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tv   Worldwide Exchange  CNBC  June 2, 2022 5:00am-6:00am EDT

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it is 5:00 a.m. at cnbc. here is your top five at 5:00. stocks trying to avoid a three-day losing streak as the dow braces for the ninth down week in the last ten futures are mixed right now. not helping. mixed messages from jpmorgan chase as the top strategist predicts a grim outlook from the chairman and ceo those comments coming up. a big day for energy with the key opec meeting coming on deck this amid reports that president biden will do some face-to-face
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negotiations plus, mark zuckerberg is losing his number two at meta platforms as sheryl sandberg announces her departure from the social media giant. later on, we highlight one stock bucking those inflation headwinds. it's surging right now in the pre-market it's thursday, june 2nd, 2022. you are watching "worldwide exchange" here on cnbc good morning welcome to the show. i'm dominic chu in for brian sullivan let's kickoff the hour with your money and the market modest moves before the opening bell s&p is up 16 the nasdaq up by 72. some positivity. modest at that this is after stocks pulled back
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with choppy trading yesterday on the worries of the economy and worrying comments from jpmorgan chase ceo jamie dimon. he said a hurricane is down the road and coming our way. also checking right now on the bond market yields you see yields are ticking higher right now lower actually 2.92% for the 10-year treasury in the oil market, crude is pulling back as investors digest a number of headlines with opec and u.s. gasoline prices stay tuned for that. right now, wti crude is $113.03. world benchmark ice brent is down $2.50 in the crypto side bitcoin and ethereum on the
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move bitcoin price is $29,936 below the 30,000 ethereum is up at $1,823 first up, let's check the trade overseas with julianna tatelbaum in the london newsroom with latest there. good jubilee morning, julianna >> dom, good jubilee morning as well a lot of excite ment in london markets are closed in london green across the board in europe cac 40 outperforming this morning. up 1%. the construction company performing well this morning the dax up 0.7%. paring back the losses the last
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couple days. also a lot of focus on fixed income in europe sovereign bond yields. 10-year german bund yield crossing over to the highest level since 2014 1.208% yields moving higher in germany and in europe. the 10-year bte is trading at 3.23%. we were below 3% just weeks ago. bond yields have been moving higher here. this as investors brace for the central bank to begin raising rates in july. likely again in september. it feels we're in the same place the u.s. was a fuel monew monthk dom, back to you >> julianna tatelbaum live in london with the latest i hope you enjoy the jubilee holiday. see you soon let's get to the latest headlines with silvana henao >> as you mentioned, big moves
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in the price of oil this morning. wti dropping nearly 2% on reports saudi arabia is telling western allies it is prepared to raise production should russia drop over the sanctions with ukraine. and president biden is weighing a trip to saudi arabia and a meeting with the saudi prince as the u.s. gas prices rise to the highest level on record. baby formula maker rekitt will increase production if the fda gives it the green light to do so. this comes as the shortage stretches into another week. this following the biden administration which did not
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understand how the shutdown of the plant in michigan would have on the industry until april. finally, pfizer and biontech are asking u.s. regulators to authorize three doses of the covid vaccine for children under 5 years old. the request to the fda yesterday comes as the three doses were 80% effective in preventing symptomatic covid in children 6 months to 5 years old. >> silvana henao, thank you. back to the market june picking up where may left off. voluatility rearing its ugly head this as questions about the fed's rate hike strategy fuel further uncertainty over the road ahead for more, let's bring in mark avallone, president of prapotom
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wealth advisers. maybe it is time to sell in may and just go away >> good morning, dom i think a lot of the page has been done. i think investor expectations have been moderating this has been happening over six months investors are getting used to this and should until there is clarity on inflation and clarity from the fed and how many rate hikes we're going to need. until we have more earnings visibility in the slowing growth economy, i think investors should understand that volatility can be the norm for months and maybe a year or longer. >> is that, then -- you're a wealth adviser, is this something we should embrace? if so, who should embrace it and who should not >> in thathat is an excellent question investors who had cash on the sidelines and those who did not
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believe in the bull market finally have their bear markets are a process. not a point in time. valuations are better now. going in slowly to names you might have liked and secretasecretary in sectors hit down likes technology, the growth sector is hammered if you want to be a long-term investor, this is what this market is offering investors >> momentum is the big part of the story right now. for the overall markets and certain key sectors, it is on the down side for months at this point. when we talk about momentum, there are certain parts of the market -- technology -- which had momentum for years i would augrgue a decade plus there are other areas that are going up with the momentum for the last year like oil and gas which is the most attractive to
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you right now? momentum for value/oil and gas stocks or the momentum that we've seen longer term that is now at a discount for technology and media? >> we are looking long term. i think right now if we're facing a slower growth world and that's where we're going, we want to be in growth names we want technology look what happened when the nasdaq went up 6%. the market will move quickly when it moves? we don't know when it is we want to be ahead of the curve. that's why we don't want to abandon growth right now when this market turns, that's where the money will go. >> how scared are you, mark, of raising interest rates if the prevailing conventional wisdom is going hold this true and the path of interest rates higher over the next several
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months and quarters, is that something you feel frightened about or do you have room to adjust higher despite the rates going higher as well >> that's a great question we think rates tick up higher. the majority of the interest rate has happened. the rates will slow the economy eventually global central banks will lose their nerve and not just keep moving the interest rate dial up the fed only controls interest rate sensitive sectors it will slow down housing and consumer purchases and credit. they don't want to create a recession. when this starts to slow down and take effect and housing falls off the charts, we see indication it will slow. we think they also temper rate hikes. we are not worried about the 4% on the 10-year we think it stays 3 or north of that and level off from there.
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>> mark avallone thank you very much. have a great day when we come back on the show, more on president biden's trip to the middle east amid soaring gas prices and what investors expect from the big opec summit. stock implications for meta after its long-time chief operator officer sheryl sandberg says she stepping down from the role. and later on, celebration as queen elizabeth is the first british royal serving for 70 years. we will go to london for day one of the platinum jubilee. a very busy hour still ahead when "worldwide exchange" returns after this break what if you were a global energy company? with operations in scotland, technologists in india, and customers all on different systems. you need to pull it together. so you call in ibm and red hat to create an open hybrid cloud platform.
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what a big party this is the big -- this is day one of the queen's jubilee celebration. there are, from what i understand, not just a ton of people and soldiers involved, but horses and everything else you are seeing part of the parade with the soldiers right now going down towards some of the biggest festivities. we are live in london. we are continuing to follow this and bring you shots throughout the course of the hour and
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morning with the festivities here. time for the big money movers you have chewy shares are soaring as the online pet products retailer reported a first quarter profit sales rising 14% as margins fell due to higher shipping and labor costs. chewy is forecasting second quarter revenue below estimates. that stock has been beaten up over the last year it is up 17% pre-market. stock two is hpe the company's second quarter profits were flat from a year ago and missed forecasts doubts of business spending on tech hardware. gross margins held up despite inflation and supply chain disruption shares are down 6% in pre-market and stock number three is pure storage. first quarter results beating forecast with revenue jumping
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50% as cloud base storage continues to grow. logistics are still very hard, but navigating through the rough waters and cases redesigning circuit boards pure storage is up 10% in pre-market trade the big story this morning in tech land is the company formerly known as facebook sheryl sandberg announcing she is stepping down as the chief operator officer of the company. a position she held, by the way, since joining in 2008 as mark zuckerberg's number two at the company. they turned the social media company into an advertising giant. at one point, a company worth north of $1 trillion current chief officer javier olivan will take over this fall. joining me to discuss the implications for the meta
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platforms going forward is rocco strauss. partner at research. rocco, is this a big deal for meta is this a situation where sheryl sandberg was such a key person in the management at meta that her loss is going to be a setback for the company? >> yeah, hey, dom. thanks for having me this morning. i think i would say you can look at twitter ceo leaving the company. at facebook, what you see this is a long plan change. you see an immediate successor in place with respect to what is ahead with the fplatform with sandberg she is like facebook is transitioning to a period where
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tech focus is become are more into focus again not only them shifting into the meta metaverse, but with respect to ar and you think of stories across the platforms and click functionality. this requires a lot more hardware infrastructure and r & d and olivan is better suited for that other than sandberg, he doesn't have to worry about hr and reporting lines. i would say this is going to be a a very smooth transition for facebook and meta platform >> rocco, as you look at the facebook story, the narrative as it is shaping up right now, they made a lot of waves. mark zuckerberg and company over
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there about the rebranding and rebranding taking shape because of the pivot toward web 3.0. the metaverse. the next stage with virtual presence is this a scenario where you feel as though meta platforms can return to that big growth story we saw in the early days with mark zuckerberg and sheryl sandberg >> yeah. i guess that's the billion dollar question here sandberg is leaving during a time where facebook is shifting into a technical innovation period she is leaving at the time where top-line surprises are harder to combine. you think about facebook or meta as a platform having reached peak penetration and you have the ad lows coming down based on the transition into longer term video and reels. you see pressure on pricing from
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the transition and also from all of these consumer shift into services and travel versus product and so on. it is tricky to generate the top-line surprises at the same time, you know, shifting to reels and that is becoming larger consumption on the platform this also has significantly lower margins. 25% or lower that means the platform's profitability pattern is changing sandberg is leaving at the top of that. leaving olivan and others to make the change to the metaverse and platforms working closely with each other. this is the task ahead of them >> rocco, i'll ask an interestly framed question. i'll get to it sheryl sandberg has a good amount of equity and stock in
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meta platforms right now do you feel as though sheryl sandberg will want to keep that meta stakes going forward given what she thinks or knows about the meta future business going forward? >> i think in context of global recession that we are in or gliding into, i would have in mind some of the big companies, like facebook and facebook having $45 billion of cash on the balance sheet and likely generating $50 billion of free cash flow in the year. they have resources to plow through the recession and innovate themselves out of it to come back stronger at the end of the day. what we should have in mind is that the metaverse aspirations is that they are trying to set up the platform with the third operating system where they have
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more control over what is happening and how revenue generation is happening. i'm certain the amount of money they are investing, they will get something meaningful by the end of the decade. i would not be surprised if sandberg holds on with that in mind >> rocco, among the faang stocks, which is the favorite? >> and some of the shifting and as well as benefitting from the shift from product to services mainly travel and restaurant i think the end of the year, this is the best position. >> rocco strauss thank you very much. have a nice day. >> thank you still on deck, walmart facing the music ahead of the first investor day in three years. what's in store for that stock when "worldwide exchange"
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welcome back to "worldwide exchange." let's get a check of the headlines with phillip mena in new york >> dom, another mass shooting in america. four people killed when a gunman opened fire. this time in a hospital in tulsa, oklahoma. police believe the shooter, described as a man between 35 and 40 years old, has also died from the self inflicted gun shot wound. he was armed with a rifle and sho shotgun. ten others were hurt, but no others were life tlhreatening. a win in court for johnny depp the jury of seven awarded depp $15 million in the defamation suit against ex-wife amber heard. she was heart broken by the decision she was awarded $2 million in the counter suit. the late john madden is returning to the franchise he
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gave his name to madden would grace the cover of the nfl video game the first time in 23 years he would be on the coverage the announcement came on the anniversary of the first madden football release in 1988 that it is from here dom, back to you. >> one of the video games i most closely attribute to my childhood. still to come, mixed messages from jpmorgan chase on the road ahead for the economy and stock markets overall. victoria fernandez weighs in. and the royal platinum jubilee is underway. we have a front row seat in london live when "worldwide exchange" returns after this
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stocks trying to turn the corner after another down day for wall street as futures point to modest gains. keeping investors on edge. comments from jpmorgan chase jamie dimon on the coming hurricane for the u.s. economy not everyone at the bank is gloom and doom. plus, oil making a sharp move lower as one country says it is ready to step up if russia oil output falls further it is thursday, june 2nd you are watching "worldwide exchange" on cnbc.
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welcome back to "worldwide exchange." i'm dominic chu in for brian sullivan it is 5:30 a.m. eastern time here is how the north markets ar money is looking here are some gains. dow implied higher by 135 points s&p higher by 20 the nasdaq higher by 91. nothing dramatic still the bulls may take it given the market narrative if you look at the sectors that matter most to the market. it has to be technology and communication services and k consumer discretionary technology and consumer discretionary over the last month are down due in large part
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with the win in tesla. if there is a sign of life, it has been the last couple of weeks with the buying stability in the sectors something to watch within that technology trade, there has been interest over the last week or so in buying the dip in some of the more beaten up parts of the market in semiconductors and software and cloud computing stocks shares with gains there. semiconductors up 3% during that sp span of course, apple, alphabet and microsoft. we are still in negative territory. microsoft down 18% alphabet down 21 some of the bulls are pointing to the move here is it just a dead cat bounce or is it some stability in the market and we see a little bit of buying on a leg-in basis. people dollar cost averaging
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let's get to the top stories outside of the stock market overall. silvana henao. dom, the biden administration forging economic ties with taiwan amid growing tension with china unveiling a pact with ta'aipei to promote digital trade. the trade secretary is launch age separate dialogue with taiwan for investment. the importance of taiwan as a lead supplier of advanced semiconductors taiwan was not invited to join the pact with the u.s. and a dozen asian pacific communities over it could anger beijing. shares of walmart in focus today as the company preparing for the first annual shareholder event in three years among the items top of mind for analysts is the progress of the
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amazon prime service and walmart plus which is grappling with inflation and digital growth since the early days of the pandemic and shares the nextdoor holding surging ahead of the opening. approving a $100 million share repurchase plan through the year 2024 dom. thank you for the headlines. oil prices are pulling back ahead of the big meeting by opec and other oil producers, including russia later today opec plus as it is known will likely stick to the plan of modest monthly increase in oil output despite tighter global markets. saudi arabia is prepared to raise production if the russian ou output falls the saudi move would come with
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urging by the united states as gas prices soar. president biden is leaning toward visiting saudi arabia later on this month with the nato and g7 meetings as well. let's get more from amena bakr a amena, these headlines are grabbing investors right now some spokes afolks are trying ta top or call in prices. is this opec action going to do anything to dent what is happening in the oil market right now? >> hi. we have seen from the ft report alone that prices did drop this morning on just the possibility of more supply coming into the market
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it is impossible to predict what will happen. it has to be unanimous agreement. all members of the opec plus group p must agree to keep the status quo or increase production looking at the numbers and just looking at the facts here, the market does need the additional supply from the jtc report yesterday which is ahead of the opec meeting, we saw stocks revised down demand was revised downward. we all know there is an issue with the supply. prices are going up. demand during the summer period is up. china is coming out of covid lockdowns. all of these factors really point to a need for opec plus to add production whether or not the group agrees on this is to be seen in the
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coming hours >> one of those and we heard so many times from different experts out there about the old saying in the markets that the best cure for high prices is high prices. this is something that many producers are struggling with and whether they can take advantage of the prices right now. is this a sense among some of the oil producing countries within opec plus that they would be able to take advantage generally speaking of the higher prices by putting more supply on market without having to really hit the price of oil in a meaningful way >> well, there is the point of demand destruction, too. if you have prices going up to a level where it kind of curtails demand that is the danger adding more supply to the market, it is the season the summer season and driving season in the u.s. that may help gauge more demand and help the producers really
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capture value from the prices we're seeing >> okay. if that is the case, then, we talk about the report that president biden may, according to some sources, looking to make this possible meeting with saudi arabia at some point down the line how important is it to the energy markets here in the united states and for some of the gasoline prices that are affecting many of us here domestically in the u.s. -- how important is it for president biden to get some kind of agreement or deal to get oil back flowing again or can the u.s. change its policies to put more supply in the market ourselves? >> when it comes to market management, really, just controlling all of the fundamentals here. i believe all roads lead to riyadh that is where the decisions are madesaudi arabia is a heavyweign
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the market over the past couple weeks, we have seen reports of u.s. officials going to riyadh. we have seen positive meetings following the news that you mentioned that president biden will go to riyadh to hold further talks. at the same time, i want to remind you that there have been previous requests from the u.s. and from saudi arabia and the rest of opec plus to increase production and we haven't seen this happening i think for the opec plus group, it has to be a decision that is taken within the group it is not a unilateral decision. it won't really be,s as a result of political pressure, per se, but the right time to add supply to the market and would make sense. just given the factors now including the data from the jtc report and demand forecast and
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china coming from lockdown, et cetera, perhaps now is the right time to do this. >> amena bakr, thank you very much we appreciate it now a day of celebration as queen elizabeth ii is the first british royal to serve for 70 years. today is kicking off a four-day party. celebrating in london and across the uk and world for that matter that's where we find cnbc's tania bryer. tania, you have a front row seat there. take us through what we expect the party to look like today and in the coming days >> reporter: dominic, good morning. that is right. i'm lucky. what a fantastic seat here right in front of buckingham palace. it's day one of the queen's platinum jubilee celebration here in london, uk four days to celebrate her
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majesty the queen and her 70-year reign. at 96 years young, there is so much admiration for her majesty the queen. what is happening now, dom, we are waiting for the royal party to come out of the palace and her majesty and go down to see the trooping of the colour they are then going back to buckingham palace to stand on the famous balcony her majesty will be there with the working royals that does not include harry and meghan or prince andrew. what will happen on the balcony, a special flyover from 70 aircraft of the royal air force and army and red arrows. that is a once in a lifetime spectacle for her to celebrate her 70-year reign.
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tomorrow with a thanksgiving service at st. paul's kcathedra. on saturday, her majesty, the queen, is expected to go and meet lillibet. meghan and harry's youngest daughter for her first birthday. and saturday night, there will be a party at the palace right here behind me the stage is set for an amazing concert with artists like queen, nile rodgers and diana ross performing for her majesty dom, there is an electric atmosphere because everyone is waiting for them to come out of the palace just behind me. >> so, tania, some of the initial reports that we heard and have spoken about the idea with hundreds of horses and soldiers and performers.
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all of that. there is no party like a british party. that is happening in front of you. how important is this celebration marking that kind of a reign? 70 years seven decades. thousand how important is it for the british public and morale like we have dealt with over the last couple years with the covid pandemic >> reporter: dominic, it is so important. of course, this is the first time post-pandemic that all of the crowds are allowed to gather in person. it is so important for the british public to actually support the monarchy which has been controversy over the last years with prince andrew and, of course, with meghan and harry, as well. her majesty is unifying her family getting them all together to
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celebrate the unprecedented 70-year reign she has. you cannot underestimate the response for the british people and for those around the world with all eyes on the united kingdom to see this has come out of the pandemic. the last few years have been so difficult for, of course, everyone around the world. this celebration is showing that people can actually come and celebrate together and, dominic, as i'm talking to you, they are playing "god save the queen. the national anthem. just behind me, we are seeing the open carriages, dominic, with the royal family just coming through the start of the royal procession is happening now. and for the thousands of people watching and the billions around the world, this is certainly a very important time in history
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for the monarchy >> tania bryer she has a front row seat to the royal family celebration we will bring you live shots throughout the morning here right here on cnbc keep it right here. coming up on the show, the big money movers a big win for a retailer in what is a rough sector these days first, as we head to break, some of the top trending stories. a new forecast predicts china's slowing economy will take a big bite out of the global sm smartphone market. the u.s. postal service is going electric it plans to buy 10% of evs as it it tries to modernize its delivery truck network. amazon shutting down kindle
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bookstore in china customers will not be able to purchase new ebooks. no word on why over that move. stay tuned you are watching "worldwide exchange" on cnbc.
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exchange." time for the big money movers. stock one is mongo db. it beat bottom line estimates. shares are up 9% right now stock number two is pvh. shares are higher after the parent company of tommy hilfiger topped estimates for the recent quarter. shares of c3ai sinking after the software company issued a disappointing forecast ahead it is guiding fiscal first quarter between $63 million and $67 million and full year revenue of $308 million to $316 million. analysts had been projecting sales of $71.6 million and full
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year at $341 million shares are down 23% in the pre-market trade coming up on deck, jpmorgan chase boss jamie dimon not mincing words in the grim outlook for the u.s. economy does his bank's top equity strategist disagree with him that story is coming up next (vo) is more than glass and steel... and stone. it's awe. beauty. the measure of progress. it's where people meet people. where cultures and bonds are made between us. where we create things together. open each other's minds. raise each other's ambitions. and do together, what we can't do apart. this is space for dreams. loopnet. the most popular place to find a space. miss allen over there isn't checking lesson plans. she's getting graded on her green investments with merrill. a-plus.
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welcome back to "worldwide exchange." a lot in store for the trading day ahead. you see first the reports out this morning the may report out at 8:15 a.m. and the jobless claims at 8:30 a.m. then this afternoon, two fed heads and incoming dallas fed president lori logan at noon and cleveland fed president mester
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at 1:00 p.m. we will be looking out for earnings from lululemon and crowdstrike and okta and rh. a busy day coming up on thursday. back to the markets as investors kickoff the month on a sour note. in a note to clients yesterday, jpmorgan chase analyst says the s&p will end the year unchanged as investors quote absorbed an priced in aggressive policy changes from the federal reserve. adding we remain positive on risky assets due to near record low positioning and bear sentiment and our view there will be no ression given support from u.s. consumers and global post-covid reopening and china stimulus and recovery. the comments come in the face of the comments from his ceo jamie
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dimon. that investors should brace for an economic hurricane. joining me on this debate is victoria fernandez at global investments. victoria, who has it right jamie dimon or marko >> dom, look, i never want to go against jamie dimon when it comes to these things, but marko -- we're more in his camp than jamie dimon at this point you talked about the uncertainty in regards to the fed path will we get a soft landing or what do earnings look like at the same time, you are looking at an economy with a strong labor market. household balance sheets look good corporate balance sheets, although we see margin compression, balance sheets look good as well
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you typically don't have a recession with these factors in play we don't see a recession like marko said in 2022 second half of the year for the fed will start to work through the economy with the lag perhaps that is a probability. we see more volatility and perhaps a slowdown, but not recession. >> if that is the case, slowdown or volatility, does that mean folks should be out buying dips in the market? >> we like looking at opportunities in the market. we're not saying every time there is a full bag go all-in. you need to find names within the sectors that pulled back and have quality earnings. that's what we're doing. we are picking up names here and there. that is how you want to manage your portfolio we are invested. we had a client call yesterday everyone said what do we do with cash we use the opportunities to
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spend a bit of cash. >> you are leading into the next question you are setting me up. what is on the shopping list what are the stocks that fit the criteria >> some of them ch robinson with the transportation company supply chain issues and that has been a name we like. they have expansion in ground transportation and trucking. we like that name. you look at the name like cvs. more people going there for covid reasons, but they had growth across all of the sectors. they are beating industry peers. i have a dividend over 2%. they have buybacks coming. they raised the dividend strong names there you know we like financials. if you don't want to look at banks, look at met life. a name we added to recently. again, they have strong balance
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sheets fash flow cash flow at metlife really good. they are the third largest vision care provider that is a capital light business cash flow he iis looking good. >> victoria fernandez, thank you very much. always good to hear you. see you soon that does it for us on "worldwide exchange. markets are pointing to modest gains at opening bl.el "squawk box" is picking up coverage next. dow i mplied higher. to deal wit . oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. the smart, fast, easy way
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good morning brace yourself for an economic hurricane. that is the message to investors from jamie dimon
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he says his outlook has got even more dire since last week. sheryl sandberg leaving meta what comes next for the company as it transitions to the metaverse without the long time lieutenant and it is a big day for the gas bill the key opec meeting we will tell you what to expect. it is thursday, june 2nd "squawk box" begins right now. good morning welcom wel welcome to "squawk box" here on cnbc from nasdaq market site in times square i'm here with brian sullivan and mike


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