good morning. break overnight. a central bank striez. bank of japan eases monetary policy, but not by as much as expected. we'll tell you why coming up. >> if he can is tough. amazon and alphabet beating the street. plus the race for the white house. hillary clinton accepts the democratic party nomination for president. "world wide exchange" begins right now. . >> good morning. happy friday. and welcome to "world wide exchange." i'm saraizen.

>> and i'm wilfred frost. very good morning from me too. it's new music friday. it's justin beeber to start your morning off right. >> a lot of market earnings to get to this morning. first, if you didn't stay up late last night for the democratic convention in philadelphia. here is what you missed. hillary clinton the first woman to lead a major political party's presidential ticket formally accepting the democratic nomination, her daughter chelsea took to the stage giving her mother a heart felt introduction. >> i hope that my children will some day be as proud of me as i am of my mom. i am so grateful to be her daughter. i'm so grateful that she is charlotte and aidan's grandmother. she makes me proud every single

day. and mom, grandma would be so proud of you tonight. >> an emotional bill clinton father looking on. during hillary clinton's acceptance speech she made a point to contrast her campaign with republican nominee, donald trump. >> that's how we're going to make sure this economy works for everyone, not just those at the top. now, you didn't hear any of this, did you, from donald trump in his convention. he spoke for 70-odd minutes and i do mean odd, and he offered zero solutions. we already know he dint believe these things. no wonder he doesn't like

talking about his plans. you might have noticed, i love talking about mine. much later when tracey potsds joins us from the reaction on the dnc floor. >> lest e let's have a look at the stocks. s&p and the dow are just below flat for the week. tech the big winner of earnings season so far we'll go through the big corporate earners overnight of google, called alphabet now and amazon in a minute. let's have a look at the 10-year treasury note. we did see some buying of this. over the week. we saw the yield dip very briefly. now back above that level,

1.527. >> breaking overnight, the bank of japan easing monetary policy by doubling purchases of ets. it did remain steady. overall investors appeared to be disappointed as many were looking for more stimulus. a post decision news conference told reporters that today's policy decision was meant to address overseas uncertainties. he argues quantitative arguing has not reached the limit. as for the japanese yen, disappoint was most reflected there when the yen serged. that's a weaker dollar and a stronger japanese yen reflecting the that is correct they did not see more stimulus. it's 1.5% move which is a huge move on a currency though it was even worse before governor started talking. the fact he said we're hope to do more, you saw the yen give up a little bit of the gains. the nikkei crazy chart overnight

because the immediate disappoint was reflected when that move went negative and closed positive on the day about half a percent as the governor spoke. >> it's gone up and done. no overall point we got less easing than expected. >> the question is do investors look at this like they looked at the bank of england which held its powder and say yes, but we'll just get more action in a few month sgls exactly the interesting thing is if we look at the rest of asia. big surge in the yen wasn't negative for if nikkei for once, but was still negative for the rest of asia. >> as for the early action in europe. we get the bank stress test. france is flat. the ftse 100 is in the red, but we see some strong gains, especially for the banks in

italy and spain. >> italy talk of a bailout of the much talked about bank of monte dei paschi which we'll touch on later and prove. broader markets. let's have a look. oil prices have been slammed down another 1.3%. wti closing in on that $40 lechl. before today we were already down. 15% month to date. adding 1.3% of declines. oil prices really on a slide. once again, you'd be surprised that equities have held up so well in the face of the sharp declines this month. >> dollar let's have a look at that quickly. the main story is the yen. we've already touched on other currencies not really moving much today. the dollar index has hit a two week low. gold prices very quick look at that. losing a bit of the recent rally over the last week or so and

we're off two tents of one percent today. amazon world's largest retailer reporting fifth straight profit. beating estimates on the top and bottom lines sending shares higher. the company seeing growth in cloud business. here is amazon cfo talking about prime day on the conference call. >> record day for amazon devices. i was was a great day for small businesses and sellers. we saw greet year improvement in their sales and more important live great day for customers. globally they saved over double what they had safety in prime day 2015. >> this is a new day for amazon. it's a profitable company now. this is the fifth straight quarterly profit. and one metric to watch is operating profit margins. 4.2%. that's more than double the percent we saw earlier. it's controlling costs and leaning on web services cloud business for profits. >> which is fed through the

similar kind of parts of microsoft and intel as well. microsoft and amazon are benefitting overall from that. >> all about the cloud and all about mobile ads. now we go to google's parent alphabet. saw profits surge. drawing clicks and helping the company post a 20% increase in revenues. bottom line results also easily beating estimates. cfo on the conference call. >> once again, the primary driver was the increased use of mobile search by consumers, benefitting from our ongoing efforts to enhance the mobile search experience. we also benefitted from solid growth and desk top tablet search as well as continued strength in youtube. >> we did see a bigger reaction on the alphabet shares after hours than amazon perhaps alphabet stock was down heading into this report so a nearly 4%

surge there. the story is tech is shining here when it comes to earnings and that's been the story all month. if you look at the nasdaq performance. today's the last trading day of the month. we saw 3% gains on the dow for the month. the nasdaq saw double that. >> the week the date, it's also up and the head of alphabet saying their well positioned to take advantage of the mobile shift. facebook benefitted earlier in the week. >> the only other thing i would say is the nasdaq is the only three that's not at record high. it duds have the most catchup. the dow and s&p are near records. we'll see if that performance can continue based on the strength of earnings. >> let's have a look at the agenda. that's 8:30. the economy is forecast to growing in the quarter versus 1 preponderate 1% in the first

quarter. also 8:30 we get the q2 cost index. look for the pmi. dallas fed president speaking today as well. as for earnings, chevron, exxon mobile all report before the opening bell. >> among today's corporate headlines, facebook says it may owe 3-5 billion dollars in taxes. how it transferred assets overseas. documents related to a money transfer to ireland. the company's accountants had undervalued some of those assets by billions of dollars. didn't seem to disrupt the rally of facebook coming off of earnings. in other tech news, microsoft unveiling plans to cut 3,000 jobs. it looks to rework its sales operations and as it dismantles the mobile phone hardware

business. the remaining job cuts are expected to happen by the middle of next year. some stocks to watch today. win resorts. loss vegas revenue was down itself, sanofi fell, but still match expectations. sony first quarter operating profit dropping 74% by the strong yen and lagging smartphone sells. results were also impacted by the earthquake in southern japan which halted production. shares are up 3% today. buy due fell. baidu. practices led to stricter regulations hurting business. it's off 1%. few other stocks to watch

this morning. samsung rose 2% beating forecast. the results were the company's best in two years. consumers snapped up galaxy smartphones. c cbs. on a conference call, the media company will benefit from this fall from the u.s. presidential election. listen. >> we are still in the early stages of what we are very confident will be a record presidential election year. second quarter political sales came with in higher than expected. thanks in part to primary spending in california and right now we're seeing big activity in many of our major market o-0. as always spending will peak in the fourth quarter. >> ab inbev fell sharply.

toward it's more than $100 billion merger. still working to close that deal by the end of the year. jeff immelt put his money where his mouth it. 1.6 million in shares of his company this week. bought 2 million back in may. still to come, european banks in focus today. we'll bring you the names to watch. plus hear from the ceos of giants ubs and barclays. monday don't miss the exclusive interview. you can see that conversation live at 1:00 p.m. eastern time on monday morning.

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>> welcome back to "world wide exchange". the swiss banking giant did cut expenses. continued to shy away from transactions on the heals of events like last month's brexit vote. >> we are prepared for any kind of scenario. we have very present -- material presence in europe in terms of location we could shift some of

our businesses. we are flektsable and ready to respond once the rules are determined. >> the passport issue is the big deal for brexit folks. up more than 3%. meantime barclays core pretax profit rose nearly 20% in the second quarter. the uk based bank also expressing confidence in the ability to weather a brexit. >> the markets are challenging. the capital markets are going through a fairly significant restructuring and banks are going through a significant restructuring. using more capital being more liquid, which is all making the financial system much safer. does put a challenge in terms of profitability. at 11% return on tangible equity, we think barclays is in a very good place right now. bar clay shares up nicely. up 6 pkts.

european union stress test results are out at 4:00 p.m. eastern today. no pass or fail. this time more kwaultive. particularly how close it is to the 2014 pass fail threshold. italian banks will be closely watched and here's why. they still carry large amounts of bad loans. only half of which are provisioned for: focus will be on monte dei paschi the oldest bank in the world. shares are up today. on the news the bailout has been arranged. private bailout ahead of the results involving ubs. >> the unicredit the most important lender there. neither has significant links to the u.s. why does it matter to the u.s., eu law prevents a state funded bailout which is adding to the eu isn'tment in italy and putting pressure on prime

minster renzi. thus italy is the country investors are focused on as the first potential domino following brexit. the other main focus names wise is deutsche bank under lines once again how tough the situation remains. here's ceo summing things up. >> global policymakers continue to press the banking reform with calls for even stricter capitalizati capitalization. monetary with negative interest rates policy relying ever more on hope for rather than expectation of success. the outlook is therefore uncertain. that's particularly true in the euro zone where the intersection of political actions and market confidence will be critical in the coming months and quarters for europe in particularly and potentially economic growth.

>> so a couple of names we pointed out earlier, barclays, will be out at 4:00 p.m. eastern time. putting the bounces in stock prices tootd. all of need names down sharply today. >> we'll be watching those results later in the session. switching geer ining gears this the bank of japan disappointing overnight by not adding more stimulus. it did say it will buy more etfs. here is derek, good morning. good to see you. >> good morning sara. >> how much disappoint was there on the trading desk after we got the announcement from bank of japan. >> you know, i think the bodily injury was in a lose, lose situation today really. the expectations in the market have become so elevated with all this chatter about helicopter money since ben bernanke went to

tokyo a few weeks ago. there was also a risk of disappointment. we thought they might not do anything. they've done something small. i think it really still shows the fundamental problem the bodily injury has, which is ultimately has regioned or is very close to reaching the threshold in terms of the limits of monetary policy and that means they have to be cautious in terms of timing. anything aggressive that it does from here going forward. >> so derek, are they in a los - lose situation across all time frames, not just today. >> certainly going forward there is scope for some increase in quantitative easing through a an increase in purchases. yes, to answer your question, whatever they do from here, it certainly not going to have anything like the impact that we had after the first phase of quantitative easing or the second phase. so really it's about convincing

the markets that over time, they will become successful. of course that's not just down to the boj, that's down to the government as well. the baton has now been passed to the government in terms of announcing the stimulus program. >> of course this matters not just to japanese investors and currency traders, but a lot of folks all over the world in markets look at the japanese yen as an indicator of global risk appetite. sit strengthening this morning by more than 1 percent which is usually negative tifr. how much stronger does it get. >> i think ultimately what's happening at the moment is that this loss of confidence along with the risk eversion yourself mentioned. now of course crude oil prices falling more. earlier this month, the five year inflation swap rate went

into negative territory for the first time since abenomics started in 2012. that mean interest rates on are the rise again. japan has again this very large current surplus, the exporting of capital into foreign markets becomes more difficult. we think the dollar yen is going to head lower and before long will be back below 100. >> that could spook a lot of investors. we look ahead to today's session. we get the first read on second quarter gdp with the increasing chatter the fed may make a move to raise interest rates this year. is the dollar a buy? >>, you know, i think on the gdp itself t big boost to growth is going to be personal consumption of othver had% quarter on quart. my take on that is that is not

sustainab sustainable. the most divisive presidential lerks in u.s. political history, the outlook is still very mixed. ooimt not convinced certainly of a september move. i think december is still possible, but you know, is the dollar a creaming buy in these circumstances, i wouldn't say so. >> derek, thank you for joining us this morning on that central bank decision. bank of tokyo mitsubishi out of london. >> still to come, hillary clinton accepts the democratic party nomination. we'll bring you the highlights from her speech. stay tuned. you're watching first in business, worldwide. .

we head to san jose with the score at 1-1 in the 87th minute. scores an easy winner for the fw gunners. first foreign team to beat the all-stars since 2013. i'm heading to los angeles to hang out with some players. >> wow, you're dream. when we come back, all of the top stories. plus all the headlines from last night's historic democratic

convention. also on monday, don't miss wilfred's exclusive interview with j.p. morgan chairman. maybe that's your dream. >> that actually is. >> that conversation is coming live to cnbc exclusively at 1:00 p.m. eastern on monday. we'll be right back. want a glow that shows and age that doesn't? new luminous light hydrating lotion pearl-optics science fades the look of dark spots evens tone and hydrates skin for instant illumination. olay luminous ageless. b .

good morning. a central bank surprise. eases monetary policy, but not as much as expected.

earning central. amazon and alphabet beat the street. plus the race for the white house. hillary clinton accepts the democratic party's nomination for president. it's friday, july 29, 2016 and you're watching "world wide exchange" on cnbc. ♪ ♪ >> good morning and welcome back to "world wide exchange" on cnbc. happy friday. i'm sara eisen. >> and i'm wilfred frost. good morning to you and happy friday from me as well. it's new music friday for us. a little pitbull to kick off your almost weekend. >> let's get to the top market story of the morning. breaking overnight, the bank of japan easing monetary policy. doubling purchases of etf. overall, investors appear to be

disappointed. boj governor told reporters today's policy decision was meant to address overseas uncertainties. he argues quantitative easing has not reached itself limit and has room to move rates if needed. the markets to yen moving significantly higher. highlighting the extent of disappointment for investors. a 1.6 percent move higher. it has moved quite a lot. it went to 1.5 and back. and the nikkei has been similarly volatile throughout trade today. in the end, the nikkei ending up down sharply. managing to shake off the typical negative correlation it has with tend by the end of trade and closed up for the day. the yen moved certainly very clear. >> u.s. equity futures on the move this morning. let's show you the action. it does look like we're going to break the four week winning

streak. dow futures pointed down. s&p down 3.35. nasdaq nuks the trend. out performing again. is higher for the week. the other two major indexes are down. thanks in part to better tech earnings and a chip deal. as for the early action in europe, we're seeing some green on the screen. the germany dax is a bit higher. the real action in strength is on italy and spain where the banks are doing a little better. i know you've been talking about that reported bailout. >> reported bailout funded partly by ubs. the stress test results coming later today. interesting the ftse 100 down there 0.3%. meanwhile barclays is soaring. we talked about the good results earlier. also some analyst comments hitting the wires. that's certainly a strong beat. >> let's show you oil under pressure and breaking below had

$41 a barrel for wti this morning. we saw the 40.71. down 1.5%. red really across the board. i was had been a story of dollar strength leading up to this week, but the dollar is weaker for the week overall. you wonder what supply issues is coming back to haunt. >> significant declines. 8% for the week wti is down. 16% for the moent as a whole. >> the world's online retailer reporting fifth straight quarterly profit. results beating estimates on the top and bottom line. sending shares higher after market. company seeing strong growth in cloud business and increase in s subscripti subscriptions. it was a great day for amazon. more importantly a great day for

customers globally. they saved over double what they had saved in prime day 2015. >> and, again, the web services aws really the profit driver less than 10% of revenues, but almost half of the operating profits, which just shows you a new amazon the spending continues to expand prime and also sorts of other businesses, but it's really leaning on this super fast growing cloud business. >> that's a theme, the cloud growth we saw in microsoft as well. right to goog ls parent alphabet which saw profits surge. drawing clicks and helping the company posted a 20% increase in revenues. bottom results also beating estimates. alphabet stock up 3% in the premarket. continuing the theme we saw if facebook earnings. very strong mobile performance. >> now to politics. hillary clinton accepting the party's nomination for president. wall street getting some

mention. >> i believe american corporations that have gotten so much from our country should be just as patriotic in return. many of them are, but too many aren't. it's wrong to take tax breaks with one hand and give out pink slips wi with the other. and, i believe, wall street can never, ever be allowed to wreck main street again. and yoining us from washington this morning is chuck gabrielle, managing partner. i like your notes. you put it in terms investors need to know. what are you telling your clients this week after a blockbuster week of democratic speeches. >> yes, amazing sara, thank you for that. obviously no surprises last night. i think for investors who were probably anticipating a clinton

victory anyway, i don't think there was anything to give them any fresh concerns. it was an eloquent speech in terms of the traransform. her vision for flushing out the villains so to speak so here we go. do swing voters attend this conferences and watch these speeches. >> they certainly don't attend the conventions. those are very active politically motivated participates in the conventions. more important thing though is that this convention comes right on the heels of republican convention. looks as though the democrats did get slightly higher viewership. bel it was a big infomercial of

sorts. very successful. took a swipe at wall street. not surprised. a couple of frightening things in there. looking at the sole of hillary clinton and her concept for a village. i mean, she has to reach out to white working class voters. they could absolutely be the only thing that could bail donald trump out in states like pennsylvania and ohio where mrs. clinton is today. she says -- her hope for the economy and economic inequality is to stack is the supreme court. the economic failure is a failure of democracy and she pointed straight to the supreme court. she was talking about citizens united, but for the business community, it's going to mean something quite more complex and worriso worrisome. >> i didn't hear much in terms of appealing to white working class voters from her last night. did you. >> no, i didn't. she's promised a big job program on day one, but of course these

same voters were really going down the tubes at exactly the time they weren't feeling the love from barack obama's infrastructure program or stimulus program so that was going to be a tough sell. by in essence, we should see a bounce from mrs. clinton in the polls. no surprise there and really this is very much going to be settled probably during the debates that start late in september. very rich material. >> a bounce in the polls expected by you and your company. what's your latest expectation probability wise of which way this election goes. >> the democrats, mrs. clinton started with a very strong advantage in the electoral college. we're settled in 50 separate races. ten of them are competitive. she starts with 242 electoral votes in the states the democrats have won in each of the last five elections. we've had 60% odds on a clint democratic victory.

we think the senate is important. the republicans have a fairly good shot. a democratic clinton presidency matched with the republican control in congress would be perfect for wall street. would excel her to deal and guard against any breakout from additional, you know, growth of government. >> we'll continue to talk to you until we get to that finish line. thank you for joining us this morning. from capital alpha partner sgls a powerful peach last night from the father of a fallen soldier. khan's son was a u.s. army soldier guarding the gates when a suspicious vehicle approached and killed him. his father took to the stage saying if it was up to donald trump, his son would never have been allowed into america. he also had a question for the democratic nominee. >> have you ever been to

arlington cemetery. go look at the graves of brave patritrons who have died defend the united states. you will see all faith, genders and ethnicities. you have sacrificed nothing. and no one. >> he also offered to lend trump a cape of his u.s. constitution and directed him to look for the words liberty and equal protection of law. powerful speech. >> when we come back, must reads including how this election is a choice between two imperfect nominees. that is from one big paper. stay tuned. you're watching "world wide exchange" on cnbc. gilman: go get it, marcus. go get it. ...coach gilman used his cash rewards credit card from bank of america to earn 1% cash back everywhere, every time. at places like the batting cages. ♪ [ crowd cheers ] 2% back at grocery stores and now at wholesale clubs.

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welcome back to "world wide exchange." now to the summer sizzler series. with a look at the hottest stocks of the season. it is hot out. landon dowdy joins us with more. looking at the best performing sector summer to date and the stocks that are sizzling most. tech takes the lead this summer. on average, tech lands in fourth place on the list of the ten sectors so what specific stocks are sizzling. sea gate up more than 40%. on the heals of a restructuring plan. also linear technology and ebay

both up 31% this summer. linear stock has turned around this year after the firm received a bid for $15 billion. as for ebay's hot streak, the e-commerce company reporting earnings last week and a solid full year guidance which has helped push the stock up higher. >> thank you very much for that. now to this morning's must reads. hillary clinton find her target. general writing that her speech hit the right tones, went down well. the convention as a whole has worked for the democrats, but says conventions rarely make or break a general election. mrs. clinton will regain a clear poll lead in the coming days. she has more than earned her post convention bounce, but goes on the to say there's a lot more challenges ahead. should be aware of two reoccurring weaknesses underestimating mr. trump being one of them and continuing

inability to win over blue collar americans. so basically saying this convention went better than the republican convention. >> that white blue collar workers theme continues to pop up. writing about it at the wall street journal this morning. just head it from the guest. those are the ones she needs to cord in the swing states. >> as we discussed with our previous guest, not attended by the crucial swing voters. >> we are approaching the top of the hour. the team is getting ready for "squawk box" in new york city. joe kernen is in new york and joins us with a look at what's coming up. >> yes, i guess we'll talk a bit about technology. i was going to do my own article. >> please. >> can i. >> you may. >> i was going to do "the washington post" which notes what an uplifting vision the future we were given. as opposed to that dark ominous

forboating apock lippic vision of utopia we saw last week. >> you joke, but it was more positive plan last week, the overall tone of the conference. >> the journal made it, did you read the lead editorial in the "journal" today. >> i'm afraid not yet. >> you didn't. that's a shocker. i thought that would be the first place you turn. it's a good read. this is what i would actually do. that would be called hope without change. sort of is actually a very good three letter description because really you're talking about doubling down on the same policies for the last eight years. only you're actually adding quite a bit of things. wasn't a single progrowth initiative talked about last night. just a raise in capital gains taxes. i guess from zero to five years old, the cradle to grave entitlement state doesn't quite cover zero to five yet. we're going to plug that in.

add the pluublic option. the list of give aways, free college was fantastic. does it work? will it help the disenfranchised people who haven't participated because of the slow growth? i don't know, but it's a great -- and journal walks a very fine line. saying we're not saying mr. trump has earned a vote, but just know what you're getting if you're going to vote for hillary clinton. that would be my -- that would be the -- i would read this most mornings. maybe just skim it. >> i'm surprised you didn't pick eugene robinson in the "washington post." >> i'm guilty of not reading gene robinson ever, but anyway, check out the journal. >> joe, we have to leave it there. "squawk box" in 12 minutes time. coming up the banks underwheming this morning. way in next with us. watching cnbc first in business worldwide. ifs

. welcome back to "world wide exchange." joining us now is david rosenberg, chief economist and strategist. good morning to you. >> good to see you again. >> good to see you. welcome to town. today's gdp report. first look at second quarter. what are you expecting. >> i'm not going to differ from the atlanta fed because they're track record is better than anybody elses. sliced a half point off estimate. >> you think we're going to get below 2%. >> we had the string of good data up until about a week ago. we had the widen trade deficit. the numbers of shipments and orders were very week. the missing link here is capital spending. i went through the history books and looked at why is this the weakest cycle of all time and it's not about consumer spending. it hasn't been strong, but

they've been doing their part. it's not housing or exports. the biggest gap between this cycle and all the predecessors is capital spending. we're in a profits recession. we're in a capital spending recession. that's really i think the most important number that came out this week was the pervasive weakness we're seeing on the spending side. >> how significant is that in terms of what business confidence is actually like. they're using the low rates, but it is going into financial engineering and buybacks as opposed to investment we need to be stainable. >> that's been the whole cycle. it's been about buying back your stock dividend payouts. i think that's really the missing link here is the lack of confidence in the business sector. one of the reasons you're starting to see this weakness. i think they lost their marbles after the last payroll number. we're running 150,000.

employment growth is slowing. that's what you expect after you had productivity contracting. no capital deepening the cycle. that's one of the biggest risks for the economy right now. not so much the consumer. housing is okay. it's the lack of capital spending. i think a lot of that is just the lack of clarity we've seen on the fiscal side. i think i can turn more bullish the next we're if we see a budget being passed and clarity on tax policy in particular. >> this is old school david rosenberg. you were bearish for so long then bullish on the economy. now what we've gone downhill again. >> i'm not going to say we have gone downhill. when i saw the kbhi could withstand the degree of fiscal tightening he we had in 2013, i thought okay there's something thunder economy that can

withstand. what caught my eye going into the end of last year and this year. was goods orders rolling over. it wasn't just one or two mon s months. the trend in capital goods orders turned deeply negative and that concerned me. if you left me on a dessert island and some people wish i was there, one economic leader to look at as a leading indicator for the economy would be capital goods orders. that leads everything. started to get concerned around nose data points. they haven't improved. >> when we look at the earning season and particularly tech is the standout positive performer, is that suggesting it's only worth buying things with structural growth opportunity. >> that's 100% true. you have to find your niche. so technology has done well very recently. what's interesting about moving to -- whenever we see the move

to a new high, it's been led by the defensive yield sector. you utilities and staples and telecom leading the way. to me, technology is actually screens very well in our work right now, but i would have to say that you know, we have a situation here where investors are still because the boomers are turning 70 starting this year. there's going to be 1.5 and a half boomers turning 70 for the next ten years. they are driving this income phase. that's not going to go away. that's one of the reasons why these utility stocks have been bid up. that's really the big story of the year. you have utility stocks. the big story of the year is not technology. they're looking very risky right now. i'm telling our client ifs you want to buy regulated utilities, shift to the u.s. banks. you have a similar growth

profile, but trading 13 mull approximately and 20 multiple. >> they have not been favored. >> year to date, but started to pick up and if you're looking at the dividend yield on the group is starting to rise. actually the dividend growth in the banks is stripping now the growth you see in utilities. people are treating utilities as a proxy for government bonds to pick up the coupon. probably better ways to play that theme right now. it is very sector specific right now. >> david, thank you so much for joining us this morning. david rosenberg there. 30 seconds left. sara what where you watching today. >> watching the tech trade. we put out that poll on twitter yesterday who had the best growth outlook, amazon, alphabet, or facebook, amazon and facebook tied. amazon got a little beat. a. >> all three watched this week. i'll be watching the european union banks.

barclays soaring. european union stress test out later today. "squawk box" is coming next. narrator: the best place to find adventure... kubo: come on, this way. narrator: ...is in the forest. kubo: wow. narrator: so grab your loved ones monkey: don't even. narrator: and explore a world of possibilities. kubo: it's beautiful. narrator: visit discovertheforest.org to find the closest forest or park to you.

now you can watch nbc's coverage of the rio olympic games live at home or on the go.

expectations. hillary clinton's big night. accepts the democratic nomination. wrapping up two weeks of conventions. now the real race for the white house beginning in earnest. and gearing up for the olympics. we are now one week away from opening ceremonies in rio. have to get this out of the way first, today we're going to find out what the u.s. team will be wearing. it's friday, july 29, 2016 and "squawk box" beginning right

now. >> good morning. welcome to "squawk box" right here on cnbc. i'm andrew along with joe kernen and kayla tash shi is with us today. we have a very business friday. the first read on second quarter gdp is out. it comes out at 8:30 eastern. expected to grow in the quarter. also 8:30 we get the q2 employment cost index and 9:45 you have to look for the chicago pmi. that comes up at 10:00. dallas fed president is speaking today. a lot of fed heads in other economic watchers are going to be looking at that kind of