it is 5:00 a.m. here is your five at 5:00. big tech under fire in a big way. the justice department opening an antitrust review of the world's largest technology companies. wall street right now on record watch. the dow, the s&p and nasdaq all less than a half percent away from record highs. can a major day for earnings push us over the top or will it be trade the white house confirming a u.s. trade delegation will head to china next week for the first high-level face-to-face meetings

since president trump and president xi met at the g20 last month. the uk ushers in its new prime minister, but can it get brexit back on track and your stockof the day snapping back. shares of snapchat roaring in premarket trading. could it be a sign of better times ahead for evan spiegel and the company overall? it's wednesday, july 24th. "worldwide exchange" begins right now. good morning welcome to "worldwide exchange." i'm dominic chu in for brian sullivan we have team coverage on all the manger sto major stories impacting markets. ylan mui has all things big credit technology. patrick palfrey is on set with me digging into the earnings

story and eunice yoon will have the latest on the u.s./china trade talks. we started in ylan in washington with big tech and the juscrutiny they face. >> reporter: the review will scrutinize online leading platforms to see if they are harming consumers. in a statement it is said without the discipline of meaningful market based competition, digital platforms may act in ways that will are not responsive to consumer demands. the departments antitrust review

will explore these important issues the review is separate but related to the doj's ongoing inquiry into whether google and apple are monopolies, it is not a formal investigation into any particular company but the department said if violations of the law are found, they will proceed appropriately. the review comes at the same time that congress is conducting their own antitrust investigation. cnbc was told they don't have confidence in the justice department to put the interests of working people ahead of billionaires we reached out to facebook, google, amazon and apple for comment. they either declined to comment or have not responded. wh >> what does this mean for other agencies in congress who are

already scrutinizing big tech. there's a story on cnbc.com saying this action has unified democrats and republicans with regard to big technology >> there certainly is bipartisan outrage on both sides of the aisle over some of the practices that the tech companies may be involved in. our there is a lot of disagreement over what is happening. there may be turf battles between the different regulatory agencies congress is saying this is not putting the brakes on what they're doing. there is a lot of pile-on now because there's not a consensus yet in washington on the right way to tackle this problem is it through some type of comprehensive privacy legislation? do regulators need more power? these are questions they'reansw

the major averages are less than a percentage point away from hitting their record highs. dow futures down 75 points expect results from the likes of boeing, tesla, paypal, facebook, many more as well. joining me on set is credit suisse senior equity strategist patrick palfrey. normally in the summertime we sometimes starve nfor news and stories to coming, but not this time around. there is a mret plethora on your rad radar. what is first in your mind >> the economy and how that is translating into the market. what we're seeing now is results are coming in quite strong they're doing spectacularly well for tech companies, which is what we want to see.

that's an area we remain encouraged by. >> it's technology, communication services, mega cap stocks that have been driving the action 20%, 30%, 40% returns for some of the biggest companies in america. is that the situation that will continue for the rest of this year even with the specter of more regulatory scrutiny from washington, d.c. >> we continue to see tech leadership for the foreseeable future it comes down to how solvent and strong these business models are. when you're in an environment where earnings are growing double digits, that's the baseline for the return that you have to judge. we can determine how much some of those companies are worth, but businesses growing 20% are rewa being rewarded with that >> has the market resilience surprised you? we had one of the worst fourth quarters in years. since then, it's been off to the races and record highs again has it caught some people off

guard? >> i think those people looking at the performance year to date, and to your point, the fourth quarter was quite bad, year to date we're seeing a strong return for the market. when we look at it from the september highs, the return that we're seeing is actually relatively normal. we're up 5% or so since then i think it depends on the timeframe you're looking at. taken through the dip and the recovery, the return looks quite normal 20% seems strong, yes, but if i look at it over a longer period of time, it doesn't seem out of the ordinary >> does the underlying economy in the united states justify the types of equity valuations that we are seeing now? >> so the u.s. economy, i think, is doing very well it is decelerating, but it's decelerating in a benign manner. we're not going into recession recessions are problematic for risk assets. we look at the valuation for the

market as undervalued. what it is, invests typically think of the market in terms of pes. but i say underappreciates how efficient the companies have become over the past decade. they become less capital dependent. they are generating significantly more for cash flow when you look at a more complete measure on a price to cash flow basis, the market looks 10% to 15% undervalued. >> patrick palfrey, thank you very much for that update. the other major development this morning is out of china and the u.s. and that trade war. eunice yoon is live in shanghai with the details there could we see some progress, meaningful progress on the trade talks? >> it's possible expect tas ations are that the trade negotiators will be coming here to shanghai to resume discussions next week. sous sources told cnbc the talks

would likely take earlier in the week, ahead of thursday. the foreign ministry today would not confirm the discussions. but if they do take place the u.s. delegation will likely be led by robert lighthizer, the discussions are expected to be broad discussions, and it's unclear how much progressed two sides have made over the past couple of weeks. this is the first time the two sides will meet face-to-face since talks broke down it's unclear if the two made progress on some of those issues plaguing the discussions, such as exactly how much the u.s. would allow u.s. companies to sell to huawei technologies. there's one interesting change potentially on the chinese side. the people are talking about the chinese commerce minister could be joining the vice premiere who has been leading the talks

this may be a sign that the chinese are taking these talks more seriously however the commerce minister is known as a bit of a hard liner, another way it's read is that beijing wants one of its own hawks at the negotiating table and it will be digging in its heels on these issues. >> earlier this week a number of technology ceos met with president trump and the administration with regard to huawei, the status of whether they would resume sales at some point here is there a view from china with regard to whether or not huawei will be a critical part of the trade negotiations going forward? >> there's absolutely a view within the state media especially that huawei is going to be part of the discussions or that it should be. there's plenty of stories about how the u.s. in some ways has woken up and now realized how they do need to bend to the

chinese, and be much more fair in the way they treat chinese companies. whether or not that's going to end up happening and exactly how far the u.s. is going to allow companies to sell to huawei technologies is still up in the air. >> eunice yoon, we thank you for that update. when we come back, much more on the u.s. probe into big technology how invests should be preparing their portfolios as we await more details and ushering in a new era and a new prime minister for the united kingdom could boris johnson be the one that gets brexit back on track we are live in london coming up. later on in the show, an impressive year about to get a little sweeter this morning for one stock some had written off for dead a very busy hour still ahead when "worldwide exchange" returns after this

boris johnson has been announced as the leader of the uk conservative party replacing theresa may. he is expected to take over as britain's prime minister later on today cnbc's willem marx is outside 10 downing street in london willem, this is a big day for the city, a big day for the country. what can we expect

>> in the next couple of hours we'll have theresa may leaving downing street heading a few hundred yards away to the house of commons inside the parliament in westminster she'll be answering her last set of questions as prime minister, a weekly ritual that is focused on brexit. once she's finished there, she may give a public address before heading over to buckingham palace she will tend to her resignation, and soon thereafter boris johnson will be asked to form a new government. he himself will give a public address and soon thereafter we'll start seeing who he's decided to pick as his cabinet that's going to be quite key if he surrounds himself with people that share his views on brexit, that may give him a bit of a boost he will face the same challenge that theresa may faced that's a parliamentary arithmetic puzzle. there's members of his own party who are opposed to the idea of the uk leaving the european union without a deal

there are those who are opposed to the idea that they would not leave by the end of october, the kurnd deadli current deadline that exists that gives boris johnson 99 days to renegotiate with the europeans and trying to get things sorted by halloween >> what are the other obstacles that boris johnson will face from those europeans in order to get that brexit deal done by that time? the threading the needle aspect, what big thing also he have to figure out from the negotiating standpoint on this particular deal >> well, you and i talked about this many, many times over the last few months. one element of the withdrawal agreement that theresa may's government negotiated with the european union is the irish back stop an insurance policy if there was no trade deal arrived at in a certain period of time would kick in and make sure the border between northern ireland and the

republic of ireland stayed open. something that was promised during the good friday agreement. that's something that boris johnson again and again have said they do not like because it could end up with the uk essentially having to follow european rules on trade, regulation without having any say in them. yet that is something the europeans and irish government in particular have insisted upon because they don't know what will happen next inside the british government for instance, having a prime minister like boris johnson, something they insisted upon during the negotiations, boris says he sees a possibility of restructuring the talks with brussels, starting from scratch and trying to push this divisive issue much further down the road into the trade talks, something the europeans have said flat out they're not prepared to do >> willem marx live in london with the latest there. thank you very much. still on deck, a triple play three stocks set to surge at the opening bell today we will break down those names that you will want to watch

coming up next. and later on, ford putting its electric pickup truck to the test as it looks to take on tesla. the video and surprising results coming up when "worldwide exchange" returns. 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. try mr. clean magic eraser. just wet, squeeze and erase tough messes like bathtub soap scum and caked-on grease from oven doors. now mr. clean magic eraser comes in disposable sheets. they're perfect for icky messes on stovetops in microwaves and all over the house. for an amazing clean, try mr. clean magic eraser, and now, new mr. clean magic eraser sheets.

welcome back let's check the big stock moves of the day shares of chipotle are set to open at a record high. second quarter results beat expectations, an aggressive move to online orders appointed for a big part of the growth chipotle raising its sales forecast for the full year shares up 3.5%. snap, the parent company of snapchat reporting a smaller than expected loss in the second quarter. revenues rose 48%. the company reported its strongest user growth since its ipo. snap getting a boost from a better version of its android snap and switching to ar lenses for users. and then texas instruments, they could open at a record high today. second quarter profits and revenues beat forecasts easing fears of a global slowdown in

demand for chips t.i. saying the u.s./china trade war is not impacting its ability to do business in china. those shares up 6% texas instruments viewed by many as a big bellwether for economic activity all over the world. straight ahead, why the department of justice investigation into dbig technology could throw a wrench in the rally. and they may not be able to make you run faster or jump higher, but this pair of sneakers just sold for nearly $500,000 they even look worn. details when "worldwide exchange" returns after this ♪ more, more, more ♪ how do you like it, ♪ how do you like it ♪ ♪ more, more, more ♪ how do you like it, how do you like it ♪ all you can eat is back. how do you like that? applebee's. now that's eatin' good in the neighborhood.

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thanks for being with us on "worldwide exchange. right now futures are pointing to a lower open. the dow jones would open down by 70 points if these futures losses hold into the start of regular cash equity trading. the s&p down by almost 10 points the nasdaq off by 37 points. former special council robert mueller will testify before the house judiciary and intelligence committees today. tracie potts joins us from washington, d.c. with what we can expect >> good morning. expect mueller will not be alone. we've learned he wants another lawyer at the table with him when lawmakers start firing questions this morning

democrats will allow special council robert mueller's lo long-time aide, a lawyer, to appear with him at today's hearings president trump tweets very unfair that should not be allowed >> shows they're desperate to have mr. mueller testify, they're willing to bend some rules to get there >> reporter: the committee says he will only advise, not speak mueller is set to spend five hours with the house judiciary and intelligence committees answering questions about his report on russian election interference >> there was no obstruction. there's no nothing they're wasting their time. >> reporter: the report found evidence that trump tried to obstruct the investigation, but it did not, according to mueller, could not recommend prosecution. >> mueller investigation revealed a lot of conduct by the president, which the american people should be aware of. >> those are compelling facts that paint a portrait of a deeply unethical candidate for

president and a deeply unpatriotic campaign. >> reporter: the justice department warned mueller to stick with what's in the report. >> bob mueller is a person of his word, he said he wasn't going to go beyond his report. >> reporter: republicans plan to question on whether bad information led to this investigation and highlight fbi misconduct a new pew research poll finds for the first time a majority of republicans, more than 50% actually, say that mueller did a fair job with this investigation. we'll see what mueller has to say about it as thehearing get under way in a few hours >> tracie potts live in washington, d.c., thank you for that. when we come back, oil on track for its fourth straight day of gains could rising middle east tensions make it five in a row then boeing likely to dominate the earnings conversation before the opening bell today we'll speak with one shareholder who says they're sticking with the stock and says there's more room to run omfr here. "worldwide exchange" is back after this

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you are watching "worldwide exchange" on cnbc. welcome back to the show thanks for being with us on cnbc i'm dominic chu in for brian sullivan lelg let's check the other top headlines. >> we start with a victory for 9/11 victims over a decade in the making cheers erupting after the senate approved a bill to provide life long medical support for those who helped after the 9/11 terror attacks. the president is expected to sign the bill on friday. after nearly two weeks of violent protests, reports say the governor of puerto rico has a possible career-changing announcement coming today. he will make a formal announcement at noon

rumors of a possible resignation spread cheers erupted in san juan among protesters. there is growing outrage over an i.c.e. arrest in kansas city for 25 minutes agents tried to arrest a man when he refused to get out of his car, they smashed his window and dragged him out. his partner recorded the incident as his small children cried in the back seat i.c.e. called the man a fugitive with a prior criminal history that includes misdemeanor offenses those are your headlines >> all right thank you for that now back to the markets. stock futures pointing to a lower open if the futures losses hold into the opening bell, the dow jones will open down about 74 points the s&p down by 10 points. the nasdaq off by 38 we're a percentage point or less away from record historic highs for every one of those major three indexes.

on the bond side of things, we're seeing a slight movement in the yield curve the two-year treasury yield moving slightly lower, 1.81% ten-year benchmark yields, 2. 2.75%. the justice department is launching a broad antitrust review of big technology companies. elizabeth schulze joins us with the latest live from london. there's no one company that is being singled out here >> that's right. we are seeing shares of these big tech companies including facebook, amazon, alphabet and apple trading lower in extended hours. the justice department announcing it will open this broad antitrust review into market leading online platforms and whether they're reducing competition, stifling innovation or otherwise harming consumers as you said, the doj is not singling out individual companies as part of this review but it's looking into search,

social media and retail services online so it looks like at least it puts google, facebook and amazon in the firing line here. those companies are not commenting so far. this is just a review but it could turn into a full blown investigation. we've already seen big tech companies in the spotlight as part of that bipartisan investigation into their market power in congress. that doesn't get to the ongoing antitrust cases here in europe just last week the eu opened a formal investigation into amazon and how it collects data from merchants. we're looking at how these companies react and if there will be commentary tonight when facebook reports its earnings. we already know about that ftc fine it's just piling up here, the regulatory pressure every day. back to you. >> so, elizabeth, again, no names are mentioned specifically in this announcement but which companies in your mind are probably the most

vulnerable i say this because we have so many companies reporting earnings results concurrently with this announcement from the justice department are investors likely to scrutinize certain companies as being more vulnerable versus others >> you can expect questions on the earnings calls from the analysts and the companies about what they'll do with all this pressure analysts say they see google and facebook as the biggest targets here that's because we have already seen some antitrust action against google we already had in europe three antitrust fines on google related to the android devices, related to search, which is one area that the doj singled out in the review and related to the shopping service so it sounds like there's some frameworks in place for companies. apple facing a similar antitrust probe in europe related to

spotify. it looks like some may have more of a case than others, and we have no shortage of news on facebook as well how that plays out in the antitrust case, we're watching that closely in europe as well as in the u.s. >> elizabethschulze, thank you very much for that update. joining me is tim lesko. tim, we just heard elizabeth schulze's report we talked about the vulnerables. vulnerabilities do any of these headlines make you more skittish in holding big cap technology stocks? >> it certainly makes you skittish in holding any stock when you find out the government is getting involved in an investigation. on the surface of it it seems like a broad announcement and a broad categorization of companies, it's hard to see what

they're going after. at the end of the day most antitrust cases focus on consumer harm. and most of these companies are delivering either free services or making goods cheaper to consumers. so this may be a long battle for the justice department >> this is an interesting point. when we talk about antitrust concerns, these are business issues we are dealing with they're about monopolistic power abusing other competitors. but you get the sense this story is focusing on the social and political repercussions that some companies may face versus monopolistic concerns. is it more about data privacy and conservative censorship? >> absolutely. it's interesting that its concurrent with what's going on on the hill today and they're focusing on the data privacy regulations and the populist

message around the world that somebody wants government to step in and either regulate or perhaps not just regulate but prosecute abuses of that digital currency that's why it is odd to hear apple looped into this mix they don't really provide those services the way a google and a facebook do. it will be an interesting case it sounds more political than economic at this point >> all right i want to pivot away from big technology the other big story we'll have later on this morning has do with boeing. it's a massive company, the biggest weighting in the dow it's issues now are having wide repercussions. you are a shareholder of boeing. what will you be looking for or listening for out of boeing's results? >> certainly out of the results we're going to be listening for cash flow across all of their businesses you know, there are very few businesses where it's not only you sell a product, and if your product has a problem you might

sell fewer of them or have it held up by the faa, but you have to actually pay your customers for not flying the plane so the risk to boeing is somewhat open-endeduntil we ge closure on the 737 max issue what we really need to hear is how do the other business that boeing have contribute to the cash flow in order to support development of future aircraft programs and the rest of their business while we wait for the 737 max to fly again and see earnings get back into the high teens. >> are you holding to your position are you adding to bonus on this weakness we've seen in shares the past couple of weeks >> that's the hard part about boeing this year it's been a long-term holding. over the past half dozen years we've trimmed boeing back many times. i think it's always important for investors to know that they should continue to trim positions whether they are still constructive on the name we continue to hold boeing if we had new money come in, we would add boeing to the

portfolio, we'll wait and see how the 737 max issue plays out before we would increase our position size in the stock >> tim, thank you very much for those thoughts oil prices creeping higher todaysions continue to simmer in the middle east. j joining us is john kilduff we spoke to helima croft yesterday. >> good friend of mine >> they spoke about the idea that oil prices are a broken indicator right now for what's going on, especially in places like the middle east is that the case are prices truly reflecting the dynamic of geopolitical risk right now in the market? >> well, i think it's almost hard to believe you can have this tit-for-tat tanker situation that we went through and have oil prices remain relatively stable. i think it speaks to how bad off

the global economy is. i know it's hard for people in the u.s. to comprehend this, the economic data out of asia is good as good as our earnings season has been, the earnings season in europe has been as bad europe, asia, that's the key for oil prices it's the part of the demand, the demand part of the price equation asia in particular has been hard hit from the fallout of the u.s./china trade war, falling gdp. >> that sounds so pessimistic. i say that only because we're at record -- or near record highs in the stock market in the united states. it steam seems like the economys doing well we are seeing from the private sector data, a working off of inventories on the oil side of things that seems to be constructive

for i'll prices. why can't we get above a certain level there when it comes to brent and wti? >> and the global central banks are all racing to cut rates and ease again -- >> which is supportive for risk assets like oil. >> it should be, but they're doing that in response to what they're seeing on the ground in terms of economic statistics the u.s. is an incredible island of prosperity. the numbers are just completely opposite of what you see in the rest of the world. so that is the struggle for the oil market the fact of the matter is we are wellsupplied i think you have to incorporate the fact that the u.s. production is a firewall against some of these geopolitical worries that used to scare the daylights out of the market and all of us. i'll point this out, too it takes a while, a long time to get to war in the middle east. you look back at the first iraq war and forget the second one. we went through oil-for-food deals, all kinds of antics with

saddam hussein for the better part of a decade if not more before we went to war with that country in 2003. you're seeing the same thing play out here. how much of an affront can iran take before they lashed out and similarly going back and forth they shoot down a drone. things happen. there's no rush to war i think the oil market is properly and i think having a measured response so far there's no oil that has been lost even in the wars, typically the oil doesn't get lost >> let's talk about what happened just maybe about a month or so ago. within the last month. opec and its partner countries, ropec, opec and friends. they agreed to production cuts that was supposed to stabilize the markets why are the markets not going higher because of that >> well, they're also not going much lower we had been above $50. there were fears we could break down to the 40s. if opec had not acted and

extended the timeframe of the deal, we would have been in the 40s. but that's another reason why maybe prices are limited to the upside here, there's a ton of spare capacity out there particularly in saudi arabia that could ramp up quite rapidly if needed. >> john kilduff, thank you very much >> thanks. coming up, a huge loss for one of your's biggest banks. can massive restructuring save deutsche bank? we'll find out after this. plus an iconic piece of nike history. running away with the world record we'll bring you a pair of sneaker headlines coming up on "wlddexcng orwi ehae.

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they use stamps.com all the services of the post office only cheaper get a 4-week trial plus postage and a digital scale go to stamps.com/tv and never go to the post office again. let's check in on other stocks on the move shares of deutsche bank trading down 4% in frankfurt trading today. the company reporting a 3$3.5 billion loss in the second

quarter. that's worse than expected results were hurt by major costs for restructuring and those big job cuts deutsche bank expects revenue to be lower this year than in 2018. that's a result of its decision to get out of the equities sales and trading business those shares off 4.5%. visa's third quarter results top forecasts. higher card spending boosted transaction fees, total payment volumes rose 9%. visa is also raising its earnings guidance for the full year shares still down in early trading. and shares of irobot down sharply this morning second quarter revenue missed forecast the maker of the roomba vacuum is slashing its earnings outlook for the year tariffs for the u.s./china trade dispute will weigh on the company's earnings shares off 17% in premarket trading. let's find out what else you'll be talking about today. time for the top trending

stories. of course frank holland is here with those >> good morning. starting off with ford taking aim at tesla check out this new video showing off the tacapabilities of the f0 electric pickup. the weight in the video is about four times the 300,000 pounds that elon musk says the tesla pickup could be capable of towing cool video here. everybody knows the ford f-150 is one of the most popular selling pickups in the u.s but this is only a prototype >> are you a pick up guy >> i enjoy a pick up >> would this video make you think about buying an electric vehicle pickup truck on the ford side versus tesla? if i needed one, yes i enjoy driving a pickup i sometimes visit family in the country, they're fun to drive, but only if i needed it.

great cars great vehicles, shy say. did oor dash drivers and customers, the company is changing course. they revealed user tips sometimes lower payouts to workers. worker also now get the full amount of customer tips in addition to hourly wages >> i couldn't believe they didn't get all the tips to begin with >> it's hard to belive when you think about tipping somebody, they would get the money, not reducing their compensation >> this all goes to the gig economy f you're an uber driver, a lyft driver, now customers can give you more money than what the company is paying you. >> do you tip your uber drivers? >> do i? i always tip uber drivers, lyft drivers or cab drivers >> i generally tip them in cash. i know that's against policy i feel like i want to make sure they're getting it. so how much would you pay

for sneakers a pair of 1972 nike waffle sole running shoes sold for $475,000 at auction the shoes were one of 12 pairs that the nike co-founder made with his wife's waffle iron for the 1972 olympics, and the only pair that had never been worn. >> these are old shoes and they're worth $500,000 >> these are the holy grail if you're a sneaker head. this is the foundation of the sneaker culture in the u.s the real first pair of knicknike >> do you collect them >> i have pairs i've had for years. >> how many sneakers do you have >> probably a dozen pair of sneakers that i keep as a collection >> those are things you would take pride in and maybe sell down the line? >> i don't think i'll sell them. i like to wear them. i keep them up on a shelf. i like to wear them and look at them >> frank holland, thank you very much elsewhere in sports, number one nba draft pick zion

williamson signed an endorsement deal with nike's jordan brand worth$75 million. $75 million. this comes five months after he suffered an injury when his foot ripped through the side of a nike shoe. remember that blowout? he was playing for duke. it's the biggest endorsement deal for a rookie player since lebron james got $90 million from nike back in 2013 zion a rich man just because of his contract and now his one big endorsement deal. coming up, a well known tech unicorn looks to go public sooner rather than later the details coming up next. later on, don't miss treasury secretary steve mnuchin live on "squawk box," 8:00 a.m. eastern time he will talk about what else a budget deal and much more. stay tuned you are watching "worldwide exan" ghhe ocnchgerit ren bc here, it all starts with a simple...

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time for your executive recap. wework is reportedly shooting to go public in september the "wall street journal" says the office space manager is meeting with wall street banks this week about a loan that's expected to raise about 5 billion to $6 billion nissan reportedly plans to cut 10,000 jobs globally as it works on a turnaround plan the automaker is under new leadership after carlos goep hon was arrested earlier this year over alleged financial misdeeds. and u.p.s. will begin seven-day deliveries starting next year following a similar move by rival fedex. both companies are fighting for market share as online shopping

demand continues to grow u.p.s. will deem up with retailers including cvs, michaels, advanced auto parts to use their stores as new drop-off points for package deliveries and returns as well. futures pointing to a slightly lower open today. the dow would open lower around 90 points if the losses carry into the opening bell. joining us from new york is tony crezensi what is it about the market that seems so confusing for folks we are near record highs for the stock market, near record highs for the bond market who has it right? who has it wrong >> they both have it right there is 13 billion plus in bonds that are negative yelleding. investors are worried about things the bond market has a certain

worry about things that can benefit the stock market in the sense that there is still a feeling in the bond market that inflation everywhere will be low for a long time. that's something that tended to benefit the equity market. finally the view on interest rates globally looks like it will stay intact for a long time, meaning investors in the equity market and other areas of the investment world will be expecting interest rates to stay low in japan and in europe, near zero for years pimco expects the highest level the european central bank will have the deposit rate is zero with an interest rate cut by september 12th and perhaps another one next year. so more deeply into negative territory. that reflects this view on inflation. >> where is the bigger wildcard here the european central bank is going to get new leadership. it probably will be christine lagarde. the fed is under jerome powell, and will be for a while. is it the fed or the ecb that

you think has the bigger sway on what's happening globally? >> the power lies mostly in the federal reserve still because of the growth in the world is in china and in america in terms of the share of gdp the better balancing act -- and kre christine lagarde may help with this, we see the fed, the ecb and central banks are having an inability to spur growth in the way that governments may like. so you may see more of a push on the fiscal agents to act we saw that this week in america with legislation that will promote growth next year, more than investors were initially expecting. >> tony, as we talk about the prospect for risk assets, you mentioned the central bank situation globally is supportive

for those. do you expect that to continue in perpetuity if this policy from central banks continues in perpetuity >> it's likely that rates stay near zero, but the efficacy of monetary policy is diminishing there is a chance that in the next recession u.s. interest rates collapse towards zero percent. they could move into negative territory as in europe and in japan. but that's in the next recession, which we don't see for some time. it's more than likely that the u.s. economy will keep expanding into the election because politicians as we saw this week in washington want to keep the economy humming, so to speak, and probably will perform reasonably well into next year after that investor also have to sta investors will have to start questioning things >> thank you appreciate it. that does it for "worldwide exchange" this morning the dow looks to open down

around 90 points if these losses hold into the opening bell the s&p off by 10 points the nasdaq off by 36 we're a percent away from record highs. keep it here, as we talk about these markets, a big day for earnings, boeing earnings will be front and center "squawk box" will pick things up right now. good morning big tech under fire. shares of google, amazon and facebook falling after the justice department open ed an antitrust review. and snap shares are popping after posting a smaller quarterly loss than expected. and wall street on record watch. the dow, the s&p and nasdaq less than a half percent away from all-time highs we'll bring you results from at&t, boeing and caterpillar before the opening bell on this wednesday, july 24th, 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 from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. let's look at the u.s. equity futures. you are seeing some weakness after the dow closed within ten points of an all-time high this morning there is some giveback as we await to hear from earnings and news from big tech dow futures now indicated down by 81 points s&p futures down by close to 10 points the nasdaq down by 36. looking at what happened overnight in asia, you'll see the nikkei was up by 0.4%. hang seng up by 0.2% talk about a trade deal getting restarted, we'll talk more about that