it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we begin with win streak snapped. stocks look to close out the worst month since september and we look at the latest fed decision. earnings at the half. investors bracing for another busy day of reports including the latest from amazon. and also look out for the golden arches. let's see if mcdonald's can snap the slowdown. and paramount ceo bob bakish

gets shown the door and off the earnings call. and later, more job cuts at tesla after marking the best day in weeks. it's tuesday, april 30th, 2024. you're watching "worldwide exchange" right here on cnbc. good morning and welcome to "worldwide exchange." thank you for being with us. let's get you ready for the trading day hahead. we kick it off with the look at the futures after the positive day for wall street yesterday. a different story today here in the red across the board. the dow would open about 70 points lower. for the month, dow, s&p and nasdaq snapping five-month win streaks. the dow tracking for its worst performance since february of 202. for the month, chevron and

american express is leading the dow and home depot bringing up the rear. the fed kicks off the two-day policy meeting today. we have seen yields pull back from the levels we saw yesterday. the benchmark at 4.62%. the two-year yield at the 5% yield. bitcoin is popping up above $61,000. bitcoin is sliding a bit. down below $62,000. down 1.5%. we will watch the moves throughout the show. we have breaking news and data crossing in europe. silvia amaro is here with me in london. we saw italian gdp and now eurozone gdp. >> there are a lot of important numbers coming from the

eurozone. to give you a quick summary. in terms of inflation which came in line with what analysts were expecting at 2.4%. we are seeing no change compared to the previous reading. however, this will be an important number for the ecb as they prepare for the potential rate cut in june. when it comes to gdp, we saw the eurozone economy growing above what the analysts expected which was in line with the national numbers throughout the morning. let me take you to the market action on the back of the numbers. we are seeing most of the european equities moving lower so far in the session. continuing with most of the sentiment we have seen so far in the session. i want to take you to some of the corporate stories we are monitoring today. it is a very important busy day when it comes to some of the corporate releases. we have seen news from hsbc which announced the ceo is retiring. noel quinn is retiring.

this was on the back of the first quarter announcements. they announced the ceo will be leaving. at the moment, we have seen shares moving higher by 3%. when it comes to volkswagen, also an important story that we are following this morning. operating profits declined 20% in the first quarter. this is an important story to monitor in the context of geopolitics. we are seeing shares moving lower by 2.3%. lastly, on the tech space, we are looking at logitech. the company reported a 5 % bump in sales for the 40 qufourth qu. frank. >> silvia, thank you very much. big day for economic data and earnings in europe. we appreciate the report. turning attention back to the u.s. today is the halfway point of

earnings season and a big one with dozens of companies reporting. amazon, mcdonald's and coca-cola and 3m reporting. it marks the start of the t two-day policy meeting with the powell press conference at 2:00 p.m. tomorrow. the fed may be expected to keep the policy rate on hold and hint at a timeline for the cut, but the treasury markets are pricing in the opposite. the ten-year yield up 10% this month and now at 4.62%. joining me now is emma wahl. emma, great to have you here in london. >> thank you very much for having me. >> we have to start on the u.s. fed. no decision expected tomorrow, but a lot of thoughts of what jay powell will hint at here. what is the impact on the european bond complex and broader global equities? >> it is the multi-trillion

dollar question. all of the central banks have been giving forward guidance. it will be interesting to see not so much the rate decision which we expect to be held, but the pressor afterwards. i think he will take the opportunity there to reinforce the higher for longer rhetoric and give some scope or some indication of when we expect to see rate cuts. we are still very much in the camp we will see rate cuts this year. it is way off what markets are expecting from the beginning of the year. a few short months ago, this was a six-rate cut year, but now not looking that way. we think a couple of rate cuts this year and a pause. >> a couple is nebulous. one or two? >> this is an interesting question. what the depth of the cuts could be here. we end with 25 or 50 basis

points lower today. you have to leave room for maneuvers. fixed income is an attractive asset class right now. we are higher rates. it will be higher for longer. the extra jtrajectory is there. >> the guest we had this morning hit the range of 2.5. the fed staying higher for longer and the ecb expecting a cut in june. how does that impact fixed income? where do you see the biggest opportunity? i think it would be on the short end of the curve in the u.s. >> i think the best opportunities here are a mixed bag. you have really enticing yields. just a couple of years ago, in order to get 5%, you had to be in rock 'n' roll territory for fixed income. high yield. now you can basically get that in the u.s. that's quite a thing.

knocking in income now and having a strategic option of looking around the globe which is in developed markets. i do also agree the ecb will move before the fed in cutting rates. i think the bank of england will do the same. interestingly, not just what it does for the fixed income market, but what it potentially does for inflation in the uk because if rates are higher in the u.s., that means rates are more attractive in the u.s. you could get the secondary imported inflation act because of the impact on the currencies. credi >> we mentioned we're in the middle of earnings season here in the u.s. and in europe. automakers under pressure after the reports. what are your expectations? we see the ftse 100 hitting new highs every day. 3% or 4% in the u.s. indices as well. >> the ftse 100 hit the all-time

high, but it has taken a long time. the last year, we have seen difficult months for the s&p 500, but the last 12 months, we had several all-time highs. japan at an all-time high after four decades. the ftse 100 is stronger on. we feel earnings are patchy than in the u.s. we have seen great results from financials. we expect it to be positive. we are mindful inflation is a factor. >> you are dodging a bit. do you expect earnings to show and confirm what investors are looking at here with the a.i. rally going or will earnings push investors one way or the other? >> i do think the magnificent seven story continues to run. it is a narrow trade. s&p 500 will have continued volatility this year. we do think it is an opportunity to take gains and recycle it back into the value which is in the uk despite hitting all-time highs. >> emma wall, thank you for

coming by. for more on the markets and trading day head, head to cnbc pro at cnbc.com/pro. time for the check of the corporate stories. silvana henao is at cnbc hq with those. silvana, good morning. >> good morning, frank. just one day after seeing the stock close out its best day since march of 2021, elon musk is trimming head count again. the company's senior director of the super charger business and the head of new products will both be asked to leave as soon as today along with the roughly 500 employees that work in the super charger group. it's official. paramount global ceo bob bakish is stepping down as the merger talks with skydance media moves forward. he will leave the company's

entertainment division. bakish joined the company in 1997 before becoming ceo 19 years later. this comes as paramount reported mixed quarter earnings with revenue coming up short of estimates following the earnings release. the company held a conference call that lasted less than ten minutes and included no comments from bakish and no questions from the audience. and microsoft will invest $1.7 billion tover four years t build out cloud computing in indonesia. satya nadella makesinging the announcement as he kicks off the three country tour. microsoft will train 2.5 million people in the region with a.i. skills. >> silvana, thank you. we have more to come here on "worldwide exchange," including

the one word that investors need to know today. first, does mcdonald's have what it takes to break the three quarter sales losing streak with the stock down 7% this year. we have your big money movers and why coursera is plunging ahead of the open. down double digits. and later on in the show, amazon numbers you need to know ahead of the report. it it's a very busy hour on "worldwide exchange." stay with us. that you and your family need. i promise to put your long-term financial well-being above any short term transaction. everyone has a big picture. my job is to help you invest in yours. [announcer] charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com (grandpa vo) i'm the richest guy in the world.

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welcome back. we have the quick market flash on shares of sensata technology. the shares are popping after the first quarter moves on top and bottom line. the company announcing the ceo retiring and new agreement with elliott investments to add new members to the board of directors and ceo search committee. shares up 20%. turning attention back to earnings. consumers spending in international foot traffic. that is something to watch with mcdonald's releasing numbers today. mcdonald's looking to a fourth straight drop. mcdonald's and starbucks reporting today. that's despite higher prices. let's talk more about this with brian harburg at morgan stanley.

brian, good morning from london. i want to start off with mcdonald's. you have an overweight rating and target of 320. a 15% upside. higher than the street has it. what do you see with the company after the struggles earlier this year? >> good morning, frank. thanks for having me. i would say there will be sales deceleration this quarter. mcdonald's has been cautious about that over the last couple months in the u.s. and internationally. we feel on a relative bases this is a gainer despite the slower sales environment this year which hurts the peers where the environment and mcdonald's comes out in a better place over the competition. >> you know, a lot of times when we talk about mcdonald's, we talk about higher food prices and consumer being stretched. we forget the business is

franc franchising. it is not making food. franchises increasing year over year at 10%. is there a danger of it not meeting that level? high are for longer impacts people trying to buy a small business which a mcdonald's is here. >> the economic proposition of owning a mcdonald's is still attr attractive. we have gone through several years of high cost inflation in the u.s., but also around the world. opening new stores globally is still a key driver of the franchise revenue. we don't think that equation has necessarily changed. you can have small changes quarter to quarter. i'm not worried about the first quarter and in the long run, it is an attractive impetus to open a mcdonald's. that drives the royalty revenue. >> we are showing the price increases for the big mac and

fries. sometimes you get sticker shock. i want to move on to starbucks. implies a 12% upside. you are higher on the street here. what do you expect here from starbucks? mcdonald's is more on the rocr working class and lower end. >> this will be a difficult quarter for starbucks. you could see negative same-store sales growth in the u.s. and in china as well. investors are prepared for this and it is a difficult comparison to last year with starbucks in the u.s. and globally. this could be a tough quarter. i think they may have to adjust their annual guidance as you think about the pressures in the u.s. with the pressures in the middle east and china. >> you know, brian, you mentioned international with 22% sales. what do you hear in the middle east? starbucks is facing western

focus boycotts. >> those have continued. we may see a bit of easing, but not really substantially. it is not unique to starbucks. this is across the brands i cover. it will take time to work through some of the issues. in china, i would expect negative same s-store sales groh this quarter. it is competition and the macro environment. i think the macro environment is the driver with china posting negligative same store sales: >> got it. i'm hearing a lot of reports with the chinese consumer from beverage makers. a lot of reports. brian, thank you for your time. coming up here on "worldwide exchange," a multi-billion

dollar shot at half-court for the future rights ttohe nba. details on that report when "worldwide exchange" returns. stay with us. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities.

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welcome back to "worldwide exchange." we start off with the big money movers. chegg posts a 7% revenue decline. they are shifting to a more a.i.

model. you see shares are down 12%. similar for coursera. the stock is on track to open at or close to the all-time low as investors digest weak current quarter and guidance beat. you can see shares down 13%. nxp semiconductor gaining ground in the early hours. revenue in the industrial and internet of things segments growing by 14%. the chipmaker is optimistic about the cyclical downturn. shares of f5 network sinking. beating estimates, but missing on guidance. f5 is up 20% in the past five months, but under performing in the cyber etf.

shares down 10% as you see here. time for the check of the headlines with frances rivera in new york. frances, good morning. >> it happens, frank. let's start with the diplomatic pressure on hamas to accept the cease-fire with israel. in saudi arabia, secretary of state antony blinken called the deal extraordinarily generous on the part of israel and said hamas is the only thing standing between the people of gaza and the cease-fire. the idf is certain to push in rafah if the temporary truce is not reached. overnight at columbia university, demonstrators entered a building on campus and some seen breaking windows after

students refused to leave campus. and the denver nuggets bounced the lakers from the playoffs. denver's murray delivered the dagger for l.a. the jump shot from the guard allowed them to punch their ticket for the timberwolves and elsewhere, the thunder sweep the pell icans in four games. they go to the second round of the playoffs for the first time since 2016. i hope you are set with the cough, frank. back to you. >> i'm feeling pretty good. i feel pretty good about the playoffs. excited to see the next generation of stars. frances, thank you. coming up here on "worldwide exchange," changes at the top at one of the major european banks. the stock has popped 17% in the

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it is 5:30 a.m. in the new york city area. 10:30 here in london. there's more ahead on "worldwide exchange." here's what's on deck. pivoting for the fed. preparing for the latest fed policy meeting and offering up clueing if or when rate cuts are

coming. earnings also topping the agenda today with results from amazon, but will we follow knockout numbers from microsoft and alphabet? we tee up what you need to watch. also turning to the competition. the fellow tech giants with the a.i. brain drain courtesy of apple and the a.i. ambitions. it is tuesday, april 30th, 2024. you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm frank holland here from cnbc london. let's get you ready for the trading day ahead and the check of the stock futures here on the final trading day of april. you can see the futures are in the red across the board. the dow off the lows of earlier today. it would open 40 points lower. the s&p and nasdaq in the red.

thes s nasdaq and s&p tracking worst month since september. for the hundred, ge is leading the s&p. on the other side, global life and ulta beauty are among the stocks weighing down the index. ahead of the fed meeting, we are looking at treasuries. the yields are pulling back very slightly. important to note the two-year yield is close to the five-year yield. we are looking at the oil market now with the oil up just a bit. brent crude up .25%. wti is trading at $82.90 a

barrel. that's the set up. let's get a check of the top corporate stories with silvana henao at cnbc hq. >> good morning, frank. goldman sachs is in talks to transfer the credit card program with general motors. according to the wall street journal, barclays is the firm to take over issuing cards which has $2 billion of outstanding balances. any deal could come by the summer and mark the latest by goldman sachs in the pullback from consumer lending. apple is targeting google workers in the bid to build the team for the artificial intelligence ambitions. a reviewing hundreds of linkedin profiles, apple has reviewed 30 from the tech file. apple created a secret lab in

zurich for new a.i. models. and nbc is looking to pay up in the push to secure nba rights from tnt. it is set to make a bid of $2.5 billion a year to air regular season and playoff games. the journal says tnt parent company warner bros. discovery is making a last-ditch effort to keep the rights, frank. >> i want to see the nba go back to nbc. ahmad rashad who i saw growing up. i'm rooting for it. silvana, thank you. turning back to earnings. parade of tech earnings is rolling on with amazon reporting today following the week with meta falling flat. despite the pullback, amazon is

up 20% this year. kate rooney has more. >> reporter: frank, the bar is higher for amazon after a blowout result for microsoft and google. the issue is aws which is still the profit engine. the street is expecting 14.7% for aws which up from 13% in the prior quarter. north american revenue is an area of focus and then there is advertising. the bar is higher there after snap, microsoft and alphabet saw strong demand for digital ads. they are looking to tv-style commercials. sports is also in it focus. prime will stream the first nfl playoff game next season. ubs is looking for ad revenue

for the quarter which raises the target on amazon. now analysts i'm talking to say don't expect a dividend. amazon wants to reinvest in artificial intelligence. amazon needs to prove it is spending to compete in a.i., but it cannot go too far. meta was the issue for spending and mark zuckerberg's comments. >> thank you, kate. let's get more insight on amazon which reports after the close today with daniel newman. daniel, good morning. kate hit on a number of points. cloud computing show revenues for aws increasing 15% year over year. is that good enough after the jump we saw from alphabet and microsoft? >> amazon has a tough situation.

the speed of growth with google at 30% and microsoft in the mid-20s. amazon has slowed down in growth compared to the competitors, but being the largest for the longest time, it is still a law of numbers. everybody wants more growth and they want it faster. aws that's show it can compete with the rivals. i don't think it is just about how fast cloud is growing, frank. it is about how much they can compel the market that their a.i. market solutions and capabilities are competitive with google and microsoft which seem to have more of the finesse. amazon came later with the bedrock and anthropic partnerships. people will look at the levers and look to see if it will grow quickly enough and on the a.i. story. >> you are hitting on a number

of facts and issues here or things we need to look for with amazon. the numbers are one thing, but how important is the commentary? amazon continuing to spell out the narrative with artificial intelligence. >> you heard it from kate. there is a delicate balance they have to walk between meta and mark zuckerberg overspending on reality labs and a.i. and how much it is spending on gpus. googleperfect. $1 billion in cap ex. aws is investing in its technology and chips and transport. it is not as dependent on nvidia as the other cloud providers. having said that, we want to know that they are making the big investments and planning to keep their leadership as the world's largest infrastructure provider for a public cloud service.

so, the amount of spend is going to be in the perfect balance space that says we're spending enough to compete and maintain leadership, but not overstep. >> we saw that commentary similar with google t. we have reports from some of the other big tech companies. meta revenue soared 20% year over year. snap jumped year over year. what do you expect with amazon? lofty expectations with year over year growth with the ad business? >> the ad business is a well kept secret. it is a $60 billion run right now. if amazon is smart, they'll keep delivering on advertising. they are under pressure with the the aws. advertising has been a really successful growth area which

hasn't gotten too much attention. that seems to be changing. i expect it to continue to grow. it is interesting because the economy is not really red hot. there's a lot of data that shows we are in a stagflation situation. having said that, the advertising business is growing across the industry with numbers looking good across the board. >> we didn't touch on amazon's core business. we're out of time. thank you. coming up on "worldwide exchange," sounding off with norfolk southern's ceo and the proxy fight looking to show him the door. and the u.s. will acquire emergency braking on new vehicles in the next five years calling it the most important safety rule in decades. subscription prices for peeksk peacock will increase by 2% with

the olympics coming up this summer. and the new fashion piece with panera debuting the bread hat for the kentucky derby w ww ww with ostrich feathers and a gold you've been waiting for. p plum. more "worldwide exchange" coming up after this. clinically proven to remove skin tags safely in as little as one treatment.

it's really clear they're making these deals and giving away shareholder value which is why they can't be trusted to run the company like norfolk southern. >> that was ceo alan shaw speaking with cnbc on the proxy fight. they cannot be trusted to run the company. shaw's comments come as they secure support for the bid to shake up leadership at the company including ousting shaw as ceo. we are watching shares of dave & buster's this morning as they potentially make competition between customers more lucrative. we have contessa brewer at cnbc hq. >> i think this is an interesting concept. you have the arcade giant dave &

buster's offering social wagering on its app. once this launches in the next few months, it could mean $5 wager on the hot shotz basketball game or skeeball. the company's share price is up 50% over the past year and the new technology, the company thinks could increase engagement from 5 million loyalty members and 30 million unique visitors annually, to 200 venues. it is partnering with a software company that specializes in real money concepts that bypasses gambling and licensing regulations. it allows you to bet on your own tennis matches. social gaming is a $6 billion industry. we will get more details on what

this looks like from dave & buster's before the platform launches. for now, it willgive the members unrivalled gaming experience. something new to see. it won't look like a casino. it will look like an arcade. the gaming floor and casino is something you can see interchangeably. >> you know, i don't go to many casinos. i know it is your beat. i know you go there to cover stories. could it be competition for casinos? could it go beyond a friendly wager? >> right now, the advantage is if you you don't have to go bef the gaming regulators to get a wil license, that is a huge obstacle. for dave & buster's, you could bet a burger or beer. that could keep the spending in the ecosystem of dave & buster's

and amp up the level of adults and what they're willing to do and engage with at the gaming platform. what we have seen with the sports books is competition from social gaming which allow 18 and up players to get on and bet against friends. is it taking away from draftkings and bet mgm and caesars? sports fans will go to the sports books, but we are seeing the gamification of other options, frank. >> contessa brewer with the latest on social gaming. $6 billion market. contessa, great to see you. coming up on "worldwide exchange," fresh enthusiasm around key a.i. player nvidia and the upgrade with the morning call sheet next. if you haven't already,

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and also send them away. rich is living life your way. and having someone who can help you get there. the key to being rich is knowing what counts. welcome back to "worldwide exchange." back to the morning call sheet. nvidia is looking for demand on the up coming products. shares in the red this morning. jefferies with the initial

rating for ralph lauren. it likes the company for margin expansion and looks for steady growth to continue. shares knottinnot moving in the pre-market. and time for the global briefing. ceo noel quinn is retiring from hsbc. hsbc says it launched the process to find a successor. shares up 3.5%. hong kong rolling out the spot etfs today. the three chinese asset managers launching two funds tracking bitcoin and ethereum prices. the first bitcoin etf was lan m launched in january. and china manufacturing was

at a slower pace in february. manufacturing pmi slipping to 50.4 which was ahead of forecast. the separate private factory shows the activity grew quickly as new export orders rose. we are looking at samsung profit jumping in the first quarter. it beat forecast on the memory chips and sales of the galaxy smartphones. it expects the chip market to remain solid. samsung shares up 1%. coming up, the one word every investor needs to know today and why the fed needs to pivot. we'll be right back after this break.

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welcome back. time for the "wex wrap-up." we start with tesla reportedly laying off more employees. this after the stock had the best day since march of 2021. elon musk adding $37 billion to the net worth in the past five days. that is the largest weekly gain since 2022. that was just of before he

agreed to buy twitter. and ceo bob bakish is stepping down from paramount global. he will be replaced by the movie studio and cbs business and showtime studios. microsoft betting big on asia. spending $1.7 billion on asia to build out cloud computing and infrastructure. it will include tech training for 2.5 million people in southeast asia. and micro strategy posting a first quarter loss with revenue falling as bitcoin prices are up for the year. and pacificorp facing fines from the wildfires in 2020. it could decrease based on the claims results so far. here is what to watch today. we get the latest home price

index and consumer confidence figures. it is another busy day of earnings with results from amazon, 3m, coca-cola, eli lilly and starbucks and paypal and advanced micro devices. the fed kicks off the two-day policy meeting starting tomorrow. earnings are set to be a key driver today. ahead of the results here with the futures or the dow off the lows of earlier today. it looks to open 35 points lower. thenasdaq has dipped into the red. for more on the trading day ahead, let's bring in jeff klinghoffer. jeff, good morning. how do you see the day shaping up? what is your "wex" word of the day? >> the word of date has to be man died. everyone has been talking about the fed. to me, what is key isn't the focus on the first two mandates, but remind ourselves of the

three mandates. that third one is key from where we have come, but importantly where we're heading and how the fed thinks about con tinuing to press the wage gap. >> okay. the word of the day is mandate. i want to ask if you have an outlook for when you expect stay rate cuts. if we see a hawkish jay powell, do we see a ove? >> i don't think so. it will be a mistake to come out hawkish. i think it was a policy mistake that they moved to a dovish stance. they signalled to the markets they were going to raise rates and stay there and let the bite of higher rates feed through to the economy. it is feeding through to the economy. earlier this year, the fed made their pivot. it is a policy his take.

mistake. they have to acknowledge the bite of higher inflation. they need to take a pause. >> jeff, if jay powell is hawkish, one issue is t.i.f. if we see a dovish jay powell, that means it will decline. why do you want to invest in t.i.f.s right now? >> it is not that i think the rate of inflation is going to come down. we are stuck in the new normal of 3%. the fed cut the 2% mandate. the reason i like t.i.f.s, it is a risk in the economy. we are seeing a ton of metrics that the bite is working. they are defaulting on auto and credit cards and recently housing. higher rates are working. there's always the risk that if

the fed continues, the consumer continues strong and the bite of higher inflation erodes the value of treasuries. >> okay. the fed has a big influence on the global investing environment. you say when it comes to equities, you like international stocks over u.s. names. is there a certain region you like? >> it is more about the moat of underlining economy. we see a belief the consumer in the u.s. continues to be resilient. if you look international, starting valuations are more interesting as well as dividends. it pays to pay a risk. you are paid to take risks. >> all right. something to keep in mind. jeff, great to have you here on the show. i appreciate it. looking to take advantage of the higher for longer situation.

thank you. take a look at futures in the red across the board. the dow off the lows from earlier. that does it for "worldwide exchange." "squawk box starts right now. good morning. breaking overnight. protesters at columbia university stormed and occupied the campus building and barricaded the entrance. paramount looking for a deal with skydance media. rich greenfield weighs in this hour. a busy morning for earnings. we hear from eli lilly and coca-cola and 3m in the next h hour. it is tuesday, april 30th. may is tomorrow. "squawk box" begins right now.

good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. here we go. check out the u.s. equities. the markets closed higher yesterday. this morning, futures are down. dow futures off 20 points. nasdaq indicated down by 30. you have the s&p futures off close to 10. the treasury yields we have been watching continue to be in the same range. ten-year yield at 4.63. two-year yield at 4.98. joe mentioned the breaking news at columbia university. protesters stormed the building which was coming hours after the leaders suspended students who refused to leave the