bit during the show yesterday. and hollywood versus one of the big stars. disney blasting scarlett johansson after the actress filed a lawsuit for releasing "black widow" on its streaming service. it's friday, july 30th, 2021 one more day then it is august "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm andrew ross sorkin with joe kernen becky is off today a big day. futures here lots of earnings reports and the news on the delta variant coming in impacting where we are.

the dow down 195 points. nasdaq off 173 points. amazon in a moment s&p off 31 points. well show you treasury yields as well the 10-year note sitting at 1.247% joe said at the top of the show, we are watching shares of robinhood this morning that follows yesterday's nasdaq debut. the stock closing down more than 8% yesterday after pricing that ipo at $38 a share we sat down with vlad tenev yesterday. here is a little bit of what he told us. >> we're going to have to keep a dialogue with the public and with the media about what payment for order flow is. you have probably seen me over the past couple months engaging more openly in the topic the truth is, i think it could be better explained and we could continue to do that.

i think we'll continue defending it as something that has led to a much greater diverse set of people participating in the markets. i think from the business level, you will see robinhood continue to diversify its business lines and revenue yover time. in the past couple quarters within transaction based revenue, you have seen cryptocurrency take a larger sh share. >> there have been seven ipos raised $2 billion or more. all ended the day under water. one is the size issue and other is pricing issue robinhood got a vote of confidence from cathie wood with a ark innovation that gave ark more than a $45 million stake in the company joe, you said it yesterday we looked at the $38 price and

you said do you do that because you are hoping for a pop you do that because that's what you guaranteed them and that's the worst they get i through goldman had a struggle to get this thing out. part of the other issue you is when you allocate 20% of the minimum stock to the retail audience to begin with, the question is are there more buyers on the other side retail buyers on the other side? >> i have so many thoughts about this i'll defer to you. i know you were watching every tick and watching as it opened and monitoring and making calls. i was watching something much worse. the yankees game that's 14-0. let's not talk about that. i'm not a fan anyway the worst performing ipo of the big ones since mf global in 2007 yesterday, we're nice. we want to give people the

benefit of the doubt we saw this, right you were watching. we were asking, should we say is there an issue they are saying, no, no, no. goldman faced me stday? can i say that or not say that >> you just said it. i think it can be said i think this was one of those times and this is the hard part if you are a bank underwriting one of these things. tell the client you can guarantee a certain price and the question is have you set your numbers too high? i think in this instance, they did. the truth of the matter is, though, we all look at these as one-day issue yissues i will be sympathetic. it is possible a year from now the stock will be materially higher it could be. it could be lower. we don't know. i always think about that because i do remember after the facebook ipo and that wasn't a

demonstrative debacle. i talked to morgan stanley he said call me in a year. he wasn't totally wrong about that either. >> you know, you got the business model maybe holds up. maybe not. hopefully. the moat holds up. maybe so the regulatory issues don't become a problem just yesterday, it was, all right. you are trying to sell something for a lot of money versus what people thought it was worth a year ago a lot has happened in the last year it tripled in the last year. valuation tripled in the last year no matter how you shake it, you are selling this for $32 billion. it is not worth that anymore isn't that the overriding issue about whether is it today worth $32 billion? if it is not -- >> that's the question it may or may not be the other piece of it, this was one of the offerings where

raising cash mattered. raising cash mattered. if you remember, they had to effectively try to pay back some of the money from earlier during the gamestop situation they wanted that cash. this was a firm that actually needed the raise and needed the raise more than others >> how is uber compared? that was going to be great, too? that's just average. >> where is uber we should look at where uber is right now. that is a huge stance. >> huge deal. >> totally >> a lot of excitement 64 to 28 is the range. it's at $44.69 well, let's move on. it was interesting yesterday for three hours, we're like, are we able -- you were there. you were trying to figure out how we could talk to vlad and do

everything else. we ran into a couple of things as it turned out, maybe there was something going on behind the scenes now i think it is good we said that, don't you? >> i do. >> probably could have said it a little harder. the big stock mover is amazon shares under pressure after the company's quarterly revenue missed analyst estimates. first time that happened in three years. the ecommerce giant gave weak current quarter guidance cfo expects to see slower growth continue for the next few years. chevron out with quarterly earnings the energy giant 12 cents above estimates. revenue exceeded wall street estimates. higher oil prices. the company ceo will join brian sullivan on "the exchange" later this afternoon pinterest looks to be a loser this morning second quarter earnings beat

forecast, the company reported a drop in u.s. users people are spending less time at home and not providing third quarter guidance citing unsrcertainty of the pandemic pinterest is on track for the worst month since 2015 we have a management change with p&g. >> we do a guy we know. >> a guy we like management change. we're 100% behind. john moeller, great guy. funny. we love having him on. he kids around about cincinnati and everything he's a lifer he is a lifer. you know he's one of your guys cornell. >> go big red. >> grad school 1988 when does he join p&g? 1988 he's worked his way all the way

up we'll have david taylor on he will become executive chairman and this company is cool, andrew they faced a lot of decisions. do you go with the foo-foo annie's or millennials or doubl down on tide the pandemic hits and people wanted things they knew and wanted to be able to buy at big box stores they were in the perfect position the stock reflects that. we will have david taylor on i'm looking forward to that as a homer. i have just drove by their building a couple of days ago. several times. >> cincinnati boy. let's talk about the covid news we are continuing to learn more about the delta variant and it is concerning. internal cdc documents say delta appears to cause more severe

illness than earlier varioants and spreads as easily as chicken pox. washington post reporting that vaccinated individuals infected with delta may be able to transmit just as easily as those uns unvaccinated higher hospitalization of older persons despite vaccination status we will talk more about this with former fda commissioner dr. scott gottlieb at 8:15 eastern time if true, it raises questions about the return to work and other issues as we try to get this country back open and as we get back open, joe, it feels there are parts about it as we talked yesterday disney announcing you have to wear masks indoors whether vaccinated or not. >> your anecdote matches up with

the provincetown anecdote of the july 4th celebration mostly vaccinated people a lot of of people came down with it. the cdc saw that and didn't tell anyone what they were talking about and made that move out of an abundance of caution or panic, which ever you want to call it. "the post" did numbers, andrew they did a chart for it. they talked about 161 million people vaxxed. the breakthrough is 5,601were breakthrough and hospitalized. out of the 161 million, 1,141 people died. .0007% you know what we're learning, andrew, about the vaccine and the cdc has a pr problem you are trying to get people to

take this thing and then you see this and it doesn't work you have a tough sales job let's talk about it. >> right. >> when you get the vaccine, do you think the vaccine is a therapeutic? do you think it attacks covid? no it gets your immune system to make things that attack it if you are immunocompromised or over a certain age or if you had an underlying condition. anything that compromises your immune system, of course, the vaccine is less effective. it is getting you to fight the virus. it is not itself you know, have you noticed gottlieb has been sanguine about our ability to deal with delta we will see what he says today he has been mostly through it. he says we are mostly through it >> he is positive think we peaked and are coming down we'll talk to him about all of this boy, do we have questions.

we do. coming up, more on robinhood-winked come up with something else. how is the sheriff of not nottingham we will talk about the debut as we head to break check out the best and worst nasdaq stocks. stay tuned you're watching "squawk box" on cnbc >> announcer: this cnbc program is sponsored by td ameritrade. where smat rt investors get smarter.

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♪ dream on ♪ ♪ dream on ♪ ♪ dream on ♪ ♪ dream on ♪ - yes! ♪ ahhhhhhh ♪ ♪ dream until your dreams come true ♪ wcome back to squawk. leslie picker covered the event all day. she joins us with more to break it all down. leslie, what happened? >> reporter: andrew, by most measures, it was a disappointing debut for robinhood. the stock spent nearly all of its first day of trading in the red. it closed down 8% after pricing at the low end of the market range to investors a quarter of ipos listed in the

u.s. trade lower on day one. it is a rare for larger deals. this was the worst of any deal robinhood this size. the cyclical ty of the business and pricing at the low end was supposed to ocoax more investor to bid, but signalled investors were balking at the deal and the retail allocation on top of it of the highest ever ipo traded via robinhood's own platform it left less fire power and momentum for day one as usually bankers can count on retail to come in and help the stock pop after it begins trading. now, robinhood users who received allocation are sitting on 8% paper losses

guys >> leslie, stay with us. i have a couple of questions do we know whether the banks bought more shares so prop up the stock or they wanted them? >> reporter: a good question we don't knowfor sure. usually when you do see a decline in the first day, there is supportive activity going on. it may have been clear first thing when the stock started trading. it really hovered around the ipo price and fell at the bottom we don't know for certain. based on the trading patterns, it looks like they were trying to help in some way. interestingly, that is done through the green shoe they had smaller green shoe. 10% versus 15% of the offering size. >> okay. leslie, don't go anywhere. we will have you part of the conversation kate kelly from the new york times is with us the lead underwriter of what is a flop on day one.

kate, what do you think happened or what went wrong >> i think leslie hit on key points unusual debut with the larger than usual retail mix. some cakey components allowed people to flip shares. employees of robinhood were able to sell shares day one rather than the six-month lock up you have the small investment component which was 25% of the stock. they set aside 35%, by the way that, in itself, the fact the 35% wasn't used could be regarded pending details as a bit of a bearish signal. you may have had a bit of flipping activity in the standard hedge fund flipping activity the goal with ipos is to find the long holders to give you the strong investor base and see you through the initial growth

cycle. not sell shares on day one there was a lot of activity yesterday. i checked to see the short interest it sounds like we may not be able to get the details for a while yet. clearly there were bearish signals. technical process played a role. there are fundamental questions of record with the first quarter as they faced the game storm and meme frenzy. wall street journal talked about this there are questions. are they going public at the top or well on the way to a strong and fast growth projectory and this is a long hiccup along the way? >> leslie, when you hire a bank like goldman sachs to underwrite the offering to advise you you

on price in this case, they wanted to get as much cash given this is a business that wants and needs cash, but was there any debate, do we know, internally about the price? was robinhood the one push on the $38? was there ever a conversation about bringing the price lower and what that might do >> i did ask sources about this. of course, people in the room all were cagey about those discussions saying, it was a mutually agreed upon price everybody was happy with that $38 a share. what is different about this deal as opposed to others, the lead left bank in charge of allocating the shares is the stabilization able that is someone who can come in and prop up the stock if it seems to be losing footing on day one. in this particular case, those two roles were divided

goldman sachs was left with allocation and jpmorgan chase were stabilization agents. you had two banks doing the job that typically involved one. this is interesting with the ipo process nonetheless. another thing with talking to investors yesterday, we usually start to hear throughout the course of the week leading up to the big ipo like this, it is oversubscribed by x amount of times. those numbers don't mean anything because they are unbinding interests. it is still an interesting data point. with this, we kept hearing it was covered at the ipo range that, too, is not the best signal to send investors they are waiting for the oversubscription numbers as fluffy they may be, they provide comfort to people. >> kate -- go ahead. >> kate or leslie.

we talked about the individual investors yesterday. would they be the meme type that hold on regardless of fundamentals i love robinhood i'll keep it i'll tweet to cnbc every day i hate you because you said something. are they those people are they people that are ready to say wait a second. this is not going my way i'm out. is it net, net or didn't have impact on what happened? what do you think, kate? >> that is funny, joe. all i can do is give you my straw poll because i was talking to people during the reddit, rah-rah gamestop process the statement i got was not interested this was highly anecdotal. it is hard to say. i think it tapped into a different crowd. by the way, maybe that is actually over the long term.

i know we saw negative performance yesterday. more of a buy-in crowd than the gamestop and amc crowd time will tell you know, to the point about the underwriters, i spoke to one underwriter yesterday. at this price, they said they left money on the table. depends on the performance standard expectation is 10% pop. that is what you are going for nothing outrageous to suggest you left money on the table. a strong enough showing that there is a feeling there is a lot of interest in the stock and it will have legs. it made me wonder if the underwriters, perhaps spun, but the underwriters were surprised about by what happened and this played a role in what they didn't anticipate. >> will leave the conversation there. leslie and kate, have a great

weekend. coming up, disney is not happy. blasting scarlett johansson after the actress filed a lawsuit against the studio for releasing "black widow" on the streaming service. details when "squawk box" comes back made to order or ready to go? with a hybrid, you don't have to choose. that's why insurers are going hybrid with ibm. with watson on a hybrid cloud they can use ai to help predict client needs and get the data they need to quickly design coverage for each one. businesses that want personalization and speed are going with a smarter hybrid cloud using the technology and expertise of ibm. nice bumping into you. [music plays.] ♪ ♪ ♪ ♪

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welcome back to "squawk box. a fight taking place in hollywood. disney firing back at scarlett johansson suing the company. actress alleging the studio breached the contract when it offered "black widow" on streaming at the same time in theaters disney said there is most merit

and complied with the contract the dual released strategy reduced compensation because pay was based on box office receipts from what was supposed to be an exclusive run in theaters. we should mention the theater chains have come out and said "black widow" would have made more money >> did you see the number? >> $50 million 50 >> that would get your attention. if you were thinking of 50 less. i'm with scar-jo big time on this >> i'm with scar-jo, too you look at the email traffic embedded in the suit. >> you see disney. really, that's very callus of you to not accept $50 million less when the world is suffering. you know, disney -- you know, disney had a rough go. remember they were the perfect company in 2018.

until 2020 came alongand whoa. you got really bad things here for a pandemic >> this is the whole debate. jason kylar at warner media got into the middle of it when they released pictures at the same time to streaming. he went to the artist. there was blowback to try to make deals with them early on. disney did not try to make a deal with scarlett johansson okay we will do it here we'll make it up to you some other way. >> settlement? what will happen >> i don't know. i assume if you are disney, you try to settle. i'm not sure you tell me? what do you think the publicity cost >> you want to do "black widow 2" that is chump change for disney >> there is that if you don't settle, you set a

precedent and every other actor in america involved in these f films with similar deals not everybody has back-end deals at the same level she does it is a bit of a chess game. >> do the streaming companies have the same deal i don't want to argue. i don't want to be too stride end. it happened. what is this actor thinking of they got a job >> i don't know. i think the actors in "fast and furious" are taken care of >> dr. death have you tuned in to that? >> on peacock? i was a listener of the podcast. i have seen a little bit >> i'm afraid to get a haircut i don't want anyone doing anything to me i'm scared. >> i need a haircut. these next week's project.

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caterpillar posting quarterly results and pretty good beating estimates. i don't know whether that is a real quote i'm not sure we have soon a trade. beat estimates of 20 cents a trade. revenue beat estimates i think they were looking for a 25.8% increase in revenue. you see how depressed the environment was a year ago that would have been a $12.58

billion and the company did $12.9 billion. better than 26% rise in revenue. it didn't make a lot of money last year. $1.03. $2.60 this year. we will keep an eye on the shares like i said, i don't know if they are creating demand got a boost from reopening what was going to be a reopening. let's hope it continues, andrew. i'm not ready to re-close. we're getting my kids from going to school and masks in classrooms for everyone coming back the possibility of remote stuff is suddenly on the table again >> i'm hoping the remote stuff is off the table i do think the masking is in effect it seems vaccinated or not. >> more and more people. we'll have scott on. gottlieb more and more people

get used to it it is endemic. a flu type thing where we have theyrapeutics and vaccine lessen the severity of it it will be around for a while. >> you know, it is funny. people spun up testing and then brought them down. i wonder if testing is a component. >> we don't test for the flu you deal with it it will be there it will be a background level that's there we just need -- a therapeutic would really knock it out. a cocktail ace inhibitor pill then, oh, yeah we need to call it something different at that point. covid is scary >> how is that -- anyway, merck has the drug they are working on i don't know how it is doing

>> it should be a way to do it >> let's talk to gottlieb in the 8:00 hour about the thera therapeutics when we come back, business leaders and investors in hong kong got some insight into how tough beijing plans to be on protesters under the new national security law. we'll bring you a live report from beijing in just a moment. if you haven't already, follow our podcast squawk pod catch our best guests and most interesting conversations and so much more. it is not just the show. it is the show plus plus you should catch it every day. you are watching "squawk" on cnbc

welcome back to "squawk box. a volatile week of trading hang seng posting a 5% drop in the week led by lower tech stocks alibaba tumbling 4% today. investors worried about regulatory crackdowns. today, hong kong found out how tough beijing will be under the new national security law. eunice yoon is live with that story. good morning, eunice >> reporter: good morning, andrew hong kong sentenced the first person convicted under the beijing security law the former waiter faces nine

years in jail after convicted of secession and terrorism for crashing his motor bike into a group of police while flying the flag liberate hong kong. revolution of our times. it will appeal for investors, the case was closely watched and to understand how the court would interpret the national security law. under the law, secession and colluding with foreign forces has been outoutlawed, but the tm are ill defined. the liberate slogan has been widely used and displayed en masse demonstrations we know the protest slogan is considered capable of inciting others and adds criminality to a political agenda

if you plead not guilty, the way he did, that will give you no leniency potentially silencing the further public use of the slogan of some 76 activists and journalists and also now await to stand trial after charged under this law andrew >> in terms of the impact on the markets, how are investors thinking about this? this is one component part of the larger piece, if you will. we're watch withing the stocks many chinese companies fall all week is there a bottom to this? is this a sense this -- there is an end >> reporter: well, i think that that's what people are trying to figure out one of the reasons why we saw sentiment get hit from the new legislation or new sentencing because it added to the uncertainty. as i mentioned, the case itself

has been very closely watched because people were wondering just how far the authorities would go it is still not entirely clear just how far the authorities will go even with this latest sentencing >> okay. eunice yoon in beijing, thank you. have a great weekend coming up, bitcoin climbing back above 40,00$$40,000 this w. we will talk to susquehanna's bart smith and look at the big gains in the month ending today dr horton up 5%. the shbitb on track to post the first monthly increase since april. stay tuned you are watching "squawk box" on cnbc hey, son!

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welcome back to "squawk box" here on cnbc futures are ahead of the company. two and a half hours before we finally open dow looking to open down 87 points nasdaq off 150 points. s&p 500 off 27 points. among the stocks to watch. look at gilead sales rose 21% in the latest quarter. driven by demanded for the therapists like covid-19 treatment and hepatitis c virus treatment. you are looking at the stock off

1% this morning, joe >> you have to count the 20 minutes since 6:30 two hours and ten minutes left do not zeasell shz us short, andrew >> i'm sorry i looked at the clock. you're right >> not for nothing

all of this is happening kind of quietly and maybe not headlines. it seems to be maybe more established that maybe bitcoin is here to stay. >> it is kind of hard to ignore. when we talk about bitcoin prices, the world has to absorb $36 million bitcoin mined a day.

people want to buy $36 million of bitcoin a day, prices go up they don't, the prices go down heading on the point here. the smart people i listen to are pointing to the last investment.

open to the nft exchange the companies that are investing in them are visa and paypal. you have d.c. companies and banks. traditional asset managers you say, there must be something going on they had been an outspoken critic she kept talking about snake oil salesmen and then something about that it could be an answer to the bank not everybody lives in the united states and not everybody

has a stable currency. if you work hard for a living and you have a cell phone, you can actually preserve some of your earnings. you could have a billion people using bitcoin to save and preserve their hard earned wages. you live in a stable place but you live in the rest of the world. you have inflation rates you have to have a flexible way to bartter, it makes a tremendous

amount of sense. >> we've got work to do. the same thing could happen. i didn't have the heart to say you could divide it at that point. still needs to happen with regulators and the political class and everything else. there's a lot that can happen. every four years, that number halves and that gets to bitcoin 2140 we are going to have a huge

party when that $21 million bitcoin. will you come. >> i'mcoming the crypto king. a little more time coming up more of joe singing and quarterly results checking out the biggest pre-market mover. stay tuned on "squawk box" on

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>> red arrows on wall street as

stocks look to close out the month on a sour note retail investing and the role of fintech work so much more as the second hour of "squawk box" begins right now. >> good morning. welcome back not really demo graphically correct, andrew. becky is off she'll be back it is all right.

just the boys. they were down even more nasdaq was down a couple of hundred. we are now looking at the dow jones down caterpillar reported we'll get down about 24 all of this can change. here is what is make headlines about amazon and robinhood did beat expectations but sales fell short of the forecast if you are not going to split your stock, get used to a down day the first time amazon has missed revenue estimates

robinhood is lower in pre-market trading after falling yesterday in its wall street debut i did not see it fall 11%. i saw it fall eight. >> ceo said he's building a long-term business scar jo is suing walt disney on the release of her black widow movie on disney plus the contract called for release in theaters. and the simultaneous release may have cost her $50 million. disney says the suit has no merit and her contract was not violated disney says she should be thanking disney for allowing her to work and make money during the pandemic and that the

streaming allowed the movie to be the success it was. i smell a settlement i'm wondering. >> i think you settle this one otherwise any other actor with a deal is going to do this p&g notes a challenging cost environment. talking about the quarter and the upcoming change in the executive sweet. >> watching some of the big movers >> good friday morning, andrew we wrap up the week here on

maybe a down noteworthy to note the most weight, technology has been the single worst down about 1% seeing the sensitive sectors like energy up 3.5%. dpans in materials as well perhaps not good if you are looking at the worst performing sector caterpillar shares are down 1.5%.

showing growth in all the major units. good stories are there if you look at the last year, they are down about 14% from the peak we saw a couple of minutes ago. some are looking towards caterpillar as and indicator so maybe not a good sign that it is weaker >> another place to keep an eye on is chevron is it also has resumed the stock buy back rating $2 billion to $3 billion.

that is a key focus today. >> it's been about 10, 11 years of practice that has made that handwriting what it is >> my handwriting looks like a third grader there >> coming up, procter & gamble reporting moments ago.

before we get to a break squawk returns after this. gold. your strategic advantage.

show me the olympics. [ "bugler's dream" playing ] ♪ ♪ ♪ ♪ ♪ ♪ proctor and gamble reporting third quarter results beating on top and bottom lines did note a challenging cost and

operating environment. vice chairman and coo will become ceo in november david taylor will become executive chairman joining us now, president and ceo david taylor the company releasing second quarter results. good to see you mr. taylor good morning >> nice to see you as well >> the stock is up a little bit because the higher costs and everything else, that was anticipated. one of the great things you've been able to accomplish is the return of the organic sales growth that company used to both of but didn't have for years that was back to 5 or 6% in 2019 you did 4% in the recent quarter. the next fiscal year, you do

see. is that the costs. >> we are up 4%. finished 6% on the year. we've had three consecutive yaers of strong organic growth we grew 8% in the u.s., 12% in china. growing faster right before the pandemic the strategy is working and i think we'll continue to do well post the pandemic >> the 2 to 4% your sales base

is so massive. i don't think people know what that means why do you see that growing 2 to 4%, the company is doing very well. we've had some of the strongest share results we've seen in years. but we are facing very significant commodity pressure estimating $1.8 billion after tax. however, we still expect the markets to grow probably around 3% we'll work hard to grow faster than that and so the acceleration improves to the market again, the company is very well

positioned our people continue to perform very well. >> that's correct, yes the key will be how you are dealing with it. the momentum is very strong. we haven't the ability to innovate on our products we want to provide outsiding service to our consumers.

you did look outside the company for succession it wasn't solely his appearance on "squawk box" that landed him here he's worked alongside and been a tremendous partner the last six years. he brings a very strong understanding and is well positioned to take the company to even greater heights. >> he's a lifer. i read the journal piece that said during your tenure, the stock didn't go up much. we'll look at a five-year chart.

i've been watching he come up with a couple of cost initiatives that saved how much? billions over the year >> this is the second one we've finished right now we made some choices on the products and package, communications and value that got very clear accountability that has come together to allow us to perform really well.

then look at the three-year mark millennials want this, gluten this you doubled down on the best known brands in the world and made it more efficient they didn't invent a new burger, they just did it much better you kind of had the same strategy double down on tide and ivory and everything else. >> we certainly want to grow the brands we have and improve the performance. on top of that, we innovate and

look for acquisitions that allow us to grow faster. but you are right, our organization has really stepped up and delivered we have an outstanding lead leadership team. >> during the pandemic, life felt really insecure i think it paid off. let's talk about the future and what that means for your employees. >> we've had three priorities going through this pandemic that remain relevant. health and safety of our employees, second to take care of our consumers to make, pack and ship

then helping the communities first, it was providing face shields and masks or stepping up dona donations. as you know the pandemic is still with us. the delta variant is very difficult. and through the midsingle digits and double digit profitability and we'll continue to support our employees. >> i think about the bottleneck.

toy lot paper. whether this time, i hope there isn't a this time but if there is another wave people have to worry about do companies learn how to get around he's bottleneck supply issues >> we have to look at the business continuity plan that is the agility and be resilient to recover quickly. >> we have over 110 plants around the world we've been able to keep those running through

the pandemic setting up alternatives so when we had an issue with one supplier, reliable supply during this time has been critical. we've worked with our customers do the best we can during a very challenging environment. agility and resilience i think p&g has shown we are up to the task. >> executive chairman. i thinks it going to be you and john for a while you two will be working together for how long do you think? >> at the time i hand it over to

john, it will be six years as ceo. this is actually a very good time the company is delivering results. john along with a strong leadership team is able to take the condition forward. i look forward to working with john starting in november in his new capacity leadership in his organization p&g is really an outstanding leader one of the reasons we've been very resilient during the pandemic >> do you think his head will fit through the door to come on

squawk >> proud to come from cincinnati and proud that p&g is based there. love the building. love p&g >> we love our joes. joe vato, joe buro and joe, you are welcome here any time you are in cincinnati. >> my daughter has loved him since she was a little girl. me too thank you. fresh it when we come back, we are going to talk about the robyn hood nasdaq debut and the report that is not registered the ceo of spirit airlines and how the delta variant may impact

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in nonor of national cheese case day, where did the sweet treat originate, ancient greece. stopping processing registrations and exploring the new crack down a lot of folks looking at what is happening in china right now. it is raising all sorts of new questions, joe >> yes, it is. i'm looking at what's coming up. i'm excited about it kevin o'leary. >> get your popcorn out.

>> i love these gentleman. he's going to join us to talk ro robinhood. ♪♪ 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.

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exxon mobil reporting stocks getting a boost out of the gate with this. it closed at 57 cents or so. the company reporting $1.10. wall street estimate was 99 cents. revenue was always challenging with these big majors.

the estimate $66.8 billion and the company beat 67.7. you got upstream operations. downstream was actually a loss on the downstream. bottom line number, $4.7 billion in earnings. so still a very profitable entity that has an uncertain future at this point, andrew and how to navigate through the current waters political and otherwise. >> yes, it does. rising waters. warming waters all of it. meantime, we are also watching shares of robin hood the stock closing down more than 8% telling us the company is more

focused on product and investor safety >> the top value of the company is safety first. there is a lot more we can do. we've made a lot of progress already. the infrastructure reliability having the service available, customer support being client first safety first implies, con p pliens -- compliance first >> congressman here and kevin o'leary. whether you think regulators should or not step in? >> it looks like ceos finally got the message after the fine on robinhood

they set they didn't do a good enough job educating customers you have regulations for a reason they have to be regulated. >> to put a fine point, regulated more than they are now? one of the big debates is payment for order flow, which is to say the true customer, the revenue isn't coming from the end user the revenue is coming from some of the big funds effectively pay for that flow. >> you have to have conflict of interest laws. you also have capitol requirements so it doesn't happen that they have a run on investment

so, yes, there needs to be more conflict of interest and capital requirements >> we talked to senator elizabeth warren there is a rift in the country between the idea of protecting the small investor and saying stop protecting us your protection is hurting us. >> i'm here in boston. i'm a big fan of ee lizlizabeth warren the more outrageous you are, the more air time you get. i applaud had eer for that. buying something on robinhood or

any, you are speculating whether you are 18 or 80, you are going to play the markets at a 7 or 8% aggregate. i'm a fan and a share holder a lot of people don't understand the platform one thing you can't do in robinhood is short stocks. he's trying to protect investors and teach them how to invest in terms of finding finre regulations, every single money center bank has been fined in past years sometimes they break the rules at the end of the day, 20 million accounts say it, robinhood is here to stay.

>> what do you say to those that say take the shackles off. we want to invest. washington and regulators have said, you know what, we don't want to allow that because effectively these smaller investors will take advantage of they want the same opportunity the big guys have and the hedge funds. that's why there was outrage when they shut down. there wasn't a sense of pair owe di >> i agree but i think kevin would alloy there should be

clarity and those saying that they are going to charge something and then have those services so investors should know >> part of the argument now saying if they don't reach the fresh hold of what's in their bank account the argument is almost that they are not smart enough or they'll be duped the argument is if the people with more money get swindled, they can afford to loose it.

you don't want people to invest their entire savings or money they saved for college or starting a business and lose it all in the stock market. >> you have to have a disclosure or educational requirement yes, you should have that for your kids. you want your kid out there investing with no protection i don't thinks this what we want in this country. >> joe used the phrase robynhood winked in the sense that they paid for more the stock than it is worth today >> the deal was soft, andrew i think you guys well documente

when you just call around you saw this wasavailable. i would remind everybody that a hundred million americans don't have anything put aside. that's because we didn't educate those people way back. vesting is different than savings. you put your money in savings,

you make nothing robinhood is trying to get people in an early age to put something aside chlkt they are starting to embrace etfs it is a little more risky. i keep saying it, $20 million people 20% of 100 million people didn't have an account. it's good. >> when you see theprice of a stock fall, do you blame the company for pushing too hard on the price

le you can ask any money center bank today, did they wish they had robinhood in their portfolio, the answer would be yes. >> think about the other ones. the more you hype a deal, it seems to do poorly including uber and other ones. you were all over that you really hyped it and look what happened. i'm going to send you an invoice. >> i thinkly think we were asking some tough questions

>> i'm just kidding. >> i was going to come in, that's a load of crap, o'leary >> i know. i know >> we were talking about -- there is an issue today. goldman face meet egg, come on people listen to you you got to be careful. >> guys, very few ipos. >> we have people in the country that can't afford to fix their car if it breaks down. you are saying people aren't in the stock market because they

haven't been educated. they need to be more responsible. >> everybody can afford to put 10% of their income aside. they have to be taught to. that's the problem >> thank you kif in. we hope to have both of you back and have a great weekend when we come back, we have spirit airlines ceo joining us to talk travel demand and what will happen with the delta variant. when we return, a conversation you don't want to miss your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do.

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welcome back a quick look at the futures. we are looking at exxon mobil. stock is up. chevron above estimates at .12

cents. chevron improving from higher oil prices, et cetera. company ceo mike wirth will join brian sullivan interviewing him this afternoon. coming up, the ceo of spirit airlines he joinz us after the break and dr. gottlieb on the latest delta variant and what he's thinking t. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us.

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spirit airlines topping second quarter estimates expanding operations in new york's laguardia and miami opening for service. joining us now, president and ceo. good to see you. just start out by asking you is it the same deal with the low-cost carriers like spirit as we think of with the legacy carriers there must be some differences too. i don't know that you do as much international or business

travel, et cetera. >> good morning. it is great to be here we did just report our earnings report we are excited to see momentum to our point, since the beginning of the pandemic, leisure traffic has lead the recovery spirit is a big leisure company it is great to see full airplanes and airports.

>> one of our favorite topics around here. we are a low cost carrier. we maintain a rigorous focus on pandemic or not. we certainly face challenges we did not furlough any of our front line staff putting us in good position of the rebound we've seen of late we are managing our cost structure very well it will be a big threshold for these low cost

carriers what do you foresee? i guess masks have never come off? >> no change there for passengers on board aircraft ricing case count. we believe the answer to that is get your vaccine one of the problems early on were the restrictions put in place where they were cutting off the opportunity to travel. there are facial covering requirements coming back

but the market is still open i thinks that a different setup than early on. >> we've seen a number of cities and states and on fox, we heard them say every passenger should be vax natd plus a mask why don't you do it? >> we don't have the authority to mandate vaccinations -- >> you do. you have absolute authority to mandate. >> that's going to be a federal question, i believe.

we can address what we are doing here within spirit we are strongly encouraging all of our team members to get vaccinated for sure. to dam paend get back to business >> just so i understand and the public understands why don't you think you have the authority to mandate it for the passengers on your plane >> i don't have all the legal answers in front of me right now. we believe the federal government would be best of that issue. for now, that hasn't come up

we haven't heard that. the focus is maintaining service, facial coverings. we do a lot to maintain safety the air quality is among the best in the country. the airlines have done a lot of things to put in place -- >> but you don't require it for your employees, right? >> we do not have mandatory vaccines for our employees we strongly encourage team members -- >> that you could require. you could. >> we could. that's correct we could do that we've evaluated that for now, we are taking a position we encourage folks to get their vaccines i know a lot of companies are evaluating where they stand on that that's a fluid discussion. our focus has always been on our

safety of team makes we've taken a lot of steps as a company. >> one more thing in do you serve alcohol on spirit what is with the unruly pass passenger exploding? >> it is a big news story of the up tick of unruly passengers we are proud of the way our team has handled the limited offenses the faa has taken a strong stance as well >> you probably don't have first class. don't put any kids in first class, i know andrew gets quite

unruly >> i'm never going to live that down thank you. i'll never live down the children in first class story. we'll be back with dr. gottlieb to talk about the delta variant. 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.

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we could see some weekly gains that hold for the dow and the s&p 500 that could be wiped out on the end of the day. monthly gains appear to be locked in. shares of amazon are significantly lower in the pre-market after the company missed expectations for the first time in more than two years and gave a disappointing third quarter outlook. taking stock from the damage of robinhood's first day. what went wrong and will retail investors stick by the platform that has become known for retail trading and memestocks

>> good morning. welcome back becky is off today still about an hour and a half away got the time this time dow off 131 appointments nasdaq looking to open down about 81 points. off 33 points. treasury yells right now you can look at the 10-year note of trading at 1.242. >> the agency works for guidance surrounding the regulatory risk that they may have risked by

beijing. investors in didiglobal have felt the squeeze down since its debut june 30th meantime, discussions about amazon the company missed revenue estimates for the first time and gave lack luster third quarter guide enand then results are out today you don't want to miss the exclusive interview more on the exchange at 1:00 p.m. eastern.

a big battle in the entertainment industry first to cnbc market commenter onthe market i don't think thi is a bell weather. it did kind of rhyme in the afternoon. we are on track to have another gain sixth straight game. it shows you the persistence of this rally

if you look at the general angel up, we've flattened out a bit. look at the equal weighted russell 1,000. that's in this etf this is for month to date. the biggest stocks so far holding things higher. we haven't opened yet on the equal. with that spread, we are watching the negative reactions that follows adverse reactions for apple. facebook we had very much in sync these paths it isn't easy.

apple and amazon themselves are 10% of the s&p 500 those have to go a lot to the left side. those go through august as we figure out how much is left in the tank >> we'll see you know monday is august. dog days, got nirg from the last 60 years that we missed there? >> when what we know, it's one of the weakest months of the year some of them will work all the time it doesn't become slow, it might be become bigger swings.

we've never had a fed this involved it makes sense to look at the historical pattern >> a lot of uncertainty when there is ever not, let me know >> getting to that big entertainment story we promised. the battle over the box office the lawsuit has the movie industry buzzing it is fascinating. >> scarlet johansen is suing disney saying that her contract was breached when her film was

released on disney she was guaranteed an exclusive release. she says it cost her about $50 million. disney responding saying, quote, there is no merit in this finding. earning on top of those to date. grossing at $80 million and another $60 million from at-home purchases. the box office fell 68%.

it could be because they discouraged those from going out to theaters. those could have long lasting implications we could see more pay up front and even to subscriber growth you may not have them at the same side as she does to line up and follow their own suit

they might indicate to someone else >> when these were made with the long prepandemic, they didn't have to worry because there was no such thing. before these came out, they were so different maybe she was wondering about disney plus and how it would work and not the idea that windows would be collapsed entirely that is something that has really happened. >> you don't think the issue of the window closing was clearly on their minds

those e-mails seem to be that they are asking very pointed questions. >> i think they saw the window narrowing and the rising power of disney plus that same containious release is pretty remarkable. this is about the rising power for disney, it is disney plus. she sees disney's incentive and not compensating her based on

how she might vr for the number of films and times my movie is downloaded what about how i'm driving subscriber growth. this is all about the shift and foe skus towards stroeaming they've had to pay huge additional bonuses to talent because that talent doesn't know how much they are missing out on this has been a dramatic change to the industry. >> we'll see when it haezs thab they'll make a movie of it.

>> maybe we can ask senator warren, how do we do the wealth tax on scar joe if we don't know what she's getting >> i have to tell you, joe, i was very persuaded by one thing she said proftd. >> profit values don't go down 50% in a year. >> 2008, if you lived in florida, they did. >> you could pay capital gains on a stock that goes down 90% and not get it back. kevin is right she says the most private km how are you going to value that

every year irs can't even catch cheats. >> that's part of the problem. by the way, venture capital firms and private equity firms are valuing themselves quarterly if not daily >> coming up, scarjo. estimates on the top and bottom lines. stepping down in november. will be replaced by our coo. stay with us

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acknowledge the world has changed. represents the agency will do. stating unpublished data pointing to the possibility that the delta may cause more severe illness and says it as dangerous as chicken pox advising even vaccinated people to wear masks. reaching out for comment joining us right now, dr. scott gottlieb form fda commissioner. he serves on the board of pfizer

and illumina if the war has charnged. what do we need to do to change? >> i think the documents released on the washington post conform with what we've been saying and suspected for weeks and what weigh saw from other countries. i don't think this really changes the truth i think it changes the cdc's willing noes acknowledge that truth the vaccines still work very well they've seen a 25-fold reduction in deaths and 25-fold reduction in hospitalizations. vaccinated people are developing

infection. vaccinated people in many cases are transmitting we said here, there was probably more vaccinated people than being detected they are not getting sick but they can catch and spread the virus. if you are arnolder people, you need to take precautions that means protecting yourself. i don't think it means putting everyone vaccinated in masks.

>> so many people getting back to work in office spaces some now, some after labor day you are going to have parents that have kids that are unvaccinated what do they do? >> once their parents get back to work and are in settings they are more likely to spread infections i think a lot of people who are vaccinated have been behaving like they are imperious to infection. i think this delta wave, we are further into it than we believe. this wave will pass.

could insiding with september and businesses wanting to restart, it might be pushed off with a two-week basis reassessing. if you look at the cdc model, they assume 50% of the infections beg reported, that's wildly high. i think the diagnosises are more or less. which means we are further into it i wouldn't be surprised if on a whole, we are infecting up to a million people a day right now >> a million people a day? ifs that the case and it is not showing up in the numbers, is

that considered a better result, a worse result that's staggering. spreading on a population that is vaccinated. younger people likely with the spread that's where the infection is occurring send us a time line with booster shots and kids under 12, when will those become available to the public and will they do enough

>> this is my personal opinion i'm not speaking for pfizer or my fda prior role. i believe we should be giving boosters to the vulnerable ellerly right around now we should start operationalizing that right now in terms of kids under the age of 12. i suspect that won't be available until midwinter. you do have the opportunity to get the vaccine into the high schools and middle schools just the elementary schools. >> we have to run.

look forward to talking to you on monday. we want to talk therapeutics we appreciate you as always. when we come back, we'll go inside robinhood's weakness. stay tuned creamy premium ice cream and chasing fireflies. don't worry about me. i'm fine. you can't beat turkey hill memories. at cdw, we get that even as we return to the office, collaboration is still evolving. it's time to make collaboration better, seamless, secure. with cisco webex orchestrated by cdw, get ai enabled automatic transcription and translation, and easily share documents, notes and even whiteboards from anywhere. so even if you're not in the same room, you can still say, "go, team!" for evolved collaboration, trust cisco and it orchestration by cdw, people who get it.

coming up, a new breaking

read on u.s. inflation >> it was on you breaking news. a new read on inflation data how is that? doesn't matter if it is you or me brilliant. "squawk box. ♪ music ♪ when you see value in all directions, you add value in all directions. accenture. let there be change. i think you're going to like it here. umm, why is everyone... throwing things at me? look, as cfo it's my job to be ready for whatever's next. that's why i have my finance team, randomly hurl things at me.

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live breaking news, expected up .09 is up dout 07 still running hot is many issues telling us various prices and costs have been doing. personal income the move june. last month, minus 2% revisited and if you look at the spending side ofthe equation

the deflator is up 4%. if we look year over year, that is up .4 that's one of the numbers coming in less than expected. the core deflator up 3 dolt 5. a couple of 10th less than expected we all know those prices have gone up. it is a question of how much and how many hands will have to be

chipped in for the pot down for the day down for the week. we can debate the fundamentals there are a lot of logistics going on in the treasury keep a close eye on that dollar index. it seems to be underperforming on the u.s. yields and yet their currency was doing better on basically the one-month high. did you get to see that as long as they are doing it >> exactly i always like to hear her opinion. she is on the spread alternative form they seem to be surrounding us

on every level >> some of the twitter people have said get ready. like a tag team in wrestling, we'll tap you back in. never say never. >> smart lady. steve maybe had some different view points on things i'm closer to her take as well. sincing the beginning of the year, continuing to believe once that fiscal policy has changed, this would change. getting a little breather here because of the variant and cautiousness in changing the course full out and full on qe

and they should have eased that back on the fiscal side going forward. >> just a quick note about the economy as it expected to change you had that huge spending number what we expect to see is this shift from goods to services in the shift does the delta variant talk on that track the other thing we saw was the inventory down big supposed to be a half of inventory ebuilding. getting that stopper un-clogged

especially autos that have been hurt we'll continue to see the investment horizon that could upset this projectly we think we are on >> i love that maybe we are converging to some extent on all of this stuff. but you are right. that was serenditous and makes sense you stake easy longer. >> i do. at least for now the key is to see this rate. have a good weekend. think about this stuff over the weekend. those are good things to do all

weekend. we have phil on, on worldwide exchange i'm not kidding. andrew >> okay. coming up when we return, a post on robinhood they are down already 34.41. as we yet to that break rchl it is on track to end the month with a loss. september of last year stay tuned you are watching squawk after this.

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>> shares of robinhood slumping in its debut they were hoping for a rebound a day which could still happen how they stack up against these highly anticipated

thinking about value if something was 12 years ago with a great company and ideas it is still a great company. if people take a close look at risks and regulatory issues. it may be not surprising >> their growth over the past year has been spectacular. it is 100% leverage to speculation. we had enormous speculation in crypto in general, seems to be cooling off a little bit it's not surprising. the big lesson in ipos people are forced to learn again and

again, you can't say yes, give it to me you have to say, what do i think it is worth? where am i comfortable buying in investors do get lured into this they think it is free money, just put in the order and certainly everybody got creamed here yesterday we should have known you'd never let them in on the ipo. it just doesn't happen they keep the money.

we don't just say, yes, we are in regardless of the price you just think there is always a pop, so it is free money that didn't happen here. the told story, really what the app is, and that's a noble aim but this is a speculation add. it removes a lot of friction makes it seem very fun when those are going up. you feel like a hero, you get addicted to it things do change in the cycle. you go back to the 1990s, this is what the whole story was. finally, we are making trading

available to everybody at some point, we'll see that here as well do we know if this is a cross section of a lot of people >> they were setting aside up to 35% of the deal for retail we don't know where that came out. >> henry, since you lived in the banking world, you can appreciate that question how are you supposed to judge and measure the underwriter.

looking at this work to say the work was not good work what do you think? >> ideally, you want to price the ipo. you want to give investors who take a risk it is a very sticky story. everybody has a huge incentive to underprice wildly there are so many issues it rewards investors for just saying buy without doing any work you do want to modestly

underprice it. in this case, it seems to be modestly overprices. some of the best companies out there in history it doesn't say anything about what can happen long term. >> how much is robinhood dependent on this bull market? >> the fed has something to say about that a lot of times you go public at the peak of things >> they are skord nayly dependent. they had a clever way of groi growing their accounts you get a free share of stock. it might be $1.25.

that's pretty clever you want to refer your friends they'll be excited to do it. talking about how much money you'll be making as soon as most people lose money which is generally what happens when they cool off it is a lot less fun and a lot harder to grow looking at the financial performance. they are directly tied to the level of speculation >> do you think that this is a one off. will there be another hot ipo coming out of the quotation mark not specific to robin hood there are excellent private companies that can and should be

public certainly won't be the last. this kind of thing tends to have a sobering effect. for the market as a whole and the tamping down speculation that is okay that's part of the market discipline we'll see if this puts an end with the ipo it is a friday >> it is coming back, joe. it is coming back. >> you should have been questioning all the quebec lags and now that you should be questioning bitcoin, you aren't i was calling it a bubble in the 90s.

bitcoin is a perfect asset i said that when it was 90 >> your forecast is either $1 or $1 million >> how do you it is not the opposite of speculation? how do you know it is not the opposite you don't. sometimes the smartest thing to do is not to play. >> you know what they say, have fun staying poor see you later. thank you. i'm doing better than most but not well enough as we all are and probably not playing because we don't play. we don't play, joe

that's part of the drill meantime, what to watch in the markets on the final trading day of july here at squawk watching shares of pintrest getting creamed after a quarterly decline of its users we'll be back with more in a moment but we need something better. that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income. schwab! introducing schwab intelligent income. a simple, modern way to pay yourself from your portfolio. oh, that's cool... i mean, we don't have that. schwab. a modern approach to wealth management.

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a little more than a half hour until the opening bell on wall street, and dom chu joins us now with a look at some of the top premarket movers this morning. hey, dom. >> yes, sir, joe, i've got the two big oil names first to start because it's a big day for big oil. you've got shares of exxon mobil and chevron up on the day. both come out with results that beat their expectations on the analyst front respectively 1% gains for chevron void by rising natural gas and oil prices chevron getting a boost because it's going to resume its stock repurchase program those stocks certainly ones to watch here check out shares of capri. this is the company formerly known as michael coors

they come out with better than expected profits and revenues. they've also boosted their full-year guidance for the second thiem year because of those stronger results those shares up 8% capri holdings one to watch as well as we do customarily in this hour, we give you a check on the top ticker searches on our website from the day before. the top four serges yesterday, amazon.com, no surprise there, robinhood markets of course with its public market day bow. the ten-year drops from number one to three and pinterest shares as well, those top four searches on cnbc.com from yesterday as well. so joe, that's stuff to watch in the premarket trade. i'll send things back over to you. i got the same bet, an american wins a gold medal, what do you think >> it's an uphill battle right now, i think, right? sepp straka had a pretty good

start. >> who's got the best chance >> for me because i'm an american i'd like to think an american has the best chance. >> which american? that's what my bet is on. >> justin thomas seems like he's doing pretty well. collin morikawa, we've talked a lot about him the last couple of months. >> you can't count him out. >> fingers crossed i have a bet did the ladies win at soccer? are they moving on >> i'm trying to tune it out, i'm trying to see some of the stuff myself later on down the line today. >> i'm not going o'to say what happened. >> simone biles -- i hope i'm not ruining that for you. >> you're r youining it for peoe >> they should go to the peacock app and watch the highlights that's what they should do joining us right now for more on the markets is brenda vanjela, chief investment officer at sand

hill global advisers it's great to see you this morning. we're all trying to make sense of the amazon news, we got robinhood on the other side. i mean, and then we have china that's weighing on all of us as well how are you thinking about things >>. >> that's right, well, i think the tu ddynamic has changed a le bit. where we suddenly have some more risks that are bubbling up we have the delta variant. we have tech companies against incredibly tough comparisons from last year and results aren't quite as good as some would like in some cases like amazon, and then we have a market that has become a little more discerning with new issues. in our view, some of this is healthy, but it still doesn't dissuade us from wanting to own equity here. i think if we look at the landscape and where money can go, equity is still one of the only places in town and we are seeing collectively earnings are having another strong quarter

year-over-year, about 90% of companies have exceeded earnings expectations, which is just phenomenal and earnings expectations are going up so i think it will allow the market to grow into its multiple a little bit, but i think with a company like amazon, it's hard to get too upset when the company has had $100 billion revenue quarter. we just have to think about that a little while it's so significant, and against a backdrop where people were at home buying a lot of goods last year, and so, yes, there's an absolutely tough comparison on the retail e-commerce side of their business to see the strength in aws and also on the advertising side, i mean, those are much more profitable parts of their business that's what this story is going to be about, not only top line but also the bottom line growth is incredibly important. >> brenda, you mentioned the delta variant, and we were talking to dr. scott gottlieb earlier. this new cdc report saying it's effectively a new war, saying it's as contagious as

chickenpox are you of the view that the market sees past this, that it's priced in? that it's not priced in? what's happening >> yeah, i think if we look at vaccination rates, especially amongst the most vulnerable, so those 65 and over, we have vaccination rates that are incredibly high. they're in the high 80s. so i think that's a positive when we look at, you know, not only as the delta variant being caught but are people ending up in the hospital and is it resulting in death i think that's an important differentiator of where we're at today versus where we were at a year ago i don't think it's going to be as disruptive as what we've seen thus far but certainly it's a bump in the road and i think something that none of us wanted to think was going to happen as we shed our masks and looked forward of getting back to life as usual. i think this is a potential drag on growth, but i don't think it's going to be anything like last year. i think if we look towards markets like the uk where it

looks like things are starting to trail off a little bit with the delta variant, i would hope that we could expect something similar here over the next month or so, but only time will tell >> brenda, i hope you're right, and i hope you have a great weekend. thank you for joining us today >> thank you my pleasure, thank you. >> joe >> i have some info on lady soccer, i'm not going to share it it was from 57 minutes ago anyway, andrew let's get a final check on the markets. you can see dow jones down about 83 points is where it's indicated. the nasdaq indicated down pretty significantly down 100 points not that much on a percentage basis. weaker than the other indices. if it ended here it would be a positive month for the averages. let's take a quick look at oil, we haven't checked that a lot today. we had exxon and chevron both report results today not much going on there.

finally, we will end on the ten-year note, where it's been for -- since it came down from about 1.6, 1.7 to a new range to maybe 1.2 and 1.4. andrew, plans for the weekend? stay safe. >> resting, sleeping. >> we'll do it again next week. >> yes, we will. make sure you join us. "squawk on the street" is next >> good friday morning, welcome to "squawk on the street." i'm carl quintanilla with morgan brennan at the new york stock exchange david faber is with us remotely and cramer has the day off futures a little weak here not just on amazon's revenue, but warnings about higher costs. inflation data was cooler than expected road map begins with