it is 5:00 a.m. at cnbc global headquarters. i'm dominic chi in for frank holland. a.i. double take a new group of chat bot features as it looks to sign a major deal with one of the most valuable companies in the world. trade war. pinning a price tag and timeline on the tariffs on the imported

chinese solar and medical supplies. watch out, nvidia. arm is looking to throw its hat in the chip making ring. one step forward and one step back of apple's union fight. it is monday, may 13th, 2024 you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." thank you forego being with us this monday morning. let's kickoff with the dow coming off the best week of the year and looking to extend an eight-session winning streak we could see signs of life dow is higher by nine points the s&p 500 is up two points the nasdaq is up 20 points very much a holding pattern

market right now if you check on the bond market, ahead of the key week with retail sales and cpi due on wednesday and earnings reports, yee yields are lower the ten-year note is 4.49% the two-year note is 4.85% a lot of people are looking at this as a proxy for the interest rates. t taking a look at oil prices right now. the u.s. benchmark wti is still below the $80 a mark that's a .50% gain ice brent crude is $83.30. we have a news alert from washington, d.c. the biden administration is announcing it is handing out new funding from the chips act

our megan cassella is joining us with more. >> he is giving the latest award to polar semiconductor it will receive $120 million in grants for the factory in bloomington, minnesota it will create incentives and funding from the company and from private investors the biden administration officials say the project will create 160 jobs in construction and manufacturing. it will allow the company to double its u.s. production capacity within two years as it expands to a foundry model for the first time to allow it to serve more customers this is the eighth award doled out under the chips act. it is smaller than the multi-billion dollar packages we have seen recently, but this is unique because it boosts the

production of chips from cars and household appliances and healthcare and weapon systems and in the power grid. 5% of production capacity for chips is in the u.s. currently these are the chips also where shortages were the most acute during the pandemic. dom, there's $6 billion left to dole out we are expecting to see smaller awar awards moving forward. dom. >> megan, you mentioned the $6 billion on the authorization, if you will what do we know about where that money could be headed? you mentioned smaller awards, but where does it go beyond the names we heard of right now? >> some of the companies we heard of may get more money. nvidia might get a little bit of money. we expect a lot of the companies we have not heard of will get

that some of that is going to production, but some will go further upstream and to suppliers to supply those manufacturers doing the grand scale manufacturing and production of the chuips. they need to build out the supply chain and commerce officials are excited about the pipeline they have p coming and dozens eof awards coming >> megan cassella, thank you for that let's get a check of the top stories with bertha coombs good morning, bertha >> good morning, dom apple is closing in on a deal to put openai's artificial intelligence on the iphone according to multiple reports. the two sides have been fi finalizing terms for i018.

this as openai sets to hold a virtual event at 1:00 p.m. today. likely revealing the new assistant powered by chatgpt unionized workers at the apple store in maryland authorized a strike. according to the workers which represents the workers at the apple store and calling for a strike, the union alleges concerns over work-life balance and disrupting personal lives and wages failing to align with the cost of living apple will engage with the workers in good faith. now, you may recall, there was a strike vote in new jersey with the store in work hills with the employees voted against the unionization on saturday.

arm holdings is looking to develop the first a.i. chip was the 2025 launch target according to nikkei asia, arm's largest shareholder, softbank, will pay for the development costs initially and could decide to spin it off once up and running. the report adds that softbank which just reported the second straight quarterly profit is already in production talks with taiwan semiconductor dom. >> bertha, thank you. the stock's recent wall could hit a snag as wall street faces litmus tests for the second quarter now we turn attention to home depot for the earnings tomorrow and walmart on thursday and comments on consumer spending trends we have april consumer price index and retail sales out on wednesday providing the fresh

read and whether the fed's rate-cutting forecast is still in tact. let's discuss how to position your portfolio with raeann this is always a key part of the earnings season. it comes at the end, but it talks about what makes up more than two-thirds of the u.s. economy. how healthy is the u.s. consumer in your mind right now >> thanks for having me, dom the u.s. consumer continues to be strong. we are seeing strong spending trends we are seeing the jobs market which continues to be strong although we are seeing some softness lately. unemployment is ticking up slightly all in all, the consumer continues to be strong we are starting to see some cracks emerging. >> if that's the case, is the market in your mind positioned

appropriately given what the economic outlook is and what could be hypothetically a slowdown in the economy or maybe a weakening of the jobs market we're near record highs again, raeann >> we have seen a pullback again last month and jay powell came out and reassured we weren't going to see, most likely, most rate hikes and earnings have come in strong it is really been supportive of that we have seen the multiple compression with the moves it is interesting to see what those companies are reporting on consumer spending trends right now, the market is in a good spot. we could see more move up from here, especially if we get, you know, an inline cpi print this week. >> home depot and walmart tell us a lot about the sumu.s.

consumer how important are those with the market near record highs >> i think the market will react to some degree the these are really large companies with a lot of exposure home depot will give us insight as to what we are seeing on the housing side than discretionary spending which has come down a lot since the pandemic we will see what the improvement trends look like here. walmart is investing a lot in the business they have a value orientation. it is interesting to see how they report. >> not just that, the biggest private employer in america as well raeann, thank you very much. >> thanks, dom. more to come here on "worldwide exchange," including the one word that investors have to know today, but first, the u.s. is stepping up the china trade war.

reports this morning putting a timeline and price tag on the latest coming out of d.c. sticking with china and beijing, boosting stimulus efforts as inflation fears loom large for the world's second largest economy. and later on, the latest to push on all things tech and what we have up our sleeve this week. we have a very busy hour when "worldwide exchange" returns after this break

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welcome back to "worldwide exchange." futures pointing to a higher open the dow higher by 20 points. nasdaq up 30 the s&p 500 is up by a very marginal 5 points. let's see how europe is shaping up as its trading day is getting under way with arabile gumede with the early action from across the pond arabile, over to you >> good morning, dom it has been two hours since the markets opened here in europe. you are seeing mixed trading hitting the tape as the day's trading kicks off. the inflation figure from the u.s. will be important and significant for the market trading. we are seeing the ftse 100 managing to be in or around record territory at 8,500 points european banks have managed to move significantly higher in territory they have not seen since august of 2015 a nine-year high for european

banks managing uptick. short sellers are worried it may not last a question on european banking overall. inflation will be important this week and it dominates this week's agenda with the numbers from germany and eurozone and the united states as core cpi is anticipated this week. it is forecast to rise by 3.6% which would be the smallest annual increase then in around three years. on the earnings front, we had softbank report this morning swinging to a profit of $2.1 billion in the fourth quarter. we will get numbers out of german heavyweights bayer and siemens and chinese heavyweights of alibaba and jd.com set to release alongside walmart stateside. a lot still happening and we

wil will look at those for you >> arabile gumede, thank you we will take a fresh look at the chinese economy. the third straight month of gains as producer prices remain in deflaktion mode as they work to strengthen the shaky economy. watching the chinese central bank selling $40 billion of ultra long sovereign bonds in the effort to raise fresh stimulus money a hurdle in the efforts revealed that the biden administration will announce tariffs on chinese evs and other key imports starting tomorrow. the total levy on the evs will rise from 27% to more than 100%. for more on all this action is

dewardric mcneal >> good morning. >> it wasn't that long ago where we were talking about the news and the data from china and a lot of folks said china was un-investable because of the policies and economic downturn if you look at the chinese markets, they bounced back in the last three months although off the low base is the china story finally turning around >> dom, i don't think we should look past this good news that we have seen come out over the weekend. the consumer in china, the powerful chinese consumer, is showing some life. they need consumer demand to drive the economy.

we have seen the exports and what it is doing around the globe with the hits we are taking place in europe and the announcement we know is coming from the baiden administration. i think the news is pretty good. the question is can it be sustained? this is a look back, but looking forward, there are lots of headwinds as you suggest >> the headwinds have been centered around the consumer, but the real estate market there. a lot of high-profile stress in the commercial and residential in china in the last year or so is an overhang >> it is an overhang it is stabilizistabilizing, butt necessarily improving. we heard the province lifted

bans over real estate. you are starting to see policy shifts that could be beneficial to real estate you are seeing it stabilize. this is still a large overhang for the chinese economy. it is not going to be fixed quickly. many people were looking for stabilization or floor or stopping of the tripling of bad news in the sector we are seeing it, dom, but i want to be cautious with the property sector. >> dewardric, let's get to the tariffs discussion we are expecting large ones to come down in the next 24-to-48 hours from the biden administration targeting ev and solar and energy components. there is hasn't been a lot of difference, but generally with the former trump administration and the current biden administration, the tilt in

trade has been consistent. can you take us through the next round and what it could mean with the u.s. and the chinese economy? >> let me speak about process first, dom, because i think it is important if you listen to the biden administration talk about what they are doing and what they are about to do with tariffs and export controls, they have htrie to be targeted versus the sca sca scattershot with the trump administration they are looking at the ev sector and green tech more broadly. the at 27.5% or so, chinese evs were locked out of the u.s. market long ago. this is more about trying to prevent what they think may be an oncoming threat given how strong chinese evs are becoming globally there is a little bit of

politics at play here as well, dom, trying to show the biden administration is going to protect u.s. jobs preemptively, before they become a threat. >> i would say there are not a lot of nios or xpengs on the road dewardric, thank you >> thank you, dom. >> for more on the chinese economy, head to cnbc.com/pro to see the consumer stocks to buy even if the rally in the country fades. interesting views for subscribers. ahead on "worldwide exchange," a closer look at u.s. consumer spending trends and the issuthe is quarter we will speak with walmart's former ceo bill simon. more on "worldwide exchange" after this

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now to the criminal hush money trial of donald trump. michael cohen is expected to take the stand today as he is the key witness for the prosecution. mr. trump is accused of falsifying business records. baltimore will take a step to reopening the port after the bridge disaster in march this animation shows how the officials will use explosives today to destroy key sections of the wreckage to finally get back to shore the governor will hold a press conference to talk about reopening the port dom. >> frances, thank you. see you soon. as we head to break, a check on shares of disney right now. the company's film "kingdom of the planet of the apes" is

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for the new trading week. another key test for the markets this week as the rollout of retail earnings for home depot and walmart topping the list of companies pulling back the curtain on just how strong the american consumer is now we will tee you up on what you need to watch. it's also a big week for a.i. with apple, google and microsoft are offering looks into the plans for the red-hot technology it is monday, may 13th you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exc exchange." i'm dominic chu in for frank holland. the dow is coming off the best week of the year and looking to extend an eight-session winning

streak and a light bid to the markets. the dow up 28 points and s&p up 5 and nasdaq up 38 looking at the biggest pre-market movers within the dow, you see microsoft up .50% apple and nike and cisco systems are among the big names in the dow to add to the winning streak. check in on the bond market. retail sales and cpi data is due out on wednesday the ten-year note at 4.5%. the two-year note at 4.85% taking a look at oil prices which are big this morning wti crude prices are still below $80. $78.51 .25% gain for ice brent crude at

$82.99 turning to technology, we have a very busy week for the sector as developer conference season gets underway google kicks off with microsoft and apple coming in the few weeks and likely revealing the latest with artificial intelligence the new kid on the block and one leading the charge on a.i. is openai and that is set to steal the spotlight later on today steve kovach joins us with more on the season and openai steve. >> the summer of a.i., dom it will start this week with the three biggest names in tech with google, microsoft and apple about the latest plans that's not before we hear from openai, the company responsible for forcing the giants to orient around artificial intelligence here is the breakdown. at 1:00 p.m., openai with the

virtual event online sam altman said it is not a search engine. the information reported over the weekend will likely be a new vert virtual assistant. tomorrow's google developer conference is more about gemini. the report states we may see a new assistant to what is similar to what openai is revealing today. and on may 21st, microsoft will focus on a.i. pcs. those are the computers designed for a.i. tasks based on microsoft's descriptions of the sessions, we are expecting qualcomm to launch its computer chip for microsoft's a.i. pcs expect more features in windows 11 and more updates to copilot

there will be more on the developerer developerer's conference for apple next month it is talking to google as well. the new york times reported on friday that siri will get a major upgrade. apple has put pressure on it selitself to wow customers since tim cook started teasing it back in february dom. >> steve, there is a lot to go through with the assistants. if openai is the engine for many of these things, take us through how complicated the dynamic is going to be because microsoft owns a good chunk of openai and openai will provide data or services for many of the other tech assistants. how does that picture look in the coming weeks and months?

>> it depends on how the deal is structured for microsoft, keep in mind that openai activity is run on microsoft's azure cloud. if apple is going to have a deal with openai, it will benefit azure growth because of the a.i. activity microsoft could be a quiet beneficiary there. >> what is the highlight, steve, out of the developer conferences? what is the one thing you are watching with regard to the a.i. announcements? >> the idea of what they call agents, dom. the supercharged assistants. we have used siri and alexa. i don't have to tell you what is wrong with the assistants. you can be more conversational the with them and you can do more things without tapping around the app this is the beginning of the journey of a.i. agents we will get the vision from the

major players. >> sifi today. thank you, steve coming up on the show, the earnings spotlights set to shine on the retail sector with home depot and walmart due this week. the numbers you need to watch and what ireals out veabt the american consumer. we're back after this.

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let's get a check of shares of zeekr after the debut on friday. that stock surges 34% in the first major market debut by a chin ch china-based company since 2021 we will keep an eye on those moves. welcome back the consumers are set for a busy week and focused on the american health of the consumer kicking off with home depot reporting tomorrow and walmart and canada goose as well reporting. on wednesday, it is all about the fed with the retail sales data and consumer prices out before the opening bell. and when it comes to the key driver of the american economy, ceos speaking with cnbc over the last week and taking a picture that is anything but clear >> certainly the consumer, who is at the lower levels of income

appears to be making more choices around how they spend their money. we're not seeing a lot of that right now. we tend to play a little bit higher income. as a result, we don't see a lot of traded down at this point. >> we see segments where customers have moved from some items and trading down to others or moving from one category to another. >> when we look at consumers, are they trading down for uber eats or eating at less expensive restaurants? we see no evidence of that frequently is up our retention is up and mobility and delivery as well we're not seeing the kinds of signs of weakness that other folks are talking about. >> first of all, the consumer is resilient. gmv on shopify is a great proxy for that >> a lot of the spending in the last few quarters with the

affluent customer. we are seeing a cautious low-income consumer. theyare feeling more pressure with the cost of living which is high >> the average american cares more about gasoline prices than they do about stock prices they are getting hurt. >> you see what i mean joining me now is jessica ramirez and we have bill simon he is the former ceo of walmart in the u.s jessica and bill, thank you very much you heard the montage of chief executive speak. they are not trading down, they're trading up we don't see strength in the consumer we see resilience in the consumer bill, let's start with you you are the former ceo and president of a very large retail operation. can utiliyou tilt the scales?

>> good morning, guys. they are all right is the answer they are looking at the world through their lens doesn't surprise me disney is not seeing trade downs what is happening is the bottom third of households are getting hammered hammered they've got government assistance typically they are finding a way to survive. it has always been tough the top is trading down as they see sticker price shock. where the problem is, in my view, is in the middle the third of the economy the middle third don't have government assistance. they are facing 35% or 36% food cost increase since pre-pandemic along with a 30% increase in housing prices 67% of the price increase across their staples and taking a big chunk from the disposal income

we are seeing a shift in that segment particularly away from wants and into needs if you are selling needs, you are seeing a pretty decent resilient customer if you are selling wants, you're hurting. >> this is interesting it's been an age-old story about the burden on the middle class in america you are not making enough money to be rich and you are not, at least poor enough, to get any assistance at those levels we've got home depot and walmart coming up. they hit a broad range of the american economy what do you think we're going to see, jessica, with regard to those two reports this week? >> i agree with bill with walmart, they are heavily on the grocery side. that is where we have seen inflation the most they get the benefit of the value as a retailer. they benefit from the higher end

because the higher-end consumer has come down to them as a grocer they have more to offer outside of the grocery they focus on beauty and those categories that's been beneficial to them they also have marketplace out there growing and memberships growing. membership is quite sticky they have the advertising arm that has allowed them to create revenue to reinvest into the huge technology strategy that they have been able to create and keep them afloat they have a strong strategy. therefore, they have been close to the customer. they know how to come at it. in terms of home depot, they have been running a better business across the board, however, they are still managing a difficult category with home the consumer is cautious where they are spending, those bigger ticket items are still on hold it is very small parts they are taking in the home housing is difficult

we're not seeing customers move. therefore, you don't need the big-ticket items you don't need a new refrigerate er or all these other things at the moment >> bill, how much of the story with home depot or walmart is focused on what the interest rate trajectory is right now maybe walmart not as much with the interest rate trade. where do you put the interest rate trade with the middle american >> i think it is interesting as jessica was talking, i was thinking about the counter cyclical thing with home depot with the interest rates being high and the slowdown with the

prices being high and normally you postpone a discretionary remodel of your home if that is all you got right now, you can't move into something else, then there is an opportunity to improve your home or make a home repair because you are stuck in your home i'll be looking for comments around that with home depot. as far as walmart and interest rates, so much of the business is food and so much of the business is thir and down of the economy with the purchases being low for credit i don't think that is an impact for the customer for walmart as long as rates stay high, the discretionary purchases are limited. >> one final word to each of you. bill, i'll start with you. how important is technology important for home depot and

walmart? how big of a deal? >> it is critical. digita digital-enabled retail or purchase in store or a physical retail transaction is critical whoever figures that out is going to be the winner i think walmart is more advanced than most on that. >> jessica, final word to you. what is the stock you think is the best positioned this earnings season? >> overall this week, i'll say walmart. anyone who is best positioned is anyone that is topped into wellness or entertainment. the consumer -- what i agree with is the consumer is spending at the priority. they are still going out to east a eat because it may not be top of the line, but there is that

category. >> jessica and bill, thank you it is a big week for the consumer see you soon. coming up on the show, skipping wall street. where fast fashion shein is looking to a new ipo cnbc is celebrating asian american and pacific islander throughout the month of may. >> the determination and grit i developed led to the perseverance i needed. we are no longer considered a minority that enhances the community to help push out forward and be successful something amazing is happening here. students are inspired and engaged.

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companies announcing $16 billion in investment in francis part of president macron's invest in france campaign. amazon with a $1.3 billion deal and creation of 3,000 new jobs there. a busy day in china with stocks hitting the 15-month high inflation in the world's second large of the economy is rising in april and holding above zero for the third straight month also following multiple reports the biden administration will reshveal tariffs on evs frm china and one at 102% up from the current 27%. still head on the show, the one word every investor needs to know today, but first, the technical signal our next guest

says could mark a pivot point for the markets as we get ready for a critical trading wee 'lbeig back after this

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time for the "wex wrap-up.

shares of tata motors after the downgrade ratings on the shares. and arm holdings rocki looking to develop the a.i. chips with the 2025 launch softbank will pay for the initial development costs and could decide to spin it off once it is up and running. senate majority leader chuck schumer is urging the ftc to pump the brakes on the $53 billion bid to buy hess for chevron. the biden administration is giving the latest chips act award to polar semiconductor worth $525 the million this will help the company build the foundry operation in minnesota and double the u.s. production reuters reporting safety regulators are launching a probe

into amazon self-driving car unit inspectors are looking at 500 zoox vehicles with the driving system unexpected braking. and unionized workers at apple's maryland store vote in favor of authorizing a strike over schedule practices and waging with the cost of living out of line. and the dow looks to build on the longest winning streak so far. futures are implied higher by 33 points and the nasdaq is up by 32 points. joining me now is jay woods at freedom capital markets. jay jay, this is a market that has been resilient over the course of the last three or four weeks with a decent bounce off the correction that never came about. >> 5.5% retracem

we are looking forward to this week is a slew of data it was a quiet week last week. we usually get a rally now, it is not the word of the day, but the song of the day the song of the week >> the earworm >> we are not singing it people are driving to work anticipation the carly simon song that has been the biggest volatile indicator that we have seen more volatility happens after the cpi than any of the economic data points that have come out we see it after jay powell speaks neel kashkari likes to rile things up. he doesn't vote, by the way. we have gone up three weeks in a row. we have done down three weeks in a row. we broke above the 50-day moving average. will this be the catalyst?

we have seen a dichotomy of spending watch home depot and walmart comeing into today this is the pivot point. can we break higher or is the rally into it and the cpi cooling off? we'll see. >> the anticipation is which sector >> we are 10% up in the s&p and talking new highs, you would have looked at me like i was crazy. y utilities have been on a heck of a run. can it continue? there are three stocks in that sector that look like they are poised to go over the long term. i like the southern and nextera. i know american water has been

leading. tlas po those are power plays. that is different within a.i. spin >> jay woods, thank you very much keep it here "squawk box" is coming up next market action is muted see you tomorrow good morning openai holding a live stream product event today. we will tell you what we know about the potential with new products. employees at a new jersey apple store, not just any, the short hills mall, voting against union unionization apple workers in maryland have authorized a strike. gamestop shares soaring again. the man, in large part, helped drive that meme stock craze with the bullish analysis of the stock tweeted for the first time

in three years it's monday, may 13th, 2024 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 becky quick along with joe kernen and andrew ross sorkin. on this monday morning, we are looking at u.s. equities up slightly this is a big deal the dow has closed up eight days in a row this morning, it is indicated up 37 points. s&p futures up 5 the nasdaq up 32 this comes after the best week of the year for the dow. it was up by more than 2%. s&p was 1.81% last week. the nasdaq up 1% for the year to date, the dow is up