to see if an oil price response curs. >> reporter: we know the white house has been optimistic that opec did announce a small increase to production last month. the president is going to be meeting with leaders of many nations asking them all to increase production but it's unclear if there will be any firm commitments rather than just a pledge to do more. that does it for squawk on the street this morning, tech check starts now >> happy friday i'm jon fortt with deirdre and carl quintanilla. today data beat expectations calming fears of a recess, but not yet enough to save the nasdaq from another week in the red. analysts have seen enough cutting price targets across the

board. today we'll look at important calls on microsoft, apple and netflix which reports tuesday. the private markets continuing to feel the same heat. more on stripe's $20 billion valuation cut this hour and what that says about investors expectations. >> we kick off today with a look at the consumer on this week full of data points despite some hot inflation and higher producer prices the metrics earlier in the week. july retail sales beat estimates, sentiment remains near all time lows probably most important is a look at the inflation expectation on five year 2.8, which the estimate was for 3, the prior was 3.1, the peak was 3.3. so consumers are getting the sense maybe prices don't spiral out of control, implications for the fed. >> yes going back to what jamie dimon

said yesterday on the consumer, he said they're entering this recession with less leverage so they're in good shape. so maybe that hope that it's not going to be as harsh as previous recessions that the fed may be able to pull off the soft landing, jon, also the prime numbers that were better than expected it feels consumers can prop up the market or another leg down depending on future data points because these are backwards looking. >> i'm skeptical we got the hot inflation read this week, see the banks building up reserves for bad loans. the consumer is still spending but spending down their saving and seem to be getting nervous about loading up credit cards. last friday we got the data that shows the consumer credit growth was slowing considerably in may. i'm sure you what the next data points show us i don't know

>> that's why we watch them so closely. we have seen what's happened to some of the stocks down, 70, 80, 90% off highs, talk about them all the time some m&a, some are cutting staff, pinterest one such name activist investor elliott has taken a 9% stake in the company. there's already been a leadership change, the ceo stepping down from that role bill ready from google is going to take on the role. it's not just leadership at the top. investor relations chief has already departed pinterest a new team coming in under bill ready. he's highly regarded here in the bay area, not just google, he's a fin tech guy, not necessarily a social media guy that's going to be the challenge for him. you have to wonder what elliott

wants, sitting back to see what he does or looking for a sale already? >> we've been around the block on that front already. the weakness in q1, apple privacy hadn't helped matters but retail sales, e commerce did see a bump i imagine we'll talk about the analyst reaction to prime day and the likelihood that maybe the q3 guide isn't as bad as people fear. >> sometimes when activists get into a stock you get the feeling they want to change up management, see crisper execution, want them spending less on side projects, whatever. this has me confused the whole social media space and advertising system seems to be going through this reality check, reset around does this work are we going to see continued user growth? can we prove attribution for purchases? all of those things and pinterest has some fundamental

technology things to grow, to fix perhaps but really to invent and i wonder how much activists are going to help them do that. >> what can they do that bill ready isn't going to coming into with the payment and fin tech experience doing a big pivot with him already. for more let's bring in dellano. great to have you with us. key to going into the earnings season we have seen a bunch of cuts, price targets, guidance estimates over the last week or so has it been enough what are you expecting for the earning season >> thanks for having me, guys. you're right we have seen some cuts but estimates are still high, q2 looking at estimated earning growth on the s&p 500 about 4.3% if we hit that growth rate for this quarter, it would be, you know, obviously a lower that

we've seen since q4 of 2020, which was at 4%. i think we're a little bit high, you're discussing how the consumer is doing, which i think we're teetering right. there are places where we're seeing the consumer spending down their savings seeing the banks set aside money for provisions for bad credit. and that's a real thing here as we look to what tech companies are doing if you look at how the companies are cutting jobs, freezing, laying off they're giving signs that things are slowing down, i think that has to be taken into consideration. >> it's been interesting the way that wall street analysts have been cutting sort of top down in batches. a bunch of names thrown in, instead of on an individual stock basis. so do you think that could lead to some good bargain picking opportunities in the weeks ahead? >> yeah. i look at bargain picking countries. and that's something that -- all

investors we talked about the what the fed is going to do we talked about the meeting in a couple weeks, with the inflation numbers it seems the fed is going to still aggressively raise rates at least in the nerm near term whether it's 75 or 100 basis points so investors that are looking for bargain opportunities have to understand we're still in volatile times for growth, tech, that land sap overall, but if you look further out there's going to be opportunities where these companies will reap price later on. >>ing what do you make of pinterest and elliott getting in, particularly is this a swift kick in the pants where you expect management to be more on their toes now, more communicative, crisper in their execution so that might get an investor more interested in being in it as opposed to a company where maybe it's controlled, the ceo feels

like he can take a long view and take his time figuring out the business model or does it not shift your view on pinterest versus the cohort in social media and advertising at all >> i think it does it is a swift kick in the pants whatever you're seeing the company bring out outside consultation, this isn't the best, peloton there was outside consultation to restructure business and cost efficiency that is a kick in the pants. they're sharing the fact that their management has been struggling in an environment with pinterest bringing in an activist investor that can look at it from a fresh perspective could be good. i think the business model is strong i held positions in pinterest and there's still opportunity for it but the environment bodes where you have to see a fresh perspective, especially with management struggling in a certain situation, jon. >> we're watching the markets here, dow up 620, the nasdaq 100

after underperforming for so much of the year is actually, you know, quarter to date is double the s&p, and i wonder if you think there is a flow of money getting out of commodities, getting out of energy and taking a flyer on growth and tech. and if so, how long that can last >> there could be. carl, you were pointing out on twitter what's going on with mom commodity prices recently and investors have been looking at it and taking opportunities to take longer positions in them, i think there have to be longer positions we look at what's happening and we're still in the rate hike environment it's volatile for growth and tech for a while. but these areas have been beaten down, these areas are assess, especially mega cap tech, look how apple has traded the last five days, kind of a repricing

for them but it's generally a longer term position because in the near term it'll be volatile >> we're going to get to those mega caps later in the show. have a great weekend we'll see you soon >> thank you. the volatility macro concerns hitting the public market also reflected in tech's private valuations stripe has cut the internal values of shares by 28%, taking that valuation down to $74 billion, that's more than $20 billion short of the 95 billion they were last valued during a funding round last year the news comes on top of a slew of other cuts across the industry with buy now pay later company klarna seeing valuation cut to $6.7 billion from almost $46 billion back in 2021t cutti

or $15 billion back in march the difference, it seems to me, is whether these companies need to raise money, because when they do in a sense it's almost like a public market type of valuation cut where they're taking a cut similar to what publically traded stocks are, which is more than 50% or just kind of internally repricing which could be good for rec recruiting, retention, sort of pricing the latest options and equity they're giving employees, in which case it's 28% that's not much in today's market >> compared to some of the other hair cuts we're seeing it's a great question 409a, the internal valuation they use i have to talk to a few vcs and ask them how that compares because that's a good question if you're raising money do you cut more in the case of stripe i can't help but wonder if this company

missed the chance to i.p.o., this is the darling of silicone valley, it has raised so much money over the years, what are they waiting for it's more than 10 years old, which is a dinosaur in the start up world. >> remarkable to think about that, they've been around for a long time. the perfect place to start with our next guest, nyu professor. great to have you back i want to ask about risk capital and valuations but through the lens of inflation because i think it's your view until inflation shows true signs of moderating you will be waiting for markets to turn. >> it's not that inflation is high it's that inflation keeps coming ahead of expectations. it's happened all year i mean, there has to be a point where expectations have to catch up with what's actually happening under ground until that happens you're going to see risk capital stay on the

sidelines. right now i think you're starting to see convergence, the michigan consumer survey at 6.8%, actual inflation, 9% the next couple months, expectations might be running ahead of the actual number and that could be the turning point for the number. >> interesting if we are beginning that pivot, where do you go? you like safety, but i think you like safety in an area of tech, yes? >> i think the reason for that is the -- and the risk capital is withdrawn from the market as you saw with the down grounds and you see how risky tech has beenaffected than the safer parts of the market. i don't think risk capital is coming back the way it was before this happened i think we had a decade of excessive risk capital to easy to raise money i think we're due for a correction you need some type of balance, safety capital and risk capital and we lost that balance over a decade

we're going to find a new balance and that new balance might mean companies like stripe may never see the pricing they saw during the peak. >> in a way i guess that might be good, though, if they had gone public at a time when the firm went public they'd probably be suffering the same slings and arrows i wonder how much harder is it for you to value stocks now when inflation is hard to estimate and it's sort of hard to know how fed policy is going to impact growth, certainly in the broader economy before individual companies, so that's sort of price to revenue, price to earnings growth number, it's the possibilities are so wide. >> normally when you invest, you invest in your story for a company and you try to tell a good story and say do i believe that story right now you have a macro player in this game that's out of your control, which is inflation. you can tell the best story for

a company but if inflation behaves in ways you didn't anticipate it can wipe out your story. so that means that stock picking becomes much more dicey, more difficult because you have this run known anging over every story you tell about a company >> let's talk about the nvidia story. because i feel like you're conservative with your view of valuations but this is a stock that's come down a lot this year but still relatively expensive compared to the broader chip space, other players i know you've taken a bruising you're staying in it, but is it possible not all the bad news is baked in,29 times earning, crypto headwinds, waning gaming head winds, the chip space >> i think nvidia has traded at a premium because the margins are higher than the rest of the chip sector.

the challenge if you're an investor can they keep the margins higher, i think they can and i'd still buy today. i think risk is somehow you get margins level off and nvidia comes back to the pacquiao eel see more of a correction i feel comfortable enough to hold it but that doesn't mean i don't see the risks involved in the company. >> on advertising, and social media you have meta, i believe, but you see a gap between meta and snap and i'm wondering what the difference is. >> it goes back to the risk capital story when risk capital dries up it makes the biggest, most powerful players in any space bigger and more powerful so if you thought that the faang stocks dominated in the last decade, risk capital dries up, they get more dominant because the young start ups that tried to eat away at the market share are not going to have the capital to do it

that's my rational for sticking with the bigger and more powerful players in the games now rather than the upstarts. >> a few years ago you wrote about the effect of stock based compensation and how that can dilute earnings. feels more relevant than ever right now especially as investors are looking for more profitability that can be hard to see what do they need to look for to separate real earnings versus those that could be diluted? >> in a strange way one of those places where accountants did the right thing when they started to treat option expenses as expenses and started to reduce earnings un unfortunately they added back stock based compensation, an insane act because this is the only way to compensate employees. if you're not counting compensation as expenses what would you count as expenses. so investors need to avoid what analysts are doing, adding back

stock based compensation and look at stated earnings and also consider the dead weight cost of having existing options hanging over the head of these companies. i think we need to face reality as investors, these are not some passing phase, this is the way the companies compensate their employees, sometimes suppliers and sometimes consultants. >> indeed. we'll see how that mix changes their ability to hire and recruit. professor, appreciate it very much. >> thank you morgan stanley cutting software estimates across the board. we'll discuss with the analyst behind that call next. stay with us, tech check is just getting started.

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check out shares of yelp, goldman reserving coverage of the name calling the company an open debate, they see a more balanced risk reward at current prices but revenue reverting to

prepandemic levels that stock up about 1% this morning as you can see, down heavily on the year. carl, you can call that an on the on the other hand. checking in on big tech, google headed higher again for the head of the company's 24/1 split after close tonight. plus key bank cutting on apple, and we'll find out why after the break. finding the perfect designer isn't easy. but, at upwork, we found her. she's in austin between a dog named klaus and her favorite shade of green. it's actually salem clover. and you can find her right now on upwork.com when the world is your workforce, finding the perfect project manager, designer, developer, or whomever you may need... tends to fall right into place. find top-rated talent who can start today on upwork.com

one of the themes this week, tech reacting to macro concerns including consumer weakness, analysts racing to cut estimates, morgan stanley one of the names bringing down price targets cutting estimates for microsoft and others keit keith weiss, the analyst behind

that call joins you. you're cutting microsoft to 100 bucks above where it is now. it's not like you're waving a white flag on the stock. in case your bear case scenario has microsoft about where it is right now. let's start with the bear case to understand it how do you expect, even a relatively strong cloud player to perhaps be negatively impacted in a recession? >> thank you for having us i think it comes down to understanding the components of what's going to make up microsoft's earnings we feel very confident on the commercial businesses within microsoft. we published a survey where microsoft screened very well over 70% of cios we talked to expect to expand spending with microsoft in the year ahead. so good indication on the commercial side of the business. you have about 30% of revenues related to more consumer oriented parts of the equation that's where we see a bigger

risk profile for microsoft stuff like pcs, consumer pcs are definitely weakening, advertising businesses tend to be more prone to macro slow downs that's where we're putting more caution in our estimates. even with that caution, the slightly lower estimates we think microsoft represents a good value here, trading at about 22 times our revised estimates on calendar 23 gap earnings. >> microsoft is good to talk about, the pieces of its business include parts that represent so many other businesses talk about linked in, for example. i imagine if the labor market slackens and companies aren't looking for employees as desperately, that revenue could come down from that side as well as the marketing side. i wonder about emerging markets perhaps even europe. global names like a microsoft and others, might they feel a particular impact if regions

slow in a global impact type of recessionary scenario? >> it's a very good point. something you have to consider when you're talking about a company as large as microsoft that has the geographic expanse that microsoft has both in terms of certain regions might see more weakness than others more concerned about european spending than we are about u.s. spending right now so microsoft's presence in europe is something to keep an eye on the other side is currencies, currencies as you know have been volatile, you've seen a sharp strengthening of the u.s. dollar that impacts microsoft terms their reported numbers investors look at currency growth to understand the strength of the business but in terms of reported numbers that's another thing we had to trimmest mats for was the stronger u.s. dollar in reference to microsoft's international exposures. >> keith, good morning we have been talking on the show in recent weeks about the

opportunity of the the suite or the bundle at a time when companies are looking to cut costs. i wonder if microsoft is in a position to pick up some of the new customers through cross selling, undercutting the smaller guys, smaller players. do you think that could be an upside surprise potentially for the stock? >> that's a great point and gives us confidence in microsoft and our survey microsoft a great consolidation play, they have a huge breath of offering and they're bundle into attractive packages. we see that in indications of cios, looking to upgrade their office 365 subscription from a lower level to one that incorporates more functionality like video conferencing or security where you can get multiple functionalities at a price much more attractive than if you buy the smaller individual technology themselves so that bundling capability i

think is a strong point of microsoft. they have a good price performance if you will. the other side of that equation, though, is that their solutions themselves have been getting a lot better it doesn't really work to consolidate if you're consolidating onto subpar products what microsoft has been able to do is improve the functionality of all their solutions to make it more attractive to do the consolidation for cios make the decision easier for them the they're not giving up as much going for that consolidated packages >> keith, the street got all worked up this week about this partnership with netflix and a lot of speculation about what ifs regarding how deep that partnership might go, could it lead to m&a. i wonder where you think microsoft's band width is right now on m&a given where act vision is at the moment.

>> the partnership is a good example of how microsoft has been able to benefit by not competing with a lot of these customers out there. they're not trying to do streaming media. that makes them a more attractive partner to someone like netflix they're not trying to build an autonomous vehicle that makes them better looking to an automobile partner not trying to do groceries given that backdrop that this switzerland position if you will, not trying to go into the businesses of a lot of core customers, i think that's a big benefit for microsoft and one they're not going to try to transgress if you will i think it's unlikely they will try to buy someone like a netflix to get into the businesses they'd rather partner with them, stick to their knitting do what they do well, which is provide underlying technologies and let

these businesses like netflix do what they do well, which is drive really good content, get good engagement with the content and the subscriber that's a better outcome. >> i like that, oracle not switzerland. i wonder what you make of the action on a day like today we should mention that so many software names are up, adobe up almost 2% for example, and they've been choppy in trade so far. why are they responding this way? is this based on the fact that given signals in the market we should expect volatility from day-to-day and week-to-week? >> yes number one, expect volatility across the market, a lot of uncertainty on the macro, inflation, interest rates and that's going to impud a lot of volatility into the market in general. we've seen plus 5% moves in our

sector each week for the past three weeks and this week is no different. you'll see another big move this week number two, we fundamentally lean positive on software. one of the reasons you're seeing software do well is the durability of these secular growth trends which helps the overall software group and the durability of their earnings within software, about 80% of revenues is recuring in nature it's the subscriptions and the return contracts which enables companies to better protect their earnings and free cash flow you saw that the number didn't come down much because of the subscription model the demand impacts get spread out over a period of time i think that makes software relatively more attractive than most industries given the dynamics of these business models >> keith weiss, thank you. >> thank you for having me. still near session highs,

dow best day since june 24th a news update with dom chu. >> here's what's happening at this hour. citi group shares are soaring about 10% this morning so far. the big bank's quarterly profits fell 27% but wall street was expecting a bigger drop. volatilities in foreign exchange markets boosted markets there. but citi group is suspending share buybacks to bolster ratios ahead of a stricter regulatory environment. consumers are less pessimistic about future inflation. expectations for price gains for the next five year fell to the lowest level in about a year the government said retail sales increased by one full percent last month more than expected but that number is not adjusted for inflation prices increased by 3.1%, so real sales were down

also something to keep track of, the nonadjusted retail sales back to you. >> thank you check out amazon shares they're among the top gainers as wall street gets bullish post prime day. we'll tell you whyne, xt thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade ♪♪♪ there's no going back. this is redefining storytelling, at the speed of now. this is tracking and publishing your content in real time. this is the system you built, captivating a global audience. this is how. airtable.

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welcome back let's look at another mega cap for today's edition of

overvalued, under valued, that's amazon analysts taking the under this morning. they like what they see from prime day know noting shoppers bought 300 million items throughout the day and taking a bullish tone. on the flip side the company still faces that overinvestment amid the broader investment and slow down, a cycle they have to break if we head into a possible recession and that's not factoring in any labor head winds, shortages, regulations, the company sees weak sales from their private label business at least according to the journal today. the company plans to cut the number of items sold under their own brand. and we discussed whether or not that's related to weak sales or trying to emile rate the effect of some regulation. >> we don't know how how amazon behaves as a stock or an operation in a recessionary environment, i mean modern

amazon, in the sense that back in the financial crisis the cloud was still pretty much a brand new thing and aws wasn't at the current scale so walmart gets the benefit of the doubt because people feel like that's where people are going to shop to get groceries, that's what they have. will the same happen with amazon, will the loyalty programs kick in and might a weakening economy strengthen amazon's labor position the times has a story for unions -- warehouse unionization losing momentum right now. how does that affect it? i don't know that's something to watch. >> it's something to watch amazon has been through do downturns but the private label we the idea that microsoft may be the switzerland of big tech, it's not going to compete with its customers, amazon has been on the other end of that

spectrum it'll try any business if they can make money private label has been one of them which can pit it against a customer, the retailers on the platform, we'll see how that works out but could maybe for an investor increase that value proposition if it's not growing anyway to maybe get out of the business and support customers or gain more of them we've been hitting the potential sof software slow down this week but what about hardware? our next guest anticipates an uphill battle with third quarter revenue but still calling it attractive joining us key bank capitol market brandon nis baum. is wall street too optimistic? it feels like investors are hiding out in the name but it is vulnerable to the consumer

economy. and there's an assumption that maybe it can side step weakness other players have to deal with? is it too optimistic >> first of all, thanks for having me. i think in the near term, some of the data we picked up from a credit card data base and somewhat of a macro concern, particularly around pc sales, that was really the cause of us lowering our estimates more recently i think going forward where expectations lie, you know, fx is going to be a key concern, that should be a headwind but apple overall should be relatively well positioned because of the utility of the smart phone and the growing user base the company has we think that's the most attractive value proposition that apple has is a growing billion plus iphone user base. >> which helps the services side of things. what are you looking for when the company reports in a few weeks from now what do you want to hear from

tim cook, what kind of vibes do you want to get from him if not words? >> i think apple is going to put out a rosie outlook, optimistic as typical i think our numbers are lower but that factors in fx key there is the euro and yen, so i think from a guidance standpoint we could get something lower than what the corn census expects because numbers haven't quite all reset. overall, i think the long term outlook is going to be really bright for apple because, again, going back to the user base. it's a metric that apple rarely discloses but on our number, the iphone user base is nearing 1.1 billion. and there's some really healthy growth, mid single digit on our numbers. i think tim and company will continue to have optimism around the business because of that growing user base. >> i know it's not apple to

apple as forgive the pun i wonder if you think there are lessons in the way that amazon, for example, managed this pull forward and demand and the way apple did it and whether it says something about their logistics prow wes. >> i think from a supply chain perspective apple is really well positioned i think a couple things going for the company, looking forward, we have china lockdowns that should be easing and demand in china should be strong. i think the product -- the utility we get out of the core iphone product is something that's really remarkable, can't think of too many other devices to spend my time on. so from a demand perspective i think apple will be fine we cover the wireless carries in the u.s. too and i think the upgrade perspective, 5g is a secular driver for apple and getting consumers in the newest

devices is something that every carrier in the world is probably trying to incentivize consumers to do and the latest devices for apple continue to get better and better >> what really matters at this point now that we're in the second half, isn't it q4 and the set up for it, whether the iphone looks attractive, how much carriers are going to subsidize in q4 whether retail stores are open, particularly in china and, you know, apple's managed inventories in the way tim cook tends to manage inventories. all the sorry stuff, in a way isn't that noise >> i tend to agree with you. typically the third and fourth quarter for apple are quiet. and then when you get to the december fiscal fourth quarter, that's really where things matter more. so i agree with that

>> thanks for your insights, have a good weekend. we'll talk to you soon. >> thanks for having me. is the easy money era in crypto over with this week's downfall of another high yield 'ldius day wel scs,on't go away welcome unld from verizon. at our best price ever. just $30 per line. (fran) for real? (vo) for real, fran. $30 bucks. (fran) nice! (vo) keep your phone and we'll help you cover the cost to switch. (ned) easy peasy. (vo) just $30 dollars a line. only from verizon.

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bitcoin and either prices are higher at this hour than it was monday though one filed bankruptcy after the collapse of luna and tera which offered similar high yield promises looks like the easy money era in crypto might be over. what does that mean for the broader ecosystem and consumers that might be looking to pick something up, or not mackenzie joains us now i keep wondering are there more counter parties at risk here and how is that going to affect how people feel about the opportunity versus risk in crypto what are you hearing as you have conversations. >> that's the question everybody is asking because we learn about a new counter party that was exposed to three arrows capital, for example, then you have celsius and voyager, the one

working with your mom and pop investor so the days of double digit annual returns are likely a thing of the past because the yields weren't real in the first place and this is not -- celsius was a major player, less than a year ago it had $25 billion of assets under management now it's accused of operating like a ponzi scheme the other problem with this idea of easy money no longer being a thing in the crypto ecosystem is some of the lending platforms were keeping up with the returns by investing their own funds into other platforms doing the same thing so it was this very dangerous knock on effect. >> i wonder, this week we had major banks saying that they're going to take a hit to earnings, right, because they're going to build up their reserves, because in a difficult economic environment they expect more people and institutions who they've lent out money to not to

pay them back. this is already hitting the crypto ecosystem, right. does this make it harder on the already troubled area? >> it does we've seen it happen time and again, crypto is not bucking larger macro economic trends at play, not immune from what's happening in the traditional financial system look at what's going on with the fed, rumbling it may hike rates faster to new data and you have bernstein putting out a report saying the crypto market remains tight liquor lated to the fed policy. so it goes to show, leverage is a drug but the second you suck out the liquidity for whatever reason, the fed or this domino effect of failures in the crypto ecosystem, the party is over for a lot of these players >> but mackenzie, the party is not over we're talking about these crypto interest accounts like they're

in the past. i'm on a website, earn up to 85%, api earn custom interest rates i don't understand how this is working. >> block buy just was bailed out and got a big loan, ftx is becoming the player propping up the ecosystem. but i feel there are different ways to earn yield in the crypto ecosystem and some platforms are doing quite well right now so you have, you know, centralized finance lenders who are bankrupt and some that are unscathed and the reason is because they have a different business model they're letting customers lend money on a money market, they're asset backed, the tokens associated with ava and compound they're up around

20% in the past 24 hours so there's enthusiasm that this corner is safe >> but we know how that's gone in the past, 35% apy seems as crazy as when we were talking about it months ago. if you want more coverage get crypto world monday through friday we're back in just two (♪ ♪) how do we demonstrate our unmovable strength? (eagle call) nope. how do we show that we'll stand tall through the storms? nah. (thunder) how do we make our clients feel secure and- ugh... not lions. (lion rumbles) we do it with our people. people who've been looking after people for over 170 years.

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president biden will be meeting with king salman, the acting ruling there in saudi arabia earlier this week there was a ton of reporting that president biden would not be shaking hands on this foreign trip, his doctors citing covid precautions and also that advice allowed the president to avoid shaking hands in a photo op with the person that u.s. intelligence suggests was response for the killing of "the washington post" journalist jamal khashoggi. president biden is meeting with king salman later meeting with mbs and other members of the royal family as well and then later on in this trip he'll meet with gulf leaders to talk about whether it's possible for opec plus to produce any more than it already has put any more meaningful amounts of oil on the global market. we'll see what, if anything, that group accomplishes. >> the market still has doubts

about that as prices climb a little bit higher today. next week is going to be interesting. we get goldman and b of a on monday but then twitter and snap and at&t is going to be very busy as we work our way into the second gear of earnings week. for the time being, near 2% gains on the dow as we try to unwind weekly losses the judge is in the half let's get to the half. >> welcome to the halftime report i'm scott wapner, the bounce for stocks after retail sales beat, citi estimates some saying not so fast to the 100 basis points move. what etit means with the investment committee let's check the markets give you a look at the strong day, we have near 600 points for the dow today. across the board we have nice gains, the