it is 5:00 a.m. at cnbc. 2:00 in the morning in cupertino, california where we have a big announcement, chief designer jony ive is leaving the company after 20 years the stock losing and then bouncing back slightly full analysis coming up. at a minimum it will be productive president trump previewing his face-to-face with china's xi jinping. what you can expect from that sit-down ahead. let's party like it's 1998 wall street looking to close out the best first half of the year since that year. can we keep this party going

china, wealth gap, taxes, tariffs, immigration, all taking center stage at the second democratic presidential debate we'll go live to miami with reaction and a brand of china and for china. nike's mark parker channeling abraham lincoln. the stock up 12% year to date and is about to add more today it's friday, june 28, 2019 "worldwide exchange" begins right now. ♪ ♪ good morning, good afternoon, good evening and welcome from wherever in the world you may be watching. happy friday. i'm brian sullivan the imac, the ipod, the iphone, new headquarters, just dozens of innovations designed by sir jony ive who said he is leaving apple after two years with the

company. it's a big move and a big surprise much more on jony ive's exit in a few moments. first let's get you set up on the final trading day of the month, the final trading day of the quarter, the final trading day of the first half of 2019. we are higher right now. dow futures up 98 points remember, we need 1.6% now to get to that new high we got close last couple days have not helped us out not up 1.6%, but we're in the green. futures tended to understate the move we ahave the blue chips on their best monthly pace since january. the dow on pace for its best june since all the way back in 1938 wow. 1938 no big move into asia overnight. g20 and trade, we'll get to that in seconds that's the market mover. not seeing a lot of movement

here a bit in the red in europe everybody is waiting to see what happens at that big summit in osaka. slight moves up in europe. slight moves down. let's focus on things outside of equities there's been bigger moves there. oil, you have the opec meeting on monday. will they keep their 1.2 million barrel a day production cut? a tenuous deal we'll be there live in vienna starting on monday oil down 0.3%. bitcoin, the wild ride continues. bitcoin up another 576 points. we have been between 11,500 and 14,000 in the last 36 hours or so gold, by the way, at its highest level in six years 1,417 an ounce there's your set up. the market moving news will take place not here, but in japan with the g20 meeting under way and trump is meeting with world leaders. will we get a trade deal or a

nice photo-op? kayla tausche is live in osaka, japan with more on the next big 36 or 48 hours of meetings >> there's certainly been more than enough photo-opes today leaders from 85 of the leading economies are meeting here and hashing out foreign and policy agenda against the backdrop of slowing global growth and protracted trade tensions. foreign policy and geopolitical tensions are looming large on the unofficial agenda with leaders wanting answers from president trump on iran and north korea. on iran president trump was asked about that in a bilateral meeting or ahead of a bilateral meeting with india's prime minister he said he will wait forte r tehran to negotiate >> we have a lot of time there's no rush. there is no time pressure.

i think that in the end hopefully it will work out if it does, great. if it doesn't, you'll be hearing about it >> modi and trump also discussed trade after president trump criticized india's tariffs on u.s. products, one of many u.s. allies meeting with trump after being on the receiving end of his critiques. abe was on defense after trump slammed a post-war treaty as one-sided. later in the afternoon president trump told president putin of russia not to meddle in next year's election. the one meeting that everyone is focused on is the one that could have the make or break outcome in the next day, that's president trump's meeting with president xi ahead of a bilateral with brazil's president, trump teased what we could expect >> we'll have a meeting with president xi of china tomorrow, as you probably have heard seems to be a rumor about that and we are inhe deed

indeed i think it will be productive. we'll see what comes out of it >> that meeting is set to happen tomorrow japan time. certainly there will be a lot of prognosticating ahead of that about what exactly we can expect >> any word on the reported trade truce between trump and xi ahead of this meeting? >> that's the assumed outcome from both people who are familiar with the talks and wall street strategists following these trade talks closely as outsiders. everyone issues the caveat that president trump is his own decisionmaker behind closed doors and no one can predict what he will do. as for the chinese viewpoint going into this meeting, just a few minutes ago one of the top editors from the global times issued a tweet essentially he saying that china believes that

because of political pressure that china feels they can last longer in the trade war and that the u.s. will have to cave >> thank you very much let's get inside analysis not just on the g20 and trade, but oil analysis we have the co-founders of the new sandhill strategy. when i say new, i mean new you launched your firm two weeks ago. >> that's right. >> thanks for being on "worldwide exchange. we'll give you worldwide exposure stephanie, you're sort of more energy policy. do you expect anything material to happen, stephanie is just kind words and a nice photo-op, maybe that is in some ways material. >> so we talk to institutional invest all the time. there's a lot of gaming on what might happen

the best case scenario is no further escalation in tariffs. right now president trump has this what we're calling the fourth tranche of tariffs that he could institute he said as high as 25% he's threatened 10%, 5%. i mean, i think everyone would love him to come out and say i will make the list go away i think that might not happen. i think we might get a list of companies or tariffs on them i think the best case scenario for the market may not actually happen >> the one thing we learned about this president, people say he won't do that he did that. he won't do that he did that. you think there's a chance he could slap that fourth tranche of tariffs on. >> what does he gain by giving in right now i got the email from the white house last night that reminded the white house followers that the president is not afraid to be tough i think that's why he was elected. i think people love that

>> exactly you see this in the oil markets as well. you see the president kind of pushing the market to the place where he wants, and it supports his policy, it gives him room, some leash certainly by having this productive beginning of a conversation with president xi, he gives himself some room but he still has goals that he needs to be able to meet >> one of those is iran and tanker trackers which tracks tankers out there, they were showing last night there was a ship in asia that had iranian crude, so iran is still selling oil according to the satellite information we have. he has all these different things with china and iran what do you think the outcome of that will be >> he is in a difficult position because i think he's finding that the iranians do not have the strategic mentality, the

cool, rational mentality there's a lot of emotion wrapped up in this the economy is under a ton of pressure you have a lot of pressure and iran is feeling the pain from that oil exports are still happening, but it's a faction of what it was. >> that's 40% of their government revenue their economy is in bad shape and getting worse. they're a proud country. a big country. they're not a small back water -- nearly 90 million people how does this play out >> formerly the counter weight to saudi arabia and opec, seeing themselves being marginalized and sidelined is a huge hit to the country's reputation what does the president stand to gain or what can he offer iran that doesn't look like a weakening of his position? >> stephanie, i have to end it with this. on the debates, there's 20-some

democratic candidates. that will get whittled down. when or if does that begin to affect the market? not a lot of conversation about economy and trade the last two nights when will that trickle through, do you think >> the democrats have a big problem on trade trump took their position. they don't have anything to run on that's didn't i think they agree with what he's doing >> they don't want to talk about the economy a lot because it's pretty good. >> yeah. >> aside from wealth inequality and tax policy >> exactly i spoke to an investor and he said when the healmedicare for l seems real, i think health stocks will take a hit it's already happening these progressive policies are starting to spook invests around industries

>> healthcare a multi trillion dollar industry. in some ways it is the economy >> absolutely. it's a proxy for the economy when people say healthcare is their biggest concern, it boils down to their markets. >> sandhill strategies, two weeks old. you guys are job creators. >> small business. >> congratulations >> thank you very much when we come back, the end of an era. the key architect behind many of apple's innovations that you know over the past two decades from the ipod to the iphone to the apple watch and their new headquarters, jony ive leaving the company. what does it mean for them what does it mean for the stock? we got full analysis coming up. plus more delays for boeing. it works through glitches in its latest software fix for the troubled 737 max. and how nike is rising above the trade war. we'll veou by urhegi y ausho wn "worldwide exchange" returns

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you understand the nature of an object so much more when you understand how it came to be the book tells dozens and dozens of stories you see momentum you see learning of course as designers you live in the future. it's not that we're not interested in the work we've done before. we're just so consumed by he what we haven't done yet >> that man was the chief

architect behind dozens of apple innovations over the last 20 plus years beginning with the imac in 1998 that was the start of apple's rebirth as a computing company he went on to design the ipod, the iphone, the ipad, the apple watch and took over apple's mobile operating system design in 2013. now apple's chief design offi r officer, jony ive, is leaving apple to form his own design firm that he says will continue to work with apple shares of apple initially dropped 1% on the news, paring some of those losses now down about 1%. longer-term what does ive's departure mean joining us now is dan ives there's no man outside of apple -- maybe more so than tim cook at apple -- that had more to do with that success than

jony ive why isn't the market reacting more to his departure? >> i think part of it is that there's been tea leaves that he was starting to take a step back i think maybe it's not a complete surprise. he's been the heart and lungs of cupertino. post jobs, into the cook era i think investors are looking at this more as a services business, and there's a bench there from a hardware perspective. >> we can do a 30-minute interview on this but we can't does this mean apple's era of that spectacular innovation is over or do you believe because he says he will work closely with apple at his new firm they'll continue to innovate >> he's obviously going to be able to work with apple. the last thing that could happen right now at this critical juncture is him being out of the

picture. from a design and innovative spes perspective their backs are against the wall on the services side, that's the focus, but this is something where now cook will have to have more control from a design perspective with ive gone. >> jony ive is british his father has not been well he's been traveling to the uk a lot. his wife wants to raise their children in the uk they're couching it as he wants to spend more time in england. he's still going to work more closely with us. they're trying to say to investors he's not -- there's no acrimony here. he has a personal life he made a fortune for himself. he's stepping away and will still work for us. do you believe that? or do you believe this is apple sending a signal they need to go in a different direction >> no doubt he is the one who ultimately controlled the fate, but i do view it as the end of

an era i think he wanted to step back further but they recognized he could not be that disattached from the story at this juncture. fundamentally he's been a key part of the dna in cupertino so this needs to be a step process for him to depart. >> when they launched the new headquarters, we were there. they have sort of this circular escalator. we are coming down, here is jony ive standing in this orange jacket he is a personality. people followed him around not like he was steve jobs, but he was close. >> i've been around his presence, i would say the same thing. >> he has 30 or 40 people around him. he's a legend. >> he is a legend. and let's just be clear, apple is not the brand it is today without him. that's why this does leave a big void at apple. now the question is what will

the changes be going forward even though the stock is not reacting -- from all the calls i got last night, the question is what does this mean symbolically for apple? >> i'm sure you got one from us, by the way thanks for coming in what were clients or investors, what are they worried about? >> the big question is what does this mean from a design perspective? when you look at the next ihe phone, especially with 5g, they're going from a critical juncture in design to is this more symbolic? is this showing services is taking the place of design and if you look at the new structure, now the head of design is appointed the coo. i would call that basically a demotion in terms of the design team symbolically that's a shot across the bow should a company reliant more on services, which apple would hate this term, becomes more of an annuity in some ways, recurring

revenue from all their plans does that deserve a lower valuation as a stock >> right now many would argue the services deserve a premium valuation from the sum of the parts perspective. that's what apple needs to prove going forward. you have the u.s./china headwinds, but undfundamentallyo them it's conversion on the services, but you also have iphones coming up for a window upgrade. >> my first thought was does he have a noncompete? does this new firm, could they possibly be hired by samsung or somebody else? i don't know the answer. there's a better chance of me being on mars than samsung working with him >> talk to elon musk it's a big story here. responsible for a lot of things. dan ives talking about jony ive, thank you very much. still to come, trouble in

the skies. boeing disclosing new problems for its fix for the 737 max. then the one bank that could not quite cut the mustard in the fed's latest round of stress tests. who is it? we'll let you know, but only if you keep it here o"wldde chge."n orwi unpredictable crohn's symptoms following you?

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to stay grounded until later on this year. company official saying it will take until september to fix a new software flaw that was discovered in simulator tests last week. that means the plane is not likely to resume flying until october or later as the faa must review the fix and the results of a certification test flight. southwest airlines has said it needs 30 days after the faa signs off before it can resume flights. boeing shares are down 0.2%. on deck, your morning rbi, it's the one where we compare bitcoin's big gains to the stock market and some numbers you may not believe. and stressed out the one bank, the only major bank that disappointed the fed in the latest round of stress tests. that's your chart. it looks ugly. ter ishae"s ckng iba afth sales, supply chain, inventory - ♪ ♪ it needs to track it all, from cincinnati to singapore.

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welcome back nike said china is doing just fine, thank you very much. sales there and here were higher last quarter this is key. on their conference call, co mark parker said the trade fight whe between america and china has not impacted their business. nike produces about 25% of products in china but says they can source from factories in

other countries if they need to. credit suisse was the only bank that did not sail through the fed's annual stress tests. the fed found problems tied to assumptions with the bank's u.s. business made for trading losses under the most dire scenario investors care because this mens credit suisse will have to keep its dividend and buyback levels at current levels. they can't raise them until they satisfy the fed and those tests. and merlin entertainment is on pace for its best day ever. the stock is up 14%. right now you're asking who is merlin entertainment they are the owner of lego land, madam tussauds's wax museum and the london eye wheel they are being taken private for $6 billion when we come back, ive is out. apple's design chief leaving

after more than 20 years he made products like the imac, the iphone, the iwatch, even the new headquarters what does this big departure mean for one of the world's most important stocks then china, the wealth gap, taxes, tariffs, immigration. all taking center stage at last night's presidential debate. you will go live to miami with analysis and reaction. and then mideast tensions on the rise out of next week's critical opec meeting. oil is holding steady. why hasn't oil popped? we have four reasons theye mi ufoyo'rcongp r u. ? for adults with moderately to severely active crohn's disease, stelara® works differently. studies showed relief and remission, with dosing every 8 weeks. stelara® may lower your ability to fight infections and may increase your risk of infections and cancer. some serious infections require hospitalization. before treatment, get tested for tb. tell your doctor if you have an infection or flu-like symptoms or sores,

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igone. the end of an era at apple the legendary designer for the past 20 years at the company is leaving. what jony ive's departure may say about apple's future. night two in miami, analysis and insight into last night's democratic debate. and believe it or not, it's the final trading day of the quarter. what's in store for your money for the rest of the year and why was june so good we'll break out your second half playbook ahead on this friday june 28th. you're watching "worldwide exchange" on cnbc. ♪ welcome back thank you very much for being with us on cnbc.

it is 5:33 here's how your money and investments look we need 1.6% to hit new records on the dow i said it every day this week. it's changed because the dow has gone down the last couple of days futures are up triple digits right now. 98 points, not 1.6%, but it's very early anything could happen. this next story, your top story could impact the dow our price-weighted index and apple is very important. johnny i've is leajony ive is leaving the company. josh, it's 2:30 in the morning there. we appreciate it this is an incredibly important man, an incredibly important story. i know you know him. you cover apple as well as anybody out there. was this expected?

>> this means an apple icon will leave after the end of this year apple stresses he's not complete completely gone. he plans on creating a new independent firm apple will be one of his big clients and he'll work closely with the iphonemaker on what are referred to here as exclusive projects maybe the fabled car or those much talked about ar glasses maybe no mistake, this is big news the stock did dip on it. sir jony was refeared. he was chief design officer, instrumental in the design of some of apple's most iconic products, the imac, ipod, ipad, iwatch as well as apple's new state-of-the-art headquarters. there was nobody at apple besides steve jobs himself who better embodied the design culture at the company

the simple clean style and aesthetic that still defines those products today gene munster says he deserves a lot of the credit for the company's success because those products formed the backbone of apple's hardware product line. so who takes over here evans hackea and alan dye will report to the coo. they took over day-to-day management of the design team when ives was focused on the campus some were not surprised by this news, that ives the last few years had stepped back from his role and left a strong team intact that will be critical because apple will continue to need more well-designed, easy to use hardware in the future to run the new services that investors are so focused on. >> i guess how deep, josh, is the bench? that's the question investors

have now that he's gone, what's left? are these gentlemen that you referenced, are they able to pick it up and keep it going >> i talk ed ed to two analystss night on this company for a long time, neither was surprised by this news. the last few years he had stepped back to some degree. there are two design veterans who will step up they had responsibilities day-to-day when he was busy with apple park there are questions for invests. one is, listen this comes during an interesting time for apple. certainly during a time of transition for the company just look at the last time they reported earnings. iphone revenue dropped 17% even as services revenue jumped 16%. they're moving into new services from gaming to tv. big questions what are the ar glasses, self-driving car technology those products and services now

move forward without jony ive as an apple employee. >>ly ask you to editorialize, you can avoid it are you surprised the stock is not moving more? does this say something that the market expected this or it believes that his departure while huge news is not going to sort of veer off their design plans. they have a deep bench >> don't think it was totally unexpected. ives on. he said people were reading the tea leaves and saw this was coming he does stay connected to apple with the design firm investors have to make the bet here that leaves a design team with dynamic, creative he men and women who can carry this torch forward. yes, the services story critical here faster growing, higher margin.

at the end of the day apple is still a hardware company if you're an investor you count on them to keep pumping out great hardware in the quarters to come. >> josh, we'll see you all day here democratic presidential hopefuls squaring off for a second night of debates in miami. let's get to ylan mui with the big highlights from last night >> brian, last night's debate was way more confrontational the candidates took shots at president trump and at each oth other. on policy, they fought over whether medicare for all was a real solution. bernie sanders said tax also have to go up in order to pay for the proposal pete buttigieg said a better solution may be medicare for all who want it. joe biden, the front-runner in the race, said president trump is his chief competitor. that's the frame he tried to put on this. he said he would unwind trump's

policies, particularly the tax cuts >> donald trump has put us in a horrible situation we do have enormous income inequality one thing i agree on, we can make massive cuts in the 1$1.6 trillion in tax loopholes out there and i would be going about eliminating donald trump's tax cuts for the wealthy >> biden also faced attacks from his fellow democrats one tried to tell him to pass the torch to the next generation that set off this generational shouting match between baby boomers and millennials that ended with this one-liner from kamala harris. >> america does not want to witness a food fight, they want to know how we're going to put food on their table. >> harris landed some punches of her own. she challenged biden on the issue of race and his record on school bussing brian, the gloves came off last

night. it's a good bet they'll stay off all the way through election day. back over to you >> mylan mui in miami, thank you very much. the debate drawing lots of attention. nearly 15.3 million americans watched wednesday night's showdown on nbc. that is far above expectations still too early to know how much watched last night's, but give than it featured biden and sanders it may have done more than that. there's a lot of attention around these debates, despite there being 20 people on the stage over two nights. let's bring in john harwood. it's a situation where obviously not all these women and men up there will make it over the next couple of weeks and months based on what you have seen the last couple of nights, are there five or six that you say they really stood out these are the ones that we need

to watch >> definitely, brian one of those people is senator kamala harris of california. last night was a signature moment for her she had an opportunity after a sluggish couple of months, she had a strong rollout early this year, she hasn't gotten much momentum she's seen other candidates pass her in the polls she has not been able to seize attention. she seized it last night by going after joe biden, by defining herself, by showing humor and humanity and some of that prosecutorial aggression that she showed in some of the congressional hearings that we've seen before. so she is going to be a force. pete buttigieg will be a force he was also effective last night in portraying a younger generation of leader who could tackle some of the complex challenges that we have while acknowledging as a midwesterner some of the perspectives of republicans and others who disagree with the democratic

party. joe biden got hurt last night. don't know how badly he is still the front-runner in the polls. he showed some vulnerability as an older candidate the night before, elizabeth warren, julian castro had strong performances as they outlined -- elizabeth warren outlined her economic change agenda and julian castro showing he's a force in this debate particularly on immigration. >> i understand there's a lot of social issues out there. were you surprised there was not more of a focus on the economy or was that an ak nol lcknowlemb us and our colleagues that they're aware the economy is strong and they have to go to the topics where they can differentiate themselves the economy will not be the focus of the democrats because they know they don't have a lot

there. >> it was elizabeth warren's focus because her argument is even when times are good, the current set of structures and arrangement we have economically are benefiting way too few people the reason there was not a focus last night, though there was some discussion of it, the nature of kamala harris's candidacy, she's an african-american, she's a woman, she went after an older white man directly on issues related to race. she had been someone who experienced school bussing in her life joe biden was a critic of school bussing in the senate. he worked with conservative senators, segregationist senators she went after him on that in today's democratic party, more progressive, she scored that showed potential growth for her and vulnerability for joe biden. >> john harwood, thank you appreciate it. have a great day

on deck. we're counting you down to next week's big opec meeting. but how important is opec right now to current prices? exclusive results from a new survey ahead. and it's been the best june for stocks since 1938. 2019 has been good to you but is the best already behind us we'll break out the playbook when "worldwide exchange" returns.

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it is the oil question nearly everybody seems to have with iran tensions on the rise and venezuela's collapse continuing why aren't crude prices higher than 59 and change it's a good question here's the answer. it's not one thing that has kept oil prices relatively stable but a few. first and foremost, record american oil production. the u.s. could be headed to 13 million or 14 million barrels a day. this oil largely considered

risk-free, so it's not subject to the whims of geopolitics. next, it's not just us russian production remains elevated as well while russian output is down from a few months ago, it's still above 11 million barrels a day. that's likely frustrating opec who was hoping last year 1.2 million barrel a day cut would firm up prices another problem is that not everybody believes that deal to cut production will hold up. some traders are worried should that deal break another million plus barrels will hit an oversupplied market. and oil has been hit by fears of an global economic slowdown. if demand for oil falls that will leave more excess barrels on the market. four reasons that the oil bulls have been put out to pasture, at least for now. >> let's bring in clay siegel. welcome. good morning anything you agree with or disagree in that

>> the sentiment is generally right. i like that last bullet about concerns over demand the iea came out a while ago and said they're reducing their outlook for global oil demand. it's now 1.2 million barrels a day for growth 1.2 should sound familiar, that's the figure opec and friends are holding back from the market we get down to the micro detail. if opec doesn't come through and do a rollover of this supply curtailment -- >> we'll both be there, do you think they'll stick to that hard-fought deal of last year? if they don't, another million barrels entering the market. >> i think the consensus is right. where the market is looking for them to roll over that agreement, there's been a bit of talk from a couple countries about doing more a bift det deeper let's see what sentiment is coming after this g20 summit where the u.s. and china have the opportunity to talk about

trade tensions the market is very concerned that the trade tensions, if there's another round of tariffs, that would reduce oil demand >> what if we get a deal this weekend or soon an it's all hugs and kisses would that send oil up >> i think so. that's bullish, you would see traders react that way sure >> listen, we have a survey, we'll roll most of it out on monday at opec we asked people how important is opec to oil prices right now you could see this 75% said basically very or somewhat what do you think? how important is opec to prices now? >> when it comes to the supply that opec puts on the market, opec is hugely important we can't live without their 30 million barrels a day. i think what's changed for opec in recent years is the political strength to impose their will on the market on all of these myriad countries each of which have their own economic and fiscal concerns that's what's changed for the group.

>> more locally here, we have a major disaster last friday, but we avoided the worst philadelphia energy solutions now saying it will wind down the refinery 27% of regional gasoline sly supplies everybody says there's plenty of gasoline, we have the colonial pipeline doesn't that refinery likely shutting down, doesn't that leave the northeast at great risk of just getting enough gas from the gulf of mexico? what happens if there's a hurricane or the colonial pipeline goes down >> you're thinking about it right. colonial is an important source to get those refined products from the gulf coast to the east. right now our tracking shows that they're already running at about 2.5 million barrels a day. there's probably not a lot of extra capacity on the line to bring gasoline up. you can draw down gasoline stocks when we look at inventories, we go deeper. we break it down by the oil in new york harbor itself we see gasoline there at 15 million barrels. that inventory cushion is

adequate it's lower than last year. >> but it will get drawn down. >> it will send prices higher. >> it will >> one silver lining for the people living up here and paying fuel prices, we will see more cargos of gasoline coming this way from europe. >> so we're shipping in gasoline from europe now because of this. we always were, but now we'll be more reliant on europe and the colonial pipeline. what if the colonial pipeline goes down? >> when you draw in inventories, you have a risk for the future >> see you in vienna >> i'll be there. on deck, a staggering stat about the bitcoin boom that's your morning rbi. stick around hey! i'm bill slowsky jr.,

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5:58 the sun is coming up futures are up 111 points. the dow 1.6% from an all-time high all right. it's been the best june for the dow jones industrial average since all the way back in 1938 tim seymour's freshman year at georgetown let's welcome in the "fast money" trader. >> sure, why not >> you're like a year older than myself nice way to start the day. >> good morning to you >> a great first half of the year what is the driver and key story lines for you for the second half of the year >> most importantly we have to see what the dollar continues to do if you're looking for a catalyst for a lot of yu underperforming resource and the reality is based upon central bank differentials, if you belief what fed futures are telling us, the dollar should stay below this $200 moving

average. i don't think it breaks down dramatically you were talking about the dynamics for oil and the resource plays if i look at what has underperformed, i want to screen for that, deep value underperformed i'm not talking about blowing out names in the energy sector or a steel company or two, i'm talking about intel, gm, carnival cruise lines. if you're looking at these names relative to the s&p, they underperformed by 2,500 basis points since the beginning of 2018 deep value has a chance to rotate especially if we get a trade deal despite the fear on the elections around healthcare and the rhetoric, i continue to believe the most defensive plays for investors in an environment where unquestionably depending on what you think the market does or not, either way people will be concerned about growth earnings north of 18% or so for this sector means healthcare will continue to be defensive.

>> top corporate story is jony ive. legendary designer for apple >> breaking news last night on "fast money. >> stock not reacting a lot right now. but i don't think the stock market move underpins the importance of sir jony ive to the company. what's your take on his departure? >> i think he is emblematic of the former days of apple and innovation and revolution. i think it's more about evolution. i think it's more about a dynamic where really people have been most critical about apple in the last four, five years, that there hasn't been a major innovation i don't think this is a big deal i think the relationship is not shattered. this is a case of a natural progression for him. >> hold on the guy who designed every major product from the phone to the watch to the headquarters leaving is not a big deal? >> let's -- are we giving jony ive all of the credit for

apple's innovation from inception? i'm not. more importantly right now apple is not an innovation machine apple is moving to being a core consumer products company that is not just about hardware, it's about services if you think about what the drivers for the stock have been, it's about how you value apple as a blended multiple with services and a hardware company. apple's biggest issues now are either an underpriced competitor around 500, $600, and an exodus off the app store. i don't see those things happening. >> tim seymour, thank you. we'll see you tonight. >> brian, thanks. time for your morning rbi. today's point is around bitcoin. it's been strong, but do you know how strong? five months ago bitcoin was around 3,300 three months later it started to take off doubling by may 11th 40 day s from there doubling

again. if the dow had done what bitcoin had done in the last five months, the dow would be at 100,000. random but interesting "squawk box" is next see you monday good morning the countdown is on to president trump's big meeting with president xi we'll take you live to osaka for the latest news from the g20 summit big news on apple. legendary chief design officer jony ive is leaving the company after more than 20 years we have the reaction from apple and we'll tell you what it means for future apple products. and big bank stocks are on the move the fed giving financials the all-clear to raise dividends and buyback shares with one exception. it's friday, june 28, 2019 "squawk box" begins right now.

live from new york where business never sleeps, this is "squawk box. ♪ good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm beck along with joe kernen and rosandrew ross sorkin it's friday. let's talk about the futures dow is indicated up by triple digits a gain of 103 in the futures s&p futures indicated up by 10 the nasdaq up by 17. if you have not been paying attention, listen to this. the dow is having its best juniper form man since 1938. listen to that best juniper form man since 1938 s&p 500 has its largest june gain since 1955. by the way, the s&p 500 is set to conclude its best first half of the year since 1998 so, again, we've beeok