Cnbc. Im sara eisen. And wilfred frost. Good morning from me as well. Straight to the Market Action for you. We saw about. 6,. 7 of declines for the main u. S. Indices yesterday. Were expected to bounce back about half a percent. The dows called higher 98 points the s p by 13 points the nasdaq by 34 points. Yesterday and the day before were certainly risk off days we saw yield compression from two years straight through to 30 on the u. S. Bond market and saw the yield fall on the u. S. Ten year. There it is. 1. 80. Just coming off the lows we fell below yesterday. Crude oil climbing this morning. The fire forcing the evacuation of the Fort Mcmurray in canada. And now three more communities. About 70,000 people are estimated to be fleeing south o away from the fires. Production from the facilities has been disrupted this morning also adding to pressure on oil prices. Escalation in libya fighting threatening there output as well. A bit of that bounceback effect going on too. In asia new Economic Data of china showing growth in the Services Sector moderated last month. Although market trade is positive for the most part. It is thinly traded because weve got markets in japan, south korea, indonesia and thailand closed for public holidays. And also slightly thinner volumes as well as we approach that nfp number tomorrow globally. Shanghai up a quarter of a percent off setting hong kong. As for the Broader Market picture weve got currencies and commodities to show you. The dollar which has been a huge driver of the action is strengthening against the euro today. The euro back below 115. Dollars stronger against the japanese yen. Is this rebound for real . That is a big debate right now. Lets show you the flip side of that dollar trade, which is gold prices. Gold having one of its best starts to the year in decades. Stanley druckenmiller is a fan. Well talk about that later in the show. Today weve got futures called higher. Can it buck that recent trend and what is the main factor driving markets right now . It is our twitter question for the day. There are a lot of factors. Inputs in this market right now. We asked on twitter what is the main driver . Is it the price of oil . Were seeing oil rise along with futures today. Is it the u. S. Dollar with ch has been all over the place. Weaker for the past few weeks, now stronger. Is it Central Banks or is it earnings which are still in the middle of earnings season. Interesting. I wonder whether the option should have been fed linked with the u. S. Dollars. I gave Central Banks on option. You we cant add a fifth option but i would start to add in Political Uncertainty. Not just the election here in the united states. But also the brexit risk. Political uncertainty is elevated and that has to be a concern. Tobias left kwich put out a note for the three main concerns, the sustainability of the commodity rally, namely oil and a lot of that has do with the weaker u. S. Dollar. The fact that earnings arent giving enough boost to the market in terms of revenue growth. And Political Uncertainty. Fascinating. Well bring you what jim cramer reports later. St. Louis fed president James Bullard is in california to speak today. And alibaba and merck report results before the opening bell and well hear from news corps, square and gopro after the close. Tesla posting a slightly lower than expected loss. Target moves up two years. It was supposed to be by 2020. But tesla is cautioning that spending will increase as that production ramps up. On the Conference Call ceo elon musk also suggested his company will be raising capital. Have a listen. For us to raise some amount of money. Some combination of equity and debt. And make sure the company has a good buffer of, you know, cash on hand. Shares of tesla rising on the report here in the pre market. They were sort of all over the place in the after hours market. Popped originally. Now up it looks like almost 4 . Not everyone is a believer in tesla. At the sohn conference that we were at yesterday, jim chanos says hes shorting tesla. Listen. One of our historical sign posts of a company in trouble is when numbers of senior people leave over a short people. Tesla fits that bill. We have a chart i guess were going to have to update this afternoon of Senior Executives leaving tesla, is a flood of people leaving in the past few years. This is a company that cant forecast deliveries one quarter out. I want to see them make the model 3 and sell it profitably. I dont think they can do it. One view on tesla and this is a controversial stock. Somewhat of a confusing stock because as chanos eluded it is all about the expectation for future growth. When you have a stock trading at so many earnings. I agree. And the fascinating thing about this which you said on the show yesterday anyway is its become a supply stock. Not a demand stock. Particularly since they announced the model 3 and those initial uptakes and people putting deposits down for it. This is now a stock depending whether they can deliver to meet demand. For something that is still early stage product. Electric vehicle. Weve got them out there now but not Everyone Wants one. It is fascinating achievement that this is now can they deliver the number of vehicles. They dont have a demand problem. Like apple. Plenty of demand and people signing up. Can they get the production . Not quite like apple. They have similar issues when it comes to supplier. Used to. When they have those big product launches. Many of the nations retailers will report april same store sales today. Costco april comps were flat. Analysts had been looking for a slight increase. Share price also flat. Some deal news. Tribunes publishing board doing stuff. Tribune says it will proceed with a Strategic Plan to revive its primp business and tap growth in Digital Content alone. Australia giving the green light to anheuser buschs planned takeover of sab miller. Saying the deal would not adversely effect the market. The Beer Companies are still waiting for a decision from the European Commission which is due later this month. In other global news, rio tinto ceo is not counting on an upturn in the commodities markets any time soon. Among some of the factors repressing. Sam walsh said he believed this environment, quote, calling the environment is a brave move. In this environment rather. Gopro reports better than expected Fourth Quarter results. Sorry, excuse me. Were on gannett. The chip maker which is thought to be a supplier for the iphone is also kor vqorvo all over the plac. There we are. 20th century fox. Beat stuff. Down 1. 5 in the pre market. Kraft heinz topped estimates as cost for Raw Materials including dairy and coffee fell. The maker says demand rose. Realizing cost savings from the merger faster than expected and up very nicely. Other stocks. Fitbit First Quarter profit falling 77 . Costs nearly tripled. But sales surged and they are raising outlook. Their Second Quarter earnings forecast came in well short of analysts estimates the stock clobbered down 13 . Whole foods kept costs under control and also cut prices. Cutting its full year outlook. Investors though seem pleased with the results. That stock had been pretty much hammered all last year. Iac interaction. The internet conglomerate says it continues to seek deal making opportunities for home advisor Business Review site and vimeo video streaming service. Still to come Legendary InvestStan Druckenmiller warns it is time to get out of stock market and own gold. Well tell you why next. But first were sending happy birthday wishes to adele who turns 28 today. The british singer returning with her third album, quickly becoming 2015s best selling album. Adele has sold more than 100 million records worldwide in her career. Epic. What a great brit. Happy birthday. Although we will not be playing her songs throughout the show so we dont fall asleep. But were going to get at least one more. If we dont im going to walk off. Back in two. Can an established bank move like a startup . Its a question we get from some of our largest banking clients. The face of their business was tellers. Then atms. Today its their mobile app running on the ibm cloud. Across every transaction, the hybrid cloud helps their data move quickly and securely. Our clients are building out features and pushing updates faster, on five continents. With the ibm cloud, they can move at the speed of any startup. Legitimate concerns about any consolidation in healthcare. When you think about amazon, you have to think about the longterm secular trends in its favor. The first is people want to buy things more conveniently. Valiant was genius at gaming the system. That game is over. People are trying to bottom fish in this name thinking the stock is cheep but we think it is anything but cheap. I have a real problem with apple in that steve jobs is the man. And what is their product cycle Going Forward . I think apple is going to be diminishing in importance looking forward a generation. Highlights and opinions from yesterdays big sohn conference here in new york. Cnbc is the official media partner of the sohn conference foundation. And we had a great day yesterday. A great lineup of speakers. Both macro and micro calls moving stocks across the board. Amazing lineup of people as you say and the among the other head lines out of the event, billionaire investor Stanley Druckenmiller telling investors sell their holdings. Saying the fed has borrowed from future consumption more than ever before. The least data dependent fed in history and the longest deviation from historical norms in terms of fed dovishness than ive ever seen in my career. This kind of myopia causes reckless behavior. Back to our twitter question, clearly he thinks the fed is the main driver behind markets and it is a sort of temporary and unsustainable type stimulus for equities. And i think that view resonates with a lot of people on wall street whove been critical of the fed that they are not fulfilling their mandate. And druckenmiller said this. They are just trying to prevent a drop in the s p 500. And yet the fed put out this very cautious tone of the next pace of rate likes. David einhorn also made some calls. Hes short caterpillar and long general motors. There we go. Lets switch focus in global news. The uk goes to the polls today. Not for the Eu Referendum yet but for local elections. Not normally a central focus but however this time it will be interesting to see how well David Camerons conservatives do following recent pressure on the government and also how labor does. Keep an eye also on how the pro eu exit Uk Independence Party does. Though the percentages will not be directly comparable tol the vote next wonmonth. The most high profile of todays votes is who takes over for Boris Johnston as london mayor. And results come through later tonight. When we come back, this election, donald trump now the presumptive gop nominee for president. And we expect to raise 1 billion with the party. Before we head to break here is your National Weather forecast with gjen carfagno. We still have more showers on this thursday. This upper level low causing all this. Hope to have a dry day in new york city but not a guarantee. There may be a few sprinkles. Windy and much cooler too. Atlanta, only in the 60s. A blustery fall like day in the east. Across the west we could see thunderstorms. Maybe some hail in here. Strong gusty winds. Watches that for you in the northern parts of the west. Temperaturewise it is cooler than average in the east. Temperatures in the 50s and 60s. The middle of the country. This is where were going well above average. Might set a few records today and feeling very nice and warm. And sunny right here across the central plains. That is your latest coast to coast forecast. Im jen carfagno for the weather channel. Worldwide exchange continues of this. Welcome back to Worldwide Exchange. Good morning to you. This morning it is official. We can call donald trump the Presumptive Republican nominee. Even though hes still a bit short of the delegates he needs to secure the nomination. That is the easy part. Whats harder is pulling the Party Together after a rough and tumble primary season. Tracie potts has the story live from washington. Hi there wilfred. Good morning everyone. You are absolutely right. After this primary season the challenge for donald trump is going to be getting people to support him. Hes already halfway there. More than halfway there. Hes got half a dozen key republicans here on capitol hill including the top Senate LeaderMitch Mcconnell now endorsing him, but they have got some work to do to fully bring this Party Together. These are republicans burning their membership cards after john kasich calls it quits. The lord has a purpose reporter leaving donald trump the last man standing. Trump has a being challenge uniting a party where key players arent backing him. Both bush president s announced they wont weigh in at all. And this from massachusetts governor. Some of the things he said about women and muslims and religious freedom i just cant suppo support. Reporter trump is already getting calls of support from people who criticized him. One call said such bad things, i said frankly how can you pivot back to me . He said dont worry about it. Theyre politicians. Dont woor about it. Reporter Hillary Clinton said bullying. A taste of what voters might expect this fall. And dont count out Bernie Sanders yet. Hes still out there campaigning. In fact wilfred he just opened an office in kentucky. They are voting later this month. Talk about trump. Any word on who or what the process is for trumps consideration of a vp pick . Yeah he said that he is looking at people. That they are starting to assemble the short list so to speak not. Idea whether there is a definite pick or somebody at the top. Lots of names being thrown out and lots of names of former republican candidate whose said they will absolutely not be on that ticket. Yeah. Ones that he insulted so harshly. Thank you tracie potts in washington for us. But you do get to see people insulting each other in the run up and then deciding they will be running mates anyway. Like Carly Fiorina and the ted cruz. Exactly. [ inaudible ]. Tough competitor. I dont think that was singing his praises it was a less negative little different from the tone previously. I dont think hes going to pick ted cruz though. Somehow. I dont either. Little more mainstream. To sports now. Lebron james. And the cavaliers won big last night. And did so in historic fashion setting the record for threepointers with 25. That breaks the old record of 23 set by the Houston Rockets in 2013. Cleveland is up 20 in the series which moves to atlanta for game three on friday. When we come back this mornings top stories, including whats going won with tesla. Phil lebeau joins us to talk next. And then whats the main driver of the market right now tell us what you think jim cramers response. Hes already voted this morning in the 4 00 a. M. Hour. We all have different opinions here. Oil, dollar, earnings. Central banks. Keep the votes coming. And well share at least one more adele song given that its her birthday. Before earning 1 cash back everywhere, every time and 2 back at the grocery store. Even before he got 3 back on gas. Kenny used his bankamericard cash rewards credit card to join the wednesday night league. Because he loves to play hoops. Not jump through them. Thats the excitement of rewarding connections. Apply online or at a bank of america near you. Good morning. Ready for a rally at u. S. Equity futures pointing to a nice pop at the open. Tesla in the fast lane. Shares getting a pop this morning. Following Quarterly Results and new production plans. But not everyone is sold on this story. Well tell you why. And the taste of success. Raise a glass. Tech la sales are soaring. Its thursday may 5, 2016. Cinco de mayo and youre watching Worldwide Exchange at cnbc. Tequila good morning and welcome to Worldwide Exchange on cnbc. Im sara eisen. And a i wilfred frost. Good morning to you from me as well. Lets check on the Global Markets this morning. We can keep playing that music in the background i was enjoying but were not going to. T it my first Cinco De Mayo. It is. I didnt know what it was until about two days ago. Were down about. 6,. 7 today. Almost eradicating those on the futures board. Called higher about something. Taking strength from elsewhere in the world. Europe is higher. Although some markets remain closed for various holidays. Nordic regions are closed. Switzerland is closed. Italy and spain is up nicely. Germany up 8 . Asia. Japan closed. Indonesia, south korea closed. So lower volumes. Hong kong is down a bit. Shanghai is up a bit. Starting with oil, seeing an almost 3 pop this morning. Brent, International Benchmark up almost 2. 5 . Even natural gas is getting a lift today. The 10 year treasury note yield, 10 year yield sits above 1. 80 this morning. Theres been a flight to quality, safety. Bonds have been in demand. That is reversing a bit on this Global Market rebound.