insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. and welcome to "worldwide exchange." it's 5:00 a.m. here on cnbc. here's your top five at five trying to continue today the futures, they're searching for direction right now.

oil also trying to rebound after crude falls back to $100 a barrel we're going to dive into the price action and breaking news on the energy front with word that b barkindo has died. and two of johnson's cabinet members have resigned. and amazon getting into the meal delivery business it's wednesday, july 6th you're watching "worldwide exchange" right here on cnbc and good morning i'm frank holland in fur brian sullivan we'll kick off the hour with a check on the markets and your money right now. futures are struggling for

direction. stocks staging a comeback yesterday thanks to falling bond yields, the dow closing down 129 points the s&p eeking out a slight gain, while the nasdaq finished up about 1.75% let's get a check on treasuries. fresh signals of recession worries with the ten-year yield rising above -- excuse me. the two-year rising on tuesday the ten-year now currently at 2.813% take a look at the two-year. it's 2 presipoi2.824% right now we're seeing wti just a tick over $100 a barrel. brent crude up natural gas up 2%. bitcoin right now just above

20,000, 20,133, down very slightly ether's price down slightly. the action coming as another crypto lender announced its files for bankruptcy let's go live. our julianna tatelbaum is in our newsroom with much more on the trade in europe. >> frank, it's great to see you. here in europe the equity markets are on the rise, on the monday after yesterday's steep selloff. we've got greens across the board. we're seeing a little bit of the shine come off this rally. yesterday the stoxx 600 dropped 2% we didn't get that big boost from rate expectations changing for growth stocks. instead we saw stocks trade lower. the energy crisis firmly in focus here in europe and also recession fears.

the eurozone pmis yesterday painted a grim picture for the continent. we're seeing green across the board from a market perspective. we go to the top of the board. media up 2.5%. also strong demand for the retail sector, up 2.4% technology catching up 2.1. travel and leisure up. on the downside we've got banks underperforming. overall it is a positive session coming together. here in the uk, investors keeping a close eye on the political situation and i know you've got steve to give you the latest there. >> thanks very much on the early trade over in europe. now to the break news, mohammed barkendo has passed away how do you see this oomz

impacting the oil market and the next moves of opec >> i knew moham madeira barkindo for years. no underestimate to say i think he was instrumental in transforming opec into an effective organization let me go back six years when the russians were involved members were cheating left, right, and center. now with the saudi minister at the time and the russian oil minister, what barkindo managed to do is put forward a new gro grouping, something people never thought would happen it became an effective cartel. it gave them new discipline, meaning, and new power on the oil markets.

for the corn suas consumers and others are paying. he was an absolute giant in the oil industry whatever you may think about opec or the organization, he was incredibly affable and always open to questioning from cnbc and others. >> i also have to know you're at 10 downing street. there's a story with british prime minister boris johnson really fighting to hold onto his power after several senior cabinet members have quit. what's the latest? >> he's facing another crisis. it started with reporting in may about illicit gatherings during the lockdown due to covid. it's moved forward he had a confidence vote which he narrowly won with back benches of his own party now he's had a couple of senior

resignations including the finance secretary. he said he can no longer work with boris johnson and a key cabinet member of the health sector has also resigned. he let's moved quickly to replace them but a lot of vultures are circling his head. there could be changes to the constitution, the committee. he faces another confidence vote, the next few weeks and months as well there's a lot of problems on the short-term agenda for boris john j johnson. >> what happens next w with the latest challenge, what's the next? >> they get lovely long holidays and the next is to start on july 21st, the summer recess as well. if boris johnson can make it to that establish and regroup and

concentrate on the big policies, the cost-of-living, inflation, then he could survive. he's got a couple of former cabinet members this morning who are against him as well. they may see themselves as potential suiters for his job as well i'm looking behind me in case someone was coming out of number 10 nothing at the moment. there could be changes to the constitutional party very, very soon he could face another immediate challenge from those who have no confidence in him. otherwise it's likely he'll make it tothe summer recess and who knows what happens next. he'll not resign unless the resignation become something going forward. >> it's hard not to hear the other reporters around you waiting for the latest investors are bracing for

the key data this morning we get the first taste of job data and the turnover surveying then at 2:00 p.m. we get the minutes from the fed policy meeting last month and signals on the next step, for much more, let's bring in chuck. good morning, chuck. we've got a lot going on in the uk and in the u.s. right now markets flat to slightly higher after a big rebound on wall street yesterday. we've got falling bond yields. a ten-year falling yield incursion. fed minutes later today, the jolt report. how do you see that shaping up, the markets today, and what we're going to hear from the fed. >> we pretty much know what the government thinks.

they've been positive that they're going to continue to raise rates for a while. the jolts report is the consensus. it could be market-moving. if it's very high, the market might like it. they may say, the fed's going to slow down. that's going to be a very important report to look at. we think the fed is going to slow down. so we're looking forward to seeing that report. >> other big news out there, the general of opec passing away overnight. the energy of it has been volatile how do you see this impacting the energy market that's also sensitive to these recession fears? >> like other markets, when a full market is happening in a certain sector, let's say the energy sector in this case, you're going to have some very big declines, and you've certainly seen that lately when you look at the long term,

the oil markets and commodities in general are the place to be over the next few years. they're going to become the one. stocks and bonds are going to continue to have problems. it's still going to be relatively range-bound and stocks, especially if we're going into a recessionary-type time, we're going to have problems obviously that was the only sector that's been up so far this year. we think that's going to continue. >> so, chuck, you're positive on energy and other commodities, but recently commodities have taken a bit of a dip gold has been up over the last month. we've seen copper down more than 20% in the last month. a lot of people feel like that's a leading economic indicator one i was really curious

p palladium is down, electronics why aren't we seeing rises in those commodities, and what should that tell us about the markets? >> the u.s. dollar has been so strong whether it's oils, precious metals, copper we think this is a short-term situation. certainly with lower yields, the u.s. dollar becomes less attractive most importantly if the market starts to feel the fed is not going to be raising as quickly or as long as they expect, then a dollar is going to drop significantly. and because we have negative real rates, it's going to be a place to go to will be the praes precious metals and metals such

as palladium that has a component that's short in supply yes, the economy may slow down, but automobiles, which is the major user for palladium, could be considered being made, and more so in electric vehicles than gas or diesel vehicles. so we're bullish on all the precious metals, and we think especially gold stocks should be bought here. >> dollar price up 4% over the last month, impacting a lot of different sectors including commodities. chuck self, we appreciate it. when we come back on "worldwide exchange," the german government reportedly said to step in and step up to bail out one local gas giant amid that country's growing energy crisis. plus, energy woes, just one part of a growing list of issues facing the european union, and growing worries around its economy. the growing signals of deeper trouble ahead.

wall mmart warning of higher prices ahead a busy hour still ahead when "worldwide exchange" returns (vo) this is more than just a building. it's billion-dollar views. perfectly located. an inspiration. and enough space to start an empire. loopnet. the most popular place to find a space.

welcome back to "worldwide exchange." shares of german gas giant uniper is falling. they grapple with moscow cutting

off the supplies the german crisis one piece of the puzzle that's leading to growing concerns about its economic strength. the euro hovering at its lowest levels for much more, let's bring in chris williamson, chief business economist. thanks for being with us. >> hi, there. >> chris, we're watching two positive indicators, also the dollar and euro at parity. what do you make of it, and are we worried about a recession in the global economy >> i think there's concern mounting, which has turned out further. it seems there's a shift toward

the investment it's those future indicators that are rattling the market -- business expectations. these are awe nall down to the lowest levels. you have the timing with the pandemic restrictions, for example. this is all about recession bids mounting, forming a sort of vicious cycle of confidence, bringing growth down further it's led by europe with the gaa.

hampering economic growth through the year you have the whole business confidence issue now which is now preying on minds. >> we're here in the u.s rising gas prices have been part of the issue that have been lowering the strength of the consumer is it similar in europe? have gas prices risen? what does the demand look like >> absolutely. the energy price is key to what's happening in the moment in terms of souring sentiment. the global energy prices affect that it's costing more. we've also got concerns in

europeabout nord stream and so forth, the russian sanctions causing a big energy crunch in europe we're at the stage now where companies are saying they might not be able to operate in the winter when the gas supply is restricted so this is fueling further this whole downturn and fear that could keep rolling throughout the year. >> chris, i think you might be burying the lede there you say energy companies might be stopping. that's shocking. one last question before we let you go i know you're looking at pmi what are you seeing? what does that signal to you, those numbers, because you're still seeing growth in the eurozone. >> we're still seeing growth at the moment but, again, it's the four

indicators the gap is what we're looking at what you've got happening at the moment is it's weakening much more than output this gap means companies are going to be looking at their order books and saying, hang on, we're making too much at the moment for demand conditions at the moment you start cutting work forces and you start reducing there's a big shift to companies looking at it and saying there's too much in our warehouse. so that inventory will exacerbate the slowdown as well as further precautions. >> it sounds a lot like what we're facing here in the u.s a lot of similarities there. chris williamson from ihs

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welcome back to "worldwide exchange." >> good morning. vice president kamala harris made a surprise visit to highland park last night the v.p. spoke about access to high-powered rifles like the one used in the parade attack. the 21-year-old shooting suspect has been charged with seven counts of first-degree murder, but the state attorney made it clear there would be more charges coming the number of deaths has grown to seven this couple irina and kevin mccarthy leave behind a 2-year-old a tornado touched down east of washington, d.c down in new orleans heavy rain

flooded the streets. it took about an hour to drain parts of the city. "stranger things 4" sets a milestone. the sci-fi hit is now the most popular english series on if platform days after the release. that's it from me. back to you. >> i've never seen it before have you >> i watched it the first season there are so many things out there, my attention span is out there. >> i have never seen "stranger things." i've got to check it out phillip mena, thank you. oil prices bouncing back we dive into the price action and whether a further pullback could take shape if you haven't already, follow the podcast check us out on apple, spotify, or many other podcast apps, and

"worldwide exchange" will be right back

futures searching for some direction ahead of the opec. also oil staging a comeback after wti falls below 100 bucks a barrel. laying out prices may not be done just yet. and amazon looking to team up with food delivery.

they're making a move in that sector it's wednesday, july 6th you're watching "worldwide exchange" right here on cnbc welcome back i'm frank holland in for briel sullivan it's just after 5:30 on the east coast. the futures are aloff to the lo. they're down very slightly we're waiting for this to work it looks like the dow could open up about 30 points lower right now, but, again, it's very early. we're going to see changes throughout the morning yesterday we saw a comeback to finish off the session thanks to falling bond yields. the dow closing down 129 points. the accept eeking out a very slight gain while the tech-heavy nasdaq finished up 1.75%

speaking of bond yields. the bond market flashing fresh yields of a recession. the two-year yield going above the ten-year yield two-year as you can see, 2.834, the ten-year at 2.811. this is what we call the inverted bond curve and oil prices they're also recovering from losses after yesterday's session. we saw wti crude close just below 100 bucks a barrel since late april supply concerns to the forefront. we're seeingwti just a tick above 100 bucks a barrel brent crude above 100 buck as barrel, above 104 right now. gas prices in europe, they're pulling back after they spiked yesterday. it could have worsened the energy crunch on the european continent. europe is not out of the woods just yet they're set to shut the nord

stream pipeline which runs from russia to germany for annual maintenance starting next week you're seeing the way it travels right here it's adding to fears that the gremlin may not turn those taps back on. let's talk about all of this with olie hanson thanks so much for being here. what are you seeing when it comes to the commodity market right now? i know you're forecasting a possible bounce, but what's going to be the catalyst with all the headwinds we're seeing >> good morning, frank we need to see the markets stabilize somewhat we need to see china get itsesing at together we need to see the lockdowns start to ease. then also i think we need to see this quite extremely recession fear that has crept into the market over the past month we need to see that start to tone down a little bit yesterday was very interesting i think we also have to accept the fact we're into july when

liquidity tends to dry out it makes these movements quite often quite extended you mentioned the gas price in europe gas prices surge higher. the dollar sunday higher against the euro this hitting a 20-year high basically was the trigger that sent the commodity sector as a whole sharply lower yesterday. >> a lot of concerns you call it a capitulation you talk about the dollar having a parody to the u.s. a lot of things going on if there is a slowdown what commodities do you expect to be hit the hardest? >> i think at this stage it will be those that are most growth and demand-dependent, which is the industrial sector. we have to accept the fact they have dropped quite significantly.

we're down with what's coming out of china we do not expect this weakness to last much longer. will see a pickup in demand. that will probably alleviate some of the fears. the whole transformation is not going to die by what we've seen recently the move toward getting -- becoming less dependent on russian oil and gases is very strong and that means the green transformation will continue to require a lot of these industrial metals. so at this point, a real deep recession in the oil market, but we have very tight conditions. you can argue right now we almost need a small recession in order to balance it, therefore, just keeping the prices at current levels. >> i think you're the first person who's said we need a recession. that might be a contrarian view, ole. looking forward to q3, a lot of different things going on.

you mentioned a silly season when it comes to the liquidity what about palladium, platinum, and also neon, something also needed around the global supply chain? >> it basically means in the short term investors and traders are more focused on reducing positions and adding risks to the portfolio, and that's part of the reason we see this weakness when we return on the other side, the markets will look at the inflation threat, which potentially has eased a bit by the market's own actions they're predicting higher rates than the market is that will also attract some attention. the fact that we're seeing yields coming down will ease some of these concerns i think with that, the focus will return to the supply side there we still have structural issues both in the mining industries i think these will underpin the prices and will support higher

prices into the second half. >> i don't want to take you too far into the wheelhouse, but we have you for another minute. you mentioned the commodity prices might have an impact on the fed and around the globe and the plans to hike rates. we've heard in the u.s. it's about inflation and jobs you say commodities is another factor >> it's all over it's accelerated by what's going on ukraine that's brought about these very high prices u.s. is benefiting from the lower gas prices that will start to turn up in the utility bills over the coming weeks and months and the food prices have come down sharply as well the cost for now is going to take the sting out of this extreme nervousness about the inflation and recessionary impact it will have. >> all right

ole hansen, we appreciate the insight on the commodity market. have a great day. silvana henao has our top stories. good morning. >> reporter: amazon is taking a prime step into the restaurant delivery business. it's buying a percentage of grubhub and will provide access to members for a year. amazon customers will get free deliveries worth $12 the move could drive traffic for grubhub, which has lost shares to doordash and uber eats. investor demand is looking for a seller for grubhub walmart will charge some suppliers new fees to transport goods to its warehouses and stores due to a rise in fuel and shipping costs

that's according to "wall street journal" and reuters there will be a fuel surcharge based on the cost of gas to ship orders last month walmart cut its profit forecast for the year meta is pushing ahead with plans to roll out digital collectibles for its 3 billion users despite the crash in crypto prices. they tell the "financial times" that meta is not adjusting its plans around nfts. it's encouraging creators to sell it through its platforms. >> collectibles. i'm not quite into the nft collectible world. >> it's cool to see what's out there. >> i'm an analogue let's get a check on crypto prices bitcoin just above 20,000 right

now at 20,200 bucks right now. ether currently at about 1100 -- just above 1150. this movement in the action has forced another to file for protection >> frank, there are a growing number of crypto firms swept up in a serious lid quickly bottleneck right now voyager filed for chapter 11 tuesday a few days after the platform paused all customer trading, deposits, and withdrawals. in that filing foye ager said it had more than 1,00creditors. it's now the second high profile crypto firm to seek bankruptcy protection the once very prominent hedge fund filed a chapter 15 petition this past friday as part of a

court-ordered liquidation. it's an illustration of the dreaded contagion effect at work it was only last week that three arrows capital defaulted on a loan to foyevoyager worth $670 million. they said they had the cash. it clearly wasn't the case it shows how swift a domino effect can occur >> a lot going on in the crypto space right now. i also want to talk a little more about the lending platforms you mentioned. last week on kryptonite in americaing you and i were talking about voyager digital, suspending all withdrawals, trades, deposits are those customers ever getting their money back and what does

that mean for just the investability of from what i h unring that bell celsius set this trend into motion a month ago you saw coinloan and coinflex announce new restrictions. meanwhile you have others suffering serious insolvency issues, and the little guy is really exposed here. remember, many of these platforms exploded in popularity because they were offering almost unbelievable returns up to 20% now a lot of analysts are starting to say, hey, you know, that time of easy yield into central finance, it's over. >> that wasn't a pep talk for crypto investors sounds like there's a lot of problems based on what you're saying, another question if these projects do fail, what does that signal for the sector as a whole >> we're potentially looking at

billions of dollars to free up cash to pay off debts. there's a lot of uncertainty about the times and scope of the asset sales. all the unknowns surrounding the solvency crunch are hanging over the market like a cloud right now. so much of this industry does operate on optics, so it's especially problematic when they shut off the on and on-ramps next it totally erodes confidence. >> thank you very much. >> thanks, frank. coming up on "worldwide exchange," so pme potentially troubling signals for the big apple. why the red-hot market may be starting to cool off. first as we head to break, more on the top stories. two in the intelligence committee are calling to investigate tiktok

they've made repeated misrepresentations over data spirit was given the 16 available spots abandoned by northwest airlines. ben & jerry's sues unilevel over its business. "worldwide exchange" back in a morld.

welcome back a live look at the manhattan skyline sun coming up over new york city. the real estate market continuing chug along thanks to a blowout in the second quarter. that's starting to show a few cracks robert frank joins us wu new worries around the big apple real estate. good morning, frank. >> good morning. prices pushed higher they reached an all-time record of $1.3 million, the average sales price rising over $2 million. real estate analysts had assumed manhattan would be highly immune to mortgage rates. mainly because it's an all cash market more than half the deals done in the quarter were cash.

when you look at sales over $4 million, 99% of all the deals were done in cash in the second quarter. but we saw a big negative reversal in june sales contracts -- that's not just deals but contracts signed that declined by 30% brokers say based on the pipeline, we're likely to see another decline in july. unsold inventory, that's starting to pile up. the supply of new development up 31%. prices are not coming down, at least not yet and at least not broadly. there are fewer offers, much lower attendance at open houses, and houses are setting on the market a lot longer. one thing that's helping is rents are so high. average rent hit a record of $4,000 a month, so a lot of people priced out of the rental market and still sitting on the sidelines for sales. so kind of frozen activity right

now, both sales and rentals. >> wait, robert. did you say $4,000 for a rental? >> $4,000 a month for a one-bedroom in manhattan that was part of what was describing the high end. what's interesting is that you're seeing it in the sales side at least strength starting to decline at the high end, the low end. usually we see these two sides diverge where you have the high end weakening or strengthening and the low end doing something different. this is the first time we're seeing both the high and low struggling for different reasons, but they're both going down. >> robert, i think people hope this is the last time you see this my relatives say you've got to be rich to be poor in new york city wow. we've got to do the frank & frank show we keep talking about it, but we need to do it. >> frankly speaking. on deck, "worldwide

exchange," stock's tuesday turnaround fighting to carry over in today's trading session. our jon narijaan is standing by. follow our podcast check it out on apple, spotify, or other podcast apps. "worldwide exchange" will be right back e.

welcome back to "worldwide exchange." we get the latest on the weekly mortgage apps. then at 10:00 a.m., it's the j.o.l.t.s. report. that's coming ahead of the monthly jobs report. at 9:00 a.m., we hear from john williams at 2:00 p.m. we get minutes from the fed policy meeting we'll talk about that once the minutes are released on air. president biden hitting the road selling his economic agenda, heading to cleveland to discuss his plan, pension

employer plans a lot of discussion today. futures right now, while a bit mixed, down very slightly. for more on the markets and the action within them, let's bring in jon najarian. jon, thanks for waking up. we appreciate it what are you seeing? we'll talk about the options in a second what are you seeing with the fed minutes later today? the dollar and euro in parody. how do you see today shaping up? >> well, frank, yesterday on the show, you were hosting "halftime" yesterday we talked a little bit about how they're still buying puts in a lot of the big indices like the s&p 500, the russell 2000, and the qqq, but they're not buying them as far out of the money as they were. and to us that sort of signals that people aren't looking for

as much of a whoosh lower but maybe just a little more of a grind lower over the next 30 days or thereabouts because the nice thing about options, you'ves go an expiration around price. you've got a target and time frame for that target to be hit. so if there's a silver lining at all here, frank, it's that the pessimism isn't nearly as high as it was a month ago, and they are buying a lot of calls in the tlt. now, that's an etf on the lehman 20-year bond it's barclays 20-year bond or whatever that's a bet that interest rates continue on their path lower instead of higher. and that's something that stocks, i think, would certainly appreciate we had a lot of upside call buying in that indisease yesterday, and like i say, that's a little bit of good news amongst a lot of the otherwise

bad news, frank. >> the falling bond yields helping out like world docks, docusign, zoom you're investing in the oil sector we got some news that the secretary-general of opec passing away i don't think we need anything else adding to the volatility. how do you see things shaping up you see the dollar getting very strong and recession concerns in addition to this news with a bit of a shakeup in opec. >> yeah. i think that's what it is. you're right a shakeup in opec. i wouldn't exactly say that this knocks the legs out from under them i think overall, frank, to me, anyway, energy looks like a buy here it's really just an issue if we believe that the recession would be long and deep, then obviously energy could go significantly lower still because we are

elevated even with the supply being reduced by the sanctions that are out there so i think overall people would like to see the recession, if, indeed we have one -- i think we're in one, but if we do have a recession, hopefully it's going to be a shallow one, frank, and to me that says the energy goes right back to work as soon as we stabilize. >> we're going to explore all of our options and also talk about options. we've got to talk about options with you here. you're looking at two areas we thought would do better during the pandemic but has shown weakness, fintech and electric vehicles. >> fintech, which is paypal, has been one of the worst performing stocks you'd really be hard-pressed you mentioned roroblex

call it 10% out of the money that's a decent amount of the upside especially given that these are about three weeks out, look four weeks out into the future that's a pretty strong activity. and then switching gears over to lucid technologies, e.v.s. just like tesla, lucid very popular with the crowd that would like to keep driving by gas stations instead of driving in to fill them up this one is not nearly as far out of the money though. july 18 calls with lucid trading $17.11, but both of those, pretty strong activity, and we thought enough we'd highlight for you this morning, frank. >> jon, always nice to see you thanks s for being here.

before i let you go, we'll take one last check of the futures. the dow down very slightly the nasdaq also down we've got a couple of hours ahead before the close that does it for us here on "worldwide exchange. "squawk box" coming up next. and advice s can help you build a future for the ones you love. that's the value of ownership. a jelly bean that's good for you? try nature's bounty jelly bean vitamins. good-for-you nutrients in a tastier-for-you form. more sweet dreams. more flavorful immune support. get more with nature's bounty jelly beans. as a business owner, more flavorful immune support. 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.

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good morning, the futures are flat we're minutes from the fed meeting we're going to talk about for hours. oil prices are rebounding after plunging recession concerns we have a special guest. and another crypto brokerage collapse

voyager digital collapsing it's july 6, 2022. "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc at times square let's take a look at equity futures. it was quite a turnaround yesterday compared to what we were talking about early in the morning. right now we're looking at futures pulling back ever so slightly s&p looking to lose just about two points at the open dow will be down about 12. nasdaq by about 3. as we mentioned the volatile session yesterday. s&p 500 rallying back in the final hour of trading to finish the session up