it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." the busiest week of earnings season as they brace for the next week of the market shift. and kicking off the triple threat. we tee up what you need to watch for. and warren buffett's berkshire is slashing its stake in one u.s. banking giant taking massive profits. politics and protests in venezuela to challenge the country's recent presidential

election results. later, delta takes action against crowdstrike over the outage and the thousands of flights canceled in its wake. it's tuesday, july 30th, 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 kickoff the hour with the u.s. stock futures with the s&p and nasdaq coming off back-to-back winning sessions. futures in the green across the board. the dow would open up 50 points higher as the nasdaq is moving 40 points higher. we will continue to watch these throughout the show. we are watching the bond market. look at yields here in the u.s. look at the benchmark 4.18. that is the money set up for the

u.s. we have turn attention over to london with the breaking news in the eurozone. carolin roth is standing by with that. carolin, good morning. >> good morning to you. we had data out of the eurozone in the form of the second quarter gdp print. preliminary data showing the eurozone economy grew up by 0.6%. beating forecasts for the year. we expect a print of 0.5%. let's look at the euro-dollar. we are not seeing much movement. 108.28. i want to show you and tell you that the german economy very much undershot expectations and actually showing a slight slowdown in the second quarter. 0.1% that was the terms of shrinkage for the biggest economy in the eurozone. when it comes to the european markets one by one, we are still very much driven by what is

happening on the earnings front. we got numbers from the likes of diageo, the drinks maker, suffering from the slowdown in the american trade and that is impacting that market. glencore is lower after the first half production update. back over to you. >> carolin, thank you very much. carolin roth in the london newsroom. time to get a check of the stories this morningwith silvana henao. silvana, good morning. >> good morning, frank. phil lebeau is reporting that delta airlines is hiring david boies to sue over potential damages from crowdstrike after the global i.t. outage this month that led to thousands of flight cancellations costing the airline an estimated $350 million $500 million. delta is currently dealing with more than 176,000 refund or reimbursement requests from the

nearly 7,000 canceled flights. and andrew left pleading not guilty over financial fraud. left making his first appearance in the los angeles federal courthouse yesterday since being charged last week by the justice department. the judge calling left a flight risk and imposed a $4 million bond. if convicted, he could face decades behind bars. and bill ackman losing another key backer in his hopes to take his firm pershing square public. the group is latest to drop out of the investing in the u.s. close fund that is set to price in the coming days. in the letter made public last week, ackman said $150 million would be inn vvested in the ipo which was set to raise between $2.5 billion, which is below the

$25 billion estimate he floated weeks ago. frank. >> a story we will follow later on. silvana, thank you. turning attention back to wall street. investors preparing for a number of issues on the market. it is the efrngarnings season. many companies are showing it is not a question if they can beat expec expectations, but more if they can overdel deliver. deutsche bank says traders are pricing in 175 basis points of cuts. in the near term, they believe there is a nearly 90% chance of the quarter point cut in september. not this meeting, but the next one. then the monthly jobs report on friday which is expected to show payrolls decrease by 10%. let's discuss with doug

bonaparth. you are here in the studio and have the best hair on tv. the fed meeting starts off today. the expectation is the cut in the next meeting, not this one. whatever jay powell says is closely watched. i'm sure you are getting calls from clients. are there moves coming up with maybe this meeting or next meeting or is that priced in to the markets? >> i think there are things you can do with the portfolio. you can expect going longer duration. get ahead of the rate cuts. if you are thinking about cash, it is a good deal. >> again, 90% chance if you look at the cme fed watch tool of the cut coming up in september. not tomorrow, but september. a lot of people think you want to be invested in cyclicals ahead of the cut. i'm looking at materials and financials and even utilities.

big moves to the upside. do you think there is more room to run with a rate cut or are these the sectors you want to be? >> it could be a fine position to be in. we are looking to be diversified across the board. you look at the large cap growth sector into the broader market like small caps and midcaps. this is the time to breach diversification to soften the blow. you may see that in the cyclicals as well. >> i have to ask where bitcoin or cryptocurrency go in the portfolio? former president trump speaking about bitcoin over the weekend. does it depend on the percentage? does everybody need exposure? >> it is something that will be a mainstay piece of the portfolio. you see anywhere from 1% to 5% on the portfolio in bitcoin which served you well in the last ten years. you have an etf. you have more ways continue to

vest in bitcoin. i think you will continue to see it's popularity grow inside of client portfolio. >> i have to ask. mega cap tech. where are you with mega cap tech? is now the time to take profit or do you keep money riding on the results? >> you want to look at concentration risk. if you are watching the magnificent seven picks grow in the portfolio, put down side protection in there. you can put in a limit order to lock in the gains you have. take a look at the target allo allocation. that might be the time to pare that back. >> it sounds like we are talking to people directed in nvidia. i know a lot of people. thanks for coming in. >> thanks. >> for more on the trading day ahead, head to cnbc.com/pro for insights and analysis.

we have more to come on "worldwide exchange," including the one word investors need to know today. first, unrest gripping the streets of venezuela following the latest presidential election. we have the very latest coming up after this break. the bank of japan set to end an historic easing cycle. later, more on the earnings season and the fed trade. we will speak to the ceo of morningstar. we have a very busy hour when "worldwide exchange" returns. stay with us. what is cirkul? cirkul is what you hope for when life tosses lemons your way. cirkul is your

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welcome back to "worldwide exchange." an update on the developing story we brought you yesterday. update from nicolas maduro who claimed he won the venezuelan election despite polling data showing he should have lost by 25%. overnight, you see thousands of opposition supporters to take to the streets to protest of the maduro struvictory with a major happening in the lower-income neighborhoods. officials are expressing serious concerns that the results did not reflect the true vote count, but declined to say if the white house would do anything. the latest to the market action and the bank of japan laying out the plan for the quantitative tightening after easing and a chance it could

raise the benchmark interest rate. however, 30% of investors have that as the base case tomorrow. the nikkei 225 is hovering around 9% below the 52-week high back on july 11th. joining me now is the goldman sachs senior economist. great to have you here. >> good morning, frank. >> we were just mentioning 30% of investors believe they will hike interest rates. you are part of the 30%. you believe they will hike. what is the implication with the japanese equities and bonds? >> actually, it is normally or generally speaking that the rate hike is considered to be a neg negative factor for the stock market. first things first, it is good for the financial markets because it earns more interest. if the stock market takes the rate hike from the strong economy and then the equity

market could react positively. that's why our equity strategists expect they continue to recover the increase in the next 12 months. >> some of the reports cite japanese officials saying that japan is ready for the higher rates. quote/unquote, deflation is over. what are the broad implications for people who invest in japanese investments and japanese bonds? it is like a trade du jour after warren buffett decided to invest in japanese trading houses. >> one thing i like to say is this, in the last couple months, japanese related data is very, very good. wage data is good. cpi is good and the ppi is good and some other data shows positivity. that's why we expect the boj to upgrade the inflation outlook which is followed by the rate

hike. that is the positive news for the companies who can sell at higher prices. >> great to have you here. thank you very much for your insight. your forecast is the bank ofpol rate. thank you again. coming up on "worldwide exchange," we will hit the campaign trial and the inflation reduction act may hit in the strangest appliplace. we'll be right back. not to mention the kitchen remodel, and we'd just remodel the bathrooms last month. with empower, i get all of my financial questions answered. so i don't have to worry. so you're like a guru now? oh here it comes— join 18 million americans and take control of your financial future with a real time dashboard and real live conversations. empower. what's next.

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welcome back to "worldwide exchange." time for the big money movers. we start with shares of f5 are popping. shares are up more than 14%. the cloud services provider topping the estimates in the most recent quarter. the company raising full-year sales guidance up 12% from the previous range of 7% to 9%. shares of lattice semiconductor i falling after the period of inventory normalization. it is expecting a drop for the current quarter. shares down an15%. and warren buffett cutting stake in bank of america. it is selling 767 million in stock. it has cut stake for nine straight days.

berkshire still owns $39.5 billion of boa shares accounting for 10% of the portfolio. second largest holding behind apple. shares not moving in the pre-market at all. turning to the presidential race and one democrat taking his name out of consideration in the race for the running mate for kamala harris. roy cooper posting on x last night. he strongly supports the harris campaign. cooper took himself out of the mix because he wants to run for senate in 2026. cooper took part in the fundraising events for harris last night to raise more than $3.5 million for her campaign. other vp contenders are tim walls and jp pritzker which had more than 180,000 people on the zoom call. on the other side of the aisle, jd vance attended a dinner reception in palo alto which was hosted by the ceo of bitco.

tickets were going for $50,000 per couple. sticking with washington and political fighting over the inflation reduction act. this created hundreds of billions of dollars of incentives for clean energy, but republicans may be trying to overturn that. pippa stevens is here with more. >> reporter: good morning, frank. the ira is the largest investment in energy and clean energy on record while republicans tried to repeal it since it was signed into law. complicating matters in november is the republican districts is the biggest beneficiary. more than half of the announced products are in gop-held areas attracting 85% of total investments according to data from e2. the i.r.a. created 74,000 jobs in republican areas according to the firm compared to 27,000 jobs

in blue districts. part of that is thanks to rural and semi rural districts that tend to secure land and access to labor outside of major cities. experts say a total repeal is unlikely. parts of the i.r.a. could be struck down. mona de jani said there could be stricter qualifications for the 7, $7,500 ev credit under the i.r.a. and guidance has yet to be clarified. bob keiff said the saber rattling around the law is casting a shadow on projects. these are capital intensintensi frank. lenders say this change could stall the projects. >> pippa, i want to ask, who

could be the most impacted? >> first solar is the first of the i.r.a. they have been a big beneficiary from the i.r.a. law. they benefit from the tougher stance on china and the tariffs. they are exposed to the ev incentives and that could be the number one thing at risk. that $7,500 credit. that could impact rivian or tesla. in an unlikely scenario where the entire law is repealed, piper sandler laid things out and said when it comes to grid efficiency, companies will probably be manageable in terms of the impact if the entire thing was repealed. for utilities, first solar and array and nextracker could see a

bigger impact. piper sandler said it could be on the installers. frank, nobody is really saying that is the most likely outcome. all of the clear energy companies are beneficiaries of the funding. if it were to be repealed, we could see changes with the u.s. leading the way in clean energy. >> pippa, thank you very much. coming up on "worldwide exchange," the busiest week of earnings season and we will tell you what the ceo of morningstar thinks of the beaten up trade and when the fed meets tomorrow. stay with us. we'll be right back after this break.

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it is just before 5:30 a.m. in the new york city area. there is still more ahead on "worldwide exchange." the nasdaq is looking for back-to-back positive days. the latest policy meeting on when the rate cut could be coming. and the biggest week of earnings season with mega cap tech reporting. can microsoft buck the trend? the ceo of morningstar to stand by to say a.i. could help you manage your money. it's tuesday, july 30th, 2024.

you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm frank holland. let's get you ready for the trading day ahead. we pick up with the s&p and nasdaq riding two straight positive sessions. look at futures in the green across the board. s&p up 10 points. the dow up 47 points. nasdaq up almost 40 points. off their highs of earlier this morning. right now, we will take a look at the nasdaq 100 biggest gainers. chip maker asml shares up 2%. followed by tesla up 1.25%. qualcomm up almost 1%. we are checking the bond market as the fed kicks off the latest policy meeting today. 4.18, falling a few basis points from recent days. we'll continue to watch the move in yields throughout the show.

key to the market action today -- excuse me. the biggest week of earnings season. we get earnings from amd and pfizer and merck. jetblue also reports as well as starbucks. phil lebeau has the key numbers to watch with jeoet jetblue. >> when jetblue reports later today, they will key in per seat. it is what jetblue says about unit revenue for the rest of the year that could determine how jetblue shares trade on wednesday. this is an airline in the midst of restructuring routes under new ceo. they are making progress, but still have a long way to go. garrity's focus is on adding

profitable routes. not just to pick up market share. we will speak with joanna geraghety today on closing bell and where jetblue is and where it expecting to go the remainder of the year. >> good morning, starbucks will report later today. analysts are looking for revenues of $4.2 billion for the third quarter. the key figure is same store sales. expected to drop 2.7% and internationally expected to be down 5.1%. sales in the u.s. are expected to decline 2.2%. last quarter, it slashed guidance and occasional customers came in less. the expectations for the same-store sales are in the low single digits to flat on the year. the company forecast that sales will start improving in the fiscal fourth quarter. starbucks is taking steps to

remedy the situation. the trainings for workers and customers including speeding up service times. it also opened the app to non-rewards members and started to offer a value deal with a coffee and food item to capture back business. frank, back to you. let's stick with earnings. investors are looking for how companies are using artificial intelligence to use their business. mega cap tech has reaped rewards so far, but others are benef benefitting. that includes more automated. morningstar says a.i. to be the most powerful disruptive tool for financial planning. it is using the a.i. chatbot for investment advice. joining me now is kunal kapoor. good morning.

thank you for joining us. >> good morning, frank. how are you? >> i'm great. thanks again. i want to start off with your view. it is a pretty interesting one. the returns from the public markets over the next decade will be half the previous decade. you think the next decade will be about 5% compared to 12%. how does that a.i. manage that decline in the market? >> i think the good news is that most investors have already benefitted in a very significant way from what's going on with a.i. if you look at index like the morningstar index, they really have been powered by the returns of a.i. stocks, as you know, the magnificent seven and beyond. so, returns have been significant to the tune of north of 10% annualized in the past decade. any historical measure is a wonderful outcome. when we look ahead, we expect those returns to moderate and maybe come down closer to the 5%

to 7% annualized rate of return. it is not a comment on a.i. and the power of a.i., but just a comment from us in terms of how we feel about the prospective returns given so much have been captured going forward. if you look at our total u.s. market forecast, we think the u.s. market is largely fairly valued today. maybe even slightly overvalued. the great turns and opportunities in value stocks and small-cap stocks have opportunity over and above the headlines. >> a lot of people see the opportunities. i think a lot of people call it frothy or foamy. one issue is that investors are getting calls on the market with

the election this year. >> i hate to break the news, it is good sport. ignore it when it comes to your portfolio. i'm a long-term investor. we believe in long-term investing. if you go back to the history of u.s. markets, investors have done well to focus on their end goals and remember that no matter what happens politically, have your goals in place and build your portfolio and stick with it for the long run. that's a good strategy and that's what we believe makes sense. >> also, we have the fed meeting kicking off today. the jay powell press conference tomorrow. no cuts. no moves expected this time. a lot of expectations for a cut coming up in september. is there still time for the investors to position your portfolio with the expected cut in september -- is that already priced in? >> it seems it is. markets are historically pretty efficient. i would not bet on the

efficiency of the markets. you may need to rebalance your portfolio if you have not already. i think moments like this are a good reminder. if you moved allocation between stocks and bonds too heavily, take the time to rebalance and make sure your goals are where they need to be. when you look at what's happened, equities run ahead. make sure the fixed income part of the portfolio makes sense. yields attractive and from the total returnperspective, i would not forget fixed income. >> between the public and private markets, you believe interval funds are one way to get into the private markets and find that intersection. i want to ask why right now? the equity markets with volatility recently. why are you bullish on the idea that people need to get into the

interval funds? >> i would not say i'm bullish on that. i think it's the reality where with we find ourselves today. we have so many companies going private and more than 100 annually for a few years now. if you look at the trend, companies are staying private for more than a decade. it used to be more than seven years. that has changed materially. if you are an investor, you are potentially not getting exposure to a whole chunk of companies. over time, we think it will be natural that individual investors or advisers will start getting access to these markets and obviously not everyone is a qualified investor to go and get in a pe fund. you are starting to see the rise of instruments like interval funds begin to provide access to private fixed income. you have a partnership being announced for example between capital group and kkr. so, it is less about being

bullish and thinking about the future and how the investor gets access to the plethora of companies and debt and income of the companies. the reality of more and more of that will come from the private side of the ledger. >> we covered a lot of ground from the a.i. to the intersection of public and private markets. kunal, thank you. >> thanks for having me. have a good day. >> you, too. coming up on "worldwide exchange," bearish call on novavak. shares are down more than 10%. we're back with that story and much more coming up right after this break. i was losing interet in the things i love. then i found a chance to let in the lyte.” discover caplyta. unlike some medicines that only treat bipolar i, caplyta is proven to deliver significant symptom relief from both bipolar i & ii depression. and in clinical trials, movement disorders and weight gain were not common. caplyta can cause serious side effects. call your doctor about sudden mood changes, behaviors, or suicidal thoughts right away.

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welcome back to "worldwide exc exchange." we start with the morning call sheet. asml upgraded by barclays. it was the top performer in the nasdaq 100 in the pre-market. jpmorgan downgrading novavax. time for the global briefing. thousands of opposition supporters in venezuela are protesting the nicolas maduro victory. he should have lost by more than 25% according to data. the results did not reflect the true vote count, but the white house declined if they would do

anything in response. shares of diageo is dropping. operating profit and market share did increase after buying back shares. we are looking at shares of standard charter popping despite the drop in net interest income. the bank is buying back $1.5 billion of shares as it restructures its management team. coming up on "worldwide exchange," the one word every investor needs to know today and microsoft earnings are due as wall street looks for signs the f.reayg investments a pin of we have the key numbers you need to watch coming up. organ stanle, old school hard work meets bold new thinking. (laughter) at 88 years old, we still see the world with the wonder of new eyes,

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welcome back to "worldwide exchange." microsoft kicks off the slate of earnings this week after the close today. steve kovach has the metrics investors will look for in the company numbers. >> the pressure is on for mega cap tech numbers to smash earnings this week taand it is starting with microsoft which had a head start with a.i. when it comes to making money from a.i., things are less clear for microsoft. azure has a few percentage of growth coming from a.i. in recent quarters. that means companies paying for

azure cloud space to run processes. that comes at a cost. microsoft is spending money to build out the a.i. capabilities. as we saw with alphabet last week, investors are tiring of the spending without a clear idea of when it will slow down or show a return. alphabet did not have a good answer to that last week. in the meantime, a.i. capital expependitures were an issue wh the ceo spoke out. >> time to bring in jeff kilburg. jeff, good morning. great to you have here. microsoft is one of your holdings. >> good morning, frank. great to be here. >> when it comes to azure, the revenues are expected to grow 30% year over year. cap ex expected to grow 50% year

over year. in your mind, is the math there as an investor? >> i think it does make sense. it is interesting, microsoft is looking at $65 billion in revenue. they have the ability, but to steve's point earlier, the bar is high. the company has come back 8% since the recent high. there is a ton of pressure on the earnings because the patience or impatience of investors will be revealed after the closing bell. >> last week, they will invest in cloud infrastructure and cap ex, but admitted hyper scaler capacity may be overbuilt. is there danger with azure that they are overbuilding and the demand may not be there? >> it all comes to profits. will they be in lock-step with cap ex? you are right, the table anhas

been set by google last week. there is more room to run. it just broke the 50-day moving average. i think the pressure will be the forecast and what they talk about. obviously, they made huge investments, but look at the investment in openai. that was another $10 billion plus that they are looking to recoup. frank, you are absolutely right. we will see investors become impatient in the same way google was punished after a really good quarter. >> you hit on something else with microsoft. a.i. and a.i. chatbots through office or other ways. are you concerned we haven't hes heard a lot about chatbots in recent weeks. we haven't heard as much buzz. we are still trying to figure out the use cases for a.i. >> if you look at copilot for

example, are you using it? i am not using it. a lot of people are waiting and seeing. i like to write my own replies with my clients. it is fascinating to see. the real sense of what we are something in every day a.i., i don't know if it is keeping up with spending. however, microsoft is preparing for the future, not just the quarter. if we see disappointment in the earnings report, it is a buying opportunity as we see 400 etfs own microsoft. there is a lot of exposure here. just like nvidia, we saw pullback here. you could see positions trimmed and profits taken. once again, that is the theme for the last month, frank. >> one other thing i want to talk about is the after thought with microsoft. they have a big device business. i haven't heard a.i. laptop or surface pros.

concerned that the a.i. is supposed to infuse new life into it but we have not heard a lot about that. >> we haven't. we are getting the microsoft season with the nfl with the tablets on the sideline. >> the last time was when tom brady broke one. one more time -- jeff, you mentioned a dip would be a buying opportunity . if we don't see that dip, is there something in the report to lead you to see as a catalyst to make you a buyer going forward? >> if they talk about that demand on their a.i. tools. if you look at the zoom at 30% growth, only 30% of that is attributed to the a.i. profit, if you will. that is what i'm looking for to slice it. if you think about bigger picture, we have seen the mag

seven which microsoft is a crown jewel in the mag seven. we have seen the mag seven pull back $1.7 trillion in recent weeks. that is pull back over yet? i don't think so. it is okay if microsoft pulls back a little bit on the disappointing a.i. forecast. this is the name i want to own. >> jeff kilburg, it is always great to see you. thank you very much. >> see you, buddy. coming up on "worldwide exchange," we tee up a busy trading day ahead and our next guest sees opportunity and one med tech maker. if you haven't already, follow our podcast on spotify or other podcast apps. stay with us. much more after this break.

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welcome back to "worldwide exchange." we start with the "wex wrap-up." delta is looking to hire a lawyer to deal with the damages over the crowdstrike outage. it is looking at reimbursement requests for nearly 7,000 flights. and bill ackman is looking to take his pershing square

public. one is the latest to drop out of the ackman fund which sets the price in the coming days. it would invest $150 million in the ipo. and andrew left pleading not guilty to securities fraud after surrendering in l.a. yesterday. he is an accused of using his public platform to make false statements about the stock recomm recommendations. and bp posted a net profit and raised dividend by 10%. the outlook for the cash generation comes despite previous warnings of significantly lower refining margins. berkshire hathaway is selling bank of america stake again that total $300 million. and the eurozone gdp growing in the second quarter of 0.3%.

here is what to watch today. the latest s&p home price index with the jolts report and home price figures. we get the busy week of earnings season. microsoft, starbucks, merck and pfizer. and the bank of japan meets as well as the fed tomorrow. the earnings and the start of the fed meeting with the futures in the green across the board. you see the s&p is up oeight points off the highs of today. the nasdaq is up 15 points higher. joining me now is david katz. great to see you. >> good morning. nice to be here. >> david, give us a sense. how do you see today shaping up? what is the "wex" word of the

day? >> the word of the day is whipsaw. is the fed going to cut in september or not? in earnings season, you will see a lot of volatility. the market doesn't like some earnings. they are dropping stocks 10%. others are rallying. expect volatility. >> david, you are expecting a lot of volatility and at the same time, you see a lot of opportunity. small caps and value stocks and dividends international. i have to ask about japan. i had a guest on earlier today. he expects the bank of japan to raise its policy rate. how are you looking at japan with international companies? >> we like the areas of the international market fund. less opportunity is in japan. the stocks are more expensive than they have been and europe central banks are raising rates. our focus on international would be europe. we also think emerging markets

should be okay. >> i have to ask about the u.s. right now. mega cap tech earnings coming up. microsoft coming up today. what is your view with the mag seven and mega cap tech trade? where do you stand with that right now? >> we like a lot of the companies. we own a lot of the companies. our expectations going forward are a lot more measured. we think they should do fine. there are lots of other areas in the market that would be better. in terms of microsoft, before they had a significant pull back, we feel the business is good. if they can have a good quarter with a little bit expectation, you could see a bounce in that stock. however, things are so volatile in the mag seven, we would not buy in front of it. >> you say you would not buy in front of the earnings. let's say earnings come in better than expected. in your mind, is that time to trim or do you continue to take the ride? >> we which continue to hold

microsoft. they are a true beneficiary of a.i. copilot is a very, very powerful tool. it will be sold. they are one of the few places to monetize a.i. on a consistent basis. they started to tell that story a year and a half ago. it really has stuck. we think it will continue. we think microsoft should be a good long-term investment. >> we do want to make time for your pick, david. fed meeting quicks off today. jay powell's news conference tomorrow. the idea in your mind we will get a cut this week? more likely in september. is it priced in? >> we feel it is priced in. if it does happen, the market will rally on that. we think the fed will not do anything this week. we feel it will make it easier and clearer that they will raise rates in september.

value and dividend stocks doing better. we think the growth stocks which had an extraordinary run in the last 18 months will continue to slow down. >> i want to get to your myste earlier. medtronic. why this company? why is this a pick for today? this was interesting. healthcare is not seen as rate sensitive. not a fed play. what makes this stock attractive despite the 3% decline year to date? >> healthcare has led the last 18 months. what you have seen the last couple months is the drugs are doing better. medtronic is doing better after five years of flat growth. you are getting a 3.5% dividend yield with 14 times earnings. we feel this is the next area that moves in the market.

we think medtronic is a pretty good upside. >> david katz, thank you very much. your pick is medtronic. before we let you go, the latest look across the board. the nasdaq is up 30 points. that does it for "worldwide exchange." "squawk box" is up next. have a great day. good morning. big time earnings of the big three. we hear from merck, pfizer and p&g this hour. the fed is kicking off a two-day policy meeting. expected to pave the way for a september rate cut. nothing right away. and celebrities and business leaders have gathered in paris for the olympic games. we have another big lineup from the city of lights. it's tuesday, july 30th, 2024 and "squawk box" begins right now.

good morning, everybody. welcome to "squawk box" here on cnbc. we are live from the olympic games in paris. i'm becky quick along with joe kernen and andrew ross sorkin. this is officially day four of the summer games and it has been a memorable run for team usa. last night, the men's gymnastics, that team won its first medal since 2008. it was a bronze. the u.s. everyone is talking about here is stephen nedoroscik. he is only competing on pommel horse and his performance clinched the medal for team usa. pretty amazing. japan and china finishing one-two respectively. this was amazing, guys, we were in the stands to watch part of the competition last night. >> there it is. the selfie. the selfie taken. you know what? this was not a sel