win streak snapped. futures right now marginally higher. tweets, halts and rallies. shares retail favorites doubled out of the blue. we dig into the market action next. tough act to follow.

google tkicks off the annual conference today the day after openai. the read on retail as home depot sets to report in an hour from now. later on, a tuesday tieup as uber makes a $1 billion bet on taiwan. it's tuesday, may 14th, 2024. you are watching "worldwide exchange" here on cnbc. good morning. welcome to "worldwide exchange." i'm dominic chu in for frank holland. let's partkick off the equity futures after the dow snapped an eight-session winning streak. futures are slightly big. the s&p is higher by 4. the nasdaq is up 19 to 20. checking in on the bond market ahead of the busy day for

fed speak headlined by chairman jay powell at 10:00 a.m. we have get the read on producer prices at 8:30 a.m. eastern time. ahead of that, yields are lower. the ten-year yield is 84.477%. the 30-year long bond at 4.62%. trading like it's 2021. we're watching shares of meme stocks. gamestop, amc, some of the original ones out there both nearly doubling in value yesterday and set to open higher this morning. gamestop shares up another, believe it or not, 39%. amc entertainment is up 38% pre-market. bl black berry is up 25%.

the meme stocks are back. we will dig into that in a moment. we turn to washington, d.c. and a news alert from megan cassella. megan, what can you tell us? is it tariff related? >> reporter: it sure is. the biden administration is hiking tariffs on what the white house calls sectors. the list is steel, alum kinum a battery components with 25% tariffs and solar will see 50% tariffs and evs will be up 100%. most of the tariffs will take effect this year. some will be phased in a year or two to give industry time to adjust. this moves comes as a result of the biden administration's review of the tariffs that trump put in place in 2018.

ip theft and overcapacity concerns is a key concern. the key word the white house emphasizes with the measures is targeted. that is why the move will not contribute to inflation and why they believe it will not escalate tensions with china. sources told me the white house recognizes that china may and likely will retaliate. they expect any response would be similarly measured. the white house economic director lael brainard said the goal is to ensure the administration's investment so far industries is not undercut. this is not a political move, but brainard highlighted key drdry industries. dom. >> what is the economic impact

here? there are so many things to talk about. china has to expect this is coming. it has been in the news for weeks at this point. >> reporter: two good questions. china knows this is a major source of discussion. my sources told me at the white house that china did know this was coming. it will have a hit here. white house officials hope retaliation is similarly targeted. we know from the trump era if the white house hits $18 billion in goods, we will see $18 billion in goods. those items are going to get more expensive. beyond that, economists think this is going to be more bark than bite on the economic front.

it may scare people off. the white house says more important is protecting u.s. manufacturers so we can build out our own industry. >> tariffs news is out. megan cassella, thank you. we will see you throughout the day. let's check on the other corporate stories with silvana henao. good morning, silvana. >> dom, good morning. wall pmart is planning to layof workers. the wall street journal reports employees in smaller offices in dallas, atlanta and toronto are asked to move to new jersey and the hometown in bentonville, arkansas. the retailer is also asking most remote workers to return to the office. walmart reports first quarter earnings on thursday. google's developer conference kicks off today with the keynote by ceo sundar

pichai. a flood of news about a.i. openai may be trying to take some of the wind out of google's sails. the maker of chatgpt revealing a model yesterday that can use voice, emotion and tone across text, pictures and video. openai says the model will be offered for free. uber is expanding its footprint in asia. it is buying the food panda business for $950 billion. uber is looking to complete the deal by next yeear. dom. >> silvana henao, thank you for the headlines. turning back to the broader markets with the dow coming off the first down session out of the last nine. investors are turning attention

to chairman jay powell. headlining a busy day of fed speak when he takes the mic at 10:00 a.m. this morning. not before p wwe get the latest read on ppi which is set to tick up from a month ago. consumer pricing are out tomorrow before the opening bell. with that in mind, let's see how europe is shaping up as things are in the early stages of the day so far. arabile gumede is in our london newsroom from across the bopond. arabile, good morning. >> we are in the wait and see mode with the ppi print you have been speaking about. fed chair jay powell is set to speak and the cpi print the market is anticipating tomorrow. you are still seeing a mixed board here in and iaround the flat line. the earnings picture will be of questions with rheinmetall out

of germany has been reporting. we are watching out for those numbers. interestingly enough, we have news from the mining sector with anglo american deciding to strategicallyrestructure its business and diffivest from the platinum and even the nickel business is in question. they don't want to divest from the iron/ore business. what does that mean in the context of bhp looking to purchase anglo american? it seems like the fight continues. this comes shortly after anglo american actually said no to bhp's 34 billion pound offer not so long ago. we will see what it means for the overall market. the ftse 100 is still above 8,400 points. very close on to the record figure overall. you are seeing the sectors with the likes of autos being the ones that the market is looking

toward here up .80%. utilities gaining .30%. travel and leisure is down more than 1% as we head toward the summer. that's the picture for you right now. basic resources sits .50% down off the anglo american news. anglo american is down significantly in the early morning trade, dom. >> thank you, arabile gumede in london with the latest. let's keep this conversation going and bring in mark avalone. arabile mentioned aw wait-and-se mode. the inflation story, mark, is it front and center for you and investors out there? >> good morning. we have never felt that inflation had been tamed. we talk about it and we were saying level for longer. the fed was stuck. they had gotten ahead verbally a

few months ago. the market ran up in anticipation. you have issues under the surface. the wage pressures and unionization. hollywood went on strike, u.p.s. went on strike, healthcare workers went on strike. other workers see that and they want a piece of it. you have other unionization efforts and employers need to pay more so workers don't leave for higher paying jobs. i know the fed raising rates and they are trying to weaken the employment market as an effect to lower unemployment and raise unemployment and raise the economy, but wage pressure is stubborn. that and other factors, government spending is another one. this is what is putting a floor under the inflation fight. >> the inflation fight is interesting as well because when we talk about the roll of technology in this market, i

remember back in the day the argument from catie wood was technology was doing to be defl deflationary was an issue. does that mean long-term investors need exposure to technology because it is a hedge against inflation in terms of growth and higher prices and because it helps battle inflation as well. do people need to buy partech o the dip? >> it is the only one right now. you see that in the benefits market and you see that in insurance. there is a real press for prices to go up. the tool companies have to fight that is efficiency. technology will be the source for that. t te tech-enabled companies are in the best position to compete. they will become the market

leaders. we think the emphasis on tech remains because we don't see inflation going away. one reason is because tech will become a way for companies to lower costs in the face of the higher wage and benefit production supply chain costs. >> mark avallone, thank you very much. see you soon. >> abgood to be here. >> for more on the trading day ahead, head to cnbc.com/pro for ana analysis. a lot more here to come on "worldwide exchange," including the one word that investors need to know today, but first, trading like it's 2021. stock pops, trading halts and all. the key drivers of the meme stock rally and the comeback and seeing if that momentum can continue, plus getting set for a big retail report with home depot this morning. we will see if that stock can

shake off a rough year so far for home improvement. later on, it is caitlin clark's big wnba debut and it is happening on disney plus. what it means for the stock and streaming wars and caitlin clark. we have that and more in a very busy hr en "rlidouwhwodwe exchange" returns after this break.

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2024. the meme stock fren rzy is maki a return. gamestop surging 10% before closing up 74% with trading halted multiple times. shares are up 39% in the pre-market trade. this is all after keith gill, known as roaring kitty on social media, the face of the meme stock craze, made a post on x for the first time in three years over the weekend. he followed up with posts throughout the course of the day yesterday on twitter, or x, and reddit and other messaging boards as well and short sellers who got hit hard in 2020 and 2021 were feeling the pain a again. yesterday's losses of $1 billion for those betting against the retailer, according to data firm

s3 partners. for more on the frenzy and if it will last, let's bring in todd gordon. todd, thank you for being here. is it surprising we are seeing the return of the meme stock craze? >> a bit. good morning, dom. how are you? it is. you know, i think just to start, i think the market is a touch quiet right now. we are going through the transitional period. i hate to say maybe some college kids are winding down in class. i don't think it is a return. it is a different market dynamic with the stock itself. it's a different, you know, it's a different economy where we are. roaring kitty is putting up a couple of pictures. high inflation and nasdaq breaking new highs?

i don't want to get too far ahead of ourselves here. >> what were the lessons we learned in the wake of the meme stock frenzy in 2020 and 2021? it was the pandemic and stimulus checks were abounding. people were opening up robinhood accounts and people were surging in options trading. all of this stuff was the back dr drop for the original meme stock craze. what makes this time different? >> you know, great question, dom. first, the logistics. the way the stock is trading. back in 2020, there was more open short interest than float on the stock. most of us did not know that was possible. short there was 250 million back then there was 275% of the float. today, the short interest is $65 million and 35% of that is float. that means the fire for the

short-cover rally is not there. the lessons we learned, i was on the cnbc show when the current ceo of gamestop ryan cohen took position at bed, bath & beyond. he got aggressive with it. i warned. don't make it. dom, i got skewed on the reddit boards. horrible. i still think about it years la later. i try to respond and they don't let you respond unless you post often on there. we have a similar situation here. the company is supposed to make 12 cents lastyear and they made 6 cents last year. this is a different economy. people are working. there's not as it's a bit of a transition period. i will probably try to short the stock via options.

i tried do it last time. the trade wasn't taken. i would caution. there are too many opportunities to get involved in this. >> todd, before we let you go, i asked about the listessons lear here. you can't blame folks over the chart with massive upside volatility. it shows peoplegetting rich really quick. what is your advice for those people who want to go out and trap a trade with stocks or the options in names like gamestop or amc or blackberry and others? >> i think i'm speaking more to the younger crowd and also the cnbc viewership, perhaps, children. there are so many companies out there going through an amazing generative a.i. technology boom. massive companies are beating eps by 50%.

don't try to buy the cheap stocks that a message board and i -- i have a ton of respect for re reddit, are going after. there is a more disciplined way to make money if you can effect to effectively deploy your capital. really encourage to get everyone involved. the kids and people involved in this to -- there are better companies out there to trade. >> we will see where the momentum is taking us. todd gordon, thank you very much. by the way, to read more of todd's work, head to cnbc.com/pro. subscribers get full access to detail and analysis. coming up on the show, a mining shakeup as anglo american looks to fend off a hostile takeover from bhp. first, the annual list of

start-up companies is back for its 12th year. the 2024 cnbc disruptor 50 is set to be revealed today. pay attention. these are tomorrow's companies today. we're back after this.

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a quick market check on the price of cocoa. it has been trading at all-time highs up until yesterday's session. despite the sudden and steep drop, prices are up 70% this year and 137% over the course of the past 12 months. recent forecast for rain is boosting the cocoa crops. again, a year ago, cocoa futures were near $3,000. they got to $11,700 last month and currently trading at $7,400. let's check on the headlines outside of the world of money and business with nbc's frances rivera in new york with the latest there. good morning, frances. >> good morning, dom. secretary of state antony blinken has made a surprise visit to ukraine. arriving in kyiv a few hours ago

and meeting with president volodymyr zelenskyy and top cabinet officials. a spokesperson says he will deliver remarks later this morning. michael cohen will be back on the witness stand after describing his role and burying the allegations over his former boss. mr. trump has pleaded not guilty. and wildfires across canada are triggering air quality alerts in the u.s. 140 fires are burning in british columbia. it is drifting south blankets wisconsin and iowa. a widespread drought is sparking fears of the last year's wildfire season. crews in baltimore are taking steps to reopen the port after the deadly bridge collapse in march. they broke up a 600-ton debris that collapsed on the car dough

s cargo ship. it can now be moved back to the port with the goal of reopening the channel by the end of the month. dom, those are the headlines. >> thank you, frances rivera, for those headlines. as we head to break, watching shares of flutter entertainment is down 2.25% on thinner volumes and overseas trading. it's out with the latest trading report after taking a $76 million hit in the u.s. sports book operations. the company says more people placed successful bets during the last few weeks of the march madness tournament which is the reonor t ls eras fheosthe. we're back after this. e sushi- this is clem. like sushi classy- clem's not a morning person. i'm tasting it- or a night person. or a... people person. but he is an “i can solve this in 4 different ways” person. and that person... is impossible to replace. you need clem. clem needs benefits. work with principal

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that's amazing doc. mobile savings are calling. visit xfinitymobile.com to learn more. doc? coming up on 5:30 in new york. there is a lot coming up on "worldwide exchange." here's what's on deck, investors are preparing for the inflation data this week after the dow winning streak comes to a halt. investors trying to look for key numbers. we are looking for home depot to report in the next hour. we tee up the key numbers you want to watch. the return of the meme stocks. shares of gamestop and others are set to extend their rally after the face of the initial frenzy makes his first comments

in three years. you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm dominic chu in for frank holland. let's look at the dow futures. right now, we're seeing marginal gains implied at the opening bell. we'll check on the bond market ahead of the latest read on producer prices. ppi is due at 8:30 a.m. eastern time followed by fresh comments from fed chairman jay powell at 10:00 a.m. today. ahead of all that, yields for the ten-year note is 4.4 8%. the two-year yield at 4.24%.

and shares of gamestop soaring this morning after surging by 110% in yesterday's session. the stock closed up 74% yesterday. it is up 43% this morning. this is all after keith gill, the man better than known as roaring kitty on social media, made a number of posts on x over the last few days for the first time since 2021. including this photo you are seeing over the past weekend that shows a man who is seemingly holding what looks like a game control console and leaning back and sitting forward to pay attention to something. you can read into that what you want. short sellers who got hit hard in 2020 and 2021, got hit again on yesterday's surge with losses

of $1 billion for those who are betting against gamestop shares. that's according to data firm s3 pat partners. gunjan baneji weighed in the gamestop comeback last night. >> it is interesting. we have seen these pockets of speculation in the meme stocks come roaring back. they have become part of the modern market. i think there is an ugly underbelly with the meme stock madness. many will the view they did not make money. >> check out what is happening with not just the 42% in gamestop, but the 42% gain in amc entertainment. blackbetrry is up 27% and koss s

up 27%. we will see how long it lasts. now time for one of the big money movers of the morning. home depot is kicking off a busy week for retail earnings season and set to report results in the next hour. higher rates and home prices likely took a toll on sales along with construction project delays. guidance is critical. it is a good read on the health of the housing market overall during the spring buying season. demand for big ticket items have been weaker in recent quarters. let's talk more about this with miker baker at dadav davidson. michael, take us through what is important for you. >> the story is going to be one of the back half recovery. we will not see much better numbers in the first quarter versus what we saw the end of

last year which is negligence s negl negative for sales. we think he rethe read for the d half is negative as well. we are not yet seeing the recovery. it is pushed out to the second half of the year. >> it is spring for a variety of reasons for home improvement. summer is key for a variety of reasons with home improvement and gardening and outside activities and everything else. what is the outlook going to look like and what is the outlook you look to hear from home depot about what is going to come in the current quarter and beyond? >> we hate to be myoptically. you have leap day and the early easter and tax refunds delayed

and the weather hasn't been great. a lot of volatility. it is important to hear how they exited the first quarter and how the second quarter is starting offense. we think it will be a lot about the back half recovery. we think rates have a lot to do with it and they have been sticky. we have yet to see housing recover. existing home sales pricing has been up the last few months. we think the industry trends are negative. it is a lot of focus with the acquisition they made after the last quarter report within the complex pro market. we will hear a lot of discussion about that as well. >> contractors are a key part of the business profile for sure. michael baker, thank you very much. good luck this morning with the earnings results. >> thank you. i appreciate it. news alert from washington, d.c. the white house is making it official. announcing plans to hike tariffs on $18 billion of chinese imported goods. the new levels will target what the white house calls strategic sectors including steel,

aluminum, battery components which will see 25% tariffs. solar will see 50% tariffs. electric vehicles tariffs will quadruple to 100%. a doubling for just the tariff. most of the tariffs will take effect this year, but some will be phased in over a year or two in order to give u.s. industry more time to adjust to the pricing dynamics. the news is offofficial. coming up on the show, caitlin clark is set to make her wnba debut. the impact she is having before stepping on the court and the next fight in the streaming wars. it's all interconnected. "worldwide exchange" is back after this. offers investors leverage to both gold and copper at its project, and mining friendly wyoming. u.s. gold corp has a reserve of almost 1.5 million ounces of gold equivalents.

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welcome back. a news alert. federal auto safety regulators opened a probe no waymo. they are looking at performance issues that led to crashes. this comes after the similar probe into zoosk cars. caitlin clark makes the debut in the wnba tonight as the indiana fever go on the road to take on the connecticut sun. the game is on espn 2, espn plus and disney plus. the first live sporting event

ever shown on the streaming service. the game is also, by the way, sold out. the first sellout for the connecticut sun's home opener since the team's first game back in 2003. here is the wnba commissioner yesterday on cnbc talking about how the league is using big stars like caitlin clark to grow the game. >> to get people to watch, you need rivalries and household names and games of consequence. that's why march madness is popular. every game is survive and advance. that's why playoffs are popular. every game has a game of consequence. you build the household names. people followed the wnba, not a player or team. now we have an opportunity. they are following teams and players and not just the league. >> let's talk more about this with patrick risch at washington university. patrick, this is big. it's a sellout.

caitlin clark. we know how much of a force she is. is this enough to put the wnba on the map and get people to build on the momentum and watch? >> dom, certainly they are capitalizing on the women's college basketball season and draft. it is not just caitlin clark, obviously she is the marquee name that came out of the draft, but with many others entering the league, this could be a watershed moment for the league. i love to see how they sustain this. obviously, the buzz is huge tonight and the first home game in a few days where court side seats are going for $3,000, let's see what they can do to sustain it. it is an exciting moment for the wnba. >> patrick, how much of the wnba is tied to caitlin clark because she is caitlin clark? sports across the world have been known for individuals, people, characters we can all identify with or cheer on.

is this now a situation where the wnba has a roster of people that are identifiable with the brand and is caitlin clark that person? >> dom, i see parallels with the potential of caitlin clark and her power in terms of increasing the reach of the wnba and lionl messi and apple tv. the big difference is messi is the proven commodity at professional level and bringing more eyeballs to major league soccer. that is the hope he will bring more interest to the league. caitlin clark and other rookies coming in this year, if they can all collectively ball-out, we can see the situation where it increases everybody's interest in the wnba. that's the goal. >> patrick, you mentioned apple. i want to talk streaming. >> i did that just for you, dom. >> it is by design. let's talk about the streaming future for sports is in tact and

what it will look like. we heard some of the plans for a bundling of some of the sports properties together. we heard of the pushback from the anti-trust perspective on some of that stuff. what is sports and streaming going to look like in the next one-to-three years? >> you will see more consolidating. paramount is doing this. you see max doing had this. i suspect espn will do this. tonight's game is on espn plus is trying to bring in families and kids and that key demographic. i believe that is the huge demographic for the wnba. dom, there is no question, we are not putting streaming back in the bottle because we want to reach people where they are and they couvet younger fans. i see more consolidation across the board. >> i'm also looking at the pga championship shirt you have on there. >> i was there last year.

not far from where you are now. they are in vahalla in louisville. rory mcilroy could win another one. >> thank you, patrick. >> thanks, dom. coming up on the show, one firm getting pumped up on planet fitness. and cnbc is celebrating aanhpi month throughout may. as we head to break, here is deidra bosa with the economic impact of that group. >> the population of aanhpi is growing by double digits in nearly all 50 states. representing the fastest growing demographic in the u.s. the community's buying power is $1.3 trillion. according to the caucus, that's larger than the economies of all

but 16 countries in the world. for aanhpi month, i'm deidra bosa.

welcome back to "worldwide exchange." time for the morning call sheet. roth is downgrading roblox and cutting the price target from $55 to $35. roth is expecting shares to miss

full year guidance. and jeffries is upgrading boston beer to buy with slowing declines around the seltzer brands. jpmorgan chase citing longer term growth for planet fitness. time for the global briefing. sony posting a 7% decline in annual profit due to the sl slumping financial business with the miss on the playstation. and bayer is showing a risk in adjusted earnings and stronger performance in the prescription drugs. and foxconn with a 72% increase in the first quarter profits thanks to demand for the computer servers.

elsewhere, anglo american is working to fend on ff a takeove bid from bhp. it will sellbusiness. anthropic is launching a a.i. assistant today. similar probes with microsoft's partnership with openai. coming up, the one word every investor needs to know today and getting ready for the first look at inflation data. the one key factor our next guest says needs to happen for the fed to hit the 2% inflation target. we're back after this. we need to scale with customer demand... in real time. (jen) so we partner with verizon. their solution for us? a private 5g network. (ella) we now get more control of production,

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welcome back to "worldwide exchange." time for the "wex wrap-up." games global withdrawalingi the ipo before it was set to go public. it was set to list on the new york stock exchange. walmart is cutting hundreds of jobs and asking remote workers to relocate to arkansas or new jersey or california. google is kicking off the

i/o conference today. this comes after openai revealed a chatgpt model yesterday. and uber is buying food panda and that deal is set to close in 2025 f. here is what to watch for today. ppi is due out at 8:30 a.m. with fed speeches from jay powell and lisa cook. ahead of that, futures are pointing to the gains at the opening bell. joining me now is mimi duff. mimi, thank you for being here. let's talk about the inflation data and if that is going to lead to volatility between today and tomorrow. >> i think tomorrow is more

important, i think, with ppi coming down nicely. hopefully that will continue to come down. what is driving a lot of the cpi stickiness is the services side of inflation. goods have come down. services is still sticky. tomorrow will be an important number. >> the inflation data is important for the narrative. the market is still tied to what is happening with the interest rate picture right now. what do you think is going to happen with rates? do we feel as though interest rate cuts are in the future at any point this year or is the inflation picture just too sticky for that to happen? >> we see two possible outcomes. we like to be overweight fixed income because we think it plays out in a better range of jon stewart outcomes. earnings just put in a decent beat. yet, despite high rates and

elevated inflation, or we could see softening of inflation and softening of the economy. that would more likely get the fed to more foaggressively. we don't really see fed eases until later on this year. >> mimi, there are a lot of themes and crosscurrents in the market right now. i wonder what your word of the day is right now. >> we picked inflation because we have a lot of data this week. that is the forefront driver for policy in our country. we started to see some of the easing of policy in europe. i think we will see more of that before the u.s. eases. i don't think we will see it without seeing further improvements on the inflation side. >> you mentioned the idea you are tilted more toward fixed income as a way to play this environment in the macro

perspective. can you take us through the strategy? are you buying longer-data government bonds? what is the yield? what is the strategy? >> we own a diversified set of bonds. we are heavily invested in equities. our investors are long-term long only. we took some away from the equities and diversified. we are short duration versus the index which has a duration of 6.8. we are not that keen on the back end with the deficit picture. we feel the belly of the curve will give you a decent amount of yield and protection against the economic slowdown. >> is corporate credit attractive right now? >> we like corporate credit. we're a bit concerned with some of the spreads and how tight they are right now. we think some of that can be explained by the relative cash.

>> okay. mimi duff at gentrust, thank you very much. keep it here right now. "squawk box" picks up coverage next. we will see if we can start a new winning streak. see you guys tomorrow. good morning. meme stocks are back and how. gamestop up more than 140% since yesterday morning. amc and reddit and blackberry are sharply higher. we have that real world with key inflation data. we get you ready for the ppi. and home depot is set to report. we will have the instant market reaction. we will see if the post-pandemic malaise continues as "squawk

box" starts 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. on this tuesday morning, it is tuesday, right? >> tuesday. >> on this tuesday morning, you will see green arrows with the dow indicated up close -- whoa, up from 50 to up 11 to up 20. we have movement. there is a report on earnings coming out. maybe this is hitting. s&p up 3 points. nasdaq up 14. the dow breaking an eight-day winning streak. it was down 81 points yesterday. nasdaq was up .30%. we will check out treasury yields in a little bit. two-year yield at