Stock Futures Point To Muted Open, Apple WWDC Kick Off Today, U.S.-China Trade Talks Resume. 6/9/25
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In London, the next round of high-level trade talks between the U.S. and China. Investors await details with a whole lot at stake. Stocks are within striking distance of record highs after Friday's strong rally. This morning, however, futures are a bit mixed. And then in Los Angeles, tensions are boiling over as protesters clash with federal troops as the president and the governor they trade blame. It is Monday, June the 9th, 2025, and this is Worldwide Exchange on CNBC and streaming on CNBC+.

And good morning. Thanks so much for being here with us. I am Frank Collins. Get you ready for the train day ahead. We begin with the U.S. markets with the S&P 500 just about two and a half percent away from its all time high. Take a look. The Nasdaq just about three and a third percent from its all time high. After that, better than expected jobs report on Friday gave the markets another boost. Taking a look at futures this morning, you can see a bit of a mixed picture right now.

Actually, we just saw the Nasdaq just pop very fractionally into the green just a short time ago. It was very fractionally lower right now in the green across the board. The Dow looks like it would open up about 60 points higher. But again, kind of a muted start on this Monday morning. Quick look at S&P 500 pre-market gainers on here. You're going to see a number of stocks that would benefit from a trade deal. Tractor supply sources a lot of goods from China.

Same story for Stanley Black & Decker. Wabtex, a supplier to the Chinese government. Tractor supply, your best performer in the pre-market, up about 1.5%. Then we have the S&P 500 laggards. Taking a look at those. Union Pacific up here, down about 3% in the pre-market. Tesla down about 2.5%. Tesla on a big slide. We're going to hit more on that in just a second. Intuitive Surgical, Welltower, and Zimmer, rounding out your worst performers.

on the S&P in the pre-market. Also take a look at Apple in the pre-market this morning. Really in focus today, shares are down double digits year to date. Investors are looking for the latest AI developments from the iPhone maker at its Worldwide Developers Conference. Take a look at Apple shares moving higher in the pre-market, up just about a half a percent. But as we mentioned, year to date, pulling back more than 18%.

So a potential trade deal that would have a big impact on Apple and a number of other U.S. tech companies. Of course, U.S. and China trade talks. They're scheduled to resume again in London today. President Trump and Chinese President Xi having a call last week, really boosting hopes for a trade deal. Taking a look at ETFs.

that track equities for China right now. Taking a look, up about 3% over the last week. The INDA, another country that we're doing trade negotiations with India, of course, up about 1.25% down here. The European ETF pretty much flat over this last week. So this action, especially for the Chinese ETF,

as producer prices in China that fell more than 3% in May from a year ago. That's the biggest drop since July of 2023. Speaking of phone calls, the president apparently not getting on a phone call with Elon Musk. The two in the middle of a very high-profile fight over the big, beautiful bill. Take a look at Tesla shares.

Over the last week, falling more than 16%. Again, right now in the pre-market, pulling back nearly 3%. And all this action with Tesla as, of course, debate continues over the big, beautiful bill, and it makes its way through Congress. Let's take a look at yields right now. Taking a look, see a lot of action when it comes to yields.

The two-year back above 4%. The benchmark very close to 4.5, 4.48. And down here, the long bond at 4.94. This also is Citi. They lower their forecast for rate cuts this year. Citi revising its outlook for rate cuts. Now believing it's going to be 75 basis points. Previously, it was 100 basis points. We're going to talk to Mark and guest about all that and much more.

That is your setup. Now we're turning our attention back to our top story. The U.S. and China resuming those high-level trade talks in London today after last week's phone call between President Trump and President Xi. It was their first call since Trump returned to the White House. These are also the first face-to-face negotiations since a deal framework was reached in Switzerland last month. We have complete coverage this morning. Our Juliana Tattlebaum is standing by in London. Our Eunice Yun has reaction from Beijing. Juliana, good morning. Let's begin with you.

Frank, good morning. Well, all eyes are on London this morning with U.S. and Chinese officials coming together to resume those trade talks after the trade breakthrough that we had in Geneva back in May. Now, since that trade breakthrough, relations have deteriorated with both sides accusing the other of breaking that agreement.

In terms of who is attending today's talks, this is really interesting. We've got the Treasury Secretary Scott Besson due to speak to the Chinese delegation today, as well as Jameson Greer, the US Trade Representative.

But this time around, Howard Lutnick, the U.S. Commerce Secretary, will also be joining the discussions. Now, why is that interesting? Because Howard Lutnick has oversight over export controls for the U.S. administration. And this is where the focus is expected to be in the talks today. Last time, it was all about tariffs and that 90-day reprieve that we got on those sky-high tariffs.

This time around, the focus is all about export controls. That's what the expectation is, especially now that we know Howard Lutnick is due to be a part of the delegation on the U.S. side of things. Essentially, in a nutshell, the U.S. wants to see more rare earth metals exported from China, and China wants to see more chips, advanced semiconductor technologies exported from the U.S. All right, Joanna Tetelbaum live in London. Let's now turn to Beijing and bring in our Eunice Yun. Eunice, over to you.

Thanks, Frank. Well, Julianne is absolutely right. The expectation here is that from China is that the Chinese side is going to really press Washington to remove restrictions on items that are important to make China great again. So this would mean a homegrown airspace industry or a homegrown high-tech industry. And what that means in actual fact is a removal of restrictions

on design software, on chips, as well as jet engines, all of those items targeted by the Trump administration after the Geneva agreement. Also, what's interesting here is that the social media account linked to the state broadcaster CCTV, which is closely followed for its commentary on Beijing's messaging, posted that China noted that the commerce secretary

was going to be taking part in these negotiations, again reiterating what Giuliana had said, that under his portfolio come those export controls. It also repeated the defense of China's rare earth curbs, saying that these controls are in line with international norms, which means that the Trump administration and that team on the ground is likely going to have a pretty hard negotiation with the Chinese. The Trump, of course,

administration very much expected to push the Chinese to ease up on those rare earth curbs, especially after President Trump on Friday had told reporters that in his conversation with President Xi Jinping that President Xi had indicated to him that he would allow those rare earth curbs, those rare earth metals to flow. Frank?

So, Eunice, Julian, I'm going to bring you back in this conversation as well. But, Eunice, I want to ask you something about those rare earth exports right now. Over the weekend, one of our reporters, Sam Merritt, did some great reporting on this. That China's offering essentially an olive branch, what they call a green channel when it comes to these rare earths and getting them exported to the U.S. specifically for automakers and things like that. How should we interpret that? Is that a sign that China is more eager to make a deal or is it simply maybe a profitable enterprise?

I think that it's a goodwill gesture. The Chinese have, as you said, said that they would willing or are willing to sort of ease up on the rare earth curbs. They didn't actually indicate that it would be for the U.S. It was more looking as though it's more for European companies. But of course, worldwide, there's been a big pushback and concern about

of the chinese uh... policy towards rare earths so in that way it's seen as a goodwill gesture what was also interesting in terms of goodwill gestures is that the state media has been covering of the uh... that reports out of the u_s_ that the state department is easing up on some of its uh... visa restrictions for for students

at Harvard and so in turn from a Chinese perspective that means that that possibly could mean that a Chinese students would also be given a bit of a grace period for that. Yeah, a large number of Chinese students and Asian students overall not only at Harvard but schools in the Boston area just overall. Juliana from Boston by the way, I want to come back over to you. So we know that the UK and the US they've reached some pretty friendly terms

When we're looking at these talks between China and the U.S., how is Europe viewing this? How is Brussels looking at all this? And any chance that the U.S. officials, while they're in London, are they going to meet with European officials as well? Juliana, I'm not sure if you can hear me. Hey, Juliana, I don't know if you can hear me. I know we've got a couple of different remotes going on right now. Juliana, I'm coming over to you. Unfortunately, we have some technical difficulties. Big thank you to our Juliana Tattlebaum and our Eunice Yoon. Thank you both for your great reporting.

We're going to turn our attention back to the United States and Los Angeles and a developing story there. Protests and clashes between demonstrators, ICE agents and National Guard troops are into their third night. This is State Governor Gavin Newsom and President Trump. They blame each other for the unrest and are blaming each other.

for restoring order, saying the other one is responsible for doing so. Newsom calling on the National Guard deployment. He called that National Guard deployment unlawful and a violation of state sovereignty. The president says Newsom is unable to handle the situation. NBC's Camilla Bernal joins us now from Los Angeles with much more on this story. Camilla, good morning.

Hey, good morning. So overnight here in Los Angeles, police declaring an unlawful assembly. What that means is that they cleared everyone out of the streets and said anyone that would be out there in these overnight hours would be arrested. There were alerts on everyone's phones that were in this area, but it is good to take a step back and remember where we got here. This all started on Friday as there were detentions by ICE, Immigration and Customs Enforcement,

especially around this Home Depot area. That's where tensions began to escalate on Friday. There have been multiple protests, not just Friday, but Saturday and Sunday as well. A lot of them starting smaller than beginning to grow. And that's when those tensions escalate with authorities. We've seen less than lethal rounds. We've seen tear gas. Police officers trying to disperse some of these crowds that have gotten violent in

at times. We do know at least five of the driverless cars have been set on fire by protesters. We know more than 50 people have been arrested over the last three days and police have reported some looting in

and around the area of some of these protests and police asking business owners to take pictures, to document all of this so that then they can go back and try to hold people accountable and eventually prosecute. You mentioned some of that back and forth between local leaders, meaning the governor and the Los Angeles mayor, Karen Bass, and President Donald Trump.

local leaders and the governor, of course, asking the president to essentially stay out of this, saying that they can handle this, that there have been protests in Los Angeles before. But the way that they feel is that the more you bring in the National Guard and the more you see what you're seeing on your screen, the higher the tensions will escalate and the more upset that people here in Los Angeles will be. So they're saying all of this is not necessary. On the other hand, you have the president saying that these are troublemakers and not

protesters. So, of course, a lot of this back and forth. And we'll see if the protesters gather again today. We saw it all over the weekend, of course, and we'll have to wait and see if this happens on a weekday as well, Frank. All right. NBC's Camilla Burnell live in Los Angeles. Camilla, thank you very much.

All right, we've got a lot more to come here on Worldwide Exchange, including NVIDIA CEO Jensen Wang making some headlines at London Tech Week, talking artificial intelligence, partnerships, and a very bold vision. We're live on the ground from the event coming up. Plus, speaking of artificial intelligence, Meta Platforms reportedly closing in on a multi-billion dollar deal all of its own. And then later, much more in today's China-U.S. trade talks. And the one thing that Fundstrat says investors should be watching for. A very busy hour still ahead when Worldwide Exchange returns.

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All right. Welcome back to Worldwide Exchange. Major indices coming on the new trading week, starting the new trading week, I should say, coming off their second straight week of gains. The S&P 500 back above 6,000 for the first time since late February. Investors closely watching those U.S.-China trade talks in London. We'll also get their latest looks at inflation with the CPI and the PPI reports. For much, much more, let's bring in Alistair Pinder, head of global equity strategy at HSBC, also head of emerging markets. We're going to get to that emerging market stuff in a second. But first,

I just want to get your take on the global markets, specifically the U.S. markets, with the idea of these U.S.-China trade talks. Futures are a bit muted. Surprised at all by that? I mean, not really. I think to a certain extent people are in this wait-and-see moment. And I think really the real, you know,

catalyst for equity markets was going off that brink from 145% tariff down to 30%. That was a game changer, I think, for equity markets to rally. These trade talks are a bit more nuanced about rare earth materials. But for me, I think the big catalyst that can drive equity markets higher from here is better than expected data.

You know, I think what we kind of underestimate as a market is, A, that the fallout from growth from these tariffs has not been as large as expected. Consumers have been front-loading a lot of spending. And I think actually you're going to get data which is a little stronger come into June and July. Inflation, which is

kind of OK. And that actually means that you get a good earnings season going into this Q2 reporting next month. All right. So you think we have a strong earnings season. But just a question. We were talking a bit. I don't know if you heard about this, the quote unquote taco trade, the idea that Trump always chickens out when it comes to these tariff threats and things like that. Why wouldn't the futures be higher if that trade is still in effect? Why wouldn't people think that these talks are a sign that we're going to reach a deal which would generally be good for the equity market? Yeah. I mean, I think,

You know, in terms of this Trump always chickens out, I think that is somewhat being reflected in the price. We're at 6,000, right, on the S&P 500. You're saying it's already priced in? I think it's already priced in to a certain extent, yeah. Let's say we're on the path towards a deal. Obviously, Howard Lutnick's now been brought into the conversation. What sector do you see as having the biggest benefit, at least in the near term, if we strike some type of deal to either extend the tariff pause or just permanently reduce the tariffs from over 100% on both sides? Yeah.

So, I mean, look, from the tariff perspective, deals there, the biggest beneficiary is China. Sorry, the consumer sector specifically. The consumer sector really has been the area that's got pinched from that. They have the biggest import exposure from China. The other one would be tech.

Right. You know, Apple and video all have large exposure to the China market. So I think that's an area where a trade deal would provide a lot of relief for the tech sector as well at this point. Yeah. Speaking of Apple, their Worldwide Developers Conference coming up today. We just highlighted earlier shares are negative year to date. A lot of pressure on this company to come up with some developments. And of course, a trade deal would help them with their iPhone business.

I want to talk about emerging markets. So you and I, we talked a little bit before the show. China is your number one emerging market. And specifically, if there's a trade deal, I think you'd be even more bullish on China. Outside of China, where else do you see the beneficiaries of a possible trade deal? Would it be India? Would it be, you know, Vietnam? Would it be Brazil? Who else benefits? So I think India has been a market which is, I would say, is more defensive at this point.

Their exposure to the U.S. in terms of the revenue exposure is very low at 5%. So a lot of people seeing them as basically sheltered. I think actually a surprise market which could do very well this year is Mexico, where I actually think they're probably a beneficiary long term from these trade tensions and this rejigging of supply chains away from Asia towards America. You know, we saw during Trump's first term that actually the market share of Mexico in U.S. imports increased dramatically.

300 basis points. And this is a market that trades on 12 times earnings. It used to be on 19 times. A lot of the bad news, I think, is already reflected in the price here. So we got granular. I want to go a bit broader. I'm looking at the EEM ETF. It's the iShares MSCI Emerging Markets ETF. Mexico's in there. India's in there. China's in there. Has outperformed the S&P if you go back to April 8th. Does that continue? And if so,

Is it because of a softer dollar? Like, if we're looking for signs of strength or weakness in that trade, what's the factor that creates the strength or weakness? I think there's a number of factors here. One, the softer dollar is a key support. The other one is valuations. There's a 50 percent discount to U.S. equities. The other factor is a potential trade deal. And the fourth is stimulus that's still coming out of China. I think we completely underestimate the fact that China has tried to offset these trade

trade headwinds through large scale fiscal stimulus, their consumer is sitting on $22 trillion of cash. And if any of that gets deployed towards the equity market, it's a big catalyst at this moment. The final thing which I think is key for emerging markets is if you look at foreign money and where's that been going, it's all been going to Europe.

Almost $40 billion has been dragged out of emerging markets this year, and we're seeing tentative signs of that money coming back in. And if that continues, I think that's a real propellant for the EM markets. So it's been outflows of emerging markets. I think a lot of us thought it was the other way around. It was money going into emerging markets. Money's been going out of emerging markets from foreign investors, but it's really been going into Europe. So the rotation has been out of the U.S. and into Europe, and that's why I think EM can start to play a bit of catch-up here. Alistair Pinder, we've got to leave the conversation there. Thank you very much for coming in the studio. Great to see you. Thank you very much.

Coming up here on World Wide Exchange, Enterprise AI in focus. We're going to speak with the CEO of Unifor about all his company's plans for what it's CEO, NVIDIA CEO Jensen Wong calls the AI flywheel. We're back right after this.

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All right, welcome back to Worldwide Exchange. Meta Platform is reportedly in talks to invest at least $10 billion in startup Scale AI. Bloomberg reports terms of the deal, they're still being finalized, but it could be one of the largest private company funding events ever and Meta's biggest investment, biggest outside AI investment. Scale AI, which was founded in 2016 and is backed by Meta, NVIDIA and Amazon, specializes in data labeling and has a platform for researchers to exchange AI-related information.

Daniel London Tech Week conference that begins today. The event attracts thousands of people from more than 90 countries. It's designed to bring startups, investors and enterprise tech leaders together. AI is a central focus on this year's agenda, with several companies unveiling new products and services. That includes enterprise AI firm Unifor, CEO and co-founder Umesh Sakdev. He joins us now from London. Umesh, good morning. Great to have you here.

Frank, it's great to be back on your show. All right, so let's talk about your announcement. You have an announcement specifically tied to enterprise AI.

Frank, it's a big day for us at Unifor, but I think it's a very big day for all of us who've been working hard at the area of enterprise AI. We've been talking to customers for the last few months, hundreds of them, C-suite executives. They've told us the one thing that's been coming in the way of this AI flywheel that Jensen spoke about earlier today is that CEOs are concerned technology is changing so fast, so how do they make long-term decisions? They also think their company's data

hasn't been prepared for this AI revolution. The new thing that's emerging is IT teams and these companies have taken charge of setting up infrastructure and AI platforms, but the real scaling would not occur until business users are empowered and given simplified tools so that they can really start to scale AI. For us, that was the impetus to think about what we today are launching as the Business AI Cloud.

All right, so you're announcing Business AI Cloud today. Obviously, you're very excited about it. But when we're talking about this announcement, I think I have to ask you, how does your AI platform, how does it disrupt your competition?

Well, the big thing is, Frank, it's not so much about disrupting competition. We are all trying to grow this pie together. We think this is the biggest transformative force that we have seen in the history of humankind in terms of AI. And when it comes to enterprises, there are three things that we think the business AI cloud is delivering today. Number one, it's sovereign.

It's allowing our customers to run AI wherever they choose, on a hyperscalers cloud, on a virtual private cloud, or on-premise. The second thing, it's open and composable.

So next time a new deep-sea type innovation or a new database from someone like Snowflake comes out, the Unifor Business AI Cloud will let our customers enjoy that new innovation almost in real time. And third, we worked super hard in making sure not just IT, but business users who may not know what prompt engineering is or what these AI models are, but as long as business users understand their business,

and can, in their natural language, in English or any other European language or Asian language, can tell this AI what they want it to do, the system will take care of the rest. Umesh, while you're there in London, we're also having talks between the U.S. and China, some very high-level U.S. officials there, meeting with some high-level Chinese officials. With that, I want to ask you, what's the current landscape when we're talking about you acquiring the technology you need, the chips you need, the hardware you need, and also pricing?

Well, that's a great point you're leading me into, Frank. It's no coincidence that a lot is happening in London this week, the London Tech Week. We are announcing our big innovation, the US-China trade talk. Let's talk about my European customers.

Because of the impact of U.S. tariffs and other things, there is confusion and there is a desire to look at things which become more sovereign to each country. Countries like France, countries like Spain are beginning to think about their own sovereign data centers. And of course, they will prefer to partner with all of us in the U.S.,

But they are beginning to think about their options. But here's what we are beginning to see. We have a major partner, a system integrated out of Europe. It's a multi-billion dollar company. With them, we have now deployed the Business AI Cloud to a utility company in Spain, a train company in Italy, and a bank in Colombia. Back in the US, we have HP using the Business AI Cloud now in their marketing processes. So the proliferation at this point is global.

I think it's up to us in U.S. and all the companies in the ecosystem to grab and become the provider of choice for AI systems around the world. And at Unifor, we are inclined to be one of those. Umesh, it is always a pleasure to see you. Thank you for your time and for your insight. By the way, when you were here, you asked me to take you to Philly and get a cheesesteak. They have a good cheesesteak place there in London. Me and our EP, Rich Carolyn, we went. You should try it. I'm going to email you. I'm going to send you the recommendation. Enjoy your time in London. Thank you very much. We have to do that together, Frank. Good to see you, as always.

All right, coming up here at Worldwide Exchange, a rough five months for shares of Apple. We're going to see if its CEO can cook up some magic at today's Worldwide Developers Conference. Shares of Apple right now, they're up just about a half a percent in the pre-market, but year-to-date down more than 18%. We'll be back right after this.

I've had a lot of great interaction discussion with him about the one big beautiful bill to make sure that he had accurate information because I was concerned that people were telling him things that just simply weren't true. And look, Elon's number one responsibility is to save his company. The president and I have the responsibility of saving the country.

That was House Speaker Mike Johnson weighing in on President Trump and Elon Musk's soured relationship over the Republican tax and spending bill. Take a look at shares of Tesla this morning. They're losing more ground after last week's deep losses of detentions between the president and Elon Musk.

They've cooled, well, at least for now. Again, shares of Tesla pulling back almost 3%. Welcome back to Worldwide Exchange. I'm Frank Holland. Coming up this half an hour, we're going to have the latest on their fractal relationship and whether it could create problems for that Republican-led bill. But first, we're going to get you ready for the trading day ahead.

We begin with the U.S. markets. Take a look. The S&P 500 just around 2.5% away from its all-time high. Down here, the Nasdaq about 3.3% away from its all-time high after that. Better than expected. Jaws report that gave the markets another boost. Let's take a look at futures this morning. Saw kind of a mixed picture earlier. Right now, we're seeing similarly a mixed picture right now.

Actually, right now in the green across the board, you see the Nasdaq kind of flipping back and forth between fractionally lower right now and fractionally higher. The Dow looks like it would open up about 60 points higher. The S&P just fractionally higher as well. We're going to take a look also at the small cap futures. They're coming off a 1.5% gain on Friday after that better than expected jobs report. Also, maybe some enthusiasm over U.S.-China trade talks tomorrow.

Right now, you're seeing small cap futures up about three quarters of 1%. We're also going to check the NASDAQ 100 leaders and laggers. Let's start off with the leaders. Even though we're kind of vacillating between positive and negative right now, you can see Marvell Technology. Those shares up about one and three quarters of 1%, followed by PDD Holdings, Strategy, Arm, and Warner Brothers Discovery, your best performers worldwide.

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Also, a potential trade deal that would have a big impact on Apple and some other tech companies. U.S.-China trade talks, they're scheduled to resume again in London today. President Trump and Chinese President Xi having a call last week, kind of boosting hopes for a trade deal. Taking a look at the moves on the MCHI that tracks Chinese equities over the last week, up about 3%. The INDA that tracks Indian equities up more than 1%. Down here, the European ETF basically flat over the last week. So this action is specifically for the Chinese ETF.

As export growth in China is slowed to a three-month low, in May, as U.S. tariffs, they just slammed shipments there. That's the biggest drop since early 2020. Speaking of calls, the president apparently not getting on a call with Elon Musk. As we mentioned, the two in the middle of a very high-profile fight over that big, beautiful bill. Let's take a look at Tesla shares right here. Over the last week, down about 16.5 percent, and right here in the pre-market, down more than 3 percent. And this action in the markets, all of which are going to be very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very,

as that big, beautiful bill makes its way through Congress. Let's take a quick check of the yields right now. You're seeing the benchmark come in right around 4.5%, 4.48. The two-year back above 4%, the long bond at 4.94. Just back on the two-year very quickly. This morning, Citi had downgraded its outlook when it comes to rate cuts here in the U.S. Previously, it was 100 basis points of cuts. This year, now down to 75, perhaps influencing those moves on the two-year.

Okay, that is your setup. Now let's get a check on some of this morning's top stories, including the very latest on that Elon Musk-Trump feud. Silvana Henao, she's here with that and much more. Silvana, good morning.

Hey, Frank. Good Monday morning to you. Well, Elon Musk, he appears to have deleted some of his more inflammatory posts about President Trump on social platform X over the weekend. And that was, of course, following last week's very public feud with the commander in chief. And among the posts that are no longer available are once tying Trump to Jeffrey Epstein and calls for Trump to be impeached and replaced by Vice President J.D. Vance. And

The president telling NBC News he assumes his relationship with Musk is over, easing tensions, doing little for Tesla shares, losing more ground this morning, Frank, as you mentioned, down close to 3% in the pre-market. Now, we're also watching shares of Robinhood and

A number of other stocks that Wall Street had put on the short list to be included in the next S&P quarterly rebalance. But Friday came and went with no new changes to the index. Bank of America called Robinhood a quote prime candidate for the index. And we're seeing shares of Robinhood down about five and a half percent in the pre-market.

And Allstate CEO Tom Wilson tops the list of CEOs or CFOs making money off their own company stock. Now, according to data compiled by Verity Data, Wilson sold 182,000 shares of Allstate near the beginning of the month, and that was worth a total of $38 million. Now, some other notable insider sellers in recent days, Penske Automotive CEO Roger Penske, Urban Outfitters CEO Richard Hain, and

Target CEO, Brian Cornell, Frank. Very interesting stuff there. You know, always kind of interesting to note when a company CEO, CFOs, they sell shares often they're pre-planned, but it's still very interesting to note that they're selling or buying, whichever the case may be.

All right. So, Vana, now, thank you very much. All right. Turn it back to one of our top stories this morning. High-level trade negotiators from the U.S. and China, they're meeting in London today to try to shore up the fragile truce that they struck in Switzerland last month. The U.S. delegation being led by Treasury Secretary Scott Besant, Commerce Secretary Howard Lutnick, and trade rep Jameson Greer, while China is being led by Vice Premier He Leifang.

The talks come after President Trump spoke with Chinese leader Xi Jinping on Thursday. Let's talk more about this now with Tom Block, Washington policy strategist at Fundstrat and president of Tom Block Consult. Good morning. Great to have you here. Good morning. Good to be with you this morning. So it's a busy day in London and Washington. It's a huge day in London. That's why we have you here to get your take on it. So how do you view these talks and the fact that now that Commerce Secretary Howard Lutnick has been added to the negotiations?

I think Treasury Secretary is the man in charge. I think he's the key player. But I think it probably assures the right a little bit that the Secretary of Commerce is there. And, of course, the Secretary of – that's the Secretary, the trade rep is there. So they've got the first team on the ground there. And I think it's also interesting that Peter Navarro, who's sort of been the anti-Trump

China person and with the loudest voice in that group is not there. And also I think that it's very key that in that phone call, because of the whole uproar between the president and Musk, this meeting got almost no attention at all. We were watching the evening news on Friday and waiting to see what they said about it, and it literally didn't come up on some of the major channels. And I think it has swung. So what the president needs today is

I think is not only a good agreement for jobs and markets and everything, but also it's another step of moving away from the hammering headlines of the feud between he and Musk. I mean, nobody wins. Let's be clear. Those headlines aren't going to go anywhere. So you can't actually move away from it when the world's richest person in the United States are fighting so publicly. Those aren't going to go anywhere. But you're saying he could use some good news just for PR. I think that really leads me to my next question.

My next question for you, while the president's facing some pushback here domestically with the so-called big, beautiful bill, are you is there some concern for this administration that Elon Musk speaking up about it might inspire some other Republicans, maybe some fiscal hawks to also push back? And at the same time, if the president's having problems at home, could that potentially make China just more steadfast in these negotiations and feel like they have more bargaining power because he's facing these domestic issues?

Well, I think that two completely different parts of this question. I think China has their own agenda. They're very focused. One of the things that came out of the call on Friday that again was missed was that President Xi invited President Trump

and Mrs. Trump to visit China. I don't think he would have done that if the game plan was to embarrass him and not have a good result in London. So I think that I'm pretty optimistic that there's a lot of groundwork done, again, from my days working in Washington. This does not just happen out of the blue. There's a lot of groundwork done before meetings like this occur. So I would be surprised if there wasn't something at least marginally positive that came out of this meeting.

And then, but as you say, his biggest problem continues to be, how do I manage this problem? And you hit the nail on the head. Having worked in Congress, the problem is that this margin is so narrow.

As we know, the vote in the House was only one vote. And you hit the nail on the head. It's the fiscal conservatives. Some of them very, very reluctantly voted for this bill. The key problem. We've got to leave the conversation. I apologize for cutting you off. Please come back. I mean, I'm sure we're going to have many other times to have this conversation. And I would imagine the fight between Trump and Musk won't go anywhere either. So we can talk about that again, too. Tom Block, thank you very much. You have a great day.

All right, coming up here on Worldwide Exchange, a tough first half for Apple. Shares down more than 18% and facing a growing list of headwinds. Details on what the tech giant may have up its sleeve at its annual developers conference as it finds itself playing a bit of defense. Stay with us. Welcome back to Worldwide Exchange. Apple kicks off its annual developers conference today. As you can see here, the stock facing a bit of a rocky start to the year, down more than 18%. Our Steve Kovach has much, much more on what you should expect.

Apple's annual developers conference kicks off this week, coming at the midpoint of a bruising year for the tech giant so far. Apple's facing numerous threats, perhaps more happening at once than at any other time during Tim Cook's tenure as CEO. Shares are down around 20% year to date. So WWDC is Apple's chance to have a reset and show investors it has a path to get things back on course.

But it's all with the backdrop of numerous challenges. To recap what's going on, President Trump's tariffs and trade war. Most recently, Trump threatened

new tariffs on Apple products at the end of this month if they're not made in the United States. Then there's the failure to execute on AI after revealing the Apple intelligence system at last year's WWDC. Most notably, it indefinitely delayed the AI update to Siri. In April, the court forced Apple to allow apps to accept payments from the web, skirting App Store fees.

Apple is appealing that case, but major apps like Spotify and Amazon Kindle are already taking advantage. And then there's the defection of Johnny Ive to OpenAI. The design guru behind the iPhone now says he's cracked the code for a unique AI device that'll wean us off smartphones. While you shouldn't expect Apple to address any of those issues directly, investors will be watching WWDC for any hints Apple has a path forward to mitigate them. Frank, I'll send it back over to you.

All right, coming up here on Worldwide Exchange, the one word that every investor has to hear today and the stock pick that every investor needs to know. Plus, NVIDIA's CEO heading abroad to talk overseas investments. Our Arjun Kapal is on the ground in London Tech Week with the very latest. After the break, I'll tell you why NVIDIA CEO Jensen Huang heaped praise on the UK's AI scene live here from London Tech Week. Stay tuned.

All right, welcome back to World Wide Exchange. Some of the tech industry's biggest leaders, they're gathering in London today for London Tech Week. Among them, NVIDIA CEO Jensen Wong giving the keynote address in just the last hour. And guess who had a front row seat? Our Arjun Kapal. He's there as much more. Arjun, good morning.

Good morning, Frank. And I tell you what, behind me earlier on, there was a huge line of people trying to get in to watch Jensen Huang. There were extra screens put on so people could watch that keynote. And he was sat alongside the UK Prime Minister Keir Starmer, who was talking up the UK's investment case around AI. But here are a few highlights from what Jensen Huang had to say. First, he said that AI is going through an extraordinary moment right now. He said AI should be seen as infrastructure akin to electricity.

or even the internet, and he called AI the great equalizer, saying people can now program software without knowing code through things like chatbots as well. He had a lot to say about the UK since he was here in London Tech Week, and he praised the UK, calling it one of the richest AI communities anywhere on the planet. He said he talked up the universities, the education, and some of these companies, but one thing that surprised him was the fact that the UK doesn't have his own infrastructure. Let's just listen in to what he had to say.

UK is in a Goldilocks circumstance. In fact, UK is singular in any other region. It's singular in this condition I'm about to describe.

UK has one of the richest AI communities anywhere on the planet. The deepest thinkers, the best universities, Oxford, Cambridge, Imperial College, amazing startups, DeepMind, I mentioned Wave and Synthasia, 11 Labs, incredible thinkers in computer science.

And of course, Nvidia wants a piece of this UK pie. There were some announcements overnight about companies here building out new data centers using lots of new Nvidia GPUs as well. Now, for Nvidia, the key here really is the company trying to open up new markets, given where some of the current markets like China are becoming a lot more tough. For the UK, it was about

the prime minister making a pitch for the UK as an AI hub here in Europe and saying that it's a stable place to invest amid some of the geopolitical turmoil we're seeing around the globe. And this is just stop one for Jensen Huang this week on his tour of Europe. He then goes to Paris later on this week and will be there as well on Wednesday when he gives the keynote at NVIDIA GTC. And clearly, Jensen Huang right now is hot property. Every country, every government, every world leader wants to get their hands on the NVIDIA CEO. A

just not really seen anything like this before from a tech CEO. And I think it shows how central NVIDIA has become to this AI revolution that many, Frank, Frank say is just beginning. Yeah, Arjun, as you mentioned, he's going to be in Paris for Viva Tech. Then the same reports, Germany, France, Belgium, set a pretty high bar for himself saying that the UK is in a Goldilocks position. I wonder what he's going to say to Germany, to Belgium and everybody else. Arjun Kapoor, we're going to be talking to you a lot this week. Thank you very much. Great reporting as always.

All right, coming up here on Worldwide Exchange, striking while the iron's hot. The cyber play up more than 35% this year. Our next guest is calling her top investment idea. We're going to reveal our mystery chart coming up right after the break. Stay with us.

All right, welcome back to Worldwide Exchange. We close on the 6 a.m. hour. Here's a few big stories that we're following this morning. Protests and clashes between demonstrators, ICE agents and National Guard troops are stretching into a third night as California's governor and President Trump, they blame one another for the unrest. Governor Gavin Newsom has requested the White House reverse his troop deployment order.

President Trump teasing his decision on the next Federal Reserve chair. Speaking for reporters on Friday, Trump says former Fed Governor Kevin Warsh is seen as a frontrunner for that position and says, quote, he's very highly thought of.

Boeing appearing to resume deliveries to Chinese customers as the U.S. and China resume their trade talks. According to data from tracking app Flightradar24, a 737 MAX landed in China earlier today after Boeing halted deliveries of new planes to that country back in April. Shares of Boeing, they're up just about a quarter of 1%.

Sticking with China, producer prices there falling, facing their steepest drop since July of 2023 last month. This as export growth slowed to a three-month low in May as the U.S. tariffs, they slammed shipments, the biggest drop since early 2020. The Tesla executive in charge of the company's humanoid robotics unit is now leaving the company. The exit by Milan Kovac, who started at Tesla back in 2016, comes after Tesla revealed it was on target to build the Optimus bots this year.

And a federal judge late Friday approving the terms for a massive $2.8 billion antitrust settlement with the NCAA that will allow schools for the very first time to pay student-athletes for past and future commercial use of their names, images, and likenesses, also known as NIO.

One more check of U.S. stock futures ahead of a busy week for inflation and trade data. Right now, taking a look, you're seeing the futures kind of still mixed. The Nasdaq very fractionally lowered the Dow off of its highs of earlier, looking like it would open about 38 points higher. The S&P just fractionally higher as well. With that, let's bring in Shana Sissel, founder and CEO of Bannery and Capital Management with $50 billion in assets under advisement. Good morning. Thank you for joining us.

Thank you for having me. So I want to ask you, I asked this to some other guests earlier, what do you make of futures really being muted with the U.S. and China talking? You would think that people would be a bit more excited, specifically if you think that, quote unquote, taco trade is a real thing, where, you know, supposedly the president always backs away from a lot of tough trade talk. Yeah, I think since the taco trend started, President Trump has said,

that he wants to at least come across in his opinion as being a bit tougher in that respect. And I think the market is just reflecting on the fact that we've seen this before. We thought we had a deal already after they had talks in Switzerland. And now

Now they got into a little back and forth, and now they're back in London trying to solve things. Whatever does happen, the initial talks kind of laid the groundwork, so we know where that stands. It's probably not going to get that much better from there. So I think the market's kind of stepping back and taking that all in. All right. So your word today is steadfast, I should say. I had a hard time getting that one out. Who needs to be steadfast in your mind? Is it investors? Is it the president in these trade talks?

Where do we need steadfastness, if that's a word? I think it's the investors. I think you need to stay steadfast in a market that's likely to whipsaw on news, and we got a lot of that coming. And so I think that investors need to kind of stick to their positions, knowing that

And even if the market does sell off, even if there's some bad news, there's always good news right around the corner, because as you mentioned, the taco trade is likely more truth than not, despite what the president would like us to believe. And so we've just seen these markets come back

hard and fast after a sell-off. And for those reasons, investors need to be steadfast in their positioning, use those opportunities to buy the dip, as cliche as that may seem, but stick with their knitting and keep going forward. I want to get to your pick for us today. It's CrowdStrike. And I just want to ask, out of all the different cybersecurity plays, why that one in particular?

Well, that one in particular, because I think it's kind of the leading player in that space. It's growing the fastest if you look. And, you know, it's more than I think it had 126 customers in 2026, 2016. It's now up to 24,000. It's a SaaS based product.

Its new Falcon XDR technology is incorporating AI. Remote work continues to be a tailwind to the stock. And so all of these things, along with some good financial positioning, I think puts the stock kind of ahead of its peers.

You know, there's other names out there, but I do like CrowdStrike quite a bit. All right. Shana Sissel, we got to leave the conversation there. Your pick for us today. It is CrowdStrike. Great to see you as always. Thank you again. Here's a bit of watch in the week ahead. We get several pieces of economic data, including the latest looks at inflation with CPI and PPI.

And as we were just discussing, Apple kicking off its big worldwide developers conference later today. Then on the earnings front, we're looking for results from Oracle, Adobe, J.M. Smucker, RH and Victoria's Secret. One more quick look at futures before we let you go. We've seen a lot of movement in the Nasdaq futures throughout the morning. Right now, just fractionally lower. That's going to do it for us. You've been listening to CNBC's Worldwide Exchange. You can always catch us live weekdays at 5 a.m. Eastern.

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