Market impact. Plus, disneys board battle heads for its grand finale as it appears to lock up shares from one major shareholder. And the best ideas for q2 and beyond. The mining places our next guest is rolling the dice on. Its wednesday, april 3rd, 2024. Youre watching Worldwide Exchange right here on cnbc. Good morning and welcome to Worldwide Exchange. Thanks for being with us on this morning. Lets kick off the futures and check with the morning with the stock futures, he said. Right now were seeing more pressure. You can see the s ps implied lower by roughly 6. 5 points. Downside, but stable. Meantime the nasdaq is posting its second lost in the last three sessions. The dow declining by 1. 5 . Some stocks are still climbing to new a 52week highs. That includes dominos pizza. Ge, kroger as well. And looking at the bond yields as bets on a june rate cut by the fed cools off. Right now the 10year yield ticking higher at 4. 5 . The 2 year at 4. 7 . Tensions in the middle east are provoking sots of the oil up. Now, iran is vowing retaliation for the suspected Israeli Attack on its Embassy Compound in syria that killed two of its top commanders. Well have more on that story coming up. Again, oil prices are big for the time being. Lets turn to the overseas action as we follow the developing story of a major earthquake hitting taiwan and the Market Reaction in that region so far. Also tracking the early trade in europe, jp ong is live in singapore and mandy drury in our london news room. Jp, well start with you first. Good morning to you, dom, and you in the u. S. We have to focus on taiwanese markets and the reaction to the strongest earthquake that hit that island, as you mentioned, in over two decades. Yes, the markets fell, but did it fall off a cliff . A lot of it has to do with potential impact on a number of importers in taiwan. This small island is very important to the global tech supply chain especially some of the foundries among the most important in terms of producing the hightech microchips for theyearold wo. Now tsmc remarks they did close down a lot of their factorifact none of which is located on the eastern side of taiwan where the earthquake hit, but they did say theyve begun to allow some of the workers who were evacuated to return back to the factories and to resume operations. Foxconn also the major apple supplier says damage is minimal and theyre beginning to return. But there are Big Questions that weighed on sentiment across the region. We saw other markets also fall because they are very these companies are very important to the Global Supply chain. If we start to see an impact to their actual output that might feed off or feed into some of the major customers and suppliers in the region, that might cloud sentiment in the days to come. We have to remember also the number seven is very important. This was an earthquake above 7 on the richter scale, but seven people lost their lives and 77 still trapped based on our reports. Theres a human cost that hit taiwan and really hit shock waves across the region and thats something we have to keep in mind. Also we can only hope that this particular toll doesnt exacerbate or increase any further. Dom, its back to you. Jp ong with the latest there on the tragedy over in taiwan. Thank you very much for that. Lets turn now to the trading action in europe with mandy drury. Mandy, were seeing some effects there. Im wondering how the european markets are shaping up as european markets get urnlds way. Good to see you, dom. Lets take a look at the european markets. At the moment theyre looking like a candy stripes day with it marginally high except for the ftse thats holding to the downside. There could be some positive sentiment given the fact we got literally five minutes ago an encouraging number on the inflation front where we saw the march inflation for the euro sectors. Were talking about 20 falling to 2. 4 to 2. 6 in february, which, of course, might give a little bit more wiggle room, a little bit more comfort to the ecb policy makers who want to be moving toward rate cutting from recordhighs. Indeed we got comments from Robert Holtzmann whos normally quite the hawk who said inflation could fall faster than expected and hes open to a june cut. Here we have as i mentioned some marginal gains for the markets in france, germany, which has been holdinging near recordhighs, swiss, tlaen, and spanish markets. Over to you, dom. Mandy, good to see you. Thanks for the updates. Investors continue to look at the rate cut odds, now e expecting two to three cuts. San francisco fed president mary daly and cleveland fed chief Loretta Mester making similar comments throughout the course of yesterday, although they also say theres no rush to cut. Inflation is heading lower. The markets will be paying close attention to a speech by feds chair jay powell at Stanford University later on this afternoon. Joining me no break this down is the lead Equity Analyst at lansdowne. Is there an expectation that the fed could, could be a little bit more on the fence about this than we thought previously . Hi, there. Good morning. Funda fundamentally, yes, i do. I think this remains the biggest risk at the moment to evaluations as in march, things are moving in the right direction. Weve heard a little bit of language loosen slightly around the optimism and the potential for cuts, but, frankly, the markets behaving in a way that is certain, and were simply not there yet and i dont think that is going to change any time soon. If you feel thats the case, the markets should be acting to the you up side kind of like theyve done the last couple of days. To we feel theres still a Downside Risk to the market based on what we saw in yesterdays session . I think there is potentially some, absolutely. Ive said this before really. I think that actually the phase that weve entered is kind of this wait and see. Its almost like a holding pattern. So in the absence of anything really dramatic changing, i think really the bigger problem is the lack of a catalyst for more impressive gains rather than anything being dramatically to the downside, but in terms of those hunting for momentum and sustained momentum, i think its going to be increasingly hard to come by, particularly when you start looking in regions such as the u. S. Where valuations are already looking very full. I do think theres a bit more risk there than is currently being priced in. If thats the case, weve been speaking so much about this idea that the Mega Cap Technology, oriented names have been the driving force behind the market for the last several years at this point. They seem to become a little more vulnerable with this latest mini pullback if you want to even call it that. Is Mega Cap Technology still the place that you see some of that leadership developing either to the upside or the downside . Yes, i do, but i dont think that these stocks are created equal, so i think really when we look at the likes of microsoft, for example, when you look at whats underneath the hood there and the fundamentals that are at play as well as the potential moonshots when you look at ai, really quite compelling, but we are seeing divergence, the likes of apple. Tesla cant participate in the excitement the same way because being a lot more consumerled, theyre in a more difficult spot. I certainly dont think were going to be seeing this necessarily broadbased rally. Im not calling into the magnificent seven, but i do think there are more challenges to overcome, particularly in those consumerled sectors than, again, are currently being priced in. Before we let you go, Artificial Intelligence has been a lightning rod whether its bullish or bearing. Is ai still a trend for 2024 . Absolutely. I cant see ai going anywhere any time soon, but i would caution were realms away from knowing who the winners are truly going to be. This is a lifechanging technology, and were not there yet. So i would be slightly more cautious than some on that note. All right. Sophie lundyates. Well see you soon. Lets get a check on todays top corporate stories with silvana henao. Good morning. Good morning. According to reports, disneys largest shareholder, which is vanguard, plans to vote in favor of management over peltzs partners. That support along with backing by disneys largest Shareholder Blackrock gives the company enough votes to defeat peltzs challenge. Shares of disney are pretty flat ahead of that. The cyber panel is placing the blame on microsoft. In a new report by the board it called a breach of officials at the state and commerce departments preventible, slamming the tech jiemgt for its Cyber Security lapses and a deliberate lack of transparency. The board is recommending microsoft voep and make security focus reforms across all its products. And former president trumps Media Company is suing its cofounders. In the suit filed in a Florida Civil Court it is seeking to ban wesley moss and androulla tin ski from appointing members to the companys board or from owning any of its shares. They claim a company they founded guarantees them an 8. 6 share of trumps truth social. Com. Weve got a lot to get to including the big word investors need to know. Plus a new round of potential shares higher. A different story for intel getting hit at opening bell as the Company Faces a new hurdle in its costly comeback plan. Later on in the final act, we get the investor perspective on disney, apparently locking up the support it needs in its boardroom battle with nelson peltz. Weve got a busy day ahead when Worldwide Exchange returns after this commercial break. Welcome back to Worldwide Exchange. Time for your big money movers. Calmaine foods blew past estimates based on increasing demand and lower prices for those eggs. Earlier yesterday calmaine halted production due to bird flu. The calmaine shares are up. Dave busters is up despite Fourth Quarter profits. Revenues rose more than 6 , but that missed estimates. Samestore sales falling 7 , extending the slide to four straight quarters there. Also shares of paramount global are rising on reports the company is moving closer to a sale. The New York Times says paramount is holding exclusive talks with skydance. Paramounts board is seeking to sell all instead of parts of the company. The stock is down about 20 so far this year and more than 40 over the course of the past 12 months. Were also now watching shares of intel getting hit ahead of the opening bell after the Company Revealed longawaited financials for its Semiconductor Manufacturing or foundry business. Arjun kharpal joins us. This is a huge story. How long will it take to get this foundry business up and running profitably . It certainly is true that Pat Gelsinger wants to be back big. Its proving very costly. The company said the revision recorded an operating loss of 7 billion on sales of 18. 9 billion. Thats a wider loss than that reports in 2020. Intel blamed the lack of profitment in the business on, quote, the weight of past decisions, and ceo pat gel sing err cited the slow adoption of technology calling extreme ultraviolet technology, which is used to make some of the most advanced chips in the world. Gelsinger said the foundry losses could peak in 2024 and eventually break even midway between this quarter and the end of 2023. Now, intels issue is that its been behind for so long against those asian rivals, in particular tmsc of taiwan. Catching up requires Huge Investment in new technology as well as getting those major customers on board as well. In this area, intel has been trailing. Gelsingers vowed to boost the manufacturing prowess which right now is proving very expensive. Arjun, what are some of intels Biggest Challenges in that foundry Manufacturing Business right now besides what weve already heard about with regard to thinks like supply chain and the capex outlays in the beginning . I think weve got to go back a little bit. It stems from huge shifts over the past few years in which many chip firms went what they call fabulous. This means Many Companies such as nvidia for example rely on third parties to manufacture their chips. That transition has happened, lets say, over the last two decades or so. In that time, companies as i mentioned, taiwans tmsc and samsung took a boost to their found cy business and there are few companies in the world that can do what they do. It can really only turn to one player. Their biggest challenge is being able to compete on a tech front with the likes of tmsc and also convince some of these chip design firms that it makes efficient. I want to while youre here chat with you about tesla. Falling 5 on the First Quarter delivery results. Just how tough of a quarter was it for tesla, and what can it do to turn things around . Yeah, i mean, tesla deliveries coming in at just over 386,000 and 5 on yearoveryear decline. This was below the barish estimates as well. The company blamed things like disruptions to its component supply, temporary suspension of production. However, tesla is facing a broad number of issues. Demand overall is waning for electric vehicles as consumers wonder whether they should fork out expenses. Its facing intense price war and cutthroat competition for local players, and it doesnt have a new mass market model on the way until at least 2025 at a time when rivals are aggressively launching new cars. All of that combined is adding to pressure on elon musk and tesla right now, dominic. Its going to be a very, very tough task particularly as the may crow environmental remains very tough. Stiff competition from global competitors as well. Thank you very much. Still ahead on Worldwide Exchange, what our jim cramer is advising investors to do as the markets face a fresh batch of turbulence. His take when Worldwide Exchange returns after this. vo what does it mean to be rich . Maybe rich is less about reaching a magic number. And more about discovering magic. Welcome back. Time for your morning call sheet. Meta is raising its metapt. Ads signal continued strong growth. U. P. S. Sees positivity around the Company Thanks to stabilizing Economic Data and volumes turningpositive this quarter. And a big price tar get on coinbase going from 160 all the way up to 230. It cites higher revenues and adjusted ebita shares. Lets get a check on some of this mornings top headlines. Jessica layton is in new york with more. Good morning to you. Iran is vowing retaliation against israel for its suspected attack on its consulate. It killed two commanders and five military advisers. There are concerns this attack could push iran and israel into a direct confrontation. Two u. S. Officials told nbc news the white house did not know about the strike and was not involved in any way. Overnight a massive storm system battered much of the south and midwest. In fact, a family in kentucky was trapped inside ammo beal home after the storm tore through. Thankfully they were all able to escape. Tornados ripped across parts of that state as well as oklahoma and illinois, leaving a trail of destruction. This morning millions along the already soaked eastern seaboard are now bracing for impact as the brunt of that storm marches east. And two players are bringing more eyes than ever to Womens College basketball. Monday nights elite eight game between Caitlin Clarks iowa hawkeyes and angel reeses lsu shattered the record of 9. 9 million when they beat them last year. By the way, its one of the top nonnfl sports games. I was one of those who did not get sleep. It was a great game. Jessica layton, thank you very much for that. Coming up, another blow for the commercial real estate sector as the return for office push sputters further. And if you havent already done so, please follow our podcast. If you missed us, check us out on your podcast app of choichlts Worldwide Exchange will be right back. christina with Verizon Business unlimited, i get 5g, truly unlimited data, and unlimited hotspot data. So, no matter what, im running this kitchen. vo make the switch. Its your business. Its your verizon. Not all Caitlin Clarks are the same. Caitlin clark, city planner. Just like not all internet providers are the same, dont settle. Get real deal speed, reliability and power with xfinity. She shoots from here . Thats kinda my thing. Get the real deal with xfinity internet today, and get fast speeds and a reliable connection to all your devices in the home even when everyone is online. It is 5 29 a. M. In new york and theres still a lot ahead on Worldwide Exchange. Heres whats on deck. Stocks slide looks to roll on, but jim cramers advice on the moves to make with your money around some of the markets turbulence. Speaking of making moves, our weeklong look at the best ideas for your the Second Quarter and beyond. Stephanie link is standing by with her top pick and under the radar play. And curtain call for the disney board battle as bob iger and Company Reportedly move closer to victory over activist nelson peltz. Its wednesday, april 3rd. Youre watching Worldwide Exchange right here on cnbc. Welcome back to Worldwide Exchange. Im dominic chu in for Frank Holland this morn