Bottom line at novo nordisk and shares moving in an interesting direction overseas. And looking at the u. S. And what jay powell said could give emerging markets a boost today it is thursday, may 2nd, 2024. You are watching Worldwide Exchange here on cnbc good morning and welcome to Worldwide Exchange. Were coming to you live from cnbc london. Lets get you ready for the trading day ahead. Wall street is waking up with whiplash after the rally that saw the dow surge 500 points higher and ending the day with marginal gains u. S. Stock futures are trying to build on the gains you see they are gleareen acros board. Dow opening at 120 points higher nasdaq off the highs from earlier, but up. 50 all this after jay powell ruled out the next move by the central bank which could be a hike my expectation is that we will, over the course of the year, see inflation move back down thats my forecast i think my confidence is that is lower than it was because of the data we have seen. It is unlikely that the next policy rate move will be a hike. I say it is unlikely you know, our policy focus is really what i just mentioned which is how long to keep policy restrictive. We are watching treasuries in the wake of the decision taking a look at the benchmark at 4. 61 yesterday during the show, it was 4. 68 the twoyear note moving to the downside right now, it is 4. 94 taking a similar move to the benchmark. The long bond is the read on Inflation Expectations right now at 4. 74 the tenyear yield is holding above 4. 6 yield we are seeing futures higher after the jay Powell Press Conference saying a hike is all but off the table, but it could take longer to get to the cut. The fed is continuing to look at inflation reports and inflation easing saying the First Quarter reports showed inflation was stickier than previously thought. Lets look at the big money movers this morning. The good, bad and ugly with the movers this morning. Lets start off with the good. Shares of carvana surging on the profit and better than expected revenue. That is the stock we talk about a lot here the return of growth marks carvanas best growth in history over efficiency gains. Carvana has been restructuring after nearly going bankrupt back in 2022. Shares are up over 35 right now. Now over to the bad. Doordash sinking as the company probe to profitability after the bigger than expected loss with record revenue up 22 year over year they will continue to invest in areas like grocery delivery. An area that Food Delivery Companies have talked about in recent years doordash shares down double digits falling 13 the ugly fastly plunging on fullyear revenue guidance it is pleased with the First Quarter and positive free cash flow, but not satisfied with the revenue outlook. Fastly plans to invest heavily in customer acquiacquisition. Now time for a look at what is going on in europe with silvia a maro here with me. Novo nordisk is reporting its results. Exactly lets take you across the equities at this stage as you see to my right, this is a mix picture in the trading session. We have been trading for two hours in europe. The ftse 100 is up. 30 . We are seeing positive moves over in italy and spain, however, if you look at the other boards, it is a negative picture that the stage this as investors are digesting corporate releases throughout the morning. Of course, this is also on the back of the Federal Reserve meeting. One of the most corporate stories this morning is novo nordisk. We have been reporting their results. They communicated a higher than expected revenue for the quarter and at the same time, they raised guidance for the year however, when you look at the share price reaction with the frankfurt listing, it is moving lower by 2 . Some traders believe the increased guidance was not significant enough to convince them if you are a bull and still looking at the stock and saying the demand is strong for weightloss drugs, this is an opportunity to buy this stock. All of that to give you context, frank, as we see the shares moving lower so far in the equity session. Silvia, thank you very much we will talk more about novo nordisk coming up on the show. After that report, novo nordisk shares down 2 great reporting. Thank you. Lets bring in the cross mayfiel to continue the conversation how does this impact what you say is a move to the cyclical sectors . Financials and industrials have o outperformed the last couple months. I think jay powell was down the middle if you had to pick a side, it leaned dovish only because he kept the rate hike conversation off the table which was the big tail risk or riskoff event if they brought that back into the picture with the stickiness that they are battling. You know, i know the riskoff move in the afternoon yesterday, but how it impacts the cyclical sectors we have seen pop the last couple months reinforces what we have seen. That is being driven less by rate cuts and the strong underlining economy. Ross, i want to ask Something ElseMohamed Elerian made comments about the fed decision yesterday saying in part he worries how reactive this fed is and it may end up too hawkish for the economic well being with the domestic and International Structures do you agree i think they could skew too hawkish. My take has been the last mile here with inflation is entirely about housing and part of the problem about housing is rates are too high if they play that wrong, they could end up too restrictive i think their history is staying hawkish too long and get aggressive when somethin breaks one more thing to bounce off you, ross, Jeff Gundlach had this to say. I want to get your opinion after this take. This is a pretty good environment. The type of strategy we have implemented will keep working and it has been working well for the past six months. That is, you know, you can get pretty good yields by investing in securities and fixed income market that arent that risky. Ross, your take quickly i would keep it high quality and high credit quality. You can get good yield on high quality corporates or treasuries at this point in the curve i would not be extending risk without tight credit spreads i agree with that statement. All right ross mayfield, great to see you. We have to keep it moving. Thank you for being here. We have more to come on Worldwide Exchange, and including the one word that investors have to know today, but first, more on powells post decision comments and why former vice chairman Roger Ferguson says they are setting themselves up for disappointment. And apple reports later today and we will look at the numbers coming up when Worldwide Exchange comes back. vo what does it mean to be rich . Maybe rich is less about reaching a magic number. And more about discovering magic. And theyre all coming . Those who are still with us, yes. Grandpa whats this . Your wings. Light em up gentlemen, its a beautiful. Day to fly. Welcome back to Worldwide Exchange. Novo nordisk reporting better than expected First Quarter rules. The danish drugmaker is looking to boost the weight loss drugs f ozempic and wegovy lets get more from the cio at the firm which offers the etf ticker hrts with novo nordisk being the top on the listing good morning good morning. We talked about the huge quarter for novo nordisk the stock is actually down in your mind after that quarter, why is the stock down . The expectation was really high going into the quarter and there were a couple of wiggles into the results there was a sales miss from wegovy which the market is questioning. The outlook is pretty bright back to wegovy. That is something we talked about here in europe wasnt it due to supply chain issues they could not make enough supply has been constrained you start on a smaller dose and it has been restricted novo nordisk has been opening this up since january. That is why the outlook for the year is bright. Okay. You say outlook is bright. I want to talk about the competition in the space we were talking off camera you think the drugs will take over the world eli lilly put out a report this week saying that they are testing drugs and the number of commercially covered patients for their drug has doubled over the last couple months february 1st was onethird of covered patients and now twothirds coverage is important what happens with coverage, it improves as the companies show Clinical Trial results for different diseases what is interesting is it shows a benefit in sleepapnea. These are the ways that novo nordisk and eli lilly are finding ways to pay for the drugs. Liver disease and kidney disease. That is why these drugs have a popular future. Amgen is doing the first human trials and expected to have results in june i want to talk about Something Else regulation you are shaking your head. In the u. S. , regulators accusing novo nordisk and a bunch of other drugmakers, to be fair, for having fake patented that wont hold up to scrutiny. How much of a risk is this it is typical for the ftc to put out a list of fake patent. The patents are massive. Many patents covering them i think this is really just a bit of nonnews. Nonnews . Doesnt it raise the risks of generics entering the market which would reduce price and take market share . When a drug gets approved, there are lots of patents. Typical patents are 100 to 150 covering formulation and how it works. Those are not being challenged here i dont think this brings a risk of generics. That will come in the 2030s. We need to watch out for the long term. That is why the pipeline is important. We had an analyst on yesterday that said just about everybody will be on them sooner or later. Current estimates are about 1 billion people in the world live with obesity that will rise to 1. 9 billion by 2035 there will be a long potential market. Yuri, thank you very much we appreciate it more to come on Worldwide Exchange, with qualcomm signaling a bounceback after a twoyear slump stay with us it should be called wiffle tennis. Pickle yeah, aw whoo these guys are intense. We got nothing to worry about. With e trade from morgan stanley, were ready for whatever gets served up. Dude, you gotta work on your trash talk. Id rather work on saving for retirement. Or college, since you like to get schooled. Thats a pretty good burn, right . Got him. Good game. Thanks for coming to our clinic, first ones free. Something amazing is happening here. Data is bringing creativity to life. 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For the merging market economies, we have not seen the kind of turmoil that was frequent 20 or 30 years ago and that is because many of them have much better policy frameworks they are navigating this pretty well this time that was fed chair jay powell yesterday touting the resill especially of International Markets in the face of the Central Bank Uncertainty we had guests come on laying out the bull case outside of the u. S. Joining me is malcolm who is the head of strategy at ex malcolm, your top pick with emerging markets is india india in this case is under performing the u. S what makes india attractive . Thank you forego having me, frank. India is the best structure story right now. This is the longterm horizon. We have nearterm with the Prime Minister reelection modi is looking at fiscal and economic continuity. India benefits from the amazing demographic back drop. Largest youth population in the world. Very well educated broadly you have a democratically elected system where they are looking for supply chain diversification in china and the combination of spending and reaching an inflexion point where we see a boost to disc discretionary spending. You say the elections in india make it more attractive to invest in india . That makes it a more attractive area of investment with the large democratic elections absolutely. I think a lot of people are comparing india to china and are getting a bit of comfort knowing india is coming from the democratically elected political system rather than in china where it is ccps way or the highway. That leads to a lot of black box views over what is going to happen beyond six months with the China Economic policies. In india, we know what election pillars the government is running on and what they delivered in the last two terms. We know what the goals are for the next few years you are looking at brazil this is interesting. According to the braz etf, brazil is down 9 on the year. Biggest export is soybeans it seems like the economy moves with the soybeans. I think brazil used to be the china beta play. It used to be about iron ore and how many cities china is building with the industrial output from there. Brazil has done a good job of diversifying it will be the fourth largest producer of energy in the world. Right up with the bigger opec countries. In addition to that, soybeans. Agriculture, broadly speaking, is helping diversify the Brazil Economy which has helped brazil do well during a difficult period you mentioned in the introduction of the segment of Monetary Policy. As we came out of covid, they hiked Interest Rates choked off inflation they were still able to let growth come through and letting gdp grow 2 plus a year. A lot of that was before i let you go, one more area to look at here are you you are bullish on china. There is upside there or is there some other reason . Im not broadly bullish on china for the whole market within it, there is an interesting contrarian play within the consumer. Consumer names are trading 50 below the historical average this is one area aligned with the ccp goals of doubling the middle class by 2035 breaking it down, i like chinas consumer as a contrary play. We have to leave the conversation there mal malcolm, thank you as we head to break, we will look at qualcomm shares of the Biggest Smartphone processors moving higher up beat forecast for sales and suggesting demand for handsets increasing after the twoyear slump. Much more Worldwide Exchange after this as a kid, i watched my mom struggle financially. Her sacrifice allowed me to pursue my dreams. To create generational wealth. Im partnering with sofi because they care about making your money work for your ambitions. Just like my mom did for me. Recognize a generational player. Join the official bank of the nba. Sofi. Get your money right. It is just about 5 30 a. M. In the new york city area and almost 10 30 a. M. Here in london here is whats still on deck Holding Steady the fed reserve is not pivoting yesterday as jay powell says it is a fight against inflation Roger Ferguson is standing by on when or if rates cuts are coming. And whipsaw action on the fed with jim cramer giving the all clear signal and Apple Earnings on tap is it a tough year well find out later today welcome back to Worldwide Exchange. Im Frank Holland coming to you from cnbc london we pick up the half hour check of the stock futures with the mixed session for stocks yesterday. The dow surged 490 points during the jay Powell Press Conference before ending the day with marginal gains the dow would open up just about 120 points higher. Nasdaq also higher with the nasdaq up in the premarket, lets look at the biggest gainers. We see cognizant tech up 4. 5 . Qualcomm with a strong Earnings Report with strong orders from chinese smartphone makers and then the trade desk in the fourth spot. Wti is the u. S. Benchmark and below 8 80 a barrel it is up 1 . Brent crude is up 1 lastly, bitcoin here is under pressure it is trading below 58,000. It trades around the clock 57,775 right now. That is the set up now lets turn back to the big story. The Federal Reserve and the decision to hold steady with Interest Rates the central bank noting the challenges in getting inflation to the 2 target in the press conference, jay powell saying the next movelike. We dont like to react to one or two months data this is a full yquarter. It is appropriate to take signal the signal is it will take longer for us to gain confidence we are on a sustainable path to 2 inflation for more on this, lets bring in Roger Ferguson. The former ceo and president of tiaa and cnbc contributor. Roger, great to see you. I want your take on the fed decision and the comment from jay powell did he close the door on all of the people that watch all of the reports . Did he finalize and say it is jobs and inflation is what we are watching and thats what determines it . First, i think they did obviously the right thing by signaling they were aware inflation has been stickier than expected i think he is right to say their primary job is inflation and getting it under control and it is difficult i thought the message was roughly the right one. Obviously, it was important to take off the table right now, at least, the possibility of a rate hike i think at this stage, it is unlikely we have to wait and see what the fed does you are saying a hike is all but off the table. His comments yesterday push out the idea of cuts or push it further . I think it does i think theres been a disconnect with the market and fed for a period of time when the fed was thinking three cuts and the market thinking five when the fed was probably thinking a june start and the market was thinking of a march start. He has pushed out and i think it is 50 50 chance of no cuts at all depending on the incoming data the data has surprised us in one direction. I. E. , inflation stronger than we thought. Really . No cuts at all even after the weaker than expected gdp report and other reports we see it appears rates are taking hold in the economy in some areas you think it is still possible no rates at all this year . Its possible im not taking it off the table. I think its too early to be fair, inflation has been hotter than expected you heard chairman powell say it has moved from noise to signal it will take longer for them to gain confidence. Im adding the possibility they may not gain con if fi im adding the possibility they may not gain con if dence for a period of time here. There are a number of forces here Energy Prices may go higher. Obviously, the labor market is in good shape. As i talked to ceos, they are expecting higher than expecting increases and wages. Too early to say definitely 50 50 will we get another data point on friday . A absolutely. They reduced the cap on the treasury reduction it was 60 billion they reduced it significantly. A lot of people show that as easing in some ways. How do you take it i think it is not meant to be easing it is meant to be reflection of adequate liquidity in the market theres no doubt it will have an impact of easing financial conditions i think it is working in that direction. That is not their intention. I would not put too much weight on that as a contrary signal that is not the way they are thinking about it. The Monetary Policy tool is signaling what they are using on inflation. Roger, before we go, is there anything you feel the people have not caught up to with the press conference or decision you have been in the rooms is there anything people should people in mind after what we heard from jay powell . Missing that inflation appears to be stickier there is a general hope in the face of that, the fed will relent at some point i think people are missing the 2 target and that is meant to be the 2 target 2 is not 2. 5 i think we are in a little bit of a disconnect with the fed pushing hard for the socalled last mile. I dont think it is likely yet, but perhaps signaling a soft landing may not be possible. That is the disconnect people may be under estimating the commitment of the fed to get to 2 . I think people are thinking, you know, they will let it slide because they dont want to hit the markets. Roger ferguson saying 2 is 2 roger, thank you for your time thank you lets stick with the fed and inflation fight and the sticky factors is insurance prices. Jumping 22 from a year ago as a number of Insurance Companies will rollout earnings this week. Contessa brewer joins us with more reporter it is not just Car Insurance which gets a lot of attention, but prices on property and Casualty Insurance is soaring as well those rates are reflected in the earnings of the Insurance Companies. Aig beat eps yesterday when it reported the commission insulins in north america with prices 6 and stayed ahead of what the company paid out in claims aig has been disciplined in how it takes on risk, but benefitted from low catastrophe levels. The ceo called the Market Conditions favor anafavorable. Conditions are up 3 this morning. The call begins at 8 30. We will have more insight there. You have allstate reporting earnings that trounced expectations 513 a share if you look back a year ago, this quarter, it lost 1. 30 per share. Allstate has collected higher premiums the catastrophe losses fell 60 . Repair and replacement costs were stabilizing allstate saw returns on the inve investments. The Car Insurance giant paid out more in claims than it could collect in premiums. Now it is playing catch up it is seeing notable growth in National General which offers nonstandard insurance for customers difficult to insure. That Earnings Call starts at 9 00 we will hear from hanover and heritage and hippo this morning. They will all have insight over where rates are and how much is paid out in claims, frank. You are laying it all out what are we expecting on Earnings Calls are the premium hikes over for now . Reporter it is interesting chubbs call was last week the ceo said this is the best pricing in four quarters and are the rate hikes over . Will rates decelerate a bit . The answer was not really. Maybe moderate, but you will still see property insurance prices continue to go up because theyre paying out more for materials and labor and, frank, across all lines of insurance with litigation being a cost factor it costs a lot to deal with the lawsuits introduced. Contessa brewer with the latest on insurance. Thank you. Coming up, big tech earnings roll on with apple up on deck. Will the results provide relief or more pain for the stocks tough start to 2024 . We will give you the keys to watch when we return stay with us traffic noises the road to opportunity. Is often the road overlooked. at enterprise mobility, we guide companies to unique solutions, from our team of mobility experts. Because we believe the more ways we all have to move forward. The further well all go. ella fashion moves fast. Setting trends is our business. 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, efficiencies, and greater agility. marquis with a custom private 5g network. Our customers get what they want, when they want it. jen now were even smarter and ready for whats next. vo achieve enterprise intelligence. Its your vision, its your verizon. Welcome back to Worldwide Exchange. Shares of etsy is struggling to expand beyond the niche. It is facing increased competition from temu and amazon and walmart. Shares are down more than 12. 5 . We are watching shares of apple this morning ahead of the earnings after the close the tech giant throws its hat in the a. I. Race and investors are bracing for the fifth down quarter in the last six. Steve kovach has the numbers to wat watch. Reporter the big number is the Greater China sales. China has been a sore spot for apple. Sales have been plummeting in the country thanks to weak demand and competition from huawei why does this matter china contributes up to 20 of the annual sales and apple has yet to find another market to make up for the downturn there it is trying to grow in india and indonesia and vietnam. Apple sales in china have not improved with iphone sales down 19 for the first three months of the year in china overall smartphone sales have increased. This is similar to the apple downslide in 2019. The anticipated a. I. Announcements could help boost sales in the next iphone cycles in the back half of the year and into 2025. Frank. All right lets dive deeper into apple with the chief Investment Officer of albian financial group. Jason, good morning from london steve talked about the sales down 19 in q1 how concerning is that for snu. It is a concern of misses in china with the competition that is one of the things that apple is facing in the area and as you noted, it is almost 20 of the business t. Is a headwind it comes with higher margins fortunately, there is a notable offset in the wearables category it is growing. There are offsets. China is an area to watch. You know, one concern for people or for analysts here in europe said it is a tough comp with the supply chain issues a lot of 2022 issues got pushed into 2023. Thats fair that was easy, jason. I want to talk about Artificial Intelligence a lot of people looking to june for the big a. I. Strategy reveal how important is it to have an a. I. Strategy . Is it a. I. And siri or a. I. Sur surface . Apple is one of the large mega Tech Companies which have not articulated an a. I. Strategy tim cook says things are coming. Investors want to know they bought darwin a. I. In march. They may partner with google with gemini. Apple is working on a. I. We need to see what that story looks like there will be a lot of focus on that in the quarter. It can show up in the iphone 16 or in the app store. We could get an announcement at wwc coming up. How concerned are you with regulation the stock has fallen a bit in china with the government telling them not to use apple phones is this a real concern for you not so much apple antitrust is a headline risk it hit the stock if you look at shares skince the report calmme out, it has been sid sideways this is a multiyear work in the courts it will probably not lose in our view they need to talk about a. I. And they need to give us a boosted capital returns program. Google put out 70 billion of additional buybacks. Apple needs to hit that or more. Maybe 90 billion. Jason looking for buybacks. Thank you. Coming up here on Worldwide Exchange, breaking news on apparent fresh intervention by the bank of japan. Well talk about that much more when we come back from this break. And more about discovering magic. Rich is being able to keep your loved ones close. And also send them away. Rich is living life your way. And having someone who can help you get there. The key to being rich is knowing what counts. [crowd chanting] they ignored your potential, dissed your achievements, and mocked your ambition. But its not the critic who counts, and you know that. From the beginning, you couldnt be stopped. Breaking resistance with every swing and block. Your game plan never changed. So enjoy this moment. The one they said youd never live to see. Some would still call it luck. Let them. Because you know what its always been. Inevitable. Welcome back to Worldwide Exchange. Breaking news with the bank of japan appearing and appearing is the word to take fresh intervention moves jp ong is here with more reporter frank, it seems on the surface, many in japan have not wanted to comment over intervention with the yen which saw the surge earlier today, data from the bank of japan is pointing to try to prop up and support the yen against weakness currency trades in japan take two days to settle they have to issue the forecast for conditions and what is needed in terms of funds according to the rprojections, the bank of japan is indicating 4. 36 trillion yen in net receipt of funds the money brokers in tokyo say the forecast is 1. 1 trillion yen. There is excessive money market transactions came into the markets and worth 3. 66 trillion yen or 23. 6 billion u. S we cannot confirm, but the data indicates an excess of transactions that might indicate there was intervention into the markets to help prop up the yen. This is similar to the data that you saw on may 1st when they projected there was revealed they may have spent 6 trillion yen and intervening the market on last monday, we saw a spike and it raised alarm bells if there was intervention on the part of the boj. Finance Officials Say there will be a report at the end of may to discuss any intervention in the market based on the preliminary data, the bank of japan has moved ahead to keep the yen from deappr deappreciating depreciating. Frank, back to you. Thank you. Coming up on Worldwide Exchange, one word every investor need to know today, but jim cramer says the fed putting on rates is giving the investors the allclear significant that will signal. Tune on saturday for the ckqushire hathaway event bey ick and mike santoli are live in omaha. We will be right back. I promise that our relationship will go well beyond just investment decisions. Its the intersection of your money and your life where we can make the biggest difference. [announcer] Charles Schwab is proud to support the independent Financial Advisors who are passionately dedicated to helping people achieve their financial goals. Visit findyourindependentadvisor. Com youve got xfinity wifi at home. To helping people achieve their financial goals. Take it on the go with Xfinity Mobile. Customers now get exclusive access to wifi speed up to a gig in millions of locations. Plus, buy one unlimited line and get one free. Thats like getting two unlimited lines for twenty dollars a month each for a year. So, ditch the other guys and switch today. Buy one line of unlimited, get one free for a year with Xfinity Mobile plus, save even more and get an eligible 5g phone on us visit xfinitymobile. Com today. Welcome back to Worldwide Exchange. Time for the wex wrapup. We start with the pictures of the campus at ucla the police threatening to arrest protesters this is one day after the encampment was attacked by masked protesters. Police have cleared out campuses starting with columbia on tuesday. This is a live picture of ucla we see a standoff right there. We will bring you more developments if needed. Back to corporate news, exxon reaching agreement with the ftc over the pioneer natural resources. Sources telling cnbc the agreement prevents the former ceo from joining the board. Microsoft betting bigger on asia with the 2 billion Digital Infrastructure in asia Satya Nadella announced similar roars in thailand this week. And sk hynix says it is l. S almost sold out of chips. And tesla job cuts hits the summer interns after getting offers revoked weeks before the internships were set to start. And back to the trading day head investors are digesting what the fed said yesterday jim cramer says you should take jay powell at his word as inflation remains stubborn. All we wanted was the allclear sign and we can thank fed chief jay powell for giving us one today when he spoke after the Market Committee ended and left rates unchanged did he say you can go buy, buy, buy . Of course not. He is the fed chief. He may as well done so. Join me now is nicholas, head of u. S. Equities at columbia frank, good to see you here. Im trying to learn the european pronunciations. Nick, you heard what jim cramer had to say did the fed give the buy signal to investors i think what the fed said was positive it is positive because what the chairman did was take the tell risk off the table and at least for now, it will allow you to focus on corporate earnings. Obviously, the day after the fed decision and press conference how do you see today shaping up with the futures my wex word of the day is concurrently it gives me an opportunity to talk about markets and impress my english teachers from high school concurrently because the investors need to focus on Corp Earnings and one of the most Important Companies is reporting tonight in the way of apple. What are your expectations in apple . Has the market moved with apple . It seems it moves with nvidia. No question that nvidia is a hugely Important Company as the single biggest enabler of a. I. Ap apple is a read on the consumer. For us, we are looking at the issues with a. I. Your focus with a. I. Collaboration. One of your picks is the biggest read that u. S. Investors have to open up the app appeture there will be cooling needs. Right now, the excitement has largely been centered on the hardware infrastructure stack. At columbia, we collaborated across sectors and collaborated across geographies and cap structure and identified other companies that will be winners. Your other two picks . Public Service Enterprise group and invent cooling is important data centers get quite hot. Thats a good point anythin nicholas, thank you. Futures are higher the dow would open up 140 points higher nasdaq in the green up 1 . Thats going to do it for Worldwide Exchange. Thank you for watching squawk box starts right now. It looked good for a while good morning the dow rocket ed higher yesterday after fed chair powell ruled out a rate hike, but stocks gave back most in the session. The s p closed lower well show you whats moving now. Novo nordisk profit jumped 28 in the First Quarter you know why sales of the popular weightloss drug wegovy. Summer interns are the latest victims of the tesla cost cutting. Rescinding the internship offers its thursday, may 2nd, 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. Its just the boys im Andrew Ross Sorkin with joe kernen becky is on assignment in omaha where the Berkshire Hathaway meeting is set to begin this weekend. Lets show you the latest. The dow would open up 146 points higher nasdaq up 160 points higher. S p 500 is up 30 points. That would be after this because stocks sky rocketed higher after jay powells comments yesterday. The market gave back the gains