ashlea is there too. that's all for this edition of "dateline." i'm andrea canning. thank you for watching. ♪ welcome to "street signs" on this thursday morning. i'm silvia amaro and here are your headlines. the rebound stalls and equities pare back from the session highs with tech leading losses and on wall street, the nasdaq looks to recover from the steepest slump since december of 2022. a bitter pill for novartis which hikes the second quarter,

but it's not enough to win over investors. u.s. president joe biden tests positive for covid as pressure steps up to have him drop out of the race and jd vance speaks at the rnc. >> we were on his mind. his instinct was for us, our country, to call us to something higher, to something greater, to once again be citizens to ask what our country needs of us. it's decision day for ecb with the european central bank looking to keep rates on hold, but leading to at least one rate cut later this year.

very good morning, everyone. there seems to be one main theme for the markets today. it's been extremely busy for investors, however, there is one theme standing out at this stage. that is those concerns around tech. the selloff we saw taking place yesterday on the back of news that the u.s. could impose fresh sanctions, restrictions really, on the chief experts on the fact that the candidate for the race donald trump, made comments that taiwan may have to pay for its own defense. investors were very concerned about what this means for some of the outlook for the chipmakers with geopolitics taking center stage here despite positive earnings. we'll talk about tsmc later on in the show with arjun, but overall, that is the main theme with the markets.

when you look at the markets, the stoxx 600 is marginally above the flat line. here is a look at the european news this morning. it is a lot to do with those earnings that several companies have been reporting so far this morning. we'll have a couple for you. for context here, the stoxx 600 actually ended yesterday's session down by .50%. it seems to be a mixed picture at this stage. i want to show you the different bourses so for in thursday's session. the ftse is up .7%. to give you an idea, the latest wage excluding bonuses figures grew by 5.7% in the three months at the end of may compared with a year ago. that is very relevant as we think about the bank of england because recently traders have been cutting expectations that we will see a rate cut in the

month of august and this latest data from the labor market actually suggests it could be extremely hard, really, for the bank of england to go ahead with that rate cut. let's see what message we will get from the bank of england in suggest. that is something i want to take you to the sectors because it is a very eventful day on the corporate front. at this stage, we have the carmakers at this stage up by 1.2%. one of the companies we heard this morning was volvo cars. we'll have those details for you in just a moment. they beat second quarter earnings. that is pulling some of the momentum there. when it comes to oil and gas sector, it is up 1% and also traders are taking in the fact that oil prices are higher. the main story this morning is

technology which is down 1.4%. that selloff on the tech front is continuing this morning. also, when you think about how european equities are trading. let's get into some of the corporate stories as i said it is eventful at this stage. novartis has raised its profit guidance after the top line beat in the second quarter. raising just short of $5 billion. look at the shares. they are really not tracking well so far into the session. down 1.8%. i want to take you to abb. they posted second quarter revenue of 8.24 billion euro. that is missing expectations, however. the swiss engineering company beat on the bottom line with the record adjusted operational margin. when it comes to nokia in the telecom space, they posted a 32% profit slide in the second

quarter as 5g weighed on the giant. revenue in the mobile network division fell 25% on the year, but the company said it expects an overall sales uptick in the second half. at the moment, shares are down almost 8%. when it comes to volvo cars, the second quarter coming in at 8 billion swedish krona. the swedish automaker cut the year sales forecast citing a worldwide slow down and the eu tariffs on the chinese made eevs. we are seeing the impact on the dpe geopolitics on the carmakers. one of the market narratives this morning with the chipmakers, we saw impact on these european names from those reports that the u.s. could potentially announce fresh restrictions on the exports of

chips. at this stage, we have asmi down 1.5%. asml, which was lower by 10% yesterday, at this stage down 2.1%. i also want to take you to the u.s. close because this was really where we got the first picture of that reaction from investors in terms of those concerns on the tech front. looking at the nasdaq, closed down by 2.7%. here's an interesting stat for you. this was the first time that we saw the nasdaq ending the session by more than 2.5% since may of 2001. we haven't seen this in a very, very long time. of course, when thinking about the s&p, it also tracked lower on wednesday down by 1.4%. some of that also related to these concerns around tech and really how geopolitics are taking center stage at this moment. when it comes to the big tech, we also have been keeping a

close eye on what this has meant for some of the big corporates in america. i would like to look at nvidia, in fact, because this is a very interesting performance on the back of the developments. it ended the session down by more than 6%. let's see what market reaction we will get throughout today whether the investors will ease concerns. no doubt, yesterday with pressure on some of these names. thinking about how wall street will open later on today, let's look at futures. at this stage, it could be a mixed picture on wall street once it opens in a couple hours time. in terms of what to watch out for today is initial jobless claims due early morning. of course, we are also going to get earnings stateside, including netflix which reports after the bell. we will bring you those numbers during tomorrow's show. when it comes to politics, that is an important driver for

the stage. the ohio senator jd vance has officially accepted the nomination to be donald trump's running mate. in the speech to the rnc, he criticized biden's policies and portraying america's last best hope. nbc's alice barr filed this report. >> reporter: former donald trump greeting supporters before ceding the spotlight to vice presidential nominee jd vance. >> i officially accept your nomination to be vice president of the united states of america. >> reporter: the one-time trump critic, now a fierce america first ally. >> we celebrate he is our once and future president of the united states. >> reporter: the first term ohio senator backs hard line policies on issues of immigration and abortion and posing additional aid for ukraine. a marine veteran who served in

iraq. senator vance laying out his personal story growing up in rural poverty. detailed in the best selling memoir "hillbilly elegy." >> to all of the people in middletown and all of the forgotten areas, i promise you this, i will be a vice president who never forgets where he came from. >> reporter: vance is the first millennial on the ticket backed by the assassination attempt. >> my father came under fire as a patriotic rally turned into a tragedy. >> reporter: several speakers questioned president biden's strength on a night deemed make america strong again. the gold star family wies who l loved ones. >> there has been a deafening

science in the biden-harris administration. sup >> reporter: supporters hope they will appeal to blue collar workers and help to cement the trump wing of the republican party into 2028 and beyond. in milwaukee, alice barr, nbc news. meanwhile, pruesident biden has tested positive for covid for the second time and experiences mild symptoms. biden arrived in delaware where he will carry out official duties while self isolating. the president is reportedly facing concerns with his da candidacy and chuck schumer gave him the polling data.

the shoources would not confirmf schumer called to drop out of the race. meanwhile, the former house speaker nancy pelosi has told the president that polls show he cannot beat former president trump. warning biden that he could destroy the democrats chances of regaining control of the house if he continues his re-election bid. that is according to cnn citing four sources briefed on the call. politico also reported that pelosi told biden she and others told lawmakers he is dragging down the party. and senate candidate adam schiff has called on biden to exit the race. he is the most prominent democrat to call on biden to drop out of the race. the uk prime minister keir

starmer will welcome the european leaders at the epc meeting today as the labour government tries to rebuild the fractured relationship with the european union. we sent arabile to the summit. arabile, what have they said to you as they arrive to this meeting? >> reporter: silvia, i don't want to intererupt, but borel i next to us and talking about the solution to the palestinian war and a clear alignment in conversations just around the ukraine war and how exactly that gets sorted and solved as well for europe. the clearer line of conversations around that will be very important as well. conversations as well around the u.s. president and what happens upon that election. just i'll relay the message with

the few issues. just hearing word that he is saying they'll work with anybody who really is, you know, in place after that november election as well for the united states. that will be a very important, of course, to nato, but overall as well, to europe's offensive then against ukraine. it will be -- it will be very interesting to get a clearer sense of the kind of conversations and meeting as well put forward here how exactly the leaders are in trying to get cooperation. those are the conversations. russia, ukraine and the offensively russia in ukraine and how exactly we stop that. security issues around that as well. migration is certainly one big factor coming into place and the war in palestine affecting the conversation and how it will work out in the european community. we have talked to leaders of kosovo and lithuania giving a clear sense they have so much

that needs to be said and done and the message hasn't changed. they are hoping all of the summits and conferences, nato, that we just had as well and before that, the european council offers a clearer message. we have been hearing as well from one of the leaders that although they might swing to the right, ultimately, it is about trying to find the best solution for europe and they are willing to work with whoever is in leadership across the european nations. the leader of kosovo stating they feel their message can be heard despite being a smaller country within all of this and the conversations will lead to some sort of solution is as well as their voice can be heard. a range of discussions being made as they arrive here at the european political community here in cotswolds.

>> the geopolitical context is very complex at this stage. ultimately, when you think about the uk and the broader eu, what sort of expectations are there in terms of keir starmer being able to rebuild some of these relations with the eu when his government has actually said they are not in favor of joining the single market? what sort of progress could we see? >> reporter: yeah, that's actually an interesting question because that's also been on the agenda here. that is some of the premise, really, that keir starmer will put forward this being the second international event since two weeks of the landslide victory for the labour party in the uk. the message from the leaders is, indeed, they believe the uk is somewhat back in the european fold, somewhat. yes, conversations will be a little bit clearer ever this with regards to communication

and trade and commits in regards to europe. it may not be the same as before brexit, but, con versations wil vary and change and perhaps they will have the clearer responsibility and the ability to give an understanding of what it is they wish to obtain from some of the conversations and keir starmer is making the offensive here and it seems to be, for now, certainly making some clear sentiments that some of the leaders are proving. >> we know the epc was, to some extent, the baby of emmanuel macron. he was the leader that came up with the idea for this gathering. we know in the wake of the election there were serious concerns about whether he is still a strong leader in europe. i'm not sure if he has arrived as of yet, but ultimately, what sort of message have you heard so far about the role that france might play or not at the

epc meeting? >> reporter: yeah, so the big question marks around france, silvia, too whether they may continue to have some sort of influence in the epc purely because of the worries and issues they face back home. a few question marks of significant gains for the left and the right really in france and does this, perhaps, take a backseat and this was the brainchild of president macron trying to influence not just bringing 27 countries together, but additional 17 with the likes of turkey were hoping to, of course, be part of this. we see the leader of azerbaijan and armenia here. it has become more broad based. what you are finding is a different focal point. with each meeting, that will be very interesting. silvia, just to note, the next epc, i know i'm rushing off to that when we still haven't

started this one, technically, the next epc will be hosted by hungary in the autumn. this may be the last chance then for a lot of these european countries to make the clear offensive stance on ukraine before viktor orban's government hosts the epc. there were questions around viktor orban's fight against russia in the ukrainian war. that situation will also be very important for everyone to get a clear sense of and we'll be waiting for more cooperation and more commentary coming here from the palace. >> we'll let you enjoy that, arabile. of course, continue to monitor particularly what is happening in the context of hungary. sticking with european politics, von der leyen is speaking at the meeting putting

competitiveness at the heart of the pitch. she expressed concerns around political trends and stressing the need for the united europe. shares are trading lower after the second quarter revenue fell slightly on the year. the company reported 8.8 billion kronas. it hiked the full-year sales expectations. i'm pleased to say the ceo is joining us for more. thank you for joining us this morning. first and foremost, outline how this last quarter went. speak out some of the highlights from the last set of results. >> yes, good morning to you as well. it was a 5% revenue growth and 4% revenue growth and 5% ebitda

growth. i'll take three points. i'll see how we continue to grow the profits in the nordic markets. that is both on the perks and the demand on the security services. second, we continue also to take out costs across our operations across the nordics. that is despite the salary increases. the third point is the growth we have seen coming from asia. we are still in the midst of the two mergers in malaysia and that is working to plan. we see the asian economy is many cou coming back to growth. all in all, it is a solid quarter. >> shares are moving down about 2% at the moment. what is your message to investors? how are you going try to get a little bit more love from investors at this stage? >> i think we have a lot of love

from the investors already. let's see how this will develop during the day. what my message will be twofold. i think with our presence in the nordics, we are standing out from the rest of the european landscape. we do see we are actually able to grow revenue across the market. that is partly coming from the growing demand from the digital society and the ability to pay for those services. especially security is now coming on top of the traditional connectivity revenue. we see a growing demand for that. of course, it makes us unique is the position in asia. now, we will see asia coming back from covid and also the big cost efficiencies we take out on the two merged entities. that is our main story and the way you should look at telenor going forward. >> we are seeing telenor going

under the asian unit, but what is next? what is the main focus for the rest of the year? >> the main focus for the rest of the year is to continue with our more for more context in the nordics. transfer to be a more technology driven company in the nordics and it is to position ourselves in the growing asian economy with the growing data use from our customers. that is the strategy. we did layout a strategy of two and a half years back on how we are going to grow the company going into 2025 and we are now delivering exactly as promised quarter after quarter. >> i like to look at security threats as well. in the first quarter, more than 500 million attempts of digital crime. amid the elections across the

globe, and a lot happening in europe, are you seeing an increase in the level of security threats? >> yes, absolutely. as you referred to the first two quarters, we saw 500 million digital security attacks against our customers only in norway. i haven't even counted the rest of the nordic countries. we see this growing quite a lot month by month. this is a combination of the base attacks for the pages with social media and all that. that's why i'm saying from our customers now, we see an increasing demand for helping them to secure their connectivity needs. that's why we started to sell some products on top of the connectivity both in the consumer segment and in the sme segment, but also in the en enter

enterprises. we see the potential to grow services going forward. >> i would also like to get your thoughts on what some politicians say on the growing comments in brussels about the market. several have told me it is in the telecom market that we are likely to see more progress in the near future. do you agree with their comments or is this ultimately just a political drain? >> i definitely agree with the comments. this is something the european industry have been talking about for quite a while. the european telco landscape is too fragmented and it is very difficult for us to compete with the global platform players. it needs to be consolidated and we need to be able to strengthen our positions in the market. also, on the back of that, we need to have several regulatory

frameworks an across europe. i really hope after the election now and then the new commissioners coming in will be a little bit more favor of helping the industry to grow. we cannot continue just to invest and not be able to have a return on our investment going forward in europe. >> all right. let's see what the new political cycle in brussels will mean nor telecoms. thank you for joining us this morning. the ceo of telenor. coming up on the show, it's decision day for the ecb with the markets widely expecting the central bank to hold rates. we'll be live on the ground in frankfurt after this break.

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welcome to "street signs." i'm silvia amaro and here are your headlines. rebounds stall and pare back from the session highs and on wall street, the nasdaq looks to recover from the steepest daily slump since december of 2022. chip stocks lead the rebound stateside as restrictions continue to weigh on the global peers. u.s. president joe biden

tests positive for covid as pressure steps up for him to drop out of the race and the vice president pick jd vance invoking jfk at the national convention. >> even in his more perilous moment, we were called for something higher and greater and be citizens and ask what our country needs of us. and a bitter pill for novartis as it hikes the 2024 guidance for the second time and adjust the second quarterly profit of $5 billion. it's not enough to win over investors. welcome back to "street signs." it is one of my favorite days because it is decision day for the ecb and after last month's

cut for the cycle, it is all but certain to keep interest rates on hold at this meeting. investors are turning to the future and markets see an 80% chance of a cut in september. when we will have the latest forecast from ecb as well. economists see two further ecb cuts this year in september and in december as well. that view is backed up by traders with markets currently pricing a more than one in two chance of 50 basis points easing by the end of the year. annette is in frankfurt with more activity from the ecb today. annette, a lot of market expectations do suggest we are not going to get another rate cut today, but ultimately, why should investors care about today's meeting? >> reporter: actually, we could get some more guidance and some

more feeling of how the ecb feels about moving on that rate front. clearly, if you look at wage inflation, it is running at 5% in the euro area. the service sector is running too high at 4%. any signs that they actually see abating in the area of inflation dynamics would be good news to the market because clearly the narrative in cintra just two weeks ago, was the message was rather the side of caution and there's a lot of uncertainty out there also the political events in the united states. that could also push inflation higher again if the new administration under a possible donal president trump impose more tariffs. that is a concern to them, but,

of course, the tight labor market which is an unusual situation. we see the economy rather heading to a bumpy scenario with the weakness in the manufacturing space, but at the same time, the labor market seems to be very tight. that keeps on pushing wages higher. if that dynamic is not abatiaba the ecb will face a hard time to cut rates forcefully. i think the consensus in sintra of the policymakers of the ecb, they are planning to have two rate cuts as were you mentioning, one in september and one in december. the october meeting will take place in slovenia and traditionally at the outside frankfurt meetings, there is no decision on policy rates. that is, at least, if you look back at the ecb history, it has never been the case. i guess this is the picture we are looking at for the second

half of the year. the inflation is coming back, but the domestic inflation is the issue for the ecb. >> this is the last meeting, really, before many european officials go on holiday as well. let's see what the message is from the ecb later on. we will speak with annette then. don't miss the decision and christine lagarde's pre-ss conference at 2:00 p.m. and novartis raised guidance after the top and bottom line beat in the second quarter. it rose short of $5 billion by the high demanded for the key drugs. you see shares down now by 2%. i'm pleased to say that emily field at barclays is joining us for more. good to see you. >> hi, thank. >> first and foremost, why are

we seeing novartis shares moving lower this morning? >> great question. as you mentioned, it was a very strong quarter. if i could point to a couple of things that investors might be slightly concerned about was the drug for prostate cancer. it did miss consensus forecast slightly. that will be a focus for the call. secondly, operating income guidance was raised, but not top line. no novatis has raised both of those in the quarter. that could be taking a little bit of momentum out. >> ultimately, you have an opinion on novartis. why is that not the favorite? >> it hasn't been the rate call. they have a longer-term guidance of 5% and we're just not quite getting there. we are factoring some components of the pipeline and they are facing some patent clips the next few years.

>> i also would like to get your thoughts on the broader sector. there seems to be a lot happening on the weight loss drug market. just explain to us what is happening ultimately. we did hear from roche. ultimately, is their latest development actually a game changer to play a significant role in this part of the market? >> yeah, it certainly has been just a very fast moving time in my sector. roche bought a company last december. in may, they released the injectable data and then last month, the oral data. these are small numbers of patients, but it did look very, very good. in that context, the feedback is we are getting is you can't fight it. people are flooding into roche here. what does this mean for novo

nordisk. >> they also had an update on the drug market. ultimately, my question to you is is this getting too crowded? pfizer and roche? >> we like novo nordisk because they have a strong advantage with eli lilly. it makes sense for the companies to chase this market because the numbers are just so big. it's too early to call what the competitive landscape will look like in, let's say, five years, because these trials are early. they still have to run a phase two study. irative of competition with injectables and orals. >> recently, there was a study that showed the efficacy of the eli lilly drug higher than novo

and shares dropped on that report. ultimately, is there any risk here for novo nordisk? any reason to be concerned? >> the way we have been thinking about it is novo was first with semaglutide and then eli lilly was a bit better. then the next generation of drug reading its first phase three trial later this year. what they promised is a minimum of 25% weight loss. if they are able to hit that target, then it looks like the lily, novo, they will remain ahead of everybody. that is a heavy catalyst from novo nordisk. >> we will hear from novo in early august about the results. outline what key items will you be looking at when they report next? >> the first thing we are going to do is go to the wegovy number and see how it looks. we track the prescription data.

it does liook like we are gettig a ramp in the united states. it leads to the expectation of raising the guidance. how did wegovy do this quarter and are they going to raise gu guidance for the year. >> this has been going on for a while, but some of novo's drugs for weight loss are too expensive. is that narrative likely to change after the election or that is likely to continue? >> that's a great question. we are getting more and more questions from investors about what does the inflation reduction act mean? we will find out the medicare negotiated prices later this summer. novo is expecting semaglutide to be added to that this summer. would they change any of the drug pricing changes in the inflation reduction act.

how will novo's pricing be going forward? we don't have a gauge yet, but investors are paying more and more attention to. >> it has been quiet on the m&a front. what is the catalyst that companies are waiting for at this stage? is it the high level of interest rates? >> there was a flurry of deals going into the end of last year and you are right, it has been very, very quiet this year. companies are still looking at full-time transactions and not looking at large deals. is it waiting for rates to come down? our companies still have healthy balance sheets, so they can borrow if they would like. the ftc under the current administration in the united states have taken a hard line in the companies. if there is a change in the administration, does that change the framework for mm&a?

>> can we get the disclaimers on eli lilly? >> i'm not involved. >> great. just to clarify for transparency. thank you for joining us this morning. that was emily field, head of the european research at barclays. coming up on the show, we are looking at tsmc. they blew past the second quarter expectations. we will break down the numbers lu the sector drops halfhe t vae.

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welcome back to "street signs." let's get a check of u.s. futures. it could be a mixed start to the trading session stateside after a lower session on wednesday with the nasdaq posting the worst day since december of 2022. perhaps even more interesting stat that the fact it was the first time since may of 2001 that we saw the nasdaq falling more than 2.5%.

let's get a check on u.s. chip makers pre-market. that is one of the main market narratives today. at this stage, it seems that it could be a higher open for some of the names. nvidia is expected to open higher by 3%. just to give you an idea, nvidia ended down 6.6% yesterday. this as investors were digesting comments that the u.s. could potentially impose fresh export restrictions on the chip makers and also comments from donald trump that taiwan should pay for its defense. let's talk about tsmc. shares are higher in the pre-market after the company reported a better than expected second quarter profit with revenue surging 40% on the year. the chipmaker rised the 2024 guidance saying it expects revenue growth of 25%. this comes after the company had more than $61 billion wiped from the market value in two days

amid reports that the u.s. is considering tighter chip export restrictions to china. our very own arjun kharpal joins us with more. arjun, it seems geopolitics is taking center stage here. we did hear from tsmc. are these results enough to quell the concerns? >> you are right, silvia, it is a strong set from tsmc. strong year over year revenue growth. up 36% in the second quarter and you see them getting a clear boost from a.i. with the high performance computing division. this is the largest part of the revenue which was up 28 p%. the problem is the geopolitics. what that caused was a broad based selloff with semiconductors. not because each individual name was sort of going to be affected by what we heard, but more just

because this kind of knee-jerk reaction and the jitteriness of the politics. the two big stories yesterday. one report that president biden's administration is considering using a very, very strong rule that would mean any equipment made by asml or tokyo electric would be subject and used made any american technology, would be subject to export restrictions to china. that is quite wide sweeping. the second was the comments from former president trump who said that taiwan should pay for the defense. casting doubt over any other attack from china whether the u.s. would defend taiwan. again, tsmc, the most critical chipmaker on this planet, is of course, based in taiwan.

the concern is in any military conflict with china, what would happen to the chip production and access to technology. with those stories affecting asml and tokyo electric and then tsmc as well, but that began to spread into the u.s. stocks like nvidia and qualcomm, et cetera, and drag the entire market down even though those companies would not be affected. in the event that former president trump becomes president again in the u.s., there could be potentially ramifications, but also uncertainty. we don't know which direction he's going to take his china policy and trade policy and tech policy. that was reflected in the moves stateside yesterday. >> from the comments you have seen so far, does it seem the appetite we have seen so far this year for chips and all the big tech names, could have rally

come to an end as a result of the geopolitical scene? >> the geopolitics will weigh on these names. what is undeniable is there is still huge appetite for the a.i. chips produced by nvidia. that is good news for the other supply chains like tsmc which makes asml which makes the machines that make those chips. how much does geopolitics factor? >> good we have you here to track all of the twists and turns. thank you for your time, arjun. we are looking at the last day of the republican national convention with donald trump officially accepting the party nomination when he takes the stage this evening. following the saturday assassination attempt, trump has completely rewritten his speech. brie jackson from nbc news joins us.

brie, what phe expectations do have on donald trump given he has rewritten his whole speech? >> reporter: good morning. the campaign says that despite rewriting this speech, there was a focus on unity. today, the overall theme of the last day of the republican national convention is make america great once again. the campaign says that during his speech tonight, the former president is going to take the stage and focus not just on unity, but talk about moving forward and laying out a vision of a strong america under his leadership, also focusing on optimistic future for the country. >> i would also like to get the other side of the political spectrum. joe biden, we know he has tested positive for covid as well.

ult ultimately, the pressure on biden to step aside, is that factoring on anything we might hear from donald trump tonight? >> reporter: it remains to be seen what is happening on the democratic side will impact former president trump's speech tonight. you made a great point here. bottom line is there's mounting pressure on president biden to see what he will do with the future of his campaign. this latest news about him testing positive for covid and having him isolate comes after the calls for him to actually step aside. so, the campaign, what we do know, when it comes to debates and moving forward, what the trump campaign has said is they are not making any commitments. they did not want to commit to jd vance debating vice president

kamala harris partly because they said they don't know who the democratic candidate will be and the democratic candidate for vice president because of the challenges that democrats are facing right now. it seems as though the trump campaign is focusing on their message that they want to send to voters. it is unclear if former president trump will mention biden's challenges particularly after covid. >> if ththank you for the repor. as we close out the show, let's get a look at the bourses. investors heavily focused on all of the corporate earnings we have seen so far this morning. also on the data here in the uk. new labor market figures did show that wages grew 5.7% in the

three months at the end of may. that is putting pressure on expectations that we might see the bank of england cutting rates in august. when it comes to the u.s., futures suggest a mixed start to the session stateside after the tech slump we saw on wednesday. let's see whether or not that will continue later on in the session. in terms of what to watch out for, we will get initial jobless claims figures and those netflix earnings. remember, of course, for our viewers in europe, we'll have coverage of the ecb rate dec decision later today. join me at 2:00 p.m. that is it for the show. i'm silvia amaro. "worldwide exchange" is coming up nex "worldt. "woswwiitch to shopify and sell smarter at every stage of your business. take full control of your brand with your own custom store. scale faster with tools

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it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." big tech bounce back. wall street trying to claw back yesterday's massive losses as growth stocks are falling out of favor. this morning, futures are mixed. one day wonder or long-term trend? will investors jump in on the red hot trade? how retail investors should be positioning portfolios as tech now takes a tumble. taki