it is 5:00 a.m. in new york. here is the top five at 5:00 stocks looking to be under pressure again investors bracing for an earnings onslaught twitter throwing down the legal gauntlet over elon musk's call to back out of the deal. and he is folding his special acquisition company. prime day. we break down what the next two

days could mean for the company's bouttom line and mayb retail as a whole. and something happening to the american dollar for the first time in 20 years it could big implications for trade or travel abroad it is tuesday, july 12th this is "worldwide exchange" here on cnbc good morning, good afternoon or good evening. welcome from wherever in the world you are watching thank you for joining us on "worldwide exchange. i tell the team if you can make it through tuesday, you can make it through anything. i'm not sure the markets will make it through tuesday. a lower open averages down .50% to .60% after a five-day win streak on monday.

we e showed how the first two weeks of july are the best of the year five days of gains and six for the nasdaq all snapped on monday. sharp losses nasdaq lower by more than 2% in the bond market, 2-year treasury hovering above 3% waiting on the fed and that cpi number that is a big deal just before low 3% i stand corrected. wti at $102 a barrel aaa national average for gas continues to tick down today it is only $4.68 for a gallon around the country. that is down 30 cents from the record high on june 14th in the crypto markets, no relief bitcoin below $20,000. crypto and hedge fund impl

implosions crypto is going down it cannot get out of the way price of bitcoin at $19,700 and change speaking of currencies, we have to get to a major story overseas the euro now just about at a 1 to 1 exchange rate with the american dollar. that is known as party you will hear that a lot on cnbc today i bet. that has not happened in 20 years. it is a big deal let's get more with joumanna bercetche. the trip to paris, for me, just got cheaper, joumanna. >> parity and known as cheap holiday if you are american and want to come to europe before we get to that, i want to run through european equities. a lot of red building on yesterday's losses stoxx 600 down .50%. the ftse 100 down .20% all about the leadership

contest. we will not find out who the new prime minister is until september. cac in france is down .40% and the xetra dax is battered. today it is down .70% because of what is happening in the currency let's look at the euro very close to breaking through parity almost there it might happen while we're on air, brian euro is close to breaking through the mark down .40%. people are asking why this is happening. we have the interest rate differences. the ecb hasn't started hiking yet. a lot of pressure for the july 21st meeting this is crunch time for european growth with the nord stream i pipeline in germany which is

exposed. another big indication of the german current account dipped from surplus to deficit. brian, it is not stopping. we had someone on the show earlier saying perhaps where we go from here is as low he as 95. big day. >> for the viewers listening and not watching 1.0002 not quite under 1. we are at the ten thousandth decimal place? i remember, joumanna, it happened 20 years ago. let's get to other big headlines on tuesday including bill ackman throwing in the towel on an investment. silvana henao has more >> good morning, brian hedge fund manager bill ackman is shutting down the $4 billion

spac and returning funds to investors. when it launched two years ago pershing square was the largest spac on record the recovery of capital markets during the pandemic has made getting a deal done less and less likely. shares of rivian moving lower after the sharp move lower yesterday. this is after the company is planning to layoff 5% of the work force the layoffs are focused on non manufacturing roles, including teams with duplicate functions shares are down more than 70% this year. and meta is telling team leaders to identify low per performing employees to squeeze them out one executive said every manager

needs to think about each person on their team and value they are adding that's a direct report and they are not who they need and failing this company as a manager, you cannot allow someone to be net neutral or negative for meta. this is latest for managers following through on mark zuckerberg's promise to tighten the purse strings at the social media giant. >> that sounds creepy and weird. you forget that mark zuckerberg on some internal call said some of you probably shouldn't be here it looks like they are cracking down meta does not sound like the most fun place to work >> sounds like a difficult place to work. >> little bit odd. silvana henao, thank you. now to what is happening on wall street. stock futures pointing to weaker open key corporate earnings later this week. the big issue is not earnings, but consumer price index which

is out tomorrow morning at 8:30 a.m. that is the big one. probably determine what the fed reserve does at the next couple meetings all this as we talked about it a moment ago with the dollar continuing to gain at the highs against the dollar index and against the euro not seen in 20 years let's talk to this with mark howard mark, so much to get to and so little time. how important is the inflation data tomorrow? >> good morning, brian no coasting for you and i, right? look, it is an important release. it is part of the broader set of data that we're dealing with right now, including last week's payrolls the cpi this wednesday and, of course, the survey on friday th a lot of important data. the markets are speaking with their feet a risk-off tone in the short-term that reflects the fact that the fed will have to continue to be

an aggressive to tame inflation. >> 75 basis points in the next meeting or .50 at the september meet mee meeting? >> yes, brian. 75 and 50 and 25 that is contributing to the strength with the dollar and euro and flight for safety the u.s. will keep moving rates up which crediates the interest rate difference and desire to own dollars. >> if that inflation data tomorrow comes in red hot and the white house press secretary karine jean-pierre said it will be highly elevated or something like that yesterday, mark. if we come in above 9 or something like this, does that make the markets go down because the fed has to be summarily, cod

that ease off the brake pedal? >> yes, brian. it is likely with other data we should get the consumer confidence data out on friday will be a little bit improved because gasoline prices have come down to your point, if it is really hot, and we get followed with a moderate survey, the market could trade okay it implies that some of the impact from gasoline and from rent and from other factors may start to roll over it would not have been caught in the cpi report as you point out, if you get a cooler number, then certainly people are going to, i think, read that bullishly from the risk standpoint because the fed

woen won't be aggressive in the squeezing out growth. >> it is very trendy to be negative on the american economy right now. i'll admit that in the media who can be the most negative right now? every time we swing that far, i don't know, my antenna goes up, my ears, and is that how we swung too far and is everybody too grim reaper on the american economy? >> you have to look at the economy and markets as two separate things. if you look back, brian, people are quick to forget that we had four outstanding years in u.s. equities over the last five. in fact, u.s. equities were the best performing asset last in the last four of five years. we're down double digit in the first half of the year that is not the end of the world with the five-year horizon we had a pull back in markets and air come out of the balloon. that doesn't mean the economy he

is terrible. the currency markets are telling you that the u.s. economy is standing tall relative to peers. many concerns contributing to the salary tone in equities is related to europe and china and not the u.s. >> yeah. that's a great point maybe the best house in the bad neighborhood as they used to say back in the day. the 1 to 1 parity with the euro. i'll say this, i'm glad we live in america and not europe. a lot of things with problems here, but compared to europe, mark, we are looking rosy. mark howard, thank you very much have a great day. >> thank you, brian. we are lucky to live with all the problems and warts we are very lucky. when we come back, "worldwide exchange" exclusive with the ceo of the most valuable insurance technology company in the world.

wefox. and not mincing words in the attempt to pull out of the twitter deal as the stock continues to drop. and big-name restailer whose ceo stepped down after two years exctl unpeed there's the chart. i'll tell you the name after this we're back after this. (♪ ♪) how do we demonstrate our unmovable strength? (eagle call) nope. how do we show that we'll stand tall through the storms?

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by these days as rates rise. look at the once hot buy now pay later klarna it is down 85% from the same time last year that doesn't mean there are not a few hot sectors right for cash germany unicorn raised $4.5 billion to boost the money valuation up from $3 billion a year ago joining us to talk about insurtech is wefox founder julian teicke. we know about fintech. financial technology it is early here as well, julian explain to the audience what insurtech is >> insurance is one of the

largest industries in the world. we are looking at $5 trillion industry i don't know if you know of a protection gap uninsured risk of another $20 trillion a to the altar get market of $25 trillion it is untapped by technology there is a huge potential. banking disrupted. insurance is up next >> you know, this is, julian, whatever people think about it, it is a tough industry to crack. they are deeply ievngrainedengr. some have been in business for hundreds of years. what is the secret of breaking into the old school club >> insurance, as you say, is one of the most crisis resistant industries in the world. i like to say insurance companies are the oldest companies in the world only second to breweries

beer seems to be more crisis resistant than insurance there is a huge potential in terms of disrupting that industry that is stuck in the pre-internet ear ar era on the global iaccess now we are just announcing a series d round at $4.5 billion u.s. we are not just in the large market or crisis resistant market we are with our business model super crisis resistant because what we set at wefox, we are not going to eliminate the human agent. we will empower the human agent with technology. nine of ten insurance policies are sold via the human agent our approach not only let's our

business grow faster than any tech industry in the world, but grow at superior economics we have no acquisition costs up front. we are not burning cash. we are earning money back within the first six months we are on the path of profitability faster than anyone else faster growth and faster profitability and support global expansion. that is the secret to reinvent insurance. >> i want to get your comments, julian, on what we have been talking about on this program for nine months. the europe energy woes digital insurance company. you still use a lot of power running apps and data centers. what is it like being in germany right now given the high cost of utilities? does that impact you at all? on a macro level as a ceo, how does it impact your thinking >> so, as insurance is crisis

resistant, it doesn't impact the business in fact, if there is an economic down turn, people spend more on insurance rather than less the only thing that we're seeing in terms of insurance being impacted by the downturn is fraud going up this is something that we have been preparing for we have been investing more than the peers in fraud detection technology we are hedged against that risk. our decision now with the new funding and instead of leaning back and being defensive like other startups in the world, we are going all in we see this crisis as opportunity to grow our business and become clear winner after this crisis. >> well, investors are betting on it with a $4.5 billion valuation. julian teicke of wefox, thank you. we'll catch up soon. take care. on deck, for better or

worse, everything you know is bigger in texas, the lone star state. that may include upcoming utility bills. why energy problems are not just limited to europe right now.

welcome back good tuesday morning we talk about europe's power woes on this program, but it is happening here remember, ohio suffered rolling brownouts a few weeks ago as the

power load risked overloading the system now it is gets dicey in texas. the operator is asking texans to conserve energy. they are asking not to crank the air conditioner from 2:00 p.m. to 8:00 p.m. to avoid overpowering the grid. this week, average temperatures in the state is expected to be 10 to 15 degrees above average with almost the entirety of the state above 100 degrees. they have power right now. only a few thousand people are out, but prices are spiking with cases hitting around $400 on monday that is the same that europe is paying although, hopefully this should be a shorter term issue for texas. it's not new in 14 years, ercot issued these requests to reduce consumption

nearly 50 times in 14 years. texas grid continues to be strained as the population booms and new infrastructure is not being built fast enough to keep up let's get up to date on the top headlines outside of money and business for that, let's get to frances rivera in new york good morning, frances. >> brian, good morning the seventh round of the january 6th hearings kicks off this afternoon. they will layout how the mob was formed the top committee member says the primetime hearing expected thursday is pushed to next week because of the influx of new information. a source familiar with the investigation says a man who pleaded guilty will testify today. steven ayers posted a tweet from trump saying to go to the capitol on the 6th

tops market will reopen after being closed for two months on may 14th, the supermarket was the scene of the mass shooting that killed 10 and injured 3 others a moment of silence and prayer will be held for the victims and community members and employees impacted in scotland, tiger woods is warming up to prepare for the open the 15-time major winner hasn't played since pulling out of the pga championship it kicks off thursday on nbc sports we are a few hours away from seeing more secrets of the universe the first batch of james webb telescope images will be released this morning. nasa and the white house shared the preview here yesterday it shows the sharpest detail of the universe ever taken. when you compare with the before and after, it is stunning, brian.

>> frances, we got a lot of divisions in the country, but i was looking at that with my son last night we were explaining that some of these are galaxies like ours and look at all of these and maybe these are black holes over here. i just thought, if something can bring us together, maybe it is the universe when the aliens come, frances, and they might, we have to team up >> i thought you were going to be more philosophical. we are so conttiny it's the aliens. >> you remember "animal house" when they may or may not have smoked weed? they said we could be an atom in somebody's fingernail? not high, but that's how i felt last night looking at that man, i don't matter at all frances, thank you >> philosophy for tuesday morning. >> there you go. amazing photographs.

just insanely gorgeous we're just a rock floating around all right. straight ahead, why starbucks is shutting down more than a dozen stores around america. we'll tell you why and it may not be for the reasons you think. troubling story. icarnde it coming up stk ou who wa to supe e your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create

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ahead of inflation data tomorrow no tuesday turn around on tap. lower. europe's ongoing reaching a boiling point the kremlin looks to turn up the pressure on leaders. and twitter firing back at elon musk over the efforts to get out of the $44 billion bid takeover twitter telling the tesla ceo not so fast this is tuesday, july 12th, 2022 this is "worldwide exchange" here on cnbc welcome or welcome back. good tuesday morning thanks for joining us. i'm brian sullivan 5:30 in the east coast here is how your markets and money are looking right now. not looking so hot selling following through from yesterday. we are seeing stock futures down across the board not a ton, but nasdaq futures

down .70% all averages were lower. s&p down 1%. nasdaq down 2% nasdaq breaking a six-day win streak s&p had a five-day streak. all that was broken on monday. in the bond market, 10-year treasury just back below 3% we talked about the bond and big moves this year. bond yields are back to where they were two and a half months ago. overall, we had the super sharp move the first half of the year or first half of the first half -- first quarter, he said, he took math there we go. in the last two months, bond yields haven't moved oil has moved. still very tight market there

for u.s. oil maybe the biggest market story right now, we don't talk about currencies this may be the biggest story today. the u.s. dollar. it hit 1 to 1 with the euro earlier this morning we call that parity. it has not done that in 20 years. this has a lot to do, by the way, with the story we have been talkin talking about on the show. the european energy crisis those costs making people think that europe will fall into a deep recession that is setting the value of the currency lower and also has to do with the central banks and interest rates either way, 1 to 1 euro parity it has not happened in 20 years. big deal, by the way, for trade and banking and, of course, if you are looking to take a european vacation this summer. good news. everything got cheaper now to a few more big money headlines on this tuesday. twitter is claiming elon musk's efforts to end the $44 billion

bid for the company is quote in there invalid. musk's lawyers say the company has not breached obligations he must state twitter failed to give him the information needed to determine how many fake accounts are on the platform it will continue to provide musk with the information requested. the retailer gap is saying the ceo is stepping down immediately. she will stay on for a transition period. she is leaving as sales tumble bob martin will serve as interim ceo and president of gap and starbucks is closing 16 stores across america because of crime and safety concerns. some stores will close in seattle, l.a., portland,

philadelphia and washington, d.c. it has to do with crime and reported drug use at some locations. five stores will close in seattle alone. seattle times says it has to deal with crime-related complaints logged in each store and safety of customers and staff. that is a sad story. now to europe and more on the increasingly dire energy situation. today is day one, the biggest pipeline supplying russian gas to europe in nord stream i out due to maintenance that maintenance is supposed to last ten days. there is growing fear that russia could pull that longer than just that period. in a newspaper published yesterday, the finance minister endorses the expanding gaz

gazpromroubles for gas scheme to lng. who gets to leave the lights on and who doesn't? speaking today at forum in australia, iea director says the global supply squeeze led to the prices may only get worse. let's talk about this with samantha dart at goldman sachs samantha, one of your competitors said july 22nd, which is the day nord stream is set to come back on, may now be the most important day of the year for europe and maybe the world. would you agree or is that hyperbole? >> i think july 22nd, the day it is supposed to come back, will send a strong price signal to the market it is not the only day that

matters. what i mean is this. imagine you are approaching the end of maintenance season and one or two days before that, we hear a statement from gazprom that our maintenance will have to be extended by one day or two days so, any statement between now and then or after maintenance is over can create panic and chaos in the market. by the same token, after maintenance is over, volumes come back to partial restart or full flow of the nord stream i pipeline, nothing guarantees it stays there. july 22nd is an important market mover, absolutely. is it the only date that matters? no way. >> no, agreed. samantha, here is the thing. because of the maintenance and turbine issue which we highlighted yesterday shipped off to canada -- bizarre story

there. because of the maintenance, gazprom and russia have the cover. it is not like they are shutting the pipeline off because they are trying to send a message they have the maintenance cover. that is the worry. once they shut it down because of "maintenance" they can come up with any excuse for why they have to extend the issue >> absolutely. even when the pipeline flow rates were cut back down, you mentioned the issue with the turbine. when that was brought up, the flow he in the pipeline was 35%. then the following day, gazprom increased it 35% again it does leave room for interpretation as to why they he are doing what they he are

doing. along the same lines, if you think about gazprom' reroute the flows frs from gazp it leads room for inter interpretation it suggests something else is at play here which leaves the market guessing. it leaves uncertainty high >> what leverage does europe and particularly germany have? i know everyone wants to know putin has all of the cards he doesn't putin needs something else he needs money how much leverage does europe have >> gas revenues are small compared to russia's trade surplus at the moment and small compared to the oil revenues to your point, they are acting

to preserve levels actions recently to take over the second liquified natural gas plant. that plant had 50% ownership belonging to gazprom russia is now taking over the facility it is not clear who will own how much of the facility going forward. this could potentially increase russia's revenue from the sale of lng from that plant gas revenue will not impose a lot of leverage on russia. i think the risk that europe does not have enough gas to go through the winter is a much bigger issue >> it is maybe the issue we have been talking about it for months, samantha people are calling us fear mongers. i don't think they realize how close to the edge europe is. let's hope that pipeline gets

turned on. samantha dart, thank you have a great day talk to you soon. a lot more to do on "worldwide exchange" on this busy tuesday amazon set to become the latest retailer to rollout deep discounts. who else but courtney reagan is here to tell you about battling the backlog. as we head to break, some of the trending stories happening right now. sticking with them is expanding the use of smart shopping carts. set to debut outside boston's food mart. the dash cart track and tally up everything you put in the cart and skip the checkout line that sounds cool gamestop announcing the debut of the online marketplace for nfts

they still expist. it is trying to find growth in the digital space. and after two decades, pittsburgh steelers stadium is about to have a new name heinz field is no longer heinz field. it will become acrisure stadium. heinz did not renew the contract and acrisure came in for the contract pittsburgh steelers playing in acrisure stadium for 15 years. you go, pittsburgh we're back after this. ♪ ♪ imagine a community where millions share ideas and trade stocks, crypto and beyond. to the moon?

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hm. no way! no way! priceline. every trip is a big deal. welcome back retail deal train rolls on with amazon kicking off prime day event. a live look at the fulfillment center in robbinsville, new jersey competing sales with amazon and other retailers may seem like it is giving you the best deal possible, but it is making room in warehouses, courtney reagan is here with the real deal behind the discounts courtney, does that mean we'll buy up all the stuff nobody else wants? >> reporter: possibly. sometimes people get enticed to buy it if they don't need. it brian, you know amazon publicly stated the prime day 20

years ago. now it is an annual event. it is competing sales with macy's and kohl's and best buy the clear out of inventory which retailers have too much. covid demand swell ed bikes and patio furniture. now many retailers are stuck with the goods as consumer habits chabi changed. breaking moments ago sonia syngal is stepping down from gap gap and old navy have promotions of 50% to 60% off. target's inventory is 40% higher it is splashing prices to move goods. american eagle inventory is up

46%. it is running sales up to 70% off. walmart has thousands of rollbacks. ceo doug mcmillan would like to wash away 20% of inventory it has right now. investors want to see excitement and revenue generation, but it is not ideal to do so at compressed margins on so much inventory especially after the first quarter was short for retailers. another retailer which under performed in last month with prime day. amazon stock during the event is down an average 0.14%. back to you. >> all right i got so many questions here also, you know, to your point, it is not just amazon. everybody has taken this prime day thing and it is like --

courtney, we have known each other a long time. i had cyber monday i hate that term how much more can we expect? >> reporter: absolutely brian. one player makes a move and everyone else cannot help but move forward this is a time that is typically quiet for retailers. when amazon first started, it was early in the summer. school was just getting out. back-to-school sales had not started. it crept a little later in the season some of this, too, is retailers trying to capture early back-to-school shopping as well. this time around, of course, they have the extra inventory. it comes at a good time. it gives them an excuse to offer the sales. they more or less will do it anyway the categories in which they do it did change or more that's on

promotion now than originally planned. >> are these really good deals >> reporter: in some cases, they are, but not always. that is the key with all of this you are not necessarily always going to get the lowest price on everythingoffered today. there are all sorts of web extensions to help track that. i know amazon is saying one of the fire tvs is the lowest price it has been today. do your homework >> snap up that fire tv. courtney reagan, thank you very much see you all day. take care. on deck, overall the markets and stocks are looking for another rocky day of trading turning to the inflation data out tomorrow greg sarian will layout if volatility is creeping back in the market. a gentle nudge follow our podcast dow futures are down 200

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welcome back let's get to the rundown of what to watch today you have, of course, the june nfib survey. survey of independent businesses they will talk about labor that's my guess. you have corporate reports of note pepsi earnings out next hour boeing's second quarter delivery rel released and we he hear from fed president thomas barkin. not to be mistaken for ellen and the market may lose steam as the market losses are moving into today. let's bring in greg sarian

we highlighted what happened today. tomorrow is the only day that matters this week. the consumer price index and inflation data at 8:30 a.m. eastern time how closely will you watch that or am i off base >> brian, thanks for having me back it is a critical number. the last eight or nine months, inflation is getting worse month after month, the producer price index numbers and market needs on to see it backwards, but absolutely needs to say it stabilize. we have the fed in a couple of weeks and what they say about their direction and leaning with powell being a being adamant and you nailed it. corporate earnings the ceos and cfos say about guidance and how are they managing costs and what they do with inflation is important for

returns in the next six months >> earnings estimates, ubs knocked them down. oppenheimer are all starting to roll back for the market that brings down valuations and you see stock prices come down along with it. if we get positive chatter from the ceos, greg, that could be a positive for the market. maybe we got overly too concerned about earnings >> brian, there is no question there is a process happening here this is not a singular event it is more like a "w." a couple of those include will we see inflation flatten it doesn't have to go back for the next six-to-nine months. if we get through a couple of rate hikes in july and september, and the fed can move forward, i think the biggest issue for investors is the renew

return paradigm. earnings pressure not the returns we see going forward and readjusting savings and spending is critical at this time >> so what do we do, greg? we highlighted yesterday that this is the first time in 50 years that both stocks and bonds are down government bonds down in the same calendar year nowhere to hide. >> that's right. it is important to take the thoughtful approach. on the equity side, we still like dividend growth companies cash rich. we would be dripping money into the equity markets which is earmarked for stocks over a two or three-month timeframe yields are attractive. muni is paying around 3% on a

tax local basis. that is over 4.5%. we like floating rate. that is a place investors can park money and be stable and get some return while rates going higher yes, expect volatility and expect the choppiness to continue there are pockets. >> greg sarian, thank you. we appreciate you cgetting up early for us no rbi today it was so good it was on the roelling stones congratulations to mick and keith and the rest 60 years and still playing i just did the rbi that is it for us on "worldwide exchange." quk x"s xtmorrow "sawbo ine take care. get more with nature's bounty. from the first-ever triple action sleep supplement. to daily digestive support.

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good morning stock futures pointing to more losses as wall street prepares for earnings season and key inflation data twitter lawyers responding after elon musk announced terminating the deal to buy the company. we'll tell you what could happen next. and bill ackman's spac is winding down after failing to find a suitable target it's tuesday, july 12th, 2022 and "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc live at the nasdaq market site in times square. i'm andrew ross sorkin along with joe kernen.

becky is off today three hours before it is set to open down 236 points on the dow nasdaq down 78 s&p off 30 points. we have treasury yields to talk about as well. let's show you where they stand. you are looking at the 10-year treasury sitting under 3%. we have come down again since yesterday. now at 2.917 look at the 2 and the 5. we flipped things around that usually is not a good sign. >> forecast nine of last three recessions. >> we had that conversation with steve liesman. >> nine out of the last three. it is not always accurate. forecasts. it is not great. >> not a good sign let's talk