it's 5:00 a.m. at cnbc here is the top five at 5:00 markets kicking off on a strong note looking to shake off a losing week. futures are pointing to a lower open. the crypto crush taking the toll on the lender and more customers withdrawing money. and potential trade truce with the u.s. and china. president biden preparing to rollback tariffs on treasury

goods. we have a live report coming up. jeff bezos renewing the ongoing feud with biden and the white house. taking the president to task over the blame on energy companies for higher gas p rice. and amazon marking one year under ceo andy jassy could a turn around be on deck it's tuesday, july 5th you are watching "worldwide exchange" here on cnbc good morning welcome. i'm seema mody in for brian sullivan at this hour. let's kickoff the week with a look at the stocks at this moment a look at futures right now. according to a lower open. the dow indicating lower by 150 points stocks kicking off the second half of the year on a strong

note all three climbing by 1% on friday still not enough to erase the steep losses for the week. dow falling 1.2% with the s&p shedding 2% as you see there the nasdaq, the biggest loser, falling more than 4% a lot of it having to do with the bond market. 10-year treasury has been around the 3% level today is below that at 2.88% we will keep an eye on that. draw your attention to the oil market we are watching this strike by norwegian oil workers. further fueling tight supply worries. here is how oil is trading wti crude is higher by 1% at $109 a barrel. ice brent crude is lower at $113 nat gas at 5.76 at this hour. and cryptocurrency bitcoin broke 20,000 yesterday

you see it is just below that at $19,852. ethereum at $1,137 is now slightly higher by 1.5% right now. this is really coming as the sector is dealing with another lender halting customer withdrawals. we'll have that story coming up shortly. let's go worldwide jp ong is in singapore with the action in asia julianna tatelbaum is in the london newsroom with the look at the early trade in europe. jp, let's start with you >> good morning, seema an interesting tuesday and encouraging for the asia pacific region it is not without the level of frustration. we got the encouraging reports that you talked about a while ago with regards to the talks by janet yellen and liu in china

and possibility of tariffs lifting in china we got china reporting that june pmi is strong. and announcement of $75 billion infrastructure to bolster the sagging chinese economy. despite this news, mainland chinese stocks close in the red. shanghai and shenzhen stepping back hang seng and hong kong with the down turn and escaping with meager gains the nikkei 225, seema, extending recent wins. we see a win for the taiwan wei weighted we have a key inflation report from south korea pulling the trigger on a 50 basis point rate hike. the third consecutive rate hike

by the officials in sydney the second time consecutively. the governor saying they might not be done because this is the time to rein in inflation. and inflation is surging 6% today. that is the highest since the asian financial crisis of 1998 this sets the stage for the bank's policy decision tomorrow. look at how currencies are re reacting today the australian dollar is softens against the greenback. markets are pricing in the rate hike that was expected in australia and south korean won is weakens to the levels not seen since 2008. seema. >> thank you, jp now to early trade in europe julianna has more on that from london good to see you.

>> seema, good morning european equities have been selling off this morning red across the board the cac 40 in france down 1.1% ftse 100 in uk down 1.3% weakness in the oil majors dak in germany down 1% resilient in the spanish market and down .60%. j similar for the swiss market eurozone pmi confirming the economic picture in europe in june is concerning we also are keeping a close eye on oil markets you mentioned, seema, wti futures are extending gains this morning. norwegian energy workers start a strike over a dispute with wages. brent is trading down. wti is up 0.76%. according to the group representing the industrial action, the strike will cut output by 89,000 barrels per day

today. rising to 292,000 barrels tomorrow one other stock is the largest airline sas filed fchapter 11 bankruptcy in the u.s. we will see 50% of the daily scheduled flights canceled sas shares down 20%. seema, back to you >> that is the stock of the day. julianna, thank you. let's get a check of the morning top stories. silvana henao is standing by with those silvana, good morning. >> good morning. president biden apparently set to rollback tariffs on chinese imports. a potential announcement could come this week the planned pause would be likely centered on sconsumer goods like clothing and school supplies this would allow importers to request tariffs waivers. this comes as the administration

is dealing with near record inflation. some economists say removing tariffs will not impact high prices shares of foxconn popping as it raises the full year outlook. the largest electronics manufacturing citing strong sales of smart phones for the move supply chain management and rising sales have offset concerns of slowing demand due to inflation and lockdownsin china hitting clients like apple. fidelity rolling out a new investment tool for custom portfolios according to the financial times, the asset manager will reveal a direct indexes tool in the move to open up the concept to small investors it will carry a monthly fee of just under $5 and let investors

create custom indexes. seema, as the paper points out, this is seen as a threat to traditional funds and etfs >> this is the cause of the down turn and so many sitting on losses thank you. it is a busy week ahead for wall street. investors bracing for several key reports in the coming days with a major focus on employment data we get the may factory report later today. tomorrow is the jolts report of the thursday we get weekly initial jobless claims and then followed by the big highly anticipated monthly jobs report on friday. for more on the trading week ahead, let's bring in kevin simpson. he is the founder of capital wealth planning. good morning

>> hi, seema >> i detailed the reports on the agenda this week high focus on employment i think one question out there, kevin, is as the fed tackles high inflation, how much weakness they are willing to overcome, i guess, in the jobs market and if that could play out this week? >> if you think back during the pandemic, the jobs report is all we cared about it was the biggest report on the docket now it seems like it is all about inflation. last week, we ahad the pce number it came in with maybe inflation peaking. i thought about it last night as we celebrated fireworks. maybe we should have had fireworks last week to signal the all clear on inflation we will get a better read on the trajectory next week with cpi. as important as the jobs number is this week, it will not do

anything to change the opinion of the fed they are solely focused on inflation. cpi next week may be bigger than the jobs report this friday. >> are you recommending to clients to stay away from the sectors that have been hit hardest by inflation consumer discretionary and staples and energy >> it is interesting you say that if we look at energy, it was one of the best performing sectors for the first half of 2022 it is hard to find any solace in a lousy start. it was the worst first half of the year since 1970. energy was a standout. over the past three weeks, energy stocks have come down 20%. i think it presents opportunities if you missed the trade or don't have exposure to reenter the sector consumer discretionary, you have to be weary. maybe the consumer will come back strong in the holiday spending season.

that is recessionary environment. you may want to under wait discre discretionary. consumer staples you need to be aware of what you can do with the respect of the supply chain consumer staples need to be in the portfolio. >> what is the hot take on tech right now? if you had to buy a part of the sector hardware software >> tech or any sector, seema, it is cash on cash and return to shareholders you go through the bottoming process or heading into the recession, you need to own stocks paying dividends. we like big tech we like boring tech. we like dividends. we say this all the time we want to get paid while we wait big tech makes sense microsoft, apple or cisco. not trading them not looking two or three months.

take opportunities to add to positions in voluatility and weakness >> both sitting on sizable losses for the year. see if they turn around in the second half. kevin simpson, thank you. >> thank you, seema. when we head to break, more headwinds for crypto one peter thiel backed crypto seeking a lifeline to stay afloat. authorities in illinois capturing a person of interest in the deadly mass shooting during the fourth of july parade yesterday. the latest on the investigation. later, travelers taking to the skies. met with thousands of delays and cancellations as airline travel breaks pandemic records during the holiday weekend. we have a busy hour ilahd stl ea here on "worldwide exchange. e -' ci 022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place.

so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network. from the most innovative company. bring on today with comcast business. powering possibilities.

this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app.

let's look at bitcoin. gaining ground today hovering near $20,000 after falling below $19,000 last week. still down 30% over the past month as you see right there ethereum is up more percentage wise today by 1.5% the second largest cryptocurrency is down 35% 37% in the past month. the gains come as the sector continues to get hit hard. 3 arrows capital filing for bankruptcy friday after weeks of

speculation. a report says celsius laying off 50 employees this weekend after halting withdrawals. and coinloan limiting the size of daily withdrawals by 99%. the decision was not driven by market instability then the vauld trading platform backed by peter thiel suspending transactions the ceo citing market volatility which lead to withdraws in recent weeks let's talk about this with clara medalie. clara, a lot of bad news over the weekend. how bad is this for investors and industry as it tries a market turn around >> overall, june and quarter two were very brutal for cryptocurrency markets we saw the meltdown of the largest entities of the largest

industry the collapse of 3 rararrows is worst because they had loans with many lenders. digital and vauld and celsius. the question is when will this end? we need to see how the bankruptcies play out and if the companies will become insolvent and when the dust settles and when the liquidation stops, we can expect the volatility to die down it still remains unclear this week, we're seeing more lenders pause services >> the crypto lending market received a lot of attention at the height of the bitcoin boom which was last year where you can get returns of 10% to 20% compared to the less than 1% you get at a traditional bank. can this crypto lending market turn around? especially with the eye popping

names suspending transactions. what happens there >> we are seeing systemic risk in the business models with the lending platforms. it is something traditional banks don't have we will see more regulation when it comes to the entities at the end of the day, they are centralized companies. what they are doing with the clients funds is unregulated there is poor risking management we hope to see both regulation to protect consumers and more transparency on behalf of the companies. >> in your notes, you highlight the volatility in bitcoin trading is at an all-time high what does that mean for traders and tell you about the outlook >> volatility is the yearly highs and highest levels over the past year. it is higher than nasdaq and s&p 500. so, i think what we're seeing is that bitcoin in particular has sold off a lot more than other

alt coins. bitcoin is the most popular to hold on the balance sheet. one of the first assets that gets liquidated in the credit crunch we are actually seeing bitcoin sell off faster than other cryptocurrencies which created this volatility that has very much been detrimental to traders. >> bitcoin trading below $20,000? >> it seems 20,000 was a strong level of support for a while bitcoin has dipped below at this point, we need to see what happens with the liquidation and insolvencies of the crypto companies i would say it could go lower. it depends how much is selling off over the next month. >> seems to be a lot of uncertainty surrounding crypto asset class. clara, thank you >> thank you so much still on deck, treasury secretary janet yellen holding

constructive talks with the chinese counterparts we go live to beijing for what, if any, progss wreas made between the two sides. we're back in a moment

did you know your health has more to do with your zip code than your genetic code? that doesn't seem fair. we agree. but where you live determines access to doctors, green spaces and fresh food. that's why we grow our own. smart. we don't think it's right that some people are healthier than others just because of where they live. that's why we're delivering food to areas with less access to it, and helping schools teach kids about gardens. wish they'd taught gardening at my school.

you would have aced it. introducing elevance health. where health can go. ♪♪ introducing elevance health. ♪♪ ♪♪ take the world by cloud. accenture let there be change. welcome back authorities in illinois captured a person of interest in the deadly mass shooting in the fourth of july parade in the chicago suburb jay gray is with us now. jay, what have we learned about

the person of interest >> reporter: well, a lot of the focus right now on what he's done on line some of the things he has shared as part of his social media. a little more on that. let me tell you about the scene. it is still locked down. still with state, local and federal officials investigating after the deadly massacre yesterday. six people killed and more than two dozen injured. a fourth of july parade in the downtown area turned tragic. a fourth of july celebration quickly shifts to chaos. >> all of a sudden, a howitzer type noise >> reporter: a gunman with a high-powered rifle from the top of the building at spectators at the parade route >> massive amounts of blood in

the people gone. injuries were horrific >> reporter: families rushed to escape leaving behind rows of empty chairs officers moving in locating a weapon and later tracking down someone they call a person of interest >> the person is robert crimo iii. spotted by the chicago unit. the subject did flee a pursuit went on. ultimately they were able to get the subject stopped at wesley and 41 and lake forest the subject was taken into custody without incident >> reporter: the holiday and the chicago suburb turning into a nightmare. >> on a day we came together to celebrate community and freedom. instead mourning the loss, tragic loss of life, and struggling with terror brought upon us. >> reporter: the latest in the string of u.s. cities this summer dealing with heartache and unthinkable loss

a little more now on the 22-year-old person of interest robert "bobby" crimo investigators are looking at extensive and very disturbing social media footprint with tributes to mass shootings and public killings. seema, graphic skrdescriptions d discussions of murder and suicide and death. going on there and the downtown area behind us here. >> a devastating story jay, thank you for the latest. jay gray in highland park. let's get a check of the other top headlines. nbc's phillip mena in new york >> seema, good morning protests in akron following the deadly police shooting of jayland walker a state of emergency has been

is issued the city canceled the fourth of july fireworks the family of walker said an estimated 90 rounds fired. 60 wounds found on his body he was unarmed when killed. and in russia, brittney griner made a plea to the president asking for him to intervene in her case. and her letter to the president which her spokeswoman did not release in full. as i sit here in a russian prison alone with my thoughts and without the protection of my wife, family, friends, olympic jersey or any accomplishments, i'm terrified i might be here for ever the russians say they found vape cartridges in her luggage. she was last seen in the russian courtroom last week. fireworks lit up the skyline in honor of independence day macy's fourth of july fireworks was held along the east river. las vegas held the fourth of

july fireworks show heon the famous strip after cancelled last year. and this in the mile high city of denver. seema, back to you >> thank you, phillip. still on deck, tesla reportedly hitting pause on production at a pair of factories on the heels of tough quarterly output figures for the ev maker we have details on long the plants may sit idle. if you missed "worldwide exchange" check us out on podcast apps we will be right back. r views. perfectly located. an inspiration. and enough space to start an empire. loopnet. the most popular place to find a space. only at vanguard you're more than just an investor you're an owner. that means that your priorities are ours too.

our interactive tools and advice can help you build a future for the ones you love. that's the value of ownership. ♪♪ what do we want delivered every month? clumping litter? salmon pate? love that for me. just choose the frequency and ship it! i feel so accomplished. now you can pet me. get fast free shipping for all your pets' needs. chewy.

as a business owner, get fast free shipping for all your pets' needs. your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities.

stocks looking to carry the second half strong start into the trading week futures, as you see, losing steam. reporting to a lower open. janet yellen and chinese counterparts holding cons constructive talks on reports the white house may be rolling back goods from the country. eunice yoon is standing by. and jeff bezos renewing the feud with president biden over economic policies. this time taking the chafz commander in chief to task. you are watching "worldwide exchange" here on cnbc

welcome back i'm seema mody in for brian sullivan it is 5:30 a.m. on the east coast. here is how markets and your money is looking right now futures, as we say, as we said, indicating a negative open dow down 185 points. s&p 500 implied open down 24 points this as the s&p closed below the 200-day moving average on friday let's turn to the bond market. fed meeting minutes this week. 10-year treasury was staying at 3% level below that at 2.88%. i want to draw attention to the currency market. a big move in the euro this morning. sliding more than 1% to a new 20-year low against the dollar as investors raise concerns as to whether the european central bank can hike interest rates as europe faces recession this as the fed is on the path to continue raising rates. that policy divergence hitting

the euro trading at $1.03 against the dollar the lowest level this year. the talks with janet yellen and vice premier in china. talking about a number of issues eunice yoon is joining us from beijing. eunice, what were the topics discussed? >> reporter: seema, the treasury department said the two sides discussed the global economic outlook and secretary yellen laid out the u.s. concerns they are impact for example of russia's war on ukraine or the unfair trade practices the chinese side said that the vice premier liu said he was concerned and brought up china's point of view that u.s. tariffs

and sanctions and what beijing believes is u.s. mistreatment of chinese companies needs to be addressed. the readout from america did not mention tariffs. the expectation is president biden to fight inflation and is considering a rollback of tariffs as early as this week. i talked to suppliers and business executives who said if they were to do that, they would see immediate impact with orders and especially those selling consumer goods to americans. however, for president biden, it would not be that much of a clear cut choice on the one hand, president biden is seeing this inflation and some economists said if there were a tariffs rollback, it would not have a major impact to roll back inflation. it would have a one-time drop

and then concerns, seema, about the impact that president biden could look weak on china >> certainly the pros expect of the tariffs rolled back or softened is encouraging news for the market i'm curious from the chinese persp perspective. are they willing to reach agreement on tariffs >> reporter: they are incentivized that they want to have any type of alleviation of the tariffs because the economy is suffering there is an incentive for china to cooperate or make arrangement with the biden administration. we don't know what is happening behind closed doors. at the same time, the chinese have repeatedly said that china is not responsible for the deterioration in relations with the u.s. and china and the u.s. is the one that needs to change its policies we will have to see how all of this plays out there was a hint that china

wasn't so willing to cooperate, at least publicly. the foreign ministry today said china's position has always been clear. the cancellation of tariffs on china will benefit china and the u.s. and the world again, really making it clear that china thinks that they are always in the right. >> the world will be watching to see how it plays out alibaba shares up 2% pre-market. eunice, thank you. eunice yoon. back here in the u.s., millions of travelers taking to the skies this holiday weekend with numbers approaching p pre-pandemic levels. the surge is leading to headaches with delays and cancellations. phil lebeau is joining us on the cnbc news line with more phil, put this in perspective. how bad was it this weekend? >> it wasn't a great weekend, seema, but not as horrific as

many feared. the numbers speak to the situation improving as the weekend went along cancellations and flight aware registered 1,800 cancellations the delays 21,000 flights delayed over the weekend. the biggest impact on friday and saturday sunday and monday were smoother. for the airlines, the one story that got a lot of attention is american airlines and its internal scheduling software for its pilots had a glitch on friday briefly left about 12,000 flights without a captain or a first officer assigned to the flight we should point out that american says this had no operational impact this is an internal software system for pilots who are scheduling flights or trading flights with each other. we fixed the glitch. the pilots union said it did not have operational impact, but

there is some in terms of the delays they believe this is emblematic that the company did not invest enough for the ressurge of trav after the pandemic you look at the highest number of people flying on friday since before the pandemic. seema, the next couple of days should be a little smoother than last weekend then we head into the rest of the summer >> and certain airlines and delta airlines offering the waivers. are there expectations this situation will get better, phil, as the summer goes along or will be more of the same? >> it should be a little bit better you have three airlines and others who have already said they brought down the schedules. you have american, delta and united who all started bringing down schedules starting on july 1st. there is a little less stress on the system overall the bottom line is these are packed flights all the way

through labor day at least if we get a bad weather system somewhere, watch out that's where the cancellations and delays really pile up. >> we'll watch phil, thanks for joining us. phil lebeau. now to some of the morning's other top stories. including a twitter fight with jeff bezos and the white house silvana henao has delays >> seema, thanks tiktok is abandoning plans to expand the social media platform has been hit by problems and struggled to gain traction with consumers. tiktok shop was launched in the uk last year with brands and influencers selling live on the app. tiktok aimed to expand to germany, france, it aaly and spi before lawnunching in the u.s. tesla is halting most production on the model y in shanghai for the first half of

july and the model 3 line for 20 days starting july 18th. german web site tesla says the carmaker plant near berlin will take a two-week break on july 11th this comes after tesla reported deliveries dropped in the second quarter. missing estimates due to covid lockdowns in china. jeff bezos locking horns again with president biden the amazon founder slamming the president for gas stations to lower prices bezos tweeting ouch. inflation is far too important a problem for the white house to keep making statements like this it is either straight ahead or misdirection or deep misunderstanding of basic market dynamics the press secretary said oil prices have dropped $15 in the past month and gas prices have

barely moved >> silvana, thank you. coming up, a year of amazon under ceo andy jassy we talk to one analyst over the stock has shed in the timeframe. that's up next joints down. so i started taking osteo bi-flex every day because it has joint shield... ...clinically shown to improve joint comfort within 7 days. osteo bi-flex - available at your local retailer and club.

welcome back today marks one year since andy jassy took over the top job at

amazon the stock is down 30% under his watch. more than $630 billion of market value wiped out. what does the next 12 months have in store? joining me now is mkm partner analyst rohit kulkarni how much would you contribute to the under performance to amazon to andy jassy's leadership style? >> he has been doing fantastic job in my opinion. i feel there is a trifecta of headwinds that amazon and other companies are facing on top of that, it is exit departures two ceos leaving the biggest internet blackfarms in the world. the next 12 months, what i'm

excited about is as we move through the covid pandemic and move forward and we get through the inflation headwinds, this is where we buy the amazon stock. the next 12 months, we see these things move through the pipe trt >> despite inflation or slowing growth, what does jassy do now raise prices or markets? what does he need to do to rebound? >> what investors want is a showcase of what the retail, core retail business, and margins can return back to they have obviously overhired. they admitted that they have centers. all the next 12 months, they need to grow retail and have

margins expand to the level that would start showing signs of sustainable profitability. what investors are worried about is where do retail margins go from here? they are not worried about cloud or advertising they are really solid businesses with expanding margins retail, the ecommerce as people are swinging away from buying goods to buying services and amazon overhired and overspent on fulfillment centers, that is where the hot button is. iffing doug is the guy to turn around margins, that's what we believe. >> the company split stock in early june typically, history shows when company splits stock, it bounces. that did not happen in this case amazon continuing to trade down. you talk about retail being an area of opportunity.

what about amazon web services are they seeing more competition from microsoft or goiogle or other cloud players? is that a concern? >> amazon is a distant leader beyond microsoft and google and other fast followers they have more than 30% margins. it is annual revenue business. they are adding more services at a clip that no other company is doing. on top of that, i feel amazon web services is on the cusp of integrating hardware and software that could disrupt many others in the space. there is more green room for web services i feel they still remain under va valued and positions are something that we could have positive surprise over the next 6 to 12 months

from aws. >> all these high names with a strong bull run. now cut back on spending what comes to mind is netflix. that stock down 70% this year. when it comes to amazon, where does it cut back on spending how does prime video hold up amid all this? >> to some extent, they have already shown hints of cutting back on spending they hinted they will not build too many new fulfillment centers. capital expenditures will slowdown they will be at a record high growth rate, but accept that some parts of the business will slow down. they stopped hiring in some parts of retail. as amazon does, they will continue to spend and probably be opportunistic. they will expand in places where

other people may retrretract. now is the time to double down on places as prime video and prime overseas and so on i feel it may be an opportunity in expanding and cut back on places where investors want to see margin that's retail. >> you have $180 price target. trading at $108. rohit, thank you on deck, stocks are fighting to kickoff the week on a strong note oppenheimer's john stoltzfus is joining us and if you miss "worldwide exchange" check us out on our podcast apps we will be right back.

welcome back a relatively quiet day for traders coming off the holiday weekend. we get june sales figures for ford and factory orders report for the month of may marketspreparing to kickof the short trading week on a strong note. futures indicating we will open lower. the dow is off 143 points. a big week for economic data with the focus on employment and latest minutes from the fed's most recent policy meeting for more on what to expect, let's bring in john stoltzfus at oppenheimer asset management john, great to see you it is getting harder to be an optimist with 9 of 11 trading below the 50-day moving average. curious where you see opportunity right now.

>> thanks for having me on the "wex." when we look at it, at this point, the markets are fairly well oversold and working at least from the futures to add to that a little bit this morning we would have to say that we think by this point, it is important to take a look and see where the babies have been thrown out with the bath water are. we move forward, we have seen the commodity crisis come off the boil whether it was aluminum or copper, we are beginning to see companies slow their vision for the next quarter guidance that looks for slowing. we can't help but think we may be through the worst thus far. in past years, we have seen things really work out in the second half after having dismal

first halves we're still optimistic we have to admit guardedly so as we review data on the day-to-day basis. >> john, you have a note that came from citi analysts this morning. they are predicting a collapse in oil by 60% by the end of the year due to the worries of recession. how does that sound? we are trading above 100 right now. >> seema, when we look at it, the sector in terms of the s&p 500, the stocks are off 21% from a high this year on june 8th which suggests the sectorsector bear position since early june on the other hand, the wti is only down around 10% or so we can't help but think oil

won't go to $65 a barrel we could expect that oil could trade sooner than later in the area that would be somewhat d dramatically lower we could see it go to $80 if the administration pivots on the unfavorable policy to u.s. producers. >> back to the fed you note from btig that the analysts there say do not buy any bounce that you see in the market they expect the s&p 500 to attempt to rally to 4,000, but finishing the quarter below 3,800. what is your target right now? >> right now, what it comes to is the target for the s&p 500. the one we left standing at this point is 5,330 we are addressing that it would be 40% upside to where the s&p closed on friday

we are more looking at actually considering opportunities within individual stocks as well as in sectors that look to be over sold we include that to be consumer discretionary, technology, industrials and financials looking forward, we can't help but think better things are in store. there's an adage as we know, it is buy low, sell high. the problem is it is always difficult to buy low in times like this. it is also difficult to sell high it requires discipline and we also think it is very important to have prudent diversification at this time and right sized expectations for the near term as well as intermediate longer term >> good sound advice john, thanks for joining us. john stoltzfus

the euro trading at the 20-year low against the dollar concerns over the ecb can raise rates as europe faces the potential recession. that does it for us on "worldwide exchange" dowand theo is down 20 "squawk box" is next net. the most popular place to find a space. only at vanguard, you're more than just an investor you're an owner. that means that your goals are ours too. and vanguard retirement tools and advice can help you get there. that's the value of ownership. psst. girl. you can do better. can help you get there. ok. wow. i'm right here. and you can do better, too. at least with your big name wireless carrier. with xfinity mobile, you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill, over t-mobile, at&t and verizon.

wow. i can do better. yes, you can. i can do better, too. break free from the big three and switch to xfinity mobile. there's a reason comcast business powers more businesses than any other provider. actually, there's a few... comcast business offers the fastest, reliable network... the protection of securityedge™ and the most reliable 5g network. want me to keep going? i can... whether your small business is starting or growing, you need comcast business. technology solutions that put you ahead. get a great offer on internet and security, now with more speed and more bandwidth. plus find out how to get up to a $650 prepaid card with a qualifying bundle.

good morning so much for friday futures pointing to a lower open to start the holiday shortened trading week the story today is the euro. flat about 1% to a 20-year low germany had a trade deficit. you can figure out why importing a lot of stuff energy to heat their homes this

winter developing story from washington president biden looking to cut tariffs on china. and flight delays easing, but not before the travelers ran into trouble thousands of travelers read that. what does that say >> monday. d >> that is a problem it is tuesday, july 5th and "squawk box" begins right now. is it 2022 good morning welcome to "squawk box." here on cnbc and on this tuesday after july 4th weekend live from the nasdaq market site in times square. i'm melissa lee wi