it is 5k at cnbc here is your top five at 5 finding a reason to buy now turn their attention to the busiest day of earnings season maybe because of the fed holding steady on the promise to keep rates low and concerns about the strength of the american economy big tech to open its books one day after the historic hearing on capitol hill. tough questions they faced >> republicans push back on a

short-term virus aid fix both sides face more uncertainty. >> shares of qualcomm as it does a deal with china's huawei thursday, july 30. this is "worldwide exchange" here on cnbc >> good thursday morning i'm brian sullivan the busiest day of your earnings season the busiest day of the nasdaq even with those big tech ceos being raked over the coals again, it is early

we are in the red right now. while also staying hot has been the yellow metal gold is up close adding the 2,000 mark we are down to 1,945 per ounce indicating the recovery will be at risk. not only keeping rates low but will likely do whatever p it takes to make sure the american economy is propped up as much as possible that could be bad for the u.s. dollar and good for gold u.s. futures are down. let's get to some of your trades around the world and top stories. this is "worldwide exchange," i am told. let's go worldwide julianna tatelbaum, i think they call that a sea of red

>> it wasn't a sea of red to start. we kicked things off the optimism didn't last long. you guys facing the busiest earnings day of the year all together, the main benchmark down 1.3%. we are seeing pretty substantial move tied to the earnings. we are seeing big moves in the ar o aerospace part of the market i want to weigh in a few stocks kicking off for airbus, which has reported a 1.6 billion loss with second quarter revenues the plane maker failed to deliver aircraft due to covid-19 we are seeing a bounce back in shares after the substantial

selloff in the run up to recent trade. shell, the company has beat expectations after reporting $635 worth of earnings shell shares under pressure down 2.4% total has reported a 96% fall in profit french energy sector said it would maintain its dividend and added that the oil price environment remains volatile shares trading a little above the flat line at 1%. back to you. >> talk about oil and gas, appreciate it. have a great day now let's get back to your top story on wednesday that historic hearing on capitol hill featuring the ceos of apple, amazon, google and facebook all facing about six hours of

questions over their business practice and market power. tracie potts joining us now from washington with more big day on the hill, tracie. >> it was a big day on the hill. you are right. they were grilled for hours. the central question, it is an antitrust investigation. are these companies too big and trying to eliminate competition. this came after a year-long antitrust investigation. google was asked about dominating 70% of internet searches and weather or not that could sway people during the election apple accused of playing favorites in the apple store tim cook denied that stating that they bought instagram to clear a threat.

the ftc okayed that. and all four ceos appeared virtually and depended their companies saying they innovate, create jobs and face intense competition. >> new companies are created all the time all over the world, history shows if we don't keep innovating, someone will replace every company here today >> we have a policy to use seller specific data i can't guarantee you that policy has never been violated >> we have open and transparent rules. it is a rigorous process because we care so deeply about privacy and quality, we do look at every app before it goes on. those rules apply evenly to everyone >> we rely for the trust for users to come back to google

ever day a vast majority of google, we don't share ads at all >> a really tough day on capitol hill for tech giants now we wait to see what will happen at the opening bell and how will their companies be affected by this >> and a quick follow up, where does all of this go next after this hearing does it just fade into the ether? >> it might take a while they are asking about more regulation needed. do some of these need to be broken up. congress is hoping to continue its investigation and wrap it up by the end of the year what that means, we still don't

know tracie potts in dc, we appreciate you coming on the program, have a great day. >> now to push to a new round of aid approved lawmakers are approving. what is it, thursday >> it is thursday. so the clock is ticking on washington to come up with some sort of deal the president's plan would protect renters and unemployment insurance. some are resisting the idea with lawmakers posting little progress on the plan white house chief of staff mark meadows yesterday. this is the death toll from that virus as it surpasses 150,000.

quest die no, ticks says the fda has approved new technique that will cut testing wait from three days to two. they have struggled to keep pace with the spread across the united states. astrazeneca said late-stage trials of the vaccine is under way. trials are taking place in the uk, brazil, south africa and due to start in the u.s. shares are up more than 2.5% on that news, back to you >> leslie, we'll see you in a couple of minutes. thank you the flood of cash sitting on the sidelines could fuel the mother of all bull

markets. ryan payne we have talked a lot about this $4.7 trillion cash on the sidelines. what makes you think it will come back to stocks? >> i was calling on a v-shaped recovery we are here. i think the one thing most people are missing in their portfolio, that has pushed so many assets up you've got developing markets, emerging markets going up. we are in the middle of the summer melt up right now, brian. >> where do you think the money will go? it used to be the nifty 60

do you think it will go to the last four or five. >> if you look at the big five, they've added a third of capitalization this year their profits have gone up by two fold, stocks have gone up five fold in the last five years. you have a disconnect between valuation and the price of those stocks the money can continue to go there and we've seen that. it is a big mistake if you are going to put all of your money there. we've learned from the tech bubble, when those selloff, that will be a bad place to be. >> it is funny, we talk about valuations if you go to business school that's what you learn. i was reading an article

a computer scientists saying that valuations don't matter anymore, in part, because of the way the market is structured what do you think? >> i think in the short term, they don't at some point, that will matter. that's when these will have a painful reckoning. look at warren buffett he's picked up $10 million in natural gas assets berkshire hathaway got more as ets of bank of america he's not buying big tech right now.

he's buying boring good old fashioned companies. i have to think that's where the value is >> you are supposed to buy low and sell high. day traders are going to play the momentum, from the long-term perspective, everybody hates energy it hasn't returned in money in 10 years, esg ignored it everybody wants fossil fuels maybe that's the excuse. if warren buffett is buying the pipeline, won wonders if anybody else should follow his lead. >> 100%. the smartest investor in the world buying a cash flow intensive business you are literally getting a negative yield, meanwhile, you have dividend paying stocks. perfect example most hated

place, that's why i love it. at reasonable valuations, huge cash flow. that's why i looked. that is picking up again if you look at oil prices, they've had a magnificent move you have all of these merging economies and middle classes will be energy dependent it is like the perfect storm to buy energy stocks. >> listen, you may be the only one out there saying that. maybe that's the point you are supposed to buy when everybody else is selling and sell when everybody else is buying appreciate it. >> thank you, brian. when we come back, a look at your stocks to watch including qualcomm shares are soaring on the heels of a big deal with huawei. it was one of the best performing assets last year.

the new worries surrounding municipal bonds. and europe may be our crystal ball if it is, it could be very good news for car dealers we'll tell you why we say that dow futures down 230 we are back after this you say the customer's make their own rules.

let's talk data. only xfinity mobile lets you switch up your wireless data whenever. i accept. 5g, everybody is talking about it.

how do i get it? everyone gets 5g with our new data options at no extra cost. that's good. next item, corner offices for everyone. we just have to make more corners in this building. chad? -your wireless, your rules. only with xfinity mobile. now that's simple, easy, awesome. switch to xfinity mobile and save up to four hundred dollars a year on your wireless bill. plus, get two hundred dollars off when you buy an eligible phone.

welcome back a semiconductor deal apparently, everyone is buying furniture and paying with paypal >> you are right shares of qualcomm are breaking markets. beating forecasts. it sees a big jump in profit and revenue thanks to a settlement with huawei. that deal will add about $1.8 billion from money qualcomm was owed previously and from a patent agreement paypal rising on the urge in e commer commerce transactions and new accounts it expects to see earnings on revenue growth of 25%. check out shares of at home, which are up to 40%. the home furnishings and decor

retailer expects same-store results up 42% consumers spending more money decorating their home while they are spending more time at home i am someone who has been fiddling with different things in my apartment as i stair add the walls way you too often, brian. >> yes, you have a new baby. fiddling is what you do for like the first 10 years of life >> that's true i do have an excuse. you are right. i'll tell that to my husband >> you know what, having teenagers, you still do it you keep buying the furniture at home because where do we go? >> you have to find some ways to make you happy >> up next

basketball is back what the nba needs to do to make sure its shortened season plays on >> announcer: today's big number, 2.2 million. that's how many business owners permanently closed their doors since february the numbers have rebounded slightly since the low point in april.

from that report to francis riviera. >> we start the week with violent clashes. the governor announced a phased withdraw of officers after reaching an agreement with the trump administration homeland security says they won't fully disperse until local and federal agents can prove they can care for the property >> a final farewell to john lewis. george w. bush and bill clinton are expected and former president barack obama will deliver the eulogy >> new safety rules for the mlb.

the league sent the teams new protocol including mandating the use of surgical masks and teams appointing a compliance officer. the changes come as 16 players of the marlins tested positive forcing them to halt their season as of tuesday >> the nba season is back. pelicans and jazz tip off. so good across the board to have live sports back to watch. brian, those are your headlines. >> it is, even with no fans. i don't know if you've seen baseball games >> the cheers are all piped in >> they need the cheers. it is like a laugh track from the 70s. it sounds too bizarre. >> i'm with you.

the psychology of it has to do something for the players. other than just being safe >> i wonder if they hear it or we just hear it on tv. good question. >> do the players hear it or do we just hear it? somebody needs to know the answer to that coming up, big tech gets a grilling by congress is anything going to change? especially with the millions they all sndpe on lobbying we are back after this (bling) see, incident resolved. how did you... gotta enjoy the small wins. you keep being you, derek. keep being you.

the biggest day of the quarter. concerns of the second wave of the virus. futures are down 400 big tech getting their ceos grilled. is anything going to change or was it all just tough talk the fed keeping rates near zero amid uncertainties this is "worldwide exchange" here on cnbc >> welcome back. here is how your market looks on the busiest day of the season.

dow futures are down off about the same percentage. all of this as we came off more broad gains yesterday of the nasdaq and nasdaq 100. the s&p posting its best day in two weeks. gold up again close to the $2,000 mark. both moves largely being driven by the fed as the chair said their recovery may lead to the risk the fed will not only leave rates low for a long time but will likely do whatever it takes to make sure the american economy is propped up as much as possible we are seeing that follow through from yesterday

going before lawmakers virtually to face questions whether they are too powerful facing questioning from six hours of questioning largely on their business practices and whether they are anti-competitive despite the grilling, they didn't seem to care. sending stocks up amid the hearing. they rose yesterday. all set to come out after the bell >> the american enterprise institute. let's start there with you and the question these executives had to say let's listen to their own words and get your response.

>> customers have a lot of choices. companies like samsung, lg, huawei and google have built successful businesses with different approaches we are okay with that. >> our skefrss are about connection and our business model is advertising we face intense competition in both >> what do you think about that? i couldn't get the idea that mark zuckerberg was reading a tele prompter. >> certainly some ceos are better on tv than others >> what i found was interesting and this is in your leadup

i think you saw in those answers what the actual problem for congress that want to break these companies up or regulate them talking about competition and consumer benefit under current antitrust document, arguing about tha this, that is the key thing. there was a lot of talk about competitors. not a lot of talk about consumers. as long as they are benefitting, these companies will be able to go scott free. >> as an investor, was there anything you saw that made you change your mind on any of these companies, their ceos or whether to invest in their stocks?

>> not really. there were very few direct hits by members of the house. the big risk to owning any of these is outright breakup. bigger hurdles means it is more difficult to go against them new rules will be the result ultimately over the next several months or years. that doesn't change the thee si. microsoft was first ordered to be broken up in 2000 but that changed after that this appears to be a low probability from what we saw yesterday. >> i assumed that amazon would be first on the president's list he's basically said, tweeting

yesterday, if congress doesn't do something, i'll order an executive order and do something. that is unclear whether an executive order would have the power to impose these antitrust laws from 1914 any chance amazon or google is broken up? >> i think the charnss are very low. we could have a change in washington where we could have a larger concentration looking at amazon, i thought jeff bezos did a great job he's playing can chess or counting checkers. i counted 12 mentions of the word customer in two paragraphs. they are focusing on, yes, we

are very large in cloud and commerce if you look at amazon versus other platforms but the truth is, amazon only makes up 8% or 9% total retail spend. as a total piece of the pie, it is easy to make the argument that they are not overly dominant >> i got to imagine the happiest person yesterday was the ceo of walmart. they used to get all the heat. walmart is destroying small business now walmart is the victim of amazon's dominance what is your main take away? >> yes many of the same arguments to walmart being applied to these companies. these next one, two years. this is not a huge issue can i down the road imman inthe

ftc or the doj on these business practices and the app store. there is a lot of pressure to find something and do something. that is a long way from breakup. maybe further down the road, elizabeth warren had a breakup plan she would stop private labels and split the company up in the short-term, medium-term window, i'm doubtful of that. >>. >> yet, they were having

technical issues i was thinking, really, amazon all of these companies are investing a lot, maybe investing a few more some very smart questions. others not so much, now they go back to what they were doing, right? >> i don't think this is over. probably back to the beginning of this type of process. more about creating new rules than the breakup these are individual companies

these are all different companies. congress, the folks that work in congress have a really hard time understanding what these companies do it makes the attempt to grill them really useful republicans not so interested in some of these. they have the biassed issue. you have these two sides they may have problems that diagnosis, so different very hard to get anything done >> agreed. >> i'm being told apparently, it

wasn't a tech problem but congress just ignored jeff bezos. you can see him eating and drinking i did like his term -- he kind of looks like kevin o'leary there. his comment, the nuanced destruction machine about social media. >> we heard about creative destruction and now nuanced destruction. listen, many of these problems are about social media not amazon >> maybe a great name for a future band. >> great for a cover band. coming up, guys. the stocks you need to watch today including inbev.

i thought we were drinking more. as we head to break, some other top stories this thursday morning. denbury resource files for bankruptcy protection. citing a drop in oil demand and prices as the reason behind the move nobody surprised by the filing >> the ceo of cine world calling amc and universal's change, quote, the wrong move at the wrong time." comcast the parent company of universal and this network >> the house passes two bills providing $60 billion to child care to facilities and second to

several provisions for child care a bk 20off 0. wereacafter this

let's take a look at some of the stocks on the move thursday morning. what names do you have for us now? >> first is shares qorvo beating

the street by strong 5g sales and offering an upbeat outlook shares falling after expected earnings ab inbev topping estimates as bars and restaurants begin to reopen shares rising on that news of additional beer drinkers >> i thought we were drinking more >> a big part of the revenue is wholesale to bars and restaurants and breweries and so forth. >> i'm going to ask you a deeply personal question between us and the global audience? >> when is the last time you went to a restaurant >> early march

i remember being a little concerned about the virus, didn't think it would be my last time in a restaurant for sure. i brought the baby too he was so good i thought great, we are going to have a lot of great restaurant experiences. >> you will. >> all take outa and cooking >> there are states you can go to a restaurant. you can do it outside too. it is also 99 and humid. >> potential new problems as a result of the joongoing lockdow. seema with more. >> brian, good morning one of the best performing assets in 2019 widely seen as one of the few

remaining safe tax shelters. prompting a surge in demand and hasn't slowed down since march, muni debt has seen about $20 billion in in flows. defaults are on the rise up to 50 this year that's the highest since 2011. a 40% increase from the same period last year it consists primarily of nursing homes and retirement centers therapy centers. the catalyst, covid-19 the fed pledged to buy short-term debt, the pressure is building on washington without those funds, experts say further delinquencies could be

in the cards the risk is smaller for the higher bond to defer pressure, which is exactly what happened in the u.s. virgin islands for water and power authority. it goes to your story, when is the last time you went to a restaurant i do ask that. it goes to your story. towns, states, cities, they help pay back bonds without you the consumer that don't have a source of revenue. >> it is a great point, they are not collecting as much tourism dollars drying up more for states like utah and florida. i did try eating out about two weeks ago in new york, outsid

outside,plexy glad betweoutside, plexiglass between us and another couple it takes a slow, gradual approach to eating outside >> my wife said she wanted a a plexiglass between us. i said i didn't think that was the point. when it is 90 plus, that isn't great for eating outside >> a drink of that cold beer, that helps >> or 10 march 9, the last time i dined in a restaurant in new jersey, just sitting inside having a meal i remember it like it was march 9. those were the days. on deck, the federal reserve keeping rates near zero.

lindsay is up next laying out what the central bank can do if anything moving forward. dow futures are down 185 we are back after this

welcome back today's rbi is about recovery. some very interesting things going on around the world. look at this mobility data from apple. it tracks our phones and how much we are moving around. in europe, they are getting back to business. look at that munich, germany. movement is pretty much back to pre covid levels especially by car. that red level about the same. look at rome, about the same cars are king. mass transit, the purple line

still down 46% cars pretty much back to where we were. number one, europe may have a faster recovery we do and maybe a better stock investment long term two, watch gasoline demand and used car sales here in the united states. if we follow that pattern, particularly italy, potentially a lot of people looking to buy cars to socially distance on their commute. look at car max and auto nation as both would come roaring back. random but interesting mobility data >> feds to leave interest rates unchanged near zero. acting as a backstop as weather the pandemic would bring those in you heard the rbi.

europe was in a worse situation. they seem to be a month ahead. china was about two months ahead of us. in italy, what kind of high-frequency data are they looking at looking at the fed, they were optimistic about some of the data points looking at nonfarm payrolls the fed remains concerned about the longer term trajectory the biggest risk is the second round resurgence it could lead to a second round of layoffs really retarding any

rurp of a layoff right now, the data is very uneven we are still well below the self-s we saw prior to the pandemic >> i guess, let me ask you this. is there anybody out there that doesn't believe there will be a second wave. it gets cold and windows open again. do you factor an automatic second wave into your models >> absolutely. the idea that this would be a simple solution, and the economy as it reopened would be on the

upside we know it would be much more difficult to contain this virus. we expect a second round to a third round wave to keep the economy at bay in seeing a rebund of growth, that is expected to come back by the end of the year because of the second round of layoffs keeping the economy in a very restricted capacity. >> we often forget this is our fourth pandemic. 1968 actually killed a couple of million people worldwide we never talk about it pandemic's absent a vaccine are going to last about a year to 18 months that's what history tells us neither of us are doctors. you are probably a phd, do we

need to factor that kind of stuff in when thinking about stimulus and job creation that this could be another 9 to 12 months >> absolutely, after the vaccine comes out, there will be some hes tenness h hesitance to take that vaccine i think that will go on well into 2021. when we talk about the rebound of the recovery, it is unlikely we see the rebound of growth through 2022 or some point beyond this is going to be a very long, bumpy recovery to say the least.

>> we always appreciate you coming on the program. take care. >> thanks for having me. that does it for us on "worldwide exchange. a huge morning for earnings. dow futures are up "squawk box" is next have a great day, everybody. we'll see you tomorrow

good morning futures under pressure as investors prepare for the busiest day of the earnings season two economic reports the fed integrating the pledge to keep supporting the environment. and tech under fire. the industry's biggest names must report to investors

july 30, 2020. "squawk box" begins right now. >> good morning. welcome to "squawk box." i'm becky quick with andrew ross sorkin with wilford frost. >> good morning. i haven't been here in a while i'm delighted to be here today >> the morning shift great to see you we are really glad to have you with us.