it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." record shareholder reward. apple has the biggest buyback in history. apple's pop is lifting all boats. futures are higher. big for today is the april jobs report. investors are looking for any cracks that could tip the fed's hand to cutting rates sooner or later. and wegovy watch out.

amgen doubling down. the stock is surging. all buffett all the time as we tee it up for the annual shareholder meeting. it is friday, may 3rd, 20t24. you are watching "worldwide exchange" here on cnbc. good morning and welcome to "worldwide exchange." we are coming to you live from cnbc london. let's kickoff the hour with the stock futures after a positive session for stocks yesterday. the dow posted the best day since late march and nasdaq closed higher by more than 1%. it is all about the dow. the dow looking like it would open up 250 points higher. we cannot talk about the futures without talking about apple. shares are rallying in the pre-market and accounting for 65 points. the dow pre-market gains with apple shares up 6%.

a blowout report. record share buyback. we will talk more about apple in a moment. we getting saet for the april jobs report to see if the fed can begin their easing campaign sooner than later. non-farm payrolls to come in at 240,000. look at the treasuries. the benchmark at 4.57%. it is down ten basis points from days. the two-year yield is 4.81% yield. let's turn back to the top story this morning and the only money mover you need to know about today. apple. pippa stevens is back at cnbc hq. >> shares of apple are up 6%

here in pre-market and set to add $162 billion to the market cap at the open or more than the market value of nike, goldman sachs and comcast and ibm. this is after the company reported the fiscal second quarter results and authorized the biggest share buyback ever and biggest in the history of corporate america. $110 billion on that buyback. that is 22% more than the $9$90 billion more than the board authorized last year. when it comes to the business of making money, apple says sales fell 4% year on year and iphone sales fell more than 10%. the company blames on a tough year on year comparison. speaking with our steve kovach, tim cook did not provide guidance, but said sales would

grow in the second quarter. if you remove the $5 billion from the rltsesults, we would h grown this year on a year on year basis. mac sales were up 4%, but below the high watermark set in 2022. services is bouncing back. sales rising more than 14% to $24 billion. when it comes to china, sales were down year on year, but not as bad as feared. what about a.i.? nothing material to note. cook teased the a.i. reveal is coming up soon. frank, shares are up 6%. >> pippa, thank you very much. let's talk more about apple's buyback news and broader markets. joining me now is the senior portfolio manager and strategist at federated hermes. steve, good morning. i want your reaction to the apple earnings report. the huge buyback and also raising the dividend.

how is this impacting the markets today? >> it reiterates why some subset of the magnificent seven has been so strong. you have cash flow generation. that cash flow generation allows you to do good things. for example, in a quarter where your sales are down a bit, you are able to increase the share repurchase and you are able to have the balance sheet be a stable player. you see that rewarded this morning. that's really the attractiveness of the group. not just the a.i. it is also how strong the balance sheets are and how much cash flow they have been able to generate. >> balance sheets are very important. free cash flow is one that our next guest says is important. jobs growth is expected to slowdown month over month. what do you expect from the jobs report and how do you expect the market to react? i talked to a guest here in

europe before and we saw the gdp softer than expected and the selloff. the question is here is good news good news or good news/bad n news? >> i think in terms of the jobs number, our homodels suggest yo have low claims and the survey week was good. you had a strong adp the other day. that is a good predictor. we think it will be a good consensus number. >> this will lead to a selloff or rally? how do you see the markets reacting? >> it will depend on the average hourly earnings. if that is also hot, you can see bonds selloff and you see pressure on the market. again, if you look at the recent reports with the eci or whether it was some parts of the ism,

there is risk there. you can be up with a strong jobs number if the wage number is well behaved. >> wages in your mind are the metric to watch. one other thing, you shared with us your year-end target for core pce. 2.8%. full year at 2.6%. that is inflation running hot and economy pretty strong. how does that income your opinion when it comes to the fed? are you expecting any rate cuts this year? >> we're, at most, in the one or two camp. we are in the important set of months. if you look at what inflation is likely to do in the back half of the year, the year over year is likely to move higher. the may to july period is about

g good as the comps are going to look. if you can't bring yourself to cut with the data strong, it will be harder to cut later in the year. we're in the view of maybe one cut in december at this point. really not much more than that. that's okay for the market, by the way. as long as the economy is staying strong, that is better than the alternative. as long as you get a rate cut, the market will see that as the beginning of the cut cycle and can move equities higher. that's our forecast. >> okay. first things first, the jobs report. you say the wage growth number is all that matters. you expect it to be hot. steve, thank you very much. for more on the markets, go to cnbc pro for exclusive insighinsights and analysis. now time for the big money

movers. coin base is under pressure after the surge in first quarter profit. transaction revenue which is the primary driver of sales growing more than 100% year over year. shares rose 9% after soaring fivefold last year. look at shares right now. down 3.5%. block getting a 22% increase in profit. the company raised adjusted earnings forecast by $20 million to reflect the first quarter strong performance. block has focused on integrating afterpay which it bought for $29 billion in 2021 and slimming down operations through job cuts. shares up 6.5%. we are looking at shares of fortinet. 6% decline in billing. there was a 24% increase in the services business. the company is well positioned in three areas including a.i. shares are down 7%.

let's see how europe is shaping up with silvia amaro. what's going on? >> look at it. it is positive across all of the main boards in europe. this actually marks a different narrative compared to what we have seen throughout the week. just to give you an idea, the stoxx 600, the benchmark here in europe, was on track to end the week down by almost 1%. perhaps some of the moves we are seeing today could change also the narrative for the week. i would highlight we are seeing most pronounced moves to the upside. in france, up .60%. germany is tracking up .4%. there is a lot on the minds of investors with inflation and gdp. on top of that, the earnings season. with that in mind, i want to take you to the important

corporate stories we are monitoring in this europe. that is daimler truck. shares are actually moving lower by 5%. this is off the back that they notched a beat on the bottom line in the first quarter. core profit, however, was 1.2 billion euro boosted by the strong performance in the north american business. listen to what we heard from the ceo earlier this morning. martin daum made comments about the outlook from the firm and other parts of the world. take a look. >> we have the very decent profitability in europe. very good profitability for the entire company. in europe, it is all about how will the second half be and we don't see, at the moment, a sign of recovery. it might come in the next couple of months. >> so martin daum making the

comments of the outlook of the company and the final look at the share price reaction. frank, down 5% at the moment. significant moves here for daimler truck. >> absolutely. he also added that the u.s. market was very resilient and strong going forward. different story in other parts of the world. silvia, thank you very much. a lot more to come here on ""worldwide exchange," including the one word investors need to know. plus, what one investor says could push apple higher. and the closer look at the internet ads sector and the players dominating the space. later, succession? we have a very busy hour still ahead when "worldwide exchange" returns.

♪ ♪ welcome back to "worldwide exchange." artificial intelligence may be the talk of the town, but another revenuedriver could be making a comeback. meta, amazon and alphabet are reporting jumps in revenue this quarter. snap is down 80% since the

all-time high in 2021. snap had the strongest ad growth in two years. this contrasts with the signs of consumer weakness which normally goes hand-in-hand with the ad budgets. let's talk about this with mark mahaney. looking at the latest global digital ad is supposed to be $6$ $680 billion in 2024. is this a rising tide for everybody? >> most quarters has been a consolidation or concentration of revenue results of two or three names. go google, meta and amazon. this quarter is more dispersed. you pointed out two surprising winners. one was pinterest and one was snap. jumped 20% to 30%. you are seeing more dispersion.

you are also seeing a successful product cycle from the companies. that's what's reigniting the growth. there are easier comps here. we started 2023 with very soft advertiser demand. the comp is against that. you had a return to 2020. youtube, meta , snap, pin, they all grew in the third quarter. that will fade as we go through the year, but it will still be robust. >> mark, we saw the ad market take a slump on concerns of geo low le political issues. you mentioned in 2023 where the ukraine was war cited. we are seeing more geopolitical issues now. why the rise in ad spending? >> i think there are a couple of

factors. the ad environment may feel uncertain, but it was a lot more uncertain at the beginning of last year. you had marketers who are pausing spending and as we went through the year, people increased the confidence and that increased through this year. that is one where macro environment has gotten better and the return on ad spend. >> next question, mark, you may as well do this undeinterview. is a.i. going to lead to more growth where the biggest players get more spend? >> these are digital first companies. i remember when the whole gen a.i. buzz came out with chatgpt in november of 2022.

there was so much focus on finding winners and losers. if you are digital first, you probably have been investing in a.i. and now gen a.i. for some time. you can use it in two ways to improve your ad platform. you can improve your measurement and creation of ads. you can use it to reduce costs. you don't need to hire as many engineers. a two-sided win here on revenue and costs. >> mark mahaney, thank you very much. coming up on "worldwide gen ocge,"ing wegovy, watch out. amstk surging. we will have the full story when we return.

welcome back to "worldwide exchange." time for the big money movers. we start with cloudflare. wiping out 15% of the value at the open. weaker revenue forecast sparking concerns about the growth rate as more businesses scale back i.t. spend. this is dimming an otherwise good quarter. shares down 15%. expedia is lower andfter cutting the sales outlook after the revitalization has been slow. the consumer business segment is

dragging. shares of expedia down 10%. amgen will stop developing the weight loss pill and pursue an injectable drug. amgen is planning a late stage rally for treatment against novo nordisk and eli lilly. coming up, it really grinds its gears. why jim cramer says people are focused too much on the anfed d not corporate earnings. we'll be right back after this break. lity solutions. because sometimes the best road forward, is the one you didn't expect. (♪♪) (grandpa vo) i'm the richest guy in the world.

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it is 5:30 a.m. in the new york city area. there's still more ahead here on "worldwide exchange." here's what's on deck. apple makes the biggest buyback in years. and ahead of the jobs report and why the fed needs to see the rate cutting campaign today. and warren buffett particulars off the annual shareholder meeting tomorrow. what he wants to see from omaha. it is friday, may 3rd, 2024. you are watching "worldwide exchange" here on cnbc. welcome back. i'm frank holland coming to you live from cnbc london.

let's get you ready for the trading day ahead. we pick up with the u.s. stocks futures which are in the green. the dow is hitting the highs of the morning. the dow would open up 280 points higher. nasdaq up .50%. ahead of the open, the averages are down on the week, but if the pre-market gains hold, that could shift. today's pre-market action is all about apple. record-breaking share buyback, but sales slowing globally. we have one investor long on the stock coming up in a moment to weigh in. we are looking at the bond market ahead of the jobs report. yields have pulled back. the benchmark down ten basis points from recent days. important to note the two-year note is at 4.818%. look at the oil market this morning. we have fluctuation with the oil market. today oil is flat.

wti is $80 a barrel. that is the money set up. now counting down to the release of the jobs report due out at 8:30 a.m. today. investors are looking for cracks to see if the fed will start the easing campaign sooner rather than later. economists are expecting the forecast to come in at 240,000 for the non-farm payroll. the unemployment rate is expected to hold steady at 3.8%. average hourly earnings growth expected to slip a bit. joining me now is steven whiting. good morning from london, steven. i want your expectations for the jobs report and how do you think the market reacts?

>> it would have to deviate from expectations. we think this is going to be a period which we will see weaker job gains. the spring period when we start a ramp up in hiring and adjust it away. this is one of those reports that might look different from what we saw in the winter. it could be closer to 200,000 for the gain. that compares to 276,000 in the first quarter. we have been in a very slow moderation of employment since we bounced back from the pandemic in 2021. monetary policy, maybe it is not tightening enough for some people or fast enough to get inflation down rapidly, but it is a lot tighter while the employment gains have been moderating. i think if this came down to below 200,000 mid-year, the federal reserve coupled with the

ideally better than inflation data bounceback in the first quarter, it is not out of bounds for easing this year. >> steven, i want to go back to the idea of the job gains moderati moderating. they don't look to be moderating. we had a guest on earlier today who said the number doesn't matter. we will see a hotter than expected number with jobs. it is wages and wage growth that matters. do you share that opinion as well? >> the wage gains of the first quarter reported in the employment cost index. you can compare the same industry. again, that was on the strong side. it still has been coming down. if the labor market was too tight or overheating, wages would be exacceleratacceleratin moderating. when you see on the chart where

the gains of employment is strong, it is fine. it is a self expansion cycle. you have 3.7 million job openingopening s disappear in the past two years. i agree with the fed that it is coming into better balance in the labor market. >> i want to put you on the spot, steven. where does core pce get to? does it get close to 2% for the fed to cut it year? jay powell seemed to be clear he has to get to 2%. do you believe the fmoc? >> let's remember the fed's inflation target is a long-term inflation target. they would measure these things whether they are on target or not over a decade. when you think about where we are, the march pce reading for core was the lowest of the cycle at 2.8%. could we be 2% or 3% by the end

of the year? if import prices could be low on the strong dollar or housing services? if that contributes to slowing, you could see the pce deflator low enough for the fed to take their foot off the brake a bit. >> steven, thank you. happy friday. >> thank you. turning attention back to the biggest money mover this morning. apple. the stock is set to add $162 billion at the open or more than the entire market value of tnik or comcast and ibm. they are scelebrating the bigget buyback ever. apple increasing the dividend by 4% and guiding to modest growth

for the quarter. let's talk to nancy tengler. she and her firm are holders of apple. nancy, good morning from london. i want your reaction to the report. we keep talking about it. sales decline, but huge buyback. biggest in the history of corporate america and raising the dividend by a penny. >> good broadcasting from london. i wish i was there with you, frank. i think a couple of things. four things stood out to me. one was china is decelerating at a slower pace. mainland china, according to tim, grew in the quarter. more importantly, what they are seeing across all of the other ems is they are starting to close the gap with china which is still, by far, the largest emerging market country by sales. that was important to us. we have always been big fans of services. that's why we bought the stock

in the 2015-2016 period. we love to see that. still growing at 14% a year. that's amazing given the base. i talked about the share buybacks with you many times. this is remarkable buyback declared by the company. it will do that and increase earnings per share 300 to 500 basis points in the coming years. lastly, i think the a.i. discussion, although tim cook didn't say anything, he repeated that the company has distinct advantages that the rest of technology doesn't have across the product lines. he's been at this a long time and consistently underestimated. i think the announcement will be pretty positive. >> you are an investor. what gets you excited over a.i.? is it adding a.i. to siri? is it adding a.i. to the surface

laptop? what are you looking for when it comes to the june event? >> i think what we need to see is if they can monetize it and drive sales. when you look at the devices across -- i have a wearable on right now and i have a pod behind me. that will prompt me to buy more or buy again. if i had that imagination, i would be in cupertino right now. they're going to be able to tell us and i think they would not be hyping it, frank, if there wasn't something substantive. we never heard them hype the car and that was for good reason. >> you don't hear tim cook with bluster. he is excited about what they have coming up. we'll show this wall again. 10% drop in iphone sales.

4% increase when it comes to mac. the ipad down 17%. services up 14%. we will look at the numbers. in your mind, we're missing the big number. that is free cash flow. why is that important with apple? >> for a number of reasons. if you look at the magnificent seven, the top five of the magnificent seven which includes apple, they own 23 or 28 of all cash in the s&p 500. bl last year alone, meta's interest income grew by threefold to $1.5 the billion. they are benefitting from higher interest rates. expe secondly, they invest in cap ex. how much will they spend on a.i. cap ex? they can. lastly, it gives them the f flexibility to return cash to

shareholders. they paid down debt last quarter. the net positive is they have $58 billion in excess cash above debt. you know, it's just the best house on the block. >> all right. nancy, you answered this, but what would it take for you to buy more apple? are you waiting for the june event? >> i think what we're seeing now is the bad news or maybe the sales numbers troughed. they did guide up in low single digits despite the currency headwind of negative 2% in the june quarter. some of the biggest bears on the street are coming out and they provide the tailwinds. we own about 2.5% across all of our large cap equity strategies. it used to be a 5% holding. we will take it up in anticipation for the developer event and product announcements in the fall. >> nancy tengler, thank you.

great to see you. have a great weekend. coming up on "worldwide exchange," we dig into one company that rivals apple. that's berkshire hathaway. the key plans for succession and the bank stock that warren buffett has been scooping up. stay with us.

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will hold the annual -- excuse me. futures at session highs right now. welcome back to "worldwide exchange." futures at session highs. the dow would open up 290 points higher. the nasdaq up .50%. the s&p is up .13%. the big event is the berkshire hathaway annual shareholder meeting. warren buffett will take to the stage to answer questions known as the woodstock for capitalists. berkshire hathaway shares up 23% in the last year on pace with the s&p. it's been a positive story for the stocks in the last year with bank of america and american express up double digits. coke is down 2% for the last year. this is the first annual meeting without the former vice chairman charlie munger since his passing last november.

joining me now is the krco-chie investor. chris, good morning. what are your expectations for the meeting when it comes to the questions that warren buffett will face, but the mood and tone with the company? >> it will be a bittersweet mood. obviously, the passing of charlie is the theme here. he has been called the architect of berkshire hathaway by warren buffett. he made the pivot from buying businesses at fair prices. from beyond that, there has been a focus on succession. eventually, warren won't be there. they have done a good job of building their bench. beyond that, it will be the usual questions around capital allocation and the cash and what stocks they are buying

and the outlook for the economy and world. >> you mentioned succession. berkshire hathaway director ron olson has been talking about greg abel. saying he would not enjoy the same freedom in the top spot. the director speaking out here and he doesn't speak out too often. saying greg abel won't have the same freedom as warren buffett. >> warren is the greatest of all time. unique individual and chairman. by definition, greg won't have the same freedoms. i think, importantly, berkshire hathaway has been going beyond any individual. it's a culture of ownership and being straight with investors and owning great businesses for the long term that will go on beyond warren. >> all right. berkshire hathaway has about $170 billion in cash.

are you expecting to hear how they plan to deploy that cash? >> well, you know, you mentioned earlier the mystery stock. i don't know if we will hear any news on that this weekend. that is probably no more than a fraction of the cash award. i wouldn't expect something like a dividend any time soon. it's difficult in this market to find targets. perhaps warren will. i'm should he'll be asked about it. >> he will be asked about apple. coming off earnings right now and apple is 41% of the portfolio. the company holds $157 billion of apple stock. what is the view of berkshire and apple? >> this is about $107,000 per a share which is over $600,000. it is 20% of the mark value of

berkshire hathaway. it is a great investment. i don't have a particular view on apple. it is a wonderful business. you know, there are questions about whether he would be willing to sell a portion or a forever hold at this level. >> chris marangi, thank you so much. great to see you. tune in tomorrow for the berkshire hathaway annual shareholder meeting live on cnbc and streaming on cnbc.com. becky quick and mike santoli will be live. and coming up on "worldwide exchange," a stock popping on new peculiar speculation. if you miss us, you can catch "worldwide exchange" on your favorite podcast app. more "worldwide exchange" coming up after this.

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the insights to gain an edge, and the data to inform our strategy? taking our games from that... to this. yes sir. kpmg performance insights are transforming the game for the entire lpga tour. welcome back. it is time for the morning call sheet. bank of america reacting to the apple results. raising the price target to 230. bank of america size the upgrade cycle is coming. barclays hiking amgen to $300. the company's update on the weight loss drug reframes the narrative in the market and would not be surprised if other names in the space trade lower on that news today. stifel raising the price

target for union pacific to $267. management is focused on improving price levels and bringing down operating costs rather than chasing free volumes. time for the global briefing. the uk conservative party suffering losses in the local elections putting pressure on rishi sunak. the labour party winning a special election for parliament and seats it has not held for decades. that could bring labour on track for power it hasn't held in 14 years. inflation in turkey climbing to 70% in april. the biggest contributors were education, restaurant and hotel prices. inflation rising 3.2% on the month over month basis which was in line with forecasts. turkey's central bank hiked rates by more than 3,000 basis points since june, including a 500-upon the move in march. and strong earnings from the

french banks today. soc gen fell in the first quarter with fixed income trading. credit agricole jumping 50% which beat forecast driven by corporate and investment banking. still to come on "worldwide exchange," the one word every investor needs to know today, but watch out skydance. the two rivals looking to bid for paramount global. that story coming up.

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welcome back. it's time for the "wex wrap-up." we start with sony and apollo management. expressing interest in the paramount takeover. they are looking at redbird capital and skydance media. the u.s. is pushing back the takeover deal by nippon steel to the second half of the year. they were looking for the closing in the second or third quarter. anglo american is exploring a bidding war with bhp.

the nba is looking to sign a $76 billion tv agreement. that is three times the current deal. the judge in the anti-trust case says it is nearly impossible for others to compete with google given the size of the cash flow and data. it is strange that nobody is trying to cut the billions of profit that google is making. stocks poised to move higher. futures hitting the highs a short time ago thanks to apple. that could change depending on the april jobs report and the data from the fed. on "mad money" last night, jim cramer says the frustration with the fed's next move because individual companies feel they have not control over their destiny. >> i hate rooting against the u.s. economy, but that's what the bulls have to do going into tomorrow's non-farm payroll

report. we are obsessed with the big f picture of the fed. it controls the biggest week of the earnings calendar. >> let's bring in delano saporo. if you are a market bull, you want to see a softer than expected jobs report or will we see a rally if it report comes in hotter? >> i agree with the sentiment, frank. if you see how the market is trading, it depends on how the market is expecting what the fed will do going forward. high inflation and different jobs reports coming in and shows the jobs being tight. i think you are seeing a play into how the market is trading. especially with the reliable companies, you are not seeing them gain that share market performance. >> i want to see how you get a

sense of today shaping up. what is your "wex" word of the day? >> word of the day is consumer. you were talking about how the consumer is performing. we know that is impacting the performance of the economy and consumers. that trickles into the market going forward. i looked at the job report from the adp report. it shows growth is more than expected. that is pushing and driving spending activity. those are things i'm focused on. it will have a material impact going forward for companies. >> what about the consumer going forward as we are in the higher for longer period? companies are passing along the inflation to consumers. are you worried about the consumer being stretched?

>> 100%, frank. the consumer is stretched to its limit. we have seen it hasn't trickled into activity yet. that is something i was expecting. if we have higher for longer, how long can the consumer last doing that? that's the big question for me. that plays into how companies can do. looking at companies which have provided reliable earnings is something i'm doing right now and even if people are hand wringing on valuations, you see the companies which performed well like the s&p 500 with relatively tame forward fiscal price to earnings. you see american express and meta which performed well in the high interest rate environment and the consumer being stretched. >> i want to talk about one of your picks. you are bullish on the magnificent seven, but american express is one of your picks.

when i look at the chart, they had earnings this month and the big spike and stocks continue to fall with more of a sense from fed leaders or inflation reports that it will stay high er for longer. other investors seemed to bail on it. >> i think reliable earnings with accelerated growth. i think as we mentioned with the consumer stretched, so far we have not seen that. there has been increased travel and spending. there's been a lot of that going forward. i look to the valuation. with the valuation and price to. that will be priced in later. we will see that. we like that and we looked at meta which fell after crushed earnings. those are area where is investors can pick up after

weakness. >> delano saporu, thank you very much. one more look at futures as we mentioned a short time ago hitting heiighs of the morning. the dow would open up 315 points higher. that's going to do it for us. thank you for watching "worldwide exchange." happy weekend. "squawk box" starts right now. good morning. apple shares rising after the announcement of the biggest stock buyback in history. elizabeth warren not too pleased, i'm sure. we tack lk about the jobs report and what the fed will do next. and berkshire hathaway shareholders are gathering in om omaha, nebraska for the annual meeting. we will take you there live. it's friday, may 3rd, 2024. "squawk box" begins right now.

♪ good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm andrew ross sorkin along with joe kernen. becky quick is reporting live this morning from the berkshire hathaway annual meeting in omaha which is about to get underway. becky, good morning. what do you have coming up? >> good morning, guys. it's wonderful to see you. andrew, i'll see you here later today. we are at the berkshire hathaway annual meeting. this is the convention center. warren buffett is going to hold court here this weekend. 40,000 people will anttend the meeting. this is the same setup for years he