So you better get this Party Started good morning and welcome to Worldwide Exchange on cnbc im sara eisen. And im wilfred frost its throwback thursday. Back to the queens of pop. Which is a good theme. We got pink to start us off. Who is this . Pink . There we go. Tough day on wall street. We saw the dow have its worst day in three months off about 1. 3 . The s p and the nasdaq they were down about. 8 . Retail drew things lower particularly after macys, and dow components like disney and office depot and staples after their deal was called off. Lots of losses. Retail was the big one. And a moment a bit of a bounce back. Not a big one but a decent bounce nonetheless. A big snell equities yesterday. Some bond buying but not huge. Theyearold still between that range of 1. 7 and 8. Ahead of initial jobless claims. Lets show you the Global Market picture. It is super thursday for the bank of england which means the central bank is set to deliver an Interest Rate decision. No change expected, minutes and its Inflation Report at 7 00 a. M. Eastern time. Well be looking for any sign that the uncertainty over the brexit vote in six weeks is weighing on that economy which weve heard from economists. The question is, is the manufacturing slowdown, for instance, that the uk is experiencing related to that or something deeper going on . Modest gains in europe. The dax and germany up abou about. 3 . So the france. Ftsisy 100 flat. The british pound has been strengthening as the concerns for ease that the out camp for brexit is making head way. In asia overnight. The japanese yen is weakening. Thats helped the nikkei. The japanese stock market rebound just a bit higher. 4 . And towards the bottom of the nikkei toyota reported disappointing results. Of course the stronger yen has been weighing on losses. Now 2. 5 in the red. Broader markets. The International Energy agency said Global Oil Supply rose to 96. 2 Million Barrels in april. The iaea expects something. Oil is up again following strong gains yesterday. 3. 5 yesterday and do keep that in mind because we had strong oil yesterday. We had weak dollar yesterday and yet we had stocks off significantly. So usually those things have not all occurred. Ed to the collar little more mix. You can see the strength against the yen. The dollar a little softer against the pound no im sorry. Stronger against the pound and against the euro but not too significantly. Basically flat. Good look at gold as well. A new report from the world gold counsel found Global Demand soared during the First Quarter. Gold is off a little today. Big factors yesterday we mentioned the retail that was very important. Volumes as well the last three days. They have been elevated but we had gains the day before so it is not like only elevated volumes to the downside. I think it was more stock and sector specific yesterday than anything real macro related. It did feel that way with the retail slump. Anything tied to Department Stores got hammered. If you looked at the dow. Even walmart which is sort of considered a defensive name was one of the big losers. Nike was a big loser. They sell their clothes at mace sis. Macys macy. Macys and were going to see whether this is Company Specific in the next few days. Speaks to broader slowdown or Department Store specific. Macys is considered best in class in terms of management. But the stock is down more than 50 over the last year. It is hard to say that this is a buy because it is a good company. Or is it just the secular decline of Department Stores and the industry cannot figure how to turn it around . Either way massively disruptive. I just want to point out one thing on this note. All of the retailers, basically if you are tied to a retailer yesterday was down. Amazon stock was up 2 . That tells you all you need to know. Consumer discretionary was worst perform bing but staples also suffered. And lots of sectors disappointed in earnings season with big headline falls in earnings. Energy for example, financials for example. Those guys often making losses. Macys is at least still in the black and making profit. So a very big fall with that in mind compared to other sectors. And a pair of economic reports topping the agenda. Retail sales for the month by the way out tomorrow. Weakly jobless games and april inspe import prices. A trio of fed officials to be docket. Mester rosengren and george. All vote owners the fomc this year. Watch for any comments about the june rate hike, which they are still talk about even though the market is not pricing it in. Retail themes continues. Kohls and ralph lauren after the bell. Nissan is reportedly gearing up to take a stake in mitsubishi in a deal worth near 2 billion buying about a third of mitsubishi. The reports come of course after mitsubishi admitted to overstating the fuel economy of a number of its models the purchase would make nissan mitsubishis largest shareholders. Up 3 on the news. Jack in the box posting better than expected earnings and sales revenues. Offering upbeat full year profit guidance. And weibo trading higher. Chipotle shareholders approving a proposal to give investors more four pick the board. Hundred d hyundai and kias china market share slid to a 7 year low in 2015 hurt by local competition. Toshiba returns to profit this year. The Japanese Company has been restructuring in the wake of its damaging accounting scandal. Posted a 6. 6 billion lost last year. Lynn energy tiling for chapter 7 bankruptcy protection. Oil and gas producer about 10 billion in debt. Founded back in 2003, went public in 2006 during the oil boom and there is the ugly chart on the decline. A key fig year is leaving the firm. Bill doyle will part ways with ackmans hedge fund. Doyle played a key role in Valeant Pharmaceuticals investment which led to disappointing returns. The fund down 18 . And it aetna plans to continue its obamacare next year. It may actually expand. Earlier this year reported operating losses about 3 to 4 last year and its rival United Health t biggy has said it will exit most of Obamacare Exchanges in extrayenext year. Andland dowdy joins us. The street is looking for earnings of five Cents Per Share on refb of 52 Million Dollars. Beyond the numbers. Same shack sales. Menu innovations went over well and are expected to give comps a nice boost. Second, costs. Commodity costs and Rising Labor Costs are big proponents in the report and will likely put pressure on margins so listen for commentary on that and if shack is still on pace to hit expansion goals of opening 13 new restaurants in the u. S. In 2016 and the third thing to watch. Is it stock. Shares have had a tough year. Down about 47 . In the past three years revenue increased almost 250 but net income has gone down. I love they calm call them same shack sales. It is so hard to same. Shame shack sales same shack no i cant do it. Thats well done. They are so far off the peek of about 90 bucks. Thats been a fall. Thank you. Apple telling re code in a report today that in a report that it is planning to kill off itunes music downloads. That is actually not true according to the company. After the website Digital Music news reported the tech giant is considering either aggressively ending itunes sales over the next two years or prolonging the faze out by three or four years. Besides denying the report apple didnt provide further details but the report got a lot of attention. And brazil could be one step closer to impeaching its president. The del tails coming next. But first break out your party hats. Great britain is celebrating her majestys Queen Elizabeths birthday with a four day exstrafgz. The s 900 horses and more than 1500 riders. The actual birthday is april 21st. The uk is marking the birthday with several events in april, may and june. And very worthy. Maybe we should have a celebration here to make you feel comfortable and at home. Yes. Please do. And perhaps well get to see that after the break. Have we got it with you . Oh dear. Anyway were back in a couple of minutes. Executive from dbs bank. I am keeping busy assisting your relationship managers. How so . I can read over a thousand Research Reports every day, to help you keep abreast of market movements and to help your relationship managers give better advice. Thats great. Todays fast moving markets make it hard to keep up. But together we can stay one step ahead. We make a great team, watson. Just turned positive the last 20 minutes or so. Lets look how this plays out. Oil and gas no surprise. Up by 1 . Basic resources weighing to the down side off. 6 . I want to hone in on insurance and financials here because some disappointing earnings reports coming out of insurers in europe are weighing on individual stocks there. Gen generali. Zurich insurance bucking trends. Higher by 5 . And the banks, french bank missing on earnings as well. Ing a super thursday in just a few hours. Nancy thank you very much for that. Switching focus. Lets get to todays trade of the day even after golds 19 rise in the First Quarter. Two Billionaire Hedge Fund managers see more gains ahead for this precious metal. I s p 500 sectors that perform well when gold is high, energy, utilities and telecoms among others. For more go to cnbc. Com and check out cnbc pro. Senators deciding whether or not to continue the impeachment process against Dilma Rousseff. If they vote in favor shell be suspended and this is widely expected. The senate will then have up to 180 days to conduct a trial over the allegations that she used fiscal tricks to manage the federal budget and decide if she is to be removed permanently then from office. The bovespa, the brazil stock market has already rallied so strongly off that february low on this idea that this is going to be the outcome. Suspension, impeachment, a new leader. Just get on with the process. There is clearly lot of opt nism in the market and the brazilian real. That looks similar i didnt goat the size of this rally in the bovespa. It is an economy with very high inflation. Thats been super reliant on the china commodity boom and has borrowed heavily in the foreign currency and the brazilian real is down similar by. If you change the Political Leadership perhaps you get a slightly broader outlook at the margin but i dont quite see why its rebounded as it has. Also commodities have rebounded. Oil prices have bounced back a lot. But yes. No question whoever the new leader is. If there is one they are to have a big challenge their hands. And caterpillar says the company is ready to move into cuba once the u. S. Trade em boorg is lived. Isbargo is lived. Is caterpillar could move quick as it is used to dealing in emerging markets. They have already picked an official dealer in cuba. Despite the embargo, shares are flat in the pre market. White house advisor says brexit would hurt britain the eu and the global economy. Fermen says we dont need more uncertainty at the moment. Urman says we dont need more uncertainty at the moment. Coming up the meeting in washington today. Can they unify the party . Top stories from the campaign trail next . First here is National Weather forecast from the weather channels jen carfagnos, jen. Thunderstorms moving east. Were going to see the ohio valley, tennessee valley, parts of the southeast getting into the action today. Today more of a threat of the damaging winds and hail. The tornado threat much lower for today. Could it be that we could have a day without rain in d. C. . Its been now 15 days in our Nations Capital with rain. If we get rain today it would be 16. There is a better chance of staying dry than we have lately. It is not non zero either. Great weather in new england. Sunshine. Warming up in the west with sunshine. Temperatures above average the trend there for the weekend. And get ready a big cool down in the upper midwest this weekend. Enjoy the 70s today. And that is your coast to coast forecast. Im meteorologist jen carfagno. Worldwide exchange continues after this. Im val, the orange money retirement squirrel from voya. Val from voya . Yeah, val from voya. Quick question, what are voya retirement squirrels doing in my house . Were putting away acorns. You know, to show the importance of saving for the future. So youre sort of like a Spokes Person . No, im more like a metaphor. Okay, a spokesmetaphor. No, im. Youre a spokesmetaphor. Yeah. Ok. See how voya can help you get organized at voya. Com. Welcome back to Worldwide Exchange. A meeting between paul ryan and donald trump today. To be a fly on the wall in this meeting. As the closed door meeting. Donald trump is feeling bolstered going into the meeting today. He has a lot of support among voters in the primary races. He says that he also has a lot of respect for the speaker of the house. It is a listening session, an opportunity to hear from him but also for him to hear from us. Donald trump meets with House Speaker paul ryan as well as other house and Senate Members today to get the party on the same page. I believe to be successful this fall we have to unify the party. We have to go for with a forward positive message that americans see we have solutions to their problems. Trump just received endorsements from seven House Republican members who chair committees. Evidence that voters are switching from democratic to republican side so he brings new people to the party. No question about that. This as Hillary Clinton criticized trump for not releasing his tax returns. So you got to ask yourself, why does he want to release them . [ inaudible ]. Yeah, well were going to find out. Senator sanders says hes the best candidate to defeat republicans in november. If our most important goal is making sure that someone like trump does not become elected president , i think you are looking at the strongest democratic candidate. And back to the republicans, donald trump has now won more primary votes than any republican in history. So edward, was does he need paul ryan to back him . Trump says he actually doesnt need paul ryan to back him. He wants the party to unify h. E says he hopes he can get a deal but trump said last night if they dont get a deal today hes fine Going Forward just as the entire time as the establishment has been against him. Edward lawrence in washington. Now to sports. Two nights after scoring 40 off the bench and his second straight mvp award, steph curry and the warriors looking to move onto the nba western conference finals. Oracle arena, game 5. The blazers keeping it closes until this three. With less than a 1 00 to go steph makes another amazing shot. A step back three to put the warriors up for good. Golden state winning. And in baseball the mets taking on the dodgers. Mets pitcher syndergaard hitting a home run. Hits another homer his next time up. The last time a pitcher hit two home runs in the same game . 2007. He does have a very distinctive hair style and a very good night. A lot of him. Swinging the lumber. Very important phrase. Well go to a baseball game. Id love to take you. Although we missed the reds in town. Ive been to one of those baseball nets oh the nets a bit of metal in there them. Are you sure its pure wood. Im not an expert but they are wood. Interesting. Plus instagram rolls out a new logo and the internet doesnt like it. Well tell you why when Worldwide Exchange comes right back. 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. Gold demand off to its fastest start every this year. Breaking overnight, impeachment fight. Brazil Senate Debating putting president Dilma Rousseff on trial for breaking those budget laws and. And hello kitty. Hundreds are lining up outside this themed cafe today. Thursday may 12, 2016. You are watching Worldwide Exchange. Do you believe in life after love i can feel something another queen of pop. How throwback thursday. I like this one. Good one. And im wilfred frost. Very good morning to you. U. S. Equity futures pointing to a stronger start after we saw a sharp decline yesterday. The dow lost more than 200 points. A big part of that was driven by retail declines. Really across the board. Dragged the entire market down. S p completely reversing what was one of the best days in months the day before. Dow future, s p future, nasdaq futures all pointing to higher starts but were looking at less than half a percent of gains. The other big one want we want to watch is retailers. The pre market trade mixed. Macys declining 15 and now flat in the pre market. Not gaining anything back. Jc penney up about a percent in the pre market. Lit report results and walmart remains flat. It was down sharply yesterday as well. It is super thursday for the bank of england. Set to deliver reports at 7 00 a. M. Eastern and mark carney will hold a News Conference about 7 30 a. M. Eastern. Looking at trade in the ftsi 100 down fractionally. Weve gained over the last hour or so. Down about half a percent and now up about. 2 for broader europe. Look at asian trade as well. A dece