shipstation saves us so much time it makes it really easy and seamless pick an order print everything you need slap the label on ito the box and it's ready to go our cost for shipping, were cut in half just like that go to shipstation/tv and get 2 months free it is 5:00 a.m. at cnbc. here is your top five at 5:00. stocks trying to claw back the late-day losses after the s&p does something for the first time since 2008. investors trying to shake off warnings from goldman sachs and apple with the health of the economy and the outlook for the labor market. it is not just here in the united states. we have a major heat wave across the united conkingdom.

we have a live report on deck. it's all about netflix after the closing bell today after the streaming giant looks to rebound from the net subscriber loss in a decade. and later on, big blue black and blue despite the quarterly earnings beat. big details on the ibm report. it is tuesday, july 19th you are watching "worldwide exc exchange" on cnbc. good morning i'm dominic chu in for brian sullivan let's kickoff things with u.s. stock futures trying to rebound. dow implied higher as well as the nasdaq and s&p a selloff yesterday sent every average a sharply lower for the

day. it closed down more than 200 points after being 344 points at session highs to the upside. the risk off trade driven primarily by a report out of bloomberg that apple is planning to slow hiring and spending in the year 2023. apple was a driver of the down side move overall. it is not just apple check out goldman sachs. saying it will slow hiring and looking for more ways to cut expenses goldman sachs shares driving that down side action in yesterday's session. checking on the bond market. yields are moving to the upside. 10-year treasury is a hair below 3% $2.99. the 2-year treasury is below 3.17%. the yield curve is still inverted with the short-term rates above long-term rates. in the oil market.

signs of movement. we are trying to hover around $100 for crude oil ice brent crude, the world benchmark gauge is $105.42 natural gas is flat. and cryptocurrency bitcoin and ethereum have gotten a nice bid over the last few days bitcoin is $21,904 ethereum prices now above $1,500 that is about 4.5% upside. let's get a check of the action overseas with julianna tatelbaum with the early trade from europe in the london newsroom >> dom, good morning equities this morning are reversing the gains yesterday.

we are trading lower this morning. the cac 40 in france down .60% the german market down .on 40% here in the uk, a bit of selling take place this spanish market is up 0.8% what we see strong action is in the euro and in bond yields. why are seeing a rise in bond yields after the european central bank udiscussing a 25 or 50 point hike this week. they are poised to hike rates for the first time since 2011. more aggressive tightening appears to be firmly on the table. now a couple of corporates in focus. softbank put arm's london ipo on ice. this according to the financial

times which reports boris johnson personally lobbied masioshi san for the firm. it comes after the johnson investment and digital ministers who played a reading role in talks with the japanese congl conglomerate edf is also in focus the french government paying 9.7 billion euro to nationalize the yutility company. dom, back to you >> julianna tatelbaum in london. thank you very much. let's get to the top corporate stories with contessa brewer good morning >> reporter: good morning, dom amazon taking legal action against the administration of more than 10,000 facebook br groups the groups are paying members to generate fake reviews on amazon

in the u.s. and uk and germany and france, italy and spain. one called amazon product review which was removed earlier this year by facebook parent company meta had 43,000 members. it calls into question the reviews we rely on apple facing a class action lawsuit claiming it is denying access to the technology the lawsuit filed on behalf of financial institutions and credit unions in san francisco federal court seeks unspecified damages and wants apple to stop the anti-competitive conduct. embattled crypto platform celsius is defending the decision to halt customer withdrawals last month lawyers for the company tell a bankruptcy court saying the company was safeguarding

customer interests how? lawyers argue by preventing withdraws, it preserved assets so it can be equitable distributed. it filed for chapter 11 to come up with a plan for users you can see bitcoin up 1.3%. dom. >> thank you, contessa brewer. back to the broader markets. brian monynihan talked to closig bell yesterday and he said consumers are continuing to spend. >> the consumer is posing the greatest benefit to the fed and trouble. they are employed and earning money and spending money they have lots of borrowing

capability and more money in their accounts at the end of june that makes the fed's job tough they are trying to slow down the american consumer whose spending drives the economy >> some strong words from brian moynihan let's bring in seemah shah bank of america has a banking relationship with half of americans in some way or form. traditional banking or mortgage lending or credit cards or whatnot. they have a pulse on the economy. do you believe the consumer is as healthy as brian moynihan claims >> the consumer has been resilient and have excess savings which was built up the last two areas years we are seeing cracks forming

you hear credit card data is starting to show signs of weakness you see that across data we think the consumer is strong right now. if you fast forward six months to a year's time, the consumer will feel weakness the stronger the consumer is today, the further the federal reserve has to hike rates. >> seemah, we made a good deal of, i guess, importance out of this conversation about the economic data that may be backward looking, jobs, gdp, that sort of thing, seems to be okay the forward looking stuff like sentiment and poll surveys is not backing that up. would you consider, perhaps, righ right now, the anecdotes of companies slowing hiring and rescinding job offers as a sign we will see a more material weakness in the labor market in

the weeks and months ahead >> absolutely. you know, a lot of the indicators are not going to show weakness right now, but signs of further cooling in the economy as we go through the next months and quarters certainly we are expecting recession to hit the u.s. economy in the first half of next year. we are, of course, reassured by the strength currently that doesn't mean the u.s. will avoid recession next year. >> if that is the case then, if you look at the way the fed is set up for how it has to act, is there any constructive way that the markets can take the future interest rate hikes in stride enough to form some kind of a move higher here for the broader markets? the question i get is when will the bottom happen? nobody knows is this a situation where the fed is going to derail everything or can they engineer that unicorn of a soft landing

>> it is not impossible. it is unlikely you said historically there is limited evidence of the united states able to manufacture that soft landing you keep talking about. the u.s. has no choice they have a significant inflation problem. the only way to rectify that is to create an economic downturn this is something the federal reserve has to do. it is the most likely scenario is a hard landing. >> if it is a hard landing, what is the outlook for where people should position? is it right back into treasuries it seems as though that doesn't -- you want to be there if inflation is a problem or is it in the beaten up sectors and stick with the trend of the value dividend paying and less sensitive sectors out there?

>> it is a tough call to know he where to allocate money. within u.s. treasuries, there is safety rates will be going higher over the next couple months we see recession in the horizon, we see treasury yields going higher in the next 6 to 12 months the high quality investment grade companies which can possibly perform okay during the down turn. we would stay away from the high yielding companies in addition to all this, it is a high quality companies have stability of earnings and also in addition to that pricing, pricing capacity to purchase price increases to consumers. this is a difficult environment. there will be places to hide out right now. >> all right seemah shah, thank you very much when we come back on the show, people in china bracing

for new covid lockdowns as macao, the biggest gambling hub in the world enters the 11th day of the lockdown and businesses are stretched to the limit. not just the u.s., but uk in the throes of its heat wave. so hot in places, regional airports need to shutdow because runways are buckling over the record high temperatures we have a live report coming up. later, does netflix have what it takes to slow its user ex exodus alex sherman tells us what to sus.ct with the business relt a very busy hour on "worldwide exchange" after this break any, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities.

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welcome back to "worldwide exchange." macao, the gambling hot spot in the world, is expanding the lockdown for another five days it is looking to contain the outbreak industries will remain closed until july 23rd. contessa brewer has the latest contessa, this is a big deal for a very big economic engine for china. tell us what exactly is happening and why this is important. >> it is a bigger deal, dom, for the companies that have properties in macao. it represents a huge piece of the overall revenue.

the casino closures, you are looking at all but essential businesses shuttered gaming estimates that july revenue in macao will come in at 2% of 2019 july numbers. macao has never seen what we have seen in las vegas or in the u.s. because covid travel restrictions have remained an obstacle melco shares are down. wynn resorts off 33% mgm off 34%. mgm has less reliance on the macao prorperties. look at las vegas sands. it focused on macao and singapore. despite the closures, sands ceo

is focused on the silver lining. he told me as part of the cnbc recent evolve conference >> most of japan is open korea and vietnam. the biggest challenge is employees and air lift getting in and out which is challenging into singapore singapore is leading the way a great government and great place to operate we're thrilled to be there $1.7 billion property. my guess we'll do better in the future >> reporter: he did not go into detail numbers because they are reporting after the bell tomorrow the casino he closures means revenue is disrupted in asia it is not in the earnings rep report, but they will listen for cash flow and how sands is helping subsidiary sands china

weather the covid storm. we know they loaned the subsidiary a significant amount of money $1 billion or $1.5 billion if you think the macao stocks have been battered, look at launches in sports betting draft kings and caesars. caesars down 58% this year they are taking it on the chin >> contessa, this is a tale of two cities, in some way. rebound in vegas like you mentioned since the depth of the pandemic macao can't get out of its own way. i should say china is making it that macao cannot get out of its own way with the zero covid policies that macao cannot be relied on as a gaming growth hub because the chinese government is going to make it so they

cannot be a reliable gaming growth hub >> reporter: there is no way to predict when it ends by the way, these companies are still paying employees in macao. they needed to do that it is hard for them to say this because they are up for license renewal. what they call renewal, they have been extended six months. in order for the government to give them the lagreements, they are keeping people at work and coming to the office with no customers. that is problematic. they are bleeding cash at this point. that's number one. number two is as you said at the beginning, this is the biggest gambling hub in the world. they he are expecting a kind of las vegas rebound on steroids. we have seen it in las vegas records set because people just want to get out.

when he that happens, not if, wn it happens, it will be good for the bottom line. >> we will see if it happens thank you, contessa. coming up, it is he said, she said as twitter and elon musk head to court over the now terminated twitter take private deal mi unet details of the sui congp xt after the break keep it right here 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.

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welcome back to "worldwide exchange." time for the big money movers. first up, ibm. big blue's second quarter beating forecasts as sales rose 9% the company is seeing higher labor costs and in the consulting business which is half of the work force ibm's chief financial officer warning headwinds will hurt revenue in the second half of the year ibm shares down 5% stock number two is occidental petroleum. fcc filing shows berkshire bought another $1.9 million shares it puts it closer to the 20% ownership threshold to record some of the earnings alongside its own earnings shares have doubled this year thanks to rising oil prices. shares are up 1% in pre-market

stock number three is nikola delaying the shareholder meeting for the third time since june. the company wants to give investors more time to consider the proposal to raise the number of outstanding shares. nikola rescheduled for august 2nd for right now. the uk is dealing with a heat wave as wildfires are spreading and disrupting the lives of millions of people there. we have arabile gumede with us now. temperatures will be 101 degrees fahrenheit which is around 40 to 41 degrees centigrade. arabile, you may not be used to it >> reporter: dominic, it is a hot one to say the least at least 41 degrees celsius. more than 100 degrees s

fahrenheit it is already 35 degrees conditions could get warmer as we head into the rest of the day. the biggest problem at hand, however, has been the infras infrastructure right behind me which is the hammersmith bridge. it has structural reliability. the problem is you have to try to find a way to keep things cool, particularly in the summer, so you close it and you try to make sure underground and you fix it and make it better. that is not the only problem we have railways that need to be shut or canceled trains as well. you need to find another way even roads and airports not far from here had to sort of cancel flights because of the ground had begun lifting. very difficult time indeed >> arabile, take us through what you are seeing with regard to the impact of folks and general

public are people still taking the tube, subway system over there, or are people out and about? are people staying more indoors because of this? >> yeah, you actually see the tube itself gets very, very full that is because they have cut out a few trains actually. it means they have been happening less frequently. the traffic builds up more you have a lot more people in each ride at the train station that becomes one issue you see people going to the office for work and looking for different modes of transportation bikes being a key part of that schools have closed in certain regions. in others, they haven't. work has decided we need to find better ways of ventilation that is key and important. we're finding that productivity

will get interesting at four or five hours because that's when you don't want people out at the most the lunchtime peak period in london and what you are trying to do is get less people out here the cost of the infrastructure heading is key question. >> arabilegumede, thank you very much let's get a check of the top headlines with phillip mena in new york it will be hot here, phillip >> it is hot everywhere, dom good morning we are learning more about details over the mass shooting at the mall in indiana that left three people dead and two others injured. authorities are calling a 22-year-old civilian a hero after he shot and killed the alleged shooter. that man is identified as elijah

dickens. he confronted and immediately killed the shooter. opening arguments are set to begin in the contempt trial of steve bannon the former white house adviser is facing charges for refusing to testify. and a woman is soaring through the glass ceiling in the navy lieutenant amanda lee is serving with the blue angels she has been with the navy for six years. she was part of the first female flyover for rosemary mariner one of the first to receive her wings in 1974. going into the major league baseball home run derby. the oldest contestant in history, but kids stole the show 42-year-old albert pujols eliminated kyle schwarber, but

then that set up the match with juan soto. >> it keeps going. he's got it. bat is flipped sky high. juan soto is the 2022. >> off balance, but on target. the 23-year-old juan soto beats julio rodriguez. soto gets the trophy and $1 million in prize money soto was in diapers and rodriguez was not born when pujols was drafted in 1999 >> it is hard to believe i could be the father for both of those guys >> same. same, dom. i get it >> fun to watch for sure phillip mena, thank you very much still to come, massive crypto outflows rocking the industry we have the latest on that trade when "worldwide exchange"

returns afteth bakr isre

stocks looking for a tuesday turn around after monday's rally stalls out earnings once again a key driver futures are higher ahead of the opening bell twitter firing back at elon musk and the bid to delay the lawsuit. and bracing for netflix earnings and what could be rough

ru results for the streaming giant. alex sherman has the latest. it is tuesday, july 19th, 2022 and you are watching "worldwide exchange" here on cnbc i'm dominic chu in for brian sullivan it is right around 5:34 a.m. eastern time on the east coast here is how your money is looking right now. futures pointing to higher gains at the opening bell. 150 for the dow. 25 points for the s&p. roughly 77 on the nasdaq trade this is all after the late session selloff. according to btig, the s&p 500 has closed below the 50-day moving average for 60, 6-0

straight sessions. that's the longest since 2008. over the last 50 years, such streaks have occurred during established bear markets maybe the charts indicating that this is, in fact, a true bear market we have to get a check of the price of oil wti prices are seeing a rebound. i spoke too soon they he were up earlier. ice brent crude is $105.35 nat gas price is up .50% this is all as the price at the pump is easing a bit aaa reporting the average price for regular unleaded is now be

below $4.50. that is the first time the average is below he thin the la nine weeks south carolina, prices below $4 for regular unleaded to the top corporate stories. including the latest between elon musk and twitter. contessa brewer is back with more >> dom, a judge is set to hear aur arguments for the twitter bid for a september trial in the $44 billion deal for the company the two sides will make the arguments about the proposed start date musk is seeing to delay the trial until next year ahead of the hearing where twitter's attorneys are claiming musk is using the delays to harm the company. twitter shares off nearly 1% in trading. in washington, the senate

set to hold the first vote to boost the semiconductor industry the legislation is a scaled back version of the bill that congress has been working on for more than a year it is expected to include $52 billion in subsidies for the industry and tax credit for companies that manufacture semiconductors in the u.s. lawmakers hope to pass that bill before august recess new data reveals crypto miners are rapidly exiting positions. it shows more than $300 million transferred out of crypto wallets during a 24-hour period at the end of last week. that move typically indicates miners are looking to sell previously mined coins to cover expenses we continue to watch, dom. >> still holding around the $22,000 for bitcoin. contessa, thank you.

netflix reports after the closing bell today and following last quarter's first net subscriber loss in more than a decade and a stock that has been dead money for six months. the lead up to the report today is more akin to hurricane preparation than quarterly report joining us now is cnbc media tech reporter alex sherman alex, maybe dead money is a victory. it has been going down what exactly is netflix going to say to get people excited about the company? >> dom, i do not think it is what they say about the previous quarter. netflix has estimated they will lose 2 million subscribers in the second quarter if you think of all of the various macroeconomics headwinds that we talked about on cnbc for weeks and months now between rising inflation and likely recession or at least a possible recession coming down the pike, it would not surprise me if the

number was worse than 2 million. we have to see in order to get people excited about the stock, i think it will have to be something that set about the next two quarters. the third and fourth quarter netflix will talk about its content and they do have several shows coming in the back half of the year "the crown." a movie coming out "the gray man. they will talk about cracking down on password sharing and the advertising supported tier which is less expensive than the subscription tier that people currently pay for netflix to encourage growth >> that growth needs to be invigorated in some way, alex, because netflix caught a tailwind because everybody was locked down or worked from home. it created a hyper competitive

environment for netflix which is top of the heap. everyone is trying to get market share from them. how much is that competitive dynamic as we show viewers the price of streaming platforms and those on se certify sirius xm >> so, there's a plus and minus here the good news or bad news? >> bad news first. >> the bad news is if you ente a period of economic downturn when consumers are going to be tightening their discretionary spend and there are studies that this has begun already netflix is the most expensive streaming service out there of

the standard streaming services. that's what you saw on the wall. more expensive than hbo max or disney plus or apple tv or paramount plus the good news is that is a feather in netflix cap with the average revenue per user it is higher that is what investors like to see. the bad news it is the first service to go if you are looking to save money in a time period where you may need to save money. we didn't see that during the pandemic in the last recession that's because everybody was stuck home netflix was actually a huge winner in that recession this recession, where everyone wants out of the house and need to save money, it may be a different dynamic. >> the stock lost 2/3 of the value year to date see if anybody finds value alex sherman, thank you. we appreciate it

>> thanks, dom. coming up on the show, more of the big money movers, including amazon.com finding itself under the microscope of federal officials. the probe targeting the company. and some of the top trending stories. starbucks ceo says they plan to close more stores over more safety risk concerns in a video posted to twitter, howard schultz says they are not unprofitable due to rising problems of homel llessness and crime and drug use disney reporting $9 billion of deals disney plus service and espn plus and hulu services are driving the majority of the demand for advertising space and amazon giving the look of the prime video service a major overhaul the redesign of the user interface is set to begin in the

middle of next month for years, amazon has been criticized for the out dated appearance watch for the changes in the coming weeks "worldwide exchange" is back in a moment hybrid work is here. it's there. it's everywhere. but for someone to be able to work from here, there has to be someone here making sure everything is safe. secure. consistent. so log in from here. or here. assured that someone is here ready to fix anything. anytime. anywhere. even here. that's because nobody... and i mean nobody... makes hybrid work, work better.

♪ music ♪ ♪ dream, dream when you're mafeeling blue ♪k, ♪ dream, dream that's the thing to do ♪ ♪ music ♪ when you see value in all directions, you add value in all directions. accenture. let there be change. welcome back to "worldwide exchange." time for a bonus big money mover. amazon the warehouses under investigation by the justice and labor departments.

inspectors are reviewing new york city and orlando and chicago on monday as part of the civil investigation of workplace safety issues. representatives from amazon did not immediately respond to a request for comment. nonetheless, shares for amazon up .2% also watching chip stocks. you have nvidia and intel and amd. climbing all between 4% and 7% in the last week we pointed out yesterday that the semi conductor smh is seeing a bounce in the same timeframe is now the time to buy the key names in the very key sector of the technology trade let's bring in matt bryson at wedbush noted the performance with smh and other cloud

computing is up huge how much of this is on the optimism around possible more taxpayer spending around semiconductor facilities here in america as opposed to some of the broader fundamentals for the business >> i think certainly that's factored in. particularly with intel, they are poised to receive a significant portion of subsidies. given it looks like a lot of the additional dollar content is going to go to companies that manufacture chips like intel and global factories. i think also for some names and i highlight amd with a fundamental which is not that bad. we did get taiwan semi last week which gave us better results and better outlook and tell us that certain segments including the

high-end serve market actually look pretty good >> if that's the case, is there a favorite that you have in that coverage targeting the specific parts of semiconductors or perhaps a company with a portfolio that seems to be tilted more that way >> certainly, dom. my favorite name at this time is amd. they are in a position to continue to gain share from intel at serve segment i don't see that dynamic changing until late 2024 or 2025 >> if that is the case and you like amd versus nvidia or intel or anyone else, do you also feel as though from the valuation perspective, at some point some of the other names become more compelling if the growth is not

there in some of the places you mentioned for amd? at some point prices fall far enough >> certainly you look at nvidia, they have a great story. i'm waiting for the decline of crypto mining and potential wave on the consumer gdp business to get fully baked into the name and outlook. you can't argue they are the leader in ai and that will continue to move forward same with intel. intel is going and investing a ton of dollars for restoring competitiveness. i am more negative on that stock because it will take them longer to get back to where they are competitive in the core markets. having said that, there is still value in their facilities in the

ability to manufacture chips at some point, there's a valuation. >> matt bryson's top pick. thank you very much. have a good day. >> you, too. on deck for the show, stocks seeking momentum as investors gear up for quarterly earnings reports. ivory johnson lays out what to watch in the trading day ahead as we head to break, goldman sachs ceo david solomon diving further into the comments that inflation is deeply entrenched in the global economy and speaking to jim cramer last night on "mad money. take a listen. >> what i was trying to say is inflation is everywhere and as i talked to ceos that have big global supply chains, they are not seeing it level off yet. i'll not predict certainly we'll see tighter monetary conditions to control

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welcome back earnings remain the top of the list here for market drivers in this trade as we work through the busy week. ibm is the example of the earnings beat. a margin miss with the results in a trend where we are seeing this early and often message conveyed by the companies saying cost pressure are going to hit on the gross margins for more on this in the trading day ahead, let's bring in ivory

johnson. ivory, is any company immune and are they worth investing in right now? >> i think the supply chain issue is affecting corporations. it is not just raw materials, but wage growth. wage growth is negative. employment expenses are high the condisumer staples are bettr they are in a more defensive position we are seeing the consumers now and consumer spending at 70% of gdp. they are facing higher inflation and oil and gas prices as well as food. that will affect earnings especially over the last year. >> they are spending disc discretionary in droves for sure health care has become a massive part of the spending picture and bigger part of the spending picture in the next 10 to 20 to 30 years for americans that is spending as well

how much do you think is behind the health care trade we see out perform for the better part of the last six to nine months? >> the reason the health care trade works is it is a defensive position if you need a prescription, you will fill it if you have the means. the overriding concern is the comps. when we had the stimulus package in march of 2020, that earnings growth and you compare the year over growth with second quarter 2020, with second quarter of 2021, it looked really well. the problem is, you are now comparing that big growth year over year growth from 2021 to the next year. that bar is so much higher and you compare earnings, it won't be as favorable. you talk about did they beat expectations i imagine if somebody said ivory, you can run a 12-minute

mile that means i walk really fast. we will start to see with earnings that you compare the year over year growth previous year, it won't look as good. >> ivory, earlier this spring, you were telling us that you liked commodities. gold all of those things. we know what they've done since the spring are commodities, gold and oil, where you want to put money or are we pulling back because we're in a decline now >> i thought it was decelerating you are seeing that with copper and wheat and oil. commodities. you want to be on the opposite side gold broke down this month it still out performed the sa&p 500. if you had commodities and timed it right, you did well those two positions are out

performing the s&p 500 commodities is not the place to go if oil is $144 a barrel just to maintain the same pace of inflation, then those are two positions i would be careful about. >> all right ivory johnson. thank you very much. have a good day, sir. >> thank you that's all for us on "worldwide exchange. "squawk box" is up next. ophedow indicating a higr en keep it right here other day? ca cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network. from the most innovative company. bring on today with comcast business. powering possibilities.

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good morning all right. let's try this again stock futures pointing to gains after yesterday's rally attempt fizzled midday we will show you what is moving% ri right now. elon musk is accusing

twitter as a mega phone to criticize the company. and we bring you numbers for johnson & johnson in this hour and interview with the cfo it is tuesday, july 19th, 2022 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. u.s. equity futures are indicated higher you have the dow futures up 165 points s&p futures up 25. nasdaq up by 76. as joe mentioned, this is a do-over day after stocks erased the rally yesterday. the dow ended down by