've been talking about what's happening in the marketplace with regard to relative strength in the united states on the small cap side of things can they continue and should we feel better about the markets since leadership is coming from the smaller and mid cap type stocks >> the small cap stock story has been on the concerns about trade wars if you want to protect from a trade car, going with a smaller domestically formed stock is the best bet if we see any easing to any of the trade tensions, it could actually be a benefit to large caps, not small caps, because small caps have stayed well priced through the last six months, whereas large cap stocks have come off dramatically >> we pivot to emerging markets.
5:35 am
the argentinean central bank is set to make a decision today after raising rates to 40% to counter higher inflation and defend the plummeting currency, the ppeso. what do you expect from argentina today? >> argentina is its own story. the broader story in emerging markets is that the trade story is starting to slow for ems and the dollar continuing to strengthen is putting a head wind into that trade we recommend it to our clients that they reduce their emerging market exposure back to neutral. we have been overweight for a long time. i do think that now is the time to start looking around for better opportunities >> so the emerging market story and the dollar playing out in those etfs tracking emerging market gina sanchez, thank you for joining us
5:36 am
las vegas casino workers will vote on whether to go on strike contessa brewer has that story >> 50,000 casino workers belong to the culinary union including bellman and bartenders, cocktail waitresses, housekeepers, kitchen staff. their deadline for a new contract is june 1st, they'll vote today on whether to authorize a stik frike they want companies to end harassment, raise wages in concert with rising profits and casino tax benefits and ensure job security there has not been a strike in las vegas since 1984 to cost the workers $74 million in lost wages and the casinos the same in tourism revenue to say nothing of the gambling revenue lost back then >> you have covered this industry so extensively. how much of this is a threat are the parties going to come to
5:37 am
the negotiating table to get a deal done? >> part of this is you have 34 different properties all weighing in on this. mgm, the biggest operator on the vegas strip, they are prepared to -- for instance, to give house keepers panic buttons. something already in the works caesars is going in concert with that they have a lot of demands they want to talk about what artificial intelligence could do to their jobs. they don't want robots taking over their jobs. this issue of job security they want them to tackle immigration. the list is long and extensive and we're approaching the deadline will they actually walk off the job? in early 2000 they voted to authorize a strike, they never walked off the job >> you were in vegas last week how do you see this vote panning out? >> i think that the workers, the culinary workers union is newly empowered. they discovered a voice and strength 50,000 people is strong. they only expect half of the
5:38 am
members to show up and vote today. we'll be watching to see whether they authorize the strike, then the next step is can they come to the table and find common ground if they do authorize the strike >> just as vegas was seeing a bit of momentum. stick around here. we want to keep you on for some of these it's time for the top trending stories. here's the first one the obamas are headed to netf x netflix. we heard about it for weeks maybe. now it's official. the former president and first lady have formed their own production company it will be called higher ground productions. netflix says the obamas will produce a diverse mix of content. i have to say this we heard about it first maybe last months. now it's official. netflix stock is a juggernaut. has been for the past couple of years. a 1$140 billion company
5:39 am
does the obama presence boost it or hurt it given today's political environment? >> i think it's an interesting move i would expect this from the trump family, but from the obama family i'm surprised. >> i will tell you what would drive the stock higher if the deal includes beau, their dog. it's not too late to own a piece of harry and meghan's special day. people on vited on to the castle grounds to watch festivities were given swag bags some are now selling them on ebay with asking prices of more than $2,000. what do you get if you win the auction? the gift bags contain a program, a map, a welcome letter, a chocolate coin, special short bread, and a branded bottle of water. i have to say, if you're going to buy this, buy it now. the short bread can get bad.
5:40 am
>> courtney reagan was there for pleasure wilfred was there working. >> the shortbread, has a best before date of 2019. i don't know how long it will take to ship it could get lost in customs also included in that gift bag, a 20% off coupon for anything in the castle gift shop >> all right that could be big. >> there you go. >> buying a mug, you go to the gift shop, close to the palace, it can cost 20 pounds. that's expensive >> my wife was just there for business took a trip to windsor castle. she could have used that castle. we've been in the mode of buying christmas tree ornaments those things are expensive moving on to the miss usa pageant. miss nebraska is the winner of the miss usa pageant
5:41 am
she won it last night. she beat out 50 other contestants to claim the crown sara rose summers, a 23-year-old from omaha will go on to represent the united states at the miss universe competition. this is a great story. for a lot of folks out there who look at these pa jens and say maybe they're not the best thing for women's images, it's something where a lot of folks feel like it's an empowering moment >> they're trying to push it into the new generation. instead of having celebrity judges, they let viewers vote online and they had female leaders like entrepreneurs, business women doing the judging instead of just celebrities who are trying to bring it to the fore. >> i participated in pageants when i was a teen, so i shouldn't knock it
5:42 am
>> are you a better person for it >> i did it once i didn't go back for a second time you might think the airport is a zoo under normal circumstances, but it was even worse than usual yesterday in san antonio where a baboon escaped its crate. the animal roamed free for an hour before it was recaptured. was corralled, the baboon was sent to its destination, a wildlife sanctuary you never know what type of animals are in the airport now to the world of sports, the cavaliers beat the celtics last night the score was 111-102. lebron james scored 44 points for the cavs it's his sixth 40-point game of the postseason lebron will be lebron. the guy is just sometimes a man amongst boys it looks like on the court. coming up now on "worldwide
5:43 am
exchange," kilauea's path of destruction. hawaii still on high alert as lava spews into the ocean and on to highways. the latest on this developing story and what it could an fmeor tourism on the island, that when "worldwide exchange" returns
5:44 am
5:45 am
welcome back look at futures, pointing to a higher open. the dow up 43.
5:46 am
nasdaq higher by 27. look at the story in the bond market the tec t ten-year treasury note at 3.06%. we are following the situation in hawaii as mount kilauea continues to erupt how many more moments have been destroyed? >> dozens have been lost because of this volcano. the lava is flowing and it is creeping across the big island the lava flows are cascading into the ocean creating this large plume of laze, clouds of toxic gas, steam, tiny glass particles. explosions are happening at the summit of kilauea which has prompted the threat of ash fall. kilauea's activity has been ramping up in recent days. it roared back to life nearly three weeks ago. a real problem for the big island >> yeah. that's right
5:47 am
the hawaiian volcano observatory issued a code red warning that additional activity could be expected the big concern is what kind of impact this could have on tourism, which is hawaii's largest single source of capital and it makes up about a quarter of hawaii's gdp. the data so far doesn't show a sizable change but it's still early. perhaps next week's data will give us an idea on how tourists and travelers have responded to these eruptions. >> the big island, kona on one side, hilo on the other. there's no threat for those major, major areas, however you have to figure that this could put a sense dampener on some people who want to go out there. do they want to be there in case this happens hawaii is pretty much under
5:48 am
continuous volcanic alert. >> but we're now seeing the physical movement on the ground. >> this is more land mass being created on the island because of the lava flowing and solidifying. our hearts go out to all those people to watch, but this display of just nature in the works is something -- >> unprecedented still to come, some big-name retailers are set to report today. what you need to watch is coming up on "worldwide exchange. - 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. - she outsmarts me every single time. - checkmate! you wanna play again?
5:49 am
- anncr: prevagen. healthier brain. better life. dinner date...meeting his parents dinner date. why did i want a crest 3d white smile? so i used crest. crest 3d white removes... ...95% of surface stains in just 3 days... ...for a whiter smile... that will win them over. crest. healthy, beautiful smiles for life.
5:50 am
jimmy's gotten used to his whole yup, he's gone noseblind. odors. he thinks it smells fine, but his mom smells this... luckily for all your hard-to-wash fabrics... ...there's febreze fabric refresher. febreze doesn't just mask, it eliminates odors you've... ...gone noseblind to. and try febreze unstopables for fabric. with up to twice the fresh scent power, you'll want to try it... ...again and again and maybe just one more time. indulge in irresistible freshness. febreze unstopables. breathe happy. welcome back to "worldwide exchange." futures are pointing to another positive open. if things stay the way they are, the dow would open up by almost 50 points, the nasdaq up by 28,
5:51 am
and the s&p up by 5 points yields have fallen back down a bit, back to the 3.07 mark when it comes to the ten-year note. we're approaching the top of the hour, the "squawk box" team is getting ready and joe kernen has a look at what's coming up a lot going on with china. >> china, oil, and the market itself there are some people that are looking at the lower highs and sort of the same lows, that finally rectified itself as we went above 25,000. it's been a while since we were above 25,000 should be interesting. today we have got jeb hensarling coming on who was not going to support that bill last time he was on at this point nothing changed in the bill, but we'll ask him why he decided to support it a lot of people say republicans
5:52 am
would like a win hensarling will only be here a while longer the latest thing on one of the websites today, 19 races changed for the house on whether they were vulnerable or leaning one way or the other all 19 changed in favor of the democrat democrats. we also have dr. scott gottlieb, the fda commissioner on again. he's going to name names for some of the big pharmaceutical companies that try to suppress generic competition. i would think that would not narrow it down much, there would be a long list maybe he'll do the worst ones. to make this list, it's got to be some of the worst actors there.
5:53 am
then we have this disruptor thing. >> i heard the disruptor list is being unveiled on your show. >> it's like -- the implied valuation of these 50 -- am i allowed to say that? 3$358 billion i think that's the most ever in terms of when we have done this disruptor 50 list. my favorite -- >> you can't say it. >> that's embargoed, we can't say anything >> i was doing a schtick i couldn't name one. >> really? >> no. i couldn't name one. i was going to say my top five -- no, i can't. they're going to be good ones. i know that. i want it to be as surprised as everyone else. i like that. we like spontaneity on "squawk box. i figured if i looked at them, i
5:54 am
would not be nearly as excited >> just a few more moments, joe. >> how about this guy, 21 years old, hit 17 out of 18 greens every day. >> he will be a star >> there's a million of those guys like that >> i know. we'll learn about those stars and the pga tour stars on "squawk box" coming up in a bit. we have to leave it there because we do have more stuff to talk about >> masterfully done, dom >> when is the u.s. open >> june. >> all right see new six minutes. on to some retail earnings on deck today we have kohl's, tjx, urban outfitters all set to report joining us is stacey widlitz from sw retail advisers and a reta retail -- cnbc contributor
5:55 am
>> good morning. we heard the tjx numbers were not all that inspiring in terms of their comp. tjx is going through a transition as all the brands out there are trying to clean up their house and get out of the discount channel you have to look at that one and say will they just have less compelling merchandise available going forward? finally they're adding e-commerce, which you and i talked about quite a bit that comes at a lower mar yin ragin e >> are there still opportunities in retail? we talked about the macy's trade. up 80% since the lows. are there still places people can find those diamonds in the rough and ride out a macy's like wave >> there are i think 2018 will be very much the retail fork the road where you saw macy's turn right and the rest of retail so far this
5:56 am
earnings season turned left. if you look at kohl's, they're reporting today. amazon returns are in store. they're bringing in aldi, bringing in more private label they're doing some smart things with shorter lead times. the retail is dead story played itself out it's time to look at strong retailers with opportunities going forward. if whether that's target or lululemon, there are other retailers in heavy investment phase and will remain so like walmart. so it will be very much 2018, i think about the have and have-nots. >> just really quickly susquehanna upgraded missy's stock. is there one factor to look for for all these retailers? >> i think we heard from jcpenney that just blamed the weather and used it as an excuse will we see kohl's do the same today? i want to hear how these
5:57 am
retailers are transitioning to mainne and managing rgs. >> stays cey, we have to leave t there. "squawk box" is next forgot me goggles. kayak. search one and done. my mom washes the dishes... ...before she puts them in the dishwasher. so what does the dishwasher do? new cascade platinum lets your dishwasher be the dish washer. three cleaning agents dissolve, lift and rinse away food the first time. new cascade platinum.
5:58 am
5:59 am
breaking trade news again. china says it will cut tariffs on cars and auto parts some meat on the bones for what people said was too nebulous on the trade agreement. sony inking a deal that could make it the world's biggest music publisher. and it's a big day at cnbc we'll unveil the disruptor 50. the private companies that are changing their industries. the big reveal happens at 6:40
6:00 am
eastern. it is tuesday, may 22, 2018. "squawk box" begins now. live from new york where business never sleeps, this is "squawk box. good morning, everybody. welcome to "squawk box" on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. check out the u.s. equity futures. yesterday a big upday for the markets. dow up by 300 points the s&p futures up by 5.5 points this morning, the nasdaq up 31 the dow up about


info Stream Only

Uploaded by TV Archive on