welcome to "worldwide exchange." these are your headlines from around the world. >> flying the nest. a number of banks downgrade their price target for twitter after the company's management slams the growth calling it unacceptable. another erratic session in china with stocks swinging between gains and losses. they're creeping towards a higher opening with all eyes on the fed statement. crude back on a slide. chevron the latest victim of the volatility as the energy giant slashes 1500 jobs.

investors cheer more cost cutting at barclays. the bank's new boss says it will accelerate the sale of assets after delivering a sharp rise in q2 net profit. good morning, everyone. it is 10:00 a.m. here in london 5:00 a.m. if you are just waking up on the east coast. here's a look at the u.s. futures. s&p 500 just fractionally higher. the dow jones is up and the nasdaq seen higher by 12 points. this follows yesterday's strong rally. the dow was up by more than 1% s&p up by more than 1%. the major averages snapping a five-day losing streak and closed near the highs of the session. actually we saw pretty heavy volumes. 4.1 billion shares were traded on the nyse versus 3.4 billion that you saw. today all eyes on the fed and

whether the statement will give us any clues on when the fed will move ahead with its first rate hike but also one sector that did extremely well in yesterday's trading session is energy. saw that up by 3% yesterday because investors came back in and bought some of the beaten down commodity stocks. why? it's because oil prices bounced back quite tremendously in yesterday's trading session. we saw crude up by 1.2% the biggest gain in two weeks. let's show you what crude prices are doing right now. we are a little bit lower again so that gain didn't last very long. wti crude is back heading towards 47.76 up by half of 1% but spot gold is up by 2.25%. how are your markets looking? >> mixed bag. more green and red as you can see behind me in the individual chips. we've taken back some of the losses earler on. italian market down .3 of 1%. we have the cac carant down.

volkswagen in the auto space actually one of the real losers in the session today. the ftse 100 higher by .6 of 1%. barclays liking the cost cutting in the stock taking that stock higher also in the trading session today. we did see, again, stabilization for some of these european markets following the gains that carolyn mentioned yesterday for these u.s. markets. big consolidation also in the commodities market leading into what we're seeing as far as the current exchange markets. we did see that pull back in the dollar reasserting itself in the session this morning, too. let's give you a look at what the cost rates are showing. relatively unchanged. 1.1062. the 1.1050 level. dollar yen 123.58. it pulled back yesterday. now what we're watching here too, the aussie under a bit of

pressure and sterling relatively unchanged, 1.5615. >> let's head out to shree for the asian markets. we're seeing quite a gain for the shanghai market today. >> yeah. stability tinged with caution is how i characterize this in the broader region. we've seen stability return to main land china especially settling 3.5% higher as you know. that's in large part to the reaffirmation off of beijing to get back into the stock market to buy stocks to shore up confidence after the wrap that we saw earlier on in the week. remember we're down by 8.5% settlement on monday. some confidence has returned. we've seen the sporadic bursts in the market continuing in the near term especially given the amount of leverage the margin that is still in the broader

system. elsewhere, one of the highlights of the fact that china stabilized. the australian investors liking that. they're up by about 40 points. the miners are back in favor which is good news given the fact as carolyn has pointed out, commodities had a bounce overnight especially oil. i want to highlight the composite as well rebounding marginally from 16-month lows that we saw yesterday and i think as we get close to the path of fed normalization and the adjustment period in asia carolyn, the markets and the currencies need to watch the weak links, if you will most vulnerable to the first fed rate hike are indonesia the rupia, malaysia. and it's important to bear in mind that both of those currencies have been languishing at 17-year lows. so we haven't seen this type of currency depreciation and these type of levels since around

1998. remember very very stark, markedly different scenario compared to the debts of the asian currency crisis. as we creep towards normalization of the fed. >> let's stick with the fed. they're not expected to announce a move when it concludes its meeting today but the big question is whether rate hike in september is still on the cards according to the latest cnbc survey investors are less convinced than they were a few months ago. steve leaseman has all the details. >> reporter: as the federal reserve begins its two-day july meeting, wall street still looks for a rate hike in september but its conviction is slipping. the latest cnbc survey finds half of them are forecasting the first rate hike in september but that's down from over 60% in the prior survey. the growing concerns weak overseas growth a u.s. job market where many still can't find as much work as they'd like and continued low inflation in

the u.s. >> the key thing is that many people on the fmoc as you well know, need to be pretty confident that the inflation rate is going to begin at some point in the not too distant future to move back up towards the 2% target. so if the wage data in the labor market reports were weak i think that could be effective at pushing the lift off back. >> to be sure 82% expect the fed to hike in 2015 but that's down from 92% in the prior survey. if not in september, the second choice for a rate hike is december. and respondents still are optimistic about growth just not as optimistic as they were. they lowered the 2016 forecast to 2.7%. that's the fourth straight decline in the survey. 2015 they edged it up just a bit, 2.4%. behind the more pessimistic outlook is concern about global economic weakness.

it tops the survey for the fifth straight time as the biggest threat to the u.s. recovery suggesting to some the fed should delay rate hikes. >> you have a serious crisis both in china and continuing crisis in europe and greece and this is no time to do that because if they did, the dollar is going to go through the roof. you are going to see that cross parody with the euro in that case and u.s. exports simply cannot take it. >> reporter: the probability of a recession in the next year rose slightly but is still low by historical standards. stock market lows are still winning out on wall street but they've tempered their optimism. they now look for 3% gains in the s&p this year and 9% in 2016, again, both down from the june survey. so last call on zero interest rates from the fed is still coming, but wall street thinks closing time could be a little later. steve leaseman cnbc business news in washington. luke bartholomew investment manager at aberdeen asset

management has joined us around the desk. good morning to you. thank you so much for coming in. you have your money on september. what exactly do you want to hear in janet yellen's statement that will confirm that view. >> you're absolutely right? we're looking at september. i'm not expecting anything from the fed's statement today that will confirm or deny that. i'm expecting it to be quite a bland statement. there are several reasons for that. first of all, the fed doesn't want to tie its hand give too much pre-commitment. still important data points. second of all, the fed is trying to move us away from the linguistic clues and more towards economic guidance. third of all, i think the fed feels it's closing up. the hikes are coming at some point, get ready. doesn't need to hold our hand anymore. >> no one knows essentially. i want to come back to the point i've made over and over again. if you take a look at the futures, they indicate that the market's only pricing in at 17 17% chance of a rate hike in

september. a lot of people are actually expecting september. why is that not reflected in the market? >> sure. i guess it sort of reflects the way that the tail is. if they don't go in december it will be september. it's not a smooth probability that they will go into that. just because the market has to be a weighted average of all of those probabilities, that naturally skews the progress of september down in terms of pricing. >> i was going to say, this is the point. most analysts and economists that you speak to are going to go september but yet the market doesn't believe that. there is a disconnect. the fed do have a signaling problem here if they indeed want to go in september. and they don't like surprising the market. there's a disconnect there. >> i mean it's been the case for a long time right? the dots have been well above the price in the market. they have consistently believed the fed will not deliver the level of tightening that they have applied, but the fed isn't going to tell us you know to the very letter and very date precisely when it will go.

it will be a little bit of a surprise. i feel they've given us enough signaling. >> at the risk of coming off looking dovish particularly at the external. that will signal september. >> i certainly think to the extent to which there are people in the market looking for confirmation in september and that is provided, yes, it could end up that the market sees these to be relatively dovish. i will take that as opportunity to resist market pricing. i still think it will be in september. >> do you think the economy is strong enough? housing data has been somewhat strong enough. retail sales data that was poor. consumer makes up 70% of the economy. without improvement in jobs data, without cbi, is it strong enough to stomach a rate hike? >> well i mean on the question of should i'm probably in the campus that it would be better if the fed was slightly later. i think the risks are skewed that the worst if they went too early than too late.

looking at what the fed is telling us i do think they are much more comfortable with the situation. they see unemployment to a level traditionally with full employment. wage growth will start to pick up and you no he i think they do have some comfort that inflation will start to pick up to the target over time. and there has been a sort of subtle shift in language particularly from yellen. she used to be very keen on this idea of optimal control and you go later rather than quicker and steeper. now it's much more a story of going earlier and more gradually. >> she did that before. she said decisive evidence. she dropped that. the question is how does she move on from there with this statement? >> as i said i don't think the statement is going to give up too much. there will be a slight upgrading of the economic language. then it's how you data prints over the next couple of days. >> given us your best trades. safe haven buying? >> i think it's a curve flattening environment. i think the knockout is going to

be the dollar right? it's clearly very consensus but it would definitely work. >> all right. luke bartholomew, thank you so much for coming in today. investment manager at aberdeen asset management. over $1 million worth of gold has been discovered at the wreckage of a spanish fleet off the coast of florida. 51 gold koins and 12 meters of gold chain and a rather coin valued at half a million. the fleet sank in 1715 during a hurricane. it coincided with the 300th anniversary of the wreckage. a new window of opportunity for microsoft. well, we talk about their new release of windows 10 and whether it's going to be enough for the company to win back the p.c. customers. that's coming up on "worldwide exchange."

welcome back. there's a downward trend after posting the first game in five games. tom brady's four game suspension has been upheld by the nfl following the deflategate scandal.

let's give you a rundown of what to watch this trading day. june pending home sales are out. that's at 10:00 a.m. eastern. these contracts on sales that are yet to close. it's expected to rise from may. anthem master card general dynamics and northrop grummond will have reports. let's go back to our top story. twitter shares plunging after the owner calls the performance, quote, unacceptable. julia has the details. >> roller coaster ride for twitter in after hours trading. first it traded higher on bottom results that surpassed expectations. earnings were 3 cents better than expected. revenue grew 61% on higher engagement and ad rates. the company added 2 million more users in its core service ending the quarter with 304 million monthly active users. fewer than consensus estimates

including the sms fast followers. users usually in emerging markets on feature phones. they ended with 360 million users. anthony nodo's comments sent shares plummeting in after hours trading. >> to be clear, however, do not expect to see sustained meaningful growth in maus until we start to reach the mass market. >> interim ceo jack dorsey saying he's not satisfied with twitter's user growth saying he's realized how many changes the company needs to make and how he's focused on simplifying twitter's service and communicating its value with a new marketing strategy. >> we haven't done a great job at aligning the entire company around our total audience strategy. we are in the process of implementing a stronger discipline of direct ownership and accountability that clearly serves a single strategy in order to increase our reach, value to people around parand

participation. the people companies must come first and be at the center of everything we do. >> on the up side noto said twitter's ad load is 1/3 of where the company sees its long-term potential. there's plenty of room to add new advertisers. back over to you. tale of two hearts. high expectations for facebook as it reports q2 earnings after the bell. they suspect video to drive earnings with continued growth in the number of users and how long they spent on the site. hannah fitzgerald expects mobile to account for 75% of revenues in q2. additionally it believes instagram, what's up and opulus will provide up side for the group. we've been talking a lot about twitter this morning. initially shares were higher then they were lower after people realized this company has a problem and finally management is very, very blunt about it. that's amazing, but only if

you're just as blunt about addressing some of those problems. on the call the cfo and the interroom coo, they mentioned what the problems were. focus on more disciplined product execution. they say that's been lacking in the last couple of quarters. simplify the site and they want to better communicate the purpose. that is a very very long laundry list isn't it? >> absolutely. right now they need a pefrm nent ceo. that's another issue. how long does the market give them to do this? it's about saying we're in the pacing, trying to start a turn around for the stock. what does that look like? how long are they given by shareholders particularly given by valuations. we're talking 30 times the earnings versus 50 times for twitter. >> 50 times though? really? >> yeah it's huge. >> you can't justify it really because it's not really driving traffic.

facebook driving 20 times more traffic than twitter does. in terms of user base it's simply not growing. less than 1% was the growth in the monthly average user base quarter on quarter. that's just not enough for a growth company that is given these kind of multiples. >> the acting ceo said 95% unaided brand recall. everyone has heard of twitter. the question is how do they manage to monetize and monopolize and get people using it. we've been asking on twitter. yeah. i believe, twitter's management they've called the company's performance, quote, unacceptable. can they turn it around? is it too late for twitter. kimberly has written in bluntness is effective for a ceo only if he has a solution to the issue. that's what we were just talking about. >> exactly. >> you had a really good tweet. >> yeah birds eye view said twitter was the best results to follow during the greek crisis. i would pay $10 a month for the service. >> wow. >> that's interesting. rather than saying look, this

is only a tool for businesses journalists. how do they make it more appealable to a broader audience. charge for the news source. would you pay $10 a month for the source? >> i don't know. that's quite a lot because we're used to it being free. >> compare it to apple, itunes same price. >> i pay. i should be willing to pay. i love twitter. i like reading twitter. >> we're journalists so that's -- >> that's the point. monetize what you have rather than trying to expand it. >> i have one viewer who said you're asking not question on twitter, #irony? >> for us. absolutely crucial. let's talk about microsoft. the company is rolling out windows 10 as a free upgrade for people currently using windows 8 or older versions. microsoft alienated many traditional pc customers which focused heavily on features for tablets. windows 10 brings back the old start menu and lets users pin

items to their task bar. >> nokia is heading into virtual reality with the release of a new camera. this is the first consumer product released by the firm since microsoft bautd the devices business two years ago. with the head set face filling up nokia is looking to tap into the creation side and they will film the content in real time. amazon wants one day to deliver orders to your doorstep by drone. it wants to designate special air space for those devices. at a nasa convention the company unveiled a plan for drone zones preserving space between 200 and 400 feet off the ground for state of the art high speed drones to keep things safe amazon is proposing a 100 foot cushion just above that. they made a no fly zone as a buffer between drones and other aircrafts. do you think they told the birds about it? >> no not quite. >> aircraft.

we have to take a quick break. coming up meet the best boss in the world. all the details on the ceo who shared $27 million with his staff after selling his business. did they turn up for work on the following monday? join us after the break. we're back in 2. [ male announcer ] some come here to build something smarter. ♪ ♪ some come here to build something stronger. others come to build something faster... something safer... something greener. something the whole world can share. people come to boeing to do many different things. but it's always about the very thing we do best. ♪ ♪

let's take a look at today's

other top stories. chevron is laying off 1500 workers or about 2% of its global staff as it cuts costs to upset falling oil prices. nearly all the layoffs will be in texas where chevron has expanded in california where it's headquartered. the company will cancel 600 contractor jobs and won't fill nearly 300 empty positions. chevron shares up by 3.7%. the world's most popular boss. he sold his firm and he decided to divide the $27 million worth of profits between the companies 114 staff. the generous ceo explained his decision to a turkish newspaper saying, quote, if there is success, we have accomplished it all together. give me a quick comment. the employees are paid between 1,000 and $2,000 a month. the average payout was roughly 150 times their roughly wage.

aka, that means he's effectively paid them not to work for 12 and a half years. would you be at work on monday morning if someone effectively gave you the equivalent of your salary for 12 years? >> very very tough question. >> you're saying you would be? i know you well enough. >> i don't know. i'm sure you would be. i'm sure you'd be working through the weekend. >> no comment. no comment. >> no comment. still to come from a lion hunt to a manhunt. we reveal how the killer of one of zimbabwe's famous lions had his identity exposed.

welcome to "worldwide exchange." i'm carolyn roth. >> i'm julia chatterly. >> charges for twitter after the management slams the user growth calling them quote, unacceptable. another erratic session in china with stocks swinging tweens gains and losses. u.s. futures creeping towards a higher open. crude back on the slide after posting the first gain in five sessions. chevron slashes 1500 jobs joompt investors cheer more cost cutting at barclays. the bank's new boss says it will

accelerate the sale of assets after delivering a sharp rise in q2 net profit. good morning, everyone. it is 5:30 on the east coast. welcome to the show. if you're just tuning in waking up to the show the s&p 500 after yesterday's gain of more than 1% is expected to open higher than roughly 7 points. the nasdaq is seen higher as well. seen up by 17 points. the dow up by 1.1% on yesterday's trading session. the major averages in the u.s. snapping a five-day losing streak. volumes very strong. that was in part led by the bounce back in commodity stocks and energy stocks. that sector up by 3%. want to show you what the european markets look like ahead of the fed statement. the ftse 100 up by half of 1%.

the xetra dax up by .4 of 1%. by and large there is a little bit of caution ahead of that statement. in asia we are seeing the chinese market the shanghai up by 3.5%. that means it has broken a three-day losing streak. this is obviously as policy makers stepping up their efforts to stabilize the markets. today it seems to be working, julia. >> thanks, carolyn. billionaire investor leon cooperman has told cnbc he wouldn't invest in china. he did strike a bullish tone on. s. stocks. >> the public is scared of equities. i don't know of anymore i could top where the public was redeeming out of equity funds. i think it's all the residual of 2008. if i said to you at the end of 2008, beginning of 2009 that we were going to begin the longest

economic expansion in history you would have me arrested. i didn't say i would forecast that. we've been pretty consistent. by and large we're setting up for what looks to be the biggest bullish market in history. barclays shares are speeding up the cost cutting plans. the company is on the hunt for a new ceo after anthony jenkins was fired a few weeks ago. we're joined to crunch the numbers. it's all about execution here. >> well, absolutely. and it's very interesting to see that there seems to be a great need for speed in cost cutting. they don't seem to be focusing on the speed whenever it's coming to planning for a new executive. very reluctant to draw on any timetable. looking for someone to fill that big job. also looking at the results you must be thinking the chief executive anthony jenkins was given a slightly raw deal. they're not a bad set of numbers and do suggest that he was

taking the bank in the right direction if potentially not quite as quickly as some had hoped for. but generally pretty positive reaction hike there and positive reaction to that target for asset disposals of 37 billion worth over the next 2 and a half years. >> we're still on the lookout for a new ceo. it might be the new cfo. is he going to be up to the task and up to the expectations of the chairman the now executive chairman who's fired anthony jenkins just three weeks ago? >> already been some concerns expressed as the cfo has emerged as the leading internal candidate about whether he had the right qualities of the job. there's a number of external amounts. you have mike smith, tom kelliher at morgan stanley. to be honest this is the kind of job which anyone who is -- there's been a limited field of

candidates that quite a lot of people mentioned. a lot of people are approached. it does seem as though mr. mcfarland is at the start of his search for who the new executive will be. >> way to watch that. thank you, kathryn boyle. we have a little bit of news around edf and areva. they have reached an agreement on the broad outlines of a cooperation deal between the two state controlled companies. reuters saying edf as part of the deal will buy a majority steak in areva's nuclear stake. it might be valued at 2.7 billion euros. joao q2 earnings before the bell at 85 cents a share. the dollar strength will be in focus with over 60% of the transactions made outside the u.s. shares in master card are up

over 25% over the last 12 months. we'll talk a little bit more about master card in a few moments' time. meantime let's take a look at today's other top stories. nfl commissioner roger goodell has upheld new england quarterback's tom brady's four game suspension for his role in deflategate. the nfl said in a statement that brady destroyed his cell phone even though he was aware investigators had requested access adding that brady, quote, went beyond a mere failure to cooperate in the investigation. brady's accused of conspiring to remove air from footballs during the patriots afc championship win over the indianapolis colts joompt for the first time ever cbs is planning to live stream every national ad during super bowl 50 next february. ad space and online streams has been sold separately. during super bowl xlix only 18 of 70 advertisers chose to put their ads online. cbs is also pressed for a price increase for the commercials.

this according to a report by variety joompt and still to come on the show one company gives investors nothing to yelp about. shares of the online review site plunge on disappointing results. we break down the numbers. that's next. can a business have a mind? a subconscious. a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive?

it was a tale of two earnings reports in the u.s. late tuesday that had some

investors cheering and others running for the exits. yelp versus giliad. let's get out to morgan brennan at cnbc headquarters. you better start with yelp. shares down at 19%, $27 in premarket. ouch! >> ouch is right. this is really a case of what do you want to hear first, the good news or the bad news? as you mentioned, we're going to start with the bad news. yelp's second quarter results. the online review site reporting the slowest revenue growth in 18 years. third quarter revenue is well below analyst's forecasts and cutting the full-year outlook citing slowing in sales. they're trying to beat google and trip adviser. they're adding services such as payments and restaurant bookings. it now plans to phase out display ads by the end of the year to focus on more local ads. yelp also says chairman and early investor max ludchkin who co-founded paypal is stepping

down to pursue other interests. they plan to take up the issue in september. yelp shares are down big. down 17% in after hours trading at a two-year low. in europe down more than 18% right now. let's turn to the good news. gilead sciences reporting better than expected second quarter sales. it rose to $8 billion. that includes a record of nearly $5 billion for its hepatitis c drugs. the company is also raising its full year sales and profit margin forecasts. gilead faced backlash from u.s. health insurers when it launched a drug in 2013 which costs $84,000 for a course of treatment. its next generation drug last year at a slightly higher price. they have negotiated price discounts and expects up to 300,000 u.s. patients to undergo treatment in the coming years. the company saying it remains open to making both small and large transformative deals.

shares are rising more than 3% almost 4% in the after hours and are up more than 4% today in europe as you can see right there as well. julia, back to you. >> morgan i'll pick it up here. thank you so much for that. let's get back to earnings in germany. bayer leading the health care sector. it rose with a 21% leap in second quarter profits. they have lower margins in the plastics business. speaking to cnbc earlier, they rolled out a merger deal with swiss rival cengeta. >> cengenta is not a logical target because there is quite some overlap in the businesses for both skr ecengenta and bayer for its chemical crop protections, herbicides insecticides fungicides that they use to fight off disease for the crops.

no that is not a logical target for bayer, cengenta. we've been talking about twitter. the shares up 4% yesterday. then they tanked after the cfo in particular said look we need to do something about this business. we're in a turn around phase. share down 13%. $31.5 premarket. jnp securities cutting the price target. this is the stock that this year has fallen quite a bit over the last three months down 30%. downward pressure. moving on, u.s. authorities have blamed a co-pilot's mistake for the virgin galactic's space ship crash. it failed to protect against a human mistake. the test flight killed the pilot leaving the co-pilot badly hurt. this marks a setback in space

travel missions. europe's biggest theme park disneyland paris, is under investigation for allegedly overcharging customers based on the country of origin. the european commission has ordered france to look at british and german customers being over charged by 80%. it's illegal to enact price discrimination based on nationality unless objective reasons can be justified such as differing regions. >> pretty bad. what if you have a dual passport? >> british all the way. or french. >> we have to pay a lot more since we would go to disneyland all the time don't we? every weekend. >> wow. exactly. that will hamper our plans. >> absolutely. the next story is really sad, actually. the hunter that shot dead one of zimbabwe's most famous lions has been named as walter palmer.

the american dentist who paid $50,000 for the experience, however, denies that he knew the expedition was illegal. cecil the lion was killed with a crossbow and skinned. two guides that assisted in the hunt are being questioned in the investigation. that was the only lion in the park with a black mane. master card is expected to produce q2 earnings. joining us is david koning senior research analyst. david, great to have you on. take us through your expectations on the numbers here. i know you're pretty much in line with consensus. >> yeah. thanks for having me. yeah, i think this quarter should be basically down the fair way. we've seen visa report good results. it should be a good quarter for the payments companies. it looks like another good quarter for master card. >> what about the outlook for

revenue growth acceleration? going to grapple with the potential rate hikes. i know 2015 is also an important year for renewals as well. what impact is that going to have? what's the outlook? >> yeah sure. this year growth is a little bit slower. it's weighed down by currency weighed down by client incentives because they have such strong deal signings. they pay rebates back. this year is weighed down by those things. as we look at next year we should have nice acceleration core business. new contract signs should help out. should be a good year as we go into next year. >> david, you mentioned the fx impact. it has been hurt by the dollar. if you look at other metrics like transactions, like revenues, you think, wow, they've held up pretty well. how bad is the u.s. dollar for master card? >> yeah. so, first fl all, the core trends are all around 10% growth. the economy is holding up well enough for the company to do well. because almost 2/3 of revenue is

outside of the u.s. that is having a big impact. i'd have to look at the numbers. it's something like a 5% impact in revenue. it is pretty material. >> master card and visa they have rallied tremendously since last october. that's when the chinese regulators said they're opening up their credit card market to outsiders. now i just want to -- it's a really promising market obviously. you're looking at $7 trillion in bank card market spending opening up to the likes of visa and master card. you have the fees that they charge are usually somewhat lower than they are in the west. it's a heavily regulated market. how much premature is the joy over the opening of the chinese markets? >> well, you know that's difficult to forecast. the good news is they have such dominant shares throughout the world. their fees are the smallest of the payments ecosystems. that's why they're able to raise prices overtime. we think they're in very good position because they have such a good market position now to gain share throughout the world.

>> so in terms of up side on master card right now in terms of price? think you see around 10%? >> yeah that's right. over the next year. right now our price target is 105. yeah, somewhere close to 10% up side over the next year. >> david, thank you so much for your time. david koening at robert baird. before we go to break, these you are your headlines this morning. chevron slashes 1500 jobs. the latest energy giant under pressure as oil resumes the slide. chinese volatility continues its slide after swinging between gains and losses. tom brady's four game suspension has been upheld by the nfl following the deflategate scandal. we'll be back in 2.

welcome back to "worldwide

exchange." higher than .6 of 1%. the media, household goods, health care all sectors that are out performing in addition to the fact that the chinese markets are rotating between losses and gains throughout the session ended higher by 3.5% yesterday. that's also in today's session which i think also has lent an element of stability to these markets. >> julia, that's helping u.s. futures. if we take a peek they're looking percy. s&p 500 up by 6.25%. dow joins 39 points. nasdaq 16 points. today all eyes on them. >> and the fed. >> let's give you a look at what's going on in the trading session today. june pending home sales out at 10:00 a.m. eastern. these signed contracts on sales have yet to close. they're expected to rise

slightly from the main numbers. we've also got altria master card we've been talking about, anthem, general dynamics and northrop grummond recording results before the opening bell. after the close we hear from facebook marriott, whole foods and solarcity. let's get back to microsoft. the company is rolling out windows 10 today. finally, many people thinking as a free upgrade for people using windows 8 or older versions. microsoft alienated many traditional p.c. customers with windows 8 which focused heavily on features for tablets. windows 10 brings back the old start menu and lets users pin items to the task bar. twitter rose 61% beating analysts and the company's forecast. it's the weakest growth since twitter's ipo in 2013 and the company is still unprofitable posting a net loss. shares slid after hours as twitter's management slated their own performance on the

earnings core with jack dorsey calling it unacceptable. premarket we have shares down 13% at $31.50 on twitter. there are very high expectations for facebook as it reports second quarter earnings after the bell. they expect video to drive earnings with continued growth in the number of users and how long they spend on the site. kendra fitzgerald expects mobile to account for 75% of revenues in the second quarter. additionally instagram, what's up and okaycculus will help. eileen is joining us. are you excited about facebook? not so much about twitter, i guess? >> i'm actually excited about both but maybe i'm too much of an optomist. i think twitter is really interesting. they did post half a billion of revenue for the quarter. that's not insignificant. as you saw from what happened with the movements in the stock, it's more than what analysts

expected. i think they're trending the right way. i still hold out hope for them because of how impactful they've been for communications journalism media, celebrities and also how people are starting to get their information. in contrasting twitter with facebook, you still have 65% of twitter users use that to get their breaking news and hard impactful use. facebook people are still using it for social reasons. >> can you charge for it? a number of viewers said $10 a month. twitter, news source charge for it. >> i think they tried. they're doing the right things to try and charges brands and advertisers as opposed to people using it. i don't think it's the right thing to charge the audience. don't necessarily charge tv viewers but charge the advertisers who are trying to get to those viewers. >> can they make it? >> that's the big question. on the one hand they need to 3678900 million month bely active users, not enough. on the other hand, they're huge on mobile which is what every other network is trying to catch up with too.

80% of the users and 80% on the mobile. they need to grow it. i'm still excited. >> is there anything that facebook is doing wrong be at the moment? they're winning in terms of video ads. they're winning in terms of instagram monetization. everything is looking bright in terms of the future? >> they're doing a great job. one thing that mark zuckerberg has done well is use his cash position and cash pile to make really great acquisitions. i think when he first bought instagram, first bought what's up, there were a lot of critics and cynics. i think it's been brilliant. that's been demonstrated. where they will have a little bit of shaky ground as people start to get more used to the service and thing of pseudonyms using real names. they're a pace setter for what's happening online. >> look at the investment. r and d. eileen partner at passion capitol. that's it for today's show. >> next up "squawk box" u.s.

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it's decision day. good morning. at the fed. the global markets on high alert waiting to see if janet yellen will show her hand. twending lower, twit jerter is showing the slower user growth and sacks by deflategate. the nfl upholds tom brady's suspension and says the superstar quarterback may have destroyed evidence when he got rid of a cell phone and 10,000 text messages. it's wednesday, july 29th 2015. "squawk box" begins right now.

live from new york where business never sleeps this is "squawk box." good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. it's a piece of music history and now you can buy it. michael jackson's iconic white glove at auction. the details on the sale and the $20,000 starting bid. it has andrew's attention. he is ready to go on this one. "squawk box" coming up. first, the market news of the morning. u.s. equity futures, it had gains yesterday. a final turn around for the dow. it was up by over 180 points. this morning the green arrows continue. looks like the dow is indicated up by 40 points above fair value. nasdaq up by 16. dow up by 40 points. the nasdaq snapping a five-day losing streak. one of the big stories we're watching.