tv Worldwide Exchange CNBC April 24, 2019 5:00am-6:00am EDT
zbliefrmt it is 5:00 a.m. here on cnbc, and here's your top five at 5:00 break out the old rally caps the u.s. markets hitting new record highs, but how much longer can this rally really run, and what is the single biggest threat right now schwab's jeff is here and lays it all out snap pops and then drops the company reporting a monster quarter, so why did the big gains disappear? the sweeter in chief meeting
with twitter's chief behind closed doors at the white house. what the two discussed on this wednesday, april 24th, as worldwide exchange begins right now. welcome from wherever you are watching and welcome to new record highs for most of the the stock market the s&p 500 and the nasdaq as well powering up again on tuesday as the earnings so far making investors very happy we have so much more on this incredible rebound from that december swoon coming up that includes some worldwide exchange stats to make you go "mad money" "mad mone hmmmm. let's see if more new records might be going on today and the early trade indicating they may not be.
the number there to watch on the new record dow 26,95 is. what's also very interesting is that as stocks keep going up, bonds, well, they're not moving at all there's money for equities and bonds. as you know, there's been a lot of money pouring into crude oil lately not the case this morning. crude oil is down right now. we're just under $66 per barrel. those are level that is we have not seen in crude oil since october of last year watch crude oil here
natural gas is on the way up a lot of money out there equities, bonds, crude oil a lot of commodities as well >> the chinese nestic market rose really fractionally kind of a similar story. we are seeing mixed markets as well germany is up. the rest of the major sbeks are down well, really there are just two simple questions around this huge start to the year for the stocks number one, have earnings been good enough so far to justify the kind of moves that we have seen question two, how much have companies been helping their own cause with stock buy-backs let's get answers now and insight on both.
have the numbers been good enough to justify the numbers we've seen so far? >> no, in short. earnings trajectory has been much softer than what we've seen in the stock market. my concern, though, is less about the top line the next recession may be more than a year away slowing sales growth doesn't worry me as much as rising costs right now, and this is what imauto listening to on the conference calls that i'm tuning into it's not so much overall industry conditions or talk about trade. those macroissues, it's the microof rising costs. eerd worried that over the remainder of this year, we won't see a sharp rebound. we might see more of the same low single digits or maybe something even worse >> better than market expectations have been racheted
down that this is already baked in or acceptable >> it depends where you look i think in europe those expectations have been racheted down remember, the index of non-developed market stocks is still 13% off its all-time highs. that's reflecting more pessimistic conditions i'm not seeing that in the u.s. market i'm not seeing that in some sectors like technology where i think there's still a robust outlook for renewed earnings growth >> let's talk about the sect e second aspect, and that is corporate buybacks companies have been buying back a lot of stock in the last couple of months how much has that reduction in available equity contributed to this kind of a run >> i think that's been a big part of it we haven't seen a lot of purchasing by individual investors. they've turned back. maybe in recent weeks they've picked up buying, chasing some of the gains obviously for the most part the big buyer have been corporate share buy babs we saent seen big participation by institute -- by foreign institutions or endowments or
insurance companies. it's really been about corporate share buybacks and that does worry me particularly as we head into what i mean we often call the buyback window closing here during the peak of the reporting season. you've mentioned there's money for stocks and bonds that usually doesn't last. usually it goes one way or the other. we usually see on yields rising with stocks. that tells me maybe there might be limited additional appetite for equity >> okay. let's use the football analogy
we'll use the patriots because you're up there in boston. the most overused phrase in financial news is money on the sidelines. we hear that, and we think about that i think about one player coming off the field. maybe that's money coming out of something. and another player coming in right? there's one for one swap what has been so amazing really in the last couple of months is that there's a ton of players all going in and nobody appears to be coming off the money is flowing into oil into europe, into china, which we'll get to ain a second. into bonds into u.s. equities where is all this money coming from >> it's a good question. it highlights the point you made earlier about a lot of the money going into ek kwitsz and coming from korpgs. they do have a lot of cash individual investors, their cash balances are not above average reason they're pretty fully allocated to equities relative to historic highs.
do you believe that china is cribbing to a global bubble? >> i do. i worry about this a little bit. we've seen 40% growth in new loans and new social financing in china 6% spending growth this year i think the rest of the money is finding its way into the chinese stock market that is a big risk of a bubble there in china, which makes it the third emerging markets index. that index could be vulnerable here as we look to the range of the year >> jeff, always a great pleasure to get your insight. have a great day in boston see you soon thank you very much. on the single stock side of the story, we are watching shares of snap by the sea shore. parent company of snapchat popping as much as 10% on the first after hours trades before largely giving back some of
that half of that snapchat up 5% right now joipgs now is e market or -- jasmine. welcome. your first time worldwide exchanger. you get a mug. >> thank you happy to be here >> why do you think there was this initial euphoria and then a little more realism setting in on the snapchat numbers? >> well, overall snapchat's earnings were pretty positive to begin with like you said, with the dau growth coming in for the first time in many quarters, it's really a positive sign for the company. it's back almost at the same level it was in q1 2018, which is when snapchat was at its peak the interesting thing to look at when you look at the user numbers is where the new users are actually coming from, and they're coming from what snapchat calls the rest of the recalled who, which is outside
of europe and north america for the most part. >> i think given all the struggles that snapchat has had, it is a positive sign. we will be watching to see what happens in the next couple of quarters to see if they can continue this kind of growth >> were these self-inflicted wounds with a redesign that all the kids hated >> yeah, that was definitely part of it that happened at the end of 2017 it was more broadly rolled out in 2018. it was very unpopular, and snapchat had to scale back some of the changes that they made. we're still seeing at e market kind of a spill-over effect from those changes and we've actually reduced our forecast for u.s. snapchat users this year, which is based on a month by basis, and for the first time we're going to see that number
decline. >> is it finally becoming a global story it was kind of always a u.s. sto stoerk right snapchat was kind of just awe u.s. thing >> one of the reasons it hasn't taken off yet around the world as much as it has in the u.s. is because of the android app. >> it was kind of an apple thing. >> yes, definitely an ios thing. >> now hopeful 'lil it will spur growth that are more an droud-heavy than the u.s., and i think that has helped grow that international presence that we see in snapchat's dau number >> jasmine, great stuff. hope to see you again. take your mug. >> i will. >> thank you very much >> thank you the tweeter in chief -- i knew i was going to blow this line i was trying the tweeter in chief meeting
with twitter's chief late yesterday at the white house 5:11 in the morning. trump met with twitter ceo jack dorsey the president tweeting "great meeting this afternoon lots of subjects discussed regarding twitter's platform and the world of social media. look forward to keeping an open dialogue." now, jack dorsey replying to that tweet with "thank you for the time twitter is here to serve the entire public conversation, and we intend to make it healthier and more civil thanks for the discussion about that." we want to call your attention to a few other big name stock movers overseas and most of them are everseas let's get now to frank with more doelts on these. its investment banking yub
it saw declines from the previous quarter the pharma space, novartis shares, they're up this morning more than 2% over in europe. the pharmaceutical company reporting a quarterly beat it's also upping its 2019 guidance saying it expects sales to grow in the mid single digit range. novartis saying more than a 40% growth in its best seller, psoriasis drug now to autos nissan slashing its proflt outlook to its lowest level in nearly a decade. the japanese automaker says sales took a big hit in the aftermath of the arrest of its former charnl charl yoes ghosn nissan shares tumbling overnight. they're down 4% in japan brian, back to you >> all right, frank. thank you very much. we have already done so much, but there is so much still to do on a busy worldwide exchange when we come back, much more on this recordsetting rally just ahead. exclusive stand-out stats that you should be watching as we prepare for today's opening bell plus, new fall-out this morning. the u.s. clampdown on iran on the ground reaction from two of
the world's biggest oil producers. we are live in both saudi arabia and russia ahead later, more high-level trade talks on the docket between the u.s. and china could this mean fuel for the rally or could it completely derail it? a lot more to do when worldwide exchange returns after this. that help save lives. l's let's make open source software the standard. let's create new plastics that are highly recyclable. it's going to take input from everyone. so let's do it all, together. ♪ ♪ let's expect more from technology. let's put smart to work. ♪ ♪
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a record high, and right now the futures not indicating we're going to make new records today, but it's early there's a lot of earnings turning around coming out all morning long some dow components as well. we are seeing a mix. the dow futures down exactly four points right now. they will meet with china's vice premier the white house also confirming that a chinese delegation will come to d.c. in early may for more talks oil prices pulling back a bit this morning of course, all this after hitting another new high for the year we are seeing crude oil about a half a percent to just under $66 a bear rel this morning. of course, that big move higher. the latest move in what has been an already strong year for oil
>> skprab russia let's kick it off with hadley gamble who is live in riyadh hadley >> higher oil prices, good news for saudi arabia i'm here on the sidelines at the financial sector conference. this is the third huge investment conference for saudi arabia who is looking to move foreign investors. we're not talking just about the geopolitics when it comes to all of that heightened rett like between washington and tehran. we're talking about internal security in saudi arabia i asked the finance minister about that let's listen in. >> the thakt fa we have one terrorist incident in one place in vaudy, it is just like having a terrorist incident anywhere in
europe and then united states and elsewhere. these incidents will happen. people will need to let go of what they see in the media and come and see for themselves. remember, this is one of the big financial services sector krchlss in the region, but one of the questions, of course, is who is actually going to show up here they are expecting 3,400 people here it looks packed to me. frankly, brian, we're hearing some some of the business names in business. larry fink was here as well. when it came to security, effect telling me a lot of this has to do with the press rather than what's happening on the ground brian. >> hadley gamble live in leyarih saudi arabia thank you very much. let's now turn to russia jeff cutmore is live for us with more on their side of the global
story. jeff the view from the foreign ministry is that this is an aggress i and reckless action by the u.s. president the question is does the oil ministry here in moscow feel the same about this decision given the bump in the energy price that woef seen and the fact that moscow exports around 60% of those exports are oil-related. >>le deal to limit output at this stage i guess this latest move by the u.s. president suggests that that deal is probably more likely to hang together now as both the saudis and the russians
clearly need each other on this energy story back to you, brian >> all right not yet, jeff. i'm egt letting you go without this aside from the energy story, we have a massive state visit from kim jong un landing in moscow recently what can we expect the north korean leader and vladimir putin to be discussing >> my understanding is, brian, that the armor-plated train that kim jong un travels in has now arrived. he is reluctant to travel by air these days, but we know that he will meet with the russian president tomorrow the expectation is that not a whole lot will come out of this. the russians are not keen to spend money on north korea these days, but, of course, if they perceive this as a way of out maneuvering president trump in his relationship with kim jong un, then they are very pleased to get in there and muddy the
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we are continuing to follow the very latest out of sri lanka where the death toll is rising from the easter sunday terror attacks. brooirn, good morning. three days on the most impressing -- the most pressing priority for the government here is to crack this terror cell there's an ongoing security operation here to neutralize the threat i got an update from one of the cabinet ministers here he said the official line is that the government did believe this is an isis orchestrated attack he did admit and acknowledge that there were security lapses and quite -- very angry about this.
>> occupancy rates have fallen to 20% in some hotels in downtown colombo this is going to be a tough four or five months for the tourism industry here, which strategically, economically, very, very important about 35% of gdp this was a cat gore dal assurance from the government and from minister that the muslim community would not be the target the big issue here, brian, is really trying to determine whether the series of attacks is just a one-off, was just opportunistic, and taking advantage of the softer security
here ten years after the end of the civil war here or whether this is the beginning of a concerted and orchestrated campaign of violence that could inflame religious tensions on the island on deck, new records from major indexes. should that send a stronger message to the federal reserve running into roadblocks and a new search for its new ceo, or maybe they've actually found their man. that's ahead later, exclusive worldwide exchange content you've got to hear incredible stats around this market rally and the superstar stocks who are making some ve rh.ors ryic we're back right after this.
one of the fastest round trips in market history. 14 weeks the fall. 17 to recover. the bull market is back, but for how long forget nixon and elvis it's now trump and dorsey. a face-to-face meeting in the oval office yesterday between the tweeter in chief and the head of twitter. we continue our special series about the rising risks in real estate ♪
>> thank you for being with us here it is exactly 5:30 on the nose stock futures are flat of course, we are coming into today with new record highs for the s&p 500, the nasdaq, and the nasdaq 100 more on the markets and your money in moments as always, let's kick off the second half of your show with your executive recap they will hold high level talks and they get underway next week president trump met with twitter ceo jack dorsey late yesterday at the white house the two discussed the 2020 election efforts to stop opioid abuse, and the president's concerns over his follower account. great meeting at the white house with jack. lots of subjects discussed regarding their platform and the
world of social media in general. look forward to keeping an own dialogue now to cbs it's suspending its search for a new ceo. keeping acting ceo joseph in that role through the end of this year. the cbs board said in a release that he had demonstrated exceptional leadership and steadied the ship. shares of cbs are up more than 1% in the early trade. brian, back to you zpliejs for those that maybe have not been making close attention, you may not realize how remarkable the run this year has been coming off the december swoon. we put together some of the more stand-out stats in what has been a stand-out year check this out inside the s&p 500 the average gain of all stocks is a jump of 18.2%. 369 stocks are up more than 10%
in that index. 140 of those are up more than 25%. >> just the% of all stocks are down on the year, and a burj of those are down just fractions of a percent. that number could get smaller in we go higher than today. those are the averages now let's shine our c thnbc spos spotlights on the companies that have been the sars of their sbeks. the best performer this year, believe it or not, is xerox. up 73% in the nasdaq 100 it is argentinian e-commerce mercado libre, up 71%. midcap 400, arizona-based versum materials. that stock up 88%. look at this the biggest of the small caps,
it's not so small anymore, and the best performing stock in any index is one that we talked about here on worldwide exchange more than a month ago. that is canton, ohio-based nixon dedorff. up 434% this year. it's not being bought. that is organic performance. that's hall of family type performance right there. not every stock can be a winner. the unfortunate award for the worst performing stock in the s&p 500 this year is knoll brands it's up. dwleer to date down 23.5%. the maker of sharpy, coleman, and other brands that you know newell brands bringing up the rear on the s&p 500. let's now dive a little deeper into the markets. your money and maybe the federal reserve. we're just one week away from a fed decision
>> i can't hear the show >> she can't here the show megan, can you hear me now i'm not being paid by verizon. megan green, are you there >> she cannot hear the show. we're going to do this we're going to take a quick break. we're going to pick up our rotary phone and call megan. she will join us, i promise, after the break. we'll talk about the fed, the markets, the rally, the run. your futures are starting to tick up. more megan, more incredible stats, more markets on & your money when worldwide exchange connects right after this. every day, visionaries are creating the future.
we're going to get megan back on the phone. apparently we forgot the pound sign meantime, a snap, a crackle, skpgs a drop three stocks that need to be on your radar today let's kick did off with snap, the parent company, of course, of snapchat. shares moving higher in the premarket. the company topping quarterly estimates on both the top and the bottom line. global daily active users and revenues per user came in above estimates. snap shares have more than doubled this year alone. that stock is up 4.5% right now. guess who else is moving higher? ebay, they're up in the premargaret. the company reporting stronger than expected results in the first quarter.
vfrz did not like the numbers all around >> willing ahead to today and out, we get another big batch of quarterly numbers before the bell you are going to get results from arguably the most important stock in the dow jones industrial average right now for many reasons that is boeing away kind of impact could the delay on the 737 max and the grounding of that jet have on boeing's numbers we're going to find out here in a couple of minutes. also, out today at&t and caterpillar. three dow components will cross. then after the close, you're going to hear from one of the hottest stocks in the world. microsoft as well as facebook and chipolte chipolte, by the way, has had an incredible rebound off its lows of just a year and a half ago.
straight ahead here on worldwide exchange, gas prices at the pump doing something they have never done before. what could that be you're going to find out if you stick around it is your morning rbi random, but hopefully interesting and 'rba aerhis. opening your own shop? every day. i think there are some ways to help keep you on track. and closer to home. edward jones grew to a trillion dollars in assets under care, by thinking about your goals as much as you do.
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cuts from the federal reserve? >> definitely not. i would say the news isn't all good we're definitely slowing down. the markets are pricing in a fed cut this year, and i think that's completely unrealistic, and also, probably inappropriate. i don't think that the fed needs to step on the gas i do think that our conversation around growth in the u.s. in the second half of this year will be very different from our conversation at the beginning of this year when the fed was worried about chinese growth, global growth, financial conditions, tightening a government shutdown, brexit, and slightly lower inflation expectations i think all those things will have abated by the second half of the year. unfortunately, the fed has capitulated to the market and has painted itself into a corner it will be really difficult for the fed to actually put rate hikes back on the table. if i had to choose between a rate hike and rate cut, i would think a rate hike would be more appropriate later this year. >> megan, you and others can say it's inappropriate and not needed, but that doesn't mean it's going to happen
we're one week away from that fed decision i would be shocked in if i they cut rates. yorng a rate cut is on the table so soon. i think the markets are pricing one in for later this year do you believe the fed will do nothing for it is sixth fomc meetings for 2019? even it would be appropriate for them to hike rates, they're going to have a hard time communicating that to the markets. they risk sending financial conditions even tighter, which,
of course, feeds through into their reaction function, so that would make it harder for them to cut -- to hike rates i think that's going to be difficult even if it's appropriate. i just don't think the economy will justify a rate cut. i think that growth will be stronger in the second half of the year than it looked in the first quarter of this year at least. i think the fed is probably stuck not doing anything on the rates front for the rest of the year >> just reminded our viewers that dot plots, that's basically just each fed member putting his or her expectations of our rates going to go to looks like a giant lite brite in my mind. this has been a fed that's flip-flopped before. they went from hawkish to dovish is it possible they return hawkish? what if we get on wednesday a rate hike or an indication they might hike rates?
>> i don't think that's a sign they will cut rates. it would be ridiculous of them not to be thinking about the conditions that would justify it i do think it means they haven't signalled to the markets at all that they're going to turn more hawkish, and the fed doesn't like surprising the markets. i think that's really unlikely at this meeting. >> can we play a quick game, megan? are you ready? >> i'm ready >> it's going to be a fill in the blank game the most bullish thing about the u.s. economy right now is what >> gosh, equities. >> well, we know the stock market -- >> not the u.s. economy, but -- >> but they're doing well. >> also this, it is biggest risk to the u.s. economy right now is
what >> inventories, actually, which i think could make q1 rook much better than some people are fearing, but we're going to have to destock over the course of this year, and that's going to drag on growth inventories, the most bullish case as well megan green, thank you very much for your patience. we'll see you soon well, let's switch gears now to a major developing story in the housing market increasingly extreme rain is making some neighborhoods simply uninhabitable. now the state of louisiana is using a federal funds for a remarkable experiment that could turn into a blueprint for dealing with what some are calling climate refugees at a small church meeting house in a small louisiana farm town a small community is making a very big decision.
the community is moving together to higher ground the state of louisiana is using federal funds to purchase land, build new homes, demolish the old flood damaged homes, and turn this neighborhood into wetlands >> so you're going to knock down all of these houses and these as well >> right >> pat forbes, who administers community development block grants for disaster relief is in charge >> it's quite clear that we're having more disasters, and consequently, we had to start doing things that are smarter. one of the easiest, smartest things you can do is get people out of harm's way. its levee is no longer adequate. back to back floods in 2016 and 2017 drew the governor's attention and a plan was hachd to buy out the homeowners and
move them here, barely two miles away, but ten feet higher. >> concernel jackson raised her children and now her granddaughter in the home that recently flooded beyond her financial ability to repair. >> the water came up to about here and then you had to take that drywall out >> yeah, yeah. >> losing everything you don't have time to pick up anything it just, you know, got to go back and just start all over again. i mean, it's just miserable. the program will buy out each homeowner, but since the damaged home have so little value now, homeowners will also get forgivable loans up to $200,000 to buy into the new community. for each year they live in their new home, they get one-fifth of the loan forgiven. in five years the home is theirs debt-free. the cost roughly $8 million
this is one of the first plans to move an entire community en masse here to higher ground, and it could be a model for the future >> we are all in it together you know, i'm just happy for myself and happy for everybody else we've been through a lot >> you're ready torg >> i'm ready to go >> the state of louisiana is spending $4 million to -- this will protect neighboring communities from future flooding because the wetlands act is a sponge during heavy rainfall >> incredible in a continued series in your rising risk that's one town. is that a blue pript for other communities? >> they're testing this, and also working on a very similar
plan in an area that is syncing into the are gulf of mexico. as we see more flood and communities in danger and entire groups of people that want to move, this could be the way to do it. >> can you stick around? i want to bring in mike as well. he is going to take a look at the u.s. housing picture chief economist at the mortgage bankers association. >> we're not going to ask you about rising risks, but we might ask you about rising rates how big of a stimulus has this acted as for the u.s. housing market >> so, brian, thanks for having me you know, honestly, i think we're in a bit of a sweet spot for housing right now. as you were talking about with the prior guest, don't think the fed is going to do anything this year.
>> how sensitive are today's buyers to these little moves in rates? i mean, we saw the big spike in november, and that pulled buyers back at the end of the year, and then rates fell. we saw a huge drop in march. that really juiced new home sales. we saw that in the data yesterday. it seems like every time we see these small moves, all the buyers are either ready to jump or ready to pull back. is that because of higher prices or what's making them so sensitive today? >> it's a great question, and, dane yark as you know, in the mortgage market, we always focus on two parts the refinance market, which is incredibly sensitive if you look, over the past couple of weeks mortgage rates up about ten basis points. refinance volumes dropped about 30%, right the refinance market so sensitive to any change in
rates. purchase factors, you have the job market and the level of inventory. rates are just another tail wind that benefits the market. you refinance your home and take money out of it. you are sitting on basically new mortgage it's harder and more expensive to move. re-fs, do they actually damage the housing market longer term?
diana ohlick talking about housing and why no one is selling and an important series on the rising risk to real estate an important story, diana. thank you very much. it is now time for your morning rbi. hopefully the most random but interesting thing you are going to hear all day. today it has to do with some pain that you are facing at the gas pump according to triple-a, the national average for a gallon of regular unleaded is $2.87. that is 24 cents higher than this time last year. yesterday, actually, we saw i gas station worker right near cnbc raise prices literally while we are filling up our tank by 4 cents a gallon. if it seems like prices are creeping higher in your neighborhood every day, you are right. gas prices have now gone down for 70 straight days 70 straight days without a decrease in pricing at the pump. that is an all-time record according to bespoke investment group.
we know you're paying a lot more if you are watching early in the morning in california, too we feel your pain. thanks for watching worldwide exchange this morning. "squawk box" picking it up next. 'lseyotorrow lower carbs. ♪ lower calories. ♪ higher expectations. the light beer you've been waiting for has arrived. corona premier. has arrived. i like to make my life easy. ( ♪ ) romo mode. (beep) (bang) good luck with that one. yes! that's why i wear skechers slip-ons. they're effortless. just slip them right on and off. skechers slip-ons, with air-cooled memory foam.
the s&p and nasdaq on record highs. we'll have a full market rundown straight ahead another big day for earnings we're going to hear from boeing, caterpillar, and at&t. all in the next 90 minutes plus, a rare interview with melinda gates. she speaks to becky about her fight against the global health crisis the challenges for working women and the role of capitalism in society. it's wednesday, april 24th, it 2019 "squawk box" begins right now.
our guest host for all three hours this morning is joe terranova. he is from vertus investment partners he is a cnbc contributor, and it's great to have you here. >> great to be here. >> we have a lot of market news to talk about. let's start taking a look at the u.s. equity futures at this hour you did see new record highs yesterday for both the s&p 500 and the dow. for both the s&p 500 and nasdaq. first time we've seen that in a while. the nasdaq had its highest close since october 3rd. you'll see that things have picked up a little bit you are looking at green arrows across the board once again with the dow futures indicated up by 26 points.