tv Worldwide Exchange CNBC May 31, 2018 5:00am-6:00am EDT
it is 5:00 a.m., here are your top five at 5:00. warren buffett shocking everybody confirming he held talks with uber. we'll give you details plus exclusive comments coming up. the trump administration reportedly working up new tariffs on steel and aluminum for europe. new evacuations have been ordered in hawaii. mount kilauea continuing to erupt there. the american city that some fear is overbuilding. and the internet going wild to kim kardashian's visit to the
oval office. it's the last day of may, 2018, "worldwide exchange" begins now. ♪ good morning happy thursday from wherever in the world you may be watching. i'm brian sullivan so glad you're joining us. here's how your money and the global markets are setting up their day on what has been -- feels like a five-day week already. it's only thursday the dow will likely rise slightly at the open we're up 20 points in the futures. comes off yesterday's big gains from tuesday's italy driven fears. bonds also seeing a reversal yields slowly creeping higher again. ten-year at 2.88%. china is a big winner, both the mainland and hong kong markets are up 8%. the center of the most recent
market news is calmer this morning. only germany is down oil is down, but fractionally, both wti and in europe as well your top story has to do with trade and the increasing risk of a global trade battle. the u.s. now reportedly ready to pull the trigger on european steel and aluminum tariffs it's something the trump administration threatened for months an official announcement could come as early as this morning. the eu vowed to retaliate with its own tariffs on american goods if this happens, ranging from motorcycles, to jeans torque bourbon more on this story throughout the day on cnbc. let's talk more about this wild week, how the markets look and what the real risks may be joining us is matt mahle so much has been made by us and others of italy. if you had to say what bigger
risk was to the global markets out of europe, is it italy or is it what's going on with deutsche bank >> yeah. the issue is definitely going to be deutsche bank all the european banks have been down this week with the blow up in italy because of the exposure they have. the ownership they have of some of this italian debt deutsche bank, the stock is down 40%. people have been talking about they're not doing well their business is not doing well, they laid off a bunch of people but you don't drop w40% over things like that we have seen a lot of volatility in the marketplace, the fixed income market and surcurrency market, you have to wonder if that's impacting their profits and derivatives book and the implications that might have on other banks. >> are we, meaning the final markets, maybe the financial media looking at the italy situation in a wrong way
>> i think so. it's interesting everybody is focusing on is this going to become a contagion or become a problem for europe? what it is is another -- it's another instance in a progression taking place all year interest rates have been rising for a while now. long-term rates rising for almost two years it takes time for that to have an impact on the markets when they initial rise, they say nothing happened when the rates continue to rise, they expose malinvestments in the marketplace, then we see the cracks form. we first saw it in february. as interest rates rose, the dollar rose. that gave a correction in emerging markets we have seen argentina, venezuela and turkey now we have italy and the
italian banks. what is the next shoe to drop? >> answer your own question. if there's a shoe to drop what do you think it might be >> it will be hard -- i guess the number one thing is probably something we're not talking about now. but my number one candidate is corporate debt you look at what's happened, it's great that we're getting all these corporate buybacks and increases in dif depositividendt they're going to have to roll over $20 trillion of that debt over the next few years. most of that debt didn't go to things that will help them service the debt and buy back increases in dividends when the costs go up to service that debt, they won't have something that will help them service it that's going to create a problem. my candidate is the corporate bond market. >> i think interest rates have been a heck of a story that we underreported. pretty much everybody, their
mother and sister thought that interest rates would rise. the ten-year rising a bit this morning. the reality is we're back below 3% which caught a number of people and punched them in the g gut. do you think the tin-yeen-year l move higher, or is this another year where we say people thought the ten-year would go to 3% and long again >> the ten-year yield has been rising almost two years in july, we're almost there i think it will continue to move higher when everyone says higher interest rates will cause a problem which they have been causing problems, not to the u.s. market but several other markets. but the problem is once we do see those malinvestments get exposed, we get a flight to safety trade my thinking is we'll see higher
interest rates but also the pullback from time to time because of the flight to safety trade. it's a conundrum, but my point is if interest rates come down, that's not necessarily good if that reason for the interest rates coming down is a flight to safety trade >> matt, thank you for starting your day strong with us. appreciate it. >> thank you . in corporate news, warren buffett confirming that he held talks to potentially invest in uber we have exclusive new comments from uber's ceo. leslie picker is here. >> warren buffett telling becky quick that berkshire did hold talks with uber. that was in response to a report that the company offered the ride hailing service a $3 billion investment earlier this year the report says the discussions fell apart as uber and berkshire disagreed on the terms and the size of the deal
buffett says some of the details in the report are not correct. but he is a great admirer of uber's ceo, dara khosrowshahi. in an interview with carl quintanilla on the sidelines of the code conference, khosrowshahi said the feelings are mutual >> i'll tell you that i'm a giant fan. i'm a warren buffett fan boy for many years, one of my business goals in life has been to get warren buffett to invest in something i'm involved in. so far i failed. so maybe, maybe one day i can convince him that times will be right, he'll be willing to honor us with an investment. it hasn't happened i think warren can invest anywhere any time. >> an investment by berkshire would have been a big seal of approval for uber ahead of an eventual ipo khosrowshahi telling carl that
the company is still on track for a potential offering in the next year. >> we're in a good position in terms of the company's profile in terms of profitabilities and margins continue to get better we have a very strong balance sheet. i think we're on track in 2019 for an ipo lots of things can happen, but we have a buffer >> speaking on stage at the code conference last night, khosrowshahi says he wants uber to eventually become the amazon of transportation. you can see more of carl's interview with dara dokhosrowshi on "squawk on the street." >> thank you very much your big money individual stock stories include box. the cloud storage provider's first quarter revenue beating forecast guidance is what matter, and
guidance was muted, so the stock is down nearly 5%. guess reporting first quarter results in line with estimates. same-store sales up 2% the company offered weaker than expected guidance. we'll get more from stacey widlitz in a few minutes shares of crispr therapeutics is down big after its gene editing trial was put on hold. we're just getting started on "worldwide exchange." on deck, break out your credit card we're still free, but we're hitting the malls. we'll be on the hunt for big opportunities in retail and big surprising stocks that you may not be paying attention to. and later on the trump/kim summit not that kim, kim kardashian, the meeting in the oval office that has everyone buzzing. more details when we return. these birds once affected by oil
welcome back in. here's how your money and investments are setting up their day after a wild and rocky week. not a lot of move in the dow futures, up 7 points we have a couple hours until the markets open here. we're up 5 points. treasury bonds is a big story. the yield 2.88%. we'll see if yields continue their upward move or if the recent move down will continue
to push down yields. certainly italy is getting all the attention in the final media, but maybe retail should be because amid the headlines, rather quietly, some big retail and consumer names are posting impressive numbers case in point, pvh which is behind brands like tommy hilfiger and calvin klein. pvh's ceo sat down with -- what is this commercial pvh's ceo sat down with jim cramer last night. here's what he said. >> our business between calvin, tommy, our heritage businesses, we had a quarter that was off the charts from beating our expectations we continue to make the investments in the business, and they seem to be delivering >> seem to be delivering jim and the gang will have more on "squawk on the street" for certain. let's take with retail that's not the only company that you should be watching in this
space. despite the headlines, unlike italy, north korea, some retail stocks have done great lately. joining us now is stacey widlitz, a cnbc contributor. he ita italy, interest rates, eu, deutsche bank, if i just cut through the noise, under armour, foot locker, a couple other retail stocks are soaring up more than 20% this month how come >> you're seeing a couple things you're seeing all of these taken down numbers coming through and expectations have been incredibly low more importantly what you're seeing particularly in the wholesale footwear space is lean inventory. so while the likes of dick's and foot locker are up massively, the comps still are negative the growth margins are healthier
and that is moving these stocks. these are very much a back half story. >> what do you mean a back half story? >> meaning that the same-store sales are still negative, even at dick's they got worse this quarter. so the stocks are trading, low expect takes, short interest, and certainly better margins but the comps need to improve and potentially turn positive in the second half of the year in order for these stocks to continue working and that's the big question, what is the pipeline looking like. nike has been talking up the pipeline incredibly, but does that flow through and does the product work that's what we need to see >> you said the "s" word, short. are these moves just short covering people who bet against the stock, numbers are slightly better than expected, or do you think this is a real and longer term change in sentiment for
somebeaten up retailers? >> i think a lot of this is, hey, this is less bad than we expected, so, yes, there is short covering out there for some of these companies like dick's, i'm not expecting their comps will keep moving in the right direction to keep that particular stock moving in the second half of the year. foot locker has a more premium to the wear cycle and is more exposed to that. they do have the european business, which has not improved at all and is still down double digits there's still a lot of moving parts in these two stocks. i would be cautious on the second half. >> do you believe -- we talked about this extensively because it matters, 74 d74% of the amer economy is people goingout and buying stuff
retail matters what is the overall situation in american retail now? there's been some concerns about housing, interest rates on the rise will we have a strong second half of the year overall >> i think we are. what we heard from all the retailers is things are less brand and strong brands like pvh are just getting stronger. so there's a consumer out there. they have appetite for good product. so that we continue to see the consumer is definitely still out there and spending the best news of all is that inventories are lean, but that needs to remain so through the second whatever of the year. if these companies can get through the quarter we just had with the weather as bad as it was unscathed, that sets us up quite nicely for the next couple quarters >> i will put you on the spot. i know you can handle it and also you have been up seven
hours. what is the most interesting retailer, good or bad, that you are watching right now is there a name that everybody should have on their radar this is really interesting or oh, this is really interesting >> i think ulta is interesting we went through a phase in the department store space where they started promoting the boutity categorbout i ity -- beauty category i think ulta is one of the pure plays in the boeauty space. they have been conservative in terms of guidance they laid out. they report this week. i think lululemon has room to run, even though the stock has basically doubled since we upgraded it. they're just getting color back. just getting styles correct again. maybe they'll get a ceo soon and pbh is a stock you have to
own. they're comping up the% on tommy hilfiger and 9% on calvin klein. you don't see that in retail >> jim cramer had the ceo on "mad money" last night you go through that interview, it's pretty much good news here, good news there. the ceos tend to be optimistic, but he was -- i don't want to say wildly bullish but his comments were inspiring. sounds like you're a buyer and believer >> yes so we upgraded pvh about two years ago and have stuck with it and remain sticking with it because tommy hilfiger is one of the brands that's managed to reinvent itself. calvin klein reinvented itself while manny was incredibly positive on the consumer and environment what that company has done with their brands is the real driver. there's nothing in sight that suggests that is going to slow down kudos to them for doing things that other brands missed the boat on. >> there you go.
pvh, what a stock chart. it's always a pleasure enjoy the rest of your day >> good to see you coming up on the other side of the break, we're talking cars, trucks, keys three stocks to put on your radar this morning the latest news out of hawaii, mount kilauea continuing to erupt. we'll give you the latest on that scary situation coming up
welcome back cars.com shares continuing their run today. a big jump yesterday on a report that the company hired jpmorgan to explore a possible sale. keysight technology is raising their guidance it's an oscilloscope company they posted double digit growth in many areas. and shares of first group are slumping in london today it's a uk transport company, and they're replacing their ceo after what the chairman calls a disappointing year to your top stories from washington where mike pompeo is meeting with a top north korean official in new york today let's go live to tracie potts in washington with more >> good morning, everyone. they started with sort of a soft start with dinner last night the actual negotiations get under way today. while that's happening, president trump heads to texas
to focus on gun violence president trump heads to houston this morning he'll meet face-to-face with survivors from last week's school shooting. there gunmen taking aim at defenseless children the president's press secretary choked up when a young reporter asked about that >> one thing that affects students, the fact that we or our friends could get shot at school >> there is nothing that could be more terrifying for a kid to go to school and not feel safe i'm sorry you feel that way. >> she also addressed the north korean nuclear summit. >> we are preparing and expect that to take place on june 12th. >> ta depehat depends on a meetg between mike pompeo and his north korean counterpart
>> a white house team meets again today in singapore to pave the way if that summit is rescheduled. we don't know yet, but we do know that same state department official is telling nbc that if it happens, if it's rescheduled, president trump is willing to let that summit go for longer than one day brian? >> tracie potts in washington, d.c., a pleasure let's check on some of the other top stories outside of the world of money and business, frances rivera has this. a major milestone in the fight against colon cancer after a sharp increase in the rates of young people getting diagnosed with the disease the american cancer society is pushing up the recommended age for screenings to 45 that's 5 years earlier than the current guideline. the group found people in their late 20s and younger have double the risk of colon cancer compared to their parents generation colon cancer is the third leading cancer killer in
america. the kilauea volcano in hawaii is doing all the damage it can last night more molten rock shot towards the sky as fast-moving lava oozed across the evacuation zone those who remain against renewed warnings watched volcanic activity turn into tornadoes. and harvey weinstein has been indicted on rape and criminal sex act charges it comes after weinstein was arrested and charged last week the indictment brings weinstein another step closer to accountable according to the d.a. brian, back to you >> frances rivera, thank you very much. could president trump now slap tariffs on certain european products the latest twist in the trade talks ahead. and real estate's big risks, how a hurricane season could be a nightmare for the boom times at bean town th's ahead when "worldwide exchange" returns.
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welcome back thank you for being with us on cnbc hope you're having a great start to your thursday i'm brian sullivan here's your executive recap on your top stories today warren buffett confirming that he held talks with uber. the billion flair aire investorh is a great admirer of uber's ceo, this after berkshire hathaway offered uber a $3 billion investment earlier this year but the two sides ultimately could not come to terms. wilbur ross slamming eu privacy data laws in a new op-ed. he says they create serious and unclear legal obligations for public and private companies the commerce secretary adding it could create unnecessary barriers to trade, not just here but to everybody outside of the eu the ceo of ripple says that bitcoin's influence over
cryptocurrency prices could end. saying it could come to an end as markets understand the major differences between cryptocurrencies and their use cases. here's how your morn aney a investments look right now stock futures indicating a slig slightly higher open, up about 13 points. keep an eye on yields. everybody out there suggesting that we are only going to move higher the last couple of weeks the ten-year pulling back below 3% we're creeping up a bit this morning at 2.87% in asia, good day so far japan and china on the rise. in europe, mostly in the green the dax is slightly down the u.s. reportedly ready to pull the plug or pull the trigger on european steel and aluminum tariffs it's something the trump administration has threatened to
do for months. an official announcement could come as early as this morning. the eu vowed to retaliate if this happens joining us to talk more about your top stories, peter spiegel from "the financial times. it's been all about asia so far when it comes to trade, china, japan, north korean summit which is off, off, on. now all of a sudden this eu news what is the reaction from the european union >> frankly a lot of bemusement as you say, this was originally targeted at china. chinese steel has been the big bugaboo of the market. the italian steel industry has been laid dlow by cheap chinese steel. but everyone woke up and said the u.s. does not import a lot
of china steel, most of it comes from allies like canada and the europeans. the europeans said okay, we're not worried here but the u.s. said we have you over a barrel. you want an exemption on these tariffs, what are you going to do to help me? help us out with cars. the europeans are angry because they feel like they're being forced to negotiate with a gun to their head. they don't like that they're angry. very angry because they're steel industry has been hit hard, too by the chinese oversupply. they want to work with the u.s. to deal with the chinese, because a united front would help more, i don't see a whole lot of strategic thinking. we had some talks this morning with the french finance minister in paris with wilbur ross, but it doesn't seem like anyone is
moving the americans on this >> you said though are bemused, are they also confused >> yes sort of two sides of the same coin here. on any number of issues, economic issues in particular, the narrative has been, and i think rightfully so, the biggest threat to the west has been the rise of china. they see themselves as allies of americans on this. this argument that the u.s. and europeans should have a free trade agreement, which trump has sort of pushed aside part of that is trying to set the standards for the global trade in the future before china becomes dominant they have been beseeching the americans, please work with us we have a common enemy for lack of a better word on global economic issues. trump wants nothing to do with that he's beating up the europeans assen as he's beating up the chinese, they can't figure it out. they thought american allies on economic and geopolitical issues, and they're getting beat
up by trump on both of those sectors. >> this week in the united states we learned more about i t -- italian politics than we needed to know it rattled the markets it's calmer now. is there a sense all these different parties will come to some kind of conclusion, resolution, and form a coalition government >> i think that is now in the books. i'm not sure the calm is here to stay the powers that be in the eu decided we do not want these guys to come to power. we'll put a technocratic government in place, we'll go to new elections and the markets reacted badly to that. if we have another election, will that be about remaining in the european union if you have people leaving the union, it's not a currency union
anymore, it's a fixed exchange union. that freaked everyone out. suddenly the italians said maybe that's a bad idea to get these guys in government these guys are two parties who are vehemently anti-euro so though we are not going to elections and calling into question the permanence of the euro, they will question the underpinnings of the project it will still be dangerous, just not as dangerous as we thought >> we are the media, we have to put a quip on everything we had a debate on "squawk box" yesterday. you call it brexit for the uk, for italy, is it italeave or quitaly. >> i have a new one. >> ucita i'm trying to get everyone to support this if you know the italian language, it means exit.
see you soon >> pleasure. time for the top trending stories. leslie picker is back with those stories. >> if you wanted to keep up with the kardashians yesterday, just head to 1600 pennsylvania avenue flew kim kardashian west meeting with president trump yesterday in the oval office. the president tweeting out this photo of the two with the caption great meeting with kim kardashian today talked about prison reform and sentencing other twitter users joked it was the real trump/kim summit. >> hmmm. >> you know. >> it's great. it looks madame tussauds-ish it's very -- it's a very fine photograph >> very fine photograph indeed
hundreds of photographers taking to the streets of manhattan yesterday, allture thf manhattanhenge where the sun aligns perfectly with the streets. i gather you were asleep >> gorgeous, though. >> beautiful it was a while goose chase in detroit this goose landed on the baseball field during a rain delay at yesterday's angels/tigers game the bird easily evaded attempts at capture by the grounds crew when the goose tried to leave the park, it crashed into the scoreboard the animal was finally caught by tigers stadium personnel and released outside the ballpark. no harm was done to the bird no matter who wins or loses, as long as the bird doesn't get hurt >> or end up on the table for
christmas. >> there's that. >> let me be the first to wish you merry christmas with this 50 degree weather if you missed the end of the stanley cup hockey playoffs last night, we have you covered on "worldwide exchange. the washington capitals evened up the finals last night with a victory over the vegas golden knights. caps took a 3-2 lead into the third period vegas tied it with two minutes left, but the caps goalie made a spectacular save the two teams will face off again saturday in d.c. for game three. on deck, real state's big risks. we are breaking down how the start of hurricane season could weigh on housing it's an exclusive with a special on-set appearance from our own diana olick. stick around
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welcome back good morning so glad you're joining us. stock futures indicating the markets -- should we say up? 1 point? it's green we'll say up the dow futures basically flat tomorrow marks the official start of hurricane season. if last year was any guide, the storms are getting more dangerous and more destructive today on cnbc we begin a new
series looking at the risks to real estate, specifically development that could sit directly in harm's way cnbc looking at what's being done to safeguard millions, investments and lives. diana olick has more >> from floods to fires to the wildest hurricane season in memory, last year 16 separate weather events in the u.s. caused more than 3$300 billion i economic damage. even with the frequency and intensity of recent super storms building along the waterfront continues putting property and i investment capital at risk winter slammed hard into boston this year. back-to-back nor'easters sent water flooding into its historic streets and seaport. it was what city planners predicted, just not yet. >> we spent a lot of time thinking these impacts are 20, 30 years down the road these storms are here now.
>> reporter: diana moran studies the impact of climate change on boston real estate >> the planning has been great, but we're not there yet. >> reporter: the planning started in the mayor's office. >> if you want to build a large building in the city of boston, not only do you have to take into account what the climate projections are and floodplains now, with you you have to look at those projections in the future. >> reporter: in the past decade nearly $8 billion worth of residential and commercial real estate has been built or approved for construction in the seaport. the inventory of properties doubling in fact just the seaport has seen three times the amount of new buildings going up in all the rest of boston's much larger downtown and financial district. the seaport is ground zero for water. this is what the city predicts will happen in ten years 20 years 30 years the bombing distrioming districr
water. >> why are we not changing the code >> it's long and tedious. >> reporter: and that could drive away business from boston. >> names like amazon and ge investing millions in boston real estate development and attracting thousands of new workers, especially to the sea port >> this is 121 seaport a building that on behalf of skanska i'm proud of. >> reporter: skanska is one of the largest seaport developers >> i'm looking at water, water, water everywhere no concerns? >> no concerns at all. this building is very well prepared to withstand any major storm event. >> reporter: the building's electrical infrastructure is 40 feet above the 100-year floodpla floodplain the ground floor is elevated while some developers are proactive, others are less so. they know the end game is to sell the building. >> there are guidelines but
everything is ultimately voluntary. >> they want to be by the water but in a building prepared to withstand storm events in the future >> it is all about the high value of waterfront real estate. developers are laser focused on it despite intense weather because the returns are just so high and the irony the tax returns to cities from this development is what's funding a lot of the research and redevelopment to guard against these storms >> she mentioned building codes. why is it so difficult to change the building codes in boston >> number one, it's at the state level. boston cannot change its own building code. you have to go through the state government also when you talk about changing those codes, you keep some companies from wanting to come into the city they want that business. >> your skanska guest talked about the electrical power being 40 feet above the floodplain they built safeguards in are we
hearing about other developers putting in safeguards? >> that's the problem, some are, some aren't. it's a big investment to put these things higher up they're building higher level lobbies. some developers are making the ceilings higher in case future owners want to raise the ground. some don't have to and they don't want to. >> it's an amazing piece you think about flooding, you think miami, maryland, lower-lying areas. why is boston at such a place? >> because boston is seeing the water warming faster, because of its proximity to maine, wihich has the fastest warming water. let's find out what's coming up on "squawk box.
fantastic last night, getting in touch with warren buffett. i was shocked that buffett was looking and poking around at uber i don't think of him like a private company investment guy >> not a private company investment i go and not a technology investment guy. he did build up a solid stake of ibm and then shares of apple buffett saying not all the details of some reports out there are correct but telling us they had looked at uber and that he was a fan of dara khosrowshahi we'll talk more about that coming up. then what dara khosrowshahi had to say about warren buffett. that's coming up at the top of your show you talked about how you think interest rates are being underreported. the idea that interest rates back below 3% for the ten-year and how big of an impact that's had on so many investors including bill gross we'll talk about that with a lot of different market guests
today. then i want to talk about a big issue with trade the trade wars, are they on again or off again it was less than two weeks ago we were talking to treasury secretary mnuchin who was saying the trade war was on hold at that point now we're looking at new tariffs that very well could go into place onfriday that would remove some of those exemptions that had been granted for the steel tariffs for canada, for the eu, mexico we'll hear about that and what that might mean. we'll speak with the national societiesiati association of manufacturer's ceo. he's out with a new op-ed where he calls for bold action from the white house. this is jay timmons, he has a lot of different players, people like the steel manufacturers who would like to see the tariffs come on and players like the car manufacturers, boeing, others who would not like to see that he has a very fine line to walk on some issues we'll talk about what he would like to see.
he said it's been too long that we've been talking about china he wants a bold, comprehensive plan we'll get to that later this morning. >> big show, thank you very much >> thanks. folks, do you put milk in your coffee? if you dork it's the only way people are drinking any milk at all these days contessa brewer down on the farm where milk producers are getting nervous. >> the farm where i am now, it was facing a huge deadline today. a looming deadline they want to know why their contracts are being cancel and where are the otheburs ir yen that live report from kentucky after this on "worldwide exchange."
a decade dairy farms are disappearing they're down by half since 2000. contessa brewer is live from smithfield, kentucky with this story. here they started off in the spring with 80 cows, then in march they got a letter from their buyer, dean foods, canceling their contract as of today. more than 100 farmers got the same letter. here's the problem, without another buyer lined up the family started selling off their cows this morning, the barn is half empty, they only have 37 cows left when you look at the problem that this means for the family, we know dean foods alerted the family in march. they said walmart was biuilding milk processing plant in ft. wayne, indiana so walmart will begin bottling its own milk, getting from three other nearby co-ops.
other big grocers are already in the processing game, like kroger, which has a plant near lexington, kentucky, and the family was hopeful it would become the new buyer so far, no luck. >> we didn't do anything wrong it wasn't bad management it wasn't not managing our finances correctly or cattle correctly. we produced good, quality milk here milk that i would gladly drink any day of the week. i know neighbors would love to consume our milk >> fewer americans are drinking cow's milk, they're opting for coconut or soy and prices stagnated with shoppers paying less now than ten years ago. and any help dairy farmers might get from washington, d.c. has been stuck in the farm bill. the house refused to pass a version. the senate said it would pass a
version, but so far hasn't dean foods did send them an extension for 30 days, but still there's no concrete leads for a buyer here >> it's an important story a lot of things you can say, but the reality is these are family farms that have been in the family for generations and they're at risk. >> yeah. this family has two little boys, 1 and 3. they had big dreams of seeing their kids grow up here. not only that, they're both college educated they knew the market conditions. they knew people were drinking less milk. they had a long plan how this could work out selling milk for solids, but you need cows, and right now they're selling them off >> drink your milk, folks, it's good for america and good for you. thank you very much. stock futures indicating not much help this morning it he'lls like we've had a five-day week already.
trade turmoil is on the docket today president trump expected to slap tariffs on european steel and aluminum. behind the wheel, warren buffett confirmed berkshire hathaway had talks with uber and first it was italy, now there's another european country that has investors worried this morning. those details straight ahead on this thursday, may 31st. "squawk box" begins right now. ♪
live from new york where business never sleeps, this is "squawk box. good morning welcome to "squawk box" on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. look at the u.s. equity futures. it locks like things are barely budging from where we were yesterday. dow futures up about a point nasdaq up by about 14 points this comes after a big rebound yesterday following the previous day's big declines we'll continue to see where we get closer to the opening bell you can see overnight in asia some big rebounds there. shanghai composite was up about 1.8% after dropping by 2.5% the day before
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