it is 5:00 in washington and here is your top "five @5. tech ceos to testify and are we in for low interest rates for years to come. the fed decision to come out this afternoon >> starbucks to rally. you have got to hear a new reports from moderna over the price tag for its covid

vaccine. and we speak to one of the world's biggest oil storage companies about what is going on with crude it is july 29. this is "worldwide exchange" here on cnbc >> good morning, good afternoon, good evening wherever in the world you may be watching. here is how your money are setting up their trade futures we'll call them mildly higher right now. with so much going on today, it is no surprise if wall street and traders are in a wait and see mode at least what we've seen over the last couple of months of 100 to 150 you may have guessed, today, it

is all about washington, d.c. and a jam packed schedule. you've got the federal reserve and no clues completing the triple play, congress still in intense talks and debate about the trillion dollar plus relief bill as the clock ticks and expanded unemployment benefits expire this friday, we'll get more on that going around the world in a developing story in hong kong, a jump of new cases overnight and new fears of community spread. we'll go to julianna tatelbaum for headlines in london. >> a good morning to you european markets are trading higher this morning.

we have the main benchmark up 0.1% this comes despite cases are on the rise in hong kong. carrie lam, the leader of hong kong weighing in saying that hospital system could face a collapse and there on the verge of a large scale community outbreak investors closely watching the numbers and how that situation develops back here in europe and part of that optimism has come on the earnings front a couple i want to highlight for you. let's take a look at deutsche bank shares have gone lower and are trading in positive territory. the bank has come out reporting investment banking revenues rose 46% and offered a fairly optimistic outlook the rest of

the year despite warning of provisions throughout the rest of the year. a roller coaster warning for the shares sanofi shares trading higher this morning they've come out and secured an agreement with the uk government to secure 60 million doses of the coronavirus vaccine. >> back home, a little better news in places like florida, california and texas while other states start to ramp up amid new concerns seema mody here with us. >> a new report has found new outbreaks urging officials to impose tighter restrictions.

21 states are in the red zone with missouri, north dakota and wisconsinthe latest ads. moderna to price the coronavirus vaccine at $50 to $60 a course the price would apply to the u.s. and other high-income countries but the final price is yet to be determined in washington, senate majority leader says he will not pass the bill unless it includes protection for businesses. >> that will be subject but we are not negotiating over liability protection i'll be responsible for putting the final agreement on the floor. it will have protection in it. we are not negotiating over

that >> a new report that apple was the fastest growing smartphone maker in china with sales at $7.4 million still pailing in kpir son to huawei in china. brian. >> seema, i'm old enough to remember the trade war when smart people said, apple is never going to sell any phones in china now they are the fastest growing. amazing how things change. >> it depends what company you are and what you are facing in china. i guess the success apple is seeing speaks to the consumer loyalty base not just china but india and other merging markets. >> and the phones cost multiweeks income in china the same price as here

to the markets and your money. your next guest says a correction could be coming soon but that might be a good thing managing director and chief strategist matt, good morning, many people in this fine network have lived and died on this correction is coming theme and it never seems to come. we get a big down day and everyone is like, here it is what are you seeing that makes you think some big name stocks may be names we know might be getting a little bit topee >> it might be good to see a correction 10 pir 10% correction, run of the mill, we see them all the time we are seeing the kind of things that are classic in the signs of

an all-time top or significant top. with e we are seeing it with the narrowness of the market with huge moves tesla went up 70% after having already risen. in that move to have overbought the conditions these need to come down a little bit. i do think the fed will keep them from turning a major top and turn the correction we saw in the first quarter i do think that they would mind seeing the correction and that the big megacap names would provide themselves the catalyst soon >> i want to be clear, bill belichick, you've got a lot to

teach our viewers. there is a big difference between overvalued and overbought explain the difference >> one of the greatest examples. i have called tesla a bubble some like tulips traps and never come back. amazon is a perfect example. on their way to becoming one of the, if not the most important company in the world, they've seen huge declines, including 90% decline in the tech decline. i'm not calling for a 90% decline in tesla even if they are going to change the world, when a stock gets so far ahead of its valuation level, when it gets so overbought and ahead of the average like some of these have

become, they could see significant pull backs even if they are going to continue to become higher companies down the road >> is there a place you do still see value? is there energy where you see it looks like it has not been attracting enough investor interest >> one of those things, you mention energy it is too early to jump in the group. get two or three or four names you really like. have them lined up adjust those names oil has been an incredibly tight range. 10% range, 6% -- sorry, this month. only 4% over the last week at some point, it has been hugging this $40 level if it break above in any way,

this group is significantly overown over owned and hated >> assuming there are any buyers left with the asg stuff. >> mat, the bill belichick for us we are just getting started. when we come back. starbucks, visa, ebay and more names you need to watch ahead of the open bored, isolated and often out of work millions of americans have become stock market day traders. not everybody going to come out a winner >> later on, big tech on the hill any risk, these companies get broken up. futures are flat we are back after this derek, seems like your team is operating just fine remotely.

yeah, everything is running smoothly with the now platform. (bling) see, incident resolved. how did you... gotta enjoy the small wins. you keep being you, derek. keep being you.

welcome back coffee on the go, who doesn't need it this hour? andwill it be cash or credit some hints of the stocks that are on the move today. >> what would i do without my espresso machine at home for starbucks, revenue shank nearly 40% but it is recovering faster than expected as stores

reopen u.s. same store sales could pick up by early next year. they plan to offer more curb side service and more pick up only stores. fireeye is surging as a cyber security company swung to a second quarter profit. benefitting from several factors including a shift to cloud based products visa's third quarter profit. val assume dropped as businesses and consumers dramatically drove spending visa did say it is starting to see payment volume pick up still not giving any guidance this year let's talk retail. l brands is cutting 850 corporate jobs or about 15% of the work force at its home office this is the parent of victoria

secret and bath and body works dealing with a shortage of sales after having to close stores and negotiating with landlords for rent relief, which is a story we've seen with other retailers out there. >> seema, i'll give you a remote coffee cheers. we all need it >> thanks, brian on deck, a cnbc exclusive, the ceo of the world's biggest oil storage tells us if oil concerns are a thing of the past or ahead >> announcer: today's big number, $25.9 million. that's the total lobbying spend on amazon, apple, alphabet and facebook in the first half of 2020 2% more than the year prior. the ceos of the big tech

companies are set to testify before congress today.

welcome back and good morning. let's talk about oil one of the largest liquid oil companies able to store millions of barrels of crude on six contents and various countries they have four facilities in the united states including

houston's massive facility thank you very much. good morning i know you just posted results before we get into the numbers tell us what it is like to run one of the biggest oil companies a couple of months ago when people thought every facility in the world including yours was going to be full and oil prices in the united states went negative what was that like from the c suite? >> good morning, brian i must say it was an exciting time we have seen unprecedented volatility if you look at it even historically. in the last six months, we went from $70 a barrel to $20 a barrel midmarch and are at a semiee kw

se se semiee equilibrium seeing those who have seen exciting times for vopak >> you are putting a rosie face on i will say that because there was a time in the united states, less so in europe but you've got long beach, los angeles, savannah, georgia and houston where people thought we were days or hours away from having nowhere to put oil how severe was the inventory problem back in april and march? >> if you take an american point of view, i think the situation was severe a lot of contracts expired people needed an instant location to store oil. if you look at it from the global perspective, i have to

caution people i don't think the volatility has passed yet if we take the demand side, there is a lot of clarity how long covid will last and whether we'll find an opportunity to quell the further developments the question is really will people use the oil again to the old normal will we start flying and driving again? the second question is how will opec plus react to that and also in the united states, particularly, how will the shale producers respond? the whole risk on both supply and demand are such uncertainty i would expect and we'll see volatility come back again >> you think so. you guys are kind of a leading

indicator. one of the biggest ones in china, what are you seeing from chinese demand right now >> chinese demand has picked up but not to its old demand levels yet. interesting what we've seen is when the price of oil was low and the availability of the tanks in the chinese markets, they've been buying tremendous volume now that they've filled up the tanks, they can take to buying those in the market. it has been a serious issue. >> i know you issued $500 million in debt, what do you plan to do with that money will you invest and grow >> we look at it with confidence we had a good earning season we

missed a bit of earnings we were investing nearly half a billion u.s. dollars in growth not only oil but equally in lsg and gas. we are vesting in chemicals and industrial capabilities. we look towards the future with a bit of confidence. we've taken sufficient steps in recent years and we look to the future with confidence >> the ceo of royal vopak, one of the largest oil storage companies. thank you for coming on cnbc best of luck >> thank you, brian snoochlt when we come back, antitrust hearings on capitol hill will anybody in congress actually call for abreakup of amazon, apple, facebook or google we are back after this

another massive day of earnings and the fed ahead are big tech ceos worried or will it be a lot of sizzle everybody is a day trader now. how long downs and $0

commissions have created new investors. this is "worldwide exchange" here on cnbc >> welcome back and welcome in thank you for joining us here is how the money and the markets are setting up their mid-day trade. don't make too much of it but we are in the green with so much going on today, probably no surprise if wall street and other traders are in a wait and see mode. for them, in a holding pattern today is all about washington, d.c. and a jam packed schedule

a beautiful view there here you go, this morning, the big tech ceo antitrust hearings. apple, amazon, facebook, microsoft, their ce o's testifying in front of congress. there is a news conference after that as well completing the triple play, congress still with intense talks and debate about the relief bill as the clock ticks closer to a summer recess and expanded benefits expire for millions this friday snapchat majority leader said getting a deal done with liability protections for schools and small business is paramount. >> there is no chance of the country getting back to normal without it no chance whatsoever

i can tell you no bill will pass the senate that doesn't have the liability protection in it the democrats need to understand for the country to get back to normal, we cannot have an epidemic of lawsuits on the heels of the paean that we are not over yet and we are trying to get through >> in d.c., that top story, years in the making as the technology ceo today, perhaps under fire four of the leading companies face questions over what lawmakers believe could be an he can s-- excess of power they will appear virtually all except for bezos have testified before they will try to make the case that their company's successes

do not come from monopolies but the ability to know what their consumers want and meet that need apple's tim cook is set to tell lawmakers apple is a uniquely american company and doesn't have a dominant share of any market joining us with more on this.

>> the big question with amazon is does it leverage its data to take on the third party sellers in its own platform in search. as you mention, a lot of these just want to hear what he sounds like bezos's company is pretty old and yet to your point, he's never been to capitol hill despite the fact that now he even owns a home in washington >> do you expect anything substantive to come from these antitrust hearings these companies, so very big, all very substantive they don't seem to go together other than being tech. >> yes i think this is some what of a circuit that will start tomorrow when all four companies will report earnings at the same time it is true you'll have a few common themes

that will run these. supporting their own services over rivals and the potential exclusionary conduct they are all different because of each of the issues between the four >> they are. we've talked about it in the past it is an antitrust hearing you do wonder whether the subcommittee will go i wonder if there will be a focus of google and facebook they can argue there is competition and they are not that big they control a lot of narrative

with regard to ads and the news and the information we see >> expect conservatives go there. every time we have these companies go to the hill, they talk about the control and censorship the things they are concerned about with google is what the eu has already come after them for. the dominance in video and search the thing i'm curious to hear about is how lawmakers and companies respond to the threat from china we are going to hear about tiktok and how that is an example that competition can thrive to zuckerberg's main statement and tim cook's, expect them to talk about american values and how breaking out these companies could hurt our positioning in national security around the

world. >> the only company in china is apple because they manufacture the majority their phones there. there is a miss con semgs about size in america. even if you are eamon oply, that is not illegal you have to do bad thinks. pushing things out of the market like microsoft did back in the day when they got called out for antitrust. as you look at it, are any of these four companies, which any of them might be monopolies, are they doing bad things and deserve to be broken up anyway is. >> the notion of antitrust in the u.s. lies on the notion of consumer harm, which is extremely difficult to prove that's where the actions of the antitrust committee will stand or fall. what would youtube or instagram

be if facebook hadn't bought them that is hard to weigh out. it tends to get bogged down in the technical details which loses the interest of the lawmakers. >> that is one of the key issues to create a sense of emotive urgency to take on these companies. frankly, they are still widely admired and liked by american citizens >> following up with you, outside of facebook. that is more of an optional product, is there any consumer harm we all love amazon, the fact that we may block out their manufacturers and create a line of shoes or t-shirts in google's dominance. do any of those amazing

products, do we have any idea that there could be better competitors out there? we don't know because they can't compete. >> right the difficult task that will likely be more the focus of the department of justice is proving the counter factuals what would have happened in the market had these companies behaved differently or not created. >> one of the arguments i'm sure google will have put forward their dominance is because they provide a better service the more search queries they process the more accurate it becomes. that will be a difficult argument for lawmakers to counter. >> they are savvy, they are lobbyist pr machines, they've

already come out with studies that say, look, there are more apps than ever consumers love us. this is going to by a charm offensive. >> i think the consumers love us portion is not going to be hard to prove everybody uses facebook, google, amazon and apple products. the harder thing is going to be proving whether or not these companies box out competition. expect them to come armed with examples google will point to all of these video providers thriving facebook is going to point to tiktok that will be their biggest argument in proving that they should not be broken up. >> really good discussion on a big topic. our rbi later on is just how big these companies really are a great discussion coming up, your stocks to watch including the

semiconductor company up 10% this morning on some strong numbers. there is your mystery chart. first, some other top stories on this wednesday, spirit airlines warning of potential furloughs in the ongoing lockdown. 20 to 30% of spirit workers may be let go in october including pilots and flight attendants new york governor andrew cuomo is calling for an investigation into a concert in the hamptons a packed crowd disregarding health and guidelines amc theaters and universal have agreed on the new release model. stating they must play movies

for 17 days. that is way down from the previous 90 days "worldwide exchange" is back in a moment

welcome back we have a big ceo lineup the ceo of gm, boeing, starbucks, ebay and advanced micro.

speaking of amd, that stock seeing some big moves following the quarterly results. seema is back while i try to digest a sip of coffee >> you do your thing, being looing at shares of advanced microdevices surging after topping expectations the company reporting earnings of 18 cents following revenue of $1.9 million their ceo on squawk later today. boyd gaming, casino operators seeing a loss better than expected cautiously optimistic about reopening. that stock up nearly 5%. and eastman kodak after

president trump struck a deal with the company to help in the covid fight. that company filed for bankruptcy in 2012 will pivot to produce ingredients for generic drugs. that market cap up and up 53% pre-market seagate technology shares fall shares down nearly 8%. as many of us find ourselves still stuck at home, nearly all of us have been searching for ways to keep busy or at least a good excuse to hide from the children for millions, that answer has

become day trades. it has helped millions to turn into stock market gurus. for many it has done well but not for others listen to what was said on this show a couple of weeks ago >> when you think about the fact that there are millions of financial advisors, equity traders and those in a like to bet on sports can't. i know it sounds crazy there is no way i can explain the unusual moves of this market >> joining us now, a writer at the wall street journal who recently wrote about the rise and maybe the book on the market, the man who solved the

market, i recommend. a fantastic read slightly different than what we are seeing now what do you make of the rise of the robin hooders and the other day traders? good thing, bad thing? >> the temptation is to be concerned. generally, we call these people because they panic they are not trading much in the way of knowledge i hesitate because the evidence suggests that in march, at the panic, at the lows, it was hedge funds that were panicking and selling. it wasn't investors. part of me embraces the fact that they are getting into the market and saving. to the extend they don't blow it, it will be okay. >> exactly

for years, people screamed, the retail investor is gone. now they are back and people are screaming, there is too many retail eninvestors yes, people will get berned. you learn lessons by failing and coming back up off it. this could be a long-term positive for the equity market for my not so humble argument. >> i have two boys upstairs on their robin hood accounts. will they lose their money they probably will i look at it as an inexpensive lesson it gets them into the companies. you don't want people to be blowing money. we read about too many people taking unemployment checks, $600 and day trading it on penny stocks that is a little scarey because

they acknowledge not knowing about the markets and themselves that they are vesting in there is a happy medium we embrace. for years, we were hearing about young people ignoring the market and not even saving. so perhaps there is something good that comes from this? >> i tell you what, i'm not going to reveal any names to protect the guilty i dropped something off with an elderly friend trying to help. this person asked me about nova vax. asking me stock advice i was not, i don't know. >> not just the young. this person is in their 70s? >> yes and not just those who can't gamble and can't play in the market >> not like draft kings. it is not just them.

>> listen, the bull market will get everybody enthused a lot of these people are used to gambling. some i've talked to will say, yeah, i'm having fun here. playing the market they say go to investigate as and embrace the risk they go to investigate as and lose the money, have a good time you don't want people to put a chunk of savings into the market without much of the knowledge. to the extend that they are learning and not risk it all, i embrace that >> you've learned about the single most powerful in the market in history. the individual investor doesn't have a way to play as easy as down side moves.

they can short it is expensive. that's the ultimate risk right they can push the market around on the down side they don't care which way it moves. >> the individual investors we've written about, they can do things like buy options and frankly too many are doing that. when you get into those kind of trades, you go up against simons and griffin. those are the people who are loving those there on the other side of trades that's what i do worry about with a much more risky-like behavior that gets me more concerned. >> greg, we got to leave it there. i tell everybody to read your book, the man who solved the market tell your boys to be careful day

trading. we are back after this

the four huge tech companies whose ceos will be grilled on kpil today apple, amazon, alphabet, facebook do you know how big they are the big four have combined annual sales of $806 billion compared to an output of a country's gdp, which i know is not the same but it is fun, these four companies would be the 18th biggest country in the world. tucked between netherlands and saudi arabia sabia arabia has a population of

35 million represents about $ $32,000 a year the big four, 1.1 employees, each worker represents about $732,000 in sales per employee obviously, this is not analogous but just fun the market needs to pay attention to them. there are at least 214 etfs where one or more of these is above 15% waiting. most of those have all four in the top 10 stocks. they are big and they matter a lot. let's see if any congress people bring these up today we know some of you down there watch cnbc every morning joining us now, managing director of aspirion

i know you own apple one of your favorite stocks. doesn't sound like you are too concerned from a stock perspective about what might happen today that's right those are big companies. it is something we've had in the portfolio for a long time. really strong balance sheet which is important today, while the tech companies are really big we know trees don't grow to the sky we are really focused on these companies. johnson and johnson, microsoft is another name in there

these are important to have because in the volatile market times we might see ahead, these companies tend to do quite well and bolster the portfolio. with some of the concerns especially in the way of inflation. >> we started buying gold last year it was a defensive play. not something we purchased previously it has been a huge help this year up about 36% over the last year. that too, we think will be helpful. the volatility could continue. i mentioned before some concerns over the long term as we are talking with clients,

their concern at the high level, i haven't had clients ask to have more cash in their portfolios in many, many months. not even when we were at lows in march. we think it is important to be well diversified and be careful for those with allocations to the big tech stocks. >> part of the $4.7 trillion in cash on the sidelines. have a great day we appreciate that big day here on cnbc all day long squawk and the dang pick up coverage next. have a great day see you tomorrow look here, it's your very own all-in-one

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>> good morning. earnings a fed decision political fight over stimulus. becky quick is in the house or on the show. the latest of the big stories likely to dominate it is wednesday, july 29, 2020 it is wednesday and "squawk box" begins right now good morning, everybody. welcome to "squawk box" on cnbc. i'm becky quick with joe kernen and andrew ross sorkin i'm in the house from the house>