that's all for this edition of "dateline." i'm andrea canning. thanks for watching. ♪ good morning and welcome to "street signs." i'm carolin roth and these are your headlines. judgment vice president kamala harris is looking for the nomination as delegates are backing her as she turns focus on donald trump. >> predators who abuse women. fraudsters who ripped off consumers. cheaters$s who broke the rules r

their own gain. cloud nine and sap jumping. the cfo striking a bullish tone on the sector. >> the core of our revenue which we call cloud suite is 82% of the cloud revenue base is growing. in q2, up 33%. prior quarter, 32%. there is unabated growth momentum. porsche on track for its worst day after the automaker cuts the full-year sales outlook and warns of impairment charges driven by supply shortages. tesla out with earnings on deck as it reckons with cloud security firm as it wiz's away

from the $23 billion takeover offer. good morning, everyone. you are watching "street signs." let's kick off with u.s. politics. vice president kamala harris has secured the backing of the majority of pledged democratic delegates cements the position as the frontrunner for the nomination. nbc news eses mates that harriss 2,619 delegates, above the required to win in the first round of voting. harris secured the broad support needed to become the nominee and looked forward to accepting the nomination. harris pledged to unite the democratic party as she visited campaign staffers in biden's

home state of delaware. nbc's kelly o'donnell has this report. >> reporter: visiting headquarters in wilmington, but a campaign that now bears her name. president biden at home with covid. phoned in to the team today. >> i'm hoping you give every bit of your heart and soul to kamala. and i want you to know i won't be on the ticket. >> reporter: a campaign reset after the president ended his run sunday and endorsed harris to finish the race to november. >> it is migray great honor to joe's endorsement in this race t. is my intention to win this nomination. >> reporter: harris is not yet the official nominee, though she appears on her way. aides said she spent ten hours

on sunday to line up support. south carolina democrat james clyburn touting a reshaped race. >> she is well equipped to prosecute, i want to emphasize, to prosecute the case against donald trump. >> reporter: today, the endorsement of nancy pelosi who writes we must unify and charge forward. building on endorsements from the clintons, governor gavin newsom. hakeem jeffries said he and chuck schumer expect to meet with harris soon. >> she's excited the house democratic caucus and she's exciting the country. >> reporter: still, some harris supporters described seeing reluctance around her potential nomination. >> behind closed doors, there were people like it can't be the vice president. >> reporter: all of it after the stunning announcement by the

president that it is for the best interest of my country to stand down. in harris' first public appearance today, a preplanned college champions event at the white house, the vice president honored his public service. >> joe biden's legacy of accomplishment of the last three years is unmatched in modern history. >> reporter: his decision appeared to unlock praise and appreciation after a few agonizing weeks when 40 elected democrats pushed him to leave the race and he resisted. >> i am running and we're going to win. i'm not going to change that. >> all-in. i'm all-in. >> reporter: during a weekend of decision and dealing with covid in delaware, sources familiar with the situation tell nbc news the president felt hurt, angry and betrayed by barack obama and

nancy pelosi who believes turned on him. one saying the president was treated disrespectfully. let's put u.s. politics aside and look at the european trading one hour into the trading session. the stoxx 600 is off by .25% after it rallied 1% in yesterday's trading session. that was the best day in more than a months in a bruising week lasts week. let's look at some of the indices one by one. what we are seeing here is the ftse is under performing. down by .50%. some of the basic resources stocks are under performing given the weakness in copper prices and uncertainty coming from china . the sector overall in neutral. the cac 40 is showing declines of .50%. the dax at .4%.

we will get to earnings of s.a.p. in a second. this is the picture that you are seeing. technology doing pretty well. this is s.a.p. travel and leisure up 1.2%. there is basic resources showing weakness. off by almost 2%. let's get back to the earnings picture. a lot of stuff happening on this front. porsche has cut full-year sales forecasts warning a shortage in aluminum alloy could lead to production shutdowns. it looks to the transition to electric vehicles to take longer than anticipated citing weak consumer demapnded particularly in the u.s. and europe. look at the bottom of the index. down 4.5%. a different picture for s.a.p. it posted a beat on the second

quarter with the jump in cloud revenue putting the cloud backlog at 14.8 billion euro. operating profit fella mid restructuring charges. jpmorgan saying the cloud backlog of 28% was strong given the weakness elsewhere in the software sector. the ceo of s.a.p. says the revenue growth shows no signs of slowing. >> the most important key to point to is the core of our cloud revenue representing 82% of the revenue base is growing for four your quarters in a row. there's real ly unabated growth momentum fueled by on-prem customers into the cloud. we are starting to do that. we are in the early innings of

the game. that gives us the confidence in the future. i want to show you what u.s. markets did yesterday. the dow jones industrial average adding 127 points. s&p 500 up by 59 or more than 1%. the nasdaq seeing the best of the gains up by 1.6%. u.s. majors seeing their best day in more than six weeks. like the european markets, they had a terrible week last we're bouncing back from the worst week in a couple of months. so, we saw yesterday that a lot of buyers came back in to buy the tech shares. even the russell 2000 did well in the trading session yesterday. look at this. a little bit of choppiness. dow jones industrial average set to fall 18 points and nasdaq set to fall 102 points. a lot of earnings today. tesla and alphabet.

there sis a question of how muc investors are focusing on the political situation in the u.s. we saw a reversal of the trump trade as biden stepped aside. let's get into this with emma wall. what do you make of biden stepping aside yesterday in we saw a bit of the reversal of the trump trade. will that continue? do you think investors should just look through that? >> the last 48 hours have been a lesson in how efficient markets can be. we saw the news on sunday announce that biden stepped down from the nomination. we saw bitcoin immediately spike. we saw u.s. futures come down. within 24 hours, once that huge swell of support for kamala harris had come through, the market had rotated again. yes, bond yields had come up. we opened up yesterday and the u.s. market did really well.

there are a couple of stock specific stories there, but i do believe this is actually about the possibility of better stability in the u.s. and a real contender against trump. some of the trump trade has unwound. some expectations have unwound. i don't think this means that people are set that harris will get in. if you have a look at the yield curve, it has flattened. it hasn't flattened with the yield curve coming down. that is a sign of economic stability. it has flattened. there is still a huge amount of uncertainty in the market. you are now being paid at the short-term to take risks. >> you are getting juicy yields here. how much political uncertainty should still be baked into the market overall? how should investors discount the volatility that we might see up until november? >> i think the uncertainty will remain. we should say this is not a u.s. expect issue.

we spoke to our clients at the beginning of july. investors were very much off markets in the u.s., europe and uk, because at the time, all three faced political uncertainty with the elections. the uk has better stability. we are seeing our clients actually become much more risk-on for uk assets. u.s. uncertainty remains. we are still very much at the beginning of this race and we expect that to be continued volatility. ulti ultimately, what does kamala harris mean on the ticket over joe biden? they are hand in glove. this comes down to a republican or a democrat. that's how we expect markets to behave and the poll will be really interesting. we haven't had a poll of kamala harris versus donald trump. that first poll will be

important. we are in the middle of the earnings season and the continued tech name and reporting through next month as well. those will be what fundamentally drives markets. that and the fed decision. we are expecting a cut in december. fundamentals and fair. we expect a layer of volatility because of politics on the top of it. >> back to the basics for the markets. tech names and the fed trade. let's get back to the mega caps. the tech names. we did see buyers stepping back into the market yesterday. emma, over the past ten days, we have seen the reversal with the dynamics. people are going into the small caps and russell 2000. it is up 10% year to date and they have been rotating out of the mega caps. that story did not necessarily hold true the last few trading sessions. what do you make of this? was that one heavy week of small cap buying? can that continue?

>> ultimately, if you look at the valuation, small cap still is very compelling. that is difficult to argue against momentum. we saw yesterday that nvidia put on tens of billions of dollars of value because of a chip it could export into china. alphabet and tesla later today will be really key. nvidia at the end of next month in results. you will get a bifurcation. momentum will support the mag seven names. they will continue to deliver on revenue and figures. i don't think this is actually about fluff in the market. now you've got to have fundamentals and revenue and good sales to back up the valuations. i do see continued rally there with actually the bifurcation of small caps continuing. there is greater flexibility with the names and the fed cuts

coming, that supports the market. it is not just the u.s. story, but other parts of the world with the small-cap rally as we move out of the inflation and into a normalized environment. >> emma, you say there is a bifurcated environment where large caps and small caps can rally together. what about the uk market? is it large caps and small caps you like or politics? talk us through your outlook here. >> of course, the uk market has done really well year to date. ultimately, we believe there was a tipping point in valuation. you look at the uk market and you have great names with global revenues. the ones with low level pes and some with no dividends and greater political stability.

it has anecdotally, as we talked to clients, say the fundamentals look great. we don't think it's worth the risk. the election we had earlier this month has given people the green light to put money back to work. i do think it's about stock selection. there are areas of the market that are cheap for a reason. we do think political overlay comes into play. the labour government, for example, will be tough on fossil fuels and pro renewable and pro housing and pro infrastructure. similar from the european commission and the newly reelected ursula von der leyen. there is similarities there with the priority. we do expect those parts an of the market that are aligned to neighbor policies to do well. >> emma, thank you for your p persp perspective. still coming up on the show, we will hear from the cfo from

hydro as they report the core profit drop. don't miss that conversation first on cnbc. t miss that conve first on cnbc. t ss that converma it's hard to run a business ona your own. make it easier on yourself. with shopify, you have everything you need to sell online and in person. you can have your inventory, payments, and customers in sync across all the places you sell. it doesn't have to be lonely at the top. join the millions to finding success on their own terms. start your journey with a free trial today. hey, can you speak french? who, me? i know a few words. if you're struggling to speak a new language, you should try babbel, a learning platform designed by over 200 language experts. it's like having your own personal language coach. babbel offers live classes with expert teachers for real world conversation practice. it's totally flexible so you can learn at your own pace

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welcome back to the show. let's talk aluminum. hydro posted a second quarter profit of 5.8 been cronas. it reported a decline in earnings amid lower energy prices. let's get more on these numbers from trond olaf. the market didn't love your numbers. how do you feel about the numbers both upstream and downstream. >> good morning. thanks for having me on today. on the quarterly results, i'm pleased to say that we see how the prices are for aluminum and this is impacting our upstream reports this quarter.

however, as we said, the downstream in europe and north america, we still see weak demand and that is taking down the results in a downstream segment this quarter. >> let's talk about downstream demand because in february, your company warned the construction sector in europe is suffering from a demand slump. it is similar to the one we saw during covid. is it still that pronounced or are you seeing any green shoots here? is the outlook somewhat more rosy than p what you were able give us in february? >> we still see a weak construction market in europe and in germany. i think this is impacted by the still high interest rates and we probably need to see lower interest rates before we see a move in the construction

industry. >> trond olaf, you say you need lower interest rates. the ecb cut and will probably cut again. is that enough? let's say what cuts do you need in the european markets? is it really just the interest rate cut or the story of bigger, let's say, deindustrialization, and bigger depression of the european markets? >> i think the construction market is important for our business at roughly 50% of the market. we will see a recovery over time in the construction market. it will take some time before we see that in the market. at least we're not seeing further falls in the month for the construction market. it has flattened out. with the further interest cuts, we should see improvements over time. >> let's talk about the aluminum

market. it has been hit high by the energy costs the last couple years. those costs, obviously, have come down and at the same time, the industry is under pressure to decarbonize. where are you on that? >> so, energy has been especially difficult in europe after russia attacked ukraine with the high energy prices. we still have high energy prices in europe compared to the situation before. it has improved significantly over the last year or so. on the decarbonization, we have a very ambitious plan and we are executing on this program. this quarter, we are in the midst of a fuel switch in brazil and use more renewable energy. that will take down our em emissions this year. >> that is encouraging and at the same time, there are a couple of challenges thick and

fast with the overall sector. we were talking about the u.s. elections and tariffs on aluminum have been paused under biden. obviously, trump might be coming back to the white house. how scared is your industry on that? >> i think for us, the u.s. market is an important market. we have mostly a local and regional business in the u.s. we, as a company, are not very much impacted by the tariffs of imports of an aluminum into the u.s. it will lift price levels of a aluminum within the u.s. our business is mostly local business. >> all right. you say your business is insulated because it is mostly local. let's talk about the outlook for aluminum prices because china ramped up the production to a near decade high and that is

leading to price increases and a lot of scrap coming back to the market. a conflicting outlook here. what is your view on this? >> we see a very healthy outlook for aluminum this year, especially china being a positive driver. we see the green transition within china driving for prime aluminum and aluminum into electric vehicles and solar panels. that is a positive driver for the aluminum market. the prices have come down so what the last weeks together with other materials like copper is a natural transition for the market. we see healthy demand outlook for aluminum. >> healthy demand outlook on electric vehicles. you are bullish here. we are seeing conflicting signs in the overall markets. >> i mean, there are some shifts

in the electric vehicle side, especially in europe and north america. we see weaker production and weaker sales of electric vehicles. that is, of course, impacting the local and regional markets in north america and europe. overall in china, so far, we don't see the drop from that sec sector, but, of course, we see in north america and europe will impact export of electrical vehicles from china to europe and america. >> thank you for your time, trond olaf. let's push on with the other earnings in europe. thales narrowed guidance seeing it sees organic sales growth of 5% to 6% compared to 4% to 6% previously. it reported a 26% jump in order intake in the first half and operating profit rose 10%. shares off 4.5%.

axzonobel reported a below company consensus and expecting guidance at the lower end of the range. it posted a top line beat at $2.81 billion. givandan ebitda company rose for the first half of the year. shares off by a whopping 5%. still coming up on the show, vice president kamala harris cements her move for the democratic nomination. we'll have that coming up in two minutes.

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fraudsters who ripped off consumers. cheater ers who broke the ruler their own gain. hear me when i say i know donald trump's type. cloud nine s.a.p. floating to the top of the stoxx 600 on the back of the 25% jump in cloud revenue in the second quarter. the cfo striking a bullish tone. >> the cloud suite representing 82% of the cloud revenue base is growing now for ten quarters in a row in the 30s. in q2, up 33%. prior quarter, 32%. really unabated growth momentum. porsche shares fall after t cuts the full-year sales outlook and warning of supply shortages. and tesla is reckoning with

cloud security firm wiz decision walking away from the $23 billion takeover offer. vice president kamala harris has secured the backing of the democratic delegates cements her position in the nomination. nbc news states she has the delegates above what is required to win in the first round of voting. harris said she secured the broad support needed to become the nominee and looked forward to formally accepting the nomination. visiting delaware yesterday, harris told supporters she will do whatever she can to unite the democratic party and beat donald trump. >> predators who abused women. fraudsters who ripped off consumers. cheaters who broke the rules for

their own gain. so, hear me when i say i know donald trump's type. in the next 106 days, we have work to do. we have doors to knock on. we have people to talk to. we have phone calls to make and we have an election to win. >> the harris campaign raised $81 million in the first day of the presidential campaign. the largest amount raised in a 24-hour period in presidential history. future forward, a biden pac told nbc news it has secured donorss. let's get more analysis on this with david roche at quantum strategies out of paris this morning. david, thank you very much for your time. my question to you is can harris

actually beat trump and can the markets increasingly factor this in? >> i think she is the candidate. if she wasn't the candidate for the democrats, there would be a degree of chaos impacting funding and the democrats would be walloped across the board. it would open the way for trump to, you know, really behave in ways which he would either wise otherwise be constrained. i don't think she can beat trump. i suspect it will be a closer race than people imagined and she will become a more defined personality and candidate as the election goes forward. i suspect that donald trump will be the next president of the united states and markets will start to wonder about the costs of that as we get closer to the

election and costs in terms of security policy like nato and europe and costs in terms of taiwan and tariffs which are detrimental to the u.s. economy. for the moment, the market is likely to take the wait-and-see approach and rejoice in the extent of the trump victory because they may see this as a way of getting more shovelfuls of money. >> david, to what extent should they be excited about the trump presidency and deregulation? will it be the same big bang this time around? >> no. the reason for that is the united states is now running a 6% of gdp deficit and likely go on doing so for the foreseeable future. that puts constraint on the amount of money trump can spend, but the way it is viewed by the

markets. i think when you are looking at trump, you have some negatives and some positives which have to be balanced. the positives are he will do domestic reform. i suggest he will reverse the green revolution and focus on anti-trust policy making it weaker and focus on ensuring the banks don't have to raise and keep reserves as much as ca capital. the tariffs on china and elsewhere will raise inflation on the united states by as much as .50% to 1% every year and lower output and growth. that will bring an end to the great fed boost to markets of printing money and lowering interest rates which is, of course, the fed is now on. finally, i would say the other negative which has to be weighed into trump's policy which will worry markets will be if he is going to be tough on china and trade, what will be the outcome

concerning taiwan int. will he dismantle participation in nato and cause a worldwide wave of mistrust in the united states? i do not see any repeat of the bonanza. >> you mentioned a come of important points here. i love to talk about the used dollar. obviously, the trump-vance ticket want a weaker dollar. can they actually achieve that? >> i think probably not. the dollar is driven by the safe haven. i think trump will before damage on tariffs will cut interest rates more than the europeans and more than the japanese. the case for a stronger dollar is still there. now, i think what will happen is that when the fed starts to raise rates, if tariffs are enact anned and start to impact inflation, then, of course, that means the dollar is less

fundamentally strong, but in interest rate terms, the dollar could be driven higher. i don't think the trump geopo geopo geopolitical weaknesses are preferred. >> david roche, president and strategist at quantum strategy. eu leaders are grappling what the kamala harris candidacy with the u.s. speaking at a foreign ministers meeting, they praised biden for putting the country over his own interests. i have silvia with me. how do they feel about kamala harris in. >> there is a little bit of excitement of kamala harris becoming the nominee for the presidential race. the plan in brussels has not changed in the sense they are

still preparing for a potential donald trump victory at the u.s. election. they have been doing so for more than a year now thinking about what policies they should implement now to prepare for that. that is still happening at the moment in brussels. ultimately, what we are hearing at this stage, officials are trying to hedge their bets. i would like to share this comment from you with the senior eu diplomat. i asked this person yesterday if the potential nomination of kamala harris would actually be providing some sort of hope for officials in brussels. st they still remember the difficult days under the trump presidency. it is hard to tell how kamala harris will fill the shoes of joe biden. there are obviously doubts, but she has a different profile from donald trump which is good. even though it is not guaranteed that even if she becomes the

nominee, that she will win this election. there are question marks here about whether, you know, she will be successful to get to that victory. ultimately, for officials s sti bruised with the years of donald trump, they are looking at this with a little bit of hope to some extent. for them, it would be better to have a democrat president rather than the old days with donald trump. >> all right. we have a couple of months to go. we will see what happens and how nervous european officials get. silvia, thank you. and the legislative pac is needed for the country of france to escape a hung parliament. the idea represents the bloc's desire not to block the country, but stopped short of offering a governing coalition saying the group is independent.

hungary and slovakia is meeting over ukraine and stopping the oil supply to both countries. around one-third of hungarian oil imports come from lukoil. they have three days to respond to the foreign minister san saying if the conversation doesn't yields results, they will take the issue to international court. the next meetings will be held in brussels instead of budapest. the announcement from borrell comes after symbolic consequences on the nation after prime minister viktor orban's peace talks in russia without the bloc's blessing. we would like to mark a sad day. becky barr has passed away, aged

46, after a battle with cancer. becky joined cnbc in 2007. i remember that day before moving to the bbc in 2013 and in 2019, she left the world of journal ism to become a firefighter. we send our condolences to her family at this very difficult time. . . what is cirkul? cirkul is what you hope for when life tosses lemons your way. cirkul is your 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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shares of mattel closed 15% higher on monday after a reuters report that it has received a takeover approach from private equity group l.catterton. it could consider others making a move like hasbro. mattel is confident in its path as a stand alone business. and in the meantime, cohere raised $500 million of funding. the canadian firm is taking on a.i. giants openai and anthropic. cloud security firm wiz has

pulled the plug on a $23 billion acquisition offer from google saying it will instead push ahead with plans to go public. in a letter seen by cnbc, wiz's co-founder rejecting the humbling offer is difficult, but the company will now focus on its next milestone. an ipo. the deal would have been google's largest start-up acquisition to date. it is a bumper day of earnings from the u.s. today. tesla margins are expected to hit the lowest level in five years as price cuts and financial incentives continue to squeeze. it is said to be a rosy quarter for alphabet. google's parent company is expected to have double digit growth. arjun is our tech expert. alphabet shares up 30% year to

date. it seems like the stock is set for perfection going into the numbers. >> very high bar, carolin. to look at the broader market. this is at the core of the ad business and advertising has been robust in the second quarter. we have seen various reports that search is doing well and youtube continues to do well. the story is how well that advertising business is doing, but how well alphabet is able to communicate its plans around artificial intelligence. it has spoken about it the last few quarters. it launched gemini. investors will want to see two things. costs are under control as they continue to invest in a.i., but also these a.i. investments so far are beginning to bear fruit. are we going to see that in terms of any bump to ad revenue or are we going to see that in the cloud reverevenue? >> let's bring in the senior

analyst. arjun, stay around for the conversation. you heard the arguments and questions for investors for alphabet. do youthink it can deliver on those two points about the spend and controlling the costs and also monday they monetization. >> thank you for having me on the show, carolin. it does like like microsoft and alphabet are in the gold ilocks scenario. they are setting up for growth and the likes of alphabet, growth will come from advertising which is very closely linked to the macro scenario and consumer sentiment and inflation coming down. that is looking pretty rosy. also, yes, of course, ya.i. and

the cloud where alphabet gave a rosy picture last month and it is looking to discuss more how massive adoption of the features can come into popular consumer and corporate platforms. ultimately monitezation in general. in general, i agree with arjun. it looks like it will be a pretty good earnings season for alphabet and other tech companies. >> we know google continues to dominate in search and search advertising. investors have been excited around the prospect of youtube which faced competition from tiktok recently. what is the read on the strength of youtube as it faces more and more competition? >> that's a valid point. not only in media, but you have

sort of mobile platforms and content on the go and in terms of streaming. it is a very competitive space across both segments. youtube, we have seen for the past few quarters, really being able to capture consumers and youtube premium numbers will be looking pretty good. also, youtube tv is a very important platform for them, especially in the developed markets. in all, we do expect to see a lot of competition. on the other hand, monetization opportunities are broadening. across the market, we see the advantage pricing on ad spaces even on youtube to be ak st.

louis accelerating. we do believe it will turn out impressive numbers. just a couple of days ago, netflix gave good ad subscription numbers. that hints as a good picture for youtube, too. >> yang, i want to talk about the broader a.i. craze. we have seen more and more critics of nvidia coming out. recently goldman sachs saying this technology is so much more expensive to build out on others, for example, and the real case hasn't been made yet. which camp are you in? skeptics or a fan? >> i'm still a fan because i think as compared to past fads or bubbles, i think they really are useful scenarios or use cases from a.i. i do recognize that across the industry we're probably nearing

an inflection point and the whispers of diminishing technology returns from the models is a concern and cost considerations and customer benefits and users were coming into question. you know, with warregard to whas happening short-term of 2024, i think the fundamentals will remain positive and probably will be unchanged. we have been looking at three companies that have already reported. samsung, tsmc and asml. the latter two are very key companies in the a.i. chip segment. we have seen bookings for the company like tsmc which is raising its forecast for the year. we see from the supplier of the

a.i. structure side to be strong. that should bode well for the players in this segment for the rest of the year. >> yang, it is interesting how the market is looking at a.i. players. you've got the infrastructure players which have done well and the cloud application layer with microsoft and google, et cetera. what about tesla? this is such an interesting stock which has those focused on this as an autos business with uncreaskr increased competition from w china. those feel this company is the future of autonomy and future of robotics and a.i. on that debate, where you do you sit? >> i think the opposite views are equally strong and convincing. tesla is facing a very strong headwind from the macro side. the easy pickings of early adopt

after ers of evs has been had already. on the other hand, you know, we are talking about self-driving process has been slow, to be fair. in the past quarter, we also have heard some interesting stories out of china that tesla, potentially, can work with local authorities and that can accelerate its progress in that department. on the conference call, a lot of questions about when the new models will come. the model y is due for a refresh and the low-cost model coming in 2025. the delayed robotaxi. what is the new timeline? i think tesla has a very interesting projects to come down the line. it is all a matter of execution

whether they can push the timeline as to the original date as expected. if they can execute, then there's a lot of imagination that could be realized in terms of future of the company. >> all right. thank you so much for your time. senior analyst research. very interesting dynamics with biden and elon musk. not biden. trump says i love elon musk. i don't know whether he likes evs. >> that's actually the big question that elon musk has thrown his full weight behind trump. that is the big question mark here. >> is the sector or are e evss d tesla a thing in the next couple months? ftse is off the session

lows. basic resources under pressure. we had earnings out. that is driving the dax. porsche is down. s.a.p. is at the top of the index. quick check of the u.s. futures as well. looking pretty negative here. the s&p 500 is set to lose ten points. the dow jones industrial average is set to lose 20 and the nasdaq set to lose 75. and the nasdaq snapping a three-day losing streak. of course, it is all about earnings today. tesla, alphabet among the few reporting. that is it for the show. i'm carolin roth. "worldwide exchange" is up next. see you tomorrow. bye-bye. t. see rrow. bye. t. see rrow. bye. t. see rrow. bye. t. see rrow. bye. t. what is cirkul? cirkul is the fuel you need to take flight. cirkul is your frosted treat with a sweet kick of confidence. cirkul

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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." earnings central. investors gearing up for the mag seven with two of the big ones reporting today. and the s&p 500's best day since june. we will see if the same holds true for the red-on the small cap trade. breaking news. vice president kamala harris closes in on the democratic nomination for president and the donor cash that pours into the campaign. an