welcome to "worldwide exchange" and "top five @5." the dow doing something for the first time in six weeks. a torch light on tesla another key milestone but musk says the profits are still not the priority truly insane to under pressure what lies ahead for microsoft after a strong quarter putting in work in washington

after president trump hinted at even more trouble with china two steps forward, one step back when it comes to talks of the next round of virus stimulus house speaker pelosi told us it is thursday, july 23. this is "worldwide exchange" here on cnbc >> good morning. welcome to wherever in the world you may be watching. i'm brian sullivan another day, more records? could be futures are higher up about 80 points nasdaq futures are up just about 1% all this after the dow closed above 27,000 capping off a three-week win streak as it stands right now

very early or late wednesday morning, the dow and s&p 500 are on track for four-week win streaks. if we get that, that would be the longest weekly win streak for the dow since november 2019 and for the s&p 500 since december 2019. now an even better one for you some good data there you might think it is all about the big five faang names maybe not. take a look at the number of consumer stocks trading at all-time highs best buy, chipolte o'reilly auto parts. you want to fix up your house, fix up your car, buy some feed and feed yourself a burrito and

watch your new 80 inch tv? >> and tesla reporting the fourth consecutive quarter of profits after the close yesterday. which means tesla can now be considered not an automatic but considered for inclusion in the s&p 500 index. that would be huge and maybe one reason why the stock is up hire by so muc -- higher by so much. investors would have to front run that news. announcing that tesla will build the next factory, not in california but in austin, texas. we'll get to more today with phil lebeau. to watch now, white house and senate republicans appear to

break their week's stalemate on the debate >> senate republicans say they've reached a fundamental agreement with white house negotiators on how to move forward with the coronavirus relief bill. house speaker said the next package should get more money directly to americans. >> the third pillar is to put money into the pockets unemployment insurance, direct payments, employment tax credits and the rest in order to keep the economy going. >> now the comments come as the white house chief of staff mark meadows suggests an extension of the $600 a week unemployment payments will not likely happen.

discussing extending this to the end of the year but reduced to about $400 a month or $100 a week the u.s. saw a rise of deaths above 1,000 cases. california reports its biggest one-day jump surpassing new york now as the state with the most confirmed cases since the outbreak began governors in minnesota, ohio and indiana issuing orders for masks there. back over to you, brian. >> thank you we'll see you in a few minutes appreciate that. we'll get to the markets and your money no guest has been as right about stocks the last couple of years as your next guest he has been spot on even when the haters were out in force

welcome craig johnson, chief market technician at piper sandler. how did you like that for an intro? >> that puts a smile on my face so early this morning. >> you put a smile on your client's face because you've been right you said stay long, stay strong. you have been right. whether you look at your magic charts now for your macro market what do you see, more gains ahead or is this the top >> this market is going to continue to grind higher i come on the show and reiterate our 30-year objective. a little more than 10 percent e to go this year. what is going to be the catalyst to drive this higher is a couple of things. we've talked about this market is shrinking the number of shares out and shares play out. you've got a third fewer stocks.

another point is cash sitting on the sidelines. it is unbelievable there is $4.7 trillion in cash more than double where we were that's two years ago over the last 11 weeks, that has gone up over a trillion dollars. a lot of money will have to go back to work if you look at that cash, that is equivalent to apple, microsoft and amazon that's a lot of cash that has to come back to work and will continue to push this tape higher from our perspective. we cleared out and cleared the june highs of this year. it looks like we'll close the gap here it is not too far away to get back to those old highs. call it 3,400. we are on our way to get there >> it is like you watch the show your data on cash and stocks is

our rbi to end last week you know, craig, if you look at the charts and i think you might. the markets look like they are in some kind of a wedge. you had a huge jump in march we crept up to this wedge pattern. looking at your chart, you thinks it going to move higher what is going to be the tell breaking through that 3,600 or what will be the moment, if you will >> brian, to be clear. i watch this show every morning as i'm getting ready for work. i saw that rbi it was a great rbi from here, for me, it will be the s&p closing that gap when p this market breaks, two new highs, which i do believe will happen. if you go back and look at the

seasonality. august, september, a little dip as you get to the election and then to finish out the year will get us near that 3,600 all the people sitting on the sidelines, nay sayers, worried about all the problems in the world sitting here watching stocks advance i think they are going to get anxious and have to put their money back to work >> this is an interesting rbi. if we took out most of the faang stocks, the market is down does that concern you? with those concerns and more

shopping at home they remain in well-defined up trends i don't see that changing at this point there is no technical evidence for these values i look at amazon and i can see the charts moving up >> wow, jeff bezos will have to buy a new yacht. why does best buy still look like a best buy to you >> best buy chart is breaking out which is a buy from our perspective. there has been other major

iphone rollouts. our analyst has really been talking up best buy. stars look good. stars, moon aligned in this stock. >> craig liking best buy a pleasure at 4:00 in the morning in minneapolis grateful it is not 20 degrees below zero there thank you. nobody has been more right when we come back, more on the rising tension between the united states and china. an order for the china houston con lat closed >> the futuristic face mask one university is developing why mit might give 3 m a run for their money.

so i'm gonna hold on promoting you this quarter. cool? drop the taco. get in the car. does this sentra feel like a compromise to you? wait, what...? the handling is good, right? no compromise there. nope! watch this... umm... b-brie...brie brie! rear automatic braking. so if this nissan sentra isn't gonna compromise, why should you? you're right! atta girl. the all-new nissan sentra. with more standard safety features than any other car in its class.

welcome back the trump administration suddenly ordering china to evacuate its houston compound saying america needs to protect its intellectual property. occupants there had seen them burning documents on the roof. president trump hinting at more

action to come >> as far as closing additional embassies. it is always possible. you see what is going on we thought there was a fire. everyone said there is a fire. they were burning documents or papers i wonder what that was all about. >> that consulate closing as the fbi saying the chinese consulate in san francisco is holding a chinese scientist. >> the story here, the chinese believe they are being unfairly targeted the foreign ministry moments ago responded to the fbi allegations saying the u.s. needed to stop with the excuses and using them to harass chinese scholars on

the accusations about the houston consulate being a spy operation or engaging in ip theft. they say those comments are malicious slander. the messaging is that china is being unfairly blamed. stad media said today, the consulate shutdown is a trump election gambit. there have been several different ideas discussed today. one was that the u.s. would see one of its consulates shut down. china could order there be a reduction of the overall u.s. staff here in the core or as the global times editor suggested that there might be an unrelated

surprise for the u.s chinese media have been running polls and the most popular u.s. consulate to be shut down is hong kong. >> unrelated surprise. we should expect to have american diplomats in wuhan or hong kong or another tossed out, is what you are saying is. >> yes the first one that popped up as a possibility is wuhan already discussing how the wuhan consulate is already shut. there are some diplomats there it wouldn't be much of a retaliation. another popped up because it is in the southwest and cover important and sensitive areas

such as tibet. there are discussions now that hong kong should be shut down or that the staff be reduced. they have suggested hong kong is obviously, he said, a spying op center >> obviously it is clear. by the way, it is a big one. having been there myself it is a large organization eunice yoon, thank you still on deck. why a washable, reusable mask with the same protection of the n 95 mask could be a game changer. we'll show it to you coming up companies will need the right tools. that's why salesforce created work.com it's an all-new suite of apps, expertise, and services.

to manage this crisis today, and thrive tomorrow. everything companies need to return to the workplace. let's reopen. safely.

welcome back have you tried to buy a mask lately not the regular mask or fashion masks, the n 95 mask you can't. they are sold out pretty much everywhere even as the prime maker, 3 m ramps up production soon, researchers at mit in boston may have found an alternative. one that is reusable with us now the assistant professor and also

gastroenterology tell us about the mask you developed that is getting so much attention >> thank you for having me on the show one of the things we recognized early on was the shortage of particular equipment as well as how difficult it is to wear. it was causing injury in our colleague. we put our heads together and starting thinking about materials and we settled on a type of silicon that fits very well it is very comfortable it comes with the incredible benefit that is reusable and sterilizable it can be sterilized with chlorine or alcohol. we developed the mask with the

filter we did that and tested it in the hospital with nurses, physicians and health care providers there to understand does it help does it work the results were fantastic >> doctor, how do you test it? how do you gauge how much is coming through that filter >> great question. there is a test called a fit test there is a spray something that can either taste sweet or bitter. when you spray it there are these tiny particles when the mask works and if it fits, you are unable to taste that an occupational safety standard

test, the way n 95 masks are tested >> why is it so hard to make this type of a mask? what makes it being 99.5 or whatever percentage the effectiveness is, what is the secret sauce of keeping it so effective and why is it so difficult to manufacture and create >> great question. really it is about the materials in the filter. as you pointed out, there has been a huge demand of materials. with that, we said, you can reduce the amount of materials you need still preserve the protection. can you now make more masks. help more people reduce this huge amount of waste

that were all seeing all around. this is what we are doing an hopefully we'll have masks deployed very soon >> when will they be commercially available, doctor >> great question. so right now, we are in contact with the fda and we are actively working to have that in the next couple of months so we can readily deploy to health care providers but also to the general public >> doctor, great work. we look forward to seeing those masks in person, on planes, soon thank you, we appreciate it. >> thank you, sir. what wedbush has to say about the, quote, insane moves of tesla and microsoft first, whirlpool shares spinning

higher people are nesting during the pandemic and rediscovering their kitchen and laundry rooms. when i write my memoir of the times, it will be kitchen and laundry and the pandemic i'msure you've been doing your fair share as well we'll be right back. save hundreds on your wireless bill

without even leaving your house. just keep your phone and switch to xfinity mobile. you can get it by ordering a free sim card online. once you activate, you only have to pay for the

data you need, starting at just $15 a month. there are no term contracts, no activation fees, and no credit check on the first two lines. get a $50 prepaid card when you switch. 5g is now included with all new data options. switch and save hundreds. xfinity mobile.

can anything stop stocks look at that more records could be set today including tesla. shares already soaring and the top estimates including it in the s&p 500. and play ball. baseball with a shortened season getting under way in what will be a completely different ballgame today, thursday, july 23 this is "worldwide exchange" here on cnbc welcome back good to see you. here is how your money and investments are looking. 5:29 if you are counting at home not like we have any place to go dow futures were higher again. all of this after the dow closed

around 27,000 for the first time in a month and a half capping off a three-day win streak stocks are not the only thing continuing to climb higher gold is up again look at that gold continues to push higher. analysts have been talking about gold at 2,000. since we are a global show, "worldwide exchange. let's get global despite rising covid cases and struggling economy, brazil down a bit today but continues to be one of the best performing markets in the world brazil up 16% this month and on pace for the best month in nearly two years so watch brazil. all that is good but look at

tesla. >> tesla has been the stock story of the year. up nearly 300% in 2020 that stock has more than doubled in the last 90 days. now to break it down how do the numbers look on tesla? >> far better than anybody expected that's why the stock is surging and comes down to how most people are expecting a slight profit how did they get there auto revenues was down 3.4%. the regulatory credits were up $317 million quarter year over year operating cost, this was the key

here that was down 13.5%. the one piece of news that came out separate is that tesla has announced it will be building a second plant here in the united states what they are calling giga texas just outside of austin, texas. here is elon musk talking about his optimism for tesla >> the next 12 to 18 months, we'll have three new factories things are looking great for giga berlin and we'll have cyber trucks and there is so much to be excited about >> the market cap for tesla keeps climbing now over $300 billion. this was far better than anyone was expecting in terms of an

earnings report. >> i love having you on first thing in the morning in the united states. what is this $300 million regulatory credit thing. that's bs, if you will a lot of people calling out tesla. people who are bares thinks it ridiculous why should people with money be making that. that's the way the system is playing out. you may think it is bs that's how the system is set up. you may have a legitimate argument that it shouldn't be allowed in the auto industry for now, it is there it is not like tesla has created this it is part of the auto industry. it is established. if you think it is ridiculous

they get money for these, then short the stock. see what happens it is part of the industry >> there is road kill of short sellers of the model 3 any update for the order flow for the model y? >> mainly that they are continuing to increase production of the model y and their plant in shanghai china. increasing their china made model 3s there i would think that is the one question we'll start to hear more about in the next several months it is growing. they are building the model y in fremont for sale around the world. it is hard to get some sense on just how much demand is out

there. >> you've got the model s and e. it looks like an x >> the sexy. >> bring it back the plan was maybe to make the model e. they were not able to get the model e so they called it the 3. close enough to sexy >> close enough and adds a bit of mystery i think we are the teslas of the on air folks at 4:00 and 5:00 in the morning. >> yes, we are >> thank you wedbush, head of media and technology, joel, you heard the

conversation it hasn't worked at the moment it kind of bogled to the sort of accounting kbams to boost the bottom line. in the near term, stock doesn't care you said yourself, stock is up 300 plus year to date you are getting in front of a freight train on what they want to do on the accounting side. don't forget september 22, we have battery day if you are going to focus on accounting stuff for tesla, you are wasting your time in the

meantime >> people are talking about charitable donations they are doing it because they can. to phil's point, they didn't create the tax laws. if they didn't do it, they would be suspicious there. >> let's move on now no short sellers in tesla. to microsoft shares. they had a huge beat one of the names jim cramer said is on an insane terror as of late do microsoft's earning numbers justify the move up in stock the last couple of months? >> i think so where we are in 2020 which has been a crazy year for everyone mentally, physically or whatever >> what? what's going on this year? what do you mean >> clearly microsoft is the winner from their benefitting from increasing shift from the cloud.

they are the beast coming into this, any sort of tnt survey you came across amazon and microsoft are one/two. the most crowded stocks on planet earth now, there is time of azure decelerating last quarter, we saw 61% and estimates close to 65% growth. so some disappointment there you also look at netflix post up a couple of weeks ago. the stock really struggled to create momentum. we could see that with microsoft in the near term >> joel, always a great guy. we appreciate you coming on. a good one good luck to your mets i don't mean this year but forever. joel, thank you. >> coming up, a stock up despite

the company's first quarterly sales drop in over 15 years. that is your mystery chart i have no idea who it is do you year to date up 13%. some of your other top stories russia has held talks with soft bank on joint investments. talks began last year with the japanese technology as searching for investors for vision fund round two. the former ceo of wirecard has been rearrested on new charges of defrauding banks. now suspecting the payment accounting fund began as early as 2015. that management conspired together in an organized fraud of $3.7 billion. southwest airlines says it will

no longer let travelers fly without protective masks ee li eliminating all exceptions except for kids under two years old. who is getting on ple a an without a mask on? is that a thing?

welcome back to "worldwide

exchange." chipolte second quarter results beat estimates digital sales nearly triple. same store sales fell less than expected chipolte said they are up 6% in july shares down 1.5% pre-market trade. unilever sales fall in the midst of covid lockdowns shares up 7% in european trading. csx posts second quarter earnings revenues did fall short. a fall off with total volumes dropping 20% as consumers and customers pull back on shipment. and increasing its stake in bank of america

it bought $34 million shares just over $24 a piece valuing at $18 million. before the purchase, they had more an 10% stake in bank of america. >> put me in, coach, look at me, can i be center field. >> brian, i think it is going to be something like those type of things in that song that i keep thinking of. >> now you are going to have that song in all of our heads all day long >> already in my head. >> it will be there all day. >> it is not the worst song in the world. by the way, dom. we are both california guy i'm an angels fan because i grew up in southern california. went to angel's camp what is your team, giants? because you are a san francisco

guy. >> i get that question a lot because i grew up in the south bay but i actually grew up in the east bay closer to the coliseum it was awesome i was a giants fan >> i'm glad. now you and i can be friends if you were an a's fan, there you go thank you, buddy let's talk about the start of baseball, which is today and a very shortened season. should be an interesting one eric, what is it going to look like >> i'm a dodger's fan from l.a. so i don't even want to talk to you guys get out your peanuts and cracker jacks. after a four-month hiatus.

on tap today, two games. yankees and nationals and out west dodgers and the giants. 26 other games to start on friday dr. fauci to throw out the first pitch. remember, that role is usually reserved for the president it is a very shortened season. not the 162 games we normally see over six months. there will also be no fans i the stadium. but teams will play in their own stadiums and travel to opponents. that is different from the nba and nfl. that's why there are hundreds of pages of safety rules. one loose end is the toronto blue jays. they are the only canadian team. canada would not allow them to play in their country.

there was talk that pittsburgh would let them share their stadium but the government there said no, you can't do that either so they still don't have a home. >> they are bringing in famous vendors into watch areas to give a some what normal experience. they are hoping they can finish these 60 games, brian. >> hold on first of all, we have three california guys. i like the dodgers too because they'll hedge my bets. so as of right now, the blue jays of toronto have no place to play baseball? >> that's right. they were trying to share with pittsburgh but that didn't work out. one option now is guess what, you are just going to go on the road for all those games and play those teams and count as a

home team. this is nuts that's what you are dealing with this is 2020 sports. >> i like the mookie betts deal and the dodgers. i'm going to say it right now. i'll say it right now, the dodgers will win the world series this year whatever that's worth. they are going to win it i'm calling it >> that would be fun >> angels aren't we have a lot of hitting, no pitching thank you. you score 14 runs, the other scores 15. it doesn't help. we'll be back. stick around at leaf blowers.

you should be mad your neighbor 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 so you can take on the markets with confidence. don't get mad get e*trade and start trading commission free today.

another busy day here. american airlines. at&t, chipolte a lot of big names coming up here time for your morning rbi. random and interesting what is interesting is how big

big tech has gotten. deutsche bank has put out something fascinating. the market value of the nasdaq is now greater than the entire gdp of the european union. that is a 30-year chart. look at that we got close in 1999 where europe's gdp was bigger than the nasdaq now, even as europe's gdp, the blue line stays flat that value has soared to near li $20 trillion that is more than the output of 27 different nations including germany, italy and france. still not amazed, how about this the market cap of sixth biggest stock on nasdaq.

apple, microsoft, amazon, google, fb, tesla is closing in on $6 trillion nearly double the fourth biggest economy. almost worth double the entire value of germany nasdaq 100 is now the most above the 100-day moving average but don't worry. it is different this time. always is. listen to what goldman sach david solomon has to say he's worried saying over the next couple of months, i think you'll see poorer number. we are on a bumpy ride why do stocks keep going higher. joining us now, his fund is up 24% this year. 24% this year. l liam you've been doing something

making money how are you up 24% this year what in the world? all tesla and let it ride? >> brian, it is really interesting. good investing is about living in the future. the thing i'm polled with with this pandemic will pull the future forward more than ever. some of the companies we own, we owned prior to the pandemic. when hit, these companies beginning to evolve into future growth companies at growth

lifestyle with a great advance of time, in the market those things that did happen and what we are looking forward to. you just heard that those six stocks are worth double the value of germany >> you've got all this excess liquidity out there as a comparison of 2008 that took about five years to grow that much it took seven or eight weeks

if you think about what this has done, it has created the company that would be able to be in a good position. they happen to be these big till call growth companies. your question is on my concern, the only piece of the puzzle with the negative outcome is stock valuation. i think they've gotten out over their skis on the near term. if you were to see 10% or 20% on those stocks that would be higher on that stock anyway on a much higher cash flow on the market when you put that money to work, that will go towards the best merchandize and

that will continue to happen over the next six months. >> we all talk about a vaccine human beings we need one it should be a national holiday. i've had people say, we are going to go up 5,000 on the dow the day a vaccine is announced that's not possible. you think it will be a net negative it will cause people to shift their investments? >> exactly i'm rooting for it that issue will be in the stock market the phenomenon i described to you could be a little overwhelmed. that money may begin to rotate and take more interest in other areas of the market that had

been underperformed in places like the financial sector, retail, airlines, you name it. if that occurs and leads some of those high tech growth monsters for now. you'll see that will not have a positive impact on the overall index. that would be a net negative on the market if we wake up tomorrow and have a vaccine. >> i don't know where you've been hiding. you are doing a great job. up 24% doing great work good to see you again. congrats on the success. good to see you, buddy >> that does it or on "worldwide exchange." only one day to go this week, folks. "squawk box" is next dow futures up 93. take care.

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. welcome to camp tonsafun on xfinity! it's summer camp, but in your living room. learn how to draw with a minions expert... how to build an indoor obstacle course! plus... whatever she's doing. and me, jade catta-preta. the host of e's the soup! camp tonsafun. it's like summer camp, but minus the poison ivy. unless you own poison ivy. in which case, why? just say "summer camp" into your xfinity voice remote to join.

s. tesla shares rising again as the company hit new milestones announcing the new location of the new giga factory. and new stimulus where they've reached a common ground. >> a flood of earnings we'll bring you results from at&t, travelers, american, southwest and more thursday, july 23, 2020 and "squawk box" begins right now good morning welcom