it is 5 aurm at cnbc global headquarters and here are your top five at 5. futures pointing to green arrows at the open. one day after investors mounted a major comeback warning what the leading global health official said they're going through another covid-19 wave. two developing stories out of asia. they launch another crackdown on ten krent, alibaba and others. in hong kong police arrested the former top editor of the pro democracy apple daily tabloid. earnings alert, netflix misses on the bottom line but

beats on the key metric of paid subscriber growth. congratulations, milwaukee, the bucs winning the nba championship it is wednesday, july 21st, you're watching "worldwide exchange" right here on cnbc good morning i'm frank holland in for brian sul sullivan let's get right to the markets after the dow closed up 550 points higher than yesterday monday, the worst day of the year for the markets futures right now in the green the dow up towards the top just about 200 points all three indices closed a percent and a half higher than yesterday. the 10-year, we track that every day. the 10-year yield stabilizing. around 1.25 after falling to its lowest level in five months on monday of course, we're watching

cryptos. bitcoin back above 30,000 trading 3% higher this morning we'll have much more on that coming up in the show. now to trading overseas. our jew man na versace has the latest. >> it's amazing how market sentiment quickly turns around we're seeing it in europe. very strong balance across all of the european majors we're almost at the tops again 5100 in the u.k., up about 1.4%. very strong day for retailers. one name in focus is net very good bounce back in some of the oil and energy there are some of the travel and leisure spots having a good day. cac carant in france

it's very strong that's good as far as the macro is concerned xetra dax up about 2/3 of a percentage point we have had a bunch of companies report, namely daimler the auto company warning that the production will be the lower end of the second half of the year because of ongoing chip shortage supplies. a theme that has been picked up in many areas of the auto industry that is lagging in the xetra dax. in terms of overall sectors, every one of the sectors is trading in the green you can see the defenses are underperforming, up about .6, real estate. and travel, an amazing comeback. up 4 percentage points some of the hoteliers, intercontinental up 3% banks, cyclicals up 2 percentage

points ubs yesterday up that's translating in terms of performance. retail a very strong part of the day. overall, frank, a lot of green on the board today in europe and quite a different sentiment from what we had on monday morning when it seemed like people are gripped from the emergence of this delta variant and what it can mean. >> what a difference it can make thank you for the report. to some of the other top stories, bertha combs joins us with those good morning to you. >> reporter: hey, good morning, frank. i'm on team green today, too we're watching shares of netflix after the company's latest earnings fell short of wall street estimates but revenue and global paid net subscriber editions we'll have more from julia boorstin in a bit. a stark warning from the head of the world health organization today he says the world is in the early stages of yet another wave of covid-19 infections and

deaths among other factors, he cites the vaccine and testing discrepancies between wealthy and low income countries and a new study shows the johnson & johnson vaccine may be less effective against the delta variant than it is against the original covid virus study led by a doctor at nyu has not yet been peer reviewed or published in a scientific journal. the findings are contrary to smaller studies published by j&j earlier this month that showed the vaccine is effective against the delta variant. >> bertha, thank you very much for that. let's get back over to the markets and your money as bertha mentioned, she's on team green wall street on team green, at least in the early trade futures all the way in the green. just under 200 points. all three indices up following the comeback yesterday joining us now, tiffany mcghee, ceo, cnbc con trishtor good morning, tiffany.

thanks for waking up earlier. >> good morning, frank. >> you need coffee usually you're popped? >> no, i have my coffee here i'm waiting for you to give me a question. >> i think the question is what do you see is the catalyst for markets trading so much higher you had a great day on the markets yesterday. on monday we saw the worst day of the markets what do you attribute this to? >> it was very clear that the closer we got to the end of the year we were going to see increased volatility you know, lately it seems like every little thing is kind of turning the markets so you think back about two weeks ago it was really centered on the fed the fed statements and powell statements about inflation now i think that maybe on monday we had a little bit of, you know, anxiety around the delta variants you know what, we're really in full swing in terms of earnings

season and we're getting great numbers. maybe people are getting a little bit more confident. at this point i really can't call it but i do believe we are going to see this volatility at least until the end of the year, certainly through september. speaking of this and mentioning the fed, if i can go into it, this talk about inflation, is it transitory, temporary, whatever you want to call it. i kind of view this as -- it's like the difference between jumping on a hard surface and jumping on a trampoline. you jump higher and faster on a trampoline because the trampoline gives, right? you're starting from a lower point and the forces are propelling you higher. you look at the industries driving prices higher, these are the ones that were really depressed during the pandemic. they're now starting to boost. i believe they will eventually settle rental cars, they're 1/3 of the inflation. those were depressed

energy prices, travel, so forth, those are all coming back. >> you mentioned earnings a short time ago netflix had its earnings yesterday. a lot of people disappointed by the subscriber numbers, disappointed by the forward guidance but encouraged by the idea netflix is going to enter the gaming space is netflix simply a stay-at-home pandemic stock or does it have more run away? >> it has tons of run away this is one of my favorite stocks this is a company that used to sell movies -- dvds. remember when you put the dvd in a player in a box. they basically put blockbuster out of business. their entire story and history for pivoting, we wouldn't be talking about streaming if it

wasn't for netflix today because they were a leader i'm not concerned, i know they missed on the bottom line but then beats i'm not concerned with those details. i love the fact that they announced gaming they said it's going to be a multi-year effort and got michael verdu who used to work for ea and facebook coming on to lead that charge and they have a differentiating fact ofr i listened to the earnings call yesterday again. one is the ip they're going to create they have all of the proprietary content that their customers are fans of. they can make games and create games around that. the second thing is their model is not like a traditional gaming model. they don't have to focus on ads. they don't have to focus on in game purchases they can focus on creating great content. by the way -- just -- >> no, go ahead.

>> can i add two things about runway >> sure. >> netflix has always said that their biggest competition is not disney+ or not amazon but it's linear tv. when you look at the market streaming overall, the penetration of streaming in terms of linear tv is 26% and netflix has 26%. they're 800 to 900%. they said this on the earnings call 800 to 900 million linear tv households around the world. there's plenty of runway. >> tiffany, one more thing what's your take on chipotle they're saying dining rooms are almost back to prepandemic levels have they transitioned from being one of the pandemic stocks, stay at home stocks? and what makes it have more runway even during the recovery? >> i think it's both the beginning of the pandemic there were two companies that i

really thought were well positioned right in that hard, hard time of the pandemic and going forward. one was starbucks but the other was chipotle the reason that was is they had this really robust, what is it called -- their loyalty program. it's really early, frank. >> it is early. >> yeah. when you have the loyalty programs, i'm looking at the stat from 2019 it's up to 23 million. you have your customers ordering on an app and you're able to capture information. you're able to market directly to them and they have this digital robust online presence, this mobile presence and so they were able to quickly pivot in this pandemic like environment and what they're saying is 48% -- >> we've got to pivot. it's great stuff. >> i love chipotle. >> thank you for rising and shining. tiffany mcghee

when we come back, united airlines looking to take off why this could be a post pandemic play for insts.veor a very busy hour still ahead when "worldwide exchange" continues. four-legged friends changed everything. dr. petsworth welcomed these new patients. the only problem? more appointments meant he needed more space. that's when dr. petsworth turned to his american express business card, which offers spending potential that's built for his changing business needs. he used his card to furnish a new exam room and everyone was happy. get the card built for business. by american express. if you're 55 and up, t-mobile has plans built just for you. switch now and get 2 unlimited lines and 2 free smartphones. and now get netflix on us. it's all included with 2 lines for only $70 bucks! only at t-mobile.

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or term contract required. see if you can save by switching today. comcast business. powering possibilities. welcome back shares of netflix crashing about a quarter of a percent this after the streaming giant reported earnings missing on the bottom line while subscriber

editions topped. julia boorstin has more on the numbers and the company's forecast. >> that's right, frank netflix forecast 3.5 million new subscriber additions in the first quarter. that was 2 million short of analyst expectations there are signs of market saturation netflix biggest market, the company actually lost 430,000 subscribers in the first and second quarter there netflix explained the plans for new potential growth in games. for now it will be primarily focused on games for mobile devices. >> there's things that our consumers love in our service. shonda rhymes future work. we're very confident video gaming we're pushing on that and that will be part of our service. so unscripted, all of those things think of that making the core service better

lots of investment but not a separate profit revenue. it's enhancing the big service we have. >> the company has already spent $8 billion in carbon content so far this year. this is up 41% from a year period they expect a long runway of increasing investment across all content categories netflix co-ceo is weighing in on all the media consolidation going on they say they don't think it's impacted their growth. as for whether they are interested in participating in m&a, they don't view any assets as must have back over to you. >> julia boorstin with the latest. >> time for other big money movers first up, united airlines. the carrier posting another loss in the second quarter but it was the smallest loss of the pandemic united expects it will be profitable again in the third quarter on a pre-tax basis the company says business and international travel improved

and it sees it fully recovering by 2023. scott kirby will be on "squawk box" in an exclusive interview at 8:15 a.m. eastern time. back to chipotle second quarter earnings and same-store sales beating estimates and people are trickling back to offices and ordering more lunch. the company says there's higher beef and meat costs. stock 3. knov novartis, they drove growth. the swiss company is backing guidance finally asml, the ship maker said sales soared amid the global semiconductor shortage. they announced a $10.5 billion share buy back asml services all the world's chip makers says demand is

strong. elon musk's plan for super charger stations why non-tesla drivers are cheering that news you're watching "worldwide exchange" right here on cnbc ♪ ♪ ♪ cisco. the bridge to possible. no one likes to choose between safe or sporty. modern or reliable.

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welcome back let's get a check on this morning ears other headlines phillip mena is in new york. good to see you. >> good morning. western wildfires continue to rage with 3 million people

remaining under red flag warnings in eight states oregon's bootleg fire now classified as a megafire has burned308,000 acres. some have gotten so large that the smoke has traveled all the way to the east coast. talking over 2,000 miles and is now blanketing cities including new york and washington, d.c., with hazy skies. the man who chaired donald trump's 2017 inaugural committee was arrested on tuesday and charged with violating federal lobbying laws. the indictment said thomas barrack tried to unlawfully influence foreign laws barrack will plead not guilty. now to last night's exciting game 6 of the nba finals the bucks needed one more game to clinch their first championship in half a century it was back and forth, low scoring at the start chris paul led phoenix with 26

points he fought until the end to force the game 7 the star of the show and the series was yanis the greek freak tied the nba record for scoring he dropped 50 points, blocked 14 points saw the bucks take game 6 and the championship the second time the bucks have won it all their first since lou al cinder before he was kareem abdul-jabbar 50 years later yanis holding up the trophy. frank, you can't root against -- you've got to be happy for yanis. unbelievable story. >> great series. you went to college in arizona >> i did, that's why i was rooting for the suns. >> i was on the suns in four bandwagon. i was on the suns in four band wagon. it was great to see yanis get

the victory. great series and after the bubble, there was so much uncertainty about the season there won't be any stars in the finals still a great finals. >> yanis solidified himself as a superstar. >> oscar robinson was on the team with low al cinder. kareem abdul-jabbar the better known. phillip, have a great day. let's get over to trending now which includes some bad news for one olympic team small town seeing a big housing boom and the future of tesla super charger. the lovely and talented bertha combs is back with us. hey, bertha. >> reporter: wow thank you. thanks, frank. six swimmers from the polish olympic team have been sent home just days before the start of the ceremonies not because they tested positive for covid. poland selected too many swimmers for its team by mistake. majority have called for the

board to resign over the incident a city of just 184,000 people in montana is the new number one housing market on the wsj emergent housing markets billings, montana, topped the summer's list as it saw 57% increase in page views from outside the metro area the average price for a single family home rose 32% from a year earlier. elon musk has confirmed that the tesla super chargers will soon be available to be used by all electric vehicles. in a reply on twitter musk said the network will be open to other evs and originally it was only intended for tesla cars tesla currently operates more than 25,000 charging stations around the world that's the one thing that i think keeps a lot of us from thinking about electric vehicles

is -- i live in new york city so it's kind of hard. not like there are -- at every corner. >> charger ability is one big question actually, i have some friends that have teslas they're not excited about this possibility or news because they say they want to be able to pull up and charge their car. they're worried other people with other electric cars will tie up the tesla super charger stations it's not like a gas station. you have to sit there. so some people have to -- >> the other thing is, hopefully as more of these automakers are committed we're going to see more of a push, for example, if we do get an infrastructure bill that they are down to the wire to come up with, it will include something along the lines of adding more charging stations. so it's coming. >> bertha combs, thank you great segue. a key day on capitol hill for infrastructure a live report from d.c. on what

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jpmorgan made it very, very lucrative for ceo jamie dimon to stay on the job. it is wednesday, july 21st, 2021, you're watching "worldwide exchange" right here on cnbc welcome back i'm frank holland in for big papa, brian sullivan let's take a look at the markets. futures in the green across the board. the dow up 200 points. the blue chip and s&p up about a percent or so higher looking like it's going to -- excuse me, half a percent higher this morning the nasdaq just slightly higher. now to two big stories out of asia this morning another headline for china cyber regulators cracking down on crime. our eunice yoon joins us live

from beijing good morning, eunice >> reporter: good morning, frank. well, china's cyber regulators, as you mentioned, have ordered alibaba, tencent, waybo to clean up their information they want a clean summer vacation for tech and that means rectifying any videos, gifs or other meadia that could harm children not providing rigorous enough controls for parents now alibaba, tencent and waybo have been hit with unspecified fines. in hong kong authorities have arrested another person from the apple daily they have detained 51-year-old

editor in chief for allegedly, quote, conspiring to collude with foreign forces to endanger national security. this comes after police raided the paper in june on the premise that is it may have violated the national security law. this also comes as the city has been debating and starting a new discussion on antidocsing and oppressing any opposition voices the government has said it's necessary to fix what it sees as a problem so it could make it easier to prosecute protesters who dig up information on police and officials and make it public activists such as facebook, twitter and google warn the

language is too vague and say if the legislation does go ahead, these tech giants might end up pulling out of the city. frank? >> eunice, i want to look back at that first story. china's tech crackdown just in general, is there an end goal to this i mean, they've kicked out bitcoin miners, they've made other signs that would be antitech do you have a sense of what the overall goal is? >> reporter: in terms of crypto, obviously want to clean things up, make sure that things don't get too out of control in terms of tech crackdown, i mean, it really depends which area you're looking at for example, for this particular crackdown we're seeing in the mainland, just from the language of that particular legislation, it's geared towards trying to promote values of minors in hong kong we're seeing the language around the legislation is more about privacy.

it's really difficult to tell what the overall goal is except the beijing authorities want to make sure they have control over what is said and done here in mainland china as well as hong kong. >> eunice yoon for the very latest thanks for that report. turning our attention to washington, d.c., where lawmakers face a key moment in infrastructure negotiations. ylan mui joins us with the latest good morning, ylan. >> reporter: frank, democrats are plowing ahead to move forward with the bipartisan infrastructure framework setting up a crucial test of republican support. senate majority leader chuck schumer will call for a procedural vote to limit debate. it needs 60 votes to pass. gop senators are balance being at the deadline. they're saying the bipartisan bill is simply not ready they want democrats to delay the vote until next week. >> we are making progress and it

makes no sense to rush into a closure vote when we don't have language to share with our colleagues >> reporter: democrats say their goal is to make sure the negotiations don't drag on forever. they want to ensure republicans will seal the deal. >> we've waited a month. it's time to move forward. once we get on the bill there's going to be plenty of time for the bipartisan group to continue its work >> reporter: democrats also need to know if this group is going to succeed because that could change the size of their own $3.5 trillion spending plan. they may have to fold parts of the bipartisan framework into it new projections suggest if it became permanent, frank, the final cost would be more like 5.5 trillion a lot of big dollars at stake. >> that's a big difference right there, ylan.

question to you, why are the democrats kind of resistant to push into next week if they're poised to get a lot of things they want? >> reporter: so chuck schumer had already laid out this deadline said that if the talks are as close to being done as republicans say that they are, that they should have no problem with having the procedural vote today. there's still a little bit of wiggle room that they still have thursday to come together before he inserts his own language there. last night both sides were pretty optimistic at reaching the vote but the question is will the optics of that really sort of taint the water, if you will, and make it more difficult for them to cross the finish line they say they're close chuck schumer says, all right, if you say you're that close, show me with your vote and vote to move forward with this issue.

>> close only counts in two things and this is definitely not horseshows back over to netflix earnings fell short and subscriber additions, those topped expectations. the company confirming it is moving into the gaming industry. joining me for reaction is axios reporter sarah fisher. good morning, sarah. >> good morning, frank. >> we chatted about this yesterday. netflix a mixed report what's the big take away >> the big take away is subscriber growth is stalling. we saw there are bad projections heading into this quarter. the stock tanked this quarter, the same thing they also forecasted growth to be slow for the following quarter, q3. that mamatters, frank.

they thought the back half of the year is when growth would pick back up they're saying this is a response to covid volatility we expect this to flatten out and become more consistent i think it's really a matter of whether or not you have new entrants to the market hbo max, disney+ are starting to cut into that growth especially here in north america. >> you're taking the words out of my mouth. i was excited to see "black widow" and i thought about going to the theater and i popped over to disney+ and it was there. i'm a big fan of nfl football. i can watch that on amazon prime. how does netflix fend off the competitors? >> that's a great question one thing they're trying to do, i think, is build up some of those franchises that folks like disney have, that folks like warner brothers have so they can become go-to programming for the

hits one of the things they said at the top is they're getting into gaming when you get into things like games, they're experimenting with merchandising and podcast they're not looking to make extra revenues, they want to develop stronger relationships with consumers around their franchises right now they have nothing that stacks up to a "black widow" or nfl, frank, but they're trying to roll out programming that you will think is such a blockbuster franchise that you are willing to pay for the premium tier and get a stand alone system yourself and not share a password with someone. >> the stock is crashing 1/3 of a percent. obviously the earnings numbers were not blockbuster, not to be ironic because netflix put blockbuster out of business. the gaming industry seems to be the take away. i want to make sure i understand this is the idea there's going to be

a "stranger things" game what kind of things is netflix going to put out there >> they're going to put out games that support their primary programming. yes, you should expect third party games. there are games they are having other people develop that might not be attributed to the franchises it's still the early days. for now they'll experiment with mobile games it's going to be for people on the go, not sitting in their living room. you know 80% of the context is viewed in the living room. this is meant to be an additive experience, not the primary experience >> interesting i know you're a fan of the great english baking show. i'm not sure if that translates. sara, thank you. bitcoin rallying back above 30,000 if you are a crypto investor, there is a big event coming up

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completion of a pipeline in corporate news, jpmorgan wants jamie dimon to stay at the bank so the company is granting the ceo a special award of 1.5 million share options. the ft reported internal jpm model saying the options would earn dimon about $49 million after a 10-year investing schedule not bad. apple will reportedly release only 5 gm enabled iphones. the tech giant will revamp the budget hand set for the first time in two years. i guess jp morgan is worried that maybe like everybody else, jamie dimon might have a side hustle in space. seems like that's the thing these days. >> you think he might be going to space too with those 1.5 million shares, he could afford a ticket bertha combs, thanks. >> yeah, right. you could call it the

running of the bitcoin bulls elon musk, cathie wood will be features at the bitcoin conference musk and dorsey agreed to debate in a twitter exchange last month. meeting comes as bitcoin fell for the first time in a month. right now it's almost at 31,000. this has since hit an all-time high above 65,000 back in april. bitcoin dropped more than 50% but it's still up 6% this year, more than 200% higher. a lot of numbers there we're going to break it all down let's talk about this with the managing editor for markets at the coin desk. lawrence, good morning. >> good morning to you >> we've got three what we might want to call luminaries chatting

about bitcoin and other cryptocurrencies later today we know what happened when elon musk was on snl. he dissed dogecoin what could today's forum have on bitcoin? >> right now the b word happens to be bear and that's what's going on in the market look, we could see a pop here and there depending on what's being said we have to step back and see that basically bitcoin has been on a downward decline since may. may is an important point. that is when crypto trading firms had a tough time in china because of bans. they couldn't deal with financial institutions there you had capitol leaving china because of chip tow. it was harder to get access to

crypto and then interest in bitcoin basically dropped off. you start to see the volume decline since then tether, which is the on ramp, it's a stable coin pegged to the u.s. dollars they buy it off shore and invest it in bitcoin, that stayed frozen at 62 billion since may it's down a little bit since then it started the year at 20 something billion and it was in october, 4 billion so you're seeing this basically long-term decline in bitcoin it might be good for a pop here and there. they might announce other things with cathie wood and jack dorsey and cathie investing in what jack dorsey is doing we've already had that announcement

we don't know what's going to happen it won't overcome this bearishness. today people are bullish >> sure. >> what do you attribute this to we have this event coming up at 2 p.m. that a lot of people are talking about. in your mind, that's not a catalyst >> no. it might be buying because the prices were below 30 and you have technical buying. you might have interest coming in maybe there will be an announcement maybe elon musk might tweet that he's going to be buying bitcoin once he gets on the move who knows what it's going to be. overall, it's not going to overcome this lack of retail buying coming out of asia that was there months ago it's a real problem that bitcoin has right now. i don't know if any influencer can overcome that now. they have short-term influence you can have these people coming

in and tweeting and doing all sorts of things and that might be good for a pop 2000 here or there, but it's not going to overcome the long-term problem. >> speaking of the long-term problem, bitcoin down 50% from the all time high. china kicking out miners remember when people thought of bitcoin as an inflation hedge. whatever happened to that. why are we seeing the moves we've seen if that's really what it is? >> when you step back you have to think about it as maybe potentially people are drafting all sorts of ideas on bitcoin. yes, there's a limited supply of bitcoin. that like gold, people look at it and say there are only so many 21 million bitcoin that are ever going to be minted out there. here we have something like trillions of dollars coming into the economy buying all sorts of crazy things, doing all sorts of risk on things so why not buy

bitcoin. the thing is, we might have been looking at bitcoin after the fact in other words, we're seeing this rise in bitcoin prices and attributing it to something like a fiscal and monetary easing when, in fact, it might have just been other things happening in asia, such as capitol flights, such as speculation so that narrative might have been added by the institutions as a justification of why they're putting it on the portfolio. it might not be the real reason to that spike in prices months ago. >> speaking of bitcoin on a portfolio or companies holding bitcoin, there's a lot of excitement when they decided they were going to buy some bitcoin. we've seen other companies visa and master card said they have no plans to hold crypto on their balance sheets is there a company or institution that put the stamp on crypto and rally again that they put it on their balance sheet or announced that they plan to buy it

>> i mean, sure there could be, you know, the apples or facebooks of the world if they started buying it, maybe that might change things, but tesla put $1 billion into it and look at that. the price went from 60,000 to 30,000 i mean, nothing is -- it hasn't helped when you have a company with such retail enthusiasm as tesla, micro strategy went out into the debt market and they borrowed a lot of money to buy bitcoin, put it on their balance sheet, guess what, the price went down. they're getting very close to the break even price for bitcoin which i believe was in the 20s so this is -- you know, this isn't necessarily going to do it having bitcoin on a balance sheet isn't going to help necessarily the price of bitcoin, at least on the short term unless it's a major overhaul of how companies do their business and everybody and all these s&p 500 large cap --

the largest of the large caps in the s&p 500 say, yeah, let's but the it on our balance sheet. >> right >> aside from that, it's not there. >> big crypto check coming up at 2 p.m. eastern lawrence, thank you for being here former cnbc alumn. we appreciate your time. >> take care. >> on deck, futures pointing to a charge next. boeing bringing the blue chips higher at the moment if you haven't already, followed our podcast. follow "worldwide exchange," big plpa, brian sullivan ape, spotify or wherever you get your apps.

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futures are all the way in the green. the dow poised to pop 200 points at the open. the market is coming off a strong day still, we have the delta variant concerns and growing concerns, at least for some people, that maybe the vaccines may not be as effective as we thought, it may be possible to get the delta variant even if you're vaccinated do they have the potential to halt or slow down the market >> we could see a little bit of a slowdown this quarter, some people may not go to some big events we think the economic trajectory is on sound footing. if you think about it, frank, the economy is growing above 5% right now. we have record earnings for corporations record cash. inventories are still really low, frank there's a big backlog as far as inventories. a little bit of a slowdown may be a little helpful. the other thing that's really

important is this isn't last year businesses have adapted and also we do have some vaccines we're seeing a decoupling between new cases and also hospitalization and deaths especially in the u.k. so i think that's why so far after the knee-jerk reaction on monday we've seen the markets rebound. the last point, frank, is you know the markets underneath the surface before this were turning and selling off in some of the more cyclical areas. we think this wasn't a big surprise. >> i know your research finds we're in a pull back but one that has very interesting data this is some of your research. 40% of s&p stocks are above 50 day average. back in april that number was 90%. what does that say to you about the markets as we go forward >> well, normally you have to see good breadth, meaning good participation as the market is making new highs the last month or so as markets were making new highs,

underneath the surface the market was weaker. there was a big rotation back into the megacap tech stocks from a perspective today, what that actually tells us is this corrective period may be further along. we saw a lot of these pull backs in energy, financial, small cap. those were extremely over sold and we saw money move back into that i actually think that's now a good sign that there's more room for this up leg to continue. >> keith, we have a few seconds left do you have a sector you think investors should watch in particular >> i think right now all eyes are on the 10-year i think finances are important, energy and small caps. those are areas we like. >> keith, great stuff as always. we appreciate you being here, waking up early for us that does it for us on worldwide exchange coming up next, andrew, becky

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good morning, it's been a wild ride on wall street what happened on monday yesterday, rebounding and we'll show you what's moving right now. meanwhile, a dire warning from the w.h.o the director general says the world is in the early stages of another wave of covid infections and deaths. and netflix earnings, funny how you walked that line, another wave of sickness and death.

meanwhile, netflix earnings fell short of estimates but the company added 1.5 million subscribers bringing its total to 209 million wednesday, july 21st, 2021 "squawk box" begins right now. good morning welcome to "squawk box." i'm becky quick with joe kernen and andrew ross sorkin we'll start with the markets the dow gained 1.6% and wiped out most of monday's gains if you were thinking of buying on the dip, forget about it. too late you missed it. it's like monday never happened. you want to check out the u.s. equity futures, we have earnings that are coming up this morning. ahead of that do