it is 5:00 a.m. here at cnbc here is your five at 5:00. time to think different. a major shift at apple is putting the apple on the back seat for a faster growing and possibly more lucrative business it is decision day at the fed. investors await word on what could be the first rate cut since the great recession. it's not just the fed. do not forget earnings on this final trading day of the month, we're more than halfway through reporting season with the single busiest day still on tap. your money, your vote. democratic nominees sparring on stage.

hitting issues that matter to the markets and your money and we're always trying to make you money here on cnbc. that goes for the next generation of investors as well. that's why we will reveal the highest paying college majors on this wednesday july 31st as "worldwide exchange" begins right now. good morning, good afternoon, good evening and welcome from wherever in the world you may be watching. welcome to "worldwide exchange." i'm brian sullivan we are calling this the stock of the day. it is apple. results quieting the critics apple stock right now up nearly 4.5% the headline is this, yes. iphone sales are slowing but one other part of the business is beginning to shine. what that is and more on apple and the big move in a moment

happy fed day. in nine hours the federal reserve is expected by pretty much everybody to cut rates for the first time in 11 years that cut will likely be by a quarter percentage point, which would take the official base borrowing rate down to just over 2% ahead of that stock futures are on the move higher dow right now up 71 points as well there's two questions, really only two that matter to your money. number one, how much of the rate cut is priced into stocks? if the fed shocks everybody and doesn't cut, then what happens most feel the bond market priced this move in we've seen bonds move the last couple of months, but the last couple of weeks they have remained steady. a lot of red in the asian markets.

he t the nikkei down almost another percent. in hong kong, trading was cut short not due to protests but an impending tropical storm markets were suspended for the second half of the day the mainland china market did trade and it fell. in europe, more of a mixed trade. some major markets like the dax making fractional gains. the ftse down about three quarters of a percent. speaking of europe we have got breaking news to lead the show from the continent. let's find out how much the pan european economy may have slowed down willem marxhas some breaking numbers. >> some growth numbers inflation is slowing sharply that number down to 1.1% back in july july down from 1.3% in june. we do have the lowest unemployment figures for the

eurozone in 11 years we've seen, of course, some weak data out of germany, especially when it comes to manufacturing and sentiment in some of the big manufacturing economies in europe of course the case for the ecb at some point to make those cuts that were talked about in its meeting last week growing stronger and stronger, especially if we see the fed taking action later this evenin evening. >> all right, willem marx, thank you very much. as we are set to kick off the final trading day of july, wall street's attention is turning to the federal reserve it's not only invests who are paying attention one president trump has been sounding off on the fed and chairman powell for months the last few days have been particularly intense >> frankly if we ever got interest rates down to where they should be, if they weren't raised so fast, you would see

another probably 10,000 poen p on the dow the we would have done better had we have a federal reserve that didn't raise interest rates too quickly. the fed acted too soon they acted too soon and too violently. we had nine increases. i believe it's nine increases, a couple under her, and a lot under powell i'm not a fan. >> the fed moves, in my opinion, far too early and far too severely it puts me at somewhat of a disadvantage fortunately i've made the economy so strong that nothing will stop us >> all right so will all this political pressure all but ensure a rate cut? joining us is the chief economist from rsmu.s. 10,000 points on the dow if we continue to cut rates? that seems a little aggressive

with all due respect to the office >> just a little bit we're setting ourselves up to win today. >> yeah. we'll roughly call it 50%. did you see that as a viable scenario >> that's not in touch with any empirical reality i'm acquainted with we'll get a 25 basis cut today >> we are. >> yes >> you said it matter-of-factly. >> we priced it in we're not quite berniesque about it, but i think we will see the end of quantitative tightening, which i don't think the markets fully priced in. >> explain that. what do you mean the end of quantitative tightening. >> the reduction in the pace of balance sheet dedreduction will zero so it will be static for a good period of time until it's necessary for the fed to purchase assets, which one would think will be in a year or two for now, we'll stop.

that will help with liquidity conditions specialists in the market have been complaining about liquidity conditions we'll see that end we'll see how the market responds >> the president saying i was right when they raised rates and the market went haywire, we dropped 18%. do you feel this is a one and done cut to sort of reverse december or is this the begipg nning of t cut, cut >> we feel two cuts. one today and one in september we're likely to see the rollover in the slowdown from european manufacturing. the yield curve reset so low that the models at the fed change and they do feel they have to end up cutting to provide cushion against the global headwinds which as we just saw from willem in europe are mounting >> goldman sachs argued in a

note a couple weeks ago that we don't need to pay as much attention to manufacturing data as we used to and maybe a cut is not warranted. >> we disagree with that while manufacturing is 11 pr% of the economy, it supports a broad away of service jobs when we see deceleration linked to auto production and aerospace manufacturing, those impact broad parts of the economy they cause variation quarter to quarter in gross domestic product. >> look at dow futures, they're up 77 points that's a plain grilled chicken sandwich not much to get excited about. if we're getting a cut today, why isn't the equity market reacting more strongly where is that 10,000 point rally? >> i think it's been priced in over the past month since mr. powell told us -- >> the bond market certainly has.

>> sure. and that's the market i watch most closely if he talks dovish today and explains why they're stopping balance sheet reduction, you can probably see that. >> it's not the cut but what they say >> yes >> super dovish powell means maybe another leg in equities? >> the whole point is to push people into risk assets. i think they'll accomplish their objective this afternoon >> good stuff, joe thank you very much. do not miss a "worldwide exchange" exclusive tomorrow morning. william poole will be on he'll talk about all things powell, trump, the fed he'll react to what the fed does today. 5:30 a.m. tomorrow. now to your top corporate story. apple. that stock gaining nearly 4.5% in the premarket sales of the iphone did slow a bit, but dom chu, the market liked other parts of those numbers. good morning >> good morning. apple earnings and revenues did

top estimates in the latest quarter, but the big story out of the company is a shift away from one product in particular that is driving the results. we're talking iphone sales they fell to less than half of apple's quarterly revenue for the first time in seven yearing. on the earnings call tim cook described the change as a success in diversification >> what's more, we had double digit services revenue growth in all five of our geographic segments we surpassed 420 million paid subscriptions to services across our platform and we remain on track to double our fiscal year '16 services revenue in 2020 >> as tim cook said, that decline in iphone sales wrauf s offset by growth we're talking about ipads, mac computers, and that services business which includes the app

store and apple pay. as for fears for the u.s./china trade war, investors were relieved to hear greater china sales dipped only slightly that was a change from earlier in the year when the company saw a pretty big drop. apple shares, brian, as a result, up about 4%. $9 that means just about every bit of the dow's premarket gain anticipated for the opening bell is just apple stock alone. back over to you >> it's a price weighted index so you get a big priced stock like apple making a big move, then the dow is higher we'll see you in a few minutes. we are just getting started. on deck, one top fund manager who is excited for one apple product yet to reach the hands of consumers here's a hint, it's not a new iphone plus your money, your vote the issues that matter to your portfolio taking center stage in

detroit last night candidates started to get testy. and later the fed is about to break a record that's extended nearly 4,000 days what is that record? we'll show you and tell you coming up. fifty years ago, humanity went to a place it had never been. a place without rivals, hostilities, or cultural differences. "the eagle has landed" that place wasn't 240,000 miles away, "one small step for man" for a few moments, it was right here at home, "one giant leap for mankind" over 4,000 people from ibm helped apollo 11 get us there, today, we are ready to take the next giant leap, wherever it may lead.

♪ the fox theater in detroit, the scene of last night's debate we'll have more on the highlights and maybe the low lights in a moment we are setting up your day, stock futures are higher, but dom chu, you just heard him point out that 63 points of that 77 points in stock futures are one name, and that is apple. a price weighted index, when you have a heavily priced stock move up, that will drag the index up. dow futures, they're higher, but apple almost entirely all that gain that stock is up 4.5%. bonds are not doing anything benchmark ten-year yield at 2.05%. night one of round two of the democratic presidential debates in the books with issues that matter to your money taking

center stage particularly healthcare. some tough records from a number of candidates. tracie potts is joining us live from washington, d.c. with more. >> good morning. not only tough words, but there was some clear distinctions between these democrats, the progressives and the moderates clearly there were candidates who had different beliefs, not only about healthcare but even immigratio immigration. >> your time is up. >> reporter: bernie sanders came out swinging defending his signature health plan medicare for all. >> you don't know that >> i do know it. i wrote the damn bill. >> reporter: but middle of the road democrats argued against getting rid of all private insurance. >> will turn off eninvoindepend voters. owe popponents challenged n ideas like the green new deal. >> that will be a disaster at

the ball loss box. >> reporter: free college. >> they would pay for wall street kids, wealthy kids to go to college >> reporter: pete buttigieg is backing a ban on assault weapons. >> high school is hard enough without worrying about whether you will get shot. >> reporter: candidates split on free healthcare for immigrants >> you are playing into donald trump's hands. >> reporter: and reducing penalties for illegally crossing the border >> if you want to come into the country you should ring the doorbell. >> reporter: they agree on two things, calling out racism >> we need to call out white supremacy for what it is, domestic terrorism. >> reporter: and beating donald trump. >> now one word you did not hear in that debate at all, but you hear it a lot in washington, impeachment. they didn't talk about that. we'll see if it comes up tonight with ten more candidates including that highly anticipated rematch of joe biden

and kamala harris. >> tonight could be more fireworks. we look forward to seeing you tomorrow morning on it still on deck, planes, chips and cell phones. the stocks not named apple that you need to care about today and later, snapchat getting cocky. why snap is throwing shade at instagram and it has all to do with your friends, or at least the people you think are your ies.frnd

stocks to watch today, airbus reporting better than expected second quarter profit helped bay switch y a switch to more efficient single aisle jets but airbus is warning of delivery challenges in the second half of the year, especially if the u.s. imposes tariffs on planes. airbus stock is up over 1% samsung second quarter profit fell 56%, a glut of memory chips continues to weigh on prices. the company warning that japan's curbs on some tech imports from south korea is blurring its outlook for the rest of the year shares are down 2.5% and amd could be your disaster that stock down 5% right now second quarter earnings were in line with estimates and sales did beat, but the company's

third quarter outlook hit by chips used in gaming consoles. still to come, rising tensions in the korean peninsula overnight. what north korea did that make tick off the white house. and you can call it base brawl. the reds and pirates going at it last night, punches thrown we'll show you a big benches-clearing battle when we come back.

welcome back happy wednesday. stock futures are up right now, just about 75 points most of that is apple. still we'll take it. we're in the green let's check on the other top headlines, including more on that massive baseball brawl last night. phillip mena has more on that. good morning good morning denuclearization thrown into disarray after north korea fired two short-range ballistic missiles off its eastern coast it's the second missile launch in less than a week. kim jong-un sending a warning to south korea and washington over plans for joint military exercises next month u.s. officials say the missiles did not appear to pose a threat to the u.s. or allies. a delta pilot has been arrested for alleged i will showing up to an airport under the influence. the pilot was taken into custody at the minneapolis airport before his morning flight to san diego. the officials say that as the

pilot was entering a security checkpoint tsa officers thought they detected alcohol on his breath the pilot was given a field sobriety test and failed delta says its alcohol policy is among the strictest in the industry and here's that brawl we were talking about an epic one breaking out at the reds/pirates games tempers flaring during the ninth inning amir garrett pounced on kyle crick after hearing some chirping from their dugout the fists started flying garrett and crick were both ejected along with a couple of teammates. puig, number 66 there, it turns out he was traded at that exact moment he's still fighting on behalf of his teammates. >> you know, the two bottom dwellers in the a.l. central, they're frustrated being under .500 they have to fight for something. the most exciting reds game in a

long time. thank you. coming up, analysis on apple that you will not find anywhere else take this for example, apple wearables, home and accessories business brought in 221 billion in revenue last year that is more than the annual sales of 379 companies in the s&p 500 including whirlpool, marriott and mcdonald's much more exclusive takeaways on apple in a moment. and later on what voithree things have in common. it's your morning rbi.

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and complete your routine with the olay eye collection. brand power. helping you buy better. . apple beats the street even as iphone sales decline. shares are jumping 4.5%. it is decision day the federal reserve widely expected to cut rates for the first time in a decade will it matter to your investments? your money, your vote. democratic presidential hopefuls squaring off in detroit last night. the american business and the economy front and center it's wednesday, july 31st. you're watching "worldwide exchange" on cnbc. on this schedule we are working 5:00 to 9:00 welcome back thanks for being with us it's just about 5:30

i'm brian sullivan stock futures are higher now m we have about a 75 point pop in the dow futures, but as dom chu pointed out, most of that is apple, accounting for about 63 of those 75 points all this as we are less than nine hours away from that federal reserve decision and what could be the first rate cut since the crisis now, that may not sound like a lot, let's put this into perspecti perspective. it seems impossible to believe but it's been more than a decade since the federal reserve cut rates. that's nearly 4,000 days if that seems like a long time, it is. our friends at spoke investment group put out a note that it's been 3,878 days since the last cut. long time. why do you care? because this is actually the second longest stretch ever without a rate cut to find a longer period where the fed did not slice rates, you

have to go back to potsy and ralph mouth, in the 1950s. the fed went more than 4,000 days without a rate cut. hard to believe, this record streak here not quite where we were in the '50s kind of seems sad the fed might cut today because we're only about a year away from breaking a record looks like we won't. still second strongest stretch ever without a rate cut for the market let's talk more about the stock of the day that's apple shares are up 4.5% company reported third quarter earnings and revenue that did beat forecasts even as iphone sales declined it was the first time since 2013 that the iphone did not account for a majority, a totality of the revenue. but that was offset by growth elsewhere, ipads, macs, services, wearables.

the services business includes the app store and apple pay. on the earnings call tim cook described the change as a success in diversifying away from just a single product >> what's more, we had double digit services revenue growth in all five of our geographic segments we surpassed 420 million paid subscriptions to services across our platform and we remain on track to double our fiscal year '16 services revenue in 2020 >> let's talk more now about apple and the quarter with allison porter from janus henderson, these portfolio manager of the janice horizon global technology fund an joins us from scotland we appreciate it as an owner and a holder of apple you need to be pleased with these results what stuck out the most to you >> well, you know, it showed the

strength of the apple ecosystem. if you said that in a quarter where iphones fell 12% in revenue that apple would still grow revenue, most people would have been surprised a year ago but they managed to build on that we've seen the same pattern we've saw for iphones and ipad that three or four years after the products were introduced, we're seeing real mass consumer adoption of the watch and the ipods. this is the first time since the fourth quarter of 2017 that apple has guided up gross margins on a is a wesequential s

a >> are we finding out that apple may be a two-trick pony? can services long-term offset any slowdown in the iphone >> i think it's a whole ecosystem. it's macs, ipads, moving into enterprise and services. it's about the whole apple ecosystem. when people buy an iphone, they progress on to macs and ipads. apple care is one part of services that decelerated. the apple care is the part most attached to iphone sales but we're seeing the rest of the services business continuing to grow they still have some exciting new product in the second half of this year >> what are you most excited about? >> i think from a profitability standpoint, the apple card will help to drive and broaden the

use of the apple ecosystem i think the consumer adoption of the apple credit card will be strong we think the move into apple tv plus is interesting, but we think netflix is the way to play that trend in tv >> apple stock will be up 38% with this morning's gain are you selling any apple? are you adding more to apple we are not selling apple here. we're believers in the longer term there will be more innovation within smartphones. we don't think this is the peak in iphones we'll see a 5g phone, we'll see a flexible oled phone at some point from apple i think the growth margin has

been a good driver of the price. >> allison, we appreciate it have a wonderful day thank you. u.s. and chinese trade officials will meet in shanghai. agricultural commodities like corn, soybeans and wheat have been hit hard in the trade war between the two countries. joining to us talk about this side of the business is the president and ceo of tucream these for farmers have been whacked on both sides. you have the trade fight, then you have the mississippi river which is overflowing about a mile on each side. they cannot get a break. what is the short-term outlook for the funds that you guys track? >> there's a great deal of uncertainty. we don't know what crops are in

the fields and what conditions they're in the crops were planted late because of that rain and flooding it land locked the crops we had. farmers could not ship them out. when the tariffs hit, that hurt the farmers badly. farmers are the civilian casualties of the trade war. >> this industry impacts most of us we may not trade corn, soybeans, but we probably go to the store and buy things that have corn in them do you see prices firming up anywhere in the future they have firmed it looks like we put a bottom in in the middle of may we have the supply demand global balance sheet tightening so we'll use more grains this year than produced the totalli soy beebeans, wheatd

corn will be less than we actually need. >> i know you focus some of your tickers and, i want to ask because there is this african swine flu going through china. this is a huge deal. they are the number one consumer of pork in the world how big of an impact will this have on global pork markets? >> one has to think that it will have a very dramatic impact. the chinese have imported 1 times more pork this year than last year. >> 13 times more pork? that's a lot of hog-filled ships heading across the pacific >> that's right. because some estimates say they lost about half the herd in a sense it was almost good fortune for them during the trade spat where they know soybeans are a big tool to use against the united states, they have to buy less soybeans

>> but they have to buy more hogs >> that hog herd will be rebuilt. and they're actually using their second highest amount of soybeans ever. >> quickly, sal, of your funds, your soft commodity funs which is the most attractive >> i would have to think soybeans will have the most impact as things work out with the trade negotiation. >> in a positive way >> i think so. >> pleasure to have you on night one of the second round of the democratic debates wrapping up hours ago in detroit. ten candidates taking the stage to make their case with ten more on the docket tonight. kayla tausche joins us now with some of the biggest headlines. >> was a battle not just for the 2020 nomination but the direction of the democratic party. from the opening moments of a nearly three-hour debate it was clear some rapid fire questioning on a handful of topics would pit moderates in the party against the ultra

progressi ivives like bernie sas and elizabeth warren who were defending their position for free college and free healthcare >> keeps working great for the insurance companies and the drug companies. what it's going to take is real colonel to fight back against them these insurance companies do not have a god given right to make $23 billion in profits >> the answer is to get rid of the profiteering of the drug companies and the insurance companies and move to medicare for all. >> corporate america found themselves targets of the ten candidates up on the stage but sanders and warren repeatedly had to defend their positions against terms like fairytale and wish list economics that many other candidates used to describe those policies here's one notable exchange between warren and delaney >> i don't understand why

anybody goes through all the trouble of running for president of the united states just to talk about what we really can't do and shouldn't fight for >> when we created social security, we didn't say pensions were illegal >> that exchange right there was the most tweeted moment from last night in a long evening that included some breakout moments from pete buttigieg on gun control, and on the republican party as well as mary ann williamson, who created a lot of breakout moments for herself, specifically on race and on where government should get involved this is just a taste of what we have to come tonight where former vice president joe biden and senators kamala harris and cory booker will be sharing the spotlight. >> john delaney not polling well, but the only former ceo out of all the candidates. he was trying to break out last

night but i don't think he's the master of the sound bite what can we expect tonight will it be harris going after biden part two i think you'll see healthcare be center stage biden doubling down on the affordable care act. harris wants to put her spin on medicare for all, using moniker even though her plan would see private insurers selling those plans. and criminal justice reform could come into view here. booker and biden have been going toe to toe on this issue the last several weeks that's something strategists are watching >> kayla tausche, we'll see you all day today and all day tomorrow as well thank you very much. still ahead, powering up ea out with an earnings beat but

can anyone take on fortnite? and snapchat trolling instagram on its home turf as the social media battles he'd up

welcome back a cornucopia of companies you need to watch today. amgen. shares are trading higher on better-than-expected earnings and revenue. the company giving upbeat news about a drug treating colon cancer. and gilead's latest results beating the street. shares of electronic arts popping. the video game publisher r eer e topping estimates led by apex legends. some call that the new fortnite. and how about a snack while playing those video games? mondelez raising its full-year sales target it's on growth and emerging markets. shares of mondelez are rising

2.3% on that news sdmroochlt it and now it's time for your top trending stories dominic chooi iu is here. what's trending? >> snapchat is taking aim at its biggest rival, that's instagram. it's all going down on instagram's own turf snap's new ad campaign positions itself as the place for real friends implying that instagram is less authentic. and since snap doesn't have an instagram account it's working with instagram influencers they're posting snapchat branded friendship quotes on their instagram accounts captioned brought to you by snapchat brian, i know you're a social media user >> we have to be we have to be. >> we have to use twitter. are you a big snapchat user?

>> no. i couldn't figure it out it's not for us. >> i know. >> if you know anything about teens, they use them all they will never pick one it's not like they'll have this over that. they have them all >> which one does your child use more >> probably snap >> probably snap that's the demographic for it. snapchat taking on instagram, instagram got heat from snapchat before by copying some of their features >> instagram is like i'm on a beach. snapchat is like yo, what's up pay scale is out with the rankings of the highest earning college majors no huge surprises. it's s.t.e.m that has led the way for average mid career pay petroleum engineering clocking in at $183,000 on average mid career per year. the second most lucrative major,

operations research and industrial engineering, orie then you have ahave actuarial m, chemical and bio molecular engineering and then public accounting i can tell you my 2-year-old will be ushered towards science and math fields. >> you're already think being that two years old. don't put so much pressure on her. >> puts more emphases on what you study than where you go to school >> those makers are hard >> my parents wanted to push me so hard to go to the right college. go here, pick these schools. you went to cornell. >> they did well, but these days it may not mean as much where you go to school as what you end up studying. >> when i went to virginia tech as a freshman, everybody had to take five-hour calc. it was so hard that you could

wipe out five hours of credits on your transcript because so many dunces like me were getting engineering math that would destroy your gpa they don't do that anymore engineering is hard. >> so is science and math. >> yes, it is. thank you very much. all right. on deck, we are jumping in the old "worldwide exchange" time machine. what was it like the last time the fed cut rates? and then your morning rbi. we're not just playing this music for fun, men at work we'll tell you what stock moves and mandy drury have in common moving is hard.

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time for your executive recap. most of the news you need to know in about 60 seconds. boris johnson visiting northern ireland today as part of a push to sell his plan to pull the uk out of the eu with or without a deal. the british pound over the last month has been sinking, particularly against the u.s. dollar in asia, china's factory activities slowed in july for the third straight month the official manufacturing pmi came below 50. that signals a contraction. and the stock to watch today, apple shares are trading up right now 4% on better-than-expected earnings and revenues. iphone sales did drop 12%, but apple made up with that in revenue growth in all other business areas if you have not heard the federal reserve is expected to cut rates today. pretty much everybody believes that the last time the fed cut rates was december 2008 as the financial crisis began to tear

the economy apartment but we wanted to look at a better comparison now versus the first time the fed cut rates in that cycle that was september of 2007. so let's compare then with now then, fed fun funds was at 5.25% the dow half of what it is today. the unemployment rate, a full percentage point better today than in september of 2007. mortgages, not even close. you would have to pay about 6% to borrow to buy a home in 2007, versus under 4% today. gold, about half of what it is right now. and believe it or not, the last time the fed cut rates, oil was $20 higher than it is right now. look at all that take it into consideration do we really need a rate cut joining us is david nelson from bell point asset management.

the dow was half unemployment was higher. mortgages were higher, yet we're going to cut rates today do we need that? >> but what you left out of that graphic is the dynamic we have now. we don't live in a vacuum. we have an inverted yield curve that goes inverted out ten years. most economic developed countries around the world have negative rates germany has negative rates out to 17 years. that almost demands a cut. >> that's arguing that the yield curve inversion is because there's imminent recession fears rather than simply everyone is buying sovereign debt because they need a place to park their cash >> i will not deny there are excesses out there inflation is not the bugaboo it was 15, 20 years ago energy is likely never to hit the levels that it hit in the past several decades opec as a cartel-like structure

no longer exists we continue see $150 oil again even in the greatest economy, interest rates are likely to be below previous historical highs. >> make a case for the rate cut? is it just a growing fear that manufacturing -- we hear about global pmi manufacturing is only 11% of the economy here >> we had a monster retail sales number a few weeks ago consumer confidence number is good there are other dynamics in play the structure of the yield curve are part of that we can debate on the merits of a rate cut but what will not be dedebated is what will happen if we don't get a rate cut. >> i know everyone is expecting

it, but what if we do? does the stock market fall a,000 points does everybody freak out >> no we'll reset it won't be the end of the world we've seen a stunning reversal in fed rhetoric and now policy if you asked me a couple weeks ago if 50 was a possibility, i would have been in that camp, but 25 is a lock >> 25 is a lock. what do we expect from the words? the words may mean more than the cut. >> the street is coalescing around two or three cuts i thinkexsexit's time now for the executive ed excesses are coming out there may be code words put in

there. >> unbelievable. david nelson, good stuff today a rate cut is coming time for your morning rbi. the most random but interesting thing you will hear today comes from the land of all these beloved icontinuehondromalacion opera house and mandy drury. australia. if you're looking for the hottest stock market in the world look out back. the australian ams index has jumped 21% and been drive ton new all-time highs that index blew past the 2007 record the aussie index helped by red hot stocks you probably never heard of like bubs and touch group. two rate cuts by their central bank and soaring iron ore prices while we wait for our fed to cut rates today, the aussies have

cut and they've run. australia the single hottest stock market in the world. random but interesting, mate that's it for "worldwide exchange." you have the federal reserve, if you have not heard about it, they're expected to cut rates. dow futures up 80 points apple a huge story "squawk box" begins now. good morning apple shares rising more than% despite slumping iphone sales. we'll break down the quarter and the shift to services. it is decision day at the fed. investors await word on what could be the first interest rate cut since the great recession. and democrats facing off in detroit. we'll show you what they said about the american economy it's wednesday, july 31, 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. joe mentioned the federal reserve decision coming at 2:00 p.m. that is looming large but also adp hitting at 8:15 and all the earnings reports ahead of that, the dow futures are indicated up about 74 points s&p futures up by 4.8. the nasdaq up by 32. it's the last trading day of the month. overnight in asia, sto