it is 5:00 a.m. here at cnbc global headquarters. it is 10:00 a.m. in london. this is "worldwide exchange." investors around the world is coming to grips with the boldest attack. on wall street, investors trying to pick up the pieces after the dow's worst week in morning a year and inflation fears are adding to unscertainu.

and many are searching for a safe haven ahead of a very busy week for you and your money. it's monday, april 15th, 2024. you're watching "worldwide exchange" right here on cnbc. good morning and welcome to "worldwide exchange." we are coming to you live from cnbc london. let's start your day with the look at u.s. stock futures. a rebound on wall street. green across the board. the nasdaq would open up .50% higher. the dow would open up 100 points higher. this after what was a rough session for stocks on friday with the major averages falling more than 1% and the dow seeing the worst week since march of 2023. this morning, it is all about stabilization with the bond market and ten-year yield

holding above 4.5% level. 4.56%. we will watch that throughout the show. we are checking the oil market which is under pressure after the initial spike over the weekend. we'll talk more about the iraniani iranian strikes later in the show. let's look at gold which is trading at $2,359 an ounce. bitcoin is moving this morning. trading at 6$66,320. it was falling more than 7% this last week. that is the morning setup. iran's drone and missile the strike over the weekend with more than 300 projectiles froms.

the u.s. and other leaders are calling for a reduction in tensions, but others are risking a wider region and conflict. brie jackson is joining me with more on the story. >> reporter: good morning, frank. the president told prime minister netanyahu that the u.s. will not participate in any offensive operations against iran and urged israel not to retaliate. president biden condemning iran's wave of strikes and praising the u.s. airman who shot down iranian drones and missiles. the president met with g7 leaders on sunday and urged restraint as israel considers its response. >> we will do what it takes to protect our people. >> the 9,700 meeting of the

council is called to order. >> reporter: during the emergency united nations meeting, the secretary-general called for a deescalation of tensions. >> now is the time to diffuse and show maximum rerestraint. >> reporter: there are concerns this could trigger a wider war in the middle east. >> this is an escalating conflict. >> reporter: there are renewed calls from the biden administration to bapass a bipartisan aid package. >> this was in planning for weeks shows that our commitment to israel's security is ironclad. >> get it on the floor and voted on so israel can get additional resources to defend itself, but ukraine can as well. >> reporter: the vote on the national security spending package is expected this week.

house speaker mike johnson said details of the package are hammered out. he said he will push for more funding for israel. frank. >> brie jackson, thank you. let's turn to dan murphy in dubai. dan, tell us about the investor summit in the region as we await the possible israeli response. >> reporter: frank, analysts i spoken to today is a the iran attack was symbolic. that explains the market reaction we have seen today. investors, perhaps, breathing a sigh of relief here from tel aviv to abu dhabi. the benchmark rising steadily today. stocks in saudi arabia and uae are also higher. looking at the primary market here which is in the middle east being the oil market. the attack did not cause

disruption to the oil supply or infrastructure. the risk premium is being dialed back. markets are closely watching any escalation risk that could disrupt iranian supply. as a result, we have seen oil prices really cooling off here. in terms of the other market reaction we have seen through the course of the asia and middle east trading day is gold being at a record high. investors tapping into that safe haven trade. as for what happens next, the primary objective is what israel is going to do. the risk of contagion and escalation seems contained at this point. of course, it comes back to the response that we're likely to see from the israel war cabinet and if we see calm moving forward or major conflict. the latter is less likely, frank. >> dan, thank you very much for

that report. now we turn back to the attention of the market. the dow would open more than 100 points higher. now to the early trade in europe and silvia amaro. >> let me start with what we saw in asia this morning. it is a different story from europe today. looking at how asian equities ended the session today as you see a negative picture. there's several dynamics there. i would like to highlight when it comes to chinese equities, the pboc said they would not make no change to the mlf rate. we are seeing a lot of negative momentum in asia because of the strong u.s. dollar. that is putting pressure on the nikkei 225 which ended do down .70%. the dollar is trading at about a three-decade high compared to the japanese yen.

bringing you back to europe to show you the narrative. the majority of the boards here in europe are actually in the green this morning. we have the cac 40 up .60%. stronger moves in germany and in italy with the market now up by 1%. there's a lot in the minds of investors today. we are monitoring what is happening in the middle east. the geopolitical tension shows the narrative about higher rates for longer stateside. of course, investors are also looking at the earnings season. i want to show you the breakdown when it comes to the sectors as well. the fact that we are seeing essentially lower moves on the oil prices which is leading to the oil and gas sector down by 1.5% at this stage. we are also seeing shares of shell and bp moving lower. at the top, we have a bit of a look to the defensive parts are

the market. frank, industrials up 1.2%. >> silvia, thank you very much. time to discuss where the markets and economy are going from here. joining me now is steven whiting at citi global. steven, good morning. i'll jump right into it. given your take over what we saw over the weekend and the impact on the markets, does this change your view on the defense and energy stocks? >> thank you. if anyone is confused about market reaction, we have to bear in mind markets were looking at this event on friday and it was a significant warning. we traded off hard. there was a drop in bond yields and 1.5% drop in yields on friday because of the particular risk. as it unfolded and casualty count was low and as you heard someone talk about this as a

dete deterrent, the market reaction was coming off. keep in mind a couple of things. we do not know exactly how wide this event will eventually be, so there are security risks. we would hold more oil and gas and generally more energy investments. whether it is alts or general energy suppliers in a portfolio we might otherwise because of the security risk. we are seeing production come down across opec and security risks across the east. you know, broadly speaking, we have to remember that economic growth and security risks and conflicts have co-existed most of history. we should not trample on a portfolio because of the types

of security risks. >> fair point there, steven. i want to go to your research. ubs out with a note of the cut coming in september. kashkari saying the cut may not happen at all. a lot of uncertainty is leading people to twists and turns in the market. do you see that trend continue this week? >> we were already in a market environment where markets were fading goldilocks views how the economy would unfold. we are on a path to disinflation. it was absorbed in the market as if it would be a smooth path with stronger growth and lower interest rates at the same time. it is natural for us to be getting some of that back. now, again, how the market trades when we traded up after 25% after the course of two quarters, remember that nearly

40% of all months since world war ii have been declined months for the u.s. equities. we have had the best returns in every asset class. keep in mind, we are giving back a bit of that. it has been insignificant. 2.5% drop in the s&p 500. >> speaking of giving back, st steven, i want to point to the the latest eps for q1. i'll show the audience the chart. a lot of people believe earnings is what it takes to keep the market afloat now we don't have a clear picture on rate cuts. when we see expectations drop like this, how does the market continue to move higher without strong earnings? >> so this is israeli. we believe the estimates have been cut significantly too much. when we tally up the quarter, it is 6% high er than level.

it is easy to actually maintain your full-year gains. these represent all-time record highs for u.s. corporate profits. we are not going anywhere but further gains and corporate profits for the year and likely for next year. we have to put a risk premium around it, but this is a great environment for corporate profits in the united states. you can see record high stock prices. >> steven whieting, thank you very much. we will turn attention back to washington and a news alert from the biden administration. kristina partsinevelos is standing by at cnbc hq with more. >> reporter: good morning, frank. with a little help from the u.s. government, the chip maker samsung, is promising to spend in america. that help from the government comes in the form of $6.4

billion in funding. it will build two foundryfoundrh the first ready in 2028. it will build a facility in texas and then planning on expanding the plant in austin, texas. the department of commerce promises 17,000 construction jobs and 4,500 well paid jobs in texas. the samsung award is the latest in the series of handouts from the biden administration to rec rec re recrvitalize the manufacturing america. intel and tsmc are getting the highest awards over $6 billion. if you add that up, it is $27 billion allocated to firms in

america. some are not necessarily american, but all with the goal of bringing chip hfmanufacturin back to america. making 20% chips in the united states while countering the technology rise in china. we know china has thrown a lot of money into their chips programs, too. >> we are seeing the moves for the etfs moving higher in the pre-market. what impact do you expect for micron? >> reporter: micron is the competitor. they still have not received funding. will they be next? they have a plant in boise and new york. they are anticipating funding. samsung is bigger when it comes to memory chips. even in the stock reaction, this was priced in. we knew itwas coming. there were leaks in the last few

weeks. samsung in suouth korea is not reacting much this morning. specific stories to those guys with an analyst downgrade for arista and intel as well. you see a rebound with buying after the selloff last week. >> kristina partsinevelos with the latest news for the u.s. chips act. for more on this, don't miss the interview with commerce secretary gina raimondo at 2:00 p.m. eastern time. coming up on "worldwide exchange," we have more ahead and the one word investors need to know today. plus, the banks are coming off the worst sessions in a few weeks with the warning from jpmorgan chase. we have the numbers you need to know in just a moment. plus, more on the uncertainty in the middle east. why energy traders may have already priced in the worst -cae

scenarios. we have a very busy hour still ahead when "worldwide exchange" returns. stay with us. at ameriprise financial our advice is personalized based on your goals,

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welcome back to "worldwide exchange." a rough start to earnings season on friday as jpmorgan chase reported lower net interest income in the first quarter. the stock dropping 6.5% for the worst one-day performance for the year. citi and wells fargo were negative, but less than jpmorgan chase. this morning, goldman sachs reports before the opening bell. it is expected to be solid thanks to the wealth management business and revival in deal making with several internal issues. let's bring in hugh son with more on the report. hugh, great to see you from london. i'll jump into it. what do you expect from the report with the goldman sachs shares down 1% in the pre-market. what do you expect about david solomon's plans for the growth driver for the bank? >> reporter: we have to see a

couple of things for the quarter. investment banking has seen a revival from citi and jpmorgan chase. i would see revenue up in the area of 30% to 35%. exceeding expectations for the quarter. that is a problem for david solomon. as you mentioned awm, this is the growth engine after the failure last year. they really need to hit their mark in terms of gathering a ton of assets and showing momentum in the private credit area. if he does those two things, they will be okay. i think the bigger issue is the selloffs last week in bank stocks has a bit to do with jpmorgan chase's jamie dimon call on inflation which is tougher this year and the cuts that everybody expected is pushed further out. if that happens, that is not good for ceo confidence. you will have an issue with the

mergers and the debt and equity issuance that would help goldman sachs. >> you mentioned that david solomon is facing a few issues. the pushback to the pay package and the brain drain with top people leaving the company at goldman. how big of an issue is that for investors compared to another thing like the fact that the rate cut picture has changed? in your notes, you pointed out six or seven cuts, but goldman sachs' stock took off. >> reporter: when it was all things go in november and up to the right, goldman sachs climbed 50%. i think people underappunder apd how linked they were to the numbers. i think the brain drain is bad for david solomon. the performance of the company

is what matters. if that holds, they will be okay. i think the problem is if you see the results over the next year and call ita make or break year is hyperbole, but it is some with a true. if you see some decline in the leading wall street business and trading and investment banking over the other banks, you can say the brain drain has hurt them. if they continue to perform , i will be okay. there are plenty of bodies in the graveyard. a ton of talent to climb up at goods and that means they will be okay. >> thank you. hugh son, thank you for your time. coming up on "worldwide exchange," a merger monday in big tech and top corporate stories. more "worlidexan" dwe chgeis coming up right after this.

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welcome back to "worldwide exchange." let's get a check of the top corporate stories with pippa stevens. >> good morning, frank. apple is facing challenges. iphone shipments fell 9.6% in the first three months this year from a year ago. samsung was able to take apple's place as the leading global

supplier during that period. apple has had a slump in iphone sales in china. this coming as tim cook visits vietnam which includes a meeting with local suppliers. a potential merger monday with reports that salesforce is in talks with informatica. the price discussed is below the friday price of $38.48 a share. and tesla employees say they are preparing for layoffs. the report cites employees that say rumors are making the rounds of layoffs up to 20%. the potential move comes after the company apparently told the texas factory workers recently that cyber truck production shifts would be shortened. frank. >> pippa, thank you.

live at cnbc hq. coming up on "worldwide exchange," is this a buying opportunity? we have dan ives and stephanie link coming up with more. stay with us. we're back after this break.

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"worldwide exchange." tensions remaining high in the middle east after the attack by israel. violence heading to the wall of worry as investors deal with sticky inflation and dwindling hopes for fed rate cuts. futures are pointing it a bounce back. the tech sector taking it on the chin notching the losing streak. we dig into the pullback and if it is a buying opportunity. it is monday, april 15th, 2024. you are watching "worldwide exchange" here on cnbc. welcome back. i'm hollafrank holland coming t from cnbc london. futures are uncertain this morning following the drone and missile attack on israel.

this morning, the u.s. and other g7 officials are calling for deescalation of tensions while israel may escalate the conflict. meanwhile, antony blinken reiterating the u.s. will support israel and it does not want an escalation in the region. on the back of the developments, let's check on the stock futures which are in the green. look at the dow which is off the highs of early this morning. it was up in the pre-market over 100 points at 79. this after a rough session for stocks on friday with all of the averages following 1%. we want to look at the bond market and 10-year yield holding above the 4.5% level. we are checking the oil market

this morning which is under pressure after an initial spike after the weekend. amrita sen said this was a buy the rumor and sell the news event. she is continuing to watch are at all-time highs. gold is pulling back just a bit and silver is fractionally higher right now. now back to the broader markets. tech is leading the charge lower with the nasdaq 1.5% drop and pushing into negative territory for the week. that marks the first time it had three straight down weeks since october. arista is down as well as intel, but it wasn't doom and gloom with apple performing 4% for the week. best week since november for

apple. joining me on this and more is stephanie link and dan ives. good morning from london to both of you. dan, i'll start off with you. give us a sense. how did you see the action we saw in the tech sector last week? how do you believe investors should play it going forward? >> i think it is nervousness with the markets and everything going on with the the ten-year yield and the tensions with the middle east. we view this as a golden buying opportunity. given with cybersecurity and the a.i. revolution and digital marketing and advertising which is trending ahead of expectations. it is not time to run, but time to own the winners. >> this is a buying opportunity

according to dan. steph, how do you see this? we have earnings season coming up and expect taations continui to fall. as soonmeone who advises client how do you move forward? >> in the past 16 months, we are up 33%. we had to deal with hotter inflation and unknown fed with bank earnings on friday which were not great. nevertheless, it wasn't good. we have the geopolitical issues. the reason we're bouncing back today is israel was successful in terms of shooting down 99% of the missiles and drones. we don't know the game plan. that's the reason we will stay volatile. i'll step back and say why is inflation hotter than expected?

it is hotter than expected with the unprecedented amount of stimulus in the system. that is acting as a tailwind for the keconomy. we are growing above friend. t trend. i agree with dan. technology earnings will be good. other sectors will have earnings to be good. >> you are saying earnings will be good, steph, but communication services estimate is 29% higher year over year. tech is 21% higher year over year. will it live up to the lofty expectations? >> i think you will see 8% to 10% growth in the s&p 500. i think technology will actually deliver. they are over-owned and higher expectations than energy which

should see growth in earnings. we should see industrials do very well. 15% to 20% organic growth and free cash flow. you will see good numbers in the materials and in some of the disc discretionary. i'm excited for d.r. horton to report. i think housing is on the mend. >> dan, over to you. earnings season is kicking off. you are looking at the cyber sector for opportunities. it is a head scratcher ever since palo alto reported, the sector has taken a decline. will that see a return around? why would you want to see securities under so much pressure? >> i think this is the massive disconnect. this is going to be a turn around for the ages for cybersecurity. we're strong buyers of palo alto with the trends they are making. i think this is one of the

biggest sub sectors of tech. >> what are you seeing that the market is not seeing? >> because everyone is taking what happened with palo alto as just the start of the shot ac across the bow. this is a pound the table time on somebody acybersecurity. >> you are hand holding investors. steph, coming back to you. right now, according to ici, there is $6 trillion in money markets. how do you see that impacting at the investing? >> you know what is interesting, frank? larry fink said there was $9 trillion tin money market figures. i thought it was $6 trillion. it doesn't maetter.

a lot of money is on the sidelines. it is getting 4% or 5% in interest. you will get more in terms of total returns in the s&p 500. that's also what schwab's management team said. they look at cash balances and those numbers have been coming out of money markets and cash on the sidelines going into the s&p 500 because there is a fear of missing out. it i'm right and we have better than expected earnings, that is why you want to buy on the dips. >> dan, last word. you are bullish on cybersecurity. give us your other top picks. >> we would be microsoft from the cloud perspective. this will be jaw-dropping numbers. google could have $30 or $40 a share. you look at the revolution, it

is palantir. this is just the start of the 1995 moment. we see 15% up the rest of the year. >> dan, your notes say you like sa salesforce. quick take they are looking to acquire informatica. >> we applaud that. this is exactly what you want to see from tactician gaining more share. >> we have to leave the conversation there. stephanie link and dan ives, thank you for your time. have a great day. coming up on "worldwide exchange," much more on the middle east tensions and if further violence with israel and iran could push crude abe ov$100 a barrel. "worldwide exchange" is coming back in just a moment.

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welcome back. oil prices are falling today after the drone and missile attacks on israel over the weekend by iran. that caused limited damage and investors are assessing the possible fallout from the incident. wti and brent crude down 1%. pippa stevens is joining us with more on what may play out in the energy markets.

>> reporter: frank, iran telegraphed the attack was coming and indicating the country doesn't want a full-out war. the move was a face-saving exercise and well planned to make a statement without further conflict with israel. the key is how israel responds because that could determine if the conflict is contained for now or escalates. citi out with a note this morning saying iran ac's attacks priced in, but the israel response was not. oil s oil prices are now at a five-month high. this does complicate the high fight against inflation for the u.s. government. exxon and diamondback touching records on friday with conoco and marathon oil and oxy hitting multiyear highs.

frank. >> pippa, thank you. let's get more insight on the action we are seeing in the energy markets with the senior energy trader at cibc private wealth. rebecca, i can see the oil markets are pulling back. pippa mentioned citi's pullback. amrita sen was here early this morning and mentioned the same. what is your take? >> i agree with the statement. the way i come to the conclusion is not just in the price action today, but the lead up last week. the rise in crude wasn't that extreme last week, but if you look under the surface, what you saw was exploding call option volume. that told me investors were positioning for the tail event. we saw options trade at 95 and 100 and 110 and 120. investors were telling us we don't think crude will explode higher on this event, but in

case this does, we want the tail hedge. now this has unfolded and there is a bit more clarity and a lot to learn here, i think we might be seeing some unwinding of the tail hedges that were put on as the path to seeing a supply disruption in crude which is different further escalation which is not as likely as some feared. >> i want to get explanation from you. we keep saying the risk premium in the energy market declined. the iaea excited the security concerns. why isn't the risk premium much higher? we don't know what iran will do in response. >> i think there are two answers to the question. the first is we have a tremendous amount of spare capacity from opec and opec plus

sitting on the sidelines which is providing an exceptional buffer to the upside risk. opec plus has 5 million barrels plus of spare capacity it can bring back if needed to offset a price spike. my thoughts are they are likely to bring that back in the event that crude gets toward $100 a barrel. their long-term objective is not a spike. they want consistent non-volatile markets to contain the price and maintain control over the market. >> rebecca, you say any selloff or brent down to $80 a barrel is a buying demand. >> we could see prices fall to those levels if we get a

cease-fire or deescalation. i think fundamentally, if we are looking at $80 brent, that is where the fundamentals look solid and crude supported. that is a massive amount of deescalation. that is truly where the buying opportunity exists. supply and demand looks strong, but not strong enough to support brent at $90. >> rebecca, thank you for your time. coming up on "worldwide exchange," middle east violence adding to the wall street war of worry. we tee up a critical trading week and what you need to watch today. more "worldwide exchange" coming up after this. i'm a ran of 2e i served three overseas tours. i love to give back to the community. i offer what i can when i can. i started noticing my memory was slipping. i saw a prevagen commercial and i did some research on it.

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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." it's time for the "wex wrap-up." president biden urging israel to show restraint after the iran drone and missile attack. israel's war cabinet is set to reconvene an hour from now. back in washington, the attacks are giving speaker mike

johnson to see he if he can advance the measure for aid this week. and samsung is awarded $6 billion in grants as part of the efforts to bolster u.s. semiconductor manufacturing. apple shipments fell 5% this year. samsung has gained the top spot. salesforce is in talks to buy informatica. there are reports that tesla employees are worried about layoffs. impacted factories include in austin, texas and freemont, california. markets are looking to rebound the worst week of the year. look at futures. the dow looks like it would open

90 points higher. off the highs of earlier today. nasdaq up .50%. we have amy wu silverman here with the latest. how do you see today shaping up? what is your "wex" word of the day? >> good morning or good afternoon to you. my word of the day is awake. the left tail that you spoke about with rebecca, the left demand is waking up. i think futures are pricing in an okay open, but the fact that is ticking up shows the underlining concern that is finally happening in the market. >> you say it is ticking up. it is actually anneika treon sad the downside is relatively cheap. what does that say about

investor confidence? >> this is interesting to me. i think everyone knows that hedging and price of protection is really cheap. people ask why is that when you feel the general anxianxiousnes. a lot of people have jumped in the pool. when you have positioning and getting more long, you have more to protect. >> i know you are focused on some of the unknowns. israel and hamas and now israel and iran as well as interest rates and a.i. impact on earnings. as someone who advises clients, what do you tell people to figure out with the unknowns? >> i think you look to the

options market sentiment. a lot of it providing a leading indicator. give iaea a place where we saw so much reach for upside to historic levels, not just in thing magnificent seven, but another that plays to the left tail awakening is the decline in the a.i. atmosphere with the call bid which has waned. the fact that it is picking up demand is interesting. >> one other thing i want to ask about is algorithms playing a roll in the selloff. how big of a role do you feel that played? >> it is the last atmosphere to be blamed. it could somehow be the tail that wags the dog.

it is never the fundamental reason. this is an exacerbating circumstance. you see that with the gamma position in the market. it is never a fully reason. >> would you attribute that to the downside with tech? >> i think tech, yes. it isisacerbatexacerbating. you take away a lot of the demand. i think that contributes to it on the margin. >> amy wu silverman, thank you. that does it for us. futures in the genre. "squawk box" coming up next.

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good morning. israel weighing its response to the attack by iran on saturday. we will show you the reaction in washington and in the energy markets. we have a live update from the middle east. st . stock futures are pointing to the rebound after the weekend plunge of bitcoin. goldman sachs quarterly results due this morning. we will have the instant market

reaction. it is monday, april 15th, yes, tax day, and "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 andrew ross sorkin and hanging out with leslie picker and mike satntoli. becky and joe are off today. let's show you where things stand in the u.s. equity market after the attacks over the weekend and all of the aftermath. we will get into it. the dow looks like it is rebounding up close to 100 points. nasdaq is close to 100 points higher as well. s&p 500 is up 24 points. let's show you treasury yields as well.