Bros. Discovery. Its thursday, may 9th, 2024 youre watching Worldwide Exchange right here on cnbc good morning welcome to Worldwide Exchange. We are live from cnbc london lets get you ready for the trading day ahead with the stock futures. After a mixed session yesterday with the dows longest win streak at six. The futures are in the red across the board close to session lows right now. It looks like the dow would open up 65 points lower we are checking the bond market with the tenyear yield moving higher than recent days. 4. 51 . The twoyear note is Holding Steady to yesterday which is at 4. 85 . We saw it at 5 a few days ago the Energy Markets here are lower. We are looking at wti below 80 a barrel it is up 1 right now. Brent crude is trading at 84. 25 up 1 as well. Thats the set up. We have the big day for earnings and movers we start off with the stock that people are watching. Arm Holdings Shares are sinking on the weak forecast which is raising concerns of the potential spending slowdown for Artificial Intelligence after the chipmaker revenue grew 47 the Ceo Jensen Huang remained positive yesterday i love arm. I love arm to this day everybody realizes what a great franchise it is here look, it would still be a great franchise inside nvidia and still putting a pitch out there. Kidding. Its a Great Company i love working with them theyre great for the world. Arms Ceo Rene Haas will join squawk on the street today disappointing guidance for airbnb it is experiencing robust demand for travel ahead of the peak Summer Season especially with the olympics it expects Third QuarterRevenue Growth to accelerate with the Summer Travel backlog. For more on that quarter, catch a first on cnbc interview with brian chesky at 9 15 a. M. And klaviyo with upbeat guidance after the strong 2024 as it invests in durable growth. Lets get a check of the other top corporate stories with Silvana Henao at cnbc hq good morning, frank disney and warner bros. Discovery are teaming up to bundle services. The Company Announcing an option to combine disney plus with hulu and max. Disney and warner bros. Saying the service will be available this summer, but did not offer details on pricing other than there would be both ad free and ad supported options. The New York Times is reporting if Sony Pictures and an pollo deal could include a breakup of paramount that could include selling off the cable channels and streaming ser service. The new owners would keep the movie studio. Bloomberg is reporting the valuation for the elon musk Artificial Intelligence startup is near being 18 billion. The figure coming as xa. I. Is set to close the latest round of funding. The report adds while the size of the funding round hasnt been completed, xa. I. Was expected to raise 6 billion with firms like sequia getting in. Frank. Thank you. The bank of england is two hours away from the latest Rate Decision silvia is here with more and the preview. At this stage, we are not expecting the bank of england to announce any changes to the rate policy for the time being. Investors will be looking closely at the comments from the central bank of course, theres a lot of questions about the timing of when we might see a rate cut in england. They are looking at the markets potential for the rate cuts. For the meeting in june, a 43 chance investors will see a cut then if you look at sugaugust, the chances increase to 73 . When thinking about what brokers are pricing in for the rest of the year in terms of rate cuts, these are some of the pre predi predictions. Bank of america and nomura are pricing from 50 basis points of cuts lets see what will end up happening, frank, no doubt with focus on what Andrew Bailey has to say later today our Steve Sedgwick will have a chance to speak to the governor. Lets see what indications we get from the bank of england with potential rate cuts today silvia, you have been doing a lot of reporting on this story a cut expected some time soon. I had a guest on earlier who believes it will happen in august analysts and economists are looking at the pound dollar. The dynamic with the two of them if there is a cut. Ahead of the bank of england meeting, investors are negative with the outlook for sterling. We have sterling dollar at 1. 24. This is significant because some people actually expect further weakness when it comes to sterling as we are likely to see a divergence with the rate cuts when you compare the bank of england and the fed. At this stage, it is important to understand what we hear from the central banks, but some are predicting we might see parity reaching cable here. A lot of talk in the recent days silvia, thank you. We turn attention to the developing story in the middle east with President Biden looking to draw a red line on israel with the ground war in gaza and the future of the Financial Support from the United States. Dan murphy has more from dubai on this story. Dan. Reporter frank, good morning. These are the strongest comments President Biden has made to israel yet the president has made it clear that the United States will stop sending bombs and artillery to israel if it goes ahead with the major invasion of rafah where more than 1 million civilians are sheltering that is putting pressure on israel and aimed at criticism at home after the president acknowledged for the first time that american bombs had been used to skill civilians in gaza the United Statesartillery it will review others. Israeli officials are playing this down. The u. S. Says it will be supplying israel with weaponry to protect itself. The president told cnn that israel has yet to cross a red line in rafah. We have energy and oil prices in focus, frank, as well as the ceasefire talks continue. We know hamas will not make further concessions to israel here after we saw israel also pushing back on the latest proposal that was put forward this week. Both sides ultimately blaming the other for the stalemate and no deal means the geopolitical risk premium for oil in tact back to you. Dan, thank you very much for that report. We have more to come on Worldwide Exchange, including the one word that investors need to know today. Our first guest lays out the case for the chinese ev maker in what has become a game of survival in china when it comes to evs. And later, a cnbc look at the plan to help fight the climate shift with diana olick outside reykjavik. This is the largest Carbon Capture plant. It just went online here in iceland. There are World Companies involved here. Wel veorcongp lha me mi uon Worldwide Exchange. Edding would be too much . Nahhhh. inner monologue another Destination Wedding . . We just got back from her sisters in napa. Who gets married in napa . My daughter. Who gets married someplace more expensive . My other daughter. Cancun jamaica why cant they use my backyard with empower, we get all of our financial questions answered. So we dont have to worry. Can we get out of here . I thought youd never ask. Join 18 million americans and take control of your financial future with a real time dashboard and real life conversations. Empower. Whats next. You ready . Showtime. With a real time dashboard andthis is gonna be epic. Ns. [ barking ] its what the poster said. Do you want to make out or . Nope. I meant yes. Hes a bon garcon. I give amazing spongebaths. Can i get a room . [ chuckling ] chefs kiss. Welcome back to Worldwide Exchange. The ev landscape is set for a shakeup as zeeker will set for the ipo tonight and start trading tomorrow earliest estimate its are valuing the company at 5 billion. This as nio is launching the lower price brand on may 15th with the first car aimed at challenging elon musk. This could not be coming at a more challenging time for the sector in china with the analyst saying tit is a survival game. Shares are down sharply across the industry year to date, but it is a mixed picture. Joining me now to discuss is tim higgins at the wall street journal. Tim, good morning. Great to have you join us. I want to jump into this one an odd time to launch an ev ipo. What do you think investors view this company it is interesting a year ago, the thought was the company may raise more than 1 the billion. Now clearly that is not the case because where peoples minds are with the market in general the one bright spot for evs is china as you pointed out, it is a fierce come pe sigpetition amg brands and capacity and a price war that has even hurt the likes of tesla which would have been hard to imagine 18 months ago. You know, you talked about that interesting point geely is a backer of the company and zeekrs filing is china risk they are a Chinese Company with regulation from the government and regulation from the price war. Is there anything to differentiate them with the price pressure geely is an important and interesting company. For western investors, this is a potentially interesting way to get into that Chinese Market and way to invest in some of the dpr growth over there. The china market is the bright spot for evs despite the challenges if you look at the u. S. Market, automakers are looking at a slower adoption of evs than just a few years ago. They were thinking this would go like gang busters. You look at the u. S. Customer and they tend to go to hybrid technology which is surprising a lot of people. Not surprising toyota or ford who are making that dual bet if you are chasing evs in the u. S. , it is not robust china is the place to be if you are going after this technology for a lot of reasons a lot of reasons there. I want to turn back to the u. S when it comes to ev adoption, we see enterprise adoption with amazon and rivian and u. P. S. And rival companies. Why dont we see more adoption ford sold some to the post office why arent we seeing more of that with the kch companies as opposed to consumers there is an interesting case that is being made for commercial not just when you talk about cars or delivery advance, but those semi trucks as you see tesla getting into that area with their semi. One issue here is batteries. You need a lot of batteries in order to haul all of this. That is a potential, but it is a slow adoption for all buyers out there. Tim, here is a big question where are we with price pressure with he evs . Is there more of a race to the bottom here or have we reached the bottom with the pricing on the evs . Byd is an Impressive Company on what it has been able to do on pricing part of the reason why musk seems to be signaling he doesnt want to get into a race on cost with his next generation evs and why he is focusing more on developing or putting exicitemet on Autonomous Car with the software business. This is the challenge for the industry and why western automakers seem to be nervous about the future of evs and this idea that maybe the chinese have won on costs and it is going to be a race to the bottom. There are several reasons they have the advantage with the Battery Technology which occurred in china on the supply chain. Tim higgins, thank you very much coming up here on Worldwide Exchange, the art markets 1 billion test and how sothebys plans to test the limits on the sector stay with us vering magic. What is cirkul . Cirkul is what you hope for when life tosses lemons your way. Cirkul is your frosted treat with a sweet kick of confidence. Cirkul is the Effortless Energy that gets you in the zone. Cirkul, available at walmart and drinkcirkul. Com. Welcome back to Worldwide Exchange. Look at the futures this morning. The dow would open up 80 points lower. S p and nasdaq are lower as well lets look at the laggards on the dow which is pushing the index lower. You see intel and amazon and apple on the list. Highend art market is set to face a test in the coming days was it deals with falling prices robert frank is joining us with more on what is plaguing the market robert, good morning good morning, frank this is the biggest sale if n t art market 1 billion is set for the market next week. That is down from last year. Auction sales fell 18 in the First Quarter. You have contemporary art which is the big money maker which plunged 48 in the First Quarter. Dealers and collectors telling me the market has stalled over price. Buyers want a discount and sellers want a peak back to 2022 the market is often defined by the supply thats available were seeing what people perceive as a smaller offering this season. A piece called event is estimated at 30 million the top artist of the week is the collaboration with warhol estimated at 18 million which sold for 2. 7 million. That is a big return for that seller this portrait which is called the italian version of popeye which has not been seen in 20 years is estimated at 30 million. For more on the art market and where the wealthy are investing and spending their money, check out the inside wealth newsletter at cnbc. Com wealth or use the qr code frank. The last one was interesting. I have two questions for you does the american popeye have pork in his diet some hag the thing over the prices is this a sign of weakness with the wealthy consumer not really. What is interesting about the art market right now is the Auction Markets is weak, but the private market where people are buying and selling outside of the auction is very strong the wealthy have a lot of money and cash and they want to buy what they want to buy, but sellers dont want to put a piece up for auction and not sell the problem right now is not the buyers there is demand. The sellers dont want to sell into the market because they are stuck on the prices of 2021 and 2022 which is an unrealistic peak here. It is a question of when sellers get realistic about prices. Luxury spending here in europe is strong one of your Companies Reported today. Shares up 1 for feragamo. Robert, thank you. As we head to break, we are watching shares of equinix it tops the quarter. Worldwide exchange back after this h 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. Wall street forecasts over 100 billion in sales for weight loss drugs known as glp1. Even with unliked and inconvenient injections, dehydratech processing of a glp1 drug demonstrated improved blood sugar reduction and reduced side effects. More human Study Results for lexarias patented oral Delivery Technology are coming soon. Lexaria bioscience, transforming the future of glp1 drug delivery. And theyre all coming . Those who are still lexwith us, yes. Ce, grandpa whats this . Your wings. Light em up gentlemen, its a beautiful. Day to fly. It is 5 30 a. M. In the new york city area and 10 30 in london there is more ahead on Worldwide Exchange. Heres whats on deck. The dow is looking to do something for the First Time Since february however, futures are pointing to pressure. Nvidia is looking for the Seismic Shift in the tech space as the stock continues to move higher we will dig into the numbers. And beyond meat leaving a bad taste in consumers mouths. It is thursday, may 9th, 2024. Are you are watching Worldwide Exchange here on cnbc welcome back to Worldwide Exchange. Im Frank Holland coming to you from cnbc london we pick up the check on the st stock futures. Futures are at the session lows for the dow opening up 90 points lower. Turning our attention back to the markets. The dow is on pace for a fourth positive week in a row since early february we are checking the bond market with the tenyear yield at 4. 51 . The twoyear note is the same level as yesterday at 4. 885 the oil market is at the lowest level since early february wti this morning is up. 50 . Brent crude is up. 50 thats the set up. Lets get a check of the big money movers with Silvana Henao. Good morning, frank shares of robinhood popping in the premarket the retail brokerage reporting record earnings for the First Quarter led by 126 million in revenue from crypto transactions that part of the business is currently facing regulatory uncertainty after the s. E. C. Sued robinhood over Securities Violations the ceo vlad tenet remains optimistic we are growing wallet share and expanding internationally. Meanwhile, solar edge is sinking on another disappointing quarter. Shares down 8 in the premarket this is while revenue expectations beat at 204 million. It pales in compa