it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we begin with tech taking a tumble. giving investors a sneak peek at what a real-time magnificent seven meltdown. and the key inflation report this week with the major averages hovering below the record highs. one of the largest ipos of the year set to kickoff the road show for wall street this week. we will tell you what investors need to know. new details out for president biden's budget pr

proposal days after signing the bill to keep the government funded for a few more weeks. a big win for streamers as peek peacock and universal grabs the spotlight for the academy awards. it's monday, march 11th, 2024. you're watching "worldwide exchange" right here on cnbc. good morning and welcome to "worldwide exchange." thank you so much more being here. let's kickoff the check of the stock futures. the nasdaq and s&p hit record highs before they ended the day in the red. look right here. you see futures a bit mixed. nasdaq peeking into positive territory. the dow would open up 70 points lower. investors are dpegearing up fore consumer and kohl's and ulta

beauty reporting this week. ahead of the release, we are checking the yields at the lowest level in one month. the benchmark at 4.07%. we are seeing the 30-year long bond read on inflation expectations coming in at 4.25%. we are talking gold which continues to trade at a record high. it is down fractionally. trading at $2,180 an ounce. we will watch gold throughout the morning and we are also watching digital gold. bitcoin hit $70,000 on friday. pushing itself to new highs. up 2.5%. trading at $71,250. look at this here. bitcoin in the last year rising 250%. that is the money set up.

now we turn our attention back to stocks and the culprit in the friday loss was nvidia. shares up 5% in early trading before sharply changing course to close down more than 5.5%. the last time nvidia had an intraday swing of 10% was back in june of 2017. it was not market mover it is today. the stock has risen 2,000% since then. nvidia with the biggest single day percentage decline since may last year. shares are up about 1% higher this morning in the pre-market. other a.i. related stocks fell friday. amd anti-want semi and arm and assumer micro are all in the red. some traders are calling this

exhaustion and this move is unhealthy. joining me now is gina sanchez. gina, good morning. good to see you. >> good to see you. >> help us make sense of this. we have a big momentum trade on wall street, but nvidia closed in the red and at the same time, thes thes s s that nasdaq hit the intraday high. >> if you look year to date, no question that nvidia is a massive part of what is happening in the market. the market dynamics are driven by nvidia, meta and microsoft. on the down side, tesla and apple. the five stocks explain what happened over the last year to date. if you look in the last month and week to week, you see the market has been broadening. yes, nvidia is definitely a huge

contributor to what happens, but it is becoming less and less of a contributor modestly and that is healthy for the market. >> there is evidence to that. we saw a rotation with the russell hitting a 52-week high. if we see the weakness in nvidia, do you see more of investors going to the more defensive trade? >> i think it is a couple of things that are going to feed that. one is the outlook for when the fed will cut. two, the outlook for inflation will feed that and what happens with growth. at the moment, you know, economists have upgraded expectations for growth up to to 2.1%. it is pretty good. it is as soft as you can get. if that passes, that is a different place than the world we were in. if the fed decides to wait on

the cut, there is uncertainty in the market. that defensive trade could take hold. the market itself is broadening. >> you talk uncer uncertainty. we felt inflation was on the right track and then jay powell said it seems it is on the right track, but they need more he have evidence. you are in the camp of a hotter inflation report. what happens then? >> i think that the market will get a little more defensive without a doubt. we already saw hotter than p ex expected ppi. they have been range bound all year. economists thought we were falling. the expectation is 2.7%. that means we could get a hotter than expected number in the next inflation print. if that's the case, powell will

move slowly and the market is coming back to thinking that three rate cuts are in the mix for this year. that was down from six which is what we believed at the beginning of the year. if that is potentially threatened to be less than that, then we could see the markets just continue to wonder about whether or not 23 times pe makes sense. >> a lot hinges on the cpi. gina sanchez, thank you. time for the check of the top corporate stories with silvana henao. silvana, good morning. >> frank, good morning. the road show for reddits is set to kickoff today. the company plans to price it's ipo on march 20th and start trading the totallfollowing day.

the company is reporting$34 a s. that values the company at $6.5 billion. the department of justice is launching a criminal investigation into boeing and its door plug blowout. according to "the wall street journal," investigators contacted crew and flight attendants who were on the flight. boeing declined to comment to the journal. the doj did not immediately reply to a request for comment. universal's "oppenheimer" winning best picture and six other oscars in the 96th academy awards which also included best director christopher nolan and cillian murphy. nolan had been nominated five times, but never won.

emma thomas accepted the best picture prize. >> silvana, thank you very much. turning attention now to washington, d.c. and a news alert. president biden's 2025 budget proposal set to be released today and we are learning some of what is expected. according to the white house, the budget aims to lower costs for child care and prescription drugs and other areas. it will boost manufacturing and create jobs around clean energy. they are looking to reduce the federal deficit by $3 trillion in the next ten years by raising taxes and have billionaires pay up on 25% in taxes. coming up, what one word investors need to know today. the key numbers investors should look out for when oracle

reports after the bell today. and later, more on the nvidia stock slight and ouner xt guest says it will add badly. a very busy hour when "worldwide exchange" returns. stay with us. how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now.

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at the top of the list is albemarle. a producer of lithium. that is followed by linde and nvidi nvidia. we will talk more about that in the show. and we start off in europe here. europe in the red across the board. ftse 100 is lower. a bit of a mixed session in asia with japan closing more than 2% lower and the country avoided a technical recession in the final three months of 2023. possibly paving the way to begin raising rates. something we talked about on the show. over in china, the hang seng and shanghai composite higher. we stick with the overseas action. gina raimondo is leading the

delegation. her first stop is the philippines which has clashed with beijing. eunice yoon is joining us from manila with more on the story. eunice. >> reporter: thanks, frank. the secretary just wrapped a press conference at the hotel behind me. earlier today, gina raimondo met with the president as well as the top economics and trade secretaries. she is here to promote the biden administration's foreign policy to solidify the american influence in the area and supply chains. she had said with the president that the u.s. and philippine relationship is ironclad. the president described the u.s. as an essential ally.

>> so much together and the best is yet to come. that economic security wis national security. by sestablishing a deeper economic relationship, it will make it more secure. >> the united states is a strategic trading ally for philippines. in the coming months, i hope to see the shared commitments come to fruition. a strong philippines a formidable ally. >> reporter: what wasn't mentioned, frank, is china the rising efforts to counter it. secretary raimondo is here with 22 companies and announced a $1 billion investment in the

philippines. >> $1 billion investment in the phil philippines. what else can you tell us about the deals from the investment? >> reporter: the deals are in areas that the philippines find important. semiconductors and renewable energy. she mentioned there is a lot of investment in job training and evs as well as other assembly makers for the chip industry. a lot of different areas in which these companies are exploring at the moment. she described this as just the beginning. >> eunice yoon in mamanila. thank you. a show of confidence as openai welcomes sam altman back to the board of directors. more on that story after the break.

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welcome back to "worldwide exchange." we are watching shares of oracle after the close today. the company's revenue is expected to rise after missing expectations for the past two quarters. investors are looking out for expansion and a.i. and the cloud market slowdown. joining me is james demmer at main street research. he owns oracle for several clients. james, great to see you. >> good morning, frank.

>> shares are up a bit after the opening bell. shares are 125. you say this is a crucial quarter for the company. >> it is a crucial quarter. they overpromised and under delivered, if you will. that is what will cause investors to lose confidence if they can't meet the numbers. we are looking at specific met metrics from ellison and katz. they missed on the revenue for the cloud covering for sure. the a.i. tech race. at the same time, the expense side of the equation is important because they are trying to build out the data center. there is a challenge there, but they overpromised. that's why investors are disappointed. >> let's talk about the cloud business. the estimate has it rising by 11% year over year. there is growth there, but as an

investor, is there enough growth? you have to remember oracle is the first company to highlight a partnership with nvidia and a.i. capabilities. mo monetization. what companies can expect that? >> it is important. in this market, a.i. tech-led bull market means you want to be with the winners. they teaseem to have a hard tim. this is the show me the money quarter. we will listen to iellison and katz. >> the build out of data centers. the estimate for the year is $8 billion in cap ex. the estimates are $5.3 billion in cap ex for the second half of

the year. barclays says cap ex is the only thing they matters. that implies they have revenue coming in to justify that. do you need a commitment to cap ex for this stock to go forward? >> i see what they're saying. that's the stock and the company's problem the last two quarters. every time they report, it is not there. again, this is an a.i. tech-led bull market. companies are monetizing faster. even as a shareholder, an gain, i want to make sure that that monetizing machine, if you will, is really up to speed this quarter. otherwise, it is promise me this quarter and next quarter. a lot of other companies are nailing it. i think investors want to listen closely to this. if they nail it, the stock is attractive and it has a great upward trajectory from here. if they don't, it is a trading

range stock >> attractive a.i. play with forward pe. again, you say this is a show me quarter. james look at apple's worse session and the preview of the mega cap meltdown in real-time. cnbc celebrates women's heritage month. we share stories of the change makers and the women who are innovating business. here is national women's soccer league commissioner jessica burn. >> at the age of 16, my career ambition and goal was to be a commissioner of the professional sports league. i feel really proud i was able to achieve that. our league is at this extremely pivotal and transformative moment where the world is

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giving millions of fans, like my dad and me, new ways of catching up on their favorite sport. it is 5:30 a.m. in the new york city area. there is more ahead on "worldwide exchange." here's what's on deck. stocks looking to shake off a losing week.

the key reports in the days ahead. shares of nvidia looking to turn things around after suffering the biggest single day decline in a year. could the selling be a signal of the unwind of the momentum play? the white house releases the president's budget proposal. it is monday, march 11th, 2024. you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm frank holland. we pick up the half hour check of the u.s. stock futures. stocks coming off a negative finish on friday after the nasdaq and s&p hit record highs. a mixed picture right now. the dow would open up 70 points

lower. i know people on twitter say don't say open up lower. we are looking at the s&p which is flihigher. we are checking the bond market. yields at the lowest level in one month. we look at the benchmark at 4.07%. the long bond read on expectation is 4.25. bitcoin is at the all-time high right now. trading at $71,650. it trades around the clock. up over 3%. bitcoin hitting a new all-time high as we speak. crypto stocks are moving in tandem right now. coinbase is up 6.5%. mike microstrategy is up. broadly, crypto is moving higher in the market.

that is the money set up. we turn back to the stories with apple snapping a seven-session losing streak. the longest since january of 2022. nvidia is looking to turn things around after the prbrutal frida closing down 5%. the stock coming off a monster day in terms of volume. more than doubling the 30-day average with more than 110 million shares trading hands. showing the selling happening with some conviction. could this be a short-term move or as mike santoli writes, could the terrible friday be a most mo momentum unwind? joining us is our guests.

how should we view everything with nvidia and apple? the momentum trade. has it stalled out? what is your take? >> i'll start with nvidia. the first ten weeks of the year, they are up 81%. on friday, they were down 5%. you know, the math on that is still pretty good. i like nvidia. i think it is overbought and overpriced. i like it. it is a solid company. because it has the meme stock philosophy doesn't mean anything. it is real leadership. i think if some of the bigger funds that have bought in over the last year and a half are locking in gains hshow there is are retail investors looking to get in the company. >> craig, i want to get the technical take of what we are seeing. in your mind, when it comes to momentum trade, did that action on friday change the narrative with the mega cap tech trade?

>> frank, it is starting to change. just looking at the price action and the big outside day on nvidia last week. if you look at the long-term chart, this is the classic definition of the parabolic chart. it stock is up since the october 2022 lows. up 400% from the october 2023 lows. it has gone parabolic. p people have to do rebalancing. you can lose momentum as that happens. it is a great company, but a dangerous stock to jump into after moves this large in a short period of time. >> you are saying it is a dangerous stock to jump into. from the technical perspective, how is it with the area of resistance at the all-time high?

there was a time when apple was important for the rally. has it switched with nvidia? >> this is a single stock market, frank. nvidia is not going to participate. this market is due for a correction. we have been talking about a 5% to 10% correction in the market. frank, if you look back at the long-term chart, you could see nvidia correct 30% and still be in an up trend. that is a huge move. i don't think a lot of investors will have patience for a 30% correction in the momentum stock. that's where it becomes dangerous. >> for clarity, you say resistance at the all-time high of 5157. s&p and nasdaq hit intraday highs. sarah, back to you. let's talk about the fundamentals of apple. you said the weakness in china

is an issue hitting revenues, but not the end-all be all. how can apple move higher without growth in china? >> i think they will have to find other markets. the reality is that in china, there is government pressure to not bring your apple device to work. increasing in the private and public sector. that means people are getting different devices. so, you know, i think that is a market that has not been he's any easy in china for most tech companies. facebook is banned in china. uber failed there. google is basically banned there. these companies are doing okay without china. you have to decide if you accept the headwinds and build elsewhere and we have seen tim cook spend a lot of time in india. i was surprised we didn't see cameos of him at the recent

wed wedding. we have seen him make a real effort. there is a huge middle class there as well to really lean into. i think we will see more of that stuff. >> at the same time, you do admit nvidia is overbought. rsi is over 70. does that matter when it comes to the company? it does matter a lot of times with stocks, but this one has something with a big moat on and everybody needs. >> i think nvidia is still making chips that people need. other peers in the magnificent seven make up a huge amount of revenue. double digits of revenue every year. these are solid customers that aren't going away. i don't think nvidia will have this lead over a.i. chips forever. there are a lot of competitors catching up. we are seeing them hop up. at the same time, it is a solid

company. i don't think they will go away. the question is how many people buying in at the insane ramp-up over the last year were buying into a solid company that would not go away versus something they hoped would be a forever up to the right stock. that perception gap is what drives or doesn't drive the stock price. >> craig, give us the technical look at both nvidia and apple. which direction do you see both going? >> frank, both stocks will continue to correct. the magnificent seven is the fantastic four and the dynamic duo. in terms of what we see with apple, we are seeing weakness in relative strength. frank, i see a 5% to 7% down turn. it is really hard to keep buying the stock here. if it was just to correct back

to the long term, frank, this could be a 30% correction with nvidia. that is the reality of what the charts look like here. >> craig johnson and sarah kunst. thank you. have a great day. time for the check of the top corporate stories with silvana henao. silvana, good morning. >> frank, good morning. openai's board room drama full circle. reinstating sam altman to the board with full confidence after firing and rehiring him last november. this follows the investigation by openai which concluded the ousting as a consequences of the loss of trust between altman and the board. nvidia is sued by three authors who say it used their

information to train the platform. class action filed in a san francisco court. the authors claim nvidia admitted to using the work to stimulate written language before taking it down due to copyright infringement. and president biden signing a $460 billion package of spending bills and avoiding a government shutdown. the six measures will keep agencies turned through september. lawmakers are working on a second package of bills and including the department of defense and homeland security. silvana, thank you. we stick with the biden administration. the news alert. the 2025 budget proposal set to be released today and we are learning some of what's expected. megan cassella is here with more. megan, good morning.

>> good morning, frank. that's right. we are awaiting the release of the full biden budget. we know this will be a proposal that will lower costs for families and raise taxes on billionaires and cut the deficit by $3 trillion over the next decade. digging in a little bit here on the spending side, the white house will invest in manufacturing and clean jobs and it wants to provide national paid leave and protect medicare and social security. as for lowering costs for families, the white house says there will be programs to reduce the cost of child care and make college more affordable and housing more accessible by proposing a tax credit for f first-time home buyers. speaking of taxes, we are expecting around a revenue raising proposals here with higher minimum tax on corporations and lifting that level from 15% to 21%.

he will crackdown on corporate profit sharing and imposing a 25% minimum tax on billionaires. frank, what we don't know yet are the actual numbers attached to the priorities. we will find out later today how much he will spend overall and how much he expects to raise and how much he wants to give to each agencies. we will see estimates on spending on the national debt. we know the president's priorities for the next fiscal year. frank. >> how likely is all this to actually happen? >> that is the question of the day. of course, all of this is almost certain to change. the president can say what he wants, but it's congress who controls the purse strings. that doesn't mean it will all change. we know he pro proptecting soci security is a bipartisan issue.

some of the other proper decisions with the corporate tax rate and tax on billionaires have been difficult to get through congress before we expect to see difficulty. we have to wait and see. >> megan cassella, thank you. catch former president donald trump on "squawk box" at 7:30 a.m. eastern time. coming up, heamaking the ca for the ipo market. the reddit prepaying to go public. more "worldwide exchange" after this. ols 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,

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years ago when it set an all-time record of $339 billion. that record is off the highs reaching $26 billion last year. let's talk more about this and the funding landscape with alexander dumal. >> thank you, frank. >> let's talk about reddit. i spent time talking to traders and the pe firm. is this a social media and ad company or a data company with real-time reactions from so many users? >> frank, it is good to take a step back on the private equity landscape and how ipos are part of the strategies for private companies. in general, you show all of the numbers between 2021 and 2023. the ipo hasn't been that high of an exit strategy for private

equity in general. it has been 3% going through the channel. there is a bit of pressure with private equity for investors. >> a little pressure there. how does that shape this ipo market? reddi, it is the one we are talg about now. we showed the chart of the other companies expected to ipo this year. >> we see it is an interesting market. this market will get unstuck. 2023 has been a challenging market for private equity. we see significant decline in act activity. 44% down. we think this is the right environment where we see more of the exits coming to bear including reddit. >> you gave us an interesting data point. you said $1.2 trillion raised by

private equity companies. sitting on $1 trillion of dry powder. a quarter is four years or older. are they itching to spend? >> absolutely. if you look at the stats, long-term private equity has done well. it grew from $4 billion to $50 trillion asset class. if you just look at last year, deals were off 37% from the year before. 60% versus 2021. there's clearly a lot of nervous news with the unprecedented rise in interest rates that private equity is achieviachieving. you talk 26%. that is significant. 26% of all assets in private equity funds is more than four years. assets that investors committed to them which hasn't been deployed into assets. it is not just that money that's able to be deployed. it is also the assets being held

by private equity funds. >> quickly, i want to bottom line it. are you expecting to see a lot of pe activity because they have been sitting on so much money? >> we see a recovery coming this year. we will see green shoots of activity. >> alexander de mol, thank you for your time. coming up on "worldwide exchange," the one word that every investor needs to know today and the stocks our next guest says stands to benefit from the rotation within the markets. if you haven't already, follow our podcast on apple or oty spifor our podcast apps. more "worldwide exchange" coming up after this.

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interest rates with the next week's policy meeting. department of justice launching a criminal investigation into the max 737 blowout on the alaska airlines flight. a big night for universal picture's "oppenheimer." it won best picture and director and actor. ryan gosling performing "i'm just ken" from the movie. billie eilish is the youngest person ever to win two oscars. price pressures in focus with the latest look at cpi and ppi and consumer sentiment data. we get earnings from oracle and kohl's and dick's and ulta. investors are kicking off the week with the futures on a mixed picture. we have been seeing movement.

the dow would open 70 points lower. nasdaq in the green. s&p back into positive territory. for more, let's bring in sam stovall. >> good morning, frank. >> give us a sense of the day shaping up. what is your "wex" word of the day? >> we have seen rotation out of the high flyers and communications services and discretionary and tech to the under performers of consumer staples and utilities. that will likely run its course. >> you mentioned the defensive shift. you said utilities was the best sector last week. what does that signal to you with the momentum trade that powered the market in the last year and change with thing magnificent seven or the

fantastic four? >> the investors are willing to invest nin the market, but hopping from one lily pad to another. they are trading at a sharp discount on the relative pe basis. they offer high-dividend yields and growth potential. a good place to rhide out as th market goes through the traditional gains following of the prior bear market of 2022. >> sam, you are focused on valuation. our picks are based on valuation. when we look at valuation, we look at the market be frothy. how important is tomorrow's cpi read? how important is it that we get the three cuts to the overall market and the price action today? >> i think cpi is something

investors will focus on. our expectation is a back up to growth of 0.4% over 0.3% last month. you remember that we did end up having a sharp decline after last hunmonth's cpi report. in the long trend, it is downward for inflation. the fed will continue to, i think, be slower to lower interest rates. they will do so for the first time in june, 11 months after the last rate hike which is the time span between those two traditionally. we will see three total rate cuts in 2024 before getting additional ones in 2025. >> does higher for longer continue to put pressure on the idea the valuations are too high? >> i think it certainly has concern that the longer the fed waits to start cutting interest rates, the increase of the likelihood we could end up with

recession, even if it is mild. i think the recession is off the table, but the longer the fed waits to start to ease is increasing investor concern. >> let's get some of your picks. we will show them right now. one is walmart and the other is a utility. you are saying part of the reason these are your picks because valuations are off their highs. >> yes. being a fairly conservative guy, i guess i like to say i wear both a belt and suspenders. i look to the stocks which have good fundamental outlooks and good technical considerations. from cfra equity analysts, walmart is one company that has a favorable investment recommendation along with a good power rating. looking at fundamentals and technicals. other companies would be information in the aep also

taking a look at target resources which is a transportation firm. essentially, these are companies with good upside fundamental potential and better supported by good technicals. >> sam, always great to see you. thank you very much. walmart and american electric power and target resources. thank you. one look at futures before be we let you go. the dow would open 80 points lower. "squawk box" is coming up next. (grunting) at morgan stanley, old school hard work meets bold new thinking. (laughter) at 88 years old, we still see the world with the wonder of new eyes, helping you discover untapped possibilities and relentlessly working with you

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good morning. nvidia shares pointing to a slight rebound after the friday drop of 5%. we will show you what's moving in early trading. congress is pushing for a tiktok demand unless the parent company divests. now bobby kotick could be an interested buyer. and elon musk says x a.i. will open its chat bot grok this

week. it is monday, march 11th, 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 andrew ross sorkin along with joe kernen and melissa lee who is hanging out with us. becky is off today. look at u.s. equities at this hour. the dow right now offthe 80 points. the nasdaq is up 18 points. s&p is unch. it is up 1 point. the treasury yields. two-year yield at 4.048. there is