it is 5:00 a.m. at cnbc global headquarters. here is the top "five@5. we begin with buyers back in charge looking at strong gains as tech says something for the first time since 2020. no sign of slowing down. layoffs from media to fintech as companies look to slow down bloated payroll. and the white house is set to unveil rules for banks as it looks to fend off another

banking crisis. and the backlash against a.i. gaining momentum. why elon musk and steve wozniak looking for a cause over development. and looking at new bribery charges for sam bankman-fried. you are watching "worldwide exchange" here on cnbc it is thursday, march 30th good morning welcome to "worldwide exchange." i'm frank holland. let's start with the check on the markets. u.s. stock futures are solidly in the green this morning. right now, very early, the dow would open up 140 points higher. s&p and nasdaq up .25%. this following a strong session from yesterday dow gaining 300 points or above 1% for the week, the dow and s&p on pace for the best gains for the

month. the big story is the nasdaq with the highest close since back in august and on pace for the best quarter since the second quarter of 2020 when it gained almost 30%. you see the strong moves from the nasdaq 100 we are checking the bond market. yields are in focus. 10-year treasury at 3.57 2-year treasury at 4.09. we are watching energiy as well wti is at $70. natural gas continues to slide down 2.25% this morning. for a check on the overnight action in asia and early trade in europe is arabile gumede who is standing by in the london newsroom arabile, good morning. >> frank, this follows to europe's market as well which is certainly seeing banking sector

tension seease substantially moving into positive territory positivity across the board. under performance in switzerland and uk you look at the sector and the banking sector is up around 1.5% as well early on this morning. toward the trading day at 3.2% with the retail stocks are keen to watch with h&m surprising with the profit. that has been fairly interesting for investors as well. in terms of the financials on the other end of the scale, .80% to the better. banks are 2% to the good following ubs which gained 2.5% today. that follows the decision yesterday from ubs to hire a ceo.

the return back to try to get back to stability in the banking sector let's turn to european yeields. there is an easing of banking tensions coming off the highs a little bit when it comes to the bond yields as well 3.48% for the 10-year in the uk. the market is generally a positive tilt. easing coming through from the banking stocks on the data front, looking at the u.s. numbers later today >> arabile gumede, thank you time for a news alert. the biden administration announcing investment as part o the ev challenge

amazon hitting 3,000 electric vehicles to date with the target of 100,000 by 2030 the white house says google will commit resources of tax credits and eligible vehicles in a new search tool. wells fargo is launching a tool to help ev fleets to help with the costs of electrification and cost safrvings. getting a check of the ev makers, rivian is up .50%. lucid is down .50% let's get to top corporate stories with silvana henao >> the fdic is facing a $23 billion bill related to the bank failures the agency is weighing a one-time assessment to shore up the insurance fund with a larger than usual emphasis on the nation's biggest banks

as part of the cost cutting program, with the elimination of 7,000 jobs, disney is axing 300 staff in europe. lending tree is cutting 13% of work force to help lower costs video game maker electronic arts is slashing as part of the restructuring plan for growth opportunities in gaming. and alibaba management giving investors an update on the restructuring plans. in the conference call, the company says it is willing to cede control of the main businesses and including retail and cloud. no details on the timeline for the ipo. the ceo will continue monitoring market conditions. frank. >> silvana henao, thank you. we will watch moves of alibaba

this morning. turning attention back to wall street. concern of the banking sector and broader economy continue to weigh. we look at barclays and the first wave of deposit outflows may be nearly over, but a second wave is coming barclays noting the confusion with the deposit safety and may awaken sleepy depositors to higher interest rates available and money market funds as inflows continue to increase to record highs let's talk more with michael reynolds michael, thank you for being here >> good morning, frank >> let's talk about the sleepy depositors in a moment, but research silicon valley bank and signatu signature bank with combined assets what does that tell us about the scope of the current banking crisis >> what this tells us is the

current banking crisis and both large and narrow large assets have failed here relative to 2008 we are not at that peak yet. we are close it was 25 banks that failed in 2008 we are talking about two it has been relatively contained to the greater period of crisis we saw in 2008 and 2009 it is a large issue, but contained for now. we are watching for spread and contagion. we are not seeing anything that is materially close to the great financial crisis with the swap spreads and high yield spreads relative to that period. we are on the lookout. >> i want to circle back to the barclays note. the kre etf down 27% kbe down 22% how big of a risk are the sleepy depositors moving money out of the banks and money market funds. what does this mean for the

broader economy? >> shifting deposits are an issue here when you have a fractional banking system, that is the co cornerstone for banks. we have seen incremental moves over the last few weeks from the small banks to the larger banks and signs that money is going to money market funds what is different than middle of march is the fed is attentive to the risks. they are not going to let this get out of control they put out a number of deposit facilities which is taking on deposits the new term funding should help stem the flow. >> you are looking at a possibility of recession you believe we are getting closer and closer to a hard landing. what are the signs leading you to the conclusion? >> we have our finger on the pulse of the indicators from the pmi and consumer sentiment the yield curve is giving us an

indication that is consistent with economic recession in the u.s. at this point in time banking crisis, perhaps, the catalyst that gets us here when the fed raises rates to particularly high levels in such a quick time, raise rates 5% over last year, that has led to recession. we think this time is no different. markets are not pricing as if that is the base case. that is a mis-pricing. >> michael reynolds, thank you when we come back on "worldwide exchange," we have the latest with the gts logistics. and sam bankman-fried back and sam bankman-fried back in court over fraud charges. and start crunching a year's worth of transactions a very busy hour when "worldwide exchange" returns. stay with us

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welcome back to "worldwide exchange." the tightening conditions are weighing on the sector we are watching trucking rates facing comps from last year with rates at record highs as demand continues to soften. let's talk about this with

malcolm wilson malcolm, great to see you. >> thanks, frank >> we touched on the blue chip customers. you provide a lot forthe s&p companies. we see rates hit highest level since the great financial crisis what are customers telling you about the impact on the business >> right now, what we are seeing is customers are being thoughtful about the softer macro environment and higher interest rates we are also seeing no end of big, exstrategic projects they will hit in 2024 and 2025 and 2026 and beyond. we are helping with tactical projects and manage the environment. that is good for them and good for the consumer

>> you announced an expansion of a warehousing solution to move product closer to customers. what about work down inconinventory and right size and get products people want instead of what was popular last year. what do you hear with inventory levels >> across our business, inventory levels have moderated. supply chain difficulties the past two years have dissipated away good to know with flooring from manufacturing and into warehouses and out of the consumer a lot of customers have taken heed of the difficulties the past two years and they are more near shoring products and bringing goods and services closer to the consumer >> you are hitting on near shoring. your sister company announced a

project opening up space on the border of texas and loredo with near shoring and u.s./mexico trade. we mentioned nike and apple and verizon about the effort to supply closer to the united states and specifically in mexico >> lots of added value services are moved closer to the consumer we are seeing that across the range of customers, not just here in north america, but in europe textile moving into turkey where we can do over land transport to the consumer big market in the uk. >> ayou are in touch with the markets here are we seeing something similar in europe or is the freight markets recovering faster? >> frank, it is recovering consumer demand in the uk is

moderated of the markets that we're operating in consumers wrestling with high inflation and energy inflation across the business, big markets like italy and spain and netherlands are performing well. >> gxo logistics up 1.5% in pre-market malcolm wilson, thank you for being here >> thanks, frank. coming up on ""worldwide exchange," growing backlash. the seri of the dumb phone the top trending stories coming up when "worldwide exchange" continues. stay with us when active investing and disciplined risk management are needed most. drawing on deep expertise across the world's public and private markets in pursuit of long-term returns... pgim. our investments shape tomorrow today.

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welcome back to "worldwide exchange." disgraced ftx founder sam ban ban bankman-fried is back in court for more we have mackenzie sigalos with us here. >> the district attorney of new york revealed the criminal charges against him with the focus on potentially bribing a foreign government this brings the tally up to 13 counts against him today is about sam entering a plea of guilty or not guilty over the charges added to the list from the last arraignment

on tuesday, the unveiled charge he paid a team to pay officials to unfreeze trading accounts with the hedge fund alameda research those accounts held $1 billion collectively what is suspect is the payments were broken up into two. the second payment came when the accounts were unfrozen the charges today relate to unlawful donations to political leaders in the u.s. and money laundering and questions if he operated an unlicensed money transfer business. if these charges could tack on years to the prison sentence >> this is really a story that continues to have twists sbf of $1 billion of bad bets you have done so much reporting.

why would he do this >> it is another example of his unbridled appetite for risk. if you look at the timing, early 2020, and having $1 billion in china. not ideal with markets picking up and you want skin in the game some experts say this is a brilliant move by the prosecutors. it helps the narrative for the jury when the trial gets under way, it is about painting a picture of a boy who would stop at nothing. bribery and defrauding investors. although sam has denied the fact and entered a plea of not guilty and it will be difficult to ignore his ex-girlfriend and

ex-best friend are both cooperating with the prosecution to build the case. >> great reporting thank you. let's get a check on the other headlines with phillip mena in new york with the latest >> frank, good morning breaking news this morning russian news agency reports that american wall street journal reporter evan gershowitz has been detained in russia. he was detained on espionage charges, but provided no evidence the journal did not respond to a request for comment. we are following more breaking news. two army blackhawk helicopters crashed in kentucky near fort campbell, kentucky the 101st airborne division tweeted there were several casualties it happened during a routine training commission. an investigation is under way and exppress conference scheduld for later this morning.

pope francis has been admitted to hospital for br breathing difficulties covid-19 has been ruled out. the pontiff will remain in the hospital for a few days. finally, 145 days after the astros won the world series, it is time to play ball again all 30 baseball teams are in action today for opening day the astros celebrate the franchise's second championship. the first pitch is at 1:30 with the braves and giants. frank, back to you. >> i like how you use the astros winning the world series as the mark i'm a phillies fan it was a jab. >> it was. >> good to see you straight ahead on ""worldwide exchange," checking in on tech and what happened to value over growth?

our panel is here to weigh in. after two days of hearings on capitol hill, what the white house is preparing to do to prevent the next banking crisis. and we are celebrating women's heritage share the stories of women leaders and those of our teammates and contributors as we head to break, here is the president and ceo suzanne schenk >> finance used to be the ultimate boys club my career trajectory to ceo proves how far women can go when past leaders pave the way. one icon who has blazed trails for all women on wall street is the first woman to own a seat on the new york stock exchange and someone who played a huge role in women's empowerment in finance. i was fortunate to have her as a business partner and mentor for many years as a jewish woman on the stock

exchange and african american woman on wall street, we shared a kinship of what it is like to fight for the top and the need change the stakes for those who came after us.

it is 5:30 a.m. in new york. we are just getting started on

"worldwide exchange. the s&p moving an above the 4,000 mark the braigiden administratio looking to get tougher on banks. details on the fresh steps the white house may take in a moment. sounding the alarm over a.i. elon musk joining a chorus of leaders calling for a pause in advancements it is thursday, march 30th you are watching "worldwide exchange" here on cnbc welcome back i'm frank holland. thank you for joining "worldwide exchange." let's check on the stock futures. we are seeing green across the board. again, very early. the dow jones industrial average opening up 100 points higher this follows a strong session for stocks yesterday adding a positive performance for the

week dow and s&p looking for the best gains. tech is the real shining star. the nasdaq 100 coming off the highest close since august and pace for the best quarter since the second quarter of 2020 when it gained almost 30% you are seeing an upside move after the disruption of silicon valley bank and signature banks. we . we want to hit oil wti is remaining above $70 a barrel we are seeing it is up more than .75%. brent crude at $79 time for a check on the top stories with silvana henao >> frank, good morning the biden administration is reportedly preparing a new wave

of rules in the wake of the collapse of silicon valley bank and signature bank the administration could an announce tougher rules for mid sized banks. the white house is expected to tasks the federal reserve and other agencies with creating new regulation the fed has been rethinking a number of the rules related to mid sized lenders. many say the rules considered would not have shave staved off latest crisis. disney's cost cutting reaching the top levels of the company. the division of marvel head is losing his job. and the air force is no

longer pursuing a hypersonic weapons program under development by lockheed martin the decision to no longer advance is coming after the unsuccess the test this month. the military officials are in favor of the program >> silvana, thank you. turning attention back to wall street's run up and the communication service sector which has been an out performer this year. our dom chu has more for the "sectornomics. >> good morning, frank communication services is the reason for the out performance and the tech heavies that damage and nasdaq 100 if you look at the overall sector, the white line and

orange line. you can see the huge difference around 12% to 13% so far this year now communication services is the sixth biggest sector with the key names. alphabet and some other ones with meta platforms. if you look at estimates, for where we think upside could be, there are beaten up names that have a lot of upside potential if target prices come to fruition dish network is 61% below target price. match is below its target price. warner bros. discovery is down all of those could be bigger value plays. take a dive on what is happening with dish network. that stock, one of the fewer plays left in satellite

television, has been seeing a lot of down side momentumomentu. still down 42% over the last period from the financial chriss to w-- financial crisis to what we are seeing now. frank, let's say only 47% of analysts track and say it is a buy. >> after they lost nfl sunday ticket, that is interesting how it impacts demand. >> dish did not have that. that was directv at&t has directv it is a division there it is hard to get the pure play. dish network with the dynamics in play. cable communications in general has been a tough place to be we will see if that overall media sector

>> dom, you got it all there thank you for the "sectornomics. let's get a bigger look at the market action with mark shmulik. >> good to be here >> dom was talking about the communication services what do you think about the sector overall >> i don't think you need to reach into the bin to try to find value and deals you are right there in large cap internet go google and meta are both good stocks to hold >> you have a price target of 225. that stock is run up 760% this year give us a sense if this stock has more room to run the possibility of the specter

of the tiktok ban? >> this would help the stocks. there is no question about that. in the absence of any ban, you know, the story with meta so far or post third quarter earnings call is finding religion on cost and efficiencies they have done that and in a faster way than any company that size in the past the leg of the story with cost reduction is mostly done, but that doesn't mean it is not a good stock to own as we look at the next six months in particular now it comes back to a revenue growth story where does growth come from? we are optimistic with some of the closest peers. i think it is the improvements on winning back share post apple changes we saw a year and a half ago. i think it will propel the stock

forward. >> we heard a big slowdown of fears of the broader economic slowdown what is giving you confidence and only meta can gain market share or google can do it? what do you see as the catalyst for more ad spending >> we know it is a softer digital ad output we know meta is gaining back share they lost. engagement is strong and work around the conversion a.i. and it is seeing great traction. we take a few as the digital ad market will recover as the cost to capital stabilizes. there are few ways to buy that growth what you will see as the companies return to growth, they deploy on the platforms that

bring scale. it is not evenly distributed for us, that is meta and google and amazon >> i want to switch gears. you have a hold on apple at 125. why a hold for this company? >> that's not me sorry. >> oh, i apologize a mix up any other picks in the space >> no. for neceme, it is keeping it si. stick with the names we trust. you know, we like the names that are trading at a discount where real value is ahead and we go through the recovery >> mark shmulik of bernstein thank you. >> thank you. coming up on ""worldwide exchange," a new tax sending citizens scrambling to sell

their man ssions. we have alexa partnering with panera members. they are allowed to use echo devices to place and track ordior orders. americans are looking to dumb down the smartphones. millions of sales of devices used in the early 2000s with flip phone sales up last year. tech leaders are calling for a six-month calls for a pause on chatgpt after a risk to society. the grousap ys a.i. systems should only be created when experts are confident the risk is manageable. "worldwide exchange" is back in a moment >> announcer: sectornomics is

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>> it is, frank. this was a tax passed back in november, but takes effect saturday 4% transfer tax on the sale of properties over $5 million 5.5% of properties sold over $10 million on top of the kpaexistig transfer home. if you sold your home, you owe a tax of $1.2 million starting on april 1st. the seller of this home in beverly hills is offering a new mclaren or bentley if they pay the full price and they have to close before saturday. brokers josh altman and his firm offering a bonus if he can get a

buyer and close by saturday. brokers say this is putting an added pressure on the falling market sales for luxury homes in l.a. sell 51% with prices down 5% in the fourth quarter the biggest impact and one that is most overlooked here, frank, is on commercial property transactions that would contribute the largest share of the tax this tax not only applies to man man mansions, but office and retail and industrial buildings and multi-family buildings groups have sued to block the tax. others are looking to get around in and breaking a sale into two property deals it is expected to raise $600 million and $1 billion a year to build affordable housing and help the homeless problem in l.a. frank, a lot of sellers, including mark wahlberg who sold

his property for $55 million in february and really trying to get out ahead and sell before it takes effect >> you want to get that sale done before april 1st. i heard about buying down points, but never getting an aston martin i want to ask about the multi-family impact. if the idea is to reduce the homeless problem and create more housing, how will this impact the availability of housing and rents? >> a carve out in the tax over subsidized housing that will resolve that possible conflict you are right unless it is labelled or programmed as a affordable housing, you are right. it is high end opponents of this on arguing it

will have a negative impact on affordable housing it won't raise as much asp expected because you steal demand from the future a lot of deals done in march and february that will then lead to lower sales and lower tax revenues going forward >> robert frank, great reporting. the frank and frank series continues. we are following breaking news one of china's warning with the fallout on the ongoing banking turmoil. the firm needs a supervised credit and liquidity and market risk in the light of the challenges in the u.s. the bank is set to report tomorrow shares are down .50% in pre-market. coming up ahead, gilman hill asset management's jenny harrington is here to talk about

wrapping up the first quarter. if you miss us, you can check us out on "worldwide exchange" podcast. we'll be right back. (woman 1) so i just switched to verizon business unlimited. it is just right for my little business. (woman 2) we switched, too. (woman 1) unlimited premium data, unlimited hotspot data. my point of sale is on point. (woman 2) you know it's from the most reliable 5g network in america? (woman 1) you know you can get up to 10 times the speed at no extra cost? (vo) when it comes to your business, not all bars are created equal. so switch to verizon, the most reliable 5g network in america, and get the unlimited plan that your business deserves. on the network america relies on. (♪ ♪) how do we demonstrate our unmovable strength? (eagle call) nope. how do we show that we'll stand tall through the storms? nah. (thunder)

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welcome back to "worldwide exchange." a quick check on the stock futures. at this time, the dow would open up 140 points higher s&p and nasdaq up .30% time for the "wex wrap-up. we begin with the baiden administration announcing public and private sector announcements as the ev challenge with programs for amazon, google and wells fargo. sam bankman-fried in court over bribery charges he is expected to plead not guilty today. and disney cutting jobs in china as part of the plan to cut

costs and impacting employees in personalization and search. and electronic arts cutting 800 jobs or 6% of the work force. the fdic is facing $23 billion of costs in bank failures and considering a special ceassessment on the biggest banks to make up for the sh shortfall. and alibaba completed a overhaul to split the $250 billion empire into six companies that may debut on public markets. gearing up for the trading day ahead. we are waiting for jobless claims and a slew of central bank speakers on tap susan collins and tom barkin and minneapolis fed president neel kashkari. turning back to the markets and two trading days left for the quarter.

dow in the red the s&p up 5%. tech coming back in a big way with the nasdaq up 14% amid the performance, the next guest is holding firm on the view that the markets in 2023 will largely be range bound. jenny harrington of gilman hill is with us great to see you. >> thank you, frank. >> do you think the markets are range bound? the markets are above 4,000. at one point this year, they were down to 3860. are we dipping back or staying close to 4,000 >> i think maybe dip down. i think we are on the range bound bandwagon since june i thought an love th lot of stu

gone on. that takes time to get through it we moved at the range bound since june to now and you see the range consolidaticonsolidat. i think what it says from the fundamental perspective is we digested a ton of information. i was having a debate with my partner the other day. he said i can make a bullish case for the market. he went through all of the things that could go right earnings start to improve. china continues to reopen. we know where interest rates are going. we know theywill not go up too much more from here. i said to him what does that get? $240 earnings? if you stretch and put in 18 times on the $240 earnings for next year, you are at 4150 which is 7% upside i think the upside is capped and there is difficult stuff earnings are not glossy and rosie. they will be bumpy

that is why i'm committed to the concept of range bound continuing it just continues to be a battle of good and evil >> i know you are a big dividend investor we are looking at the etf. this is the etf that follows the dogs of the dow. this is up this week big what do you make of the out performing in the dividend focused etf >> i think it is interesting because if you look at that dividend index, they did really well in 2021 and 2022. they held up far better than the broader market they continue to hold up perfectly fine this year until svb. then what you saw was they all tanked and down 10% in three weeks. as a dividend investor, i got

stung. i think we can claim it has to do with rates. what you saw was as rates were increasing in 2022, into the beginning of the year, they continued to hold up the real reason they were down is because by and large, dividend stocks draw energy stocks and banking stocks and companies with a lot of leverage all of those got pummeled in that knee jerk response following the banking collapse in the beginning -- starting march 10th what happened now and the reason we are seeing the recovery is they were wildly oversold. they were wildly oversold due to nothing wrong with the companies. it was the response of the market it is oversold and now bought

back >> i want to bounce a couple of things off you we have upgrades and downgrades. evercore boosting. raising price target to $160 from $145. diligent work to omni channel operation and non core assets. what is the take on the upgrade of walmart >> we looked at walmart over the years and continue to hold off over and over. it is expensive. we think the low-end consumer and if there is a recession, who gets hurt the most the lower-end consumer that's the main consumer we continue to hold off. i have not read that report yet. every time we look at walmart, we come away saying too expensive. not any actual growth. >> what do you make of the

futures in the green i know you think things stay range bound, but tech continues to perform >> i think it is played out. you know, a lot of those stocks, apple, amazon, google, meta, individuals, up 30% to 80% this year there is an interesting i heard on cnbc yesterday which was those stocks on average are up 5% on the year -- i'm sorry. those stocks are responsible for a 5% gain in the s&p the s&p was up 3.5% yesterday. that implies it more than carries the weight i see valuations that are not that cheap i see growth that is not that compelling what i think happened which they were the beneficiaries of the dividend stocks punishment or anything with leverage or small cap. as soon as things got scary, people ran for what had worked for them in the past without really saying, apple, you are

trading at 25 times earnings, but produce 6% earnings growth that doesn't make sense. i've never thought those stocks should implode i always thought they should have held. >> all right something to watch jenny harrington, thank you for being here sign up for the cnbc pro talk event very touring jenny and sofi's liz young that is tomorrow at 1:30 p.m go to cnbc.com/protalks for more information. you can sign up there as well. > that that will do it for us here on "worldwide exchange. "squawk box" is coming up next

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good morning stock futures again at a higher open as we await jobs and economic growth. we will show you what is moving. more red flags in the banking sector one firm warning a second wave of deposit outflows could be coming the new report says fdic wants the big banks to shoulder the hit. the capitol hill grill highlights from the standoff with howard shchultz and bernie sanders. it is thursday, march 30th, 2023 "squawk box" begins right now. good