it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we start with a record-breaking rally. bullish calls for stocks in 2024. investors bracing for a big week in a new test for the rally with the jobs reports and two days of jay powell testimony on the docket. we are watching the latest with the regional banks and if the worst is behind for new york community bank. and the bulls are alert with the decision over the weekend

and later on, there is no alternative to japan. stocks doing something there for the first time ever. it's monday, march 4th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning and welcome to "worldwide exchange." i'm frank holland. let's get you ready for the trading day with the hourly check of the u.s. stock futures. take a look. you will see stock futures in the red across the board. looks like the dow would open 70 points p lowlower. nasdaq under pressure. the nasdaq joined the s&p with the first all-time intraday high on friday. still off the all-time highs are

the small caps. the russell 2000 trading at a fresh 52-week high. it is lagging the other indices. only up 7.5%. growing more more highs with bank of america boosting the lofty target for the year end anti-ingd tying for the higheste street. we'll have more on that in a moment. take a look at the s&p 500. we will show you what is moving in the pre-market. doordash up 2.5%. followed by micron and sirius xm radio moving under 1.5%. nvidia 1% higher. let's check the bond market ahead of the busy week for wall street. including two days of jay powell testimony on capitol hill and the friday jobs report. look at this. we start with the benchmark

ten-year yield. that is down a few basis points since the pce report. you see it here at 4.19. similar for the 30-year yield. this is seen as a gauge of inflation report of 4.3%. let's look at energy and oil after the opec decision over the weekend extending voluntary production cuts. we are seeing crude right now trading at $80 a barrel. down fractionally. brent crude is down fractionally as well. trading at $83.50 a barrel. crude is at the highest level since november of 2023. we have a live report from the middle east coming up. last, but not least, bitcoin is hovering at $65,000 and closing in on its all-time high of nearly $69,000. we'll continue to watch bitcoin and the crypto throughout the

show. let's go to japan with jp ong in singapore and arabile gumede in london. jp. >> reporter: good morning, frank. 40,000 level was hit wit gains and now sitting at an all-time high. people believe there are under valued stocks in japan and that will give upside to the nikkei 225. it is all about the semiconductors and mike crow chips. partly because of the strong hand over from wall street last friday. you see the chip stocks among the top performers with avantis

helps moing move above the 40,0 level. the south korea kospi is moving behind semiconductor players with samsung leading the charge. you want a bit of meat to support the charge of the chips fueled by a.i. south korea was offline last week with the holiday. they did say february exports of semiconductors surged 66% year on year. the factory lines seem to be humming right now. it could lend to that strength. this also carried over to the likes of tsmc. they are known as a power house with micro chips. i forgot to mention the taiwan exchange is at an all-time high. monday has been a good setup for asian markets ahead of the

trading week. back to you. >> all-time highs around the world. jp, thank you. let's get to garabile gumede wih the early trade in europe. >> good morning, frank. you talk about records. that has been the case across europe. last week, we ahad the cac 40 ad dax moving in record territory and shifting higher. today, we are around that flat line across most of the market mov movement with the ftse 100 dipping .30%. last week, the ftse 100 and cac 40 did lose steam and the dax gained 2% across the week last week. today, you can tell, we had a mixed opening. the semiconductor move from the united states and asia trade has helped the increase across

europe. technology stocks moving 1% higher. you have the likes of semiconductors moving higher in this morning's trade. showing the semiconductors are all making their moves on the back of what has been a general positivity as you made note of with nvidia getting higher there. on the other side, you have delivery hero with a fresh financing deal up 2.5%. significant gains cracross the board. frank. >> arabile, thank you for the latest. time for the check of the top corporate stories with silvana henao. silvana. >> good morning, frank. let's start with congressional leaders vealing a plan to fund the government as they work to avert another shutdown. the $436 billion package funds agriculture and transportation and hud and commerce and

interior and fda and v.a. and it includes the provision to block oil sales from the u.s. reserves to china. the house plans to vote first on the measure before president biden's state of the union address on thursday. ark house is raising the stake for macy's. they are offering to buy stock they don't already own for $24 a share or 14% more than the previous bid of $21 a share. arkhouse made the offer in december, but it was rejected due to concerns over the deal's financing evaluation. macy's said the board which review the latest proposal. and shares of super microcomputer and deckers outdoor are jumping. the companies will join the s&p 500 on march 18th. it will replace whirlpool and

xion will which take over in the index. super micro has seen the stock more than triple this year pushing the market cap above $50 billion. >> you can see shares up double digits right now . silvana, thank you. turning attention now to oil. opec plus countries offering to extend the production until mid-year. that includes the 1 million barrel per day cut by saudi arabia. we have dan murphy joining us from dubai. dan, good morning. >> reporter: frank, good morning. we have been speaking with opec leadership and market analysts about the decision. this move ss

determination to defend the price floor of $80 a barrel through the second quarter. the market reaction ahead of the wall street open shows this decision was pretty much priced in. as you say, frank, we will see saudi arabia leading the cuts with 1 million barrel reduction. the other producers like iraq and uae will cut by 220,000 and 163,000 barrels per day. russia jumping in here with a 471,000 barrel per day cut. all together,it makes up for about 2.2 million barrels off the market and this is expected to stay in place until further notice. opec did say it would like to reverse or add back the lost barrels gradually, but only when warranted by the market. there is a lot at stake and you get the sense that the oil group wants to show it can respond in real-time to the needs of the market at a time when the global

economic growth outlook is than certain and the chinese outlook is in focus this week as well as two major wars and the houthi attacks in the red sea. most importantly here, rising production from the united states in the non-opec producers which is influencing the outlook. frank. >> thank you. coming up on "worldwide exchange," we have more to come including the one word that investors have to know today. first, bank of america now tied with the s&p price target on the street. we will see if the next guest agreeing with the growing chorus of bulls. and the bar cannot get lower for the new york community bank. p. we turn attention back to d.c. and the latest plan to keep the government open past deadline day this friday. we have a very busy hour still ahead when "worldwide exchange" returns. stay with us.

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discouraged. bank of america raising the year-end target to 5,400 over the weekend. citing resilient margins and along with secular areas of euphoria over a.i. and weight loss drugs. the price target ties boa with ubs with the highest forecast on the street. joining me now to discuss is delano sapuro. >> thank you for having me, frank. >> bank of america tied for the highest on the street for 5,400. that implies another gain for the double digit gains. after what we see from earnings and small caps, small caps with the 52-week high, doyou agree or disagree? >> i'm less optimistic.

i see the double digit gains, but the optimism in the market. we have been off to a great start. i do think we will see drawdowns. it will not be lineal to the double digit gains. there are a few reasons why i'm less optimistic. you look at jay powell's comments dictate the price going forward. that's what i'm watching closely. >> you are looking at jay powell. the trifecta to give us insight. two days of jay powell testimony. that is a lot of insight to the fed when he is on capitol hill. the jobs report on friday. i want to ask what do you think the jobs report will tell us that jay powell will tell us on capitol hill? >> i think the jobs report is giving us more insight to the strengths of the economy. i think the fed has been seeing that across the board and data.

that has led them to be cautious on tempering expectations for the rate cut. i'm looking at spring and now pushing that out to the fall. those are the things we will see from both the commentary from jay powell and the jobs report on friday. >> you are not the only person pushing the cuts out to the fall. the situation of good news is bad news with the economic reports. the forecast of no cuts in 2024. as you push your scenario out further and further, do you see a scenario with no cuts? >> possibly. we may see a cut this year. those lynchpins we talked about will be the driving factors with unemployment rising to a particular level which is showing slowdown. i think that is the area to give

the situation for jay powell to make a rate cut this year. i think the probability is we will have a rate cut this year, but not until later. >> it seems hard we won't get one at all. they signalled that happens this year. i want to get to your pick. you pulled back from the 52-week high of tesla, but they are off the 2021 highs as the market goes to all-time highs now, but there is a pocket of deals. you are expecting a drawback. do you buy now or wait for the drawback? >> stocks that i see off the highs whether in 2021 or further back, i'm looking at the continued rally and there are areas in the market that have not grown up as much as some of the other areas of the market. the areas which will catch a bid, but when you see profit

taking with nvidia or stocks like microsoft or meta which have gone far up in the rally. other stocks like google or ariel amazon are off the highs and you can catch the second bid with the more straight-line rally. >> delano saporu, thank you. coming up on "worldwide exchange," why the bar cannot get lower for new york community bank after the double whammy to the stock. a look at the critical commentary with the warning and the significant changes needed at nycb. we will weigh in with commthe community bank secretary tornado watch. stay with us. heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain.

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welcome back to "worldwide exchange." i'm frances rivera with the nbc news headlines. we start with the race for the white house. nbc news projects nikki haley won the primary in washington, d.c. it is her first win in the race awarding her 19 delegates. she makes history as the first woman to win a gop primary. haley's campaign hopes this brings momentum for super tuesday. and remembering the 59th anniversary of bloody sunday in

alabama, vice president kamala harris is calling for a six-week cease-fire for the israel and hamas war. israel declined to send a delegation to cairo for the latest round of talks. and caitlin clark sets another record. she is the ncaa all-time leading scorer through the regular season finale against ohio state. clark holds the top spot on the scoring list with 3,683 points. she toppled a record by lsu player pistol pete maravich. >> congrats to her. great to see her in the wnba next year. frances rivera, thank you. turning attention now back to the banking sector. we are watching shares of the new york community bank ticking up after dropping 26% on friday. you see the chart closing at the

lowest level since 1997. the move coming after nycb stating weakness in the material controls over risk in the loan books. fitch cutting the raidting to junk. nycb is smaller than the other two banks that failed a year ago. this is still a spark of the crisis in the regional banks. we have anton schutz on the cnbc news line from the raymond james conference in florida. >> good morning, frank. >> i know you are in orlando, but nycb is a previous topic of conve conversation. what do you think of the new ceo? do you believe he is the right

forei person to fix this ? >> first, he goes by sandro. he turned around a failing back. the charges are non-cash. the material weaknesses are disturbing, but they made it clear they don't have to add more to reserves. they add over $500 million to reserves unallocated to beef up their number. they are unique as a lender. the important thing about the industry is they were the last big banks to report earnings. because of that, everybody assigned the group with problems. nobody else had the types of issues. nobody was under reserved or had tremendous losses in any segment. this is not the same as what happened in the spring. what happened in the spring is the banks that failed had large

deposits and those depositors pl fled. their deposits are fdic insured. >> anton, they don't have the same issues as svb. nycb has outsized exposure. we will show a chart to new york apartments exposure. is that a big deal or little deal? a 2019 law created some of this, but rent control doesn't change. we are showing the audience and i don't know if you can see it. is there a big deal or little deal? >> it is a big deal. they are, clearly from your chart and knowledge, this is the largest player in the industry. also, they bank the best borrowers in history. they are not bottom feeders.

they lend to the billionaire families that own these things. they have staying power. >> you addressed contagion. nycb is the last one to report. the others did not have similar issues. i want to ask about nycb. downgraded by fitch and moody's. there was a delay in filing the 10k. the colleagues had mixed opinions about this delayed 10k. is this delay a big deal or little deal or good they are delaying because they have a plan to fix the problems? >> i think they putting a plan in place. t there are many things they can do. fixing internal controls is important. they announced a new chief risk officer and accounting officer. among many things is they can certainly cut the size of the balance sheet. there are assets they could sell

if they choose. they can cut expenses. lots of things they can do. i'm not coming out and telling everybody to buy this thing. i believe this company survives. >> i want to be clear that you believe sandro dinello is the right person for the job? >> he is at this point. he has internal knowledge. he sold flagstar bank to nycb. i think you will see a name change here. i think it becomes flagstar bank. this company is doing something different. i think you will see moves happening in the next few months. we will have a better understanding as time goes forward. >> looking at shares up 1.5%. still down 60% over the last year. anton, thank you for jumping on for us. >> thank you. have a great day. coming up on "worldwide exchange," the rally at a

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with the fresh batch of earnings and economic data this week, but can the stock market climb hold up against the factors that seem to be working against it? the race is on as lawmakers look to get funding bills over the finish line with the latest shutdown deadline? it is march 4th, 2024. you are watching "worldwide exchange" here on cnbc. good morning and welcome to "worldwide exchange." i'm frank holland. let's get you ready for the trading day ahead. we pick up the half hour check with the u.s. stock futures and still in the red across the board. the dow would open 70 points lower. we will continue to watch this throughout the show. this action in the pre-market after the nasdaq joined the dow and s&p 500 seeing a first all-time intraday high on friday

and highest level since november of 2021. you see over last year up 40%. we have to talk about the small caps. we keep talking about them and some people are bullish and some are bearish. the facts tell us that small caps are at all-time 52-week highs. they are not doing too bad. up about 7.5% over of the last year. we see growing calls this morning for more highs on the s&p 500. bank of america boosting the already lofty year-end target and now tied for the highest on the street at 5,400. we also need to check the bond market with two days of jay powell testimony on capitol hill and the jobs report on friday. look at yields here. the ten-year yield at 4.2%. falling a few basis points after the pce report. similar for the long bond which is seen as a read on inflation expectations.

turning attention to the energy market with key opec decision over weekend extending production cuts through mid-year. take a look at crude prices right now. wti is close to $80 a barrel. down fractionally. brent crude at $83.50 a barrel. bitcoin is hovering in on the all-time high of nearly $69,000. bitcoin trades around the clock. up over 3.5%. last year rising more than 53%. that is the money setup. let's turn back to stocks with the s&p and nasdaq hitting all-time highs. some areas of focus for the bulls would appears to be endless enthusiasm for a.i., the hope for rate cuts and the

leadership. i bears note higher inflation and the memories of the dot-com burst is real. joining me to look at both sides of the coin is james cakmak and william lee. gentlemen, thank you for bein here. >> thank you. >> james, we were talking about the leadership. nvidia alone which is a third of the s&p gains this year and we are seeing the rally broaden out. small caps at the 52 52-week hi. is there anything to stop it? >> jay powell could stop it this week when he testifies as well as the march meeting later this month. that being said, we continue to be bullish on tech. you can throw those dot-com bubble analogy out the window.

it is the not same period. the market is in fair value range. we think that tech continues to be strong. that being said, we still have to be picky on where in tech you go. you have the a.i. structure in play. you talked about that on the show. crypto is a big theme for 2024 and other disruptive companies within the tech space that should continue to do well. you do have to be mindful of the fed and you do have to be mindful of the times of the rate cuts. we are operating in smaller windows of time between each economic milestone where we take on and take off risk. we can take off risk up until the march meeting with the fed. you have to adapt when necessary. >> bill, over to you.

a great note over the weekend echoing what we heard from many on wall street that the market is priced to perfection. the concern in the note is if we get bad news could lead to a pullback. james cited jay powell. what can help the rally? >> i think one of the things that all the market would agree on is the rally is fueled by artificial intelligence implemented in technology that is real and profits are real. one of the things that the market will realize is although the boogeyman of jay powell raising rates can kill the rally, but the reason for powell raising rates is almost nonexistent now. there is no recession. there is no high inflation in sight. inflation is on the way down. chairman powell reassured us of that. one thing to watch out for is the timing and size of the rate

cuts. one of the things the market underestimated is the interest rates may level off with the pro pr productivity is at a higher rate. >> while you talk about productivity, you sent us a chart. it compare s. pc revolution and the dot-com bubble. you see the pc revolution on the left and the a.i. on the right. what is the most important part of the comparicomparison? >> we should realize the pc revolution did is boost profits in the 1990s. it was a transitory boost that lasted a decade. what we see now in the post-covid recovery is profits shot up. better technology has allowed

businesses to reorganize in a more efficient way. if a.i. kicks in and boosts this further, we will see a win-win situation where corporate profits be higher going forward, but also real wages will be higher. labor productivity is higher. these are things we can see in the next year or three years horizon. the thing to kill it is geopolitical risk to cause inflation to sky rocket to cause the fed to stop its rate cuts and be able to fuel the recovery. >> james, back to you. bill mentioned something that a lot of people mention with risk in the markets. geopolitical risk. we have seen two wars and still see markets with new highs. we appear to be on track for a cease-fire, when it comes to israel and gaza, we may be going that way. is that more fuel for the rally to continue the factors we are

seeing basically calming down? >> yes, in short, yes. anytime you remove geopolitical risk off the table, that helps longer-duration assets. these are longer duration. that is a good thing. inevitably, when you think about the broader economy and rates, the rates are going to come down. the question is when. i think is when is it going to be? summer or fall? the trends pushing forward between now and then should end the year higher than where we are right now. we continue to stay bullish and vigilant on the economic data. at the end of the day, you will be better off at the end of the year than today. >> i think we have to wait to see what jay powell says and jobs report looks like. a lot of questions, james and bill, thank you for being here.

>> thank you. now turning attention to washington, d.c. congress is racing to get a series of funding bills approved before the latest deadline before the government shutdown deadline arrives at the end of the week. we have emily wilkins with more this morning. good morning, emily. >> reporter: good morning, frank. congressional lawmakers are a step closer to not just avoiding a shutdown, but actually funding part of the government for the remainder of the 2024 fiscal year. this is what they have been trying to do since the end of september. republicans and democratic leaders introduced an agreement on the first batch of spending bills on sunday afternoon. that covers $460 billion in government programs. the package includes several additional measures like preventing any oil in the petroleum reserve from being sold to china and another measure to strengthen foreign o ownership is tracked and

reviewed. republicans and democrats tout wins on this. republicans have culture war issues prohibits the justice department from parents speaking at school board meetings. they have a pro gun measure in the bill making it harder to report information to the background checks system. democrats got a couple of wins. they were able to get funding for women, infants and children and increase aid for those in are rural areas. this h speaker mike johnson is planning to use an expedited process to require democrats to help him, but it will avoid a chance of hard line conservatives sinking the bill. the pieces of government funding

moving this week is considered easier. the rest of the package will be due on march 22nd. negotiations on ongoing according to republicans and democrats, but, frank, that package is going to be a lot more difficult. we'll see where we stand on that in a couple of weeks. >> a lot of issues on the table. emily, you mentioned the pace that congressional leaders are moving right now. this process has been a bit dragged out. aside from this, how is this process impacting the other legislation they are considering? >> reporter: frank, the fact that lawmakers are still working on the appropriations bills in march means they had to push a lot of other priorities further down the road. they were coming up with an update for the federal aviation administration which is now bumped to may. fisa is a huge component for international security has been delayed several months.

there are other priorities. you heard talk about a.i. legislation. we have not seen anything on. that th that. we know there is a bill that would help companies and parents get various tax benefits and hoping for that for the upcoming year. all of that is in the works, but it is hard to find the time to take those votes and move those bills through to the final pieces of negotiations because lawmakers have to be solely focused on making sure the government will not shutdown. there is almost universal agreement that would be a terrible thing and dealing with deadline after deadline has meant other priorities have gotten put on the back burner. >> emily wilkins live in d.c. thank you. coming up here on "worldwide exchange," a bullish call for the magic kingdom. the morning call sheet is coming

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bwelcome back. time for the "morning call sheet." morgan stanley raising the target on walt disney. shares of disney unchanged. citi downgrading ferrari to sell. it is making the move on the stocks valuation. shares of ferrari down 2.5%.

jefferies upgrading bp to buy. it now has an a tttractive val sv valation. shares of bp up 1.5%. and time for the global briefing. the nikkei up to the all-time high of 40,000. it is the best performing stock index this year up nearly 20%. a different story for china. the country prepares for the growth target this week. officials are picexpected to discuss how to stimulate the chinese economy and lower levels of consumer sentiment. the eu chief is set to hold a press conference this week. she is expected to announce a fine and order to apple over the spotify complaint of anti-competitive practices from the iphone maker.

coming up on "worldwide exchange," the one word every investor needs to know today and a whirlwind week with comments from jay powell and the latest from the labor market. what you need to watch and the moves you need to make with your moy.ne we will have both when we come back here on "worldwide exchange." stay with us. as an independent financial advisor, i stand by these promises. as a fiduciary, i promise to be the financial steward that you and your family need. i promise to put your long-term financial well-being above any short term transaction. everyone has a big picture. my job is to help you invest in yours. [announcer] charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

welcome back. time for the "wex wrap-up." we start watching shares of boeing and spirit aerosystems. you see both moving higher in

the pre-market. boeing up fractionally. boeing says it is in talks to buy back spirit as both p com companies look to the issues with boeing's blowout. and the super my row and deckers are joining the s&p. it will replace whirlpool and zion. and arkhouse is raising the stake to purchase macy's. opec plus countries agreeing to extend the production cuts to mid-year. that includes the 1 million barrels per day by saudi arabia. and bank of america raises the s&p price target to 5,400. and "dune part 2" debuting

at the 2024 record high. i'm looking being at the highlights. $81 million over the weekend. imax ran out of seats. i wanted to go. i couldn't get tickets. here is what to watch. earnings include target and nordstrom and campbell's soup and the gap. we get the monthly reports with the jolts report. central banks are in focus with jay powell testifying before congress and ecb rate decision. speaking much congress, lawmakers are racing to approve funding bills before the deadline this week. we are also watching super tuesday with a dozen primaries and caucuses and the state of the union address. a very busy week. the markets kicking off with the s&p and nasdaq sitting at fresh record all-time highs. we see the pressure here with the dow opening 75 points lower.

let's bring in ivory johnson founder of delancy wealth management. ivory, good to see you. >> good to see you, frank. >> ivory, take your temperature. how do you see the week shaping up? what is the word of the day? >> my word of the day is breadth. microsoft and google were down. i had to rub my eyes with the concentration of the magnificent seven. what has happened is we very broader participation. that is why breadth is the word of the day. 78% of stocks are above the 200-moving day average line. you see the 60% particparticipa. for the nasdaq 100. that is a positive sign for the market. >> you are making moves. we had news about the oil market over the weekend.

opec extending the cuts. was that the catalyst for the cuts? >> that was one catalyst. we are seeing a global resurgence. germany is coming out of recession. for all of the bad news in china, they are coming out of recession as well. india's gdp grew 8.4% and we are seeing growth in the united states. a lot of that is from government spending. we are seeing growth not just in the u.s., but around the world. that is good for oil. >> you are looking to jay powell on capitol hill this week giving us insight to the fed's path forward. what is your expectation and how is that guiding your investment th thesis? >> i don't know if he can cut right now. housing prices are rising 30% of gdp. i don't think he will cut rates. i see the tightening will decrease. you know, the global liquidity

is one of the things that correlates well with bitcoin. you see the stimulus package from japan with the global liquidity which drives bitcoin. that is one of the things i would use to hedge what is happening with government spending. >> you are also looking at possibly buying gold. you were talking bitcoin when nobody else was. you are rewarded now. iv ivory, thank you. >> thank you. one more quick look at futures. the dow would open up 75 points lower. that does it for us. "squawk box" is coming up next. thanks for watching.

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good morning. we are watching washington. all eyes, but many eyes or some eyes are watching what is going on there ahead of super tuesday and the supreme court is going to issue an opinion today that experts think will determine former president trump's eligibility to be on the ballots in colorado and to hold office. so many. that could come today. tomorrow is colorado. we have to know. can he be on the ballot?

macy's shares jumping on the offer to buy the company. plus, crude prices after opec plus countries agree to extend voluntary cuts. it's monday, march 4th, 2024 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 along with joe kernen. andrew is off today. here we go. the beginning of the week. right now, it looks like you have hred arrows. the dow futures down 80. the s&p futures are down 5. the nasdaq down by 11. of course, the nasdaq was up last wee