Im wilfred frost. Thanks for joining us. Lets have a look at stocks right now. They are selling off hard. Asia closing in the red, which has seen europe follow suit and down in early trade as well. Lets show you the morning action, as we speak. First up, u. S. Futures. First day of the trading day for the Second Quarter. Starting off in the red. Were not looking at sharp declines compared to some of the action were seei ining oversea. Dow futures down 19. S p futures down four. Nasdaq futures down 11. Overnight in asia, selling in china even with some positive manufacturing data in china. Though, the shanghai comp managed to close flat. Also reaction to Standard Poors cutting the Credit Rating one notch. Japans nikkei closing down 3. 5 . The survey measure there disappointing. In china, that better read on manufacturing. Couldnt manage to lift shares more than 0. 17 . The hang seng in hong kong down 1. 3 . I think asian markets generally responding more to that downgrade in china than the fundamental data that we saw. The pmi slightly better in china. Quite a disappointing reading on the underlying economy. What does this mean for european trade . Were seeing that slide to very much china exposed names that are suffering. Again that, downgrade, which weve had the first chance to react to that, weighing on things in europe as well as asia. Germany down 1. 3 . The ftse 100 down just shy of 1 . Lets have a look at Broader Markets as well. Oil prices suffering a little bit. Not too much. Were back around the 38 level for wti. 38. 2. Keep an eye on that. Were just edging away from that 40 level. Still, largely maintaining a bit of stability. The ten year treasury note, this is interesting. Seeing quite a lot of buying, quite a lot of yield compression in the last couple days. Were below 1. 8. On a day where were seeing stocks sell off, the fact youre seeing bond buying is a little bit of a bearish signal. One being sold, the other being bought. We have a jobs report at 8 30 a. M. Eastern time for the u. S. Going to watch the treasury reaction to that. Also have to watch the u. S. Dollar reaction. Were just coming off the worst quarter in years for the u. S. Dollar. A quarter where the dollar index moved lower by 4 . Very unusual and a big move when you see that kind of move. We started off with the dollar versus the chinese yuan, which has really turned around over the quarter with the chinese yuan marching higher. The dollar got a bit of strength today, weaker yuan. Check out the euro. Overnight, over 1. 14. Strong euro, weaker u. S. Dollar. Thats been the trend lately. Stronger yen adding to some of the anxiety, certainly in the japanese market, where you saw that more than 3 decline overnight. Couldnt agree. The euro back around 1. 14 is crazy stuff begin the actions weve seen from the ecb over the last cup months. A quick look at gold prices as well. Were looking at 1235. Range bound now in those low 1200s for the last couple weeks after the strong rallies in the first part of the year. Now, thats the picture for today. Red across the equity market screens. Lets recap what happened yesterday and how that closed the quarter out. Q1 saw a stunning turnaround for stocks. The last time the dow had a quarterly gain like this in a single quarter was more than 82 years ago. We started off the year with the blue chip average down more than 11 , but it managed to stage a comeback, posting a 1. 5 gain for the quarter. The s p 500 rising 0. 7 . As for commodities, gold had its best quarter since 1986. Wti broke its two quarterly losing streaks and rallied 13 in march, which is its biggest monthly gain since april 2015, but it wasnt all pretty. The nasdaq seeing its first negative q1 since the financial crisis. The dollar rally, of course, dissipated with the index pseeig its worst quarter since 2010. Risk assets bounce back from a terrible start to the quarter. I would add the emerging markets picture in that. That was really the stunning, e are markable rally for the month of march. Just the general tone for emerging marks picked up, whether it was the rebound in commodities, whether it was the weakness in the dollar, which is a real Pressure Point for these emerging markets as their currencies were selling off hard. A combination of factors came together, including a stronger chinese currency mid quarter. It all started in the middle of february and led to a rush into emerging markets. Can that continue . Have the fundamentals really changed for some of these eme e emerging market economies . Or is it just financial conditions being alleviated in the near term and has janet yellen really just created a window, as jeff rose reason berg of blackrock, told us. How long does that window last . Thats when investors have to figure out on this first day of the Second Quarter. I think this bounce back has happened incredibly quickly. We declined sharply and rallied quickly off the back of that. Im concerned not just about the pace of that rebound, about the sentiment were getting from people in the last week or so. Many guests have sat here and told us their clients are starting to buy stocks again. I feel like theres a sense of extrapolating from the second six weeks of q1 and forgetting what happened in the first six weeks of q1. I dont see the fundamental reason for that optimism. The only real change weve seen, of course s a change in fed sentiment. Now, thats important, but only in short term. The chinese data has got an little better. It has improved. Its not all clear. The Monetary Policy was not enough to improve the situation there. Theyve eased the Monetary Policy significantly. It is starting to see a bit of delivery. I dont think thats good for them in the long term. Itll be a test of the Central Banks efficacy and the long lastingness of their policy. If you think about q1, we got easing from japan, easing from europe. We pretty much got easing from the u. S. , even though they didnt make any policy change. She really changed the tone and the scale of what the fed was looking at doing, really pulling back on Interest Rate increases. Well see if it has a larsing effect. Are we still just rallying on Central Bank Policy . Were going to talk to our guests about that. Were going to wrap up the trading week with a slew of economic data. At the top of the list, of course, the march jobs report. Nonfarm payrolls due out at 8 30 a. M. Eastern time. Thats followed by another key indicator here, the march ism manufacturing index. Well also get Consumer Sentiment and february Construction Spending at 10 00 a. M. If that wasnt enough, march auto sales will be trickling out throughout the morning. More fed speak as well. Loretta mester talking about the economy and Monetary Policy this afternoon. And blackberry reports results before the opening bell. The ceo will be on squawk on the street to discuss those in the 10 00 a. M. Hour. It is jobs friday. Just about three hours to go before the numbers are out, which could set the tone for trading on this first day of the Second Quarter and beyond. Our landon dowdy joins us with more of what to watch within this report. Always a big one. Hey there. Thats exactly right. Although it falls on april fools day, its no joke because it looks like well see another solid month of hiring. Here are three things to watch. First, the numbers. The Unemployment Rate is forecast to hold at 4. 9 . The consensus estimate is for an increase of 213,000 jobs to nonfarm pay trorolls last month. Theres a chance plouemployment comes in on the soft side due to the warmer weather from el nino. Seconds, the sectors. We should continue to see solid hiring in most sectors, but watch for more layoffs in the energy sector. And the third thing to watch, the risk while unemployment is low, theres still underemployment. Back over to you. Thank you. Ill be watching that Labor Force Participation rate, which has started to tick up. Its remained stubbornly low throughout this recovery. Last month it went up to 62. 9 from 62. 7. That was good. Will it continue to rise . I just think if we get a number that beats expectation, do we suddenly lose the confidence in the rally we had . Because of course it was based on dovishness. Maybe janet yellen will have to go faster than she wants. Certainly one to watch today perhaps more than ever. Todays corporate stories. Late last night, tesla gave a sneak preview of its lower priced electric car known as the model 3 sedan. The automaker announcing more than 130,000 people had already ordered the car, even though it is more than a year away from production at least. So when are deliveries . Well, theyre next year. [ applause ] so i do feel fairly confident that it will be next year. Yesterday tesla believers queued up outside showrooms around the world to put down a 1,000 deposit for the car. Starting price is 35,000. A viewal product for tesla as it seeks to grow and maintain its lofty stock price. Thats near us. Its on west 25th street. Is that right . In manhattan. When i think is interesting is its not just tesla believers, its newcomers. The price point is so much lower at 35,000. Now more people can afford teslas. It was sort of an apple moment. Shares rallying in anticipation of that launch, up another 6 in premarket trade today. A nice looking chart over the last month. Oh, yeah. Stocks to watch today besides tesla, Marvel Technology says it will miss the deadline to file its annual report and warns it will post a big loss. Last month the chip maker, which is under investigation for its accounting practices, said an internal probe found a series of issues tied to when revenue was actually recognized but hadnt found any evidence of fraud. Keep an eye on that one. The fcc says it wont investigate netflix for throttling or lowering the quality of video for some at t and verizon customers. Chairman tom wheeler says netflixs conduct was, quote, outside the Net Neutrality rules adopted last year because the fcc really isnt regulating websites. Last week netflix admitted to degrading picture quality for mobile customers because of data caps. Urban outfitters says samestore sales in the First Quarter are positive so far. In february, the retailer reporting flat Fourth Quarter sales but expressed optimism about the spring season, giving the stock a nice little 2 pop here in the early action. More stocks to watch. Sanofi and regeneron say their experimental drug have proven positive. If cleared by the fda, it would be the first approved systemic treatment for the skin condition. Boeing has won a 326 Million Contract from the u. S. Air force to build 15,000 smart bomb kits. The kit adds precision guidance to conventional bombs. The contract also covers technical and field support. American airlines is dropping its policy of allowing customers to hold a reservation for 24 hours without paying. Instead, customers who buy a ticket will have 24 hours to cancel it without being charged, which is already standard at other u. S. Airlines. The switch goes into effect today for tickets bought over the phone. Both policies much better than you get for european airlines. Are they . Really . When we come back, happy birthday, apple. The tech giant turning 40 today. Have a look at what the firm has achieved. 1 billion active apple devices in the world. And our twitter and facebook question of the day. What would you wait in line for . The tesla model 3, as we just saw, iphones new se, Krispy Kremes new donut sandwich, or perhaps something else. Dont limit yourself to that. Let us know what youve queued in line for before. As we head to break, the dow components that rallied the most last quarter. Verizon, a nice 17 bounce from the bottom. Stay tuned. Were back in a couple minutes. Much more to come. Legendary filmmaker. Are you a film buff, watson . No, but i am studying the visual storytelling in your movies. You know, its amazing how much information is contained in a single image. One visual can make or break a film. I am analyzing images for factory managers, sales people and healthcare professionals. Thats good watson. But not exactly movie material. Perhaps the healthcare professional could be played by matt damon. Youre learning, kid. You should have quit while you were ahead. 32 years at this place and ive got 9 days left before retirement. Look jim, weve been planning for this for a long time. And well keep evolving things. So dont worry. Knowing whats on your mind and acting accordingly. Multiplied by 13,000 financial advisors. Its a big deal. And its how edward jones makes sense of investing. Welcome back to Worldwide Exchange. The bidding war for starwood looks set to be over. In a surprise move, chinas anbang insurance walking away from its 14 billion offer, clearing the way for marriott to take over the hotel and resort operator. Any idea on why anbang is walking . Reporter what a surprise move, sara. It was really surprising for many people here after a threeweeklong bidding war with marriott that anbang would suddenly pull the plug on its bid. Overnight, basically late yesterday for you guys, the company said it made the decision because of various market considerations. Overnight in china, we had a little bit more clarification. The funding partner of anbang said that the company just didnt want to get into a long, drawnout battle. He reassured everyone who was reading this email that the company does have a very Strong Financial position and could continue to pursue these large types of deals. However, he said they had to be done in the right terms and in the right way. Investors generally have been concerned about the funding of this deal. Whether or not they could even verify the financial position of anbang. Anbang in china is really known as this very secretive, politically well connected company. The chairman is married to the granddaughter of the paramount leader here. He was trying to actually address some of the concerns about the finances by speaking in a very rare interview with Chinese Media this week, saying that the company had assets in excess of 1 trillion. Still, many investors are concerned about the murky nature of the financial structure at anbang. One other concern that has been raised here has been the regulatory issues that anbang can face not in the United States but here in china. Thats because Foreign Investment for Insurance Companies is actually limited to 15 of a companys total assets. As you guys know, anbang has been on a massive shopping spree globally. Well see if they go for another hotel chain in the u. S. , potentially one that doesnt raise as much of a highdrama bidding war. Its apples birthday. 40 years ago today steve jobs and Steve Wozniak founded apple computers, and the firm impacted the world beyond anyones imagination. Today there are 1 billion active apple devices around the world. There are 11 million apple developers. The firm is responsible for 2 million jobs in the u. S. Alone. Over 4 million in china. In terms of market cap at its current levels, apple is bigger than intel, ibm, cisco, and adobe combined. As for how products have changed over the years, take a look at how the personal computer has transformed from the apple i to todays mac book air. Remember, of course, ipods having all of your music in your pocket was all the rage. Now you can basically do anything on your iphone. The First Edition was released in 2007. Look how far it has come. Weve all got one. Not everybody. A lot of people still have samsungs. I mean, 40 years. What an amazing history. Still to come on the show, donald trump is struggling, perhaps, to regain footing in the gop race after a stumble this week. Will it cloud his path to the nomination . Weve got the latest from washington. But first, lets get to todays National Weather forecast from the weather channels jen carfagno. Sara and wilfred, we finally made it to friday. Weve got a strong front continuing to cross the country. Heading over to the east coast today, bringing showers, thunderstorms to new york city, possible Severe Weather again to the south. Had a busy day yesterday with a lot of wind and hail. That will be the kind of active weather we see today. Dont get fooled by this front coming through. It is april fools. We will see another chance of showers coming in. That into parts of texas today. After the front goes through, it kind of waves up through the southeast and brings more showers by tonight. So two rounds, morning and afternoon. West looks fantastic. Fabulous weather in the northwest. Temperatures running above average, in the 70s there. The cool air is in the midwest. And this is on the move for the weekend. Enjoy these 70s despite the rain in the northeast and south. Things are really cooling down, going well below average starting this weekend. Thats your latest coasttocoast forecast. Im meteorologist jen carfagno. Worldwide exchange continues after this. This car . Came courtesy of james and patricia thompson. This tv . Margaret and tom lee. The championship game ball . That was sebastian diaz. Good guy. And all i had to do was ask for their money and pretend i was investing it. Their life savings is now my lifestyle. Female announcer dont let someone else livehe life youre saving for. Find out if youre dealing with a registered investment professional at investor. Gov. Its a great first step toward protecting your money. Before you invest, investor. Gov. You can fly across welcome town in minutes16, or across the globe in under an hour. Whole communities are living on mars and solar satellites provide earth with unlimited clean power. In less than a century, boeing took the world from seaplanes to space planes, across the universe and beyond. And if you thought that was amazing, you just wait. Some sad and shocking news to pass along today. World renowned architect zaha hadid died suddenly in a Miami Hospital yesterday. Her firm says she suffered a heart attack while being treated for bronchitis. Born in iraq, trained in london. She was among the worlds elite socalled starcitects. Her work includes that sleek Railway Station in austria. Zaha hadid was only 65 years old. So many more iconic projects, including one she was building in new york city, a residential project in chelsea. Indeed, very sad news. Lets get you up to speed on the market action. Futures at this hour pointing lower, although only slightly lower relative to some of the losses weve seen elsewhere in the world this morning. Were expecting the dow to open down by only about 17 points. The s p by 3 1 2. The nasdaq by ten. As for those losses around the rest of the world, lets have a quick look in on trade in asia. Sorry, europe first. Down 1. 5 . France down 1. 5. Very much reacting to the fact that china had its Credit Rating downgraded one notch by s p late last night. This was the first chance for markets both in europe and asia to react to that. If we look at asia trade, youll see japan was down sharply, over 3 . Disappointing manufacturing survey. European stocks have just wiped out their entire month of march gains this morning, if this selloff holds. They only gained 1. 1 in the month of march. Right now were down a little more than that. And they didnt get back into positive territory for the quarter as a whole. Really lagged the u. S. Lets get to politics. Donald trump is trying to regain his footing today after a verbal stumble earlier this week. Trumps republican rivals are now attempting to capitalize. Nbcs Edward Lawrence joins us from washington with the latest. Reporter good morning. In fact, the politics here is not even as stable as the markets there in europe. Even Governor John Kasich is attacking donald trump, something hes not done in the past. The other candidates sense an opening. Donald trump gave the thumbs up after meeting with the Republican National committee, but hes in trouble with female voters over what he calls a misstatement about women being punished for an abortion. Thats not the way that you should view women. I actually think hes an idiot. Reporter his republican competitors piled on. Hes really been way off kilter and showing hes unprepared to be president of the United States. Reporter still, other wisconsin voters wont abandon the republican front runner. I think our country needs somebody that can turn things around. Reporter trumps meeting at the rnc focused on unity within the party. Trump also met with his Foreign Policy advisers in washington yesterday, sticking to his stance on nuclear weapons. He says his advisers agree with him. You dont take nukes off the table. Meanwhile, Hillary Clinton remains focused on her electability. I have 1 million more votes than donald trump, and i have 2 1 2 million more votes than Bernie Sanders. Reporter but Bernie Sanders keeps hitting his message on corporate contributions. 25 million from special interests, including 15 million from wall street. Reporter both front runners would like the primaries to be wrapped up, but their competition wont give up. And donald trump says that he will release the names of the Foreign Policy advisers hes working with later on today. Back to you, wilfred, sara. Edward, thank you very much. An update on efforts to hike the minimum wage. In new york, the minimum wage will go into effect by 2019, while phasing in the increase over longer periods of time in long island and westchester. California will increase by 2022. Los angeles and San Francisco already had plans to pay that level by 2020 and 2018. Still to come, how will todays u. S. Jobs report and the feds overly cautious tone on raising rates Impact Global markets . Particularly emerging economying. Jeff dennis, the head of Global Emerging MarketsEquity Strategies at ubs gives us his take next. As we head to break, check out last quarters best s p 500 performers. Worldwide exchange is back in a couple minutes. Cathys gotten used to the smell of lingering garbage. In her kitchen yup, shes gone noseblind. She thinks it smells fine, but her guests smell this. Ding, flies, meow febreze air effects heavy duty has up to. Two times the odoreliminating power to. Remove odors youve done noseblind to [inhales] mmm. Use febreze air effects, till its fresh and try febreze small spaces. To continuously eliminate up to two times the odors. For 30 days febreze small spaces and air effects, two more ways. [inhale exhale mnemonic] to breathe happy. Good morning. Big reversal. The dow posts its biggest quarterly rebound since 1933. Countdown to todays biggest jobs report coming up. And jayz goes to court. Well tell you about that. Its april 1st, 2016, april fools day. Youre watching Worldwide Exchange on cnbc. Good morning and welcome to Worldwide Exchange on cnbc. April fools day. More importantly, happy jobs day. Im sara eisen. And happy friday generally. The weekend is here. Im wilfred frost. Thanks for joining us. Let me echo those wishes of good morning to you all. Lets check in on Global Markets this morning. Futures are pointing lower, although not to the same extent as weve seen declines in europe and some markets in asia this morning. The dow is called lower by 27 points. The nasdaq by 14. The s p by five points. Lets also look at asian markets. Theyre starting the new quarter on the back foot as japans tanken survey disappointed. The Market Selling off, as you can see. Onemonth low. In china, we also had some decent manufacturing data, which has helped the shanghai composite, as you can see. In general, the Chinese Markets and lots of asia reacting more to the downgrade that s p applied to chinas outlook, which was yesterday. This is the fist chance theyve had to react to it. Quick look at european markets. Theyre in the red quite significantly so. Down 1. 6 for the dax. Bear in mind these markets did not end the quarter in positive territory. Theyre still down. They didnt have the bounceback that u. S. Markets had. And todays losses wiping out the gains from the month of march so far. Lets show you the Broader Market picture here at this hour. Oil prices are declining, down 0. 6 on wti, 38 a barrel. Were just hovering above that level. Brent crude oil is above 40 a barrel, but just barely. Down about 0. 7 . Nat gas under pressure as well. Theres been a lot of buying into treasuries lately. Well see what happens on the jobs report, but pretty much were watching that 1. 80 level now. The u. S. Dollar continues to weaken. Thats been the trade ever since janet yellen has come out with her new cautious tone. Overnight, a little bit of strength against the chinese yuan. Perhaps setting a negative tone there. Though, the euro continues to rocket higher. Look at that. 1. 1401. It has shot up more than 4 over the last few months. Weak dollar, strong euro. Thats good for u. S. Exports. The japanese yen, though, has strengthened. That could be one of the reasons why we saw that sharp slide in japanese exporters and stocks overnight. The british pound under some pressure against the dollar. Sort of a mixed picture in currencies. Gold coming off its best quarter since 1980s. Weakening a bit today. Well see what happens. Everything could change at 8 30 a. M. That jobs report. It was quite the turnaround for stocks in q1. The last time the dow had a quarterly gain like this from a quarterly slide like we saw was more than 82 years ago. We started off the year with the blue chip average down more than 11 . Look at that runup. Managed to stage a comeback, posting a 1. 5 gain. Look at that chart. Extraordinary. And the s p 500 rising 0. 77 . If you asked us when we were sitting here in january after the worst start to a year ever for stocks, whether we could close in positive territory for the quarter, that would have been hard to conceive. The question is it was on low volumes, so it wasnt exactly a highconviction rally. It was cautious. The first february bounceback was still higher volumes. I think the amazing thing is how quickly weve recovered those losses without clear reasons why were bouncing back, other than bottom feeding. Well, there was some fed data. We were sitting here at one point going, is the u. S. Going to go into recession . It did seem like there was a fundamental correction there. As for commodities, gold, best quarter since 1984. Wti oil breaking its two quarterly losing streak. Rallied 13 in the month of march, which is its biggest monthly gain since back in april 2015. But it wasnt all pretty. Two notable losers. The nasdaq seeing its first negative quarter. I did not realize this. Since the financial crisis. Ended down slightly but still lagged the other three. First negative First Quarter of the year. Good point. The dollar, worst quarter since back in 2010. The other negatives worth pointing out, europe didnt recover its losses. It was still down. The likes of japan as well, which i think highlights the central bank influence on the rally. The u. S. , clearly the fed became more dovish. Where we saw questions about Central Bank Policy, particularly in europe and japan, particularly about the efficacy of what those Central Banks are doing, we didnt see a stronger rally, and they didnt end the quarter in positive territory. Thats an important thing to bear in mind. Yes, there was improvement in data in the u. S. , which had something to do with it. Elsewhere, where there wasnt good fundamentals, its more central bank based. Agree. And you had other factors line up with that, including stabilization of commodities. Oil really got off that 20 a barrel level. We were in the mid20s. We also saw this emerging markets rally, which well talk about. We also saw the data coming in better. Corporate profits are going to be the big question going forward. Indeed. Theres been lots of data already this week, of course. At the top of the list, the march nonfarm payrolls report comes out at 8 30 a. M. Eastern time today. Unemployment is forecast to hold at an eightyeigyear low of 4. Also look for march auto Sales Numbers throughout the morning. Cleveland fed president Loretta Mester is speaking about the economy and Monetary Policy this afternoon. Blackberry reports results before the opening bell. So lots to watch today. One of the biggest questions going forward, what is the outlook for emerging markets . Coming off a 13 gain in the month of march. The currencies are back on the rise. Will it continue . Joining us now is geoff dennis. Can you justify a rally in emerging markets continuing based on the fundmentals right now . No, we dont think you can, to be honest. We think a lot of this move that youve had over the last, in particular this month of march, but also since the low in january has got everything to do with the weaker dollar, bouncing commodity prices. Thats tied, of course, to the weaker dollar. You were just discussing on the program some easing concerns about the global economy. Were not seeing any particular pickup in emerging Market Growth prospects. We see this more as kind of a typical kneejerk reaction to a softer dollar and the rebound in commodity prices. In which em market has the rally been most overdone in the short term . You look at somewhere like brazil. Is the rally there sort of presumptuous to political issues . A long way to go until were confident that the political situation is sorted. Yes, i cant talk about the political situation itself in brazil, but we think both brazil and south africa are two markets which have benefitted from this move into risk. We think in both cases those rallies are overdone. I think thats particularly the case with respect to brazil, where obviously youve got a political angle to it as well. The brazilian equity market is up about 50 in dollar terms because the currency has rallied as well since late january, and we think thats overdone. The economy is still deep in recession. The political situation is not yet fully resolved. And we just think everyones got too bullish. Similarly, highrisk markets like south africa, which is very expensive still, and theres a risk of a downgrade of its rating, debt rating to subinvestment grade in our view. Thats also gone overboard in the short term. Lets talk about china. Theres a lot of confidence that the currency has rebounded. Its not falling every day out of control as it did at the start of the year. Even though it ended the quarter up a couple of percent, is the fact that the currency is moving at all still a worry . Ultimately, this is something thats meant to be pegged. Yeah, but its pegged now not to the u. S. Dollar but a basket of currencies. This is what the confusion has been in the markets. In december, they formally moved the chinese from pegging against the dollar perhaps we shouldnt say pegging. Fixing on a daily basis against the dollar to fixing against a basket of currencies. Therefore, when the dollar is strong, the chinese currency will go down against the dollar. The gyrations we had at the beginning of the year, which were a big source of concern to markets, were probably driven by the fact that earlier in the year the u. S. Dollar was strong still. With the dollar weakening, china has strengthened against the dollar. The key issue behind your question, of course, is there going to be anything more dramatic than this . Are you going to get a major devaluation . We dont think this at all. We think these moves reflect the overall trends in the u. S. Dollar. Geoff dennis, thanks for joining us this morning. A negative view there to start the quarter on e marriaging markets from ubs. Todays top trending stories. We start with jayz suing the original owners of his Tidal Streaming Service for allegedly inflating subscribers numbers. The rap mogul brought tidal for 56 million as a challenge to spotify. Now jayz is saying they went through the numbers, and the Norwegian Firm grossly overstated. I think it was half a million. The need he has to bring this lawsuit, which if its true obviously is fair to do, doesnt help his ability to relaunch it and gain subscribers. Its a bit of negativity around it. Were not doing as well as we thought. Though he does have kanye. Thats the secret weapon. Amazon is tripling the number of its instant order dash buttons to more than 100. The buttons are tied to a specific brand and let customers instantly place orders for detergent, paper towels, and razor blades. The latest brand additions include lysol, purina, and trojan. Have you ever seen these in action . No. It makes it look so easy. You have to pay for the buttons, but then you get it back in your first order. Krispy kreme is introducing a donut ice cream sandwich. It will start in jjapan. They always get the cool food releases. What could be better . Theyre starting with vanilla and raspberry. Joe and i would be all over that, no doubt about it. When we come back, todays mustread stories, including ges attempt to make a great escape from being under u. S. Regulators thumbs. And as we head to break, lets show you the nasdaq. Saw its first negative First Quarter since the financial crisis, but some of its components still managed to rally. Here are last quarters best nasdaq performers. Welcome back to Worldwide Exchange. Now for our mustread picks of the morning. I went to the wall street journal review section by the ed board titled ge attempts a great escape, talking about the Financial StabilityOversight Council after metlife was let out of its systemically Important Financial Institution status. Ge has aplid for one as well. This piece says the council should give it to them. The council has also consistently failed to Tell Companies exactly how to avoid the systemic tag and all the Compliance Costs that come with it. This is naturally fed suspicion that the bureaucrats are less interested. Says the reason why metlife won the case is that the council could not make the legal reasons in court of why it should be systemically important. And ge has an even better case, according to this piece, because its managed to shed most of its Financial Assets and turned into an industrial conglomerate. I have to say, though, sara, this was a slightly lazy mustread pick, simply because its the shortest article ive ever seen. Its like two paragraphs long. I didnt know that when i picked it. I just thought it was timely and topical. You basically just skimmed. Lazy on a friday. On the eve of your bachelorette. You can do that. My picks is in the Financial Times. You can be critical of me because, a, its the Financial Times again, and its on brexit. Its titled a british breakaway would hurt its european partn s partners. So far the focus has been on the pound and what this would do to british business. I think as we get closer, the focus will also be on the euro and on the implications for countries in the European Union as well. The big net beneficiaries to the european project are france, germany, and the u. K. France and germany would have to pick up more of the slack. It wouldnt be good for their economies. More importantly, as this article outlines, what political pressures this could spark. If britain left, does it start to unravel the wider european project, and what does that mean . Its just an important extra factor to consider as we approach june. Economic weakness in european countries. And political weakness more so. There are economic factors too. For exampl the amount of spending that france and germany would have to pick up. That balance of who is net fin fish ar beneficiariebeneficiaries. Were at 1. 14 right now. For now, its all about the dollar. True, definitely. But also look at the eurosterling exchange rate, not just against the dollar. Were approaching the top of the hour. That means squawk box is getting ready. Becky quick joins us from new york with a look at whats coming up. Have you got more puppies today . We were so jealous of that yesterday. Those were my favorite guests of all toime. I didnt get to take any of them home. My husbands allergic to dogs. Hes vetoing it. I think hes maybe allergic to walking dogs. That may be part of it too. We have a lot coming up. Youve been talking about the jobs report. Thats a huge deal for us today. Its at 8 30 a. M. Eastern time. We have lots of guests who are going to be here ahead of that and during the jobs report and afterwards so we can get reaction to it too. Its going to be a big topic of conversation for us today. The other huge story is anbang insurance, what its doing with pulling out with that bid it had for starwood. Thats a huge story because it raises so many implications about what we can think from these chinese firms. Are they ready for the big time with m a . We have the ceo after marriott, which is now going through with its former bid for starwood before anbang got involved in all of this. Hes going to be joining us today. Hes very excited about this deal and thrilled theyre going through. But anbang, just by being in the race, managed to get that bid a billion dollars higher. So were going to talk to him about that too. Its certainly been an interesting, intriguing story weve been following for the last couple weeks. Were excited to have that today too. What a surprise twist last night. That sounds good. Guys, has anybody pranked you yet for april fools . Dont remind sara. Mine is coming up. No, we havent so far. Yesterday they sent us a guest list with every guest they knew would drive us crazy. And it did. I want to know whos on that list. Im not going to say that. It wasnt puppies. Lets say that. But they sent us a preliminary guest list. I was like, what is this . Turns out we got pranked a little early. That was a good one. Becky, thanks very much. Coming up, the march jobs report expected to show another month of solid hiring. But there are plenty of numbers beneath that headline. Well help get you ready with David Rosenberg next on Worldwide Exchange. 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Were also phasing out orca theatrical shows. Theyll continue to receive the highest standard of care available anywhere. And guests can come to see them simply being their majestic selves. Inspiring the next generation of people to love them as you do. Welcome back to Worldwide Exchange. Lets get to what everyone will be watching today, the jobs report. Joining us with his expectations is David Rosenberg, chief economist and strategist at gluskin sheff. Thank you for joining us. So much of the rally weve seen in recent weeks has rested on a more dovish fed. Could todays number change that if it was much stronger than expected . Well, i suppose that if it came in much stronger than expected and seeing its still broadly a data dependent fed, that it could alter expectations. But my sense is that id be lining up on the under. I think its probably going to end up ratifying Janet Yellens extremely dovish tone from the other day. What about some of the other indicators that wall street is watching within that report . February was a weak month for wage growth. Is that set to pick up at all . Well, you could find, you know, the wage numbers have sort of been bobbing around month to month. The year over year trend is locked around 2. 5 . Wages are going to grab some attention. As you mentioned already, the participation rate. I think the parttime, fulltime split. We focus on nonfarm payrolls in the headline, but remember that the Labor Conditions index, which is Janet Yellens baby, has 19 different ingredients in there. Quite a few of them come up in todays report. I think the workweek is going to be really important. Ill tell you what really has me nervous about the data. This divergence between what the business outpresident the economy is generating and the labor input into that process. The Fourth Quarter, we had 3 labor input growth in total. Only 1 business output growth. You go into this march number today, you got aggregate hours worked. We know the gdp tracker is running at 0. 6. There you have roughly minus 1 . I dont expect that ceos are going to sit back and allow their margins to get cannibalized by declining productivity. I think theres going to to be some realignment here between what the economy is actually doing and the labor market. So my sense is that even if todays number comes in okay, its going to look a lot like the retail sales number we got for february, which is that its going to contain some downward revisions. I would say the most important number today is probably going to be the workweek. Thats truly the best leading indicator for what well see. Very quickly, two spots of weakness have been manufacturing. We have also seen weakness in terms of hiring for oil and gas sector and mining. Yes, oil rallied from 25 to 40 during the quarter, and the dollar weakened substantially, but is there a lag . Are we going to see job improvement as a result of those moves . As weve seen in canada just lately, weve seen a turnaround in manufacturing. That was after a threeyear precipitous decline. The lag between the dollar and manufacturing is not measured in weeks or months. Its really measured in years. I expect the clouds will part. Its not going to to be, you know, through the spring and summer. Its going to take some time. David, thank you for helping us get ready for todays big jobs report. About a minute left in the show. We want to highlight what were watching today. It comes down the nfb. Jobs, jobs, jobs. So much under the hood. How about underemployment, that socalled u6 rate. It has com down a bit. Its in the 9 region, which is good. Best since 2008. Needs to come down even further. Futures at the moment pointing to a negative open. Keep an eye on nfb. That will be live on squawk box at 8 30. Im also watching saras snap chat feed this weekend for her bachelorette. If youve got a fun weekend lined up, i hope you enjoy it. Have a lovely morning. Squawk box is coming up. Show me movies with romance. Show me more like this. Show me previously watched. Whats recommended for me. X1 makes it easy to find what you love. Call or go online and switch to x1. Only with xfinity. Good morning. Its jobs friday, again, groundhog day. We have predictions for the data and how it will affect the feds rate hike plans or no rate hike plans. Well have that straight ahead. And its the first day of the quarter. The dow coming off its biggest rebound since 1933, but Global Markets are under a bit of pressure this morning following a selloff in japan. And tesla unveiling its electric car for the masses. More than 130,000 people have already put down their deposit, but i dont even think production starts until next year. Friday, april 1st yep, and i dont know if we have anything plans. They already fooled us with the rundown. Squawk box begins right now. Live from new york, where business never sleeps, this is squawk box. Good morning, everybody. Welcome to squawk box here on cnbc. Im becky quick along with joe kernen and andrew ross sorkin. Were counting down to 8 30 a. M. Eastern time. Thats when we get the march jobs reports. Forecasters say the economy probably added 213,000 nonfarms jobs in march. The Unemployment Rate is expected to hold steady at 4. 9 . Check out the u. S. Equity futures. Theyre down a little ahead of this. The dow was down yesterday by 30some points. You can see this morning the dow futures are down by about 43 points. S p futures off by seven. The nasdaq down by 17. That pales in comparison to what we saw in japan overnight. Stock there is selling