i'm seema mody he's your five at 5:00 starting with the record rally the nasdaq rally continues we're expected to open at a new all-time high. it's thursday, june 21st, we're awaiting that opec deal, that announcement expected to come on friday emerging market status argentina and saudi arabia getting that msci status and a profit warning coming from daimler on those u.s./china trade tensions more on that plus travel alert. more people expected to travel on that july 4th weekend

what to expect as "worldwide exchange" begins right now good morning welcome to "worldwide exchange." i'm dominic chu. brian sullivan is on assignment today. let's check the markets right now. we're seeing deterioration for the futures. the s&p would open up about 2 points to the down side. the dow jones off by 45. the nasdaq up by 10. on the treasury and rate side of things, 2.92% is the last trade we're seeing on the ten-year u.s. treasury note two-year notes, 2.55%. on the oil side of things, big story is iran possibly signaling it could be on board for a production increase. that's putting pressure on oil 6 $64.71 the last trade. brent crude at $73.36.

let's look at stocks in asia the shanghai closing down on the day by around 1.4% that is a twye low for the chinese equity index a similar session in hang seng -- in hong kong, i should say. hang seng down 1.4%. japan with a gain of 0.60% norway central bank, switzerland central bank keeping rates on hold waiting for a decision from the bank of england. france down, germany down, and the ftse 100 higher. a lot of things are happening in the markets let's get to art hogan let's talk about all of the cross currents what is the most important thing that is driving the markets now? we know trade tensions are there. oil is there in your mind what is the most

important thing? >> over the next couple of days it will be about opec and what we learn about their decision. that's okay. trade concern about will be the biggest head wind. but until we get some answer out of opec on whether they're increasing production and where that settles in to the commodity price. there's been an uncertainty of market expectations of something north of 1.5 million barrels, and something south of 300,000 barrels a day, we have 500,000 barrels of increase. that gets them back to target. they lost some with the iranian sanctions and venezuela out of capacity >> the nasdaq set to open at a

new all-time high. what is it about technology? why do investors see that as a good destination to put their money, despite the big exposure technology has to trade tensions >> yes and no. that's a great question. i think in some instances, when you look at the disruptors, it feels like they're agnostic to trade tensions when you think about google, perhaps a company like a netflix, facebook which made an all-time high yesterday. there are sections of technology and some of the top -- very large disruptor names that have rapid sales and earnings growth that feel like that's the safety trade. that's a bit dangerous i would feel safer in another sector or index making an all-time high, the russell 2000. you have less exposure to trade, less exposure to the dollar. you have seen some outperformance, too. but you're right, investors are looking at technology and saying

not necessarily affected by technology, trade and piling in at a rapid pace. >> let's bring it home for trade. companies across the wld are weighing in with regard to how trade policy will affect bottom lines. how should investors navigate this environment is this a time to wait and see or should we be making changes to portfolios because of these particular headlines >> that's a good question. we have gotten so used to this being part of the negotiations we get this sense that we'll get this announcement, then we back to middle ground and companies find it difficult to operate during the second quarter earnings period, we will hear trade and concerns over trade more than any other topic. i think that, you know, as far as investors go, i think it's still safe to look at this as not worst case scenario but could be, if i wanted exposure i would be small in domestic versus large in international. by that i mean basically the

russell 2000 versus the s&p 500, for a lot of reasons because i think at the end of the day this will take longer to resolve. you know, if we drag this out through the summer and fall, companies will make business decisions and that could eventually work its way into the earnings i would say i would rather be domestic and u.s. focused. >> art hogan, chief strategist at b. riley, thank you for joining us >> thank you. we have talked about some of those corporations issuing some of that profit warning we have a high profile one out of germany courtney reagan has the latest on this story. >> daimler-chrysler saying retaliatory tariffs by china on vehicles built in the u.s. would hurt sales of the suvs it produces at a factory in alabama. the impact can't be offset by shifting vehicles to other

markets. the company expects 2018 pre-tax profits from its mercedes-benz division to drop below last year's levels. while china calls the import tax the decisive factor in the profit warning, it cites new european emission rules and a drop in diesel demand. daimler, volkswagen and bmw operate four assembly plants in the u.s. that employ more than 36,000 workers last year they produced 8 00,000 vehicles at those factories. less than half were sold in the u.s. the rest were exports to other markets. shares of daimler, bmw, volkswagen are lower daimler lower by 4%. bmw by 3, and volkswagen down almost 2 % >> big moves in europe as we expect that policy decision from the bank of england. stocks in europe mixed right now. >> it goes to show you, we knew

that autos would be a key battleground when it comes to trade tensions china, the u.s., europe, it doesn't matter now because it's a european automaker, just because they make the cars in south carolina, alabama, it will be an issue >> absolutely. look at some other corporate stories. watching good rx, which is in talks to be bought several people saying a deal could fetch up to $3 billion it's not clear who would buy the company, but mckesson was possibly taking a look good rx did not return our request for comment. you can read more about this on cnbc.com. we have analyst reaction pouring in after disney upped its bid for most of 21st century fox. that new offer tops a current bid from comcast, but media analyst rich greenfield doesn't expect comcast to back down. here's what he told the gang

last night on "fast money. >> there's no other obvious path for them to take other than fox and sky. i think they're prepared to going further. i think this battle hasn't gotten close to ending i think you'll see multiple shots fired back and forth comcast will not give up and roll over. >> as you can see here, we do have shares of 21st century fox, comcast, the cnbc parent company and walt disney up in extended market trading your big individual stock stories, starting with micron. the semiconductor player did report earnings, fourth quarter outlook beat forecasts as well as third quarter results on strong demand for memory chips used in pcs and smartphones. micron has been selling more chips at higher prices as customers look to store data and apps on the phones american outdoor brands fourth quarter results topped forecasts. the gunmaker and parent of smith

& wesson expects the current sales slump to carry on for another year that stock is down 6%. the company will limit promotions as a means to sustain its market share. hp says its board signed off on a $4 billion stock buyback o top of the 1$1.2 billion it has remaining on previous programs hp shares are up more than 13% this year. still ahead on the show, a breakout moment for saudi arabia it's getting upgraded to emerging market status we'll go to riyadh later this hour to tell you why that could effect your money. coming up, the countdown to that big opec decision will they or will they not increase production? brian sullivan is at that opec meeting in vienna with more on the ground what's on tap? >> we're waiting for the saudi oil minister to come out of a panel decision

everybody wants to hear from him. here he comes. do not go to break please do not go to break. look at the crowds knocking people over guess what earlier, a few minutes ago when he came in, we got some comments from him about his mood, about the likelihood of a deal it's not much but you have to read every clue you can. it's oil paparazzi there we have mohammed barkindo. secretary-general, we are live on global television for cnbc. how are you, what is the likelihood we get a production deal >> we are optimistic that we will have a successful conference and we'll begin the celebrations for the second anniversary of the declaration

of cooperation by the 24 producing countries in december of 2016. we are in vienna, and this seminar is a further testimony to the new era in this industry, emerging from its longest cycle in history >> is iran on board with an increase in total global output from opec? >> i am optimistic that our conference on friday, tomorrow, with opec, and non-opec on saturday will come up with a consensus decision >> what has been the big problem, the big sticking point so far, sir? >> it has been the usual process of extensive consultations by all parties within opec and between us in opec with non-opec partners which is typical in the

run up to the conferences. >> when can we expect the announcement of a decision >> as soon as we conclude the conference on friday, the opec conference, the president of the conference will address the press to announce the decision and then on saturday we'll have a joint press conference with the non-opec by alexander novak of the russian federation, together with the uae. they will jointly address the world press. >> so novak will be the -- the russian oil minister will be at the meeting tomorrow and be a part of the decision >> we expect him this afternoon in vienna, he assured me he will be at the meeting. >> does opec believe that $65 u.s. traded oil is a fair price for oil? >> the issue of price has never been part of the permutations in

the decisions taken in december of 2016. we have focused consistently, almost fconsistently on demand and this has aided the recovery in the market as well as the industry, as exhibited with the positive atmosphere at the opec seminar. thank you very much. >> thank you for speaking with cnbc have a good meeting. exclusive comments there, coming out of the panel we saw the saudi oil minister walk out we got some comments from him. secretary barkindo saying a deal will be reefed not a lot of talk about price or how much after the break, we'll bring you

those comments from the saudi oil minister i'll show you what thehemes are and talk about what bp's ceo 'siv us yesterday. it le, it's fluid. we're back on "worldwide exchange" after this happy anniversary dinner, darlin'. can this much love be cleaned by a little bit of dawn ultra? oh yeah one bottle has the grease cleaning power of three bottles of this other liquid. a drop of dawn and grease is gone.

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time, we did see specks of green. now we could open down by 100. the s&p off by 8 the nasdaq off by 8 a big factor driving markets now, oil prices. $64.46 for wti crude, almost off 2% ice brent crude, $73.08. that's off over 2% of course all of the opec news swirl is driving so much of this pricing action >> we're about 24 hours away from that major opec decision. let's get back to brian sullivan who is live in vienna ahead of that meeting brian, you got fresh comments from the saudi oil minister. what did he tell you >> you can see it's fluid here and crazy here with the live interview with secretary barkindo the saudis, opec a 14-nation cartel but the saudis are really in charge given their production.

it's hard to get everybody to commit on camera with the number everybody is looking for the number, how much will you raise production by. opec a year and a half ago agreed they would cut production by 1.8 barrels a day, operating at reduction capacity. the question is will they strike a deal to raise oil output by reducing the cut if that makes sense and that could lower prices there's political remember sure from the united states president as well as others. as these ministers come in, there's a violent scrum of reporters that come around some of these ministers and we got a few seconds with the saudi oil minister here's what he said. >> how is your mood today? >> excel when. >> do you feel like there's a spirit of cooperation? >> absolutely. >> listen, i know it's not much, but you have to go with the clues, the body language they say the mood is good. there's a spirit of cooperation.

you heard the secretary-general live moments ago, he said they do believe they are going to get a deal what's really going on is the saudis perhaps under pressure from president trump alonged with the russians and we'll throw the united states in there would like opec to raise output by cutting the cuts. that may bring prices down opposing that is iran. they know they'll have a bunch of barrels off the market because of u.s. sanctions that go into effect in november iraq has made a likely alliance with iran, and venezuela they don't want to see more output because they don't know where the oil will go or they may lose market share. still fluid. you have the two sides here. it looks like from every comment we're getting that the saudi position may win out and opec oil production may go up >> brian, speaking of fluid, the

currency markets are fluid these days, we're seeing a lot of cross-currents there is anything talking about the currency moves the dollar anything else? what are they saying about that? >> they absolutely are i'll tell you why. most of the world's oil is priced in dollars. when the price of oil goes up, in the states our viewers get annoyed. i was paying $2.75 a gallon for gas, now i have to pay 3.25. it's annoying but not devastating. in india, a big player here and others, when the price of oil and the price of the dollar goes up, it's a double whammy you have 1.2 billion consumers in india, they're getting whacked. the indian foreign minister is here by all accounts he's pushing for an output increase because they're getting whacked on the other side we had a few moments with the ceo of bp yesterday, he said the

consumer is squarely in mind in the closed door talks. >> there's a lot of oil in the world. a lot of it is coming offline. the world will eventually adjust to all forms of energy which will be needed. shgs ysh, yes, prices at a low level because it causes incredible pain to countries. >> he's talking about a couple hundred million barrels coming off -- or a couple hundred thousand a day because of sanctions. the venezuela production continues to decline as their economy is decimated that may add up to 1 million more barrels off line. so opec is trying to fill that gap. it's fluid it's rough and tumble at times with the sharp elbows. we'll be here all day from the opec seminar and maybe get more clues as to what will happen tomorrow if we do, we'll bring them to

you. >> we know you will. we know you have strong and sharp elbows out there still ahead on the show, the good, the bad, the ugly this earnings season. atwh to expect as far as that is coming up next on "worldwide exchange."

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welcome back to "worldwide exchange." let's check the headlines with frances rivera good morning good morning to you.

severe flash flooding is ravishing parts of the united states in texas more than a foot of rain left coastal residents in knee-deep water. vehicles stalled the road prompting emergency water rescues. in western pennsylvania thunderstorms drenched areas in rain crews had to pump water off of flooded roads and several cars were stranded. more legal trouble f michael cohen. the "wall street journal" reports that the publisher of the national enquirer has subpoenaed him american media links wants records related to karen mcdougal for her story related to an affair with the president, which he denies. and the world's most valuable car is up for auction, this 1962 ferrari 250 gto is the third ever made out of 36 models the car has a pre-auction estimate of over $45 million. that is the highest for a

vintage car at auction you can get that if you got the big bucks for it make sure you store it in a glass garage >> how can you forget that scene? >> epic. >> thank you i bet it goes for more than $45 million. >> perhaps. still ahead on "worldwide exchange," is it tax cuts or is it the trade war which is having the bigger impact on corporate america? we have new numbers coming up. and buckle up, a record number of people are expected to hit the roads over july 4th. we'll tell you how much you can expect to pay at the pump when "worldwide exchange" returns jimmy's gotten used to his whole room smelling like sweaty odors.

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tech stocks on a tear. the nasdaq set to open at a new high as the f.a.n.g. stocks push higher. energy prices moving lower ahead of tomorrow's opec meeting. and a record number of people expected to hit the roads over the july 4th holiday. new numbers straight ahead it's thursday, june 21, 2018 you're watching "worldwide exchange" on cnbc. ♪ welcome back to "worldwide exchange." i'm seema mody >> i'm dominic chu brian sullivan is at the opec meetings in vienna let's get to the market action

we are seeing a deterioration in the futures picture. the futures market, the dow jones would open down by about 90 points if we hold this into the opening bell the s&p off by points. the nasdaq down by 9 or 10 points we saw some strength in nasdaq futures earlier on thanks to tech stocks. that is now fading as we get deeper towards the opening bell in the united states let's get you up to speed on the price action on the treasury side of things ten-year note yield now at 2.91%. we've been holding steady just between that 2.9, 2.93 area >> oil prices, that decision from opec coming in less than 24 hours. the big decision is on whether the big countries in epeck, bop decide on an oil output

increase brent crude at 73.12 wti at $64.49. an interesting set up in trade overseas look at how asia closed. shanghai closed down by 1.5% a two-year low for the chinese equity index those u.s./china trade tensions having an impact on stocks overseas if you look at the hang seng, it closed down by 1.4%. japan did close higher, but just by 0.6%. in europe, early trade there mixed. germany is lower by 1% the big decliner is italy, which is lower by almost 1.5%. three key policy meetings, norway and switzerland keeping rates on hoechld we'ld we're awaiting a decision by the bank of england. lindsay bell joins us. thank you for joining us earnings are front and center

now. not because we're neck deep in earnings season but because some corporations out there are starti to put trade and tariffs into their forecast for what they will do. we got it from daimler in germany this morning saying they think the trade and tariff issue will have a hit on the bottom line what can we expect out of u.s. corporations this coming earnings season because of stuff like that? >> ceos will probably be careful with the language they use around this. we also got fedex, they say they have trade concerns and they're for lessening trade barriers opening markets, not closing them we'll hear more about that but it's hard to quantify the impact on numbers until we're certain what is going into place trump put $50 billion on chinese imports, thinking about escalating them substantially. the 50 billion will not be a

huge hit to our economy. but -- or to their economy, but if it escalates, the consumer will get hit >> i was on that fedex earnings call fred smith said while trade tensions with a concern, they're confident the supply chain is strong it's interesting to see out of the 11 s&p 500 sectors, industrials tend to react the most when trade tensions escalate is that a concern? do you think that's where we could see further weakness especially as earnings season gets started here as a place where trade concerns could impact future guidance >> i think the industrials and material sectors will be whip sawed throughout the trade talk as it continues for the next several weeks. until we get into the heart of earnings season. the key is to look towards forward guidance fedex, they reaffirmed their

outlook for u.s. gdp this year an next year they reaffirmed their outlook for world growth that really goes to the point that these guys are not going to react until they see an actual change in the numbers. you are hearing businesses start to talk about their concerns about trade wars and seeing commodity prices and you're seeing impacts in just actual steel and aluminum prices. but we're not seeing it in manufacturing numbers just yet sure they're complaining about the pressures. i think this leads to a bit of an inflation increase. what do you expect this earnings season what do you think will be the big theme to watch for we know forward guidance will be key. are there things you feel will be that thread that links the earnings report together >> i think trade will be a key topic. guidance forward, sales, how the consumer is doing, and tech will be huge again this quarter

they'll beat substantially numbers have not moved up that much for that sector it's leading the market and i think that will continue to be the case as we navigate the next several months >> even with the stronger dollar 11-month high this morning. >> did you see micron's earnings they were out of this world, guidance was raised. it's where the demand is right now. >> all right lindsay bell, thank you very much, cfra research. a huge deal coming up. >> thank you all right. let's talk more about trade, the impact on corporate america. our new cfo counsel survey is out. jackie deangelis has more. >> cfos are worried about trade wars many of them said that as the trade tensions are escalating with partners, especially china, they're concerned that it will have a negative impact on their

business about half from the asia pacific region and the united states said it would be negative. we asked them to compare the benefits they're anticipated to see from corporate tax reform to the concerns about the trade wars most said that the tax benefits will outweigh what they're expecting from trade sticking with the global theme, more than 70% are concerned that italy will leave the eurozone, more than half said it would have a negative impact on their businesses abroad. we also wanted to know what they'll do with all their cash stockpiles they have not been specific on this in the last few quarters. 70% said share buybacks. that's what they'll do with the cash 15% said it is as a direct result of the savings that they're expected to see as a result of tax reform politics front and center. so we asked them what they're expecting in november for the midterm elections. the majority think democrats

will win control of the house. the republs will hold on to the senate we aedbout the stock market. while they've been optimistic on where stocks could go in past surveys, past quarters, this time they weren't so sure. 40% said they were unsure what the dow jones would do and about a third of them said the dow would fall under 23,000 before it crossed a new record at 27,000. so the bottom line here is a little tentative as we move forward. cfos are thinking there could be some bumps ahead >> jackie deangelis, thank you now time for the trending stories. courtney reagan joins us around the desk >> good morning. guess what's coming up fourth of july you have travel plans? >> i do. i'm driving. >> i'm driving as well >> i'm flying. we're a part of the trend here it will be a busy day for the

roads, rails, airports aaa says it will be a record the highest travel volume that aaa has seen in 18 years of tracking this data this is despite the higher gas prices you guys are both hitting the road up nearly 60 cents from this time last year the national average is 2.87 it was 2.28 a year ago >> that's got to be a good sign, that consumers despite the jump in gas prices, they'll hit the road >> or else everybody just needs a break. >> i think it might be more of that the idea we're willing to spend on that because we want to travel and see friends and family, as opposed to spending it on other things >> experience spending for some of us. >> big trend in the world of travel >> dom, you like live sports, golf is up your alley. no mascots in golf >> no mascots in golf. maybe at some point. >> interacting with them is

usually fun and safe but maybe not if your a phillies fan. there was an incident at the ballpark the phillie phanatic notoriously over the top, shooting hot dogs into the stand, this week his m was d. bad enough to hit a fan so hard she had to be taken to the hospital the fan escaped the incident with no permanent damage just a black eye she's not planning legal action. no word yet on if she plans to eat holt dogs again. >> can you imagine telling your friends this is what happened to me i got hit in the face with a hot dog. >> crazy >> at least you have a good story. >> maybe that's the silver lining >> hot dog, what a story >> i know, right alexa, is it time for class? i hope i didn't wake up everyone's alexas. starting in the fall incoming students at northeastern university will have the

opportunity to get an amazon echo dot the program would allow the students to use alexa to check the class schedule, monitor mea in tuition and fees. the program is called husky helper it is name after northeastern's mascot >> huskies >> husky is also my mascot, university of washington >> i wasn't thinking of it as a dog. >> from a retail standpoint, this partnership could be a big opportunity. >> you know who pioneered that, right? the credit card companies. remember going to college and having them all come barred you. >> get a free t-shirt. >> get your $500 credit limit, increase it to 1,000 >> amazon learning from them >> exactly

>> fortnight, you are into it? >> i never played. i know you have. >> you have? i never played fortnight is the second most successful iso launch of all time this is the multi player game. it made 1$100 million in the first 90 days in the app store the game itself is free to download and play. that 1$100 million was earned through the in-app purchases how would you earn it? >> i don't know enough on that front. this is such a challenging game. if you sit down and try to play it, i have to say, get ready it's incredibly hard i have respect for these gamers out there doing such a great job. >> we've come so far from farmville. in online gaming now is so much more sophisticated >> it is it's incredible. i understand people wanting to watch other people play because

of the graphics. >> it's entertaining come over, we'll play. >> i'm in. >> thanks. coming up on the show, we'll talk about trade and turkey. fighting back that nation after issuing tough retaliatory tar f tariffs against the united states as we head to break, check out oil prices they are front and center given tomorrow's big decision by opec on whether it will raise production or not. wti crude, $64.70. ice brent crude, $.2730. we'll have more on "worldwide exchange" after the break.

china warning washington this morning that it's trade actions will ultimately u.s. workers. this comes after president trump threatened additional tariffs on 2$200 billion of chinese goods. india is slapping new tariffs on imports of u.s. farm products, steel and iron last month it filed a complaint with the wto over u.s. steel and aluminum tariffs after failing to win an exemption. turkey is also taking action that nation imposing tariffs on nearly two dozen u.s. products

ranging from cars to sunscreen the move comes from president trump's decision to tax foreign steel and aluminum joining us from the capital of turkey is khadir ball from the ministry of the economy. it is a pleasure to have you on the show help us understand as expected your country, turkey, is imposing counter measures on the united states. tell us why you think this is the right strategic move >> hi. hello from ankara. you know, the united states is imposing additional duties for steel products and aluminum products turkey is going to be affected negatively with this move of the united states. and 25% of additional duties on steel products are really

concerning us. and this will hurt turkish economy especially steel exports to the united states one-fourth of our exports to the united states are steel products, and we are -- our exports to the united states is 1.2 billion u.s. dollars in steel products so this is a very important thing for turkey and turkey wants to maintain market share in the united states we want to solve this problem. so far we couldn't reach mutual solutions. turkey has notified wto about

retaliation against united states and our retaliation will be in effect in a couple of days including 22 products. and totalling 1.8 billion dollars. these include cars, cosmetics, manufactured tobacco and food preparations and nuts and rice, different agricultural products and industrial products. we are going -- our measures are proportionate to the u.s. measure because 25% additional duty will bring a burden on turkish steel products almost 6 26 bi2 2$267 billion

we will almost be collecting the same duty on the u.s. products coming into turkey the list is wide-ranging 22 items you're putting an import duty on undersecretary, we have to leave the conversation there thank you for provideding your views on "worldwide exchange." we are approaching the top of the hour. that means the team at "squawk box" is getting ready. becky quick is live in times square with more on that big show coming up what are you guys watching today? >> it's good to see you both we have a lot of things going on we'll continue to follow the hunt for fox, both disney and comcast in the running we have not heard from comcast after disney's big new bid they announced yesterday. today they'll talk it through with a series of different analysts we have dan ives, brian nathanson, they will join us to talk about what they think will be happening

we also will continue to talk about trade and tariffs. joining us to do that is wilbur ross, the commerce secretary he will join us from a summit to try to raise foreign direct investment in the united states. we're also going to talk to wilbur ross about allegations that have come out from forbes in the "new york times" that he traded shares of a company he owned, navigator, after he received questions with a negative story about that company, that he shorted that stock and closed out that position afterwards. he will tell us about all of those issues kevin brady, the house weighs and means chairman will talk to us about what is happening with growth in the united states. and we'll talk about those two immigration bills moving through the house right now. a tease of some of the things coming up later. >> becky, a huge show as always. we'll tune in at the top of the hour. we have three things to watch, tech, trade, trump. we'll set you up for the day

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welcome back to "worldwide exchange." we want to give you a check on the price action this morning. it is negative, though not as bad as we saw a few moments ago. the s&p off by 6 points things hold steady the dow jones would open down by 82 the nasdaq off by points as well let's get the trader's take on what's happening so much stuff going on tech, trade, trump guy adami is here. >> i'm here. >> in person >> we don't have a lot of time what's going on in the world >> you tell me what should we be watching >> everybody is talking about tariffs and why the market has been sketchy is because of the china tariffs. i disagree since the fed statement on wednesday, the market has been on edge. i think it's more fed than china. f.a.n.g. has been on fire.

i have leadership in a specific area the rest of the market not so much vix, nobody cares. sets up for a market that might take people by surprise to the downside >> small caps and tech leading this market. is it time to diversify or stay with what's working? >> time to diversify if you have ridden this wave on tech, take some money off the table. the move from 155 to 202 since the senate testimony to me is much too much. i think you have to take some money off the table. >> what happens? is this a trader's market now? >> for me it's always a trader's market if you've been an investor you've done well the last couple of months have been sideways to slightly lower, but it's a trader's market look at the move in netflix, in tesla.

the last two weeks, unbelievable if you're a trader and if you don't take money off the table when you see moves like that, you play it wrong. >> earnings season is about to kick off again >> if you have a facebook position, i would take a half to three quarters off, also the same thing for tesla if you want to look at one thing, look at xlf, you could have a major double top forming in xlf everybody points to the banks for leadership, hasn't given you much leadership over the last month, month and a half. >> just a few moments left has the investment climate changed for those long-term people out there >> i do. i think it's changed in the form of a federal reserve that no longer has your back i think this fed is sort of -- not as focused on the markets as previous feds, that's a good thing. if you think the fed has your back, you're wrong this is fun. no prompterment you guys are doing this without a net

this is amazing tv >> freestyle >> thanks for joing inus on "worldwide exchange. "squawk box" is coming up next causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. the name to remember.

looks like the nasdaq will open at another new high as the rally in f.a.n.g. stocks shows no signs of letting up a major automaker says retaliatory tariffs on u.s.-made cars will cut into profits details on that. and get ready for gridlock a record number of people expected to hit the roads over july 4th, and it's not a weekend. it's a wednesday we'll see what that means for how you feel hump day is a good day monday -- july 4th is a thursday >> july 4th is a wednesday

no no nenumbs ight ahead it's thursday, june 21, 2018 don't ask becky. "squawk box" begins right now. ♪ live from new york where business never sleeps, this is "squawk box. good morning welcome to "squawk box" on cnbc. we're live from the nasdaq market site in times square. i'm becky quick along with joe kernen, andrew ross sorkin is off. the prompter is back and mike santoli >> great to have you here today. amazing. they fixed it as we came up. >> they fixed it or they told you it wouldn't going to be there. >> was i looking down a lot? >> i wasn't looking at you, i was looking at my scripts. >> if we didn't have a prompter -- >> we would have no words. >> i think the show would be two