tv Worldwide Exchange CNBC July 29, 2021 5:00am-6:00am EDT
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♪coop! there it is! ♪ ♪ scoop! there it is! ♪ ♪ scoop! there it is! scoop! ♪ ♪ shaka-laka! shaka-laka! ♪ ♪ shaka-laka! shaka! scoop!. ♪ ♪ choco-laka! choco-laka!...♪ geico. switch today and see all the ways you could save. ♪ sprinkles! ♪ it is 5:00 a.m. at cnbc global headquarters. here is your top five at 5:00. dow futures pointing to a higher open after the fed signals no change to monetary policy anytime soon. facebook shares under pressure after a significant growth slowdown. the senate pushing ahead with the bipartisan infrastructure plan. disney, apple, twitter and facebook among companies making moves on masks amid covid.
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and robinhood going public today. it is thursday, july 29th, 2021. you are watching "worldwide exchange" here on cnbc good morning i'm dominic chu in for brian sullivan today here is how your money and global markets are opening up today. the s&p implied higher by 6 points and nasdaq by 10. interest rates are on the move we are seeing a slight tick lower in benchmark on the 10-year side 1.26% was the last trade on the 2-year, 2.1%. a lot of corporate news.
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let's get to bertha coombs with the headlines. >> dom, robinhood is set to trade on the nasdaq today, but maybe signs of softness in the ipo. the stock pricing its ipo at $38 a share. that is at the low of the $38 to $42 range. the company raising close to $2 billion in the offering, however. the founders each sold about $50 million of stock. shares of facebook under pressure this morning as dom mentioned. the social media giant beating the street in the latest quarter. warning investors that revenue growth is expected to slow significantly. we will talk to an analyst to whoever
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report on facebook. and uber is selling its stake in the company with softbank all to cover the losses in the didi >> always big at play. bertha coombs, thank you for that see you later on. it has been a busy morning for earnings for europe. julianna tatelbaum is standing by in the london newsroom with the names we need to know about. good morning, julianna >> european equities are tradin higher stoxx 600 extending gains. you see the majority of regions are trading higher let's dive into the individual stocks starting with credit suisse. shares down 3.4% reporting an 80% decline in the second quarter profit after bank
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revenues fell 40% year on year the bank outlined a pre-tax loss of $653 million due to aergos. and the stock of airbus with a 30% rise in demand the largest plane maker updated guidance and expected to deliver 600 jets by the end of the year. astrazeneca updated guidance and the covid vaccine sales tripled, but impacted sales slightly
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dom, back to you to a developing story from washington, d.c. the senate voting to advance the bipartisan infrastructure bill tracie potts joins us with the latest there good morning, tracie >> reporter: good morning, dom things are moving forward after weeks of negotiations after the roads and bridges bill the extratraditional infrastruce bill to improve transit and fix roads and bridges and provide high-speed internet. democrats and republicans have been negotiating the $500 trillion bill trying to figure out thohow to get this moving forward. now they will open debate to move forward on this 17 republicans joining democrats to open debate on spending money on roads, bridges and broadband and electrical grid.
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lawmakers will work into the weekend to get this passed senate majority leader chuck schumer says they have come together in a bipartisan way to get this done. there is still a long way to go. this is separate from the $3 trillion effort that democrats alone are trying to pass they like to call the human infrastructure some of the other democratic priorities and priorities of the president aside from the traditional roads and bridges bill they are calling it now the bottom line, this is a big step forward we could see more action on it this week. >> tracie, we know the 3$3.5 trillion plan will be spraepara. what is the next step? do we open debate?
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how many amendments do we expect >> reporter: the vote was to open debate. again, democrats and significant number of republicans agreeing on that. we could see amendments to this. behind-the-scenes, they have worked out a general framework for how this will happen and the expectation is that at least in the senate, it will move forward and the democratically controlled house will see a different process. >> what exactly is the likelihood of very different type of infrastructure bill than the one we are looking at perhaps right now after all of the negotiations are done? >> reporter: probably it won't happen at all given the leadership has been negotiating behind the scenes. it is possible that we could see tweaks on one of the big issues here which is the pay fors this is the $550 billion in new
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spending they seem to have come to a general agreement about that we could see changes and a vastly different bill after this negotiation would be unusual >> opening steps tracie potts in washington thank you very much. the markets had a mixed session after the current interest are rate policy in place following the two-day policy meeting the path of economic recovery depends on the pandemic. chairman jay powell says they continue to stouudy the topic. >> giving what i can give you because this is the first deep dive on the issues of timing, pace and composition and it was a good meeting and no decisions are made i'm not in a position to give you much guidance or any guidance on the actual timing.
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i will say we are making progress we expect furtherprogress and we expect that if things go well, then we will reach that goal >> let's bring in ben eamons at medley global advisers he is not in a position to tell us when these will start happening. what should markets take from jay powell given we know that the virus pandemic is the biggest variable in the economic path to recovery >> good morning, dom i do believe this will happen. we are making progress this is to transition which is the ultimate goal. they are debating how fast to do it and debating when and debating about the impact it could have on the economy. the delta variant is here. it will impact the economy if it
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isn't already. to time that is not an easy thing. what i took from it is we don't deal with too much on the fed policy at this point this is why in the session yesterday was a revival of the markets in addition to yields stable with the only thing declines which is a reflection of high inflation and a strong economy. markets are comfortable at this moment >> comfort is the word i heard a lot over the past few weeks with regard to the current levels we're at here. it is not the idea that the delta variant will take the markets or economy down, but no real catalyst moving to the upside we thought earnings season was the catalyst what is the path of least resistance is it still the upside
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>> it is the upside. if we were in the economy that is still growing close to 8% real gdp we get the gdp data out today. if you get that economy, you cannot have really the acceleration of earnings so fast that it takes down the stock market it feels like record highs, but the projection on the earnings going forward remains strong based on the gdp number. then we are in an environment with rotation between small and large cap. this is the defensive posture. we have to be opening which is not disruptive we could have slowdown because of the variant we are very accustomed to the impact of the next wave which is incrementally less than the previous wave. the markets has more upside from here sdp here >> from the strategic
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standpoint, one concern is inflation could be the real thing that takes down the market interest rates have declined clamp things down a bit. is it fair to say that given commodity price movements over the past few weeks that this inflation narrative has become transitory as the fed was been advocating for some time now >> i think the market is on that same notion. we deal with transitory inflation. if you reopen, you have shift in prices you don't have the acceleration month after month after month that you deal with inflation that will show up in expectations and expectations which istoo elevated and the fed has to react we have to allow the reopening and marketss understand this is a phase of the economy and you deal with higher
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inflation. the inflation and bond market said you will accelerate in the course of the next year. >> all right ben eamons, thank you. when we come back, more of the big money movers and shares of ford racing higher. first, as we head to break, check out bitcoin and other cryptocurrency you see prices just a hair above $40,000 for bitcoin. ethereum price is $2,300 litecoin is $183 stay tuned more when "worldwide exchange" returns after this break 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.
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d'agostino helps hamblin back up. are you okay? -yeah. welcome back to "worldwide exchange." time for the big money movers. three stock stories of the morning. first, ford. automaker reporting a profit and sales rose 40% in the second quarter. beating analyst forecast strong demand for the vehicles allowed them to forego discounting. the company raising guidance for the full year, but notes headwinds are rising commodity prices and $1.5 billion in costs with the shift to electric vehicles or evs. next is qualcomm second quarter profits doubled the company ticking a rise in
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sales for 5g phones. efforts to secure chips from multiple partners is boosting supply finally, paypal. the profit outlook is outweighing second quarter reports. guidance for the third quarter is below estimates as it continues to beat it by former parent e-bay which is shifting away from the platform to its own payment service. still on deck for the show, a promising sign that new york's resurgence here's a hint. summer tourists. stay tuned you are watching "worldwide exchange" here on cnbc >> announcer: today's big number $654 billion that's the estimated annual market of global energy storage
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an 8.2 earthquake struck south of perryville. there could be damage and injuries of this magnatude in alaska, but the biggest risk is the tsunami risk. and a positive covid test for the pole vault champion sam kendricks. he is now in isolation the track and field events are scheduled to begin today. team usa has been dominating in the pool. caeleb dressel won in the 100 freestyle and set a record he has three other gold p medals he won in relay events, but this is the first individual gold dom, as of right now, we are one gold medal behind china. the overall medal count, the u.s. is leading.
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>> it looks fun. the amazing amount of work that goes into some of these performances, especially in the swimming pool. i'm amazed >> and it does wonders for your physique as well, from what i can tell >> thank you, fphillip. see you later. to the trending stories this morning. including new york hotel rates more details on the hesecret wutang sale. bertha coombs has more with those trending stories >> reporter: good morning, dom new york city has had the busiest week since the start of the pandemic mayor de blasio announcing during the week of july 12th, they sold 17,000 more room nights than the previous week. occupancy from june is down 90% from summer of 2018 and 2019. and wu tang album is saying
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he will reveal himself after all. that according to the statement from his lawyer to cnbc. the u.s. government sold the album which is considered a work of art to cover the $7.4 million forfeiture that schrelli was forced to pay years ago. and today is national wing day despite the tight u.s. chicken supply build wings is offering a buy one get one deal and frank's heare hot sauce is hosting trivia and wing stop has rebranded the holiday as thigh stop thigh day offering two free thighs with purchase the ceo telling jim cramer, he
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thinks the chicken shortage could ease some time next year personally, thighs are my favorite part of the chicken that's the juicy evidy part they going after the thigh as part of the whole bird strategy. >> i was just going to ask that. you indulge in chicken once and a while. are you a challenged eater i only say this because in my younger days, i used to go to buffalo wild wings i did the blazing challenge. eat a dozen of the hottest wings in six minutes without drinking anything and you get a free t-shirt. >> yeah. no, i can't do that. the other day i was at a friend's house i don't like it spicy. >> bertha coombs, thank you for the trending stories see you later on. coming up on the show, a
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live report from beijing where china's securities regulators are trying to figure out and reassure banks about everything going on there foreign banks as well in the recent crackdowns in the co country. if you haven't done so, dceck us out on your favorite poast platforms. "worldwide exchange" will be right back the number one brand to support beautiful hair, glowing skin, and healthy nails. and introducing jelly beans with two times more biotin. 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
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good morning facebook shares under pressure after the company warns of a growth slowdown. robinhood is going public today. valued at $32 billion and pricing at the low end of the expected ipo range. china taking steps to reassure investors after a recent string of regulatory crackdowns we will head live to beijing for the latest there it is thursday, july 29th, 2021. you are watching "worldwide exchange" here on cnbc welcome back i'm dominic chu in for brian sullivan here is how your money and investments are looking halfway through the 5:00 a.m. hour dow is implied higher by 120 points
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s&p by 5 points. nasdaq implied lower by 11 points mixed market overall at the opening bell if these futures move into the regular cash equity treasuries are moving lower. benchmark 10-year yield, 1.26% the last trade 2-year benchmark is below at .22%. in overseas markets news, hang seng jumping 3% to close as stocks bounceier in the week chinese regulators are reassuring investors over the government crackcrackdowns eunice yoon has that story how are they taking the markets? >> reporter: the security regulator held private talks with the biggest foreign banks
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are licenses here. ubs, credit suisse, goldman and jpmorgan chase among others. essentially, the vice chairman of the chinese regulatory commission told them they need not overinterpret the regulatory actions recently china would allow listings in the u.s. even through the legally unclear structure known as the variable entity vie variable interest entity an offshore entity to allow chinese companies to list overseas by skirting the regulations here as long as chinese companies complied with the regulations. he added future policies would be introduced with caution to avoid market val olatility. this comes as they ramp up the efforts to calm investors here
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in china some of the state run reports and media outlets say they support the long-term development and the stock market tumble is due to a misinterpretation of the policy and the securities daily today, a paper linked to the csrc said stocks are now close to the bottom it is encouraging chinese people to buy this comes, dom, as the chinese central bank made a move of its own injecting cash $4.6 billion in the market try to calm, again, the markets and ease the concerns of investors >> eunice, how thin and tight of a line do regulators and chinese government and chinese communist party overall, how thin of a
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line do they have to walk with this when you have state run or state linked newspapers saying there is a misinterpretation of what is happening now, the communist party has to assert authority over the tech giants there much like we are in the united states they have to calm the markets about volume atvolatility what do they have to do it make the message clearer for hong kong and mainline china? >> reporter: dom, i thought the most important line that came from the meeting was the chinese companies still have to comply with all of the regulations. they can list overseas and they can use the vie, as long as the chinese companies go through the cyber review jump through all of the regulatory hoops there are a lot of ways in which the chinese government can have control. the bottom line message here is that china is trying to send is
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we are not going to completely crush the private industry we want to make sure that we have a tight rein on a lot of private business >> it certainly is a big messaging point for the chinese communist party. eunice yoon, thank you to the big corporate headlines in the united states bertha coombs is back with those big headlines. bertha >> reporter: dom, a number of companies taking steps on masks and vaccines following the recent rise in covid cases starting tomorrow, disney's domestic theme parks requiring all park goers to wear masks indoors regardless of vaccination status similar for apple. josh lipton reporting that the tech giant will require vaccinated and unvaccinated customers and staff members to wear masks in many of the u.s. retail stores.
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twitter is closing the san francisco and new york offices effective immediately amid the surge in covid delta variant cases. social media company only reopened offices in both cities about two weeks ago. google is delaying the return to office plans until october. google and facebook will require u.s. workers to be vaccinated against covid before returning to the office. this is going to be the big debate here going into the fall, dom. require vaccines or proof of vaccines or testing and do you bring people back? >> not just a debate a variable bertha coombs, thank you very much we appreciate it. earnings week continues as facebook beats expectations for the second quarter results the company is warning of a slowdown in growth and the shares are down 3.5% pre-market
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right now. joining me is managing director of equity research dan ives. d d dan, let's talk about facebook just how fearful should investors be it is about 3.5% right now that is how much they put in the revenue slowdown narrative >> a massive rebound you are seeing in digital advertising. we have seen it in google as well i think it all comes down to the ios and privacy. it is a "game of throthrones" bl with apple and facebook. that continues to be a bit of an overhang on facebook which they fan the flames by calling that out a bit more than expected >> do you feel, dan -- iphone
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users out there and i am one of them -- when you open an app and it asks if you want to contribute data orwhether or not to allow app tracking and that sort of thing i imagine a lot of people are saying this is my opportunity. no, i don't want the tracking feature to happen. is that going to be a permanent or secular head wind in terms of revenue growth if the operating companies give the option of don't let them track me? >> that is why it is an issue with cook and zuckerberg and apple and facebook apple controls iphone users. 1.5 billion overall users of ios. that is the gut punch to the model of facebook with digital advertising. i think investors viewed it as a
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risk as we go forward, it is giving the consumers that opportunity at the end of the day, that is a h headwind for digital advertising which is the core of facebook. that is the take away from last night. investor says this is not going away and called it out a little more if you look at cook and cupertino, they will double down on privacy going forward. >> facebook is in the headlines today. 3.5% decline because of a possible revenue slowdown ahead. what else can we expect to see they are not the only company that depends on digital advertising as a revenue stream? who else is hit by this and should this ripple effect have other wide ranging issues for other companies and others dependent on internet advertising? >> the jury is still out as to how it plays out when you go back to the ios
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update came out. you saw a goldilocks downfall. in the future ios updates, it will continue to double down that's why it becomes more of a battle that goes at the core business model that is the broader worry with the scrutiny in the beltway and b brussels >> let's look at amazon.com. that company set to release numbers after closing bell today. what do you expect to see on amazon another company that has done so well in the midst of the virus
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pan pandemic. >> you get stronger. that is the theme of the tech earnings season. the gold medal performance from microsoft, amazon and apple. big focus on aws we are talking about a $1 trillion market value in the next decade. is amazon losing share to microsoft? look at the azure numbers and the ecommerce play no secret with the prime and covid impact they continue to monetize in an unparalleled way the big focus, dom, is aws growth and the cloud that is the big part of the cloud race >> do you have a recommendation? >> we continue to view amazon which is a strong name for a cloud play, we rather own microsoft here >> all right dan ives of web bush
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thank you. coming up, robinhood has changed the investment game for many individuals will investors buy into the company itself we'll talk about the future of the stock trading app on the ipo today. all that coming up on "worldwide exchange" after this commercial break. (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.
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trade today under the symbol h-o-o-d. robinhood, hood, get it? it values the company at $32 billion. the ipo is unique because robinhood allocated 25% of the shares to its own customers through its app at the offering price. unique model joining us for a look at what this means for robinhood and the future of retail trading is karl roessner karl, thank you for being here the take away from me is free trading is worth a lot of money. >> so it would seem. look, they are a bold and ambitious company. they have done amazing things for the retail trader in terms of access and availability and excellent app easy to use.
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great uix. they have been bold and ambitious and shown through you tha the ipo. to have that heavy of a load to go to the retail investor and allowing employees to sell a certain percentage now and percentage down the road very unusual not to be locked up it's a very bold idea. >> you mentioned, karl, the user interface and experience and uiux of the particular company here it is also not come without controversy. there's been allegations of a gamif gamification like this is an online casino. how do you get past of the image that there is a certain type of folk that are customers that are robinhood? >> that is right one dangerous thing is gamification
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i think it gets back to how do you educate the new retail customer about the risks of trading? how do you get away from the confetti approach of, yeah, you made your first trade into how it fits into your overall picture. do you have a savings account or money socked away for the rainy day or the unexpected expense down the road? if you are trading your dollars and those are the only dollars you have, you understand you have the ability to lose all of that as well gami gamification can be a powerful tool if you are using it to educate the retail trader and giving them a chance to understand what they are doing before they jump in the pool with both feet. >> karl, there is anecdotal and significant evidence to suggest the growth in robinhood over the course of the last 18 months or so was driven around stimulus
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check timing we have seen accounts funded around this time of stimulus checks how exactly then does robinhood go into this online brokerage world without possibly having some of the stimulus checks in play anymore do you think it is just because of the assistance and many of those accounts were open in the first place over the last year >> i think the global pandemic and stimulus checks issued and the cash that was sitting on the sidelines as people didn't go out to restaurants or spend money on goods or services because they were locked down. trading became that outreach and ability to go out and do something in the marketplace i think that had a large impact. one of the great stories for robinhood is, dom, you are right. over 20 million customers opened accounts on the plat p fplatform that is a huge customer base
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accounts are very small. can they continue to drive the growth the bigger question is if you have 20 million customers on the platform, can you continue to monetize that in the right way can you provide those individuals with additional financial services that can help them over time that's the key to me can they unlock the value and provide the services for these customers that they brought in to keep them investing as stimulus checks dry up and the heat around the meme stocks and the advertising and whatnot goes away how do you continue to drive that customer base forward and provide them with more value >> you bring up an excellent point, karl. for many brokerages, the real value, the large chunk of the value for the companies in the past is the company rolodex. your former company, e-trade, was purchased by morgan stanley.
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you want to cross sell those products to other people what exactly does robinhood have to do to grow the market value you into 64 if those customer accounts are not quite as long and not as valuable? how do they become more value you valueable? >> absolutely, the key gaining additional share of the wallet from the consumers and customers. the big question mark, if you go back to what we spoke about, how do you know that those individual customers are going to continue to spend on the platform and continue to invest? they have to broaden their service offering to cover more there are questions of business model and what happens with form and flow how do you provide the financial services and tools to help
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individuals on a regular basis from day-to-day? a savings account. a checking account teach them about different ways to diversify get into investing and asset classes and offer professional advice down the road it is the building block they have they have been such an amazing customer acquisition tool to drive eyes to their platform has been stunning. now unlock the value that you are more than a click and a trade. you can help them manage their financing dpgoing forward. if you look at the platform and they can afford to give away trading services for free. honestly, they can afafford it they have an amazing business model. they give so much value. >> the next evolution from customer acquisition to money.
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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. ♪ ♪ osteo bi-flex. i had the nightmare again maxine. the world was out of wonka bars... relax. you just need digital workflows.
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they help keep everyone supplied and happy, proactively. let's workflow it. then you can stop having those nightmares. no, i would miss them too much. whatever you business is facing... let's workflow it. servicenow. 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. welcome back to "worldwide exchange." stock futures are indicating what could be a mixed open the dow implied higher by 150 points s&p by roughly 9 points. nasdaq lower by 1 full point investors bracing for the busiest day of earnings season
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amazon, comcast, the parent company of this network, yum brands all reporting today this is one day after the fed said it would hold the current course chairman jay powell highlighting that the risk of the delta covid variant is the risk on the recovery. >> we have seen with successive waves of covid over the past year and some months now, there is less economic implications from each wave we will see whether that is the case with the delta variety. it is not an unreasonable expectation. >> joining me now you is managing director and chief investment strategist john stoltzfus. how worried should we be about
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the delta variant? is it enough to derail the recovery >> it is not enough to derail the economic recovery in process or enough to derail the equity markets trajectory higher. i think it could bring vo volatility on any given day with a catalyst to provide some near-term profitability to take that off the table for skeptics and bears. this is an opportunity to hold the course and steady on the course. >> steady on the course means you should be invested fully right now or keep committing capc capital to the markets what do you do with the markets at or near record highs and in the camp of being bullish. what is the allocation strategy?
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>> we have been living at record market highs for a while over the course of the last 11 years coming out of the financial crisis what we have to say here for this particular price exit, we have to be broadly diversified you want to own growth value or reasonable type of growth. you want to be diversified across large caps and midcaps and small caps this is transitional on a day-to-day basis, it moves to economic recovery and that can be positive. >> john, what types of companies and industries do you find the garp trade growth at a reason price where do you look for those? >> we find them in consumer
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discretionary and information technology the more established companies the companies that are prone to continue to move toward ecommerce and big data and the cloud and we do believe you will also find opportunities within the more technology oriented areas of the industrials >> is there a favorite spot you have right now that you would commit money to? >> favorite spot would be in technology at this point we don't think we're going back to the slide rule. we think the words from the larger chip producer in the world is that by the end of the fourth quarter, a lot of the shortage, for the auto industry, should be emeliarated.
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>> where would you stay away >> consumer staples. we don't think it is the play. >> not the play. john stoltzfus, thank you. that does it here for "worldwide exchange." "squawk box" picks up the market coverage next. - 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 baaam. internet that keeps you ahead of the game. that's cute, but my internet greastreams to my ride.ally yeah, well mine's always got my back. okay chill, 'cuz mine's so fast, no one can catch me.
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good morning okay this is big. ipo day for robinhood. the trading app set to go public at nasdaq. pricing ipo at the low end of the expected range. facebook the biggest ipo of all time. remember this day for robinhood. facebook shares under pressure social media giant warning of a significant slowdown in revenue
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growth. china looking to reassure investors following the invest or crackdowns. it is thursday, july 29th, 2021. >> friday eve. >> thursday is better than friday the anticipation matters "squawk box" begins now. good morning welcome to "squawk box" here on cnbc i'm andrew ross sorkin along with certain kernen and morgan brennan. becky is off today the futures here as they syndicates that deal
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