it is 5:00 a.m. at cnbc global headquarters. here are the top five at 5:00. get the coffee brewing another busy week with the indices at report highs. a big week on tap with tech results in focus tesla kicks in overdrive first investors looking at the covid concerns across the u.s. a developing story from china with the talks with that

country and u.s. are off to a rocky s y start. we are live in beijing. and crypto making a comeback the latest on the exchange you are watching "worldwide exchange" here on cnbc it's monday, july 26th i'm frank holland in for brian sullivan the futures in red across the board. the dow looking like it could fall as much as 200 points in pre-market however. it is early. this is after all three indices wrapped at record highs after a stellar start. this week will be a busy one for investors with a blockbuster week with earnings big tech on the board. we kick off with tesla later today and later this week with result from apple, google,

microsoft, facebook and amazon a number of other high profile companies reporting this week. including 3m, boeing, mcdonald's, ford, pfizer and our parent company of comcast. the fed kicks on off the policy meeting tomorrow. no action is expected. any meeting of the decision to wind down the bond program to impact the markets let's look at where the bonds stand this morning the 10-year right at 1.24. we have to remember a month ago it was at 1.48 the yield on the 10-year a quick check on crypto. surging back up above 30,000 bitcoin up 11% amid the report that amazon could accept crypto as a form of payment in the near future

over in europe is julianna tatelbaum with the latest and much more. good morning, julianna. >> this comes after a strong run last week. the stoxx 600 rallied. this morning, we are seeing european equities follow the weak hand over from asia that is hitting the sentiment here hard selling in the auto sector and banking sector positive news in the travel and leisure sector ryanair came through with the update and offered a smaller than expected q1 loss. that is providing a boost to ryanair and the boost to the broader airline space. and also out performingthis morning. we're keeping a close eye on earnings in europe like you are in the u.s also the federal reserve meeting

on the watch so far, we are seeing selling take place in the early hours of trade. frank. >> thank you to the other top stories let's look ro robinhood is considering launching retirement accounts in the u.s. offering i.r.a.s would allow them to tap into the marketplace. robinhood wants to make first time investors in long-term investors. softbank's didi losses according to the financiial times, it is now $4 billion in the red thanks to the ride hailing app w

that stake is now worth under $8 billion. u.s. trading debut from a month ago. investors betting big on the u.s. financial assets. more than $900 billion has been funneled from across the globe into u.s.-based mutual and exchange-traded funds in the first half of the year that is a record in data going back to 1992 and comes with the three major indices with gains of 15% or more this year. we will stick with the u.s. markets as the futures point to another tough start to the trading week on the heels of the steep sell off from monday joining me now is catherine faddis cate, thank you for waking up early with us. >> thank you nice to see you, frank >> good to see you, too. one thing that is not good to see is the futures down this monday morning second monday in a row

you have concerns about the da delta delta variant. 625% increase over the seven-day moving average how big of an impact do you see that on futures this morning >> frank it is having an impact on futures. it will have an impact for some time until we figure out exactly what's going to happen the back drop is, like you mentioned correctly, the market is up 17% year to date if we keep going at this point, we will be up 34% or 35% for the year that is quite extraordinary. should the markets be choppy the next few months? i would say yes. >> choppiness is one thing, but certain sectors choppier than

others what is the out performer and others more acceptable to the delta variant that is hitting the market especially on monday mornings >> i think the sectors are very much troubled. it is heartbreaking. reopening trade has been called into question with the delta variant. we were expect ryanair earlier and big things from the travel industry that is called into question tourism. hotels any of the reopening trade is now in trouble furthermore, i think if you look at the energy sector, energy was up 45% on the year at one point. now it is only up 25%. i'm betting with tech. tech is the place to be. high quality blue chip tech. >> cate, you are big into tech you have a few stocks to talk about. one that is interesting is

trimble. >> trimble is great. it is at the intersection of tech and farming and agriculture and infrastructure what it does is it has a fancy software and hardware gps that you put on the bulldozer or combine or your john deere tractor. a farmer no longer needs a high-priced, high-quality person to operate these items you put it on the tractor, it will spread the seed and never double seed. same with the mining operation fancy bulldozer. you need to take it somewhere and dig in the ground. it will guide with the software and gps. trimble is a top holding we think it is a great name to hold for the long term >> cate, this is a tech play,

but leaning heavily on the idea of commodities and materials will see a big boom and demand will have an increase. is that how the second half of the year is play out >> i'm not sure commodity is booming. you had a boom in commodity already. my guess is that will not continue you saw the problems with the supply chain and problems with lumber on the commodity side and materials side, we may see subsiding. farming, everything is technology you build a building, you use trimble software you see all of the problems before you put a single shovel in the ground. >> got it. i want to get to this before we go this is a stock you have ticker is s-e. it is ecommerce and tech without

china. can you explain? >> quickly you mentioned didi and china the chinese government is not pro business here is how to play 600 million people in asia vietnam, malaysia and taiwan 600 million people gaming and ecommerce am amazon.com revenue is growing tremendously. growing population we think this is a buy >> catherine faddis, we appreciate the insight and the time and waking up early have a great day. >> thank you, frank. turning attention to the growing concerns arounding the pandemic as the biden administration is looking for more aggressive mask guidance as the delta variant is running rampant in states with lower vaccination rates. tracie potts has more on the

story. good morning, tracie >> reporter: good morning, frank. the possibility the cdc could reverse course with the virus as you said running rampant particularly in certain areas. the government's concern of how it is spreading and how fast it is spreading and who is getting covid-19 >> we're going in the wrong direction. >> reporter: the cdc could recommend fully vaccinated people wear masks indoors ss to protect linda mercer. >> i'm wrong i was selfish by not getting vaccinated it changes your outlook on life when you almost feel like i may be called home >> reporter: nearly half the country remains unvaccinated lowest levels since january as new cases soar especially in the south. texas, arkansas and florida make up 4 in 10 new infections. almost all deaths and

hospitalizations 99% are people who have not been vaccinated >> it is like we have two kinds of america the very vulnerable unvaccinated part and the really relatively protected vaccinated part. >> reporter: the cdc is trying to predict how fast the delta variant may spread >> the models the cdc put out estimate anywhere from 10,000 infections over the course of that week to 100,000 a day that really is an indication they don't have a good sense where we're heading with the outbreak >> reporter: arkansas is banning maskmandates today despite explosion of 2,000 cases in 24 hours. >> i really think it's important not to have the current debate about mask wearing, but have the current emphasis on getting a vaccine. >> reporter: for half the country, so far, it is not working.

and dr. fauci suggesting that the large number of people who are unvaccinated could put the rest of the country at risk if the virus continues to spread and mutate and change in a way that the current vaccines might not be able to protect against it >> tracie potts with the late frlatest from washington. thank you. when we come back, the high level talking with the u.s. and china kicking off with the criticisms eunice yoon has the latest from bei beijing. and racing to overcome the hurdles over the massive infrastructure package. and the push by energy companies to get rid of the as assets the busy hour still ahead when "worldwide exchange" returns skin and nails gummies.y h, the number one brand to support beautiful hair,

glowing skin, and healthy nails. and introducing jelly beans with two times more biotin. (sound of people returning to the workplace) (sound of a busy office) (phones ringing, people talking, meeting) the company we've trusted to keep us working remotely, is the same company we'll trust to bring us back together. safely. securely. and responsibly. so now, between all apart and all together, there's a bridge. cisco. the bridge to possible. i'm dad's greatest sandcastle - and greatest memory! but even i'm not as memorable as eating turkey hill chocolate peanut butter cup ice cream with real cocoa. well, that's the way the sandcastle crumbles. you can't beat turkey hill memories.

welcome back to "worldwide exchange." turning to china high profile talks with leaders there and the u.s. are getting off to a rocky start officials in china blaming the u.s. for the stalemate we have eunice yoon with the latest it sounds like chess talk here what is the latest >> reporter: frank, the fundamental problem is,

according to the chinese, the u.s. is seeing china as an imagined enemy shifting blame from the chinese perspective for problems back home and also using it in order to hesuppress china's rise. the foreign ministry issued six statements in a rare move about the meeting between the deputy secretary of state wendy sherman and her chinese counterpart. essentially criticizing the biden administration focus on competition saying that the real aim here is to stop china's rise reports are now emerging that chinese officials have actually handed over an action plan to the u.s. to repair ties. including lifting sanctions on chinese officials and dropping the extradition request for huawei cfo they reiterated the red line

such as stopping building beijing's confrontational anti-chinese blocks. this is after one of the main goals of the officials of wendy sherman was to create guardrails for china's competition with the u.s. >> eunice, a lot to unpack here. we want the latest on the chinese crackdown on the tech sector didi down 37% over the last week now china appears to turn an te attention to the education companies. >> reporter: the stocks took a beating because of several crackdowns that regulators have been employing that was announced on friday and also today. it focuses on private tutors and new rules so that a lot of these big private tutoring companies

have to be not-for-profit. on the tech side, the internet regulators are pushing ahead with a six-month campaign to clean upp irregularities in the se sector the housing minister on friday said it will have a drive to clean up the overheating in the property sector in the next three years. today, the state media had been reporting that some of these clamp downs on the housing sector will include limitations for property giants on land purchases. all of that is hitting sentiment. then, you have this very rocky relationship as we described earlier in the segment between the u.s. and china when it comes to the relationship. >> eunice yoon with the latest

from beijing thank you. > still on deck on "worldwide exchange" to the moon. the contract awarded to elon musk's spacex to research the fifth planet from the sun. >> announcer: today's big number $15 billion. that's the outstanding value of adults in the u.s. have in unused gift cards, vouchers and store credits. according to bankrate.com. 3/4 of americans have been holding unused balances for more than a year.

millions of vulnerable americans struggle to get reliable transportation to their medical appointments. that's why i started medhaul. citi launched the impact fund to invest in both women and entrepreneurs of color like me, so i can realize my vision and give everything i've got to my company, and my community.

i got you. for the love of people. for the love of community. for the love of progress. citi. welcome back let's get a check of the headlines with nbc's frances rivera in new york great to see you >> frank, good morning we start with house speaker nancy pelosi who announced sunday that republican congress member adam kinzinger of illinois will serve on the select committee over the january 6th riot the first hearing is set for tuesday. more than 80 wildfires are burning in 13 states the dixie fire in california has burned close to 200,000 acres and destroyed ten structures more than 5,000 firefighters are battling the blaze.

japan is bracing for a tropical storm it is expected to make landfall tomorrow packing heavy rain and winds. up to nearly 40 miles an hour winds. it is unclear if it will hit tokyo. organizers are talking about changing event times rowing cleared the schedule for today and tomorrow frank, at one point, covid was the main concern in watching and throwing a loop in the games now it is the form as well >> degree of difficulty of the olympics is 10 for sure. if it was a medal, every athlete would win right there. frances rivera, thank you. >> sure thing. still on deck, robinhood gearing up for the public debut. looking to tap into the red hot ipo market details if that interest can carry on in the second half. if you haven't already, follow the podcast on apple,

s spotify or other podcast apps. we will be right back on "worldwide exchange. i'm 53, but in my mind i'm still 35. that's why i take osteo bi-flex to keep my moving the way i was made to. it nourishes and strengthens my joints for the long term. osteo bi-flex. find our coupon in sunday's paper. i'm evie's best camper badge. but even i'm not as. memorable as eating turkey hill chocolate chip cookie dough creamy premium ice cream and chasing fireflies. don't worry about me. i'm fine. you can't beat turkey hill memories.

here are the two battling to the line and allyson felix... simone manuel's above her trying to fight on, and above simone... getting an opportunity to show her stuff. nonstop, displayed at the highest performance level... finding something and the us takes gold! ♪ dream on ♪ ♪ dream on ♪ ♪ dream on ♪ ♪ dream on ♪ - yes! ♪ ahhhhhhh ♪ ♪ dream until your dreams come true ♪

♪ put a little love in your heart - david ruffin ♪ my bad, my bad... good race! -you too! you were tough out there... thank you, i'm getting you next time though. oh i got you, i got you. hamblin goes down. d'agostino helps hamblin back up. are you okay? -yeah.

over the finish line we are just getting started on monday, july 26th here on "worldwide exchange. welcome back i'm frank holland inway through0 a.m. hour. the dow could open 175 points lower at this point. this after all three indices ended at record highs after stumbling over renewed covid concerns this week is a busy one for investors with a blockbuster week for earnings. especially with big tech you see the names there. we particular off with tesla later today and results from apple, google, microsoft and amazon throughout the week another number of high profile companies reporting. 3m, boeing, mcdonald's, ford,

pfizer and our parent company comcast. the fed kicks off the latest policy meeting tomorrow. no action is expected, but any mention of the banks decision to wind down the bond program could see a concern for the market. and a lot of the wex faithful's concern coffee the best week since 2014 year to date, it is up nearly 50%. colombia is dealing with frost damage there. among the top stories. bipartisan group of senators trying to finalize a deal on the infrastructure package lead gop negotiator rob portman says they are 90% of the way to agre agreement, but the issue is how much to put toward transportation.

and suing ford is gm over the name bluecruise. the lawsuit was filed in federal court in california on friday. nasa awarding spacex a $178 million contract to launch to uropa, the moon outside mars and tesla reports second quarter results after the closing bell today the numbers could give wall street the lowdown on the progress of vehicles and factories in texas and germany and the effects from higher commodity prices as well as the global chip shortage is reported on the earnings call tesla shares are down 9% this year and 25% since february when

the company disclosed $1.5 billion bitcoin investment. gorn for more >> thanks for having me. >> your price target $67. >> that's correct. >> i had to double check the numbers, gordon. you are controversial. the price is $643. that is not going to happen today. that $67 target. you see it happening over the next few months. what could we see later from tesla to bring the stock lower i don't know about $67 a share >> if we are looking at deliveries from the fourth quarter of '19 to the second this year, the market share in europe has fallen in china, fthe market share fro

23% to 11% two of the three largest markets, tesla is seeing significant market share that is a key point of focus look bat the numbers there is risk because they sold more cars, but their biggest credit customers, keep in mind, tesla never made money every year the biggest customer early in q2 said we are no longer buying credits. we think there is a potential miss in the offing when they report after the close >> one thing i want to touch on with the markets, bitcoin is up big over 39,000. the stock fell hard. with bitcoin back up, bitcoin spiked after elon musk and cathie wood and jack dorsey talked about it. any chance the surge in crypto

could boost tesla stock? >> we think there is a $200 million benefit to the gross profit from selling more cars. in the quarter, bitcoin will take $85 million charge on the bitcoin investment they have in the second quarter additionally, the credit zones are $200 million less than the first quarter. the margin hit from them producing less cars from the second quarter to the first quarter. the back of the envelope we're looking at is a number close to $98 $985 million to your point, bitcoin is going to be a headwin for them when they report after the close. we think that will work against the company. with respect to the move today, i think people want to see how

it moves through the quarter the way you account for it, you market to market at the lowest price any individual day and quarter. one day move is not really big enough to help the company >> gordon, you are a bit of a contrarian you have a different take than the street tesla having a strong quarter with revenue up 89% year over year one thing i want to look at is delivery we see improvement from tesla. 184,000 in q1. 200,000 in q2. what number is impressive to you and meet the expectations that you have and investor he expectation. >> tesla trading at 100 times earnings versus the average of 6 to 76.

you think about it last year, tesla sold 500,000 cars vw, tesla's valued market cap sold 13 million cars tesla is valued at 200% per quarter. going from 185,000 cars to 200,000 cars, while impressive, if you look at the valuation, that is a disappointment we need to see this company get to multiple millions of cars sold per year to justify even half of the current valuation. it is just not there as the market realizes when tesla sees competition in china or eu, as the market realizes, they will no longer get the credit revenues they have gotten. the bolus of the profit. the valuation will come down tremendously when you look at it. look at gsx. the chinese on line education

stocks when the market comes to reality, drastic things can happen over the next 12 months, that is the case for tesla. >> gordon, won last question the chevy bolt news made headlines last week. a lot of concerns of the batteries. is that a potential headwind or tailwind as it tries to attract people to electric cars? tesla hasn't had authorthose iss >> great question. gm was aware of eight spontaneous fires in the cars. eight. they pulled the entire line. over the weekend, we tweeted about 200 tesla fires that one of our contacts realized 200 fires. not one recall this is a bigger risk to tesla versus potential benefit if you look at the amount of fires with that one recall you could argue the regulators in the u.s. need to look into

this and start doing their homework. >> gordon johnson with the bear take on tesla. we appreciate it thanks for waking up early >> thank you coming up on "worldwide exchange." big oil? we will talk about the pressure to divest some assets and what it means for the company and investors. and bitcoin topping 39,000 for the first time in six weeks. the market add $114 billion in value in 24 hours over the weekend. credit suisse settling with spying case with a former banker it led to the resignation of the former ceo. and disney says top executives will not travel to las vegas for cinema-con citing covid-19. stay tuned you are watching "worldwide exchange" here on cnbc

this past year has felt like a long, long norwegian winter. but eventually, with spring comes rebirth. everything begins anew. and many of us realize a fundamental human need to connect with other like-minded people. welcome back to the world. viking. exploring the world in comfort... once again. need better sleep? try nature's bounty sleep 3 a unique tri layer supplement, that calms you helps you fall a sleep faster and stay a sleep longer. great sleep comes naturally with sleep 3 only from nature's bounty ♪♪ it was my dream to be an entrepreneur based upon the examples that i had growing up. and that was important for me because you can't be what you can't see. the ey entrepreneurs access network

has a tremendous impact on my business and other african american and latino entrepreneurs across this country because they give access to networks, business opportunities and capital. i'm dad's greatest sandcastle - and greatest memory! because they give access to networks, but even i'm not as memorable as eating turkey hill chocolate peanut butter cup ice cream with real cocoa. well, that's the way the sandcastle crumbles. you can't beat turkey hill memories. if your money is working toward the same goals, why keep it in different places? sofi is a one-stop shop for your finances designed to work better together. spend with sofi and get cash back rewards that automatically go toward your goals. like investing in stocks, etfs, and crypto. that's better together. or pay down your sofi debt sooner. that's better together. and that's how sofi is helping millions get their money right.

[swords clashing] - had enough? - no... arthritis. here. new aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. need better sleep? try nature's bounty sleep 3 a unique tri layer supplement, that calms you helps you fall a sleep faster and stay a sleep longer. great sleep comes naturally with sleep 3 only from nature's bounty

welcome back big oil companies under pressure from shareholders and regulatory boards and climate activists to make changes including divesting oil fields and assets we have kristina partsinevelos with more. >> reporter: good morning, frank. you have the pressure to cut emissions and recover the cash triggered by the pandemic. that has oil and gas shedding dirty assets the current assets up for sale stands at $40 billion for upstream the assets to recover materials and dig for raw materials in the ground and drill for wells exxonmobil and chevron in the united states and bp and shell have sold more than $28 billion assets since 2018. over $30 billion in the pipeline in the coming years.

there is one trend that seems to be hitting north america >> i think one thing is over the last few years since 2019, there is less focused on acquired assets and more focus on corporate consolidation. >> reporter: and despite future consolidation, there are potential buyers for the assets. production could shift to smaller independent operators or backed by private equity for those who chose not to sell, the business is expected to transform. >> i think we'll not be divestments, but repurposing of assets as it is converted in bio-refineries bio-fuels for example to help the airline industry

>> reporter: whether it is repurposing the business or selling off the $140 billion of dirty assets, the oil and gas sector is evolving as they face pressure with climate change these companies will want to keep hold of assets that are most profitable and least polluting, frank >> kristina, a question here if they are shedding dirty assets, how can that increase emissions? >> reporter: we have these smaller corporations, private corporations looking to snap up a lot of the assets. especially while the price of crude is high. these guys, the msmaller player may not be as transparent. some may not be publicly traded companies. if they are buying assets, they may be incentivized to pump out as much. it means it is an emissions transferring from one

corporation to the other and the wors worst-case scenario, emissions could increase because the smaller players don't have to be transparent and trying to pump out the oil. >> one question, kristina, i'm trying to understand the green shift, if you will why would the north american market choose to consolidate >> reporter: let's say the united states is not necessarily all about going green. it is more so beefing up the balance p sheets especially in the coming years and especially if there is going to be any difficulty trying to raise capital because people are more concerned about the green investment there is the talk that maybe a company like devon energy would have troublecapital. a lot of larger and smaller players are thinking about consolidating to have a stronger balance sheet to prepare for th short-term and long-term in

five-to-ten years when companies have to roeally think about the dirty assets or when they will have to think about re-jigging themselves as bio-fuel companies. >> kristina, thank you coming up, big weekend for investors and fed meeting. we get ready for it all with the top market watcher. if you haven't already, subscribe to our podcast check us out on apple orth oer podcast platforms. "worldwide exchange" will be right back ils. and introducing jelly beans with two times more biotin. (sound of people returning to the workplace) (sound of a busy office) (phones ringing, people talking, meeting) the company we've trusted to keep us working remotely,

is the same company we'll trust to bring us back together. safely. securely. and responsibly. so now, between all apart and all together, there's a bridge. cisco. the bridge to possible. sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today. age before beauty? why not both? visibly diminish wrinkled skin in... crepe corrector lotion... only from gold bond.

welcome back to "worldwide exchange." ipo market is booming, but some wondering when the trend will end. we have leslie picker with more. >> reporter: for the last decade, the equity markets have

been shrinks due to buyouts and buybacks the ipo market now for spac and traditional companies has been robust as share repurchasing have have been halted the net supply on u.s. exchanges is positive and highest in 16 years according to jpmorgan chase. many in the private equity industry believe this is temporary. homan has the highest raking in $24 billion. patrick healy talked to us and said market conditions won't always be this ripe for ipos and spacs. >> more and more things get public and investors get choosey. it will orient to the higher quality with performance or valuation impact for accessing the public markets for less mature and developed companies

>> reporter: of course, in addition to the cash to deploy, hellman penbenefits the company's snap one is going public this week you can subscribe to our news letter every other monday at cnbc.com frank. >> leslie, what is on deck this week >> reporter: this is a busy week for ipo. a huge rush before the august period where investors do away f for the month. we see 18 ipos on deck for this week including the one that is most anticipated of the year is robinhood. expected to go public later this week also duolingo. the language learning app expected to go public. snap one as i mentioned and dole

food that is a household staple it was for me growing up of course, they do fruits and can goods and things like that >> leslie, the first half of the year has been red hot for ipo. is there expectation it can hold up in the second half of the year >> reporter: you have rent the runway which disclosed it filed confidentially for an ipo. warby parker in the same boat. all boots discussing going public there are a lot of companies waiting to go public whether we see the same activity from the first half of the year, the second quarter was the biggest for the global listings in 20 years. whether we can expect that with inflation and the potential for covid and regulations to come

back in some fashion, that all could create uncertainty that would not necessarily foster as active of an ipo market as we saw yin the first half of the year. >> check out the news letter on cnbc.com let's turn to the broader markets and trading day ahead and bring in the big man jeff kilburg ceo of kkm financial and cnbc contributor. resume almost as long as you are, my man. >> thanks, frank >> jeff, we have a little bit of time left in the show. you have a lot to say. the forecast is a volatile week on the markets dow futures are down above their lows from early this morning, the dow looking like it is 150 lower right now what do you see as the catalyst for the volatility that you forecast >> frank, i'm impressed where we

are to start off the week. this is the biggest week of earnings one-third of the s&p apple and microsoft and amazon we are looking at lockheed martin and boeing. a great cross section to understand if you look at the rhetoric from china and the u.s. treasury notes, the 10-year go lower. 1.24 six basis points lower a ton of uncertainty starting the week you see the german boom as you look for the week, i have confidence we will see giant tech deliver i feel comfortable that the sector rotation that we always talk about is in tact. the reopening trade should come to life with inflation and metrics later in the week. the take from the volatility, frank, is understanding we are not in the volatile regime not in a volatile market like we were in march of 2020.

the vix of '20 yes, we have caution you have to be a stock picker this week. we get excited about the tech stocks delivering and look at the boring names boeing lockheed martin. also, gdp. that is tangible, frank. if we understand gdp and i know it is a rearv-view mirror we have to understand it as it continues to go higher in the descending way >> coming up on the road ahead, the next big thing is tesla with earnings amazon, alphabet no shortage of tech names. you say the stock picker's market which company or stock do you see out performing the expectation of the street? not the estimates. it seems right now a stock could not be good enough and take a

fall which one do you see is most likely to exceed the expectations of the street >> when you do see a top line and bottom line beat, you see the issue. apple. we get excited about apple look what is going with buybacks and the cash that apple has. there is specific opportunities within the $2 trillion market cap companies like apple or microsoft. we look for forecast we do believe that these buybacks this year may actually push over $1 trillion, frank that type of buyback is the next catalyst higher. a lot of people think the cycle is long in the tooth >> one of the potential catalysts for apple, that people have seen, is the interest from retail traders especially with the stock. robinhood is going public this week what is your take on that? a tech stock, but different from

the legacy tech stocks that we were reporting. >> robinhood has been fantastic. brought in young traders i have concern that the majority of the revenue yis predicated fo paying on order flow that is being reviewed by the s.e.c. if that is your main line of business and it is being rev reviewed, i have concern of owning robinhood from the stock perspective. you have to remember, nothing in life comes for free, frank. >> true. one more thing on the road ahead is the two-day fed meeting what is your take? does that add to the volatility of the market you forecast or help rehe duce it? >> it adds you have so many people on either side of the fence alarmists are excited about the inflation or the fact that the fed was going to do something due to the inflation that is when the 10-year note went up 1.75

the fed will stay prudent. powell will continue to articulate the message they have no intention of doing anything any time soon. we are hoping to get some type of hint of reducing the $120 billion stimulus in the marketplace. i don't see it this week that will cause turbulence, frank. it will be okay once we get through the fed meeting. >> jeff, one thing i didn't hear you mention and haven't put in notes you sent to us is the take on the delta variant and impact on the market. a week ago, it had a huge impact markets with the worst day of the year how will that play out this week with so many other factors >> it is much more of an issue than we anticipated. we saw a lot of red on the tape last week. dow was down 1,000 monday of last week. the options market, specifically the vix never went over 25

you didn't see the fear in the marketplace. that was a tourbulent event i know the s&p 500 is at 4,400 you hear all-time highs as we continue to grind higher i don't think the delta variant will push us back. we could be wrong. >> jeff kilburg, you are my favorite analyst over 6'4" that's it for "worldwide exchange." "squawk box" is coming up next x to keep my moving the way i was made to. it nourishes and strengthens my joints for the long term. osteo bi-flex. find our coupon in sunday's paper.

show me the olympics. osteo bi-flex. [ "bugler's dream" playing ] ♪ ♪ ♪ ♪ ♪ ♪

good morning developing story from china. tech and education stocks plunging amid regulatory crackdown. hong kong's hang seng wiping out

all of the 2021 gains. u.s. equity futures here pointing to a lower opening. and big tech apple, microsoft, google, facebook and amazon all earnings and set to post quarterly results this week. bitcoin surging and climbing back to levels we haven't seen in nearly six weeks. it backed off a little bit, but long way from $29,000 now. it is monday, july 26th, 2021 summer is flying by. "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm andrew ross sorkin along with joe kernen. becky is off this