Worldwide exchange. On cnbc, im sara eisen. And im wilfred frost. Good morning to you. Lets get straight to the markets this morning. Yesterday, we saw the s p flat and the dow down. In unison by the tune of 0. 5 , 0. 6 . That equates for about 28 points for the dow. 14 points for the s p. And about 125 for the dow. Ticking down fractionally at 177 this morning. New data overnight out of china showing consumer inflation for a third month in a row, producer deflation did ease and china managed to close with a gain just barely in the green. The big move came in japan overnight, a. 2 move in the nikkei. Saying the government will intervene if the yens one sided rise they used the word intervention for the second time recently. It was a very explicit threat to the currency market to stop buying the japanese yen which actually has stopped. The last few sessions or so moderated. We saw a bigger move. A half a percent this morning. That weaker yen going a long way to help japanese stocks and overall sentiment across the board. We are seeing strengths in banks. And Prices Higher with rebounding. We said better than expected so it was a 30 revenue decline. Well get to that in a moment. As for the euro against the u. S. Dollar this morning, very quickly, strength almost at 1 14 against the dollar. The stronger dollar coupled with weaker oil lately has been the latest stumbling block, at least if you read the reports for the u. S. Stock market right now. Its a combination, you dont like the strong dollar because it hurts corporate earnings overseas. And it makes you wonder whether the chinese can still devalue their currency which is everybodys headache and, of course, the price of oil. Yeah, the dollar in its fifth session in a row, particularly in the face of that weaker jobs number, somewhat of a surprise. Today, its more mixed. But the big move is against the yen which weve seen dollar strength. Thats okay for investors. The question now does the strength derail positivity. Oil prices, slets a look at them. This time yesterday we were looking at 2 gains. But the day finished with over 2 of declines. Its belief of what those wildfires in canada will impact oil price. That sentiment reduced that it could pick up any slacks in declines. Were bouncing back up with wti. And it likely rose for the fifth straight week of any supply productions. And the rate in alberta, this comes as Many Companies remain offline in the wake of the massive wildfires. We mentioned European Banks higher credits boosted a lower than expected loss. And its been declines in Investment Banking unit, shares trading lower is that right . No, thats higher. Weve got the wrong one, but well get it to you. The firms ceo did speak with cnbc about some of the challenges a little earlier this morning. Have a look. Last time we spoke, it was really a scary time. January was the worst january in the history of markets. I was speaking after four weeks of that. Since then, february was bad, a little bit better than january. March was better than february. And april was better than march. So were clearly on an improving trend. So, clearly, the overall macro environment is tough. Trading was a big point of weakness in this report. But there is some reassurance that the Wealth Management side which the ceo has changed the focus to looked a little better. Yeah, definitely and i think flows as well in asia which is one of the reasons hes done very well in the past with prudential asian business. That showed great strength. The interesting thing as we step back from the European Banks, the themes which we just heard, january terrible, february still bad. Starting to move in march. The themes for the banks kind of similar but the performance has differentiated. And Credit Suisse bouncing. Theres the right one, yes. Up 6 . Versus ubs falling quite significantly. I think the individual Company Issues still rocking what the European Bank themes in general across both side of the atlantic. The other area weak trading. Weak trading. And m a number is not too bad. Even though thats an area that the business is moving away from. Less bad than what people expected. Its a relatively light day for earnings in Economic Data. The National Federation of independent businesses puts out their report at 6 00 a. M. Eastern. Thats wholesale trade and job openings. Joltss at 10 00 a. M. Norwegian cruise line reports results after the opening bell, we hear from disney and electronic arts. Landen joins us. Wall street is looking for earnings of 1. 40 per share on revenue, 13. 2 billion. But beyond the numbers here are three things to watch first, succession plans this will be the firms first fall since the resignation of the ceo. And its not expected that we heard the name of a replacement, iger plans to leave the firm in 2018. Second, espn, cord cutting is a big threat for the most profitable business resonating. Keep an eye on espn ub scribie i subscribing numbers. Well see if that trend can continue. And third, the box office blockbusters, the street expects the force is still with disney thanks to studio mega hits like zootopia and stock has rallied up nearly 16 . I think i read in a report that disney has the top three First Quarter revenue box office hits. Whats interesting theyre continuing to dominate the box office. I know landon this isnt the only thing for disney. You mentioned that espn is very important. They have three of the top five in the 2016 top grossing films zootopia, batman versus superman, jungle book. Batman versus superman and jungle book wont go over until next year. And shanghai park which opens june 18th. Landon, thank you very much. Shares actually flat for the year. I wonder what the espn reaction is. Over a decent past 12 months. Up more than 11 or so. The drama lending cut appears to have unravelled. The internal probe into its Business Practices led to the resignation of its ceo yesterday. The investigation focused on more than a 20 million loan to a single investor and violated the firms practices. Thats bringing the ceo and lending board member john mack into the spotlight. According to reports, mack i invested in the same that reports this travesty. The stock has falling more than 60 in solarcity from the 52week high set about a year ago and down almost 20 into the open. Gap reporting seeing sales decrease for the fifth straight month in april. The retailer continuing to struggle with weak demands at bahnah nan republic and old navy. Gap also expects First Quarter earnings to come in well below analysts forecasts. Another double digit move it looks like lower into the open gap shares down 13 . Insvensense reporting a loss. Maker of iphone 6 and sam sung galaxy phones. Sothebys auction has fell 35 . The company says the Second Quarter is off to a strong start helped by rising sales. Hertz is backing its earnings forecast for the year. And selling shares of a pharmaceutical company, Pershing Square seeking to sell 800 million shares of zoetis. Ackman told us that shares rose last month. Making 2 million last year, viacom and cbs Board Members are planning on visiting redstone to evaluate him. Still to come, well gift ready for the trading day ahead with jpmorgan. Global Market Strategist michael bell. Including down 8 for the time. On this day in history, apples music store reached 400 million songs sold. Later that same year, apple announced a promotion counting down to. And to date, 35 billion songs have been purchased from the itunes store. Get ready for the rio Olympic Games by switching to xfinity x1. Show me gymnastics. X1 lets you search by sport, watch nbcs highlights and catch every live event on your tv with nbc sports live extra. Im getting ready. Are you . X1 will change the way you experience nbcuniversals coverage of the rio Olympic Games. Call or go online today to switch to x1. Good morning, welcome back to Worldwide Exchange. Futures higher trade of the day. The s p 500 roughly flat for the month. And for the year how can investors still score returns if were looking at a sideways summer . Well, our data team krurccrunch some numbers to figure out the stocks that do well when the market goes nowhere. The it turns out the top are consumer discretionary, consumer staples. And it has performed a socalled sideways market. The dow is coming off its first down day in the last three sessions but the nasdaq is on a winning streak posting its first backtoback gains in more than three weeks. Joining us michael bell global strategist at jpmorgan. Michael, very good morning to you. Lets talk about u. S. Equity markets first. Weve had five Straight Days of gains now for the u. S. Dollar index. Is that a concern for the equity markets . I dont think so. We think that the dollar is going to remain broadly stable. We think that the sort of large rally in the dollar over the last 18 months or so has come to an end. For now on, the dollar is going to lead consistently higher. So what is it, is it oil that has led to the stumbling block . Or is that what weve seen now in shortterm correctiontype moves . Well, the oil prices have actually allowed to be higher in somewhere in the 40 to 60 a barrel range. As long as oil doesnt continue falling like the last couple of years, in fact, the oil price has been one of the main reasons that youve seen a fall in the u. S. Dollar. With stabilization, those two factors will be helpful to know even though in the next quarter, perhaps well get weak earnings. By the end of the year were expecting earnings to be up. Michael your expectation for fed hikes this year is what . We think theyre going to raise rates twice this year. Its hard to say when that first rate rise will come. It could be september for the next one id expect one more probably in december. So two more by the end of the year. Do you think some of the new found fears of growth slowdown in the u. S. Are justified . I know we get into this every time theres a little slump in the data. But this one especially backed up by a weaker jobs report is raising some concerns. Are those justified . I think if you delayed the market slow and meanfully, that would be a course for concern but i dont think the latest report really showed that. Clearlies the Unemployment Rate gets lower, though, its just less people who are actually out of the work. And therefore, the rate at which you can create new jobs is going to slow somewhat. If you actually saw deterioration in the labor market, that would be a significant course for concern. I think what you will see, the pace of jobs growth will slow somewhat. As long as it remains healthy north of 150,000 a month. That could be consistent with u. S. Equities. Michael, with local elections behind us in the uk, the focus on brexit picked up from yet and will remain elevated until june 25th. Has sterling been a little too strong against the u. S. Dollar, with that impending vote coming up . Were back around the 144 levels, and it was 138 pretty recently . Yeah, i think the markets moved into pricing into lower probability of brexit than it was only a few weeks ago. I think if the result was to be if the uk left the eu, then we could see sterling fall really quite sharply from the levels were at right now. At least 10 , maybe 15 . However in the course that we say in the eu, then i think sterling would actually rally somewhat. And could be volatile. Michael thank you very much for joining us. Much appreciated. Michael bell. Hes not worried about anything. Oil, dollar, sterling. When we come back, this mornings top political stories a steph curry, hes back. And the twitter and facebook question of the day, big Earnings Report will be disney. It got us thinking, whats your favorite disney movie of all time. Its an absolute nobrainer. I look forward to sharing. Great. Mine is a childhood favorite. First before we head to break, heres the gnanational wrerth forecast from jen carfagno . After we seen a day with hail larger than golf ball size, we have a forecast today, thunderstorms possible, more likely damaging winds and hail, though. Thats possible into parts of the ohio valley, pa duducahpadu memphis, and another round of weather into texas. Were going to see storms likely have large hail south of the dallasft. Worth area. Guess what, weve got more area in d. C. That makes day 14. An old record set back in the 1800s. We might see record high temperatures in texas. Otherwise, below average in parts of the north and east. Im meteorologist jen carfagno for the weather channel. Worldwide exchange continues after this. Welcome back to Worldwide Exchange. To todays political news. Voters go to the polls in nebraska and West Virginia today. Tracie potts joins us live from washington with the big stories from the campaign trail. Tracie. Reporter well, lets start with Bernie Sanders who may not sound like a big story but he had a big rally in california. He said hes going to win most of the state its and pointing to numbers that show him beating donald trump by wider margins than Hillary Clinton. We are going to fight for every vote until june 14th. Just a few hours ago in sacramento, Bernie Sanders told the late night crowd of 15,000, he expects to win todays primary in West Virginia. Then california, plus five other states. Donald trump is not going to become president of the United States. Trumps already tapped former rival Chris Christie to handle his transition team. And hes courting others in washington in separate meetings on thursday. Speaker paul ryan now says hes willing to accept down as convention hair. Hes the nominee, ill do whatever he wants. Trump is looking past the convention bringing up bill clinton to cnn. He was impeached, he was impeached and then he lied about it. I have nothing to say an reporter clinton calls pulling out of nato reckless and dangerous. Shes quoting email. But bracing for a loss in West Virginia today. Did she plan to be competitive in kentucky. In fact, shes pulled out ads that are going to run later this week in kentucky. Tracie, thank you very much. Now to sports, steph curry, as you know has been out of the action for the past two weeks after spraining his knee. The warriors star returned monday night for game four of the teams playoff series against the portland trail blazers. After shaking off some rust, curry came alive in the extra frame hitting a long three to put golden state up by five. He would hit another three to seal the deal. Part of a game high, 40 points with 17 coming in overtime. Warriors winning 142135. Going up in the series. A lot of people were worried because he did sort of start off slow and came back full curry form. He did indeed. Hell also be picking up another piece of hardware off the courts. Sources say hell be named the sports mvp for the second straight season. And becoming the first player in history of the game with 35 points in less than 35 minutes in the night. Hell be the Second Player in warriors history win mvp. The records, i cant keep track of records. The Robin Hood Foundation raise 60 million as a fundrais fundraiser. Leading donations a 15 million challenge grant from the basis Family Foundation and the overdeck Family Foundation. Cnbc caught up. Its an organization that is really almost like a mutual fund of the best investing in Public Policy that you could possibly imagine. So, for example, if you somebody you didnt necessarily know what do i do for Early Childhood education, or maybe what do i do your jobs or what do i do for hunger relief, you could know that making an investment in robin hood would be a fantastic way to know that your dollars are going to really good use. When we come back, this mornings top stories including the Global Market rally. Weve got to talk about oil. Dennis gartman joins us with his take. Youre watching cnbc first in business worldwide. In under an hour. Whole communities are living on mars and solar satellites provide earth with unlimited clean power. In less than a century, boeing took the world from seaplanes to space planes, across the universe and beyond. And if you thought that was amazing, you just wait. Cathys gotten used to the sme. In her kitchen rbage. Yup, shes gone noseblind. She thinks it smells fine, but her guests smell this. Ding, flies, meow febreze air effects heavy duty has up to. Two times the odoreliminating power to. Remove odors youve done noseblind to [inhales] mmm. Use febreze air effects, till its fresh and try febreze small spaces. To continuously eliminate up to two times the odors. For 30 days febreze small spaces and air effects, two more ways. [inhale exhale mnemonic] to breathe happy. Good morning. Credit suisse popping details on the firms better than reported rally coming up. Stocks rebounding. Are investors getting the story right . And watch out for spotify looking to break into the video game. Its tuesday, march 10th, 2016. Youre watching Worldwide Exchange. Good morning, welcome back to Worldwide Exchange on cnbc. Im sarah i eisen. And im wilfred frost. We mentioned were looking for a rebound on equity futures after the dow closed lower yesterday after oil collapsed more than 2. 5 . Nasdaq futures up 13. We see the high volumes and trading activity that we saw in yesterdays session. As for the tenyear treasury note yield, good barometer sentiment to start your day this morning. Little in the way of economic date it. Well get the jolts report later. The yield slightly higher. 177. The dollar slightly weaker against the euro. Asia closed in positive territory. In general, because of a good move for the nikkei. We had the japanese finance minister once again saying that hes willing to intervene if the yen strength continues. After saw the yen fall. And you can see hong kong and shanghai basically flat. Europe has seen positive tiffity. Despite disappointing output data from germany. Markets have some rugged that off. Were looking at 1 gains for most of the markets. Banking sector is doing well after Credit Suisse reported a gain. Shares up 5. 5 . Albeit still down 40 over the last year. The bond yields falling over 10 over six months today after they get near to a payment of existing bailout deals. At 7. 1 . Debt relief until 2018 with greece with terms as a somewhat bridge compromise wean the imf and germany on opposite sides of the issue. Looks like weve got resolution. Greek bonds are rallying. And rebound with the storm can it last . Dennis gartman, founder of the gartman lett wti is still below 44. You would think, with some of the supply concerns out of canada and wildfires, i heard at one point almost onethird of capacity offline, we would have seen a stronger rally. But not so. I think, sara, what ended up happening is the comments from the new Saudi Oil Minister suggesting that over the course of the next 10 or 15 years that crude oil would eventually be worse less. And that the saudis have no choice but to pump the oil to get what value they can out of it right now. Weve also seen that trying to get the market share with the saudis. So that was enough. Plus the fact the fire in alberta seems to have moved to the south and east away from the Oil Facilities. The problem in alberta now is not that the Oil Facilities itself are under duress, its that the housing for the people working on the oil fields has been effectively decimated. You may well have seen i because its reflective of whats going on in canada move to a premium back over brent. Thats probably the one thing that you can look for. Dennis, whats a big influence on u. S. Equities right now . Is it oil for u. S. Dollar . Weve had five days of gains for the u. S. Dollar in another move strength against the yen, following comments from the japanese finance minister . I think honestly, its the concern or hope that we wont have any more rate increases as far as the Federal Reserve is concerned. I think thats silly. Were going to get perhaps one, perhaps two. Right now, theres hope that the rate structure will go sideways. Im almost amused at the attempts by so many people to draw correlation with crude oil and stock prices as if they move in tandem with one another. They move that way hour by hour. But i had a chart on yesterday showing how the course of the last several years how diametrically opposes they are. Stockings going up, they move in contravention with one another, not in convention with one another. Thats in part because crude collapsed over the last year or two years. How do we break this near term cycle answd get back to a near healthy place as youre suggesting . Sara, i wish i knew. It will happen when it happens. Im relatively knew at it. One finally ends up saying, you know it will change when it changes and it wont change until then. Something there cause us to understand that theres a del e deleteous effect. And that should be the way prices should move. Weaker crude to give way to rising stock prices and we will eventually get back there. But what will cause it to happen, your guess is as good as mine. Dennis, if i could ask you about brexit, you make an interesting point in your letter this morning about turnout. How turnout might be different between the two sides remain exit. I think theres a greater propensity, all economics and politics are the study of peoples propensity to do something. I think the propensity on the part of people voting for the uk to leave the Political Union has got ton greater than the propensity of those who are in favor to go out and vote. So, even though the polls would show it evenly split, i think when push comes to voting shove, more of the i want outs will go to the polls than the lets stay in will do. I think thats an important circumstance. So what are you doing today, dennis . Are you selling sterling on that view . Are you the one buying all that greek debt this morning . I wish i had enough money to be buying the greek debt. Im doing exactly the same thing ive been doing for months and months and years actually. Im a buyer of gold in yen and euro terms. But i trade only for my own accounts so is this my own money. Im slightly mixed short of u. S. Stocks. Operative word being very slightly. Dennis, thank you for joining us. Stocks to watch, stock prices missed forecast on its sprint business in the u. S. The Japanese Telecom company isnt gives guidance saying theres too much uncertainty. Rackspace reporting First Quarter profit rose 44 . As it Gains Traction with its store services. Revenue fell short. And the company is giving a lackluster outcome. Down 7 . Nokia reports a loss in the sales. And companys main earnings in Main Business have fallen due to mobile gear in key markets. Other stocks to watch, groupon is suing ibm claiming it infringed on a key patent that help s businesses solicit customers based on location. Groupon says it deserves billions of dollars in revenue. Ibm said its counter suit is totally without merritt. And the united carrier continues to struggle in the United States along with lower s surcharges. Microsoft says it remains committed to the country and will also cloud services, microsoft shut down its system in china back in 2014. Now, weve got some trending stories for you starting with facebook which could be in hot quarter with a bias allegation. Saying the network deliberately sensors pretty kay sensitive articles. Late yesterday, facebook denied the report saying quote facebook is a platform for people and perspectives across the political spectrum. Clearly, they take these allegations very seriously, as they increasingly become an important place for news, especially for young people. Its interesting to see this kind of accusation, not based on the concept they themselves produce but justify the way they amalgamate. The hyperloop wars are on. Saying it is licensed technology that is safer, cheaper and faster than conventional trains. Stating that its 750 miles per hour, travelers can get from l. A. To San Francisco in 30 minutes. This announcement comes before rival Company HyperloopTechnologies Incorporated is planning to showcase its latest development in nevada. This sounds pretty awesome. Elon musk came up with the idea theoretically, in the paper, it has to be tested a lot. 750 miles per hour. Isnt that crazy . Do you have to get strapped in with that . Probably. Spotify is stepping up its video game. Bringing shows from tim robbins and producer t. Barnett. Its set to debut this summer and fall. Trying to leverage its subscribing music subscribers. In Emergency Rooms it of online content distribution both in the music form. Yeah. Coming up on Worldwide Exchange, todays must reads. And happy birthday to bono today. Worldwide exchange will be right back. Welcome back. Now to todays must read stories capturing our attention. My pick is some wall street journal. Dubya is still right about war. A speechwriter for george w. Bush. He said when george w. Bush left office in january 2009, he left mr. Obama a clear military victory in iraq. Say what you will about the mans mistakes handy made his share, mr. Bush proved profete ig in his warning. And this article said was it the bigger mistake in sending troops in the first place or pulling out too quickly. First, will that policy come to mind in the elxz. Surely, it will be top of the agenda, yet, coming into any election both sides of the atlantic. The other think i would say just as an observation, it seems like j. W. Bush doesnt get the hate and negativity around the iraq war that tony blair continues to get in the uk. That will always seem to taint him. Here, its become antipatriotic to say anything negative about any war here than the uk. Still, it was an issue for jeb, in the running, when he struggled to answer how his brother yeah, it will be interesting to see because both trump and hillary have come out against it. Donald trump continues to dominate the pages. I went to the wall street journal. Its popular on the site right now, hillary, the conservative hope. This is from the columnist brad stevens. Hes writing that conservatives can still play the character card against Hillary Clinton. Its a fair card to play if only the Presumptive Republican nominee werent himself a serial fabulist, an incorrigible selfmythologyizer, a brash vul garrian, and when it comes to his tax returns, a determined obfuscater. And he says those vord about the Republican Party should just vote for hillary because the quote means losing the Republican Party. Hes taking this one step further than the jeb bushes of the world who says im not going to vote for Hillary Clinton or donald trump because i dont like it. This is one step further. Actually go for hillary and beale see how many republicans have this mindset and actually vote that way. Absolutely right. An important must read. Have a dictionary alongside. Quite a mouthful. Were approaching the top of the hour that means the team is getting ready for squawk box. Kayla joins us this morning with a look at whats coming up. Good morning, guys. We have a pretty big show on tap. Were going to set you up for the political primaries happening in New Hampshire and West Virginia. Disney as youve discussed throughout the morning, those are happening after the bell. We have an interesting conversation at 7 00 a. M. , we have the ceo of Motorola Solutions who will be joined by the Police Commissioner new york, bill bratton. Talking about what technology is needed to share intelligence across the private sector and the public sector. And of course, globally. And unfortunately, this conversation is all too relevant with the attack that happened just recently in munich. And then finally toward the end of the show, the conversation that im most excited about, hope solo has a new partnership with a protein bar. But were also talking about the u. S. Soccer team heading to rio. Many of those women of child bearing a, how are they thinking about zika and how are they prepping. Weve got a big show. Wilfred and sara, back to you. A triple digit gain in dow futures. And at the open, david joy of Ameriprise Financial weighs in. Youre watching Worldwide Exchange on cnbc. Ilet flushes ] so when you need a plumber, we can help you get the job done right, guaranteed. Get started today at angies list. Cathys gotten used to the sme. In her kitchen rbage. Yup, shes gone noseblind. She thinks it smells fine, but her guests smell this. Ding, flies, meow febreze air effects heavy duty has up to. Two times the odoreliminating power to. Remove odors youve done noseblind to [inhales] mmm. Use febreze air effects, till its fresh and try febreze small spaces. To continuously eliminate up to two times the odors. For 30 days febreze small spaces and air effects, two more ways. [inhale exhale mnemonic] to breathe happy. Welcome back. Some news to tell you about uber this morning. Drivers in california and massachusetts turns out would have been entitled to an estimated 730 million in expense reimbursements in the last years if they had been employees rather than contractors. Uber drivers have filed a Class Action Lawsuit against the ride sharing service. Uber disputes the idea that drivers would be entitled to that reimbursement rate. The drivers attorneys are using to calculate the figures. Obviously just the latest in the uber headaches on whether to treat their employees as employees or contractors. U. S. Markets closing mixed on monday with oil prices weighing on the dow, the nasdaq snapping a threeday losing streak. About 3 for all three indices which equates to 120 points for the dow. Joining us from boston is david joy, chief strategist at Ameriprise Financial. Thank you, david, for joining you. In weve seen u. S. Dollar strength over the last five days or so. Mats the key factor you look at as to whether u. S. Equities can continue a little bit of positivity . Well, i think the most important thing is going to be the relative strength of the Economic Data coming out of the u. S. Lately, its been a little been soft, and thats causing markets to search around for another catalyst, and unfortunately, im not sure there is one. So, i would put that on top of the list. You mentioned the come and see, thats extremely important as well. One follows from the other. So i think it goes back to just how strong is the economy. And what does that mean for the prospects of resumption of Earnings Growth in the second half of the year, which is something those who are constructive of the markets including myself are anticipatinging. So, in order for that to happen, weve got to get the economy moving fast per. When you talk about the resumption of growth, david, are you specifically looking at the financials . Were just looking at them in europe. Theyre rallying on the back of those Credit Suisse results but still having a tough may. Are they buy . Yes, we think so, financial is one of them, three sectors that we have in the u. S. Anyway. Theyre partly a buy because theyve gotten so cheap in the first time quarter. But part our thesis there would be that Interest Rates would be rising over the course of the year. Improving Net Interest Margin and so forth. We have seen Consumer Lending activity improve. But overall capital arctivity fr the big sector banks not so great. So the underpinnings of approvals in financials really havent emerged yet. And again, thats dependent upon how strong the economy is in the second half. Yet, we have an overweighting in financials and still hopeful theyre going to reward us. Another question, retailers are going to get Department Store results later on in the week, as well as the big Monthly Sales retail report . How are you looking at retail and discretion discretionary depending . Growth has been wonderful, Lower Energy Prices so all the ingredients are there for consumers to carry the ball forward. But they havent been doing it. At least not in the retail space. Youve seen good activity in automobile sales. We think housing is going to continue to be steady. But at the Department Store level, lets call it, of the retail segment, its been very different this cycle. And so, it appears as though, consumers are being, you know are smarter profile, if you will. Not spending to the extent that they would have been expected to. At this point in the cycle, savings rate continues to rise that means that this recovery can be extended i think for a little while longer. But at the same time, it doesnt bode well for the Department Store segment at least. So, kind of a mixed bag within the consumer space. David, i want to ask about china, we have had slightly slower data out of china. Do you think theres a fear that Economic Sentiment will come back at some point this year . Yes, i do. I think this is one of the top several issues facing investors. And the data there has been a little bit mixed. The manufacturing data was a little bit soft. Not bad, but soft. We saw the trade data the other day, also a little bit soft. But theres no question that what china is doing is saying, lets forget about tomorrow. Lets worry about today, with all of the stimulus. The expansion in credit. So, i expect that the chinese economy is going to be relatively stable. Maybe growing, at least if you believe the numbers around the 6. 5 rate. If thats the case, i think the Global Economy will be just fine. Investors will be fine with that pace. Weve got to see it sustained. Clearly there are a lot of worries about debt and the quality of that debt and the pace at which its rambling up. Thats a worry for tomorrow. Not today, as far as the chinese are concerned. David joy, thank you for joining us. Here are some things were going to be watching today. I think probably disney is top of the agenda. It talks to different factors in that market both in content creation on the film side and the doerr cutting effects to espn. Ill pick up where david left off and talk about apple. Because the china concerns have been one of the challenges for apple which continues to show weak price action through a weak chart. Kind of Broader Market rally, if apple is not participating. Quickly, ten seconds left. Your faced disney film. Sleeping beauty. Lion king for me. Squawk box is next. And what an amazing time its been, decade after decade of innovation, inspiration and wonder. So, we say thank you america for a century of trust, for the privilege of flying higher and higher, together. Good morning, if youre just waking up, get ready for a rally. Stocks trading higher around the globe. Well get you up to speed. The race for the white house. Were taking a closer look at how a trump versus clinton race will play out in key battleground states. Surprising numbers from a new swing state poll straight ahead. Plus, hedge funds have a cuff couple of years but that doesnt necessarily mean a cut in compensation. Well have a new list of the worlds best earning hedge fund managers. Its tuesday, may 10th, 2016. And squawk box begins right now. Your love is lifting me higher announcer live from new york where business never sleeps, this is squawk box. I can tell i can tell, you are the man. Good morning, welcome to squawk box here on cnbc. Im scott walker along with joe concern, kayla tausche, becky and andrew are off today. The dow opened higher by 107 points. S p by 12. Nasdaq looking decent at this hour as well. A gain of a little bit more than 20. Overnight, asia, new data showing consumer was steady. The shanghai composite was flat. The hang seng gained about 0. 5 . Meanwhile in japan, the nikkei raising by 2 . And after that, theri