it is 5:00 a.m. at cnbc global headquarters. here is the "five@5. closing in on a deal the reports from the white house and speaker mccarthy are nearing the end. and nvidia's rise to new records across the tech space and one high profile etf apparently left on the sidelines. and putting a bow in retail results. a look at the stocks with the most staying power in retail. plus, red tea and the next

ev road trip. and silicon valley is a buzz with a.i., but one wall street bank wants in on the trend it is friday, may 26th, 2023 you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." i'm frank holland. let's kickoff the half hour with the stock futures. a muted picture. nasdaq higher. s&p and dow are lower. a mixed bag heading into the final day of trading before the long holiday weekend we check on the bond market. we begin with the 10-year treasury benchmark at 3.79. continues to be elevated closer to the x date. the 2-year treasury at 4.5%. yesterday, it was a few points

lower. the yields are tick ing up higher we are looking at wti which is up this morning. $72 a barrel brent crude at $76.50. more movement with natural gas down .50%. time to check on the trade in europe with bercetcjoumanna bere who is standing by in the london newsroom >> good morning, frank the stoxx 600 is trying to bounce off the eight-we'ek lows. we see green on the board moving to the positive territory. for the week, the indices are deeply under water again gripped by the macro data as well as the debt ceiling discussions from the u.s. the ftse 100 as you see in the uk is up a couple of points. we see a bounce in the commodity space today. that is giving the index a

bobo boost. retail sales with the strongest three-month growth since august of 2021. it adds to the strong uk inflation print. dax is trading weak. remember, we also had weak gdp growth come through. that is hanging over some of the sectors in that space. industrials continue to under perform. you see more broadly with the other index trading around the flat line. ibex in spain pis one to watch with the elections this weekend. >> joumanna, we are seeing movement with the energy sector. tell us with chevron and exxon >> that is right the southern wealth fund in norway is saying it will vote against the ceos of chevron and exxon continuing as chairs of the respective boards. the roles should not be held by

the same individual. it will vote against p the companies. the fund held a 1.3% in exxon and 0.6% for chevron the stocks are under performing ahead of the key votes it is significant that the norwegian sovereign wealth fund is voting for the activists. frank. thank you. turning to washington and developing story on the u.s. debt ceiling negotiations. there are six days to go until the treasury's x date. reports that the biden administration and mccarthy's office are closing in on a deal and drafting legislation to raise the debt ceiling for at least two years. nbc's brie jackson is live from washington, d.c. with more on the story. good morning >> reporter: good morning, frank. members of congress headed home for the memorial day weekend as debt ceiling negotiators are still trying to figure out a

compromise we're just days away from defaulting on the debt ceiling. >> the only way to move forward is bipartisan agreement. >> we will work hard >> reporter: both sides say talks are progressing, but slow progress one of the biggest hangups is the republicans demand for tougher work requirements for people who receive food stamps and other government assistance. >> serious issues to come to terms with >> reporter: some democrats argue the gop is holding the economy hostage and worry about possible concessions the president may make >> because they have con ccludep -- concluded if they crash the economy, it hurts the other side >> reporter: just this week, a top credit rating agency warned

of the downgrade to the u.s. aaa rating president biden tried to ease concerns stressing default is not an option. >> the american people deserve to know social security payments will be there. veterans hospitals retain open >> reporter: members left town for the memorial day weekend, but were told to return if a deal is reached. progressive caucus chair said that democrats were told the earliest they would have to come back is sunday. >> brie jackson, thank you time for a check on the top corporate stories with bertha coombs good morning >> good morning, frank south korea's hyundai motor and lg energy is announcing a plan to build an electric vehicle battery plant in the u.s executives signing a deal in

seoul today to build in savannah, georgia where hyundai will open a new ev factory it will have 30 gigawatt hours the ceo of baidu will launch a generative a.i. model soon robin lee says it will power the ernie bot and upgrade search engine baidu revealed ernie bot two months ago products related by the a.i. model have been in beta testing mode since then. the new york city freezes out capital one and key bank the banks failed to submit plans on the effortsd discri discriminations. no new deposits will be made or new accounts be opened capital one said it prohibits

discrimination against anyone on the basis of protected characteristics. frank. >> bertha, thank you. turning back to the markets. investors pouring cash in money market funds as they look for safety data from ici shows as of wednesday, net assets in money markets reached $5.4 trillion. that is up from $4.8 trillion at the start of the year. most of the assets tracked sit in funds that hold t-bills the march on money markets is happening with the uncertainty of the debtceiling which pushe yields above 6% and higher for the bills maturing around the time the u.s. is projected to run out of cash in june. let's talk about this and the broader markets now with quincy krosby great to see you >> thank you >> we're talking about short-term bonds as we mentioned here with the 1-one above 6%

real a tracktive fields when it comes to the short-term bonds. as we are on the precipice of a deal and inching closer to a deal and how does that shape your philosophy of bonds >> you know, you can have a portfolio with the bonds complementing your position in equities it is unusual in all these years we have a portfolio that really gives a return in treasuries or investment grade corporates. in this environment, you want to be careful you cannot dismiss the returns and the safety of the treasuries again, investment grade corporates are offering attractive returns >> sorry to cut you off. a lot of people are talking about corporate bonds. any in particular you are

eyeing we don't get particular about corporate bonds. >> looking at many of the industrial names and companies with the strong balance sheets w that is what you want in this environment. rock solid balance sheets. not only are we in the debt ceiling scenario, after this, we will look to see what the federal reserve will do at the next meeting or perhaps the next meeting afterwards the market is wondering if we with will-- if we will have mor rate hikes or recession. quality strong corporate bonds and treasuries how do i say this? we have the luxury of being in the equity market, but also having protection from the bond market >> let's talk about the broader markets. two very big earnings reports. one nvidia the biggest one for the quarter. the read on the consumer with

best buy what did those reports tell you? >> it tells us that, you know, the question mark regarding a.i. because many have said this is not new. we had a.i. working with consumer services for some time. that it will continue. that is what it told us. it is not just a won-day wonder. it has been in the works for years. you will be working with some of the big mega cap tech names. it is not nvidia alone nvidia has joined the rare air of cohorts of the big tech mega tech you need to be with companies with strong balance sheets you see microsoft and nvidia and so on. this is the future it will be basically not that exciting the way we hear in some

of the senate testimony. it is probably going to move into customer service and cut costs for companies. that is what we are looking for. >> let's talk about something that is not as exciting. we're hopeful about the debt ceiling. next up is the budget. as we have the run-up to the budget negotiations. what are you looking to get away from in this environment >> we are looking still in the industrial space in this environment. much of that under pinned by th defense space. they are down if you notice. there were can he questions wha defense can hold it looks to hold biden's budget of 3% holding. that is up from last year. it is not what the republicans want they wanted a larger amount. in the horse trading going on, it looks like the 3% is going to hold the infrastructure spending also

comes under the industrials. that is an attractive area where we would stay away right now is to not get so defensive as we head into the recession. with the yields up, we don't have to go into utilities at this point >> quincy, great to see you. enjoy the weekend. thanks for being here. >> thank you more to come here on "worldwide exchange," and one word that investors have to know today. first, nvidia closing in on the exclusive $1 trillion club what the a.i. leader needs to do to gain access the one high profile investor who bmissed out after telling us in february she is interested in other names. and why it is so important to get a deal done this weekend. we have a very busy hour still ahead when "worldwide exchange" returns. stay with us

what if you could make analyzing a big bank's data... no big deal? 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.

welcome back to "worldwide exchange." we are watching shares of nvidia following the record-breaking move yesterday you see the chart there. the stock at an all-time high. nvidia added more than $180 billion to market cap in a single day and now at $935 billion. it is knocking on the door of the elite club the $1 trillion club the club is apple, amazon and

microsoft and alphabet what needs to happen with this gr group? let's bring in arjun kharpal >> good morning, frank nvidia needs to keep meeting demand i thought it was interesting by the ceo of nvidia this week on the earnings call. he said the last four years, $1 trillion has been invested to install infrastructure in data centers. a lot of this really is around chips known as cpus. these chips are not good enough for a.i. applications like those that power chatgpt and gpus that nvidia sells over the next four years, there will be a transition where the cpus will be replaced by gpus and nvidia can capture that potential $1 trillion opportunity. that is how he sees it really nvidia's entry into the $1 trillion club is predicated on nvidia being able to meet the

demand for those a.i. chips as well as meet the demand which it is giving out to the market after the q2 earnings one issue is the stock has run up so high and so quickly. i'm sure a lot of people are thinking how far can this actually go and whether there may be profit taking to come the second risk and longer term is the potential of increasing competition for nvidia right now, nvidia is clearly the market leader when it comes to the gpu and chips that power a.i. what you are seeing is companies like google and microsoft and amazon and others running a.i. applications and designing their own chips to run a.i. processes which compete with nvidia. if these companies make substantial breakthroughs and manage to make chips better than nvidia's chips, that could be a path for the companies winning

from nvidia. that is a longer term play right now, nvidia is the only game in town with the a.i. chips. >> arjun, the rise is across all sectors. semi etfs. coming off 52-week highs same for the qqq and spdr. semi stock is getting a boost. amd and asml all around one-year highs. wit with this, one missed out. namely cathie wood what do you make of that >> i have a thought, frank when chatgpt came out, it was november where it was new and it went viral in december we were looking at this and thinking is this a gimmick what does it mean for the tech firms and the companies able to monetize a.i.? clearly nvidia got a boost

wood sold her stake in january on nvidia. it rallied 17% from the october lows you think that is a reasonable gain to have take that money off the table. that is perhaps what she did i'm sure she was thinking about the interest rate situation if you think back in january which was a different picture for interest rates people thinking the fed may go more aggressive. what does it mean for tech stocks the nasdaq held its own. perhaps she was more circumspect and that went behind the question of valuation of nvidia at the time. what happened with chatgpt and what happened after cathie wood was the arms race with the global tech companies in the u.s. and google with bard a.i. also in china with baidu and

other tech giants looking at their own chatgpt rivals maybe that is something she missed out on. it was thought clear when chatgpt was first viral. with the rise of chatgpt and now this massive investment in a.i. across the world, nvidia is seeing the benefit. >> arjun, the chart doesn't lie. nvidia is up 180% since the arkk sold out of it i think investors are wondering what was behind that decision. arjun kharpal, live in london for us enjoy the long weekend. ahead here on "worldwide exchange," big money movers not named nvidia set to soar at the open you worked hard to save for my future. so now... i want to thank you. i started investing with

vanguard to help take care of you, like you took care of me. te quiero, mamá. only at vanguard you're more than just an investor you're an owner. helping you take care of the ones you love. that's the value of ownership.

welcome back to "wex." time for the three stock stories of the morning marvell shares up 16% after the chipmaker beat expectations and revenue should grow. the company ceo citing a.i. as a key growth driver. forecasting revenue to double in 2024 from the prior year shares of ulta beauty needing a makeover falling down 8% after the company barely beat expectations and it stuck with the full-year

store sales outlook. inflation concerns are leading consumer to spend more selectively and growth remains healthy, but moderating after two years of unprecedented growth another picture for another retailer gap shares up 12%. earnings report slow improvement in margins despite the revenue miss gap owns banana republic and athleta. all four of the brands reported another quarter of declining sales. we dive deeper in the retail sector in a few minutes. for a deeper dive in the market with the action and advice, head to cnbc.com and sign up for the newsletter over. strayeight ahead on "worldwe exchange," the latest trends and

check us out on apple and other podcast apps you can also sign up for cnbc pro for stock tips and insight go to cnbc.com/pro or scanhe rcode on the screen to sign up "wu "worldwide exchange" will be right back ♪ and this here is winnie, who zhuzhed up their cup. ♪ ♪ this is victoria, helping women stay healthy. ♪ ♪ these are your kids, snacking snacks ♪ ♪ made with veggies. ♪ ♪ and matty can help ♪ ♪ you find your new favorite color. ♪ ♪ and kyle helps find meds for under 10 dollars. ♪ whoever you are, wherever, whenever, at cvs, healthier happens together. 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.

it is 5:30 a.m. in the new york city area we are just getting started on "worldwide exchange. here's what's on deck.

markets watching developments out of d.c we are following reports that the white house and speaker mccarthy are close to a deal the latest on where the talks stand in a moment. and electrifying union ford and tesla teamup. the automaker is giving ev customers more options when it comes to charging. one of the biggest names in the financial sector jumping on a.i. bandwagon hugh son is standing by with the details on the ambitions and how it will make more money. it is friday, may 26th, 2023 you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange." i'm frank holland. let's pick up the half hour with the check on the u.s. stock futures. we mentioned a half hour ago a muted picture. s&p and dow down fractionally.

w we will continue to watch them all morning long we are watching the bond market to the x date. we see elevated yields with the 10-year treasury 3.78 continuing to rise as we have gotten closer to june 1st. more action on the 2-year treasury basically a 4.5 elevated yield we have a look at oil. we have seen oil fall slightly down $1 from yesterday this morning, $72. up .50%. brent crude at $76.50. up right now natural gas is down .50% let's check on the top stories with bertha coombs who is back with those bertha good morning, frank. ongoing tension between the u.s. and china rearing the head during the meeting with the countries commerce secretaries gina raimondo speaking and the

two sides digging in on trade and investment policies. yesterday marked the first cabinet level exchange talks in months democratic lawmaker s in the house looking to rein in stock buybacks it would prohibit it on the open market for companies to raise value of stock lawmakers want the money put toward worker salaryies. gary gensler said the buybacks jumped to $1.25 trillion last year. and ford and thaesla with a partnership. current ford ev owners will get

access to more than 12,000 that's super chargers across the u.s. and canada. starting early next year, with the adapter. ford adding the next generation of evs come with the tesla charging plug. they are getting to be like the tech giants overall. competitors, but also frenemies. >> an interesting way to put it. bertha coombs, great to see you. enjoy the weekend. turning to washington and developing story with the u.s. debt ceiling negotiations. reports this morning that the biden administration and kevin mccarthy's office closing in on a deal the legislation drafted would raise the government's 3$31.4 trillion debt ceiling for two years and items related to the military or spending the deal would specify the total

amount as of this morning, the two sides are $70 billion apart. kevin mccarthy briefed reporters last night >> we have time. we'll get this done. >> are you close to a deal >> there is no agreement we know where our differences lie. we worked throughout the day we will continue to work to try to be able to solve the problem. there is no agreement. >> a lot of hope for agreement the latest comes six days until the projected x date of june 1st. according to the policy center, that is when $71 billion is due to medicare and veterans joining me now is rachel sn

snyderman. >> great to be here. >> let's start with the research the center does research separate from any partisan involvement at all is the date june 1st or do we have wiggle room >> it is important to stress no one, not even secretary yellen can predict when the x date will occur. we are attempting to assess millions of payments going in and out of the federal government on a daily basis. in a time where we are coming off tax season and in particular a weekend tax season, is a time when it is tricky. it is important to estimate and tell lawmakers there is a risk when these cash balances draw close to zero. the risks associated with treasury trying to operate daily payments can't exist before that time that is why we are in the

business to showcase tremendous uncertainty and providing the estimates given the broader economic challenges associated with doing so. it behooves lawmakers to work on this before the x date. >> is your estimate june 1st >> the bipartisan policy center sees a tremendous risk in early june we provide a range because of the uncertainty in estimating cash flows we see a heightened risk within june 1st and june 13th secretary yellen says it is after june 1st with the risk >> you are not far off there might be more time to another hot button issue. u.s. credit rating lowered is that a risk in your mind? >> it is we saw fitch put the united

states aaa credit rating on the negative watch we saw in 2011, standard & poor's put the credit rating on the downgrade. we know the credit downgrades have significant costs with higher borrowing costs that the government must face i do think even if a deal comes down to the 11th hour, given the statements we have seen this week, you know, there is certainly an elevated concern in the market >> all right certainly we have to watch rachel snyderman, thank you. >> thank you turning to other topics with the markets. a.i. may be the number one boardroom buzz word. nvidia and alphabet and meta and now jpmorgan chase is looking for the trend and one name in

particular cnbc banking reporter hugh son has the exclusive report hugh, good morning what are you hearing >> reporter: i try, frank. great to be with you here is what we know two weeks ago, jpmorgan chase filed to trademark something that they call indexgpt. it sounds similar to chatgpt the chat bot there is good reason for that. within the filing, jpmorgan chase says their potential product uses the same technology generative and transformer technology what that means is it is intending to train a.i. on the large language models that are also the under pinning of chatgpt. they are clear to use the service to provide software as a service to customers to

essentially analyze and select securities for investment needs. that is a pretty potentially disruptive development coming out of the biggest u.s. bank in the nation >> hugh, you are burying the lead is this a.i. replacing financial advisers and wealth managers is my portfolio managed by a chatgpt cousin, if you will? >> reporter: i would not go that far. there have been pieces of technology the human relationship is a powerful one i think this shows jpmorgan chase is willing to try and experiment a little bit. they are willing to put out a product because that is what this filing indicates. they intend to within a few years, if they get the trademark approved, put out index gpt. they want an experiment that could gain traction with a

certain wealth management customer it gets closer to the idea of the disruption of the human an fin -- human adviser. it is a big thing to say you can snap a finger and the trillions of dollars managed is up for grabs. that is not the case. >> hugh son, the story is on cnbc.com great to see you thanks for being here. coming up on "worldwide exchange," caution ahead growing worries among companies of the strengths of the consumer more on "worldwide exchange" when we're back in a moment.

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. with gold bond... you can age on your own terms. retinol overnight means... the smoothing benefits of retinol. are now for your whole body. plus, fast-working crepe corrector diminishes wrinkled skin in just two days.

gold bond. champion your skin. welcome back to "worldwide exchange." time for the morning call sheet. we begin with wolf research downgrading snowflake. wolf citing revisions and less convictions on growth and many competition. and now piper sandler with united health with a $580 price target the unit will benefit the company over the next decade morgan stanley is upgrading rio tinto. despite falling iron ore prices, it is improving operating

performa performance. shares up 3% this morning. turning to retail. closing out another week of busy earnings with insight on the health of the consumer and how companies are navigating spending trends. despite the cautious consumer, it has been a strong quarter with retailers beating on earnings due to strong margins walmart and home depot and lowe's beat expectation, but the real story is in guidance. walmart issuing positive guidance let's get more on the story with gerry storch and jharrone martis thank you both for being here. gerry, what do the reports tell us about the u.s. consumer >> the consumer is resilient, but slowing. slowing since last summer.

when you inflation adjust retail sales, the year over year numbers has been a decline for the last eight months. when you read what they wrote and some of them would be earnings as you pointed out. those were lowered expectations. walmart is the only one who had a strong report across the board. one thing i've learned after doing this for a long time and when walmart has a 7% comp store sales gain and target is flat, when walmart does well and target doesn't, that means tough times are ahead for consumers. >> jharrone, you are keeping your eye on the retail sector. gerry mentioned lower expectations for earnings. are they lowering prices >> it is interesting

retailers -- 75% of retailers have been earnings expectations. this is mainly because of the amount of merchandise on sale at the u.s. malls in the first quarter dropped significantly. in fact, it has come down so much to below pre-pandemic levels this is helping gross margins at retailers. on top of that, retailers are no longer dealing with the pandemic expenses like high costs of shipping and transportation costs which allows them to post the stronger earnings than in the past as a result, that is what we are seeing with the bulk of retailers which are beating expectation. >> gerry, back to you. you mentioned walmart's strong report and outlook is this a sign that consumers are weary and getting tapped out? are we nearing the end of the ability of them continuing to spend?

>> you are absolutely right. another data point that points to that is the increase in credit card lending. consumers are resorting to credit cards which is the most expensive form of financing on the balance sheet to finance the spending i really think we are seeing inflation while coming down is not coming down fast enough for consumers. at the same time, some of the pandemic spending programs are ending and they are ending up in a crunch you heard that from every retailer forward guidance every one of them is seeing a sign of strain even walmart they are benefitting from trading down to walmart. we have to be realistic where we stand which is a fairly muted environment as we look from now, which we are starting to do now, to the holiday season. >> jharrone, back to you what about confidence? do consumers feel confident to

spend with the debt ceiling with inflation being persistent >> what keeps the consumer good right now is the job security. the consumer confidence is improving slightly because of this, but all eyes are really on the resolution for the u.s. debt ceiling and unemployment rate remains where it is. if the consumer sees no resolution of the u.s. debt ceiling and job security -- me might lose their job and unemployment comes up, they will put their hands in the pockets and hold back on spending. >> jharrone, is there one stock we should be watching? >> i agree with gerry with walmart being the biggest winner there are more retailers to report lululemon is seeing double digit store sales on top of strong store sales last year.

consumers are concerned about wellness and self care we saw that ulta beauty last year as a result, lululemon is one retailer is posting strong sales this season. >> thanks for the names to watch. gerry and jharrone, thank you. coming up on "worldwide exchange," the one word that every investor needs to know victoria greene lays out the signals that she is seeing within the markets cnbc is celebrating aapi heritage throughout the month of may. as we head to break, here is the chief revenue officer. >> growing up in the asian household, my parents instilled values of hardship and believing in myself and giving back to community. i chartered my career based on

those opportunities. i have taken up areas with low representation of women. i seek out mentors that value diversity and who i am mentorship and giving back to the community and as we get more senior, to create the time and space, to nurture the next generation of talent is my message to everyone. what if buildings 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.

welcome back to "worldwide exchange." time for the "wex wrap-up. elon musk's neuralink receives approval for the study of the brain implant. and the norway's wealth fund

will vote against chevron chair. apolice looking to clash wih protesters at the shareholder meeting of total energies. and cathie wood's fund missing out on the surge of nvidia closing out the stake on the chipmaker in january nvidia stock added around $560 billion of market cap since then marvell technologies revenue growing with the upbeat outlook around a.i and hyundai motor and lg announcing plans for a $4 billion electric vehicle battery plant in savannah, georgia where hyundai will open up a new ev factory. gearing up for the trading day ahead, including the fed's favorite inflation gauge core

pce out at 8:30 a.m. with durable goods. we get the look at consumer sentiment at 10:00 a.m we get earnings from big lots and buckle and look out for the discussion with loretta mester at 7:700 a.m and we have bank of america stocks showing a third week of outflows as the sector continues to grind higher this year for more on the trading day ahead, let's bring in victoria greene always great to see you. >> good morning, frank. >> we broke some data right there from bank of america stocks see outflowing. tech stocks with inflows are you a believer after nvidia's report which is pushing

a.i. stocks higher >> yeah, i think everybody will start talking a.i. in the earnings obviously, nvidia's rally is real and concentrated on the mega cap tech stocks is where to be in the market and it will continue to run up. it is going to get frothy at some point you cannot deny the potential in a.i. or the earnings potential these companies have i think investors see some as a safe haven like microsoft or apple. they are so big and blue chip that they will be secure the growth from these advancements and what a.i. can bring is intriguing. it will froth -- it will be frothy, but you stay with them >> the debt ceiling negotiations has optimism, but what is your

"wex" word of the day? >> deja vu we rolled back the clock we have been here and done this before the pain of the getting through the deal is as bad as the default. we look at how poorly we are functioning as a government. even if we get a painful deal done, they need to get the framework done today so they pass it on tuesday you have comments which are not expected to be smooth sailing, especially if there is not a rollback is it a freeze is it a trollback some of the pain is long lasting. fitch is saying get it together. run the country better or else we have to downgrade

>> speaking of that. short-term bonds and those are el elevated what do you do with the volatility >> this is the tail risk we have the treasury trading at 7.05%. that is where it was yesterday there is fear this could get a little messy generally speaking, treasury has been orderly we see a high demand for treasury we are desensefensidefensive. it is not rallying overall yesterday was a strange day with the dow negative and the s&p and nasdaq up 1 and 1.75 you want to stick to quality you need to be brave 11 got ugly near the deadlines it will be messy if they have to pay certain things, it is the not -- it is

not a sure thing. >> victoria greene, thank you. enjoy the long weekend that is it for "worldwide exchange." "squawk box" is coming up next thanks for watching. ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ 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. as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network, with no line activation fees or term contracts... saving you up to 75% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities™.

good morning with less than a week to go before, yes, the x date, the negotiators still have not reached a deal to raise the debt ceiling. we go live to washington for the latest. and marvell technology getting a boost the day after nvidia shares jumped 24% on upbeat guidance. details ahead. as we kickoff summer travel season, survey data on how many travelers are trading down

thanks to sky high prices. it is friday, may 26th, 2023 get ready for the three-day weekend. "squawk box" starts right now. good morning welcome to "squawk box" here on cnbc i was going to say welcome back. this is the show that never ends we are live from thes s nasdaq market site in sometimes square i'm becky quick along with andrew ross sorkin joe is off. >> good to see you i was hanging out and talking about that summit. we have the debt ceiling at