it is 5:00 a.m. at cnbc global headquarters and here is your "five@5." the treasury continues to say june 1st is the date. and beijing black listing. a chip black listed over serious concerns. the stock lower at the open. and kcredit suisse taking on th regulator preparing to scrap $400 million of bonuses. and no time for t.i.n.a.

now it is time for the t.e.r.a. trade. and could jumping on the a.i. band wagon lead to stupid consequences it is monday, may 22nd, 2023 you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." i'm frank holland. let's check on the u.s. stock futures. look at the futures right now. flat across the board. we are seeing the s&p and dow and nasdaq muted as investors weigh the consequences of the latest meeting of the debt limit. we are checking the bond market. we are seeing movement 10-year treasury at 3.64 elevated during the month as we led up to the "x" date this climbed 20 basis points

from the start of the month. something to watch as investors go to bonds for safety we are looking at energy and oil. the wti crude is $71.50. brent crude down fractionally. natural gas down 1.5% this morning. we are watching shares of meta we have breaking news. regulators are fining the company $1.3 billion for illegally sending data from the eu to u.s. servers we will watch this story and look at the latest shares of meta down 1%. time for the check of action in asia with julianna tatelbaum with more from london. >> frank, good morning let me zoom in on europe we are off to a muted start after the de decent week last wk

ftse 100 with the best performance since april. the german market is down 10 basis points ftse 100 is up .10%. a little bit of red on the board for the italian, swiss and french markets big week for economic data with flash pmi. that is central to the economic story and what we can expect from the european central bank moving forward frank. >> we are watching developments with credit suisse give us a sense of what is happening there. >> we certainly are. credit suisse staff reportedly looking to sue the swiss regulator finma after the at-1 bonds were canceled. this was according to the financial times and the law firm taking action on behalf of finma

received requests to represent them we are not seeing a huge reaction up .50%. one other corporate i want to flag, frank, ryanair profit at the budget airline surged to 1.4 billion euro for the year boosted by strong recovery and traffic and fuel hedging. traffic rose 74% and fares up 10% compared to pre-covid times. shares in ryanair up this morning and we are seeing a boost across the european airline space. strong for air france klm. easy jet up 1% iag is up 1% as well strong start for the airlines. frank. >> with recession, travel remains strong julianna tatelbaum, great to see you. new this morning, a twist in

relation with the u.s. and china. the biden administration firing back over import ban over micron and china calling serious concerns eunice yoon is joining us from beijing with more. eunice >> reporter: thank you, frank. the china cybersecurity watch dog wrapped up investigation into the micron company and said it determined that micron products has security risks. cyber watch dog is barring micron products. this is going to have limited impact to micron because it has 10% of the global sales here there is some concern, however, because of the overall political environment with the latest move and some companies will decide to excise myron from the supply chains that impacted the competitors

like samsung in south korea. no details on how the cyber watch dog made the decision which is one reason why the u.s. was so fiercely opposed to it saying it firmly opposed restrictions and no basis in fact the chinese reacted and tentatively, frank, they said all companies need to abide by chinese law. not necessarily making people feel comfortable >> not investors of micron shares down 5% this morning. eunice, we heard from president biden on this. he said two sides would talk soon how do you see this impacting the u.s. and china tensions? >> reporter: he made the comments at the g7 summit. a lot of people hoping that the u.s. and china would have

discussions. later this week, there have been rumbling that the commerce minister would meet at the apek summit there in detroit with the u.s. representative and, of course, the come mess scomes -- commerce secretary the chinese foreign ministry said it doubted the u.s. sincerity to resume talks because of some of their latest actions and they were referring to the u.s. and some of the comments coming from the g7. >> you mention the u.s how does this impact the u.s. business community based in china? >> reporter: a lot of people are

unnerved because of the overall security environment which is uncertain. because of that, people had been talking about this latest micron move and wondering whether or not it has implications for other companies and if we are going to see national security really overriding business sentiment. the foreign ministry said this doesn't change their welcome mat for u.s. businesses. in fact, the commerce minister today had spoken with some of the members of the american chamber of commerce in shanghai including johnson & johnson and dow and honeywell trying to ease some of the concerns that china is changing the way it approaching u.s. companies by that, of course, he means welcoming way. >> all right a lot to watch here. eunice yoon live in beijing. good to see you. turning to washington, d.c president biden and speaker mccarthy are set to resume

face-to-face negotiations at the white house today. over the weekend, treasury secretary janet yellen saying there is a hard deadline nbc's brie jackson is live from washington good morning >> reporter: frank, good morning. talks are ramping up president biden and mccarthy spoke by phone on sunday and will meet in person today in the last-minute push to find a bipartisan solution to raising the debt ceiling president biden and speaker mccarthy meeting one-on-one at the white house today as the two sides try to find common ground over the debt limit. >> i have done my part we put forward a proposal to cut spending by more than $1 trillion now it is time for the other side to move >> we may fill som disagree. >> reporter: negotiators met

behind closed doors on capitol hill with the white house team tight-lipped about progress. earlier in the day, the republicans hinted differences remain. >> spending less money unless and until we're there >> reporter: janet yellen stresses that early june is a hard deadline for raising the debt ceiling and warned some bills would go unpaid. >> we have to pay principal and interest on outstanding debt we have obligations to seniors who count on social security and military expects pay >> reporter: federal leaders say just the threat of the default can weaken consumer confidence and hurt the country's credit rating >> the risk of the downgrade t. is time sensitive. >> reporter: time is running out to avoid a first ever government

default. president biden told reporters that he is not ruling out using the 14th amendment to raise the debt ceiling on his own. adds it would likely become tied up in a legal battle frank. >> brie jackson live in d.c. thank you. a lot coming up on "worldwide exchange," and one word that investors have to note today. first, why alternatives to u.s. equity means investors don't have to look too far and why it is a risk to jump on the a.i. bandwagon too early. we have a very busy hour still ahead when "worldwide exchange" returns. atever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined risk management are needed most. drawing on deep expertise across the world's public and private markets in pursuit of long-term returns...

pgim. our investments shape tomorrow today.

and this is ready to go online. any questions? -yeah, i got one. how about the best network imaginable? let's invent that. that's what we do here. quick survey. who wants the internet to work, pretty much everywhere. and it needs to smooth, like super, super, super, super smooth. hey, should you be drinking that? -it's decaf. because we're busy women. we don't have time for lag or buffering. who doesn't want internet that helps a.i. do your homework even faster. come again. -sorry, what was that? introducing the next generation 10g network only from xfinity. the future starts now.

welcome back to "worldwide exchange." looking at the chip sector micron black listed by chinese regulators nvidia and amd down 1% intel is the least hit down less than 1% turning back to the market there is no alternative to stocks, but with looming default and recession fears, investors finding opportunity and now considering there are reasonable

all nater alternatives the argentina and german indexes with dax up 67%. joining me is ben emons to talk about all this and more with patrick fruzzetti. gentlemen, great to you have both here this morning thank you for being here ben, i'll start with you as you are here in the house. have we missed the opportunity to invest in the foreign exchange is there more room to run? >> there are alternatives there as you mentioned with the dax or argentina. if you look at japan, that is coming off the ground which has a lot of support think of korea the alternative to the nasdaq. low value market brazil, which is another economy with high interest rates, but inflation is declining those are all cheap value for

the markets that are good alternative to u.s. markets. >> patrick, we are setting up a 67% run up have we missed an opportunity or is there more room to run? >> here in the u.s., i think the market is top heavy. you think about the top five companies in the s&p 23% of the market. apple with the market cap is larger than the entire russell 2000 jpmorgan chase has the market cap larger than the 500 regional bank you look to other markets around the world and there is more opportunity with the expectations with the dollar and where we stand on a number of issues around inflation and, of course, the debt ceiling >> the debt ceiling is looming.

is the fed seeing a pause or is there a hike on friday, jay powell sounded less hawkish does that change your thought about u.s. equities? >> a little bit. there are always ideas and companies to invest in the market you have to be focused on specific things like cash flow and balance sheets and how a company will perform in an inflationary environment the fed is less hawkish. we are pricing in a 20% chance of rate hike in june again, we still have inflation around 5%. i do think that if inflation doesn't come down, the fed could revert back to, you know, raising interest rates consistently i think that is what is creating some potential pause in u.s. equity markets there are always ideas out there. again, when we look at

individual companies, we can always find good opportunities. >> ben, jay powell was focused on the banking crisis. is that now on par with inflation or is inflation the biggest driver to what the market thinks with what the fed may do >> this shows resilience and stickiness as we say that is what we struggle with. whether it is powell or others talking about inflation not coming off quick enough and they have to keep the rate hike alive and not necessarily a done deal on the pause >> we know there is an alternative with the t.e.r.a. trade. one thing is dividend stocks it is under performing in the

s&p. very quick, is this the time to get on the dividend trade or dividend focused stocks? >> yes in addition, if you are worried that interest is skipped on treasury debt because of the debt ceiling, that is a good alternative to that. >> patrick, over to you. there is an alternative. look oversea soverseas, but if e focused in the u.s., where would you put your money >> look who is up to benefit re-shoring and the supply chain and then look at the energy structure. consolidation going on in the sector there was a deal last week i like evnterprise partner products dividend they have a base for dividend

over 7%. that is the type of company we're looking at today >> i think the conversation is just beginning ben and patrick, thank you for being here turning to the market flash. applied materials. it will invest $4 billion for the research center in silicon valley it will bring together industry and create 2,000 engineering jobs shares of applied materials are down this morning. that could be on the news related to micron's black list coming up on "worldwide exchange," my next guest says the a.i. boom to expose the investor natural stupidity a cat-ssn'mi interview coming back big dea go on... well, what if you partner with ibm and red hat, use a hybrid cloud solution to connect data across multiple systems globally, then analyze all that data with watson. okay, but this needs to meet our...

security standards? yup. compliance standards? mm-hmm. so they get the insights they need... yup. in real time... check. . ..to make quick decisions? check. aaaand check. that's the hybrid cloud solution ibm and a global bank created. what will you create? ibm. let's create. it starts with a grill. but it becomes so much more. an extension of your home. not just a weekend retreat, but an everyday getaway right in your backyard. newage makes it possible with beautiful all-weather cabinetry, grills and appliances that transform your backyard into a complete outdoor kitchen. visit newageproducts.com to book a free design consultation and create the outdoor living space you've always wanted. (vo) sail through the heart of historic cities and unforgettable scenery with viking. and create the outdoor living space unpack once, and get closer to iconic landmarks, local life, and cultural treasures.

because when you experience europe on a viking longship, you'll spend less time getting there and more time being there. viking. exploring the world in comfort. lomita feed is 101 years old this year and counting. i'm bill lockwood, current caretaker and owner. when covid hit, we had some challenges like a lot of businesses did. i heard about the payroll tax refund, it allowed us to keep the amount of people that we needed and the people that have been here taking care of us. see if your business may qualify. go to getrefunds.com.

welcome back to "worldwide exchange." it has been on the tip of everyone's tongue for 2023 and possibly the number one buzz word on cnbc >> buzz with everything happening with generative a.i. from adobe, we see it as an expansion of our market opportunity. >> we are betting a.i. across the portfolio whichiss momentum. >> we are moving from a.i.

it is moving fast, but moving fast in the right direction. >> the artificial intelligence is hard to predict after that. it is a double-edged sword >> the way to think about the next computer is the piece of software on the system and this computer knows any programming language it can do anything it is instructed to do it is a new type of computer i call the iphone moment >> that is the tip of the iceberg. the past season, the phrase a.i. was mentioned more than 140 times by executives from alphabet and meta and microsoft. despite this, some are warning about the consequences of the tech joining me now is reuters felix martin who writes the a.i. boom

to expose the natural stupidity. >> good morning. >> that is a headline. give us a sense. is that click bait or is there a real danger of all this enthusiasm and you call it stupidity. >> it is not just click bait there are a few interesting things that headline comes from a quote that i use from one of the founders of economics. he said and this was all the way back who died in 1996, this is a long time ago. he said, my colleagues, based on a.i., i study natural stupidity. that was the beginning of the economic movement. it has interesting things to say about a.i. today >> i read your article a very interesting article i encourage everybody to read it

we will summarize what you have in there alphabet is one of the winners impacted by the thought it could disrupt business how do we know investors are stupid is there a ramp up to a.i. bob pisani says it is a discounting mechanism. are there big revenues s are there big revenus with a.i in future? >> exactly asset pricing operates as you say. they look at the huge gyrations in the stock market. you mentioned the suppliers or the things that go into the hardware or companies that said they are adopting a.i. like microsoft which have done well the stock price has risen a lot and companies can the stock price crash because they made a mistake by not adopting.

and models say that is dis discounting future economics and beh behaviors. this is all driving. >> felix, i enjoy the article. i encourage everybody to read it one thing i want to ask is a question i want to ask about c3 a.i shares up more than 100% a.i. is in the name. they power a.i on the flip side, short interest is above 30% isn't that not natural stupidity? do some people believe in the stock which is up 27%? on the other side, people are betting against it at a high level. >> sure. that is right. the thing about bubbles, we don't know it is a word of caution with

this coming as a word ofs caution. -- coming as a word of caution if we remember charles kindleberger, author of the most famous bubble book looking at 100 years of financial history. all bubbles start with displacement some real innovation and real change in real-world technology. it is enough to change the narrative and expectations and it is from that where people can extrapolate in reasonable ways not saying this is not a regu revolution technology. it is. >> great writing i think you can take the same headline and replace metaverse a couple of months ago and ring true people get excited about it.

felix martin, thank you. >> thank you strayight ahead on "worldwie exchange," rough visit for ceo david zaszlov. the full story when "worldwide exchange" returns. let newage products transform your garage into an area of your home you can be proud of. modular steel cabinets let you pick and choose the storage solutions to keep your garage organized,

with overhead racks and shelving, slat wall, workstations and flooring that let you create a showroom garage to call your own. designed for diy installation. all you need is one weekend to take your garage from unusable to unbelievable. visit us at newageproducts.com. ♪ ♪ every single day, t businesses everywhere are asking the exact same question: is it possible? well... with comcast business...

it is. is it possible to help keep our online platform safe from cyberthreats? so we can better protect our customer data? aww-yeah. absolutely. what else you got? can we use predictive monitoring to address operations issues? before they even exist? we can help with that. can we provide health care virtually anywhere? we can help with that, too. even out here. you, sir. something on your mind? is it possible to survey foot traffic across all of our locations? with wifi analytics? easy. order for nina! can i teleport our guests to their rooms? technically, no. or power thousands of mobile check-ins while thousands of other guests check out? now that we can do. with the advanced connectivity and intelligence of global secure networking from comcast business. it's not just possible. it's happening. it is 5:30 a.m. in the new

york city area of we are just guetting started on "worldwide exchange. big oil. big battery. what exxonmobil is doing in the ev space. and beijing black lists a major u.s. chip maker. it is monday, may 22nd, 2023 you are watching "worldwide exchange" here on cnbc welcome back i'm frank holland. thank you for starting your morning with us. let's begin with the look with the check of the stock futures mostly flat. we have seen the nasdaq with the dip to the down side and s&p with the same story. the bond market with a bit of movement we have start with the 10-year treasury at 3.65 movement all month long as we

approach the june 1st date the 2-year treasury has moved 20 basis points higher this month a lot of investors going to the bond market for safety let's check the energy market. wti is flat right now. $71.50 pretty much flat natural gas down 2% in the pre-market. to the top story and focus on washington, d.c president biden and speaker mccarthy set to resume negotiations at the white house today as the country inches closer to the so-called june 1st deadline day and possible u.s. default. janet yellen over the weekend repeating what she calls a hard deadline >> i indicated in my last letter to congress that we expect to be unable to pay all of our bills in early june and possibly as soon as june 1st

i will continue to update congress, but i haven't changed my assessment. i think that is a hard tdeadline >> both sides appearing very far apart on a possible deal house speaker mccarthy telling reporters they he ave moved back on their position and president biden said he will not accept the republican terms as they stand today. >> from the last day until now, they moved backwards they want to spend more money. we can't do that we know how big the deficit is we have to spend less than we spent this year. >> it is time for the republicans to accept there is no bipartisan deal to be made solely on their partisan terms they have to move as well.

all four congressional leaders agree with me that default is not, let me say it again, default is not an option i expect these leaders to live up to that commitment. america has never defaulted. >> so president biden adds he is possibly looking at invoking the 14th amendment and what is involved and if it can be done in time? we have to talk about it the treasury says june 1st is the hard deadline, but wall street is not sure goldman sachs is out with a note estimating by june 9th, the cash levels will drop below $30 billion as the minimum needed to meet obligations let's get more from kim wallace. kim, great to have you here. >> good morning. thank you. >> kim, i think it is important to note that you were at the treasury in 2011, the last time

we reached the brink of default. how does this compare to that time >> a lot of conversations in washington with divided government it takes negotiations. it will take a lot longer than most people indicate as the president and speaking indicated, they he are not -- speaker indicated, they are not close on the issues required to be settled in order to come to a long-term an accommodation of the treasury's ability to borrow i expect short-term actions, one this week, to get through the end of june and suspension of the debt ceiling so negotiations can first form and be completed. >> it sounds like you are in the opinion of short-term extension

and no default they both want to avoid default. back to 2011 i want to pull on your experience in 2011, we reached a deal with no default the u.s. saw the credit downgraded by s&p. do you see any risk of that happening again this time around how do you see the market impact if that happens? >> downgrade, frank, i'm not sure, but it may have been moody's. the downgrade occurred because of the misunderstanding. there was a process of the last weekend of july which allowed the board based in london to determine there was enough risk to downgrade the u.s that came and went the real harm to the u.s. economy and taxpayers is erosion of confidence in the reserve ability to manage its books and the costs associated as you pointed out with costs rising

are showing up in the one to four-month bills of obills. the higher yields comes out of the taxpayers' pocket and never discussed or replenished there are real costs every day with this uncertainty with the debt ceiling. >> a lot of uncertainty and real world costs if we do default a lot of people, forget about wall street, would be hurt i want to go back to the negotiations yesterday, mccarthy said he had a productive call with he and the white house. he talked about the prof profess professionalism. how do you see the negotiations continues from here? are we on a lineal path? >> all of those, frank it is very likely that this will be a non lineal process.

in part, because the two sides have not joined the conversation they have only been talking for a week in 2011 and 1996 when we were close to default, negotiations were months long before this was avoided. yes, expect that as both leaders know that president biden and speaker mccarthy know there are very narrow margins. they don't have a lot of room to wiggle they are hearing from factions within their party to may it difficult on the agenda much less the outcome keep in mind it is the weekend that the notion of default has hit mass media as americans attempt to go to their first summer vacation, they will start paying attention to what is going on in

washington the question voters will ask is why are you threatening to do something as default when what you are fighting over hasn't been defined and is not that much keep in mind speaker mccarthy has taken revenues off the table. the state of the union and both parties stood up to applaud no cuts to medicare and social security if you are not touching that, you are not arguing. >> kim wallace, insight. >> thank you time for the check of the corporate news silvana henao. >> good morning, frank first, a penalty for meta by the eu regulator the board says irish regulators are fining the company $1.3 billion for its handling of user

information for its part that meta says it will appeal the ruling including the unjustified and unnecessary fine it says there is no immediate disruption to facebook in europe it is a record fine for the eu the journal says regulators are giving meta six months to suspend eu facebook transfers to the u.s. and delete data which is already sent. on wednesday, we have ain -- we have an interview with helen dixon. exxonmobil is joining the hunt on electric vehicles for lithium. the company recently bought drilling rights to a large piece of land in arkansas where it aims to produce the mineral. exxon could begin drilling in the region which is believed to have vast reserves in the coming months and expand if it proves

profitable. and david zaslav did not get a good reception at boston university graduation. scores of students turning their back on the ceo of warner bros. amid the writers strike interest -- interrupting him multiple times. >> pay your writers! pay your writers pay your writers pay your writers >> some people will be looking for a fight. >> protesters supporting the strike were picketing outside the ceremony graduates and faculty members and parents had to walk by to enter the stadium. frank. >> interesting for graduation. i'm sure that is not what he expected when he agreed to do the speech

silvana henao, thank you. coming up, another busy week for the retail community and what it tells us so far about the consumer

it starts with a grill. but it becomes so much more. an extension of your home. not just a weekend retreat, but an everyday getaway right in your backyard. newage makes it possible with beautiful all-weather cabinetry, grills and appliances that transform your backyard into a complete outdoor kitchen. visit newageproducts.com to book a free design consultation and create the outdoor living space you've always wanted. welcome back to "worldwide exchange." the futures with a mixed picture. the dow jones industrial average in the green nasdaq and s&p fractionally lower. we are looking at the chip sector after the black listing of micron by chinese regulators.

shares are down 5% this morning. the rest of the chip sector trading lower. amd and intel and nvidia down 1% we are still seeing the same thing. applied materials with a big investment is down as well on the news of the micron ban the consumer is grabbing the spotlight ahead of the retail earnings with the likes of lowe's and dick's and best buy and other names. a key focus is demand for discretionary after walmart and home depot and others warn of challenges ahead as the numbers rollout, a clearer picture of the consumer is emerging. we have melissa repko with more. >> frank, good to see you. three things have emerged so far. sales have weakened throughout the quarter with the noticeable

drop after february according to walmart and target and other retailers. food inflation is a challenge and limiting consumer spending big ticket items is a tougher sell we heard it from home depot which customers are opting for smaller home projects. walmart's cfo told me shoppers may have spent less with lower tax refunds and ending of the s.n.a.p. funding the banking crisis may have hurt consumers. the retail focus is down 2% and trailing the s&p's 9% gains. >> that is interesting people or investors are losing faith with retail. i was listening to you talk. shoppers are becoming more hesitant with big ticket items is that showing up

>> target annd walmart noticed people were buying things close t r to when they needed them people would buy the patio when it was set now they wait for the party to open up the wallets. that could be because people are not worried of out of stocks that we experienced the last two years. it could mean people are reluctant to part with their dollar. >> who doesn't like to wait for a sale >> true. >> what about the current quarter? what are retailers saying with demand and spendi >> what we hear from target and walmart is there is a drop off the sales. february was the high mark in sales and march and april was softer that is what we are hearing. consumers are looking for deals. it is tougher to convince them to open up their wallets foot locker noticed people are

responding to promotions that's the same with bath & body works. they had to do sales and cut prices on soap with more deals of buy five and get it for cheaper. >> i must be people. i respond to discounts you put it on sale, you have to buy it melissa, you have a great article on cnbc.com. coming up, the one word every investor needs to know today and the countdown to default. how investors can get ready for whatever the outcome and cnbc is celebrating asian american pacific islander heritage month here is the founder. >> our mission is to celebrate mission and culture in the coffee industry. as the first generation st

vietnamese american, you can see it is my story to share with the world. you see the products have richi. [office sounds] ♪upbeat music♪ ♪♪ ♪when the day that lies ahead of me♪ ♪♪ ♪seems impossible to face♪ ♪a lovely day (lovely day)♪ ♪(lovely day) (lovely day)♪ ♪(lovely day)♪ a bank that knows your business grows your business. bmo.

power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley.

welcome back to "worldwide exchange." time for the six stories you need to know before the opening bell breaking news. european data protection board says irish regulators are fining meta $1.3 billion for the handling of user information for its part, meta will appeal including an unjustified and unnecessary fine it says there is no immediate disruption of facebook in europe a record fine for the eu regulators are giving meta six months to suspend transfers to the u.s.

on wednesday, we have the interview with helen dixon and china is banning the micron products over security risks and claims the u.s. commerce department opposes. shares of micron are lower and shares of chinese chip makers are higher. wheat is trading lower after the ukraine deal extended for two months credit suisse is preparing to sue the regulators over the at-1 bonds the staffers say they missed out on $400 million of bonuses tied to the bonds. the "fast" franchise topping the weekend with $67.5 million haul knocking out "guardians of the galaxy" from the first place

spot nbc universal is the parent company of cnbc. and neel kashkari says he open to pausing hikes at the next meeting kashkari adding he would quote object to any declaration that the u.s. is done raising rates let's go right to sam stovall. sam, great to have you here. sam, i want to bounce off the neel kashkari comments what do you think? this follows jay powell on friday taking a less hawkish tone. >> we're of the mind set that the fed is on pause. how we differ from the street is we believe the fed will not start to cut interest rates until the first quarter of 2024. so likely to be more of a traditional pause period of nine months which is the average going back to the late 1980s

which be the implication of the difference from the street, but positive in terms of the pause situation right now. >> i want to go to the other big thing that is a market mover the meeting with the president and house speaker today. how do you see it impacting the market today is this uncertainty priced into the market and will it have an impact on the rest of the week >> i think as the two parties continue to talk without resolution, i think investors in a sense, will be on the down escalator. should we the not have agreement by june p 1st, it will become a down elevator. when you look back to 2011, all sizes and styles and sectors and 9 97% were in the negative territory in the bear market

period that focused on the debt ceiling. >> we are waiting for a lot of answers. with that in mind, sam, what is your "wex word" of the day >> anticipation. the carly simon song that i will not sing investors anticipating next of the fiscal crisis and what is happening next at the june 13th and 14th fed meeting and whether they are, inindeed, on pause. >> there is anything investors should anticipate? the deal and the fed any other market or potential market movers that investors should anticipate specifically today? >> specifically today, i think looking at economic data moving forward and the focus will be on friday's pce i think investors will actually be at risk of higher numbers for april for the pce on the

headline and flat numbers on the core not giving a lot of positive reinforcement for the downward inflationary trend >> sam with a bold forecast. inflation ticking higher maybe i appreciate you being here. one more check of meta meta receiving a record fine from the eu of $1.5 billion. that will do it for us on "worldwide exchange. we have "squawk box" cinupomg next thanks for watching. wh ildings could tell you how they could be more efficient? i'm listening. well, with ibm, you can use software to help you connect and analyze data— from hvacs to elevators to lights. what if we use ai-driven insights to pinpoint inefficiency? yep. and act on it. saving energy, money... ... and emissions. yup. that's a big one. now you've built something better for everyone. that's the sustainability solution ibm and a global real estate company created. what will you create? ibm. let's create.

millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. what will you create? that means millions are saving hundreds a year with the fastest mobile service. and now, get the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them... save hundreds a year over t-mobile, at&t and verizon. and get the best price for 2 lines of unlimted. visit xfinitymobile.com today.

good morning debt ceiling showdown. president biden set to meet with mccarthy at the white house today. we have a wrap up of the weekend developments straight ahead. micron shares falling after

chinese regulators would ban the products. rough reception for david zaslav in boston he was met with chants of pay your writers as he tried to deliver the commencement address. it is monday, may 22nd, 2023 and "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick with mike santoli and steve liesman. we have a lot happening today. let's check on the u.s. equities at this hour you see things are barely budging. the dow down 1.6