Good morning. Happy friday. Welcome to Worldwide Exchange on cnbc. Im sara eisen. Im wilfred frost. Good morning to you from me as well. An extra happy friday on this long weekend. A long weekend back home, back in britain, and also here. One of the few Bank Holidays that are united. What are they celebrating there . Just a may bank holiday. Im not sure theres a reason for it. Well check in with steve, hell know. Also new music friday. Listening to carly rae jebsons new hit. Another record finish, and very strong day for both the s p and the nasdaq. We are looking at futures under pressure. Dow futures down 13. S p down 1 point. Nasdaq is positive. Well tell you about that in a moment. Its been a strong week as a whole. S p is up about 1. 4 . And the russell 2000 index has underperformed a little. As for oil prices, almost a 5 slide yesterday. Watching that carefully, seemed to be a big disappointment out of vienna. Wti crude below 49 a barrel. 48. 97, maybe a mini pop this morning. Big slide for the Energy Shares dragging on the major indices yesterday. Looking forward to steve in vienna explaining why we slipped 5 yesterday. At this time yesterday we thought we had the details of what opec would announce, then we were down 0. 8 . Then at 11 00 slipped. Research indicated that was priced in, and crude had one into a fivemonth high ahead of that announcement. At this time yesterday, we knew of the cut, so a delayed reaction. Well talk to steve in a second. Asia kind of softish this morning. Japan down 0. 6 . Hong kong, shanghai basically flat. Some smaller markets like korea doing all right to end the week. It hasnt been particularly positive. Also hasnt been positive in europe. Up about 2 for the week on the nasdaq. Only the ftse 100 is in positive territory to end the week for the uk. Holding on to just about a half percent of gains. Around a half percent decline for germany and france. Just shy of that. Negative week and a negative friday for most of european trade. As for the broader market. Tenyear treasury note yield has not budged that much. We were at these levels last friday, 2. 24, 2. 25. Thats where were sitting now. Waiting on economic date to to confirm on whether the u. S. Economy rebounded. A lot of those gdp estimates have moved down thanks to the advanced trade number and housing data. As for the u. S. Dollar, its also flat on the week. Weaker against the euro this morning. 1. 1222. The euro has been sitting higher than that 1. 12. You are seeing notable strength in the yen. Thats something to watch throughout the session, down almost 0. 7 . Perhaps helping gold rebound this morning up about a half percent. So general dollar weakness, but against the pound the pound sliding a half percent. Theresa mays lead narrowing significantly. Only a 5 lead. Lets get back to oil. As we said, nearly a 5 decline yesterday. Steve sedgwick joins us live from vienna with more on the opec decision and the market reaction. Steve, take it away. So, i was listening to you earlier, youre right t had that extra down tick. I think throughout the day oil traders thought there has to be a surprise here. They will give us more, add in a couple other nonopec players or put a cap on the libyans or nigerians. They didnt do that or deepen the cuts. I think thats where it came from. Im not sure the market was being realistic. When the oil price fell aggressively at the start of may, they came out with the first rumors that we would get a ninemonth extension. The problem for opec is they had already given their ammo earlier in the month when we had the rally off the recent lows. But will they cut more if the price goes down . I spoke to the saudis and the russians after the meeting, both say, no we wont worry about the shortterm price moves. Again, i spoke to alexander novak, the leader of the russian oil ministry, the minister there, i said if we carry on falling and things change, will you cut production . Lets listen in and see what he had to say. Translator that will still depend on the goals the countries set themselves and the goals we want to achieve. Currently we believe the ceilings and figures we reached as a result of the memorandum that we signed in january last year, these levels are sufficient to continue to rebalance the market. We see that the situation could turn for the better the moment everyone began to implement the agreement. Especially over the last few months. 1. 7 Million Barrels have been taken off the market, those are big figures. This period of high demand will also have an even more positive effect for the stabilization of the market. So you take this oil off the market in the First Quarter t has minimal effect. You take it off in the Second Quarter which were in now. We have another month of the original deal to go, it gets more bang for the buck. Then the third and fourth quarter. So theyre pinning their hopes over the next seconds, seven months theyll see a deficit in terms of supply and demand dynamic. That will get down consuming inventories. Theres some caveats. At the moment compliance is great, compared with historical levels. How long can that last . Second u. S. Shale response. They have underestimated the u. S. Shale prices. Will that be a problem again . Will the demand actually be there for them as well . Lots of caveats, they think they have a longterm strategy. Markets sold off because they didnt get more koolaide in the shortterm. Thank you for summarizing all of that for us. President trump is in italy at this hour attending his first g7 meeting. Among other things, investors willing listening for comments trump makes on trade. Legts g lets get to willem marx with more. What can we expect . Trade is not officially on any of the agendas today. Its all about Foreign Policy and Security Issues when they sit down. But just a few minutes ago, two of the european leaders, je Jeanclaude Juncker and donald tusk gave a press conference and they made reference to trade. Lets listen to Jeanclaude Juncker. We stand up here as we always are doing for our shared values of freedom, democracy, rule of law and respect for human rights. We believe in open societies. We are always seeking multilateral solutions. We want to build bridges, not walls. Very much an echo of what german chancellor Angela Merkel said in brussels yesterday. Where she essentially made similar comments, saying its not isolation and building walls that make us successful, its open societies. One concern that leaders have about the Trump White House is the refusal to talk about multilateral trade. Its been kicked down the road in a series of g7 meetings. Its something they want to get answers on today. Cant concentrate with that beautiful live shot behind you. Willem, thank you very much for that. Just to sum up as this foreign trip, this mammoth foreign trip comes to an end, ten days ago we were saying he must be looking forward to it, getting away from washington, change the agenda. The trip did start well, in the middle east went well. Right now i bet hes thinking i cant get home. Getting lectured by european politicians. Yesterday in particular was a very frosty relationship between him and the other flat to lenat. All sorts of videos from handshakes, shoving him out of the way. That showed a desperate level of insecurity. That video. That video went wild after steve was the first to tweet it. I bet he cant wait to get home. This tone as willem was talking about. Ivanka and jared also left. And more stories coming up on investigations into jared curb mer. Having started the trip positively, i wonder if he thinks i cant win either way, whether domestically the media are after me, or europe and the International Media he might think are after him as well. Costco beating on the bottom and top lines. Comparable sales above expe expectations thanks to higher membership fees and higher u. S. Sales. Shares of ulta beauty getting a bump after beating wall street estimates. Boosting the profit and sales Growth Guidance for the full year. Gamestop falling despite solid quarterly results. They had their first increase in sales thanks to the anyone tend to switch game. Shares are down because the company wasnt able to raise its fullyear guidance. I think we have to pause on ulta, where on earth are you seeing 14 comps in retail now . Beauty has been such a sweet spot. Ulta is the best performing one. Splunk reporting better than expected results offering upbeat guidance. Shares are under pressure after initially spiking 5 . Deckers outdoor posting an unexpected profit. The maker of ugg boots with strong guidance for the rest of the year. Lions gate reporting earnings and revenue that topped wall street forecasts. Boosted by la la land. Do you like la la land . Not as much as the critics enjoyed it. It was different. I think beloved too much because its about hollywood. I enjoyed it, but the more praise it gets, the more it annoys me. Disney ceo bob iger says reports that hackers stole a disney movie were probably false. Iger saying the companys knowledge in the companys knowledge it was not hacked, but says disney was threatened. There were reports last week that iger told employees that hackers stole one of the films and threatened to release it unless they paid a ransom. A trio of economic reports to watch. April durable goods out at 8 30 a. M. Eastern time along with the second estimate on First Quarter gdp. Growth revised up slightly to just 0. 8 . 10 00 a. M. , may Consumer Sentiment. When we come back, the british pound hitting a did twomonth low against the euro after polls out show next months election may not be as much of a breeze for theresa may as expected. Youre watching Worldwide Exchange on cnbc. Hi im joan l. The future isnt silver suits anits right now. S, think about it. We can push buttons and make cars appear out of thin air. Find love anywhere. Hes cute. And buy things from, well, everywhere. How . Because our phones have evolved. So isnt it time our networks did too . Introducing americas largest, most reliable 4g lte combined with the most wifi hotspots. Its a new kind of network. Xfinity mobile. Welcome back to Worldwide Exchange. The pound under pressure this morning on some polling data out of the uk. The first survey conducted since monday nights terror attack in manchester suggests the conservative partys lead is slipping. They lost a full percentage point this week. The labonbor party picked up a points. Lets discuss this more. Joining us from london, elaine moore from the financial times. What has gone wrong for theresa may . How has she let this lead slip . Good morning. Markets assumed that theresa mays route to success in this election was a forgone conclusion. So we should say shes still ahead in the polls, but theres been a tightening in the gap between the conservatives and labor party. This is all based on this unpopular policy put forward on asking elderly people to contribute more towards the cost of their care in old age. This is a core group of voters who were dismayed by this idea. Though conservatives have promptly done a uturn on the idea, the labour party has taken the momentum and gone forward. Its not anything that labour has done, but more disappointment from voters in what the conservatives put forward and the effect this has had on the pound, we had a slip against every major currency. I wonder if theres been impact from the manchester terrorist attack. There was a feeling that after that it may boost the tories prospects on this idea that they may have a better record on safety. Jeremy corbyn not seen as tough on terrorism. Did that have any impact . Perhaps. Bothyies opted to halt campaigning. I dont think thats seen as yet to have fed through to either campaign. Neither party wants to capitalize on this horrible set of circumstances. Maybe thats something that comes up in later weeks. Right now both parties are putting forward fairly similar ideas about how this needs to be tackled. Jeremy corbyn suggests it needs to be do with involvement in overseas wars. Theresa may has been talking about the need for protection. The conservatives also suffered because the news kaem o s came the number of police in service was cut. Was is the re5 shicaction of President Trumps trip through europe. In london, how are people taking his trip through europe . Theres a lot of interest in the handshakes that have gone around the world. The visuals of the trip have been of great interest to the uk. Theres been so much domestic news that it hasnt been at the top of the agenda. Theres been interest in his deal with saudi arabia. Theres been some impact in markets from that. Also some interest in the meetings between all of the World Leaders now and what the view of President Trump from the rest of the world. But right now for uk markets in particular, theres a lot of focus on the domestic election rather than on President Trump for the moment. That could all change in a couple weeks. Thank you very much for joining us. Still to come on Worldwide Exchange, washington once again in focus on wall street today. New developments overnight in the Russian Investigation. Well tell you why President Trumps soninlaw is coming under fbi scrutiny. Stay tuned, youre watching Worldwide Exchange. Thanks for loading, sweetie. Oh, burnton gravy . Gotta rinse that. Nope. No way. Nada. Really . Dish issues . Throw it all in. New cascade platinum powers through. Even burnton gravy. Nice. Cascade. [ male announcer ] tora bora fallujah argonne khe sanh midway dak to normandy medina ridge the chosin reservoir these are places history will never forget but more important are the faces we will always remember. Just discussing what numbers sara will play at the roulette wheel in las vegas. Lets see how the markets are playing. Its been a decent week. Six days in a row the dow has gained. Yesterday the dow up about a third of a percent. S p more than that. The nasdaq up 0. 7 for a record close. As we said, a good consistent run of gains. Yesterday probably the most pronounced of them. Today a bit flat. But clearly we wont begrudge this type of decline after a decent week of gains. Lets look at oil prices. Because they were severely negative yesterday. Down almost 5 for wti because opec didnt extend the production cuts enough. They did do nine months. But it seemed like that was priced in. By the end of yesterdays trade down 5 . We are rebounding today, wti up three quarters of a percent. 49. 3. 26. Its always 26. 11 and 8 are the ones to go with. News on u. S. Politics. Republican Greg Gianforte did win the montana election. He beat bob quist for the lone seat in the house of representatives. He did apologize publicly to the reporter from the guardian saying he made a mistake. The incident came after an estimated twothirds of voters already cast their ballots by mail. Unclear whether it would have had a bigger impact if a lot of people didnt vote early. He still won. The district went to trump by 20 points. Who knows what this new dynamic brought. Amazing how many cast their votes early. Yeah. Significant portion. Investors will be keeping an eye on developments out of washington today. This as new reports surfaced that the president s soninlaw, Jared Kushner, is now under fbi scrutiny. Tracie potts joins us with more. What does that mean, under fbi scrutiny. Its important to note under scrutiny does not mean youre a suspect or target of the investigation it does mean that the fbi with the new special counsel, robert mueller, thinks Jared Kushner may know something to help them in this Russian Investigation. Kushner, the president s soninlaw, ivankas husband, but also a close adviser throughout the campaign and now in the white house. He is the closest person in the president s inner circle so far to be connected at all to this Russian Investigation that the president said repeatedly that he thinks amounts to nothing and wishes it were over. Kushner had two meetings with russian officials. One with sergei kisslev and a russian banker. What he knows is what the fbi is going after. The justties department nice de confirming or denying this, but we heard from multiple sources they have an interest in kushner. Kushners lawyer told the Senate Intelligence committee has he would be willing to talk with them and tell them anything he knows. According to his attorney, not only did he previously volunteer to share with congress what he knows about the meetings, he will do the same if contacted in connection with any other inquiry, which would include the fbi. Important to note hes not a suspect, not necessarily being accused or believed to have done anything criminal, but the fbi seems to think he may know something to aid them in this investigation. Clearly this has not slowed down with President Trump abroad. What are we looking for next in the investigations . Potential intelligence hearings. Whats on the agenda today and going into next week which is recess. More hearings on the congressional side. In terms of the fbi, it could be hard to say. Robert mueller was brought in as special counsel, he is said to be someone who keeps things close to the vest. So were not expecting a lot of leaks about details, though we did get multiple sources telling us theyre interested in Jared Kushner. Thank you very much for that. Were continuing to follow a developing story out of manchester, england. Uk police say they made a tenth arrest in connection to mondays attack at an Ariana Grande concert that killed 22. The uk has resume ed sharing information with the u. S. , following an angry reaction by british authorities after the New York Times published leaked photos from the crime scene. Wild swings in europe, a big g7 summit, and wall street is on amazon 1,000 watch. Can it hit that share price . Well round up the top stories when we come back. You get used to food odors in your car. You think it. Smells fine, but your passengers smell this bell dinging new febreze car with Odorclear Technology cleans away odors. For up to 30 days smells nice. Breathe happy, with new febreze. Good morning. Crude new realities. Oil coming off a threeweek low as an opec production deal disappoints the market. Were drilling down on the energy slide. President trump in italy at this hour. Hes about to kick off meetings with gg7 leader sglos ansleader. And what Mark Zuckerberg told a bunch of graduates yesterday. Its friday, may 26, 2017. Welcome back to Worldwide Exchange on cnbc. Im sara eisen. Im wilfred frost. Good morning to you from me as well. Were starting off with a new song from Camilla Cabello called crying in the club. Lets get straight to the Global Market action. Been a decent week. Six trading days in a row weve seen gains for the dow. Yesterday we were led higher by the nasdaq up by 0. 7 . The dow at about a third of a percent of gains. For the week as a whole, the nasdaq leading the charge, up 2 . The dow and s p up 1. 3 . We look like well take profit this morning. Oil prices were a big mover yesterday, this time yesterday, even though we thought we knew the price extension, oil was down 0. 8 . Later in the day traders thought this wasnt enough, and oil sold off 5 . Encouraging to see it up today. 49. 12 is the price for for wti. Japan down 0. 6, the ftse 100 likely toned t end the week in positive territory. Around the rest of europe, friday is seeing profit takes. Germany and france down for the week as a whole. Tenyear treasury note yield sitting where it was this time last friday. 2. 24 is the yield. Well get key Economic Data today including durable goods. Had some misses on advanced trade, some big housing reports on the week. Yields barely budged. The u. S. Dollar also flat on the weak. Having a weak dollar day against the japanese yen and against the euro. The euro above 112, 112. 14. Dollar yen at 111. The pound is the big mover overnight. Two month low against the euro, weaker against the dollar, polls narrowing ahead of the election on june 8th. No a fivepoint spread. Theresa may getting the edge but the edge narrowed substantially. If you look at the odds in the betting markets in terms of which party is likely to get the majority, still resoundingly confident that will be theresa may, but the big question is will she already increase her existing majority. Those expectations coming down a lot. The pound moving in reaction. The u. S. Stock market closed on monday. Willem marks says that the witson bank holiday in the 70s which got changed to the Late Spring Bank holiday, proclaimed by the queen. He knows more on that topic. But lets have a head to head quiz. Either way you know the most. United bank holiday between the two countries. Long weekend on both sides. Lets look at gold prices to round things off. Slight gain in gold prices. Up 0. 7 . Moving on, wall street will be keeping a close eye on tech stocks today after the nasdaq hit another record high. Amazon in focus as that stock closes in on the 1,000 a share mark for the year amazon has gained a solid 32 . Can it hit it today . 5 bucks off. 993 was the close yesterday. Stocks to watch today, costco beating both on the top and bottom line. Comparable sales above expectations thanks to higher membership fees and higher u. S. Sales. It continues to be an outperformer. Shares of ulta beauty getting a bump after beating wall street estimates. The Beauty Products retailer boosting the profit and sales Growth Guidance for the full year. Comps are up 14 . Gamestop falling despite solid quarterly results. The video Game Retailer reporting their first increase in sales in five quarters thanks to demand to the Nintendo Switch game. Shares are down sharply because the company wasnt able to raise its fullyear guidance. Down almost 7 . Software Company Splunk reporting better than expected results offering upbeat guidance. Shares are under pressure after initially spiking 5 . Now down 6 . Deckers outdoor posting an unexpected profit. The maker of ugg boots with strong guidance for the rest of the year. Shares up sharply on the news. 13 . Lions gate reporting earnings and revenue that topped wall street forecasts. Results lifted by the musical comedy drama la la land. Shares of web. Com boosted after talks of s with a buyout. And shares of nutanix saw an increase in customers because of demand for its cloud product. Marvell technology upping its Second Quarter revenue guidance. The stock not doing a whole lot of anything. Trio of economic reports. Watch durable goods for april out at 8 30 a. M. Eastern. Well get the second estimate of First Quarter gdp where growth is expected to be revised up slightly, but just to 0. 8 . At 10 00 a. M. , the final read on may Consumer Sentiment. Time for our top trending stories. Mark zuckerberg returning to harvard. He gave the commencement address. The harvard drop out calling for a universal basic income as automation threatens u. S. Jobs. Now its time for our generation to define a new social contract. We should have a society that measures progress not just by economic metrics like gdp, but by how many of us have a role that we find meaningful. We should explore ideas like universal basic income to make sure everyone has a cushion to try new ideas. Zuckerberg saying he was only able so pursue his passion in facebook because he had a safety net to fall back on. The fallout from this on twitter is like everyone is saying he will stand for president in a few years time the content of the speech making him a potential democrat, i suppose. And hes been touring the midwest, other things that point in that direction. But hes been saying that he has a good window into people around the world as facebook users almost top 2 billion around the globe. And that hes trying to make it all equal. A good window a way of framing it or worrying access to other people. Another part from the speech, he reminded the class you all accomplished something i didnt, graduating. He has an Honorary Degree now. Correct. I all loved the idea of an Honorary Degree. By father by the end had about 17. Shows how accomplished you are. But its a freebie. Zuckerberg achieved a great amount. I bet you will change your tune if you get one. Details about the game of thrones final season starting to be revealed. Entertainment weekly reporting that the eighth and final season will run only sick episodes. Hbo is developing four game of thrones prequel ideas to continue potentially the franchise. Bring it on. Youre not a biggame of thrones i love game game of throne. I watch it in retime. Its o real time. Lyft is taking on uber black. They are rolling out their own black car Service Called lyft lux and lux suv. They launched yesterday in select cities. Uber in london is called uber lux. They are moving in on uber wherever they can. Trying to cash in on some of ubers problems. Talked about this onpoint le on power lunch this week, market levels are hardly flinching, uber still has the weight of market share which means youre more likely to get a car quickly and ease of use. Ive been exploring juno and lyft. The weight time wait times are. Low carb and grfwlou gluten catching up to pasta. The annual growth rate for pasta between 2011 and 2015 was flat in the u. S. , canada, france and australia, and it was down 2 in italy and the uk. Down in italy is crazy. Its interesting. My pasta eat hag been ring has g up. Carb phobia . I reject that. Just eat it and enjoy it. Just put protein and vegetables in the pasta and you have a good meal. The cavaliers are returning to the nba finals for the Third Straight year. They beat the Boston Celtics in game five of the eesh castern conference finals. Lebron james hit 35 points and passed Michael Jordan for the alltime playoff scoring leader. They will meet the warriors again in the finals which begin next thursday. Nobody questioned whether it would be the cavs and the warriors. An epic matchup. The finals should be a final. Like we have this weekend, arsenal versus chelsea in the f. A. Cup final. I know, you know, it gives a chance to fight back if someone is down. But its a moneymaking scheme. It lessens the event. One game. People love it. You get so many opportunities. An epic finish in the nhl playoffs. The penguins faced the Ottawa Senators in game seven of the eastern conference finals. In double overtime, the penning wi penguins scored the gamewinning goal to send them back to the finals. They are trying to become the first team since 1998 to gain backtoback titles. The first game is monday night. Will you be watching . I dont know. I like watching it in person. I still have to go to a game. The rangers is meant to be a fun night out. It is. Hockey fans are fanatical. Its like a cult. Jim cramer is a rangers fan, is he not . Guy adami is a rangers fan. Much more a philly fan. How saudi arabia just played President Trump. Thats a provocative headline that grabbed our attention in the must reads which are coming up straight ahead. As we head out, another check on the energy market. We are seeing oil rebound after nearly 5 selloff postopec meeting and extension of cuts yesterday. Confirmed. Theyre playing. What . We gotta go. Where . San francisco. When . Friday. We gotta go. [ tires screech ] any airline. Any hotel. Any time. Go where you want, when you want with no blackout dates. [ muffled music coming from club. Blue monday by new order. Cheers. ] [ music and cheers get louder ] the travel rewards credit card from bank of america. Its travel, better connected. Bringing you live to sicily, italy. Were seeing leaders arrive for the g7 meeting where President Trump will be attending his first g7 meeting. We have Prime Minister theresa may arriving. Shinzo abe has a bilateral meeting with trump this morning. They will all be arriving, taking a photo at the Greek Theater, attending working sessions, lunches, a g7 dinner later tonight. The Prime Minister welcoming them there as they come through. One of the stories is that a lot of these leaders are attending g7 for the first time. A lot of new leaders, uk, france, u. S. , italy. Abe, merkel and the unelected eu leaders of tusk and trudeau i guess trudeau was there last year. A lot has changed. Interesting this comes back off the back of a nato meeting. A lot of them were there, not all of them were there. Similarly eu meetings in brussels. The friction we saw there between President Trump and those specific nato and european leaders, does that carry through now or does it soften a bit as mr. Abe, who he has a decent relati relationship with, and mr. Trudeau he meets with as well. Or does that fractious relationship continue . I think mr. Trump will be more comfortable at this one. G7 is known to be more informal in terms of talks, where leaders can hang out and talk about some of the big problems they have, ways they can collaborate. Trade not officially on the agenda. But certainly at the forefront of the minds of the europeans who would like to see more openness. Merkel arriving. Merkel arriving and meeting mr. Gentiloni, the Prime Minister of italy. The changing of the guard of g7 leaders, both of these two face elections in the next flnine months. German elections this fall. Italian elections by may of next year. Could be earlier than that. The pressure we feel has eased in europe in recent months. But still some big election hurdles to get over. This is like the red carpet. Yeah. The shame is were not seeing mr. Trump greeting any of these leaders yet. Hell be arriving. This is like the bachelor open. They all come one by one. Exactly. I wonder whether President Trump demanded to be first or last. We saw him yesterday wanting to be at the front. Look at that setting. Beautiful setting. There is justin trudeau, Prime Minister of canada. He wore nato socks yesterday. He chooses his socks well. President trump does have relationships with some of these leaders. He met most of them before. He met tree dudeau in the unite states. Spent a week with abe with already at maralago. Met with merkel and may. So well wait to see his arrival before the family photo. The relationship with Prime Minister theresa may softened a bit. Off the back of this leakage of information off the manchester bombing, it was very clear that theresa may had to be seen to be giving him a tough audience, at least initially, or that could reflect badly on her back in the uk press. Though President Trump responded. He said we need to get to the bottom of the leaks, he called for an investigation and el fa sized the relationship with the uk. On arrival, she had to show she was being tough and that President Trump did come out and side with her and said we have to move forward. There we go. Were approaching the top of the hour. The team is getting ready for squawk box. Joe kernen has a look at whats coming up. Joe kernen on one side, sicily on the other side of the screen. Gentiloni versus joe kernen you cant start until you get there. So trump can arrive really when he wants. Far be it for me to correct you, sara, but i doubt whether its called the Greek Theater in italy. Its called the Greek Theater. Im kidding. It is in taormina. Its something to see. You can have a threehour lunch in sicily. Three hours is not long enough. No, theres wine. Its the greatest place. Any way willem marx got that assignment. Were very jealous of him. Wilfred, are you really wilfred . Hes willem. No, mine is a soft w. Very, very confused. You know what . Its supposed to be dry tomorrow. It might even be warm tomorrow. Thats what i was thinking, what do i promo in the show . Im pro mowpromoing spring some. Im flying west coast to make sure i get good weather. Official kickoff of summer this weekend. Its taking its time. We had that one day when it was 100 degrees. The markets what about it, huh . We had that one day where we thought the vix might stir a bit, then that was that. Now weve had some nice action for the bulls. We have terranova here. He likes talking about the vix. I think you still feel okay about this market, dont you . Definitely feels okay. Well trot out the normal number of analysts that have missed this rally and are saying were at the high end of the range that they didnt call in the first place. I like that. Were at the high end of the range, but they didnt think we would be anywhere near this range. I dont know. Well listen to them and tpreted were not going ugh. I hope your guests are not watching. Theyre in the green room. They know who they are. Wilfred, well see you wilfred sounds very german, doesnt it . It does. But thats not my name. Happy friday. Joseph, thank you very much for that. Happy memorial day. Looking forward to squawk box in nine minutes time. This is yours. No, this is yours. It . It says wilfred. It does. But i missed it. Well discuss the markets coming up. Will we hit that record on amazon . 1,000. Back in a couple minutes. Ready or not, here i come. Anyone can dream. Making it a reality is the hard part. Northrop grumman command and control systems always let you see the complete picture. And were looking for a few dreamers to join us. You give us comfort. And we give you bare feet. I love you, couch. Backsweat and gordos everything. I love you, but sometimes you stink. New febreze fabric refresher with Odorclear Technology. Cleans away odors like never before. Because the things you love the most can stink. And plug in febreze to keep your whole room fresh for up. To 45 days. Breathe happy with new febreze. Welcome back to Worldwide Exchange. Im wilfred frost along with sara eisen. We have a big dose of Economic Data ahead of the bell. Investors will be watching the second print of q1 gdp, and we get Consumer Sentiment once the market opens. The dow matt jones, u. S. Head of equity strategy at Jpmorgan Bank joins us. You are encouraged by the resilience in the past week particularly in light of the Falling Oil Prices yesterday . Were very encouraged. The market continues to show that resiliency throughout a lot of noise coming from across the globe. We think that the market is really being supported by earning earnings. Earnings growth has been very strong. 14 in the First Quarter. As we move through the Second Quarter, you got through conference season. Companies are saying theres a continuation of the strength in their operating profiles. We remain enkournlgd by the market. Can the earnings continue if some of the Economic Data comes in a bit weaker . We are watching that Economic Data. It is light of what we expect. Its a mix of soft data and hard data. We hope the hard data meets the optimism and Consumer Confidence and management confidence weve seen. Thats something were watching. Also remember the First Quarter was the comp of the year. Comps get harder as you move through the year. The mid teens Earnings Growth we saw in the First Quarter is expect the to come doexpected t down. Weve seen a lot of Tech Leadership this year, this week, and amazon of course pushing 1,000 bucks. Will it hit it . Is tech overheated at the moment . Tech up 20 . By far the best performing market. Tech was weak in the fourth quarter. It played catch up. These tech companies, you see the mix between cyclical growth and secular growth. So whats happening here is youre seeing inventories remaining slow, spending high. We expect the continuation of strength. We do see some mixes in terms of companies and end markets, but semiconductors remain strong. Software spending has been extremely strong. While we dont necessarily assume 20 quarterly performance every quarter there could be some pullbacks, but we think the end market remains strong. Matt jones, thank you very much for weighing in. Optimistic take on what has been a strong market. Up 1. 4 this week. I want to see the arrival shots again. Will they all come out individually . Here they are. I wonder who would win . Probably justin trudeau. Squawk box is next. Argonne khe sanh midway dak to normandy medina ridge the chosin reservoir these are places history will never forget but more important are the faces we will always remember. Oil prices on the move. Not in a positive way for the bulls. The price falling below 50 a barrel. Its rebounding this morning. Still in a range. President trump meeting with g7 leaders in italy. Apparently theres a Greek Theater in i lataly. Anyone denintendo shares sp thanks to a game you probably never heard of. Its friday, may 26, 2017, squawk box starts right now. Live from new york where business never sleeps, this is squawk box. Gfrnlgt friday mo good friday morning. This is squawk box live from times square. Our guest host of the hour is joe terranova. Good morning, joe. Good morning, becky. Andrew, joe. You ready to go . Im ready to go. Were watching Technology Stocks once again today. The nasdaq coming off a record high posting its ninth positive session out of the last ten. Amazon is particularly in focus as that stock closes in on 1,000 a share. Came within a dollar of that price target yesterday
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