it is 5:00 a.m here's your top five at 5:00 a wild session in wall street. the tale of two markets. tech stocks don't push higher while so-called reopening sectors like travel and leisure remain under pressure. united and its pilots union reaching a tentative agreement on voluntary furloughs may shut u.s. plants because of lack of engines. and will we get college football what the big ten is saying this morning. it is friday, july 10th, and you're watching "worldwide exchange" on cnbc.

good morning to you wherever you are. i'm frank holland in for brian sullivan let's get right to the markets and take a look at the stock futures this morning it's been a wild week on wal ve street today it looks like the dow could open down as much as 150 points amid new concerns over covid-19 but the nasdaq, its run keeps on going. leading to another new record high it's 26 for the year on pace for the third weekly gain in three weeks. now to the global markets. karen tso. she's in our london newsroom with more on that. >> good morning. it has been a weak finish for those asian markets today. negative news coming out of hong kong with fresh coronavirus cases. 38 new cases local transmission and decided to close schools again from next week that throws cold water on these

markets. and the rest of the markets to be very much focused on the bull run for the chinese market take a look at this. a lot of investors piling into chinese stocks this week and that has taken them to the highest level in five years. it's been an extraordinary run there's a lot of championing to buy into this market as we close out the week, the opposite tune with the government warning retail investors about leaning into this bull market 7.3% so far for the week in contrast to what you're seeing elsewhere. clearly australia has been damaged by the impact of covid cases in popular states like victoria forcing the border to be shut with victorian new south wales. has been a trait in the u.s. futures stopping us. we started weaker. we've bounced. we are still modestly firm the dax trading in a similar range.

>> thanks a lot. now let's get a check on this morning's top stories back here in the u.s., leslie picker has those >> good morning. happy friday united and its pilot union have reached tentative agreements for early retirements and voluntary furloughs. the other three big u.s. carriers have already reached deals with pilots. this latest news comes the same week that united warned about 40% of its workforce could be furloughed when federal aid restrictions expire october 1st. ford may have to shut some u.s. plants as early as next week due to a lack of engines from mexico. this according to the u.s. ambassador a ford executive says the automaker has several suppliers operating under restrictions imposed in parts of mexico amid coronavirus lockdowns. and that's not suitable with u.s. plants running at 100%. and in other global news, hong kong announcing it will suspend all schools starting monday due to a spike in coronavirus cases there. most of the city schools have been closed since february with a move to online learning.

hong kong reported 42 new cases yesterday in the second consecutive day of rising local infections 42 new cases in one day shutting down the schools >> definitely a serious situation in cases rising in many parts of the country. stay with us for a second as we continue to talk about the broader markets. as global investors try to make sense of the covid-19 numbers, reopenings, economic data, and next week earnings season. joining us now is aaron gibbs president at gibbs wealth management erin, thank you so much for joining us >> thank you >> we're going to get right to it for the quarter and year, value and growth are both in the negative but growth has performed better is that still the better near term play and how do you see that playing out >> so a lot of investors, we find it nerve-racking to see that particularly growth stocks in these large cap growth stocks are trading at these extreme valuations and it's a mentality of this is the only place and

everybody divesting. and then when you look at earnings expectations for second quarter and further down here, you can kind of see why it seems like there's no other option we're looking at growth rates even though they're in the negative, they're half as negative as value stock or a small cap stock. and we've rarely seen such a big change now, of course estimates are all over the place we're not getting a lot of guidance for companies there's only so much you can put into it. but it's still a very significant change so moving into new technology stocks, moving away from the dow certainly makes sense. but i'm still recommending to our investors let's just not look about the next six months, right? second quarter has already happened and so let's look into 2021 because i really just don't want to pile again and again and again into these super expensive stocks and let's look ahead about what might be the leaders going into

2021 and that could be very different. >> erin, the second quarter is done, but second quarter earnings are set to start next week what do you expect on that front and how much of that expectation do you think is already priced into the markets at this point >> you know, i felt like even on first quarter as well as in this quarter that earnings takes a back seat to overall sentiment like for today, we see new cases rising out of china. that will dominate the headlines and investor sentiment rather than what companies are doing. we've seen companies have huge misses or huge beats and because we know these estimates are just, you know, some are much bigger guesses than normal where we've been with companies that aren't even giving guidance. so i think earnings season overall is really taking a back seat to looking at economic numbers. looking at unemployment. how cities and municipalities are reopening.

and then statements like last night where biden's talking about tax rates. this morning, you know, a case comes from china that's what is more in the forefront of an investor mind today. >> well, i think everybody's looking for covid-19-proof stocks and recession-proof stocks what factors create those? and if companies are really dependent on the consumer, are they actually recession proof or covid-19 proof >> i focus on companies where no matter whether we're working at home or traveling less, our high quality high margin stocks one of the big things is you can't have a lot of debt you have a lot of debt, then you're much more likely to have to file for bankruptcy so i'm looking at really strong balance sheets, strong stable revenues and high credit quality. and often what that means is information technology and then some very specific materials and

consumer focused stocks. on the consumer side, i love anything that has to do with home improvement, lumber sherman williams, it's a material stock, but you can't find their paint fast enough everybody needs to paint paint their rooms they're stuck in home depot has been another one that's just been off the charts. but i also love cloud technology that is definitely the way of the world. and i'm even willing to go down into the mid-caps. not just stick with those large cap names like microsoft but also manhattan associates, move a little farther down the scale for true growth in the smaller companies. but again, looking at very stable balance sheets. you don't want to see too much debt you don't want any risk of them not being able to pay their employees and keep paying the

interest you want a nice, stable, solid company. >> erin, thank you very much i think we're all certainly spending more time on the internet and doing home improvement projects we appreciate your insights. thanks for being here. when we come back, amazon just spent more than a billion dollars to drive a self-car driving start-up what it's doing now to keep that company's talent then esg funds beating the market a new pro report on the top stocks they own straight ahead and later, will college football actually kick off this fall the big ten just gave us a very big hint stay tuned a very busy hour still ahead "rldwide exchange" returns. and non-24 can make me show up too early... or too late. or make me feel like i'm not really "there." talk to your doctor, and call 844-234-2424.

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welcome back to "worldwide exchange." let's get a check on corporate stories. there's an antitrust probe, a big payday, and a report a little bit squeaky leslie picker is back with those details. an antitrust investigation into google. the only two states that didn't join a probe by 48 states, puerto rico, and washington, d.c. that began last september and is targeting google's dominance in search and online ads. politico reports it's still unclear what parts of google's business california's probe will focus on amazon plans to award at least $100 million in stock to retain employees from zoox reuters reports that amazon can

walk away from that deal if large numbers of employees turn down job offers from the company. and wd-40 reporting lower third quarter profit as sales fell due to covid operations hit the hardest in asia with sales dropping nearly 30%. >> thanks a lot, leslie. turning now to socially responsible funds that invest in companies that focus on environmental, social, and governors factors. they're growing in popularity and they're attracting a record amount of cash they raked in $10.5 billion in the first quarter and they've seen 21 straight weeks of inflows. for more on esg funds and the stocks they own, i'm joined by pippa. >> hey, frank, how are you >> let's get right to it these esg funds. why are they attracting a record amount of cash and why are people feeling it's more important than ever to invest in these funds? >> well, as you said, we just

saw the 21st consecutive week of inflows into esg funds and this is during the pandemic where investors were pulling money from the market in record amounts. it is really acting as a turning point for esg and highlighting these seemingly non-financial risks really are material for companies. if you have issues obtaining your workforce, for example, that's a problem that is in the upper ranks of the company invest eors are saying shareholr advocacy is important. and they need to focus on stake holder capitalism. >> definitely a shift in the idea of what companies are supposed to do in recent weeks one thing. global sustainable funds they saw inflows of $45.7 billion while there was an outflow of $384.7 billion. what do you attribute that to? >> it really is just investors saying these are really

important metrics. as millennials become a greater portion of the market, for instance, they really want to put their money where their mouse is now that there are more funds than ever for sustainability type veminvestments, there is a pivot saying if this is on offer, why not blackrock said in the first half of the year it saw $11 billion worth of money flowing into their sustainability focus fund. and this is still a small part of thelarger market, but it represents more than double of 2019's total inflows of $5 billion. so it really is just investors saying i want to put my money where my mouth is. and these risks, these social risks, these environmental risks, they do pose long-term risks for companies down the line so investors are increasingly rewarding companies that are shifting their policies and focusing on the long-term trajectory

>> investors definitely putting their money where their mouth is on tuesday blackrock's etf provider said they saw a record of $11 billion of inflows into exchange traded funds in the first half of 2020. more than double the same time in 2019. do you see that continuing investors continuing to put their cash where their mouth is? >> investors that i've spoken with say the coronavirus pandemic really will be a turning point for companies. it's exposed a lot of vulnerabilities in the upper area of corporate america. if employees are unhappy, that's not good for your long-term viability. if you're not prioritizing becoming carbon neutral or carbon negative, you're not going to attract the same amount of money from millennials. so they're saying -- investors are saying that this could be the pivotal point that pushes s esg to the mainstream. it really took off during the longest expansion in history

now people say it's more than just a nice to have. it's a need to have when it comes to investing. >> let's drill down. what are some of the stocks held >> they looked through about a hundred esg focused fupds and found that alphabet and microsoft are the most commonly owned stocks they're in about 39% of funds. then you have names like accenture, adobe that are in 35%. when you think about esg investing, alphabet and microsoft may not be the first companies that come to mind, but they really installed a lot of policies that are focused on shifting their business models microsoft in january said they want to be carbon negative by 2030 when you look at alphabet one of their programs has trained more

than 10 million people for i.t. and tech jobs since 2015 so it's initiatives like this that investors are rewarding focused on the community they operate within as well as the happiness of their employees and their impact on the world versus just the short-term gains for shareholders >> all right great insight into how investors are putting their money -- or where investors are putting their money where their mouth is thank you. you can read pippa's full article on cnbc pro. coming up, presumptive presidential nominee joe biden says investors, don't need them. he calls for the end of shareholder capitalism we'll talk about that straight ahead. today's big number 315 million. that's how many times tiktok was downloaded in the q1 the most ever for any app in a ng quarter

welcome back to "worldwide exchange." tiktok has been pulled from apple's app store and the google play store in hong kong. users there who already downloaded it say they can no longer use it. it's owned by byte dance china warned it would be exiting hong kong. from social media to plant based meat, chinese players are scrambling to beat their u.s. rivals at their own game

euni eunice yoon joins us with much more on this >> chinese companies see the potential for plant based meat eaters here as well with the pandemic limiting meat supplies, imports, and diseases like african swine fever creating shortages of beef and pork i spoke to one such competitor who says he believes local companies have the home field advantage 37. >> reporter: chinese entrepreneur vince liu working on -- founded his alternative meat start-up in his bay shing apartment last year. now the university of illinois grad is comparing to compete with his u.s. rivals selling veggie versions in china for china. >> we have a lot of great

ingredients made in china. and people love plant based diets. we're a local company. so we're more catered to chinese dishes >> reporter: this place specializes in local soups known as hot pot it's made of sweet potato and soy. the fake fried pork and beef balls will be sold in hot pot chains by august next up, seaweed based crayfish. he hopes to raise $2 million by the end of the year to lock in local restaurants, suppliers, and customers. >> as a chinese start-up company, we are going to be fast that's our advantage >> beyond meat is already here, frank. they are selling their products at starbucks as well as the supermarket chain run by alibaba. but there is one potential

hurdle for the company here. that is that the meats that they're selling are served generally western style. some of the people who are looking at this plant based meat and are interested in eating it say we're just not interested in eating pasta and hamburgers right now. >> pork is obviously very popular. african swine flu impacting the herds there. can the culture really shift to plant based meat even if it does taste close to other meat products >> that's a big question but talking to them as well as other people who follow the industry, they believe that the chinese would be interested in it there is also a big history here of people eating a lot of soy and tofu and plants themselves so it's not such a big leap to eat something that's a plant based meet even if it's shaped like a chicken or something. >> i can see that. beyond meat shares almost doubling over the last three months obviously people seeing opportunity there.

thank you. now let's get a check on this morning's other top headlines. nbc's francis rivera is in new york with the latest >> hey, frank. happy friday to you. we start with california which is the first state to sue president trump over new rules this week blocking international students from staying in the united states if they can take colleges online. universities planning to take online only because of the pandemic called the new directive, quote, arbitrary and capricious joe biden is laying out his plans for an economic recovery he says president trump is too focused on the stock market instead of working class families the former vice president added it's time to end the era of shareholder capitalism and the northeast is under a tropical storm watch with gusty winds and extreme rains as tropical storm fay is expected to hit the mid-atlantic states southeast new york and southern

new england according to the national hurricane center. forecasts suggest it could affect parts of maryland and delaware before moving to new jersey and new york city so all my plans for today indoors. i got apple tv plus, hbo max, "hamilton" to knock out and then some >> "hamilton's" a great watch. i'm glad it's finally streaming. we're going to be talking about that more later in the show. >> glad to help you with that tease. all right, frank thanks coming up, we're going to talk about the big drivers and ask what stocks you might want to buy now when "worldwide exchange" comes right back ♪ ♪ now is the time to support the places you love.

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the nasdaq on a record run we'll talk stocks and which will run. the path forward for disney. and attention to all sports fans out there, the big ten gave a big hint about college football's prospects for a return this fall it's friday, july 10th, and you are watching "worldwide exchange" on new case. -- cnbc welcome back and happy friday wherever you are. i'm frank holland in for brian sullivan our leslie picker is back with a look at how things are picking up >> u.s. futures lower this

morning. in the red the dow indicated to open down by nearly 200 points today you can see the nasdaq also implied open s&p 500 has been somewhat flat this morning currently just fractionally in the green. however, the s&p and dow are looking to end the week on in the red. the nasdaq, of course, is the gainer for the week and has been for several weeks now. turning to asia, you can see what's going on in the u.s. kind of mimicking what's happened in asia you see the nikkei down 1% the shanghai composite almost 2% and the hang seng down 2% as well that of course is due to continuing concerns surrounding the coronavirus. now, early european trading also slightly higher today, actually. you can see there the ftse 100 up about one-third a percent same in italy. back over to you

>> all right leslie, stay with us while new fears of covid-19 continue to put pressure on overall markets, the nasdaq keeps rallying higher and higher the tech heavy index is hovering at another record high for much more on this, we're joined by jason ware at albion financial group. thanks for joining us. >> good to be with you, frank. >> i've got to ask with the nasdaq notching a close, it looks like tech is the place to be should we pour into tech stocks or are there other names to look at >> so we continue to be overweight large cap technology given the leads and the dominance they have in the markets in which they operate at a business level given the asset light business models, low cost of capital. so we continue to prefer companies like amazon, apple, microsoft, visa, alphabet.

companies that you look at their balance sheets carry lots of cash, have lots of flexibility on where they can find growth. i think those areas of the market are attractive to investors. our counsel is to have diversification in the portfolio. you don't want to be 100% in technology or faang. but it makes sense we think in the near and long-term >> what happens if there's a change in control in washington? do you think there's any risk to the downside for tech stocks if that's the case? and do you think the market is starting to think of that given it's mid-july? >> that's a great question i think that risk has diminished over the past few months given that joe biden is the front runner on the democratic side. there's probably a little bit less appetite versus say a bernie sanders than an elizabeth warren to go after, quote unquote, big tech. i think having additional regulation if we were to see biden win the presidency and the senate were to go democrat is something you can probably

expect over the coming years but more regulation just means more hurdles for companies to come and compete against these large cap entrenched companies i think break up of google or apple or amazon is a real risk to investors but we think the risk of an outright breakup over what happened or at least was going to happen to microsoft 20 years ago before that change is a low risk to investors at this point. >> some of these tech stocks, they've become utilities in this work from home world can you give us the stocks we'll look at? some of those big names that most of us are aware of and many people feel are over valueed? >> i think visa is a technology stock that doesn't get much -- doesn't get much attention and is operating in a duopoly with mastercard dissipate the fact we are in an economic recession, i think the long-term picture for visa continuing to be a toll in just about everything we do regarding our spending whether it's with

apple pay, online, or swiping the card in the grocery store is something that deserves attention. i mean, it's a stock that's been a little more challenged over the last couple of months relative to faang. but we like the longer term prospects. we also initiated a position for clients in wisdom tree's cloud technology etf there's a whole host of smaller and mid-cap companies in cybersecurity, you know, work from home, cloud, and some of the areas we think are durable names in technology. to look to to get a bit of diversification as well. >> now, jason, i cover the hedge fund world and one of the big concerns among hedge funds and people who watch that space right now is the tech trade is too overcrowded right now. that people have piled into faang. it's been working for awhile and people are kind of waiting for that table to turn does the crowdedness concern you at all and do you think that, you know, if circumstances change with

regard to the coronavirus outbreak, that we could see a change of heart with regard to these tech names >> it's a good question. the reality is that has been with us for about seven years now. even in the bull market, the discussion -- and i guess we're in a bull market now, but in the bull market prior to the pandemic for ten years, the discussion of everyone overcrowding n into large cap technology and faang being a leader for so long that was honestly something i'd been asked for a long, long time prior to the situation we're in now. and it just hasn't resulted in a reason to get out of these st . stocks the reality is over the last 50 years, market leadership is quite narrow that's a feature not a bug of investing in the stock market. to have these be the new leaders, these new era technology stocks as we call them is truly the right way to think about that they're not leaving just because it's faang and it's a storied

part of the market and we need to be in there is some of that going on, but end of the day these are real businesses with really attractive business models we want to own. if you look at the collective revenue of the faang stocks, collective revenues are $1.2 trillion for next year if you look at the estimates. that's a really strong area to be in as we think about it no, i don't think it's overcrowded. i think there's durable reasons why you want to own these names. >> all right we'll have to end the conversation there jason ware, thank you for being with us. we appreciate that insight still to come, sports are coming back but almost without any fans in attendance the creative ways they're hoping to fill up stadiums and arenas first as we head to break, check out this morning's biggest dow movers stay tuned you're watching "worldwide exchange" on cnbc.

welcome back on this friday. it's "worldwide exchange." we're going to turn to a bit of sports news. big ten playing conference-only games. this is if they're able to hold athletic events at all meantime professional sports leagues continue to map out their return to play during this ongoing covid-19 outbreak. and sports leagues are also looking at ways to make the fans

part of the action even if they're not physically in the stadiums our eric chemmy joins us now with more. >> good morning, frank that's right as pro sports come back in america, that big change will be the absence of fans. but teams are getting creative they're coming up with new ways to fill that void. a lot of these innovations have actually been borrowed from asia and europe where pro sports have already returned one feature we're seeing are cardboard cutout fans. the a's and giants are among the teams selling fans the opportunity to have a cardboard cutout picture of themselves in the stands the a's took it one step further. they've got a promotion where your cutout gets hit, they mail that ball to you it's a way to look better for broadcast tv in japan yamaha is testing out remote fan capabilities with 26 soccer clubs to pump in fan noise into the stadiums. take a listen.

that sound is fans at home using their smartphones to show support for their team by cheering through a button on their phone. the audio is then directly piped into the stadium yamaha says it has winning percentage data to show even these remote controlled fans actually help the home team advantage. we haven't seen remote controlled fans just yet in the united states, but several operations have already shown interest in following. and finally even the cheerleaders are getting a temporary substitute boston dynamics has robots performing as cheerleaders in japan. no word if that trend will make it here across the pacific to america any time soon. but they sure are fun to watch and expect to see more creative fan replacement ideas in stadiums in the next few months. frank, a lot of companies, leagues, teams are all trying to figure out what to do here with

the pandemic zblifs looking at those robots that's a little creepy i'm not a fan. but the idea of digital fans piped in from home, that's interesting. and you look like you're in the las vegas version of cnbc right now. how would this impact sports gambling >> it's tricky to bet on what they can. but it starts to get a little tricky there was a story the other night yesterday saying that new jersey regulators told that new jersey couldn't offer bets on europeanian table tennis or something like that. i think they'd much rather bet >> all right, eric chemi, we appreciate it. >> you got it. from the seats in the stadium to the magic kingdom disney is set to welcome guests back this weekend. julia boorstin has more on the safety, health, and financial challenges the company is now facing

>> disney's largest park walt disney world in orlando is starting its reopening this comes after downtown disney the outdoor mall by its anaheim park reopened with masks and social distancing required this is an important moment for disney's park and resorts division which last year was its largest division by revenue and its biggest driver of earnings growth analyst michael nathanson estimates disney lost more than $1 billion between april and june at its domestic parks due to their closures. and this comes as disney's shares are at a cross roads. trading in the middle of the stock's 52 week high and 52 week low. down from 17% over the past year now, analysts are bullish on average with 13 buy or overweight ratings, 11 holds, and 1 sell nathanson tells us, quote, the swing factor at disney is indeed parks. the question is when will park

earnings return back to calendar year 2019 levels that depends on the pace of infections, the health of the economy, and the consumers' willingness to travel to orlando. we're told, absent a vaccine the most important thing for disney is to focus on safety and making sure attendance continues to climb higher over the next year or two, i think there's more downside risk from a negative covid-19 headline relating to the parks than there is outside when trying to add percentage points to attending saturday's opening will test how consumers feel and also how quickly disney can safely increase park capacity frank, back over to you. >> all right that was our julia boorstin reporting there. let's talk more about uncertainty amid the pandemic and social issues in the u.s. and around the world some say the company may be scrambling for relevance as much as it is for revenue

our next guest teaches on the visual and cultural impact of disney in america. carmen, thank you for joining us >> thank you very much. >> let's get to it does disney need to change it seems to have a successful business model if the pandemic hadn't come, would it need to change its business model and how it relates with society in any way at all >> i think what is important to remember about disney is its resiliency it really wouldn't have had to make that necessary shift if we didn't have the pandemic coupled with the conversations about social justice that are also taking place at this time. there's a way in which disney operates as sort of a cultural hum. it functions to stay just below the din of what's going on and because it's always scribed that way, the brand is always grown that way, it's a safe space for it to occupy but the pandemic and social justice situation that's going on, that's exploded everything for disney

>> you know, you were quoted in the "washington post" saying something i thought was interesting. you said disney may make small changes in response to the changes you're talking about you said it may seem inak yous for everyone else. it will barely put them on the right side of history. isn't that a solid business model of people come to disney for safe entertainment >> it is a solid business model. it's a way to operate to make sure you stay relevant that your conversations stay relevant and disney has thrived for almost a century doing that kind of thing operating under that kind of model. the challenge, though, is how to connect with audiences who feel that the social and cultural and health situation is very present, very pertinent right now, and it's affecting them on a daily level. that's what disney has to respond to that's what disney has to -- that's how disney has to make its mark in this moment.

>> so one of the changes we've seen from disney is disney plus, its streaming service. people said, hey, it's a lot of stuff we've seen how do you see that streaming service now and do you feel it's part of the change that disney needs to make? >> well, the streaming service is another appendage of what disney has already been doing. pushing into different areas in media, making sure that it stays in front of audience and stays present with audiences at all times. and disney plus is a brilliant opportunity for the company to roll out and restage its already popular consumer products. and that's what people want. they want the opportunity to bring disney into their homes, to be close to the type of films and programming that make them the superfans that they are that will then go onto the parks and cruise ships and be part of the in-person experience which is a significant part of disney's brand. disney plus allows for a kind of

flexibili flexibility, the solidification of what disney offers. the stories of love and family and community that seem very universal on a personal level. and then extend out into the rest of the brand. but disney plus is an opportunity that would be wonderful. it would be fantastic if disney would take advantage of a little bit more if disney is in the home regularly, you put the rollout of disney plus, the opportunities that it provides in terms of new -- producing fan base, bringing in new faces that are associated with the disney brand. then it would be a chance for disney to engage in sort of the day-to-day happenings of its base >> you know, carmen, the third quarter for disney just ended last year. they brought in $20 billion last year with this pandemic continuing, how does disney continue to

engage consumers and get back some of that revenue >> i think what's important for disney is to in many ways hold firm the experience of going to the movie theater, to being part of for example one of the cinematic universe of marvel to operate in the sort of space where it's committed to bringing people together that shifted that has shifted at least for the foreseeable future what's important for disney to remember is that it does have such a strong fan base that its entire brand is built around a kind of poor set of individuals who come to experience disney and will continue to do so. and so moving forward, the movie experience has to be reimagined. not the large spectacles but rather move into a quieter set of pictures and cultural productions. how that will pan out.

what will happen in the parks. also with the various and staggered openings that's really going to test -- that's really going to set up how do these move forward, the success of this moving forward >> sounds like an interesting class you teach. carmen, thank you so much for joining us coming up, futures pointing to a lower open. we'll talk about the stocks right now. and a reminder, you can watch and listen to what's live on the cnbc app cnbc is back in just a moment.

i am totally blind. and non-24 can throw my days and nights out of sync, keeping me from the things i love to do. talk to your doctor, and call 844-214-2424. welcome back markets are poised to open up lower. futures right here mostly in the red with the exception of the s&p. the dow looking like it's going to open up 140 points lower at this moment. joining me now is christina hooper at invesco. thank you for joining us >> great to be with you. >> after the june jobs report,

we saw the s&p gain less than half a percent so if this next one comes in less positive, do you see more of a reaction from wall street >> i think the concern with the last jobs report was, yes, it was great. but it also suggested that congress might be less likely to provide more fiscal stimulus so the july jobs report if it's weak enough but not too weak could have something of a positive effect. unfortunately, though, given the way sentiment is going right now if we do get a weaker july report, i think it's more likely that it actually sends stocks down there is growing apprehension in the stock market about the rise in infections and what that means for slowing reopenings and of course economic activity. >> so covid-19, a continuing concern on every sector of the economy. the question is can stimulus fix it i've read your notes you seem to believe more stimulus is needed would a $1200 check for

americans making less than $70,000 give the economy a boost? >> absolutely. we have a large portion of american households that don't have $400 in emergency savings so $1200 would make a big difference and of course for lower income families, every dollar is typically spent. so it's a much more powerful multiplier effect. now, what would be ideal would be to have those ongoing payments in the uk, households are getting monthly payments so ideally, $1200 a month until this crisis is over would be very helpful >> are there any stocks in particular that you think would benefit from additional stick lus money? we're talking about the heroes act that the senate is going to consider when it returns on july 20th are there any stocks that would be directly benefitted if those payments were made >> i think what you would see are the cyclicals depending on how powerful the stimulus is but let's assume we get a nice package. much of what is being asked for

in the heroes act. which would be supportive of companies as well as households. in that environment, it would be more likely we see a "v" shape recovery and that would be a positive for the more cyclical parts of the stock market. i think they would all benefit think of consumer cyclicals in particular if we get household checks >> and what part do you see the fed playing in this? how will you see that impacting wall street for the rest of the year >> so my expectation is that what the fed has done in terms of massive policy stimulus is creating a put under the stock market it's creating an upward bias but that's all it's doing. and in this environment we're likely to see significant volatility given our inability to control the pandemic in the united states as well as volatility around the upcoming presidential election. >> kristina, thank you we'll all be watching to see if the heroes act is passed and

what impact that will have on the economy. we appreciate your insights this morning. >> thank you and good news to kick off your morning we have a new addition to the cnbc family. congratulations to dom chu and his wife on the arrival of jack lew lucas chu. good looking kid there we'rewishing our best to the family great for all of them. that does it for us on "worldwide exchange. "squawk box" is coming up next

good morning

tech stocks soaring to new highs even as the dow dropped 360 points going to talk about the big names to watch straight ahead. it's a continuing story that we've been covering. covid cases surging. the average number of cases rising by double digits in 33 states more governors now mandating masks to slow the spread we'll check in with dr. scott gottlieb and one major college football conference is cutting non-conference games and it's not the ivy league so we care about this and warning of no fall football, all this year we're going to check in on the status of all the major sports restart plans just saw a piece earlier they got cutout fans. i think the three of us need to be watching all these games even if we're cardboard "squawk box" begins right now.

good morning, everybody. happy friday and welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. we're going to start things out with the markets this morning. the dow is down 350 points in a volatile session yesterday erasing its gains for the week but the nasdaq did push to a new high as it continues to do we've watched this happen again and again. it was helped out, of course, by the same names every time. amazon, microsoft, apple, and netflix. you look at what's been happening with u.s. equity futures, dow is under pressure once again nasdaq is also down by about 32 points but the nasdaq is up by 8 points in asia chinese stocks fell