good wednesday to you 5:00 a.m. at cnbc global headquarters tesla shares surging after new delivery and production records were set. shares of symantec soaring on talks that broadcom is looking to acquire the security softwaremaker. president trump announces plans to nominate two economists as central bank governors. the ten-year treasury yield falling back below 2%. and the passing of a corporate legend the auto world remembers the life of lee iacocca after the industry icon died at the age of

94 this is wednesday, july 3rd. "worldwide exchange" begins right now. good morning welcome to "worldwide exchange." i'm contest is a brewer. brian sullivan has the day off here's how your money is setting up the day s&p implied open is up ten points dow futures opening higher the nasdaq up 40 points.-yeartr falling back below 2%. the german bund yield has fallen to a new record low. the ten-year t note at 1.953%. shares of tell la are taki tesle taking off >> tesla popping up 7%

the company reporting record deliveries and production of its electric vehicles in the second quarter, confirming predictions from elon musk in an email to employees last month tesla hinting at a strong third quarter saying it has a backlog of orders. tesla delivering 95,200 vehicles, that's a 51% increase from the first quarter and a 5% increase from the record from q4 last year. the overwhelming majority of deliveries were the model 3. tesla says they will deliver 360,000 to 40,000 vehic-- 400,00 vehicles this year only analysts believe these numbers may be inflated because some may have bought a car before the federal tax credit for buying electricvehicles wa

cut in half. tesla shares are still down 30% this year, but a pop this morning. >> there will be a lot of questions about this global delivery, what's happening overseas and where are cars going for the full-year forecast in other corporate news, shares of symantec, the stock popped after bloomberg reported that broadcom is in talks to buy the softwaremaker. broadcom down 4%, symantec up 22%. symantec lost about a third of its value in the past two years. broadcom bought ca technologies in a multibillion dollar deal last year, but it's attempt to buy qualcomm was blocked by the trump administration. president trump announced

plans to elect two new federal reserve governors, his picks are judy shelton and christopher waller waller is an economist at the st. louis fed. shelton serves as the u.s. executive director at the european bank for reconstruction and development. she supported returning the united states to the gold standard shelton has not been a fan of the fed. in a recent interview she said the central bank should lower rates. let's get another check of futures. the s&p implied open up 10 dow jones up 77. nasdaq futures up 40 points. downing me is matt mele from miller taybach great to see you we have seen a lot of movement in the markets this week in the semiconductor off news that restrictions would ease somewha. we saw a big rush, and then a

pulling back tell me what's happening in the sector >> it's one thing we have to worry about now with this big move in the stock market of course the semiconductors have been a good leadership group. they warned us about the fourth quarter deep correction when they rolled over early they led the market higher in the first half of the year with huawei we were already seeing weakening in the sector in terms of orders, sales before the restrictions on huawei came about. and before we had the trade talks brake down now we have this confusion over are the restrictions being lifted, are they not being lifted are they lifted by a little bit? nobody is sure now it seems like there wills a less positive move on the group. they have come back down they retraced about 75%, 80% of the big pop they saw on monday if this group rolls back over,

it will be a problem not just for the semiconductors as a grup but for the market overall >> a lot of this is what we're going to see coming up this year, this may hinge on whether the fed cuts rates peter navarro yesterday said he expects the dow jones would very soon hit 30,000 if the fed cuts rates and if the trade deal with mexico and canada were passed by congress what is your concern about a fed rate cut and how much it would move the market? >> it's one thing. peter navarro will talk bullish about the stock market being inside the white house he also called for 25,000 on the dow when nobody thought it was possible when trump was elected. one thing that is a mistake about the federal reserve, every time in the last ten years the fed has been accommodative, this

has helped the stock market pop immediately. the problem is each one of those times has been a qe, a quantitative easing move, which has added liquidity to the system immediately and the fed, p has not lowered rates since 2008 it doesn't have an immediate impact on the economy or on the markets. people relying on the fed to juice the market after it already had a big run is a mistake. don't get me run, fed accommodation hopefully will buoy the market. when it's rate cuts rather than qe, it doesn't have the direct impact people are relying on >> if you think investors are putting the cart before the horse where fed cuts are concerned, how are you feeling about earnings season? >> that's going to be the big thing. right now people are talking about if you're relying on the fed, you're relying on multiple expansion. how much multiple expansion can you get if earnings are

disappointing? every time we come into earnings season they lower them enough so they're beaten they will beat expectations, they always do however what is the forward guidance we always care about for war guidance especially not just third quarter guidance but fourth quarter guidance. we've been relying all year long on good solid earnings growth for the year because we have a big peck up in the fourth quarter. however that has gone from the fourth quarter estimates from 11% down below 7% for that quarter. if we don't get that big pick up in the fourth quarter, earnings forecasts for the full-year will come down more that's going to make it tougher for the stock market to rally further. there's some concerns. >> there is a bearish outlook for oil, down 4% yesterday what is driving the declines here >> that's really -- it's one thing -- when it first started going down, i thought it will be

a buy the rumor sell the news situation. oil dropping 4%, there's something more to it you know, when you see -- the big concern is demand. global demand coming down all year does it show the global economy is weakening further you look at the low yields around the world and in the u.s., where the u.s. rates have fallen back below 2%, when you have the combination of oil prices coming down, interest rates coming down, it shows you that the look for pick up in the economy in the second half is falling by the wayside especially now that people are saying this trade truce is great, but we're not going to get an agreement for some time >> you're seeing oil numbers this morning wti bouncing back up about a half percent and brent following suit have a great 4th of july >> you, too. we have some sad news to report legendary auto executive lee

iacocca has died in his career at ford and chrysler he helped launch system of detroit's most significant cars including the mustang, ford escort, chrysler k cars and the minivan. he is also regarded for persuading the u.s. government to save chrysler in the 1970s. he reached a level of celebrity unmatched by others in the industry, famous for his tv ads with the tag line if you can find a better car, buy it. in recent years he had been battling parkinson disease he's survived by his sister, two daughters and eight grandchildren. coming up, your second half playbook for the airline sector. will boeing 737 max issues plague the industry? the answer to that question ahead. as we head to break, a quick check of what's happening in european markets right now looks like green across the board. stay tuned, this is "worldwide exchange" on cnbc. s talk.

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welcome back good wednesday morning to you. here's how your money and investments are setting up stock futures in the green the s&p set to open up 10 points or so. the dow jones futures implied

open at 75 points higher the nasdaq futures up 41 look at oil. we got news late yesterday from the american petroleum institute that showed u.s. crude supplies fell by 5 million barrels for the week gasoline stockpiles also declined so we're seeing wti bouncing back now a half percent. brent following suit after a rocky day yesterday where oil fell 4.8%. it's been a rocky year so far for the aerlirline industry. airlines have seen strong demand but capacity has been lower due to the grounded 737 max. what is ahead for the sector phil lebeau has your second half playbook >> reporter: in the second half of this year, airlines and investors will be focused on international markets, keeping up with demand and the return of the max. boeing 737 max is expected to be flying by the end of the summer.

that's not a sure thing, any further delays could have a ripple effect on the entire industry with so many max planes grounded, airlines are pushing hard to keep up with demand. one area where some airlines are seeing softness, international routes that will be a focus for large international carriers in the second half of this year coming up, hit the road, jack google's self-driving car unit getting an important license to drive in california. details when we return stay tuned this is "worldwide exchange" on cnbc. for your heart... your joints... or your digestion... so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally discovered in jellyfish, prevagen has been shown in clinical trials to improve short-term memory.

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a live look at manhattan 5:17 right now house democrats asking facebook to halt plans for its cryptocurrency project libra members of the house financial services committee sent a letter to executives yesterday. the correspondence went to mark zuckerberg and david marcus who handles the digital wallet business lawmakers say without proper oversight and regulation products like libra could pose a systemic risk. the house and the senate have scheduled hearings for later this month. california state officials

gave google's self driving car a permit waymo can't charge passengers, this could eventually open the door to waymo offering a taxi service like the one is has in the phoenix area. the trump administration dropped a citizen question from the census. and a record setting real estate sale. find out whose mansion just went for 1$120 million stay tuned this is "worldwide exchange" on cnbc (danny) let me get this straight.

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preparations are under way for donald trump's july 4th celebration. the event is not without controversy. tracie potts joins us live from the nation's capital what could be controversial about an independence day celebration. >> what it looks like and what it costs people here are concerned that this is starting to feel more like a trump campaign event and a lot of military hardware is starting to roll into washington the president wanted to show off that military hardware in some sort of parade or celebration since he attended france's bastille day celebration two years ago. president trump is promising a salute to america like no other. >> we'll have planes going overhead, the best fighter jets

in the world, other planes, too. we'll have some tanks stationed outside. >> reporter: plus the traditional fireworks after the president speaks at the lincoln memorial about patriotism and he says healthcare. >> the republicans are going to save pre-existing conditions the democrats won't be able to do it. what the democrats plan is is going to destroy the country. >> reporter: to some it feels more like a campaign rally than a national celebration >> this is not saluting america. it's saluting trump. >> reporter: his campaign is giving out vip tickets to top republican donors, similar to how congress provides tickets to their events a spokesman says. >> mr. president, how about a hot dog and a hamburger rather than an extravaganza >> reporter: air force one and the navy's blue angels are doing a flyover on what was supposed to be their day off. >> believe me, they would rather be having a beer and being at a barbecue on the fourth of july. >> reporter: a source tells the "washington post" that the

national park service is shifting 2$2.5 million from repairs to fund and secure the event. we don't no what the entire cost of the event will be >> those tanks, they were getting concern in washington, d.c. because of the impact on the local roads? >> right the d.c. government, the d.c. council says the tanks are heavy and they're concerned about damage to the roads they'll have to pay for after the celebration is over. >> tracie potts in washington, d.c., happy fourth let's check the other headlines. phillip mena is in new york with the latest >> good morning. the trump administration will start printing the census without the controversial question on citizenship. commerce secretary wilbur ross issued a statement objecting to the supreme court decision to block the question, but also indicated the census bureau will move forward without it. critics claim the question was designed to suppress response

rates from immigrant communities and would lead to an inaccurate count of the nation's population. decorated navy seal edward gallagher was found not guilty on six of seven charges. the 19-year veteran was accused of multiple war crimes the most serious that he fatally stabbed and killed a wounded prisoner in i raq and shot civilians. he was found guilty of posing with a human casualty. and the most expensive residential real estate deal in california history has just closed the manor, which was designed by aaron spelling, it sold for an unprecedented 1$120 million in los angeles. that's 20 million more than the cost of the playboy mansion. this 123-room house comes with 27 bathrooms, a bowling alley, a movie theater as well as space for 100 cars how about that contessa, back to you. >> i would be satisfied with one

of the wings >> you're right. just a bathroom. what are you going to do with 27 bathrooms? >> a lot to clean and cool thank you. who is the biggest winner o the trump/xi meeting and how should invests play the outcome? as we head to break, a look at the biggest premarket winners in the dow ♪ when you have nausea, heartburn, ♪ ♪ indigestion, upset stomach, diarrhea ♪ try new pepto liquicaps for fast relief and ultra-coating. ♪ nausea, heartburn, indigestion, upset stomach, diarrhea ♪ get powerful relief with new pepto bismol liquicaps.

tesla in the fast lane shares of the electric carmaker are rising on big delivery and production news. oil prices holding steady following the opec meeting in vienna i could do it, but i'm not going to i'll spare you the long goal but goal the u.s. women's team one win away from another world cup championship it's wednesday july 3rd, you're watching "worldwide exchange" on cnbc welcome back to "worldwide exchange." thank you very much for being with us on cnbc. i'm contessa brewer. here's how your money and investments are shaping up now halfway through the 5:00 a.m. hour in new york

stock futures are in the green s&p is up 10 points. the dow jones is up 73 it looks like the nasdaq is getting ready to open 42 points higher let's look at the bonds, the yields are dropping once again the two-year note now at 1.748%. the ten-year down to 1.951%. let's bring in the chief strategist from silver crest asset management we've seen a lot of movement on the trade truce headlines, on the huawei headlines coming out of the g20 in china. are investors counting their chickens before they're hatched? >> it's funny because i don't think you've seen a big surge. you have seen some optimism that reflects i think general optimism about the fed, kind of being in easing mode and nothing bad happened out of the g20. that's a good thing. but i think people have learned that it takes a little bit of

time -- you have these announcements about trade cease-fire, maybe trade deal, a week later it looks different. even with huawei, we're seeing now a bit of confusion about whether what exactly was promised and what exactly will be delivered in terms of easing up on huawei markets are taking their time to assess what this cease-fire really means >> peter navarro was on cnbc yesterday. his expectations is that the agricultural product purchases from china will be immediate and significant. those are his words. is that something that u.s. farmers can count on >> you know, the chinese have been silent on that. it's not clear if what the u.s. heard is what the chinese meant. it's a good thing the g20 put the trade pauks back on track to at least potentially be productive

but the two sides are quite far apart in terms of resolving substantive differences. i don't think we'll see a removal of either u.s./china tensions more broadly, which i think will continue to rumble along. and because i'll add with that point, it's not just trump that is pushingu.s./china tensions. there's been a broad shift in d.c. bipartisan shift towards being harder on china. you know, even going into 2020, if there's a different president-elected, i don't think you'll see those clouds just go away >> there's still real questions here about the structural reform, how that would happen, how china would codify it into law where there's an enforcement mechanism to good along with it. >> as we know trade tensions are not just focussed on china you have the prospect of auto tariffs against the eu, against japan, continuation of the

steele and aluminum tariffs. we're a tweet away from something else coming up, like mexico, which was completely unexpected we don't see trade armageddon happening, big tariffs against china, mexico or the eu. but i think you will see the president continue to stir the pot. there's the continued uncertainty which weighs on businesses in terms of what their outlook is >> we're seeing more assessments that it's a real risk to the underlying foundations of the global economy and the u.s. economy. if it lingers, if the uncertainty lingers, it's bad for business and bad for growth. >> u.s. economic data has been wobbly in particular, in terms of business investment. there was a big surge of business investment over the past year, year and ahalf that really leveled out beginning last summer. it's come down consumer confidence has held up.

job growth has held up those things, we'll get news on them this week today we'll get the ism nonmanufacturing numbers, see whether the broad service economy is holding up. we'll see on friday the jobs report there's been other areas of the economy that's been weakening. if you go to the ism manufacturing survey that came out on monday, it was a chorus of complains about tariffs and the uncertainty they create. it's not the only thing going on, but it causes businesses to hesitate at a moment where otherwise they might be more confident. >> we'll see what happens after the summer break here and when things get back to business with trade negotiations thank you very much for joining me time for the top trending stories. frank holland joins me for that. looking forward to this. >> i thought you were going to do the long goal. >> i'm not saying i can't.

because you know i'm a mom i can really yell and yell nfor long time. i thought it was early for that. >> i was expecting it. uber eats is turning its business model upside down with a new feature called uber eats dine in. diners can place their restaurant order in advance and thengo to the restaurant and sit down with their food it will be ready right away. uber eats dine in waives the uber eats fees so they get the restaurant experience but don't have to wait >> how does this give you a chance to enjoy a cocktail and the bread. nobody will eat the bread alongside their entree >> what if there's a sauce to dip it in? >> this puts people at a disadvantage for the walking in. wait, the kitchen is backed up >> it definitely does, but i hate to wait

when you go to a restaurant, yow excite you're excited to eat, the buzzers go off >> good restaurants don't do that u2 uncovered the earliest recording of a song they performed. fans can hear the song on the u2 fan site >> they're really breaking the mold they do innovative things. to hear how it all began, if you're a big fan, i'm a medium u2 fan looking up an old bootleg is not high on my list. >> i know there are hits, but it's cool to hear where someone's sound originates from. >> maybe we'll hear it remastered digitally >> i'm sure they'll repackage it somehow. >> and they put it on your iphone without you knowing about

it the fourth of july is tomorrow and americans will watch fireworks in celebration of independence day but the real bang may be to their wallets americans will spend 6.7 billion on picnic supplies, $1 billion on beer, another billion on fireworks that estimate does not include the potential medical bills from fireworks accidents we'll spend more than $5 million on american flags. ironically, a lot of those are made in china. >> really? >> yes >> can we get back to the beer >> of course we're talking to a brewer. >> if i know anything about beer, it's that this is the place where you can't just have wine or offer specialty cocktails. there's nothing that goes with burgers -- >> barbecue and beer, they go together wine is another big seller 6$600 millions worth of wine is also sold. let's say you're a fan of rose,

it goes with the holiday >> yeah. it's mixing red, white, a little blue undertones. >> i don't know. in sports, the u.s. women's soccer team defeated england yesterday to advance to the world cup finals on her 30th birthday, co-captain alex morgan scored the game-winning goal. >> goal! that's enough. >> she's mime iing drinking a cp of tea they will play the winner of this afternoon's match tween sweden and the netherlands they have professionals who do it for a long time, but that was good, frank. >> loaf the swag on this team. some people call it drip the showboateng ing is great >> you know what i love about

the matches, you know has sport they're cheering for because they're louder than any other sport. you don't hear this for baseball >> baseball is quieter when they beat france, in the newsroom a round of applause broke out. coming up, going beyond meat 2019 has been a roller coaster for ipos, what's on deck for the second half of the year? your q2 playbook is next it's the idea that if our mothers were diagnosed with cancer, how would we want them to be treated? that's exactly how we care for you. with answers and actions. to hear your concerns, quiet your fears, lift your spirits. that's the mother standard of care. this is how we inspire hope. this is how we heal. cancer treatment centers of america. appointments available now. cancer treatment centers of america. here's another cleaning tip from mr. clean. cleaning tough bathroom and kitchen messes with sprays and wipes can be a struggle. there's an easier way.

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2019 has been the year of big ipos here's leslie picker >> reporter: strong performance for the ipo market it's on a tear more money has been raised in the first half of the year than any comparable period going back to the dotcom bubble days of

2000 investors can't seem to get enough 15 companies surged more than 50% it their debuts. that type of out performance should bring more investors to the ipo table. no profit. the vast majority of companies have been listening without earnings investors don't seem to mind they're more focused on a pathway to profitability whether there's a clear and identifiable strategy that management would pursue that would make them profitable third, lockups typically managers, venture backers and employees must wait six months to sell their stock if they choose to do so, that could put shares on uber, pinterest and chewy in the second half of the year. the ten-year treasury note breaking below 2% again. with rates low, investors might be overlooking a threat to municipal bonds. joining me is the head of municipal strategy and credit

from hill ttop securities we've seen incredible demand for munies give us a sense of the flow. >> we've seen 25, 26 straight weeks of employees that have amounted to almost $50 billion going back to january. >> but availability is dropping. we're down from 4 trillion in 2009 to 3.6 trillion in munies at the end of the first quarter. >> overall issuance is down. you have demand rising demand rising for a couple of reasons. the tax cut. one of the things that an lerss and stratd giegists have been sn is that tax rates will rise. that will increase the demand for municipal bonds. there wasn't necessarily a tax cut -- or excuse me -- >> it's also because when they did tax reform, people especially who lived in blue

states got a burden, a new tax burden, so they're searching for a way to invest that's tax free. to they look at thes bonds. for bond issuers, advanced funning is no longer tax exempt. there's a bipartisan bill now pending in congress to change that and add the exemption back in do you think it's likely to happen >> i think right now the fact that that legislation was introduced in may was a success as far as the industry groups that have been lobbying and educating folks in washington about it i think it's unlikely. i think there's several legislative roadblocks there's several things congress wants to do and needs to do before the end of the year one thing that we were also expecting that could happen is that the advanced refunding legislation could have been added to a larger vehicle like an infrastructure package. we're not seeing that materialize at all

>> given the demand for munies, are there particular sectors you like or particular states you would invest in and those you would stay away from >> where knew municipals are rit now, there's a new fiscal reality, it's one where revenues are rising but expenditure demand is rising faster than revenues so looking at the issuers who are able to manage that fiscal reality, that's what you want to do >> when you have franklin templeton saying we're not investing in chicago, hedge funds suing illinois over the debt they issued, it could be a tricky situation to pick the right vehicle. >> that's right. >> thank you so much for joining us on deck, are you planning to hit the road for independence day? you'll have plenty of company. the market implications when we

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opec holding key meetings in vienna brian sullivan caught up with the power broker behind the decisionmaking brian started by asking him about falling prices >> i think we've had some one-off factors in the first half such as weather in the u.s. that dented demand the trade issues in the first half, which have disappeared with the osaka agreement between the u.s. and china all of this clearing i think

will give us a big push demand pushing in the second half the commitments of conformity that we've heard from a couple companies not really compliant gives me reason to believe the markets will be balanced strongly and very, very rapidly in the next few months >> preeices are likely to rise? >> i see markets rebalancing i see fund amentals going strongly in the right direction. i can not predict where prices will be going. i can predict we'll see inventories going down >> you made comments last night to my question about the permian basin. you spent a lot of time in texas. i know you know texas very well. how fast do you see the permian

wells draining do you think we overestimated the longtivity and the life of these wells in west texas? >> i think it's not just in west texas. all shale oil wells do decline rapidly. 70% of them. in the u.s. there's a fantastic service industry that keeps on drilling, fracking, completing the wells. it will take a lot more money and resources to keep the existing production base because of that decline. any increment of production requires more. we need time to understand the geology and how much can we increase production. in all cases there will be a plateau. there will be a plateau of all of these unconventional resources in the u.s the permian being one of them. is it a year, two years, four

years? i don't know it's not indefinite. it's an oversimplification to assume that we can extrapolate a straight line forward and assume we're at the same number of rings that we have where production will increase i see production plateauing. >> do you worry oil companies have taken on too much debt? >> they're not been generating enough cash flow for investors that's impacting the appetite for investors to put money into unconventional resources the combination of infrastructure, combination of service industry constraints financial constraints, as well as unknown constraints of geology will bring us back to the reality that there has to be

a plateau and decline. in all cases we have the conventional resources ready to deploy and step in when it's time we're comfortable with where production levels are. we're willing to keep markets balanced we're happy to have 23 other countries join us today. not only on the nine-month extension but a permanent framework to continue to analyze and preemptively step in to prevent imbalances from taking place. >> you can catch brian's full interview on cnbc.com. we're less than 24 hours from america's 243rd birthday. millions of americans will take to the roads to celebrate the holiday. rahel solomon joins us now with the big getaway and how much it might cost >> so as you said, millions will take to the road millions upon millions upon

millions first we have some good news and then some bad news the good news is a strong economy, low unemployment, low gas prices according to aaa the national average is about 2.73 a gallon that's down from about 2.85 a gallon about a year ago. thanks to lower prices, a lot of people will be stopping at rest stops like this one behind me. according to aaa 49 million people will be traveling for this holiday about 41.4 million of those people hitting the road driving. all of this brings me to the bad news you know there had to be bad news because of all of these people will be on the road, you can expect more traffic and gridlock according to aaa, in certain parts of the country they're expecting about four times as much congestion at certain parts

of the day today being the worst. later this afternoon being the worst time of the day. say it's a 15-minute commute normally, later today it might take you about an hour tho we've se though we've seen low prices, one analyst sees a rise in gas prices, part of that is because of iran, tensions with iran and the philadelphia refinery fire that happened almost two weeks ago. but in general, prices are relatively low and if china and the u.s. strike a deal, that would be good, you would think, right if china and the u.s. strike a trade truce, demand globally for oil goes up. that means supply goes down. prices, they go back up. >> we just got numbers that showed gasoline stockpiles

declined you mentioned the philadelphia refinery fire. important for east coast supplies is there a way to quantify what the impact has been on gas prices because of that fire? that fire was june 21st. when that refinery shut down, that creates some supply pressure prices have gone up about 7 cents per gallon since that refinery fire. but again, the larger issue for the analysts that i've spoken to are those tensions with iran creating problems globally for oil. >> rahel solomon, have a great day out there at the rest stop in new jersey. i was there yesterday. i feel her pain. joining me now is the senior petroleum analyst at gasbuddy.com a good gas station live shot, patrick, is always an important setup to a story about gas prices give me a sense of where we're

going with these declining gasoline supplies, declining oil supplies we're seeing a bounce back this morning about half a percent up on wti and brent >> suddenly it's not looking so rosy as it was a few weeks ago the refinery fire, two oil tankers attacked, shooting down the u.s. drone has added to the misery it was looking like a terrific july 4th, now it's more of a pinch at the pump. motorists from the 3rd to the 5th will still spend 135 million less than last year, but most states now are starting to see gas prices go up certainly not helped by five states which increased gas taxes on july 1st. a little bit more money spent at pump but overall, as you mentioned, a lot of americans hitting the road low unemployment, low gas prices still going to be fueling those travelers. >> we're seeing significantly lower prices than we did in

2014 when you look at the data that shows u.s. crude supplies falling by 5 million barrels for the week, how long does that take to get into the system and see an impact of, you know, what you're seeing with ten vun sionh iran or whether there's slowing growth globally that could make prices and demand for oil go down >> yeah. you see last week's eia numbers showed a huge drop, over 10 million barrel drop. that compounds the problem of the middle east and worrying about that and china, if there is a trade deal, as was previously mentioned that would make demand go up. we'll watch the numbers. api showing a decline in numbers. eia will be out later. those statistics, if they're surprising, they can have a quick impact on gas prices within days. by the weekend in some areas so those are crucial statistics.

if we continue to see oil inventories decline, keep in mind they are still healthy for this time of year. a lot of declines in the midst of the summer driving season with all that's going on in the middle east and china trade talks, certainly that could add some fuel to the fire for oil prices reaching $60 a barrel >> patrick, you work for gas buddy. this is the website people can go to and find out where they can get the best prices on gasoline in their areas. what is your sense of how important or what that sweet spot is price per gallon that keeps the economic engine of the nation moving, that keeps people on the road and driving. >> i think we're in that sweet spot that would vary west coast motors would love to see anything under $3 a gallon in the west coast you get a lower level of optimism on higher prices there.

much of the rest of the country are seeing the prices in the sweet spot the west coast could be brought down but you're seeing a lot of optimism played out in those record travel numbers. >> i hope you have a happy fourth wishing for you a sweet ride that wraps it up for "worldwide exchange." "squawk box" begins right now. tesla shares are surging musk coming through because the electric carmaker posted new delivery records central bank shakeup we'll introdouse yuce you to prt trump's two fed board picks. and deal talk. we have shares of symantec soaring on the report that broadcom is in talks to acquire the security softwaremaker it's wednesday, july 3, 2019 "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 at the nasdaq market site in times square our guest host this morning, joe terranova and kevin o'leary, both are cnbc contributors >> the eyebrow raise there >> fro >>. >> yeand mr. wonderful changed i outfit >> does this myanmar kets will be up? >> i'm trying to match this green rolex with the pocket tie. i'm doing an intervention on andrew i want him to switch away from the apple watch. checking u.s. equity futures. building on a record close in yests