it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." the s&p now on the longest win streak in five months as stocks hit fresh all-time highs. looking beyond tech. jim cramer makes the case for mega-cap status without riding that generative a.i. wave. beware of the bears. mike wilson of morgan stanley of the strength of the rally and the downturn. and two days of testimony on capitol hill for jay powell. and president biden

welcoming world leaders to washington today for the nato summit as concerns over his health continue. it's tuesday, july 9th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning and welcome to "worldwide exchange." thanks a lot for being here with us. let's get you ready for the trading day ahead. we kickoff the day with the futures and s&p and nasdaq hitting all-time highs. s&p riding the longest win streak since january. the dow would open up more than 50 points higher. the nasdaq is up over .3% of 1%. we are looking at jay powell with the testimony on capitol hill starting with the senate banking committee today at 10:00 a.m. the benchmark is 4.29. keep in mind this has fallen 20 basis points since we talked about the yields at the start of the month. the 30-year long bond is a read

on inflation expectexpectations. we will talk about that coming up later in the show. look at oil. it is lower this morning. wti is the u.s. benchmark down .50%. it is actually lower on concerns that hurricane beryl will lower demand for oil in the u.s., at least in the short-term. the brent crude is down a similar level as well. we are also tracking the international average. nikkei is climbing 2% to close at a an newnew record high. more coming up later in the show. you see the chart here. that is the money set up. let's get a check on the top corporate stories with silvana henao. silvana, good morning. >> frank, good morning. well, noted bear mike wilson says investors should brace for a significant pullback in the stock market ahead of the u.s. presidential election. now, speaking with bloomberg,

morgan stanley's chief investment officer is maintaining his 5,400 for the s&p 500. he says the chance of the 10% correction before november is highly likely adding the third quarter is going to be chop py. shares of bp are under pressure this morning. the company warning it expects to post an impairment of $2 billion in the second quarter on lower refining margins and oil trading performance. bp also says upstream production in the last three months will likely be broadly flat compared to the first quarter. the company is set to report results on july 30th. and boeing is reportedly in talks with the u.s. defense department over how its criminal guilty plea over its deadly 737 max 9 crashes could affect its government contracts with the d.o.d.

the boeing contracts account for 37% of the global annual revenue last year. this comes as the faa is ordering inspections on at least 2,600 737 over passenger oxygen masks which could fail during an emergency, frank. >> thank you, silvana. turning attention now back to the markets. the s&p 500 hitting the fourth straight record close and 35th this year. the tech sector once again feeling the gains. we had a number of investors and analysts on "worldwide exchange" very concerned about the narrowness on the market and gains that have been highly concentrated on the gains. on "mad money" last night, jim cramer said it should be innovation, not concentration. >> fromthere's no rule that onle tech titans can lead us higher. alphabet and nvidia and amazon are on the move.

yes, it is ridiculous they are climbing and some can cling to the idea they are overvalued. i say wait a second, cowboy. where is this restrictive? why aren't other companies joining the club? if you actually show smarts as a ceo, then you can belong in the mega-cap universe. there's no law that says you can't. >> joining me now is the founder and ceo of 213. >> thanks, frank. great for having me. >> jim saying we need to focus on innovation and companies that can get to the $2 trillion mark instead of the ones already there and being too much of the market gain so far this year? >> i would slightly disagree, frank. i do think there is concern with the concentration. we have a 40-year high in the

top ten mega-cap stocks in the concentration in the s&p 500. for sure, they are ripe for correction. i agree with wilson's comments as well. i believe that would be a bible dip. i think artificial intelligence will continue to change our world. for sure, we should see some broadening out in the other 490 in terms of their participation moving forward. >> you are echoing the sentiments of mike wilson who we talked about a short time ago. we had piper stand l r sandler talking about a dip. talking about the market concentration and the gap between the market performance and the equally weighted index has only been this wide in two other cycles. you are saying you would buy the dip. are you worried about the volatility if we see the re

rev reversal? >> i expect volatility to be par for the course here, frank, over the traditional choppy august and september before the election, frank. if you look back, the fundamentals are good. the economy is softening, but people are good with their jobs. people are still out in hotels and restaurants. the underpinnings of the economy are good. i think it is premature to be overly bearish. >> you are looking at valuations. you sent us research from your team. according to your research, the mag seven is trading forward valuation. they are trading at 17 times. as we look at that and the s&p 490, which is a much more favorable valuation, where are you seeing the opportunities? are there certain sectors or certain stocks? >> we do see opportunities

there, frank. a couple of reasons. number one, we believe the fed will start lowering rates in the september time frame due to the slowdowns your other guests have noted. i think investors will look for yields and opportunities for cash. the s&p 490 companies, the yield is close to 2%. the valuation is trading at 17 times earnings. we think there is much greater upside if there is a focus shift in the market from this high beta growth environment, but in a declining rate environment. we think there is a shift more to the value dividend growers. companies that can grow their earnings in dividends. >> are those reats? the 490 is a diverse group of stocks. >> yeah. i think outside of technology, healthcare, consumer staples, financials. all of these companies should benefit as the fed begins to lower interest rates and we see

cash moving off the sidelines to attract higher dividend yields. >> greg, one last question. if you believe there's a dip, i want to ask why have your money tied up in bonds if there is a dip? i know you are in favor of the municipal bond ladder of 3.5%. equal to 6% of a taxable yield. why if there is a buyable dip and it continues to push the market higher? >> it is about allocation, frank. you want to lock in the high muni bonds now. as the fed continues to lower rates, the curve will steepen. short-term ftreasuries will dro. investors used to 5% in the money market funds and the fund rate drops, you will not reach that.

locking in today the high quality muni yields and if tax rates change, that will make the demand for the munis and the depl demand greater. >> greg, thank you. for more on what is driving the markets and the trading day ahead, head to cnbc pro at cnbc.com/pro. we have more to come on "worldwide exchange," including the one word that investors have to know today, but first, it is not just u.s. stocks hitting all-time highs. we check on another market riding a rally all of its own. along with jay powell, a busy day in d.c. president biden is hosting the nato summit as those are worried about his health. and beryl slams into the texas coast. we track where the storm is heading next. we have a very busy hour when "worldwide exchange" returns.

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the testimony from jay powell is the key event in the minds of investors. some of the asian shares this morning with the nikkei 225 ended up 2%. it hit a record high pushed by the moves in the semiconductor space. let me bring you back to europe where investors are also waiting for the comments from jay powell as well. with that in mind, i have to take you to the domestic stories here, too. the cac 40 down .50. we are still seeing the investors looking at the outcome of the french election and the hung parliament and that position for france. let's show you the session. there are a couple of important corporate stories out of europe with key focus on autos. they are among the worst performers down 0.5%. earlier, we heard from

mercedes-benz saying they are slowing their ev rollout plan. that is also having implications for some of the other auto names. when it comes to real estate, the out performer by 0.7% on the fact we are hearing from house builders in the uk with the profits looking up beat at the moment. on top of that, the labour government in the uk, suggesting they are going ahead with the mandatory house building targets. with that, back to you, frank. >> silvia amaro, thank you. turning attention now to washington. president biden is set to welcome fellow nato leaders as the group kicks off a week-long summit today. this meeting is important for the president as he works to solidify support around ukraine and the growing fitness for his second term. our steve sedgwick is live in washington with the nato summit.

steve, good morning. great to have you on this side of the atlantic. >> reporter: it is fantastic being here, frank. this is a stunningly important meeting on every single level. you mentioned a couple of points there. i want to look back before the present and future. nato was formed in 1949 as the cold war was really, really heating up. it was formed by 12 members. hundreds of thousands of russian tanks and soldiers are on the borders. 12 formed in and the last 75 years have been stunningly successful. the warsaw threat and soviet threat has been faced down. the threat from the first secretary-general, also the right-hand man of churchill in the second world war, we want the genermans out.

look forward. you have russia on the up again. devastating with the war. concerns it is not just a unipolar world. for the last 20 or 30 years, there is one super power. it is based in washington, d.c. the problem is now the chinese are a threat, of course, left, right and center. the relevance of nato in the 21st century is pivotal. there are a lot of things to talk about with the next 75 years and how they will be far more challenging. in terms of defending itself, nato is nowhere where it needs to be. they need more weaponry to work with each others nations. fins and swedes are now part of the nato organization. they have to think about how they face down the russian threat and cope with ukraine.

ukraine is desperate for membership of nato. it just can't happen at the moment with a live war in europe or there in europe because ei'm on this side of the atlantic. >> steve, i want to ask you about our u.s. election. i'm sure you read the reports and the concern of the fitness of president biden. how is that weighing on this meeting? it is no secret that president trump is not a fan of nato at all. >> reporter: look, i held that back because we deserve a special moment to talk about it. it is front and center. the health of president biden and the threat of the next president being president trump is absolutely at the center. whether they tell you or not, it is at the center of every major conversation. everyone is looking at the performance of president biden over the next couple days, no doubt about it as well. i want to say one thing about president trump as well. he ran aggressively in brussels of 2018. you can pull the clip out of nato and the germans.

at the time, four or five of the nato members were meeting their target of 2% of gdp spent on defense. maybe on the back of what trump said, certainly on the back of the ukraine war. this year, 23 out of 32 nations will reach that target. yes, of course, the ukraine war has been devastated. it made a lot of nations, especially germany, think hard about the defense commitments. many are concerned about trump, but maybe it was part of the wake-up call and said the u.s. could be out of this one if you don't start thinking about how you defend yourself. the fact of the matter is, the u.s. has other concerns. it has the middle east. by the way, a lot of middle east players here as well. it has huge concerns of the asia pacific and the tlhreats coming from china. europe having to defend itself has happened for decades.

the war in ukraine and the threat from president biden. >> steve, you are echoing what silvia said earlier today. all eyes on the u.s. a lot going on in the nation's capital today. steve, thank you very much. coming up on "worldwide exchange," we look at the trump and biden stance on the hot button issues in the campaigns. much more "worldwide exchange" coming up after this.

welcome back to "worldwide exchange." returning to the latest on beryl after leaving destruction across texas. we have frances rivera with the latest. good morning. >> good morning, frank. what is left of tropical storm beryl is threatening more states. dozens of tornado warnings were issued in louisiana and arkansas overnight. the storm is weakening, but still bringing threats of heavy rain and flooding. beryl slammed into the gulf coast as a category 1 hurricane and raising the death toll to 15. more than 2.3 million remain in the dark in texas. the storm toppled ten transmission lines and could take several days to repair. houston's center point energy hopes to have power restored to 1 million customers by the end of the day wednesday.

there is a heat advisory for houston today. officials say they are ready to open the cooling centers. still a tough go in that community. frank, back to you. >> frances rivera live in new york. frances, thank you. we turn our attention back to the markets and time for the morning call sheet. key bank raises nvidia price target. the chipmaker is uniquely positioned to remain positioned for the secular growth and limited risk. stifel's coverage of rh with the buy rating. expectations with the high-end home furnishing company have been reset. stifel upgrading bank of america. it faced up wward momentum compared to its peers. coming up on "worldwide exchange," a deep dive into the home builders with a more than

5% from the 52-week high. our diana olick looks at the second half for the tight supplies and the beaten up sector bounce back. if you haven't already, follow our podcast and check us on apple or spotify or our podcast apps. we'll be right back after this break. frosted treat with a sweet kick of confidence. cirkul is the effortless energy that gets you in the zone. cirkul, available at walmart and drinkcirkul.com.

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it is just about 5:30 a.m. in the new york city area. there is still more ahead on "worldwide exchange." here's what's on deck. markets moving higher with the

point gains and records today. mike wilson warning investors should buckle up calling for a pullback. fed chairman jay powell heads to capitol hill to deliver his latest on the economy. we look at the rate path ahead. and red hot housing prices continue despite the supply heading into the market as we head into the second half. we dig into the sector on this tuesday, july 9th, 2024. you are watching "worldwide exchange" here on cnbc. ♪ welcome back to "worldwide exchange." i'm hollanfrank holland. let's pick up the second half with futures in the green across the board. it looks like the dow would open up 45 points higher. all three indices solidly in the

green. we are looking at the biggest gainers on the nasdaq 100. here at the top of the list is nvidia. shares up 3.5%. arm holdings up over 1%. nvidia rounding out the top three. jay powell prepares for three days of testimony on capitol hill. we will look at this in a moment. similar for the 30-year bond. this is a read on inflation expectations. we are looking at the oil market this morning coming off back-to-back losing sessions. oil in the red, hitting their lows of the morning, wti and brent crude down over .50%. hurricane beryl is concerning to investors. wti and brent crude trading lower. that is the money set up. we go back to the top story.

fed chairman jay powell has two days of testimony before the senate and house. powell is expected to be questioned about the economy as he considers the softer than expected jobs report on friday. the chairman said the jobs data is a major consideration when it comes to possible cuts. >> i would also like to see the labor market remain strong. we said if we saw the labor market unexpectedly weakening, that is something that could call for a reaction. >> along with jay powell, we will hear from treasury secretary janet yellen on the state of the international banking system at 10:00 a.m. eastern. we have president biden hosting the nato summit as investors weigh the viability of the candidacy against former president trump. joining me now is gina smilak.

>> thanks for having me. >> you, of course, have been writing so much about this. i want to go to one point in your most recent story. the som rule is a market uptick on unemployment may be a sign of recession. when we talk about jay powell and the fmoc, do they see unemployment going from record lows to 4.1%, is that a concerning uptick that would lead to a cut in july or september? >> i think there are two ways to look at that. it is up 3.4% last year to 4.1% now. that has happened over the course of the full year. i think that has come at the same time that other parts of the job market, other parts of the job data suggest this job market has some resilience. we are still seeing quite a bit of hiring and still seeing rapidly wage growth, although it

has cooled off a bit. jobless claims have cooled off, but still low compared to history. i think the fed is probably looking at all of the data and in its totality. this is a reason to remain weary, but not panic yet. so, i don't think this is anything like that trigger they laid out of a substantial surprising slowdown that could jump in and cut rates immediately. clearly, this has to make them feel more comfortable if they cut rates in september or after that, that would be a correct move and they are not at risk of overheating the economy. the issue right now for them is very much cooling it down. >> coming up, we have economic reports. cpi and headline cpi is expected to show a downtick. also expecting the ppi. the fed needs to see more reports on inflation. how do we view the reports because we will hear from jay

powell over the course of two days before they come out? >> i think they will be really interesting reports, actually. we will see something funny happen in the consumer price index reports which is we could see really cool monthly gains, but pretty steady as she goes year over year gains. when you read the report on these numbers, they quote the 3.4% or 3.3% headline number. those numbers will hold steady. we are lapping low readings from last year. we have a base effect. it is the all eyes on the month over month numbers. we will hear something along those lines from chair powell. the fed will have to focus on the incremental updates to the cpi instead of the year over year numbers that we use as a guide. >> we have a couple of weeks before the next fed meeting. it doesn't sound like a cut in july. september is a read. as we continue to go, which one

of the economic reports are meaningful outside the dual mandate of inflation and jobs. a lot say that may lead the fed to make a decision. are there other things you are looking at that you think the fed and fmoc will look at and say this is a sign that may lead us to take action? >> i think people are paying a lot of attention to at the fmoc is the job openings. job openings have ticked back up in the recent reading, but down a bit in the last 6 to 12 months. if you have weakening labor ma market, it translates to a cooling job market. that has come up in the fed speeches and something they will keep an eye on. the other thing is the cost index. they are keeping an eye on wage growth. if wage growth falls, that

suggests the labor market is falling quite a bit. those are two big ones to keep an eye on. >> jay powell on capitol hill over the next two days. jeanna, thank you. coming up, a potential second trump term and how two emerging technologies are high on the republican party priority list. first, i want to give you the top trending stories. summer get aways. tsa says more than 3 million people passed through airport security on sunday for the first time ever as people take advantage of cheaper flights with prices down 6% from a year ago. rome, athens and the dominican republic are attracting people, but qatar could top the list. airports in south africa and brazil are making the top five. i can attest to the qatar airport. if the devil is flying, it

better be first class. disney is looking for a sequel of "the devil wears prada." "worldwide exchange" is back in just a moment. options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley what is cirkul? cirkul is the fuel you need to take flight. cirkul is the

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rally. india's nifty 50 hitting an all-time high. we are watching shares of bp after it could take a dip of $2 billion in the second quarter. last week, shell said it would take a $2 billion charge from the sale of the singapore refinery and halt of the construction of bio-fuel plant in the netherlands. the $1 trillion club may get a new member. taiwan semiconductor may join the group. taiwan shares are worth $825 billion. shares in the u.s. are worth more than $975 billion due to the listed common stock in taiwan. we turn our attention back to the 2024 presidential race and calls for biden to step aside. biden's fundraising operation is facing challenging with the

democratic fund-raisers pausing efforts to raise money with one saying no one is picking up the phone. in a new note, stifel announcing a 40% chance of biden dropping out of the race. this comes over eight visits over eight months by a parkinson's disease expert to the white house. other visits by a specialist were to treat military personnel. the rub party is mapping out its general for a second trump term and two areas of technology are getting special attention. eamon javers is joining us more with that story. eamon, good morning. >> good morning, frank. the republican party released the campaign platform yesterday and releases technology areas of crypto and artificial intelligence. vowing to protect americans from

elites controlling the technology of the future. on crypto now, the platform released yesterday says republicans will end democrats unlawful and unamerican crypto crackdown and oppose the creation of the central bank digital currency. we will defend the right to mine bitcoin and assure every american has the self right to custody and transact free from government control. that reflects a concern about the biden administration exploration of central bank digital currency technology, although biden hasn't endorsed the currency rolling out. the fear on the right is government participation and creation of cryptocurrency could threaten the currency status as a haven from government controlled money. on a.i., the party platform released yesterday says we will repeal joe biden's dangerous executive order that hinders a.i. innovation and imposes radical left-wing ideas.

the platform goes on to say that the republicans will prioritize free speech in the development of a.i. and some silicon valley conservatives argued that the biden order from last year doesn't do enough to stop the monopoly of a.i. it is donald trump's party and this is his platform of culture elites and effort to signal to republican voters that trump and his party will focus on preserving personal freedom in cutting edge sectors. frank. >> eamon, we got clarity with cryptocurrency and artificial intelligence. were there other broader economic themes in there? what else does you see? >> the big one that everyone was looking for was the endorsement of the trump proposal for across the board tariffs. the platform does include that. there are a whole host of economic items in here, frank, including some things that will

clearly impact the economy such as mass deportations. the platform here endorses the largest deportation operation in american history. that will clearly have economic impacts, especially, as you were talking about the relatively low inflation rate. that would be something that impact the jobs numbers on a given month if the former president were reelected and able to enact that kind of a program. any political party platform is sort of a wish list. a lot of candidates wish they didn't have to have one because it pins them down. it does give you an insight into the thinking and planning for the next administration, frank. >> eamon javers live in d.c. eamon, thank you very much. coming up on "worldwide exchange," we have the one word every investor needs to know today and digging into the housing uptick. why digging into that year is doing little on the sky high

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welcome back to "worldwide exchange." turning attention now to the housing market where prices are red hot through the summer selling season despite the market more homes are hitting the market to ease price pressures. we have diana olick with more on this. good morning. >> good morning, frank. that's right. we're in a housing market unlike any other. that's due to economic forces unlike any other.

the foreclosuing crisis. take a look at supply lyly buil. home building just ground to a halt. by 2012, new homes were 6% of all supply. then total supply dropped in the pandemic. now it is climbing back slowly. in a weird twist, it is mostly new homes. the month supply of newly built homes almost three times of that of existing homes. a monew and old homes track closely. now new construction makes up 30% of total inventory. this is due to roller coaster interest rates dropping to

historic lows at the start of the pandemic and spiking two years later. that makes homeowners who wanted to move up stay put. cutting existing supply and making buyers look for cheaper homes. you can see that in the months' supply of homes in may by price tier. it is the lowest in the $100,000 to $500,000 range because that's where most live right now. the demand has decreased. the homes are eaten up that fast. that is from prices are still going up. >> prices are high. if you ask anybody looking for a house, they thought the price would go down. i want to ask. given the supply of new liably built homes is an issue, are the builders in trouble? >> you think that's too much and they will have to bring prices

down and what will they do. actually just 20% of the supply of that new homes have actually been built yet. the way they count supply in the home market is homes permitted and homes under construction and those built. builders have a lot of control of what they slow down and what they can speed up in the building process and keep it so they are meeting the demand coming in the door. >> diana olick with the latest on the housing market. diana, thank you very much. coming up here on "worldwide exchange," one of wall street's top strategist sounding the larm o alarm over the potential correction coming up. if you haven't already, follow our podcast on apple or spotify or our podcast apps. more coming up. stay with us.

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welcome back to "worldwide exchange." here's what to watch. the small business survey out at the top of the hour and events in d.c. today with jay powell and janet yellen's testimony

before the congressional committees. we also have two fed speakers on the agenda. let's see how the trading day is shaping up as the s&p and nasdaq, both, coming off another round of all-time highs. take a look at futures in the green across the board. the record rally, however, could be coming to a brief halt according to noted bear mike wilson from morgan stanley. he says a 10% correction is highly likely between now and the november election. the 12-month outlook for the s&p 500 is 5,400. joining me to discuss this is erin gibbs. erin, good morning. good to see you. >> good to see you. >> agree with mike wilson that we're on our way to a type of correction, possibly double digits? we have had other people say similar comments because of the concentration of a lot of volatility that could be coming up for the markets?

>> right. i do agree there needs to be some sort of shift that is likely to have a shift. i don't know if we necessarily have to have a full-on 20% correction, but some type of downturn and some rotation. that means a bit of a pullback from the leaders that we've seen and maybe some performance that we can hope from our value or small-cap stocks even within the s&p 500. i think, you know, we've been calling for this type of rotation or correction for quite some time because the warning signals have been there for so long and it's just really a matter of, perhaps, when and not if at this point when looking at the back drop. >> erin, it is interesting you are talking about warning signals. i was bouncing off a bunch of people and i want your take on it as well. they say the gap between the

perp form answer and market cap has only been two other times. reversals are severe and rapid. it sounds like you are saying something similar. the rotation will be dramatic when it finally comes. >> exactly. whether you are looking at equal weighted or mid-cap. you see similar extreme ratings with small-caps. it really is a question of when investors lose their appetite for those leaders or mega-caps or finally willing to take on a little risk and invest in some of the stocks that have been so ignored for the past year. unfortunately, we have been wrong a few times in the past few years and people have been hesitant. the warning signals are there. we really haven't seen the appetite for investors to shift into different types of stocks or different types of asset classes within the market caps. >> we have to wait and see on

the rotation. i also want to focus on today shaping up. what is your "wex" word of the day? >> my "wex" word of the day is disc disconnect. that is what we have been talking about. all of these warning signals, but the market isn't following through. i think anything that has to do with interest rates could trigger that rotation as well as big changes in economics which would be further down the earnings season. >> i want your pick today. the pick is the iy spydr etf. energy is lagging up 7% year to date. i look at the top holdings. they are all oil companies. i have not had people tie oil to a.i. >> we talk about energy usage

and electricity and a.i. will further that electricity usage. a lot of that is focused on the utility sector. energy has already at least looked at the bottom in mid-june. we see a little bit of shift. i think the well diversified energy companies, the ones which is natural gas as well as oil, are ones that are well poised to p play. if we see a huge increase, we are talking about a 20% increase in the next four years, these are the companies that will benefit as well. i think they actually look like they have some early sector rotation just like we had been talking about. a little more so than utilities. that's my bet for the shift into the smaller caps. >> are dividends part of the story? i'm seeing dividends 3% or higher. eng is at the top.

conocophillips at 3.4. are you looking at dividends as a lack of price action? >> absolutely. dividends and also these are some of your lower valuations as well as just the less favorite stocks. talking about the sector rotation. really getting into more of a safety stock as well as looking for potential growth. >> okay. jay powell on the hill today. how are you viewing that and what is your outlook when it comes to a cut? >> right. so, i actually for a while didn't think we would have a cut for this year. the recent deterioration in unemployment and the massive revision in jobs as well as increase in bankruptcies are the catalysts for a cut rather than inflation really getting down and closer to the 2% goal.

that's what going to push it early rather than later. it is possible that we could see that cut within september, but more likely november and we're not going to get a lot of information out of today's meeting. >> erin gibbs, great to see you. thank you very much. one more quick look at futures. higher across the board. that does it for us. "squawk box" starts right now. good morning. nasdaq and s&p with more new highs and indicated higher this morning. we will talk about a new bearish call from mike wilson who just recently abandoned his last bearish call back in may. new overnight. the white house physician releasing a letter explaining visits, multiple visits, by a parkinson's specialist. we will take you live to washington for the latest buzz among democrats. plus, the rnc adopting

donald trump's platform. we will talk about the changes across the wide range of issues and the stance on crypto and a.i. it's tuesday, july 9th, 2024. melissa lee is here. "squawk box" begins right now. good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm melissa lee along with joe kernen. becky and andrew are off today. nice to be with you, joe. >> i just said, if i'm going to talk about it at the top of the show, the most important things happening that people want to hear about. you are burying the lead. in my view, you are burying the lead. >> america, joe is being sincere. i do appreciate that. >> i am.