it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." global market selloff. wall street coming off the worst day since 2022 with the nasdaq and mag seven losing. global chip stocks take another hit and a rate cut ins china leaves investors anxious. plus, tracking the luxury sector stock slide and if the worst is yet to come.

later, president biden pass t the torch. it's thursday, july 25th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning and welcome to "worldwide exchange." thank you so much for being here with us. let's get you ready for the trading day ahead. we check on the u.s. stock futures. it is a sort of mixed picture. nasdaq down a few basis points. look at the dow. it would open up more than 100 points higher. the s&p is fractionally higher at this hour. this after at major selloff on wall street which fell 3%. the s&p fell 2%. here is the stat to put yesterday in context the momentum of the a.i. trade.

yesterday was the nasdaq's first drop of 3% or more in 400 trading days. focus on the mag seven falling between 2% and 12%. tesla was the 12%. together, they lost $768 billion in market value. we are looking at the bond market this morning. excuse me. the big tech selloff this morning, i should say. the pre-market right now, tesla is down 1.3%. f alphabet is flat. look at meta platforms. this is interesting. a lot of questions over what we saw from alphabet is a read into meta in the ad business. meta up .50% in the pre-market. that's the money set up. let's turn our attention to around the world. asia and europe investors are dealing with the knock-on effects of the wednesday knockout. jp ong has the trade in asia and carolin roth with the look in europe. carolin, we start with you.

>> good morning, frank. we are seeing indiscriminate selling in europe. the macro data did not help in germany. the ifo index down unexpectedly in july. the cac 40 is off 1.5%. luxury names driving that market lower. the dax is down 1%. italy is showing weakness here. it has been a packed day of corporate earnings across europe. sd micro is drag tging the chip sector lower for the second time this year on weaker auto demand. we are also watching shares of unilever up 5.3%. shoes shares moving to the upside because the company saw a 17% rise in underlining profit in the second quarter despite underlining sales rises weaker than expected 3.9%. take a look at this. renault shares are slumping. that is despite a margin beat

after its partner knissan cut te first quarter operating profit. back over to you. >> carolin, thank you very much. we turn attention to the action in asia and tech stocks there following the u.s. lead lower, plus more surprise moves from the china central bank doing little to ease consumers. we have the latest with jp. >> good morning, frank. we start off with the tech selloff first which sparked wall street. we will have to start in south korea with the kospi among the leading laggards. not helped by the south korea reporting of the contraction of the gdp second quarter report. you noted the laggards in the tech space. a number of key earnings impressed. sk hynix reporting the highest

quarterly profits since 2018. hyundai with the jump in the operating profit for the second quarter. some of the biggest laggards. it was a similar story with the japanese story with softbank one of the biggest losers in tokyo. carolin talked about nissan with the plunge in profits. nissan reporting lower. toyota reporting parts shortages. they were also a big loser. if they did have enough bad news, actually, that strengthening yen weighed on exportss and carmakers in japan. the pboc cutting the midterm loan facility. it was mixed with shenzhen in the green.

sentiment was bad across asia pacific today, frank. we will see if it improves on the friday trade opening tomorrow. back to you guys and good morning to you in new york. >> jp ong, thank you. let's get more on the stocks after the selloff. the s&p is more than 4%. the nasdaq is 7% from its most recent high. joining me now is peter bookvar and philip covar at mrb partners. great to you have here. peter, i want your take on the action we saw yesterday. do you believe this is a realization of the concentration risk that so many people were worried about or reaction to the earnings we saw? >> i think it's both. we can add on a few more things. it was a few weeks ago that the s&p 500 was trading almost 15% above the 200-day average which is extremely stretched. on the sentiment side, you had

the citi panic euphoria and the bull-bear spread was nearing 50. now we are questioning whether all this a.i. spend is going to be worth it. now you can throw in the stronger yen which is resulting in carry trade unwinds. you pile all that together and to me it explains the selloff not just yesterday, but the shaking of the tree, so to speak, that we've seen over last couple weeks. >> philip, peter believes a basket of things led to the setoff yesterday. he is talk about the alphabet cap ex spending. was a factor in the alphabet report? it was a catalyst in the broader selloff. >> i do agree largely with the statements there. we end up with the exceptionally overbought rally.

there is a lot of euphoria in a.i. and tech-related stocks in general. the problem is we had this big gap open up with the market capitalization and the market contributions which eroded. this is a massive air pocket that opened up and earnings have to deliver and a.i. specifically. the spend needs to be useful and at a brisk peace. that's not good when you have this air pocket open up. given their contribution to the index, you are bringing down the index with the shakeout going with it. we see these stocks as volumer a vuln vulnerable. >> a lot of people saying this might be a correction. a 5% to 10% correction could be on the horizon. phi phillip, i'm looking at q3. real estate is the sector. small caps and bio-tech out

performing the nasdaq. is this the sign we could be headed toward a correction or healthy pullback? a lot of terms people are using. >> the challenge is the concentration of the growth related mega caps are so big that you bring down the overall s&p 500. having said that, you have a situation equally weighted or a lot of sectors don't look like that. the mega caps have higher earnings that are cooling and disappointing. a lot of other ones have trough earnings and have the potential to beat the bar. i think you have a situation here where the overall index will feel the weight if you take the tech shakeout. a lot of sectors will be okay. we like financials and parts of the industrials and energy space and even health care. we are looking for non growth related assets. you can get absolute gains in there. it is tough on the overall s&p 500 given the weight of the mag

seven. >> peter, where do we stand on the election trade? a lot of people thought the small caps were the trump trade. we do not think politics matter to build on the july strength in the coming months. even with the rebound, relative performance is strained. when it comes to small caps, is this an election trade or a trump rtrade or lower ravaluati? >> i think it is the latter and the prospect of fed rate cuts. you have to understand a lot of the small companies have floating rate debt. i have seen companies whose interest expense doubled over the past few years because of the sharp rise in short-term interest rates. i think that any rate cuts from

the fed give a lot of relief to the balance sheets of a lot of the small companies that are certainly more vulnerable to the rise in rates. that has been the biggest factor and you can throw in the meme reversion. you said the spread with the big names and everything else's has gotten so wide. >> fphillip, you actually beliee july is a live meeting and you believe there will be a cut. there is a 7% chance of a .25 basis point cut in july. with that in your mind, would that stop any correction or slide if we do get that cut? >> first of all, on the cut, yeah. the fed is intent on lowering policy rates. for the record, we don't feel that is needed to sustain expansion. we feel the fed is looking in the wrong direction. we feel it has data points. it is mostly immigration and not

weak employment conditions. it will be the excuse. it has the foundation for a cut. it is televised for september which is the base case. if you have the data in place now and you've got month to month inflation being volatile and you are at a low add, it could move on it. we saw some floated from other things from dudley. >> we will get more insight tomorrow with pce. peter and phillip, thank you. time for the big money movers and earnings dominate the market action this morning. one stock offering a bright spot to the other wise struck thing tech trade. ibm. shares are popping up 4% after revenue rose by 2%. the company saying it is confident in the outlook for tech spend and a.i. related products. big blue bringing in $2 billion compared to the $1 billion last quarter. shares of ford are sinking after it reported mixed second quarter

results. shares down more than 13%. revenue beat expectexpectations. ford also sticking with its previous full-year guidance. similar for stellantis. net profit falling 50% for the first half of the year with weak sales in the u.s. it does add there is more work to do. shares of stellantis down 7%. we are looking at chipotle. shares are moving higher. increased traffic boosting revenue once again. price hikes help offset avocado and the use of oil to fry chips. that is despite the slowdown. ceo brian nichols says it is because of the value proposition. sales up 4%. a lot more to come on "worldwide exchange," including the one word that investors have to know today.

first, the latest casualty in the luxury stock meltdown and what it is doing to the net worth of one of the world's richest people. and we look to tech-proof your a.i. portfolio. we have a very busy hour when "worldwide exchange" returns. stay with us. ne m. clem needs benefits. work with principal so we can help you with a plan that's right for him. let our expertise round out yours.

welcome back to "worldwide exchange." shares of kering reported a bigger than expected drop in score sales with weaker demand from chinese shoppers. kering joins richemont and burberry. let's brian wing in javier who the luxury fund ltx. good morning. >> good morning, frank. thanks for having me. >> we were talking when i was in london. china was the issue then. in your mind, is china the biggest issue for the luxury brands or is it a problem globally? >> i think we have a broader slowdown clearly in the aspirational consumer. i think things deteriorated

rapidly in china because you have other things going on there like a clamp down on wealth. there is a broad slowdown in the middle income consumer which is impacting many luxury groups. >> you are saying there is a slowdown. i was listening to the lvmh call yesterday. i want to see if you agree with the comments. i think we may have technical difficulties. javier, people are not buying champagne because they are not happy. and people are not buying tiffany because they are not getting mattrried. they cited geopolitical issues. do you agree or disagree gl

globally? people are not as happy an as in the past and not as willing to spend? >> i don't know about that. i do think economically when there's more pressure, you tend to celebrate less. you have to direct your spending or your income to more necessary things that we call the staples. i think in the case of champagne, there's a different cycle to the one you might have in hard luxury. there in luxury drinks and luxury spirits, which we have seen of what is happening in champagne is we have seen a very big destocking happening cycle provided by wholesealalewholesa. that is different from the other parts of the luxury sector. >> javier, thank you very much.

>> thank you. coming up on "worldwide exchange," canary in the coal minor isolated incident? what the ad slowdowns could mean and what it has to do with meta and snap. stay with us. we'll be right back. i'm sam, i have a three and a half-year-old puppy. levi is rambunctious, he's very active. so, levi's had to go to the vet because he was coughing a bit, and he ended up getting x-rays. it would have cost over five hundred dollars, had i not had fetch pet insurance. fetch provides coverage for all of this...

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is ramping up production to supply expanding nuclear markets and diversifying into rare earth elements, key ingredients in many clean energy and defense technologies. energy fuels. welcome back to "worldwide exchange." turning attention to the campaign trail. president biden making his first public comments last night since deciding to end his campaign.

he said it is time to pass the torch to a new generation filled with new voices. >> i like to thank my vice president kamala harris. she is tough and capable and an incredible partner to me and leader for our country. now it's up to you, the american people. >> this comes as sources tell cnbc allies of kamala harris and the tech community including reid hoffman launched a lobbying campaign to convince donors to support harris for president. the efforts are now on track to raise more than $100 million. this is another group of democratic donors of rubin and lasry who met yesterday to stst strategize new ways to beat

donald trump in november. this was the first of its kind since sunday and aiming for large-scale fundraising for harris. that could get a boost sooner rather than later. barack obama plans to endorse kamala harris in coming days. as we head to break, shares of edwards life sciences were mixed. you see shares were down more than 22%. "worldwide exchange" is back right after this.

it's just about 5:30 a.m. in the new york city area. there's still more ahead on mar. tech record is a factor in the drop with the mag seven seeing a wipe out. we dig into why the stocks are crashing back down to earth. as jim cramer said there is a bull market somewhere. the next three stocks can help protect your portfolio in times of turbulence. it's thursday, july 25th, 2024. you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide

exchange." i'm frank holland. we pick up the half hour check of the stock futures after yesterday's selloff which saw the nasdaq fall 3%. the broader market 2%. both coming off the worst day since 2022. futures are a mixed picture. the s&p is lower. earlier, it was fractionally higher. the dow would open up 65 points higher. the nasdaq is down 30 points. wall street spilled to asia. nikkei plunged 3% leading losses across asia. hang seng down 1.5%. similar for the kospi. and similar trades in europe. the dax down 1.3%. the italian ftse mib down 2.5%. the ftse 100 is down 1% as well. we turn attention back to the u.s. markets. bob pisani has the latest in

tech and beyond. >> the stock market is facing three issues. tech rel-rating and seasonally weak period. re-rated. prices have run up dramatically in hopes of outsized earnings. the problem demonstrated in relation to alphabet earnings yesterday. investors are understanding there is still not a big payoff for the artificial intelligence infrastructure play and that the return on investment on a.i. is not going to materialize for a long time. investors have actually be re-rating tech stocks for weeks. the s&p index is 10% off the 52-week high. the vaneck is off the high it hit several weeks ago as well. the second issue, concerns of a slow are economy and the fed may stay high too long for interest rates. former new york federal reserve

bill dudley's editorial yesterday was the issue for the worrywart crowd. i changed my mind about the economy. the third issue is seasonality is a big factor here. volatility increases from july to october. goldman sachs noted that the inflection date when the s&p sees more down days is july 17th with the peak in september and not really stopping until the end of october. flipping positive. that's the tell. back to you. >> as bob mentioned, tech is the factor of the market volatility with the major focus on the mag seven. each falling between 2% to 12% yesterday. tesla down 12%. steve kovach joins us more on the tech wreck.

steve. >> hey, frank, it was the first wave of big tech earnings that sparked the selloff. tesla was bad which was enough to send peers down in sympathy. nasdaq had the worst day since october of 2022 falling more than 3.5%. check out the scorecard from yesterday's close on the back of the earnings. tesla dropped 12%. alphabet fell 5%. and in sympathy, microsoft down 3% and apple fell 3%. nvidia down 7%. the wreckage down the line for the tech names we care about. all of this as more big tech names on the horizon next week putting more pressure on the magnificent seven. we have microsoft, meta and apple and amazon next week and pay close attention to microsoft and amazon. those are the two biggest a.i. cloud players.

we saw investors punish alphabet shares. they are undcertain when they will build out a.i. capabilities to slowdown and show a return. alphabet ceo sundar pichai saying he would rather overspend on capital expenses than under spend. it will be similar with amazon and microsoft next week. frank, it is also possible yesterday's selloff got ahead of some expected lackluster earnings. frank. >> steve, thank you very much. steve kovach live at the nasdaq. where should investors look for opportunities outside of mega cap tech? here to answer that and tech proof your portfolio is gina san sanchez. gina, good morning. >> good morning to you. >> all year long, it has been piling into the a.i. stocks. that is how you out perform.

now you have to a.i. proof it. how do you a.i. proof your portfolio? >> one of the things we're looking at is we're looking for stuff with lower volatility and that is the key. it is not just about the lower volatility stocks. we're are looking for lower volatility stocks with earnings expectations because we're going into a slower period. you know, one of the stocks we're looking at, for example, is something that's going to be more defensidefensive. it is pfizer. you look at pfizer. they have a strong balance sheet. they've had, you know, they had some stronger earnings. this has been a laggard on the whole. it is a defensive name that can stabilize a portfolio. that's a stock that, you know, is certainly one that is worth looking at. >> so, when you are looking at stocks, whohow important are dividends? do dividends give you assurance of the yield? >> i think dividends are

important right now. the big challenge with stocks is with interest rates where they are, it does make it more challenging to want to find great dividend stocks. that is part of the equation for looking for what are you looking for. we are also looking at stuff where earnings are continuing where demand is still there. one of the other names we were looking at is hilton. that is a corporate spend. that is actually starting to see revenues starting to increase in a way that really, really benefits. they had a big beat in q1. we think that can continue or at least at the very least, stay defensive because corporate spending is still holding up despite the economic headwinds. it is a another defensive name. >> one of the names on the list

is waste management. i hear people call it a near-shoring thing. the waste and things we tear down have to be moved somewhere. also, in your mind, it is an a.i.-proof trade. why this one in particular? just curious. >> waste management has spent quite a bit of money in their own technology. there is definitely some tech spend that really is going to improve the profitability of the company and we think we could see profits really, really have some significant improvement as a result of that. even if we see a down turn in the economy, it is actually still a pretty defensive name and that near-shoring theme is definitely part of that play. it is a broader really strong balance sheet. that's another one of the aspects of what we are looking for to a.i.-proof your

portfolio. >> gina sanchez, thank you. >> thank you, frank. coming up on "worldwide exchange," we turn back to tech and the ad spend and q2 miss. is it a self-contain ed issue o a broader usuaproblem for tech. stay with us.

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welcome back to "worldwide exchange." take a look at futures right now. the s&p is lower by two points.

the dow is up fractionally as well. we are looking at the dow gainers. ibm up4%. salesforce up over 1%. goldman sachs up .50%. time for the global briefing. china cutting rates for the first time since last august and bringing in around $27 billion of liquidity in the market. this is doing little of the chinese economic recovery. the hang seng down 1.5%. di disappointing earnings hit all around the world. stellantis with a 50% decline in profit in the first half of the year with weak sales in the u.s. renault posting a 33% drop of net income and flat revenue growth. nissan is not faring better in japan.

sl slashing the full-year outlook. two pharma giants moving sanofi raising guidance thanks to strong demand for skin and asthma medication. astrazeneca beat expectations. turning back to tech. shares of alphabet under pressure this morning. down .25% after yesterday's stock slide which was attributed to youtube ad revenue missing. the report hitting digital ad rivals meta and snap and pinterest. are google's ad struggles a o one-off or a sign of things to come? joining me now is david. great to have you here.

>> good morning. >> glad you can hear me. i want to ask you when we look at alphabet. the issue was a 3% below estimate miss with youtube ads. is that a sign in your mind of broader weakness in the industry or simply an alphabet problem? >> if you look at the macro environment, inflation is hitting people more than it was a few months back. we are seeing that with clients in the u.s. we saw that early in q1. we saw consumer behavior dropping off a bit and performance sliding a bit in european markets. in the u.s., that lagged into g2. i was reading the report from mckenzie of consumer sentiment dropping in q2. these are the people buying from the ads. if they see a performance slowdown, they will see that

with alphabet. it is interesting to see with meta, their earnings are out next week and they are conditioning the market in q1 and their expectations are lower for q2. we will see next week with meta. >> you might be mastering an understatement. meta's revenue is 98% from ad ans. apple with a $10 billion worldwide ad business. what we are seeing from alphabet may be interesting and in your mind, is it one company of meta or snap or pinterest? this is a read that alphabet has weakness in their business? >> i think alphabet was late in the market here. especially search ads or the demand is not there.

everything else follows on. it is interesting with meta and what they say and expectations for q3. this could be a case of the market slowdown. there is list intent behind the searches. more heavy platforms like meta and snapchat reaching people and they are not capturing people like the search ads do. >> let's talk about the business. we mentioned your customers. bennetton is one of them. when they come to you and they want to buy ads, are they saying something different to you last year or a quarter ago? >> they were fortunate to grow over when people were home bored

spending online. over the last year, the situation had gotten tougher for them. they would have had quite high growth targets. 21, 22. those expectations have been tempered for this year as well. and we are happy stay any kind of growth. if it is 15% year on year, they are happy to say that this year. even talking about recession here and there. it is scattered around a lot. >> we have to wait and see. big report next week. gill gil david, thank you. we appreciate it. coming up on "worldwide exchange," one word every investor needs to know today and what you need to know when you are searching for a new ho.me we'll be right back after this break.

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♪ well i was raised by careful hands ♪ ♪ yeah, they made me who i am ♪ ♪ so i'm off to see... ♪ we invent them. we design them. we build them. and one day, we have to let them soar. ♪ i'm always coming home ♪ welcome back. home sales are slumping in june falling 5% from the previous month as well as a year ago. home prices are red hot in the summer market. diana olick is joining us now shedding light on where prices may be headed. di diana, a lot of people are hoping they are going down. >> maybe, frank. existing home sales of new and

existing homes in june. both came in lower than expected. interest rates were well over 7% during the month and had been for the past few months hitting affordability hard. prices usually lag sales six months, but we are getting an exclusive look on the latest read on prices. home prices in june were 4.1% higher than june of last year. still up. not as much as in may when a annual growth was 4.7% and annually 6%. june marked the slowest rate since march of last year. we don't look at prices month to month because home buying is sea seasonal. mortgage rates did ease this month, but this july still ranks in the top ten of least affordable months of the past 30 years for buying a home.

going local, prices are still higher than a year ago in 94% of the top 50% of the housing markets with the strongest growth in providence, hartford, san jose and milwaukee. austin was the only city where prices were lower than june of last year. down 2%. prices could continue to ease. that's what we're seeing since sales are so slow. here's the issue. sales may be slow now because people think mortgage rates are going to come down more in the next few months. if rates drop significantly, that's going to flood the market with all that pent-up demand from buyers which puts pressure on buyers to move again. >> i think people are hearing that, diana. following the data, we see the rise in inventory. shouldn't that reduce the competition or prices in some markets? >> you think it would. normally it does. here's the inventory problem. on the existing homice side, its

not that so many new listings are coming on the market, homes are sitting. they are not selling. that is increasing the inventory t. is not on the demand side. when you see more inventory, that is when prices start to come down. that's not the issue here. we do have very big supply of inventory on ly built side. when you add up supply on the newly built and existing side, you have a four-month supply. six is a balanced market. you will citstill see the press on prices. >> diana olick, thank you very much. coming up on "worldwide exchange," fresh fuel for markets coming off the worst day in more than a year and a half. look at futures right now. a bit of a mixed picture. the dow is higher.

the s&p is fractionally lower. if you missed "wlddeorwi exchange," check us out on spotify or other podcast apps. more "worldwide exchange" coming up after this.

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welcome back to "worldwide exchange." we have a market flash.

shares of apple down .75%. the research firmt canalis say the shipments from huawei jumped in the second quarter. apple's market share slipped by 2% overall. the firm says the china smartphone shipments rose 10% last quarter with huawei. apple shares under pressure following the report that huawei shipments increased in china. time for the wex wrap-up. the nba news and we had alex sherman on a couple days ago. nba signs with disney and amazon. it is rejecting the warner bros. attempts to the deal. lineage raising $4.4 billion in

funds and well trade. catch the co-founders on "squawk box." and boeing pleads guilty to the crashes that killed 346 people. boeing made agreement by dishonest means to mislead the faa group that evaluated the planes. berkshire sells more bank of america shares. b it is the company's second largest holding behind apple. and lvmh owner bernard arnault net worth tumbles. we will have another busy day of earnings with results from

honeywell and american airlines. the ceo of american airline ans and ceo of southwest airlines will be on this morning. one thing to be key focus for the investors today following the selloff. look at the futures here. a mixed picture here. the s&p is lower. the dow would open up 40 points higher. the nasdaq is 60 points lower right now. let's bring in jay hatfield. great to have you here in studio. >> thanks, frank. great to be on. >> i'm sure your phone was ringing off the hook from clients. yesterday, what we saw was the tech selloff. it was spurred by alphabet. do you believe that is the beginning of the trend downside momentum? >> it started two weeks ago with a very soft print in cpi and ppi. that locks in pce to be either

zero or .1%. you made the september cut virtually certain. that kicked off rotation and a hedge fund meltdown. it was too long tech and short value income and short caps. that will continue through the fall. that is why we are recommending more conservative value stocks. >> you say that it started with the inflation report which led to the shift in investors. one thing i want to talk about is nvidia. we talk about nvidia leading the market. if you look over the last couple months, it is lower and in the red. on the technical level, falling below the 50-day moving average. in your mind, is that a sign we're headed toward a correction people have been talking about with the influence of this stock and concentration of the mega-cap tech names? >> we believe they are momentum trades.

we were actually positive on nvidia. it got close to our target at 145. it is fully valued. the bar is high. that's the issue with tech and we saw that yesterday. high expectations and ten dpen as tendency to disappoint. we do think that because of that run and high expectations, there is a lot of risk in tech stocks. >> jay, boston properties. shares are down 4% year to date. dividends almost 6%. why buy this stock right now? >> this is a non-consensus call all year. one of our largest holding in icap. we have a non-consensus call because we feel investors are focusing on low property space. boston properties is the premier

developer of a-plus office. that is doing well particularly here in new york and boston. there's a graph vitation. >> jay hatfield. thank you very much. taking a look at futures. a mixed picture right now. that does it for "worldwide exchange." thank you for watching. "squawk box" starts right now. good morning. stock futures are mixed after the selloff on wall street. we'll show you what's moving. awe busy day for earnings. honeywell, hasbro and southwest and american airlines in the next hour. and automakers under pressure after disappointing results from ford and stellantis. it's thursday, july 25th, 2024. they are already playing soccer over at the olympics. >> and having a little bit of issues with that, too. >> someone scored a goal. there's a huge celebration.

>> three goals. >> "squawk box" begins right now. ♪ good morning, everybody. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen. andrew is off today. we are getting ready for the olympics. you had soccer, you had rugby, you had water polo take aing pl yesterday. you have riotous situations they had happen, but taken place. >> nice piece of what france is trying to do in terms of security. never been this threat to olympics turns paris into an open-air for