Significant green arrows. It looks like the dow futures are indicated up by over 160 points. Nasdaq futures indicated up by 115. S p futures are up 27. Of course, this is coming after a rough week last week. You are now talking about the s p on track for the worst month since december of 2022. You have the s p back be low 5,000. We are watching this closely. This has all been happening with treasury yields picking up. You will see it looks like the tenyear note is all the way up to 4. 658 . Twoyear note at 5 . This is a significant run in the bond yields and thats been responsible for the april pullback we have seen in stocks. The april pullback has been responsible for erasing the gains for the First Quarter of the year. We saw the highs on march 28th. You are talking about the s p at 5. 5 from the record close. We have been watching crude oil prices which has been picking up on concerns in the middle east. You see it is down 31 cents for wti. Lets look at bitcoin as well after the cryptocurrency completed the fourth halving on friday evening. Cut the rewards by the miners by half. We are looking year to date at bitcoin up 55 . This morning, up by close to 2 . 65,927. On the squawk agenda, we have a lot going on. A few points of note. March durable goods orders are due on wednesday. On thursday, we get the first look at gdp in the First Quarter. Then on friday, the fed inflation gauge with core pce. We will hear from verizon before the opening bell and the firsti ceo. We hear from gm and visa as well as tesla in the afternoon. We while talk about it. On wednesday, at t, boeing, ford, ibm and we hear from meta and then on thursday is caterpillar and microsoft and comcast. On friday, we will hear from chevron and exxonmobil. There will be a lot of numbers to chew on. We can figure out what is going on. How far from toyota . In terms of the market cap . On tesla. Yes. Tesla is still the most valuable car company. If it drops another few dollars, it would put toyota. It has been written now. Do Interest Rates matter now . Yes. We will see. They he have been down. What did jamie dimon say . 8 . He has been spot on. He has been consistent. He has. That seems like it would be significant. News from washington. On saturday, the house passing the series of bills to provide aid to israel, ukraine and taiwan along with the bill that would force chinas bytedances tiktok. Emily wilkins has more with us. Do you clock in on saturday . Reporter you have to be paying attention. You have to stay on top of it. It was a working weekend for congress. You are not alone. The house passed that 95 billion foreign aid bill for ukraine, israel and indopacific and attached to that had a couple of things. Most importantly, it could lead to tiktok being banned in the u. S. If they dont divest from Parent Company bytedance. They could finalize the bill on tuesday. The house has approved the foreign aid piece and the tiktok piece of the bill with the key endorsement from maria cantwell. The threat of the ouster of Speaker Mike Johnson is still on the table. Marjorie Taylor Greene called johnson a lame duck and said he should resign. Johnson might survive a vote. Several democrats said they would support keeping him in the speakership because he was willing to bring ukraine aid to the floor. Republican Michael Mccall said johnson is in good shape. The stock in mike johnson has gone way up. The respect for him has gone up because he did the right thing irrespective of his job. That garnered a lot of respect. Reporter johnson has at least one more week as speaker because lawmakers are back in districts and wont be back until the week after. Thanks, emily. I saw one headline which was a cnn headline. Who knew that mike johnson was going to turn into churchill. Its weird. He is getting support from places and less so from others. I think hes solid. What do you think . I think the democrats will jump in. In this particular moment, unfortunately for kevin mccarthy, nobody was calling him churchill at the time he wasnt doing exactly the same. We have to do this with ukraine and for every one artillery shells fired, there are ten russian shells coming back. This is just going to stave off just in time. What is the end game . It will stave it off again, but you wonder the end game. Thats the conundrum. Lets talk about this. Dire warning from the Columbia University rabbi to jewish students over the weekend. The rabbi sending a message by whatsapp urging jewish students to go home and not return to campus because of extreme antisemitism. It is the site of israel protests. Students waving israeli flags should be the target of terrorists. The mayor getting involved in the statement saying he was horrified and disgusted by the antisemitism spewed at and around columbia and telling the university to reach out to the nypd to get involved. This is a private campus nn nypd is not on campus unless asked. All classes will be held virtually today to deescalate. We will talk about this in the 8 00 hour. We will talk to rabbi david ingber. Of course, Columbia Business School has one of the most famous alumni in the world. Warren buffett. A lot of famed wall street alumni all over. You could go down the list. Well see whether they end up speaking out about what is really happening on this campus. Just to see the images. Well talk about this later. You would never think you would see this inamerica. No words. There arent. No words. Im at a loss. Its not the only thing that has me confused. Dazed and confused. A lot of confusing things. Well come back and talk about what is going on in the world and the pullback of the big tech. 76 of the nasdaq 100 are 10 or more off the 52week high. Tesla on the list. Phil lebeau will join us with the moves tesla is making. What does it mean for the future of the cpaomny . Squawk box comes right back after this. Announcer this cnbc program is sponsored by baird. Visit bairddifference. Com. At pgim, finding opportunity in fixed income today, helps secure tomorrow. Our timetested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. Pgim investments. Shaping tomorrow today. I cant believe you corporate types are still at it. Just stop calling each other rock stars. And using workday to put finance and h. R. On one platform. Tim, you are a rock star. Using responsible ai doesnt make you a rock star. It kinda does. You are not rock stars. clears throat okay. Most of you are not rock stars. Oooh. Data driven insights, and large language models. Oh, thats so rock roll. It is, right. He gets it. Yeah. Her uncles unhappy. Im sensing an underlying issue. Its tmobile. It started when we tried to get him under a new plan. But they they unexpectedly unraveled their price lock guarantee. Which has made him, a bit. Unruly. You called yourself the uncarrier. You sing about price lock on those commercials. the price lock, the price lock. so, if you could change the price, change the name its not a lock, i know a lock. So how can we undo the damage . We could all unsubscribe and switch to xfinity. Their connection is unreal. And we could all unexperience this whole session. Okay, thats uncalled for. Welcome back to squawk box. Tech stocks taking it on the chin in the last month. S p Technology Index down 9 . 29 of the nasdaq 100 are now down 20 or more from the 52week highs. Joining us right now to talk tech stocks is stephanie link with hightower. Are you saying everything is on sale and you should buy it or are you saying the knife is falling and ill keep letting it fall until i want to catch it . The expectations are still high, andrew. I think we have a couple of good looks at the bigger names in technology. I own amazon. I like that name a lot. I own apple. I like that name a lot. I know it is controversial especially as numbers are coming down, but i think both stocks offer good risk reward into the prints and i will be long on both of them. I like bm very much. They are turning the company around into software and consulting and services and recurring revenue is going on the way up which is good. They are an a. I. Play as well. I like lam research. That stock has come down a bit. I think semi cap equipment is interesting. You need seven times the memory for a. I. The fab equipment is recovering. I can pick and choose within tech. I will say im underweight the sector relative the benchmark. I think there are other areas in the market. Energy and financials and industrials will put up good numbers. We will talk to phil lebeau in a moment about tesla. That stock is sttaking a real shellacking is the technical term. I never like it when margins are going down in any company. That is happening in the last year or year and a half for tesla. That is a big problem. Not only that, but as competition and hybrids taking share against ev pure plays. Toyota has done amazingly well in this front and thats the way i would go at this point. I think we pulled forward a lot of the expectations in terms of ev demand. I think you want to be careful in that space. The valuation is still too hard for me to get my arms around it, andrew. In terms of the quote unquote a. I. Play in terms of how you do that in last few years is to buy nvidia. At this point, you want to own either them or one of the other chipmakers or is there another play . Google . Microsoft . You want to have a. I. Exposure. You can own nvidia. Everybody owns nvidia. I have never really made a ton of money when everyone is on the same side of the story. I own broadcom. I mentioned lam research and how it is important to the memory side. I own snowflake. It is down 30 from when they reported earnings, but i do think a. I. Is only as good as the data you put into it. These guys do that in size and scale. They have a new ceo. It is a proveme moment for the company. I do think the setup is interesting. Maybe it is off the radar screen versus a pure play like nvidia. Stephanie, the moves last week was violent. The tidal shifts taking place. 950 billion in market cap loss from the magnificent seven. Nvidia losing 300 billion. That is more than an entire amd. Were 5. 5 from the alltime highs from the s p 500. Do you think this pullback continues or do people stop and look at earnings and look at the great economy and say we hold here . Well, i think technology has competition, becky, on terms of earnings and other sectors reporting very good earnings. Thats one of the reasons why i think you have seen a broadening out in the marketplace. Since october of last year, we had fits and starts along the way. We are seeing many more names and many more sectors participating because you mentioned the economy is growing at 2. 9 . We had the imf increase growth to 3. 2 for global growth. China coming in at 5. 5 . I think earnings can be better than expected in different sectors. Im overweight energy. I think the numbers will be good. I do think there is a place in the portfolio for tech. They are more vulnerable. We just have to step back. We are 5 from the highs in the s p 500 in a months time. We are also up 30 in the last 16 months. We have had a heck of a run. Longterm average, as you know, for the s p 500 total return is 7. 5 to had a good run of it. Now is the time when you see other Companies Take the spotlight beyond tech. Okay. Stephanie, we will see. Lots to look at over the week and a lot of monthnumbers comin. Thanks. Coming up, tesla slashing the price of some models as well as the full selfdriving mode. It is hard to get used to it. Phil lebeau will have an update after the break. We will talk to Eric Rosengren about the Economic Data this week and the potential impact of the feds rate path. Squawk box coming right back. Only at vanguard youre more than just an investor youre an owner. That means your priorities are ours too. Our retirement tools and advice can help you leave a legacy for the ones you love. Thats the value of ownership. Blackrock tripled spending on Home Security for larry fink last year after being a target for antiwoke activists and conspiracy theyorists. Analysis of security spending for ceos was from 1. 2 million for bob iger and more than 1 billion from stepane bancel. Tesla registered 2. 4 million for musks security last year with the additional 500,000 spent in the first two months of the year. Tesla, as we have been reporting, slashing prices on several vehicles and in several global markets, including the United States, which is dealing with slow sales and rising inventory. We have phil lebeau with more. You can tell us what we need to see in tesla and toyota for that them to switch. Not that far on market cap. Reporter they are very close, joe. We will show you the twoyear chart at the end of the report of tesla and what is happening. Look at the decline since last july. Teaser there if you want to see how much it dropped. The news on friday here in the u. S. And then we saw it confirmed in other markets worldwide. Cutting models y, s and x by 2,000. They are dropping fsd fto 8,00 from 12,000. We know the numbers will be poor compared to tesla in the past. They need to see it. The estimate is for a profit of 49cents a share. If it comes in shy of that, thats not driving the stock lower. By the way, we expect the first yearoveryear decline in revenue in four years of 25 billion picture expected in rev. The focus on the Conference Call and guidance. Gross margins in the First Quarter down 15. 9 . I talked to a number of others who said it could be down 14. 5 . That will not move the guidance lower. It is the guidance for the Second Quarter and specifically what elon musk says about small car bproduction plans. In terms of deliveries, the small car does matter. The growth trajectory in terms of annual deliveries is driving the stock the last six or seven years. People are saying they will grow annual deliveries. The delivery estimate for 2024 is just under 1. 9 million vehicles. They delivered 1. 81 million last year. If you look at shares of tesla over the last two years, look at what i was talking about if you go back to july. It is hard to see here. The stock has been cut in half. It is down to 143. It was up to 290. Something like that last july. As you mentioned, guys, they are coming close as the stock continues to fall and the market captain continues to fall in te of the most valuable car company. The issue is the Conference Call. What does elon say about the robotaxi. It has to be more than this is going to unlock the future or quantum leap. I think people would like to see benchmarks thrown out in terms of when beyond the unveil. When do we see it, in his opinion, put in production and into service. Phil, do i misunderstand this . To have a robotaxi in the wild would be at level five. Reporter correct. No human intervention. They are not there. Do you think they will announce tech that gets them there . Reporter that is a huge jump, andrew. Is it a dream . Reporter it is a leap of faith to say definitively 2027, im throwing that out there or 2028, the driver will be completely out of the car. If you are a tesla owner, you turn it into a robotaxi. You are part of the taxi network. When you are not using it, it toodles off and gives people a ride from point a to point b. That is a huge leap from where they he are right now in terms of technology. I just wonder do we need to change the narrative, phil . Evs. The time isunless it is tesla. Now, i dont know. Tesla might not be qualitatively different from the rest. You still have the charging station problem and mileage problem. Reporter theyre still king of the khill. It is not panacea. Reporter in terms of the ev market are you saying the bloom is off the rose completely with the evs and lets look at the small niche part of the Auto Industry . I was shocked by 2050 that the Biden Administration numbers at 12 . Reporter you are talking about total number of vehicles on the road, joe . There are 280 million vehicles on the road. A car sold today is likely still on the road, not all of them, but a good chunk is still on the road in 2040 to 2045. They last longer. 14 of total sales is all they were expecting by then. Its crazy. Reporter im not sure. I have not seen that statistic. 14 of annual sales will only be evs . Joe, you are looking at 9 . You are saying over the next 25 years, it will grow . Im saying thats what the report said. Ill send it to you. Reporter im not familiar if the report is talking total vehicles on the road, which i could see 14 . 300 million vehicles out there or if they are talking annual sales. Andrew, there is a saying. You can hit bookmark yes, you can. If you see something on twitter. If you hit bookmark, you can save it there. I have it. Amazon, you can hit the button and they deliver it straight to your door. We are doing a new segment. How to tech help. I got it right here, phil. Coming up, big week for big tech earnings. We hear from ma,et alphabet and microsoft. We will have it for you straight ahead. Dont go anywhere. Announcer executive edge is sponsored by at t business. Next level moments need the next level network. Usiness, you ne. Its a pillow with a speaker in it thats right craig. A team thats highly competent. Im just here for the internets. At t its superfast. Reliable. You locked us out . arrggghh ahhhh solutionoriented. [jenna screams] and most importantly. Is the internet out . Dont worry, we have at t internet backup. The next level network. I sold a pillow the future is not just going to happen. You have to make it. And if you want a successful business, all it takes is an idea, and now becomes the future where you grew a dream into a reality. The all new godaddy airo. Put your Business Online in minutes with the power of ai. Your shipping manager left to find themself. leaving you lost. You need to hire. I need indeed. Indeed you do. Indeed instant match instantly delivers quality candidates matching your job description. Visit indeed. Com hire good morning. Welcome back to squawk box. We are live from the Nasdaq Market site in times square. The futures are up. They picked up in the last half hour. Dow futures up 180 points. The nasdaq futures up 110. S p futures up 27. Of course, it comes after a rough week last week for the markets. S p right now on track for its worst month since december of 2022 giving back half of the gains the markets booked in the first three months of the year. The s p down 6 from the alltime highs. Quarterly results starting to pour in from the biggest names in tech. It is