it is 5:00 this is your "top five @5 avoiding revision. the one major economy returning to growth and what its done right. hack attack. bold faced names get targeted. and twitter looks very vulnerable avoiding the lost year, what they are doing to get kids back in the classroom and off zoom.

one trader says this rally has more room to run your rbi on this thursday, july 16 more ahead on cnbc. good morning from wherever in the world you may be watching thanks for joining us this thursday morning dow futures have an implied open down around 200 points futures you can see off triple digits fair action higher all of this after the dow capped a fourth straight day of gains the index crossing 27,000 for the first time since june 10 leading higher was boeing coming

off its best day since last month. in technology, no win street yet. it has been weaker in the last couple of days it is still close. the level to watch, 10,617 would give us a new record still watching shares of moderna. still in focus it is higher right now after closing well off its session highs. at one point, $88 a share. investors tempering. tens of thousands of robin hood traders taking free new positions in moderna stock just yesterday. around the world, things are getting started in europe. they are in the red.

not by a lot china bucking a global trend matt taylor standing by with the trade and top stories out of signatu singapore. >> we had much better economic data out of china. north asia was weaker. it was the greater china markets that lead lower today. composite closing down 4.5%. and hong kong market down. we did get a better print on chinese gdp. better than the economists expectations year on year and quarter on

quarter, we saw a rebound around 11%. compared to the 6.8% contraction we did see in china for the first quarter. when you dig into the detail, it shows you growth was lead bay the industry growth output better than what the market had been expecting retail sales falling well short. we saw retail sales down 1.8% than a year ago. this recovery in china doesn't look like it will be led by the consumer and on the industrial side back to you. >> thank you, buddy. turning now to the united states and the world our economy here as cases creep up, there is new concern over the longer term health not just on our out look but europe as well joining us now, chief economist

at paribas what do you make of china? do you think that nation is in the grips of a solid recovery? >> if you look at the retail sales and production, down and now up the important government retail sales typically recoveries are driven by the sector so it is an issue, i would say all of this debate over the letters. v shaped, u shaped, recovery shaped from your perch, how do you see the u.s. economy over the next 3 to 6 to 12 months? >> the key is what is happening on the consumer side and labor

markets. the big concern is that the job creation would be slow, subdued. at the same time, they would continue to creep up and people would no longer benefit from specific programs that have been put in place to make the support. if there is no continuation of these programs, that means it will have that kind of cliff and consumer spending. that exists with certain programs as well recovery in the u.s. and globally mentioned when i was speaking about china are driven by the consumer sector that means everything hinges on that data mark you see the issue you have at hand with that output over the

next couple of months. >> what is interesting here, the stock market is not the economy, we acknowledge that. that stock market has soared at or near record highs 10-year bond yields are lows what is that gap between equity and credit markets telling you >> for me, that gap is a big source of concern. now this forecast is kind of like compared to the reept histo -- recent history if you go back a couple of years where bond yields are rising and that is not the case now one expectation is that this is all thanks to the fed. the other implication would be part of the investment community

which is not really sharing the bullishness of investors they are a very good hatch in times of turmoil >> looking at the global economy. appreciate you coming on >> a check at other top corporate stories to kick off the thursday morning, frank holland is here with those >> amazon news, the company is updating work from home directors now allowing most employees to work out side the office until january 2021. the company will continue to restrict business travel until at least next year >> u.s./china tensions continue to mount the trump administration is considering a travel ban that could mean barring 270

million people from coming to the u.s. after announcing new visas and huawei is one targeted >> american airlines warns that percentage of its work force could be furloughed. down 80% from a year ago telling staff in an email, quote, with infection rates increasing and several states reestablishing quarantine situations, the demand for air travel is lower. from theme parks to outer space, the man richard branson is choosing to lead virgin galactic to infinity and beyond.

>> and victims of a hack and how twitter looks very vulnerable. and responding later to this morning's rbi and how cash could be key a lot to do coming up after the break. dow futures down 28. we are back after this

welcome back del may be getting its head out

of the cloud the world's most abundant medal in space, the final front year >> we'll start with that space news tapping the former head of disney's international parks as the next ceo he had been ceo since 2010 and led the company through its ipo. alcoa lead second quarter loss the company has been cutting cost and offset lower aluminum prices the ceo says the recovery hinges on how well the country controls the spread of covid-19 for the rest of 2020 shares of del are surging as it says it may spin off 81% stake in cloud maker vmware.

currently del's best performing business back to you. >> thank you we'll see you in a bit on deck, a digital currency scam for the ages how twitter got hacked happy birthday amazon. today marks the 25th year since the launch of amazon.com look at that on the left, amazon's original website july 16, 1995 a lot different than today by the way, it went public at $18 a share in 1997 and $10,000 investment then would be worth $12 million today. how about that how about that we are back after this.

how about tha♪ ♪ we are back after this.

now is the time to support the places you love. spend 10 dollars or more at a participating small business and get 5 dollars back, up to 10 times with american express. enroll now at shopsmall.com. getting you to the story that rocked the business world last night twitter shares are down dozens of high-profile user's accounts attacked warren buffett, jeff bezos

former president obama telling others in tweets to send a massive amount of bitcoin saying that they would be matched in doing something for charity. joining us now is eamon javers who literally wrote the book on cyber security this is a weird one. what twitter is saying, as i understand it, reading between the lines, they are not giving us a lot, some twitter employees were compromised and thus these accounts were compromised. what does that mean to you >> right look, this is a big lesson to american companies right now particularly in this work from home era where we are all

distributed where we are trying to make this virus era work. a lot of different formats being looked at. twitter put out a statement sayings this a coordinated engineering attack and targeted some employees with access to internal systems and twitter is looking into what other malicious activity these may have conducted or information they may have accessed when the hacker uses your network of friends or associate against you that appear to come with information from people you know that that person would be likely to send you like getting a fake email from your own boss formatted the way

your boss would send you that would say, by the way, can you send me that security log in a lot of times, workers would reply to that because it looks real it is not really your trusted associates sending the message >> i hear what you you are saying sometimes you'll get an email from eamon javers. i see your name, not your email. if i click on your name, it will he be like e javers at some crazy domain is that basically that employees got tricked into doing this or is it possible some employees were compromised in other ways >> if it is a social engineering attack, it is the case that they got tricked. they thought they had something coming in that they needed to

respond to in some way, whatever it was some fake email soar slack message or anything that they responded to i spoke to a high-ranking official here who said there is a possibility of an insider operative working with outside hackers or who was the hacker themselves social engineering hacks are a known problem. i think they are particularly dangerous in this era of work from home because we are using all these unfamiliar softwares and using zoom and contacting our boss and colleagues in ways we are not used to we don't know what is coming at us and we are trying to respond as best we can for other companies that can be a problem. >> when i went to bed last

night, which is always way too late given the time we all wake up, people fell for it the last number i saw was almost $8 million the ideawas basically rich people saying, hey, i want to do social good, send me bitcoin andan i will match your don't nation bizarre and it appears someone got paid in a lot of bitcoin >> this is equal to the nigerian prince scam. >> what do you mean scam i'm still waiting on that. >> it definitely applies on line too. if you see somebody asking for money, stop, double, triple

check. >> here is an eighth of a bitcoin, good work >> hats off to roy harper. >> here is the thing, earlier this week, a high profile editor at new york times quit saying basically, twitter is the editor of the new york city times it has been a bad 48 hours for twitter. >> absolutely. it shows how important twitter has become in our overall society in politics and media. it is vitally important. what a lot of people are

concerned about. some professionals said this hack was amateurish and hokie. the concern is that this might have been a dry run or test by somebody very sophisticated. heading into an election season, you get a sense of how chaotic it would be if someone influenced these at one time >> thinking about someone in the white house located and saying something like missiles on the way or this or that and thankfully hopefully i'll get my bitcoin back coming up, one reason stocks could keep going higher. think dry powder your morning rbi most random but important thing you might hear for your money

all y.da dow futures down 215 we are back after this

stocks looking to snap a four-day win streak after the dow does something for the first time since early june. >> plus the true cost of education amid the pandemic. the president of u of missouri

here and what they'll do in the fall >> and more bank ceos warn of the uncertain pace of the american economic recovery here to weigh in on the banks on this thursday. this is "worldwide exchange" on cnbc welcome back good thursday morning. here is how your money and the markets look futures are down about 213 points after the dow capped off a fourth straight day of gains on wednesday. the index not only doing that but crossed 27,000 for the first time since june 10 the market has been on a march in technology. no win streak or new one yet for the nasdaq

after bouncing around, the nasdaq back within striking distance of a new ll-time closing high if you are keeping score at home 10,617 is your new record closing high we are at 10,550 so 10,617. we are going to continue to watch shares of moderna again. they did close off their session highs yesterday. this was the market story. not only with them but oxford and as ra zenetrazeneca in the . we'll do the rbi a little early. for good reason, we want our guest to comment this is for all of you stock market bulls out there this could be the big reason

stocks might keep going up it comes via piper sandler two years ago, there was about $2.25 trillion in money market or cash funds. today, that number is $4.7 trillion. the amount of cash has more than doubled. as noted, that amount of cash is equal to the market caps of apple, microsoft and amazon combined to him, as he wrote, that's a lot of dry powder for this rally to continue. if you keep in mind the available of stocks has dropped in half in the last 20 years more than double the amount of cash on the sidelines and fewer stocks to buy. random but important i don't know let's find out with our next

guest. head of u.s. equity strategy you like what we did there and talked about all this cash, nearly $5 trillion sitting around and then put our favorite strategist on the air. funny how tv works do you think that dry powder will be put to work. >> we know some cashes build i've heard this on the retail side as well we have to have appetite very good news that comes amid

the scene of great reopenings. it is interesting and important but you have to have the news flow to cooperate and come back to put that money in they don't raise too much cash they tend to hide out in these growers. an interesting request to me is some of these come out of the growers hiding out in the community that has been hiding out, that has strange implications because those stocks have been leading the charge higher. >> the reason we've highlighted the stocks not because we are in love with them but they control all the

etfs these stocks don't perform it is hard to envision how the overall market performs. >> right they've strangely been a buffer. you've seen more hide out and boosted the market performance you start to have individual issues, they could serve as dragging down part of the market yesterday, we saw rotation into the areas. things like industrials and back stock. that fuels a rotation out of some of those names. if it goes on too long, it could not be that great for the market either it is all very interesting we could use the word strange times and apply it to this year.

>> understatement of the day 5:33 in the morning. strange times indeed if you bring up a year to date chart, we are where we were a month ago. do you think we make new highs because we are not at our high of the year. >> i'm still in the choppy market's camp. we had the rebound these were very textbook moves you see. now we are in this strange third phase where we are sort of digesting the impact i was haunted by a comment an executive made about how we'll

see the full effect of the recession but haven't yet because of the stimulus. to me, that was interesting. seeing some of the potholes of the effect we'll have to digest those i look at the market with the expense valuations i'm still in the choppy market camp >> we are in the lori camp thanks for rolling with the rbi. >> take care on deck, the cost of reopening how the university of missouri is going to bring students back in the fall and how it is dealing with social change some of your other top stories

a new poll, presumptive nominee joe biden holds an 11% lead. sadly, the 2021 rose parade has been canceled. the last time the rose parade was canceled was world war ii in 1945 and georgia's governor is banning cities and counties ordering people to wear masks in public you cannot tell your citizens, mandate them to wear a mask according to the governor of georgia. "worldwide exchange" is back after this feeling stressed?

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good morning schools across the country from preschool to higher education are dealing with the same question one, should doors open this fall survey finds there is at least one thing, maybe the only thing, american voters agree on students should not have to pay full tuition for a virtual college education. joining elon with more on that

story and the implications >> that's right, if there is one issue that unites the right and left in american politics, that is the cost of education that is especially true in the middle of a pandemic when 40% of institutions will go partially or fully virtual next year in our survey showing likely voters believe online learning should come with a lower price tag. 72% say students should not be charged full tuition only 16% believe students should pay full price the bad news for students is that many colleges don't agree big names like harvard, rutgers, california state they are all going on line and charging full price despite push

back or petitions from students. the best data we have so far appears to suggest that many households are just willing to eat this cost. the percentage of high school seniors filling out financial aid forms, so far, it is only down 1.6% this year. what that suggests is that even though many students and families may not like paying full tuition, they also feel like they don't have much of a choice especially in the middle of an economic down turn >> they don't. you can't just leave somewhere and not pay and expect to come back let me ask you this, as a working mom. as a parent, what are you going to do if your kids aren't back in the fall? i know this, i don't have any

idea what i'm going to do. not a clue >> i'll do what i'm doing right now, which is losing my mind >> you too let's go crazy together. >> i think people are going to have to look for long-term solutions. people can'tjust keep patching it together. they'll have to find long-term child care or figure out what to do financially the question for the economy is that does that change consumer behavior on a permanent basis. does this become a short-term blip or something everyone is grappling with right now >> i know families of rising juniors or seniors in high school that have thought about

pulling their kids out, basically writing the year off not going virtual. we although virtual doesn't work especially for younger children. i know families that are just like, you are not going to do anything for a year. you are not going to pretend do school we are going to take a year off and you'll got back to school a year older >> depends on the age. universities are trying to create some sort of gap year program to keep students connected to the college and institutions they don't want to loose them a year or so down the line before a vaccine comes out. >> great discussion there. thank you. we are now joined on this topic by president of the university of missouri system responsible for educating about

75,000 students every year thank you for joining us how does your enrollment doing >> we have heard that. this fall is going to be so much different than anything students and faculty and staff have faced. we heard from parents as well. they want their children to come to school to get their residential experience that only a university like ours can provide. with err excited and considering the health and safety with our students and staff >> anybody who has gone to a

four-year university knows this. about half of the experience or the education is in the class, the other half is just being at college. big football games friends, residential life, greek life, whatever it might be that is half at least of growing up doing your own laundry and dishes how can you replicate that >> you can't that's why universities have been a main stay despite so many changes. because of that experience that students are seeking we are seeing our enrollment increase that is counter intuitive you would think that less students

would want to come back. we can't wait to welcome them back. >> you see a lot of the commentary about football. you can't play football. listen, as a big sec football school, we don't need to go into the implications it is massive. if the sec decides to cancel football this fall >> the economic impact of the tv contracts and so forth are massive. but if we are not going to play football in the fall, that means there are other economic conditions, down turn and so forth we are concerned about the level of state support we get will depend on if we have in person operations including

football we are findful of that but not going to treat them any differently. >> is it possible that facebook is played in the spring? >> i think those are options being considered by all of the conferences. the reason we are doing that is because of the paramount safety concerns for our student athletes at this point, we are going to open our season on september 5 in columbia, missouri. >> we are going to try to get him back from the university of missouri system. i think you are back now are you there? >> yes, i am here. i was going to say that at this point we are going to open the season on september 5.

and i'll be sending some tickets to cnbc. >> please. >> anybody but alabama or lsu. i would love to root for your tigers on a more serious note, university of missouri has had its own challenges racial challenges. we are now having important, long-overdue conversations about systemic racism and diversity. as the president of a diverse institution, are there less ones to be shared about handling it, making sure you learn and grow from it and exactly where we stand in the push to make much-needed changes right now? >> it is so timely

at 11:00 this morning, i'm holding a virtual town hall to discuss the change made even since 2019 at the heart of our inclusion and diversity activity is the need to value each individual regardless of their background to make sure they feel welcome to make sure we have a deeper enrichment education for all there is more work to do obviously as we've seen throughout the events in the past few months in society we must take the lead as a university where we educate young people to be more open minded and inclusive for every member of our society. >> as you are producing some of

america's top journalists. you may control the future of journalism from your undergraduate and graduate programs before we go, how is enrollment for the fall where do you stand >> we are full about 5% over compared to last year one last thing, it is the best journalism school in the world not one of the top >> very well said. president of university of missouri with us live. thank you. best to you. have a great day >> thank you as we head to break, we'll stay with that massive twitter story. shares continue to slide a massive hack of the world's biggest names. was it an inside job in a way? dow down 172

we are back with more after this

we cannot forecast the future we don't know we are also very clear, i think, we'll have a murkier economic environment going forward than we had in may and june you have to be prepared for that we are prepared for the worst case we simply don't know >> our view of the length and severity of the down turn differ considerably from the first quarter. >> i watch tv and the news like everyone else and am surprised how certain people are >> the pandemic has a grip on the economy and doesn't seem likely to loosen until vaccines are widely available

>> those are some of the comments from major ceos on earnings calls this week all adding to a chore us of corporate executives flagging uncertainty with the pace of eelk nom yiek recovery when you hear these comments from the biggest of the big, is there anything to take away from the ceo speak, if you will >> it is a tough way to start the day listening to all of that we all know it the one thing we can get from the smaller companies. a little more granularity and conversations with management and chief credit offices about

different types of lending and how they see things. different growth rates and declines of the virus itself one state is opening up and another is shutting down you can literally have different reactions in the markets >> the overall markets are back to where we they are prepandemic. the banks and financials have not. why not? >> if you think about other than the drug companies, the most sensitive companies to a cure or a vaccine are the banks. ceos can say we know what it is at the end of the tunnel right now, if you've got a loan on a hotel at a convention center, how booked is that

hotel? not at all you don't know when that hotel will be running at cap capity. the economic forecasts are that one. it is not that they see that, this is loss over the life of the loan it was more of what you could see. this is what you can't see a lot of guys are setting aside kitchen sinks. >> leave us with opportunity busey? >> they've got a very good wealth management unit

you have a big appreciation of the marketplace. i like midwest, i think supply chain comes back i also love first horizon. incredibly cheap future earnings broker/dealer is a good place to be a little opportunity there to wrap up the show >> goes quick. that does it for us. we'll see you tomorrow that does it for us today. squawk is next see you tomorrow r always wants to hang out. and you should be mad your smart fridge is unnecessarily complicated. make ice. making ice. but you're not mad because you have e*trade which isn't complicated. their tools make trading quicker and simpler

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good morning, the dow had been on a four-day winning

streak now up 47% futures pointing to a triple digit loss this morning. not quite 200 points down maybe not out ahead of some major quarterly reports. more states and companies requiring facial coverings georgia governor voiding and banning local mask mandates. >> a major attack on twitter allowing hackers attacking high-profile accounts like kanye, bloomberg and more. "squawk box" begins right now.