Morning Call

Gasoline is up 90% this year, with drivers in 10 states and Washington DC paying more than $5 a gallon. Jay Young of King Operating Corp discusses the outlook of energy as more than 80 trade groups call on the Biden administration to take action. Plus, Apple made some surprises as its annual Developers Conference, as it plans to venture into the Buy Now, Pay Later space. Alex Kantrowitz of Big Technology breaks down the key takeaways from the event. And, investors are awaiting Friday’s May inflation report, as well as Janet Yellen’s two-day Capitol Hill testimony before the Senate Finance Committee. Matt Maley of Tiller Tabak and Ellen Zetner of Morgan Stanley weigh on what this means for the broader markets. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Apple prepares to kick of its annual developers conference today, where the company is expected to unveil updates to the core operating systems and its long rumored augmented reality device. Daniel Flax of Neuberger Berman gives us the rundown on what to expect from the event. Plus, according to Triple A, the current national average for regular gasoline stands at just under $4.87 a gallon, which is 59% higher compared to this time last year. OPIS Chief Oil Analyst Denton Cinquegrana joins us to discuss the future of gas prices and what’s in store for the consumer. And, the markets’ rally from the brink of a bear market faces an important test this week, as Friday’s consumer price data report may offer insight into how much more the Fed will need to do in its fight against inflation. Marc LoPresti of The Strategic Funds, Jeff Kilburg of Sanctuary Wealth, and Ivory Johnson of Delancey Wealth Management weigh in. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In a tight labor market with unemployment near a record low, people are able to push companies to offer better pay and benefits. But as economic storm clouds start to gather, will workers be able to maintain the upper hand? Rucha Vankudre of EMSI Burning Glass joins us to discuss the outlook for the labor market. Plus, oil prices are edging lower today, and the market is largely shrugging off the decision by OPEC+ to boost production targets, questioning whether the incremental move can make up for lost supply from Russia and meet growing demand. Kevin Book of Clearview Energy Partners joins us to discuss the rise in U.S. gas prices and whether consumers will have to cut back on driving or other spending. And, Lululemon reported higher than expected earnings for its first quarter yesterday. What does this mean for the broader retail sector? Jessica Ramirez of Jane Hali & Associates gives us her take. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Sheryl Sandberg announces she is stepping down from her role as COO of Meta, a position she’s held since joining in 2008 as Mark Zuckerberg’s second-in-command. Current CGO Javier Olivan will take over Sandberg’s role this fall. Rocco Strauss of Arete Research joins us to discuss implications for the stock, which is down more than 40% this year. Plus, oil prices are pulling back ahead of a meeting by OPEC and other major producers, including Russia. Chief OPEC Correspondent and Dubai Deputy Bureau Chief for Energy Intelligence joins us to discuss expectations for today’s meeting. And, following JPMorgan CEO Jamie Dimon’s warning to investors of an economic hurricane, are clear skies even a possibility? Victoria Fernandez of Crossmark Global Investment joins us to give her take. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

“Worldwide Exchange” delivers essential, actionable information and analysis for anyone who wants to be part of the global business conversation. Anchored by Brian Sullivan, the program will prepare CNBC’s worldwide audience with a smart take on overnight U.S. news and live international market action. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

President Biden says the Federal Reserve has a responsibility to control inflation and vows to not influence the bank’s decision making ahead of his meeting with Fed Chair Jay Powell at the White House today. James Pethokoukis of the American Enterprise Institute joins us to discuss why Biden has made tackling inflation his “top economic priority.” Plus, last week’s strong showing by the major indices is helping to erase some of the losses the markets have faced this month. Jon Najarian of Market Rebellion, gives his take on where the options action is within the markets. And, after the long holiday weekend, how is the trading week ahead looking? Anneka Treon of Kempen and David Katz of Matrix Asset Advisors tell us what to look at for. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

It’s the start of Memorial Day Weekend, and what better way to kick off the holiday other than finding the best sales and deals? In the wake of inflation and supply chain issues, MDW might be just what retail needs to bounce back. Katie Thomas of Kearney Consumer Institute joins us to predict consumer behavior this weekend. Plus, have the markets turned a corner? What are the opportunities around the corner? TIGER 21 Founder Michael Sonnenfeldt joins us to discuss how he’s advising members of TIGER 21 to invest. And, there might be some hope in the consumer after all, as the 2nd revision of the GDP indicated that consumption was stronger than expected. So what does this mean for the trading day ahead? Stephanie Link joins us to divulge which stocks might be making a comeback. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Earnings from Macy’s, American Eagle Outfitters, Costco, and Gap are due today, just in time as investors recover from last week’s Target and Walmart blows. Stacey Widlitz of SW Retail Advisors joins us to discuss what to expect from these reports and whether the market is bottoming out. Plus, shares of Nvidia are lower, as the company says that sales, which beat first quarter forecasts, are expected to slow this quarter due to COVID shutdowns in China and the War in Ukraine. Matt Bryson of Wedbush Securities joins us to talk all things Nvidia, as well as the broader chip sector. And, the worry hanging over all these stocks: inflation. Minutes from the Fed’s meeting earlier this month show interest in raising rates high enough to slow economic growth deliberately to combat high prices. But what does this mean for the markets? Ben Emons of Medley Global Advisors and Degas Writing of Decatur Capital give us their takes. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Sara Eisen speaks with U.S. Commerce Secretary Gina Raimondo about the Biden administration’s new economic deal to counter China, and why Congress should pass legislation to boost the nation’s chip industry. Plus, Caleb Silver of Investopedia has new survey data on what is keeping investors up at night. And, Jenny Harrington of Gilman Hill Asset Management says there’s nothing fundamentally wrong with Snap and other social media stocks, it’s more that the stocks ran up too much. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Despite yesterday’s gains in U.S. stocks, the S&P 500 is still down more than 17% from its record high, set on January 3 earlier this year. New York Stock Exchange President Lynn Martin joins us from the World Economic Forum in Davos to discuss the state of the markets and volatility. Plus, while shares of Snapchat are sinking after CEO Evan Spiegel warned shareholders that the company will miss its own targets for revenue, shares of Zoom Video are soaring after reporting better-than-expected first quarter earnings. Jared Weisfeld of Jefferies joins us to compare these two big money movers. And, according to a new Redfin report, the monthly cost of a mortgage is up 43% from last year. Ryan Gorman of Coldwell Banker joins us to dive into the state of the housing market. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.