equity markets around the world are in selloff mode after wall street closes sharply lower on thursday on fresh recession fears and speculation the fed may be behind the curve in cutting interest rates. now among them, asia closing sharply lower. japan capping off the worst single day drop since 2016 as chip stocks get hammered. europe opens deep in the red. here in the u.s., intel shares are crushed tracking the worst

day since the dot-com bubble. we're digging through earnings from apple and amazon and snap and more. it's friday, august 2nd, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning. welcome to "worldwide exchange." i'm dominic chu in for frank holland on this friday. let's kickoff this friday morning in the middle of the global selloff after the nasdaq and s&p and dow jones all closed sharply lower. down 1% across the board. right now, futures are on the offer. you see the s&p 500 is implied lower by 52 points. dow lower by 264 points and the nasdaq down by 307. investors appearing to be digesting a new market narrative

in the past 24 hours. one where a soft landing for the fed is anything but a guarantee. a number of consumer red flags and earnings calls and fears the a.i. trade may have actually hit a peak. the s&p is set to open lower by 1% or more. the look at the biggest pre-market laggards in the trade today. intel down 22% in extended trading. amazon down 8.5%. booking down 7%. micro chip technologies down 6%. we'll have much more, by the way, on the intel story, in a moment. we are watching the bond market ahead of the big july jobs report with the ten-year yield falling below the 4% mark for the first time yesterday since february. the two-year note yield, which a lot of traders use as a proxy for future policy drifts to

4.14%. tracking the action around the world. red arrows from tokyo through berlin. jp ong has the action from asia and silvia amaro has the action from london. silvia. >> it is a selloff mode here in europe, dom. at this stage, we have the swiss market down 2%. in italy, the index is down 1%. also similar moves in germany. this as we see those concerns raise stateside about the potential lowdown in the u.s. economy having ramifications here in europe. let me take you to the sectors because it is a very interesting story with tech. tech, of course, was the worst performing sector stateside. look at tech this morning. tech down 3.4%. it is actually falling to its lowest level since january. i also want to take you to the different chipmakers here in

europe also because we are digesting the news from intel as well. the announcement on reducing their head count is also having ramifications for european names. asml down by more than 6%. on top of that, we also heard from arm yesterday. their shares also tumbled after they put forward a downbeat revenue forecast. this is the picture at this stage in europe, dom, and clearly red across the board. >> silvia amaro, thank you very much for the update from europe. moving to asia and stocks in japan closing their worst day in years. jp ong, what can you tell us? >> reporter: dom, it wasn't a pretty friday for asian stocks. you mentioned japan. i'll get to that in a bit. no one in asia a fan of the possible slowdown after the jobless claims and weak ism manufacture numbers stateside. nobody a fan of the headwinds

from the decision of intel to cut jobs. we have nvidia possibly facing the anti-trust probes and apple iphone sales falling in china and cutting stocks for these companies. it really drove the selloff from tokyo to t'aipei. i want to go to the japanese stocks. one of the worst selloffs in years with the nikkei 225 plunging more than 5%. it is also down to the yen and its possible strength. we know the yen strength weighs on exports in japan. keep in mind, the yen is the subjects of carry trades. a lot are shorting the yen. a lot of that could be unwound with folks trying to cover the shorts and selling off the high flying nikkei 225 stocks. keep in mind that toyota and

mitsubishi boosted profits. if the yen continues to strengthen, that booster to be taken off the table and a huge revisit if japanese stocks peaked and it is on the table and considered by traders in tokyo. jo ov overall, a dower end to the week in asia. good morning, if it might be a good morning for you, dom. >> jp with the action in asia and silvia amaro with the action in london. thank you very much. the conversation is led by intel. you see they are down by 22% and tracking for its worst day since september of 2000. amazon and apple out with reports as well. cnbc's senior technology reporter arjun kharpal breaks it all down for us. it's a lot, but please take us through what is driving the trade for each of them. >> reporter: dom, let me kickoff

with intel which reported 2 zent cents adjusted. a huge miss. it laid off 1,500 employees as a cost reduction plan. it is a rough quarter for inn t intel. it is facing big challenges. investors are punishing the stock with the stock down in pre-trade. pressures which silvia alluded to with other names like samsung and asml lower as well. on to amazon, a beat on earnings in the second quarter, but miss on revenue. investors are particularly disappointed with the revenue guidance between $154 billion and $158 billion as the cloud development beat estimate is fr the year earlier. consumers are buying cheaper

products at this point and that is pressuring results. that stock is down in pre-market. dom, finally on to apple which reported a very apple kind of quarter. iphone revenue beat estimates. people are still buying iphones. the services business brought in $24.2 billion of revenue. ipad revenue got a boost from the new model. the only concern is the greater china revenue which fell 6% year on year. apple facing stiffer competition in china with huawei eating at shares there. now the eye on apple intelligence products. if this could deliver a mea meaningful boost going forward. dom, back to you. >> arjun, i'm showing a .25% drop in earnings. you juxtapose that with a m massive selloff yesterday.

mega cap tech earnings season has been a zig-zag from this. can you glean anything from this or are we trading fundamental stories at this point? >> i think it is a bit of that. going into the earnings season, dom, there were massive earnings on the tech giants, many which had big rallies this year. the general theme, particularly when you look at alphabet and microsoft and amazon, the hyper scalers in the cloud space, is the market wanted to see costs under control, but they also wanted to see the companies investing in a.i. and that these companies could deliver growth at the same time. there were three big themes the market wanted. that's why you got these mixed results. you look at amazon, yes, it is seeing growth in cloud, but it wasn't as strong as microsoft

and alphabet in terms of percentage growth. it is still delivering, but the markets are concerned that the company costs will go up. you look at meta, for example, which posted strong results and share price up after the results as well. that was a company that managed to deliver on all three. it showed strong growth in the ad business. it continued to say look, we're spending on the future, but the market was happy with the way it was controlling costs. that was the teheme. it was because of the high e expectations coming into the report. >> arjun kharpal, thank you very much for that. back to the market as futures suggest the decline could be more than a one-off experience. investors signaling bad news which is why our own jim cramer says the fed should have cut rates at this week's meeting. >> to me, today's actions was a function of the fed not cutting rates. the slowdown of the economy and

the brown shoots which have turned into brown fields. >> joining us now to discuss is jeremy schwartz at wisdomtree investments. this is a big deal. we had a lot of catalysts, fundamental, micro and macro. what do you make of this as a chief investment officer? >> it is fascinating how quickly we went from a cut in september to now how quickly you get data the next day and the fed is behind the curve. everybody is looking to today's jobs report to see what is that going to confirm or where is the economy going? you have the asian session that you talked about and the markets are in turmoil in japan. i see this as more driven by trading positioning flows than funda fundamentals. you are talking about the earnings reports and intel down

20%. you have the opposite from corporate japan. it is interesting. i think in all this volatility, there's opportunities and i think japan's sessions is one of the interesting opportunities. >> one of those interesting opportunities, let's say all of this is creating tuopportunitie but there is a broader theme with regard to whether or not the overall economy in the u.s. can sustain this kind of a soft landing the fed is trying to engineer. right now, maybe not. everybody is bidding up government bonds. the sentiment is an issue going forward or is it not, jeremy? >> people have been saying there is no volatility in the markets for so long. you have so many days without the 1% or 2% moves. you are coming into the election season. there is more uncertainty with the election and where corporate taxes are going to go. then you have the economy which has been so strong. it has been able to withstand the higher rates, but it is

not -- where we see the economy is is now getting through it all. we think the fed should be cutting with where inflation is and we think they are looking at the wrong inflation data. we agree with jim they should cut rates. they are on track to bring rates down. they will get rates down to 3.5%. it will happen sooner rather than later. >> all right. jeremy schwartz, thank you very m much. for more on the markets, head to cnbc pro at cnbc.com/pro. you will get insights and analysis for subscribers on that site. we have more to come on worldwide exchange," including the one word investors need to know today and more on the intel and the a.i. ambitions. plus, getting ready for the

payroll report and what the ceosceos are saying about the hiring climate. we have more coming up on "worldwide exchange" when we return after this commercial break. ♪♪ the enemy is always adapting... deepfake: hey handsome. ♪♪ [inner monologue] ...always iterating. ♪♪

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equities trading. meanwhile, the dow laggards there. intel at the top of the list down 22%. we'll get to that in a bit. amazon and salesforce and 3m all in selloff mode. those are the dow laggards. shares of intel tumbling as the second quarter profits and third quarter revenue guidance miss estimates. announcing it will cut 15% of the global work force and suspend the dividend as part of the turn around plan. it has been struggling as customers shift more to a.i. ceo pat gelsinger spoke to jon fortt about the intel efforts to catch up with the competition when it comes to a.i. >> everybody is still pretty focused on their a.i. and accelerate erior investments an cpu is modest. we see bread crumbs of enterprise cycles.

we do expect growth there. our products are getting stronger, but the story is one where the data center and cloud is driven by the a.i. investments as the primary ones. we're seeing some good early signs of customers there. we do see some of those benefits, but fundamentally, we are not getting the full benefits of that in our full business. >> intel is casting a cloud over the entire computer chip dry today. amd and nvidia and taiwan semiconductor all in the red. joining me now is our guest from wedbush. matt, this is a situation where the dow component has not been, perhaps, indicative of the broader chip sector for some time now. just how bad are the results and how do they read for the sector? >> from the intel perspective, i think results are concerning. from the sector perspective, we

had amd earlier in the week and amd gave us pretty good results. the earnings season started off with taiwan semiconductor. they had good results and good guide. i'm more concerned about intel than i am in the space. >> what exactly stood out to you? we know the misses and the headline numbers that are driving a lot of this, but what is it you think is driving a 22% drop in a dow component stock? >> i think it is the sharp drop they saw in gross margins and to some extent, the lower revenue guide, but it's in part, intel is going through the huge transformation. so when they struggle to understand what's going on in the current environment, it makes it a little bit harder to believe that they have a great

understanding of what's going to be happening three or four or five years out which is when the model gets a lot more optimistic. >> do you feel as though this is one of those opportunities for investors to take a hard look at whether or not the turn around story will happen in some medium-to medium-ish time span and could it be an opportunity for investors to get in or has intel been a stock that has been a laggard for so long that it is dead money. i'm looking back to dot-com. it is well off the dot-com highs. >> the problem is it is still hard to tell. they gave us a turn around story that really starts to take hold in 2026-2027. so, a lot of products and a lot of the manufacturing they're talking about, we don't have great insight into how things turn out. i think where the opportunity is

the semiconductor sector has been under significant pressure over the last three or four weeks and when you look at companies like taiwan semi and amd, things just don't look that bad. they gave relatively good guidance. it seems like there's opportunities to choose out performers here. >> if the out performers are out there, where exactly would you go? is it nvidia which has been muscle memory for the last two or three years? >> no, i think when you look at the data center market, it's not that bad. when you look at the handset market, it's not that bad. when you look at taiwan semi, they have concerns with what happens to china, but their business is good through 2024-2025. intel said they are giving them more business. i think amd has an opportunity to emerge as the second supplier

to nvidia. because a.i. needs so much memory and so much spending in servers, intel talked about more demand for the a.i. pcs. those devices need more. there is a ton of opportunities. >> all right. matt bryson with the chip trade deeply in the red. thank you very much. by the way, you can see more of jon fortt's interview with nelsopeat gelsinger at 4:00 p.m. still ahead on "worldwide exchange," major ad struggles sending this stock sinking. we're back after this.

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welcome back to "worldwide exchange." a look at the laggards in the s&p 500. it is technology and energy and discretionary as you see there. now the sector gainers. the defensive ones like utilities and ckconsumer stable and healthcare have been out performing as the market is selling off. it is not just intel, but other stocks are moving ahead of the opening bell. shares of snap are plunging after issuing weaker third quarter guidance. daily active users fall as snap continues with a slower

advertising market. pinterest warned of the same in the past week, but meta says its ad business is strong. doordash is popping on the second quarter beat. revenue rising by 23% and orders growing by 19%. the demand is stronger than ever as consumers flock from in-store dining to takeout and delivery. and coinbase missed for the third week in a row. regulations on crypto will ease when the next administration takes the white house pointing to a shift in rhetoric. coinbase up in extended trading. we have a news alert on the 2024 presidential race and funding from kamala harris' campaign. her team raising $310 million in july marking the biggest haul of the presidential election cycle.

that figure proving staggering given that president biden left the race and endorsed harris with a week and a half left in july. harris' team announcing it has $770 million in cash on hand. the largest ever war chest at this point in an election cycle. the july fundraising figures surpassing donald trump's haul of 1$139 million last month. that boosts his total to $307 million. coming up on the show, the big payroll report and what ceos are taking about the hiring environment. if you miss "worldwide exchange," check us out on spotify or other podcast apps. we'll be right back. is partnerg with the women's tennis association to remove boundaries... ( ♪♪ )

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the magnificent seven. apple and amazon shares are moving in opposite directions. it's friday, august 2nd, 2024. you are watching "worldwide exchange" here on cnbc. ♪ welcome back to "worldwide exchange." i'm dominic chu in for frank holland on this friday. let's pick up the half hour check with the futures offered right now as markets face steep selling pressure. futures indicate the dow would open lower by roughly 350 points. the s&p lower by 65. the nasdaq down 356. we are taking a look at some of the biggest laggards in the s&p 500 trade. if you can see intel down 22% and amazon down 8.5% and then booking holdings and centerpoint energy and microchip tech are among the s&p laggards.

the fed's soft landing conditions look at risk with the weaker employment and construction data. a number of companies sounding the alarm about the con ssumer the earnings call and the fear that the a.i. trade may have peaked. our bob pisani will have more in a moment. we are watching the bond market as well ahead of the jobs report with the yield on the ten-year falling below 4% for the first time since february. the ten-year note is below 4.13%. a lot of traders use this as a proxy for future fed policy going down. the 30-year long bond at 4.24% right now. the mark set selloff overseas.

japan's nikkei falling 6%. the hang seng down 2% and the kospi down 3% as well. take a look at the early trade in europe. the theme is red across the screen. the dax off 1.3%. italy ftse mib is down 1% as well. same for the broader euro stoxx 600 is down 1.5% as well. with markets in selloff mode, bob pisani has more with the growing concerns of the earnings picture and economic road ahead. >> with 60% of the s&p 500 reporting earnings, the earnings picture for the back half of the year is unusually complicated. of course, it has been a fair, but not great quarter so far. 79% are beating earnings expectations. that is average. the average beats 4%. that is smaller than 40% beating on the revenue forecast. that is lower than normal. this suggests pricing pressure

out there. second, companies are not making bold calls for the second half of the year. most are beating on earnings, but declining to hike the full-year guidance. this is a sign companies are taking a cautious approach to the second half. tech earnings are decelerating. there have been a number of misses and more importantly for big-cap tech, earnings growth is decelerating from the big gains in the past two years. still growing, but decelerating. fourth, a more cautious consumer has reduced pricing power. p&g has been hit by a double whammy. they had price hikes and demand has been tepid. finally, a lot of complaints of slowing consumer in china. p&g in china sales slowed 8%. that is one of many examples. what is the risk to earnings in the second half? the biggest risk is the growth slowdown.

a downturn in jobs which is greater than expected or a consumer pullback, greater than what we have already seen. back to you. >> thank you very much, bob pisani. let's stick with the earnings story. taking it on the chin again this morning. amazon sinking after posting the first revenue business since october of 2022. offset slightly by strength from the amazon web services cloud computing division. operating income coming in below estimates for the first time since last february. andy jassy remaining optimistic saying a.i. will eventually start paying off. >> we remain very bullish on the medium-to-long term impact on a.i. in every business we can imagine. the progress may not be one straight line for companies. generative a.i. especially is quite iterative. >> that's the commentary on

amazon. then there's intel. missing on earnings and guidance as massive a.i. investments weigh on its profit margins. the chipmaker suspending its dividend starting in the fourth quarter and laying off 15% of the employees as part of the $10 billion cost cutting plan. i intel and amd and nvidia and taiwan semiconductor are deeper in the red. apple barely emerging from the wreckage despite beats across the board and issuing guidance that was in line with expectations. apple shares are down .25 of 1% amid a nasdaq 100 selloff this morning in the futures. joining me on the cnbc news line is james cakmac. james, this is a scenario where fear is in investors' minds.

should investors with worried or will calmer heads prevail? >> that's a great question. i'll break it up into two parts. the short answer is on the economy, yes, there needs to be some degree of caution because, frankly, we're not exactly clear with the ism data coming out yesterday and how much the economy could slow in the second half. on the a.i. front, you know, some of that growth is slowing as bob pointed out. we're also in the huge transition phase. there is this uncertainty as far as how much of these a.i. investments will actually accrue into returns for these companies over time. i think there's a lot of uncertainty around that and a lot of questions on the earnings

calls. i think that's the area that investors should not be concerned with. i think this a.i. transition where you don't know exactly how it's going to develop, but a lot of people are thinking about this in terms of lineal type of growth and investors need to think about it in terms of exponential type of growth. i think that will prove really well, but unfortunately, that is a multi-year type of thing and that does lead to choppiness with this transition. >> what is interesting, i laid out at the beginning of the hour and half hour here, the investor question and the debate whether the a.i. trade has quote/unquote peaked. it doesn't sound like based upon your commentary that it peaked and it has a long runway. how do you project the returns to play out, say, in the coming year? >> when you look at it on the one-year basis, obviously, a lot of these stocks have run.

we have been saying for some time now, as least the last month or so, we have been pulling from 2025 returns. when you look at the balance of 2024, a lot of it is driven by multiple expansion over earnings expa expansion. that's why i think discretion and value discipline over the short-term is necessary. big tech, i don't think that the rotation is completely done out of big tech. so, we're actually looking at more other sectors despite the huge innovation portfolio to broaden out because of the uncertainty with the economy and the exceedingly high valuation for some of the companies. >> okay, because you opened the door, before we let you go, what other parts of the market look attractive to you if there is a hypothetical continued rotation

out of big tech? >> yeah, so the way we think about it is what is the most predictable revenue streams we can find right now? we're looking at software services. i think that's going to do well on the tech side. we're also looking at areas that benefit from the interest rate cuts like financials and utilities and staples. we are looking at a bar-bell priv a bar-bell approach with tech. >> james cakmak of clockwise. thank you very much. see you soon. coming up on the show, the intensifying races with the weight loss drugs. the shakeup that could come in the fight for dominance. that discussion coming after th bak isre.

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it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities. welcome back to "worldwide exchange." right now, the s&p is implying a 1% drop at the opening bell. dow jones is down a full percentage point. the nasdaq is the story. the tech heavy trade is lower by 1.75% at the opening bell. turning to the healthcare sector. novo nordisk is introducing the weight loss drug wegovy in australia today. novo is working to get an edge

on eli lilly in new countries as the competition of weight loss drugs intensifies and looking for a repeat of the gains. anjelica peebles joins us. it is hard to say there is anything in healthcare to talk about besides glp-1 in weight loss. it is like the a.i. technology in weight loss. >> it is. the story for novo and lilly is all about supply and access. lilly's ceo saying zepbound should come out of shortage in the u.s. soon. the company promised supply in the second half of the year will be 1.5 times the amount available last year. we will see what happens when lilly reports next week. we will see novo reporting now wegovy is approved for heart health.

we are looking at phase three results for the drug cagrisema. we are waiting for the trial that will test zepbound against wegovy. the biggest readout outside of novo and lilly is amgen with encouraging phase two results. we have not seen the data yet. we will get into this and more with the interview for pro subscribers available on cnbc.com/pro later today. >> this is an interesting discussion. it has been comedominating the healthcare chatter. why is there still so much optimism with the drugs running massively? >> we are at the early stages of the market. there are two drugs available, but so much room left to go. this could be a possible $100 billion plus market. there is, of course, the u.s.

and other countries around the world. we want to see pills. we want to see different amounts of weight loss. there's a lot of room left to run. that's why you are seeing so many companies getting into the space and still a lot more work from novo and lilly. >> angelica peebles, thank you very much. >> thank you, dom. still ahead, the one word every investor needs to know today and the job report following the red wave in the market. we will get more on the landscape when "worldwide exchange" returns after this break.

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welcome back to "worldwide exchange." checking on the russell 2000 e-mini index. again, economically sensitive and it used to be falling rates would help the companies because of the leverage in the borrowing cost. now it is all about the economic concerns with the recession. and investors counting down to the big july jobs report due out at 8:30 a.m. eastern time today. payroll gains of 185,000 happened for the month of july down from 206,000 from june with the unemployment rate holding steady at 4.1%. today's release, if as expected, would cap off a recent string of

weaker than expected economic data capped off by yesterday's manufacturing ism which signalled contraction. initial claims at the highest levels in nearly a year. recession signifials echoed fro p&g and hershey's and e-bay and w wayfair. stressed and cautious and weak. again, from the transcripts. let's talk about the hiring expectations and the c-suite with steve coughlin. steve, thank you for joining us. i wonder if you start with how things read on the market reaction in large part to the ism report. >> good morning, dom. the market's at an all-time high here which is amazing when you think about the predictions over the last year or two that there's a big recession. that recession hasn't happened

as we have gradually slowed down and inflation rates have come down. the jobs report we are expecting here in a few hours is still expected to be very stout. we produced over 200,000 jobs a month from january through june. it's still expected to be near that, as you said. that's amazing because typically when you are going into a recession, you see big job losses. we're still finding job shortages in many industries in healthcare and social assistance. the government is hiring strongly. there are layoffs particularly in the sectors that overhired during covid, but for the most part, ceos are job banking because skill shortages are acute. >> steve, i'm glad you brought that up. there is a lot of fear and doubt that permeates through the conversations as markets react the way they do yesterday. again, we are not far away from record highs. i can remember over the last

three years massive calls for near certainty for a recession that have never come to fruition. how optimistic are you and ceos of america that we can avoid that hard landing? >> the ceos were projecting -- over 90% of ceos were predicting a recession by now. it hasn't happened because ceos are lholding on to jobs. at the same time, the fed is waiting for the inflation rate to come down. once they start cutting, it will ease some of the pressure. i think what you're hearing in the jobs report and also echoed in the earnings report is that things are slowing, but it seems to be slowing toward this magical soft landing that nobody thought we could do. that seems to be what is happening. the conference is projecting we will slow down to 1%.

that is not a recession. it should rebound as the fed cuts rates into 2025. this is about as good as you get. >> all right. a reason for optimism from steve odland. thank you for balancing out the negative narrative. see you soon, sir. >> thank you, dom. coming up on the show, why our next guest says it's the storm before the rebound of the markets and the stocks he thinks could lead that bounce back. we'll be right back.

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welcome back. wall street appears to be in for more selling bpressure at the start. let's bring in greg branch. greg, shut investors be weary and fearful with the market action we saw yesterday? >> i don't know the word fearful is the word. i think discriminating. dom, i have long said i thought this great rotation or rate cut rally, whatever you want to call it, probably had shorter duration than most anticipated because it was looking through

likely realities. the reality that tech would reclaim its leadership position due to differentiated earnings. the reality of the magnitude we would face a slowdown of some sort and that would be felt most acutely down market. while positioning for a rate cut helps on the balance sheet side, but not immediately on the top-line side. i think caution is appropriate. discrimination is appropriate, but not range bound. >> greg, greg, what do investors look for? what's on your shopping list? >> so, look, i think for us, we always want to go where the earnings growth is and, you know, we've gotten a bit away from that over the past couple months. again, what you've seen in the last week is tech reassert itself with all these companies putting up 30% in the cloud with

the exception of amazon web services which still is a bit disapp disappointing, but across the board with microsoft and google, they more importantly indicated they will increase spending dramatically. that helps down the chain. when you look for the companies that are going to grow earnings 20% to 30%, look at that spending. they're sending a message and we should listen to it. when we get into the slowdown, i think investors will start to differentiate again between those companies that will only grow low single digits and those growing 20% plus and i think we'll see breadth renarrow around those in that latter category. >> and what names specifically are they? we have a few minutes left here. >> sure. i think we are getting a price break on the natural leaders. nvidia getting a tailwind based on the spending. data centers are the obvious beneficiaries of the spending. you can go down market cap.

if you need small caps, go to the power of the world that supply services to the data centers. the whole chain is beneficiaries. >> greg branch, thank you. see you soon. let's get a check on futures. on the offer, the dow implied lower by 65 points. let's go over to "squawk box" which picks up coverage now. good morning. the selloff on wall street set to contitcontinue. it doesn't look better on wall street and in paris. the ten-year yield under 4%. today, big tech stocks pushing lower. amazon down 8% and intel plunging 20% in early trading. wait until you see intel. it begins with a 2. two 2s. $100 million market cap. we're going to show you what those companies reported. plus, two oil majors set to

report. we'll bring you reports from chevron and exxon and interviews with ceos of both companies. it's friday, august 2nd, 2024. it's 6:00 one place and andrew is over there and it's like noon. "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. and from paris, france this morning. i'm becky quick along with joe kernen. joe and i are back here. we are in times square. andrew is still at the olympics in paris. w we'll get to him for an update in a moment. andrew, you are lo