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 b