it is 5:00 a.m. at cnbc global headquarters. here is your "five@5." shares of snapchat set to lose a quarter of the value at opening bell after it calls a challenging quarter. weakness in snap dragging down social media stocks and tech sector which is set to snap a three-session winning streak if these pre-market losses hold one big tech investor says the pull back could be a buy opportunity. outside of stocks, crypto is

getting a bump a bit of a bump this morning we take a closer look at what is going on and the future of cryptocurrency. and twitter results are on deck investors looking for any kind of hint about the $44 billion legal battle with elon musk. later on, talk about demand issues latest stock hit hard by softening consumer demand and surging prices it is friday, july 22nd, 2022. you are watching "worldwide exchange" here on cnbc good morning happy friday i'm dominic chu in for brian sullivan this morning. let's kickoff friday with the u.s. stock futures you can see we are going to start to see a little bit of waivering right now in the futures market the dow jones industrial average implied lower 17 points. nasdaq down by 77 points

overall. yields are a big part of the story given the market in narrative. the 10-year treasury is falling to 2.82% the 2-year treasury is 3.06% a trend has been there for a bit with a move to the down side the oil market is seeing price movements here below the $100 a barrel market. wti is $93 28 basis points on the upside. ice brent crude at $104.26 a near half percent gain there gasoline futures at $3.13. down .2. rbob gasoline trading at the lowest level since april natural gas going the other way.

up 13% overall this week taking some stocks along with it you saw the natural gas prices down this morning in the trade the global heat wave eqt and antero over the past week eqt up 15% antero up 12%. just one week. we mentioned crypto. bitcoin prices on the upside to $23,322. ethereum at $1,634 4.5% upside there. alt coins moving with it remember, watch the $25,000 mark it is not there yet of it is a key benchmark. let's get a look at asia and

trade in europe with joumanna bercetche. good morning, joumanna >> good morning, dom a lot of green behind me for equities ending the week on a positive note. all of the markets suggesting 50 basis point rate hike yesterday. it took the market by surprise because it had been expecting around 35 basis points the reaction so far for equities has been mildly positive obviously a lot of focus on italy given the italian political turmoil the last week with mario draghi resigning. we know there will be snap elections on september 15th. that is something the investors in the market are watching i want to turn your attention to currency and yields this morning. we had some flash data out of the eurozone composite pmi falling to 49.4 in july. below forecast it is actually the first

contraction since 2021 the data doesn't get better. germany composite came in below the 15 mark. the euro which bounced after the 50 basis point hike yesterday and now trading in negative territory. in european yields. we are seeing moves. 1.06% for 10-year bund at one point yesterday, we got to 3.65. we have come in a lot. all of this on back of disappointing european growth data >> all an interesting dynamic playing out in european markets. the narrative in the u.s. as well joumanna bercetche, thank you. to the top stock story and snap

plummeting right now after reporting the slowest sales growth since going public. worse than the slowdown it saw during the height of the virus pandemic contessa brewer is here with more contessa >> dom, snap is the bearer of bad news shares of snap sinking in pre-market set to lose 25% of value at the open now off 29%. the company missed second quarter top and bottom line and told investors the last three months was more challenging than expected an understatement. social media stocks like snap trade on major metrics users and ad sales daily active users came in above analyst estimates, as did current quarter user forecast, ad sales is taking the stock

down this morning. revenue growing 13% year on year the slowest in the company history. from the company, and here is a quote, demand growth on the advertising platform has slowed significantly. the combination of macroeconomics head winds and increased competition limited the growth of campaign budgets in some cases, advertisers lowered their bids per action to reflect the current willingness to pay aside from user metrics, snap is not giving anymore information it is clear our rate of revenue growth has slowed considerably and we must adapt our investment strategy slowing hiring and capital investment you can see the trade in the early morning hours. down 29% by the way, it is also dragging

down the rest of the social media space. look at meta down 4.5%. you have twitter off 2.5%. pinterest off 6.5% alphabet as well down 2.5% we have to see when twitter announces earnings today, dom, if we see a similar reflection in advertising spend on the pla platform >> meta and alphabet has a large influence on the market and sentiment. contessa, thank you. see you later on. back to the broader market stocks looking to cap a solid week of gains fueled by earnings snap aside investors are diving back into beaten down growth and technology names with the nasdaq leading the indices higher with the 5% climb this week for more on the action within the marketmarkets, let's bring k avallone mark, joumanna in london talked

about the cross currents and trying to navigate the conflicting data and reports there. you just heard contessa brewer's report about snap and some of the disappointment there and carry through to other tech and social media stocks. we have a week-long move in the nasdaq at 5% to 6% higher. what do you make of it >> i make of it is we are not out of the bear market bad news will punish investors and companies that are not directly related we are seeing that with meta and google taken down with the snap news all we need now is negative global macro news and you will see more contagion there are legitimate risks out th there. we saw great reporting on the energy crisis over in europe when brian was reporting there, but that's a huge risk in europe that could take down or affect the markets.

we have potential covid resurgence here. we see the president getting sick with covid. we still haven't contained the inflation risk there are reasons for investors to be skittish if we look beyond those, we see where investors are hungry and bidding on growth stocks that is the playbook in q4 when things calm down i think we resume to growth overcoming and leading the way in the market. >> mark, it is interesting. i understand the point you are trying to make many traders i talked to talk about the disappointment with the value and declines in the market the case is made by many this is an orderly decline there hasn't been a lot of panic orca some capitulation as i look at the screen, the

measure of that fear in the market is right at 23 which is the long-term average for the markets overall. how skittish is this market? >> that's a great data point i'm glad you raised it in the bear market that we're in, check the tape every time the vix approaches 21, 22, 23, there is a selloff it has been an inverse indicator. when the vix climbs back up into the high 20s, that's where investors jumped in for the bear market rallies these are bear market rallies. the enthusiasm we had the past five or six weeks has been great for investors. no doubt about it. a lot of us don't think it is long lived we think there is another hiccup down that's what the tape has shown until we know we're intnot in a bear market and more clarity from the fed, i think that's

what i'm talking about when investors will be skittish through the summer it's the lack of visibility. >> caution is the word of the day from mark avallone thank you. when we come back on the show, more on snap's second quarter breakdown and what it means for the rest of the struggling social media space. plus, checking the chatter at two major crypto conferences in france. what some of the biggest player noplayer are saying about the crypto winter and if the worse is over. and later on no dream house here trouble at the biggest toymaker. a very busy hour ahead when "worldwide exchange" returns after this break

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welcome back to "worldwide exchange." as you see on the screen, we are watching price action in cryptocurrency despite the weakness over medium and longer term ethereum with a strong comeback out performing bitcoin struggling to stay above the $20,000 mark joining me from paris and back-to-back crypto conferences is tech reporter mackenzie sigalos. mac, what is the feeling at the conferences? we had $30,000 for bitcoin it held and now cracked and now trying to hold $20,000

if it cracks, what are people saying are they talking about the charts is the worst over? >> here in paris, the enthusiasm for the liquidity and crypto is remarkable developers are relieved that bankruptcies are cleaning the system and exposing vulnerability. a bear market is when you wash out the players looking to make easy money and leaves behind the people who are really trying to create utility we heard from ethereum founder who pushed a groundbreaking up grade g upgrade to the blockchain. ethereum is up 32% as they locked in the date for the merge. it will make the network faster and processing 100,000 transactions per second and more scaleable and lower gas fees we are headed for a period of

rapid change with the monetary policy a lot at play here >> okay. mac, we have seen one crypto firm after the other like d dominos falling in succession over the last several weeks here is there any kind of feeling or are crypto enthusiasts and diehards worried about the contagion effect if you are a true believer, you mentioned the washout. does it have concern for the diehad diehards of the future of the space? >> not at all. this attracts the top developers and cryptographers they are key to enabling mainstream adoption. another topic that is coming up is the narrative of the contagion effect and how it is

overblown. firms that are failing are in the central space. think 20% apy and no collateral to back anything up. you have the defi platforms which are not asking for identity or credit score the annual return rate is based on market forces it is real yield we're talking about. dom. >> what is the after hours scene like in paris once all of this stuff wraps up i see the images on instagram for what happens in miami during crypto conferences and bahamas what is the activity >> right the community here has been bouncing from ecc, the conference of the week, to the dozens of blockchain events happening around the city. people are going very late into

the night at 4:00 a.m. or 5:00 a.m. finishes. some conference goers snuck into the catacombs. there was a dance party. and one went to a big blowout party. it has been full-on, dom >> a party for sure. i assume people dressed for the occasions. mac, i don't want to -- this is typical. it would be awesome if you find a beret. >> to complete the outfit. >> the stripes are awesome macs ens, thank you we're back after this. >> announcer: today's big number 28%. that's the share of income

mortgage payments will make up for an average first-te imhome buyer according to the report by global s&p ratings the highest since the first quarter of 2007.

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. welcome back to "worldwide exchange." time for the big money movers. three stock stories of the morning. mattel shares are falling despite top and bottom line

beats. the dollar continues to surge in value. now despite the beat, overall, the company is reiterating its current quarter forecast on balance, shares off 2.5%. a bigger pre-market drop for shares of seagate. a demand story similar to micron last month seagate wrapping up with a big earnings per share miss. $1.59 adjusted versus $1.90. a solid revenue miss with covid shutdowns in asia and weakening economic conditions. s s s seagate says consumer demands fell no guidance from management. what you are seeing is an 11% drop overall let's show you gamestop. 4 for 1 stock split goes into effect today anyone who is a shareholder of record at close of business on

monday is getting three additional shares in the form of dividend they begin trading on that adjusted bases this morning. it will begin trading at $38 or $39 this morning given that split and dividend dynamics. keep an eye on the gamestop shares. let's get a check of the other top headlines with nbc's phillip mena sdp >> good morning, dom the primetime hearing which we learned will be the last until september included live and taped testimony from the officials who describe countless efforts to get the former president to condemn the violence and tell supporters to go home. new evidence was revealed it included outtakes from the speech showing the former president refusing to say the election was over. most of the hear was focused on

what mr. trump did not do as rioters descended on the ca capitol. sarah matthews testified that mr. trump could have been on camera instantly if he wanted to address the people in a statement overnight, former trump said he did not know matthews and accused her of lying. a candidate running for governor attacked during the campaign rally lee was campaigning in new york when a man approached him with a pointed object and said you're done take a look. >> only one option >> what is he doing? >> you're done you're done. >> whoa! >> he pushed the suspect away and several men held him down. 'p he appeared to be wearing brass

knuckles he has been charged with second-degree assault. sports legend bo jackson felt compelled to help the families in uvalde, texas. jackson said he was a previously anonymous donor who helped pay for the funerals jackson told the ap that he and a close friend flew to uvalde after the shooting and donated $170,000 for funeral expenses. he said it is just not right for parents to bury their kids. if you are feeling lucky on this friday, you might want to buy a ticket for the next mega millions drawing soared to $660 million after no winning ticket on tuesday. tonight's drawing at 11:00 p.m., offers a nearly $400 million cash option. if somebody wins, it would be the third largest prize in mega millions history dom. >> would you come back to work if you won >> that's a great question

i probably would while i get things in order and then bounce. if you see me mysteriously gone next month >> i would still come to work. phillip mena, thank you. as we head to break, programming note 6:00 p.m. eastern time a cnbc special politics and profit. cnbc explores the issues of the intersection of money and government from inflation and the fed to the debate over funding for semiconductors and climate change to the ways the midterms could impact your economy and portfolios you have. we have a great lineup we have business leaders in industries like solar and electricehles vicand computer chips and more at 6:00 p.m. eastern time tonight. politics and profit. tune in. we're back after this.

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stocking under pressure to end the week as technology takes a turn for the worse it's all about snap this morning as the stock sinks ahead of opening bell c contagion fears front and center. plus, why the crash in cryptocurrency has no impact on one thing. criminals interest in steals

nfts it is friday, july 22nd, 2022. you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange." i'm dominic chu in for brian sullivan it is 5:31 a.m. eastern time futures are indicating a lower open although modestly the dow implied lower by 17 points s&p 500 down 12. 69 point decline for the nasdaq. if these futures losses and moves hold for regular cash equity trading contessa brewer is here with the top headlines this morning >> dominic, a deal to resume ukraine's black sea grain export is said to be signed today the russian invasion of ukraine has stalled exports from kyiv with dozens of ships stranded

and dozens of ships stuck at the port united nations will sign the agreement to restart the exports. you can see agriculture and corn futures are near an eight-month low. one of elon musk's lieutenants at tesla is under scrutiny in the internal investigation. the factory in texas and questions of the role over purchasing hard to get construction materials tesla has already fired other workers related to the probe we will stay on top of the investigation and what we learn from it. amazon's drone delivery program is behind schedule the federal requirements are to complete several testing flights. regulators reportedly have not counted a single flight toward

that goal. dom, i would say if you snooze, you lose in this case, what is the competition? you don't want to get it done in time who will challenge you >> these are all excellent points contessa, i'll leave it there. thank you very much for that time for the big money movers and potential investor dilemma as snap shares slide contessa told us it was down 29%. it is still down 29% in the pre-market this is following the worst than expected secreond quarter resul. macroeconomics headwinds and it will slow hiring of we heard that from tech companies. snap is taking down rest of the se social media space as you see, they are all lower meta, pinterest, alphabet. joining me to discuss this is

nancy tengler and alex kantrowitz thank you for joining us here. nancy, we'll hear from you are you worried given what you are seeing with snap and what they reported last night >> good morning, dom i think this company is a third tier player in the decelerating advertising market tied closely to slowing economic growth this is a company that already had estimates reduced for the quarter and missed those all the while trading at multiple 130 times next year earnings i said this consistently that the company's competition from tiktok, obviously and meta and google puts it in a precarious position particularly in the declines economic scenario. i think this might as it plays across the group, might be an opportunity to look at the

industry leader which is google. >> industry leader which is alex, this is a company that lost three quarters value in 2022 alone what were the expectations for snap going into this >> this shows you how difficult this company and companies like it are having a difficult time the thing that struck me with snap, it grew users. revenue growth decelerated that means something is broken with the business. if you are growing base of users and unable to make more money off them, something is wrong i think some of the things you mentioned. apple's anti-tracking changing the change in foreign exchange rate where the dollar is stronger and larger advertising pullback you obviously limit expectations and when you can't meet those, you are growing users and that is a problem for snapchat. it is a bigger problem for

companies. >> alex, if it is a problem, what exactly do you think the problems are for a social media platform at one point was supposed to overtake companies like instagram and everything else they were the originals. they were the ogs in the space it was meta platforms which copied those from snap and snapchat what's going on? why can't they get out of their own way? >> it is partially snap, right they haven't told the story that can get direct response advertisers into the platform in the way they need to grow. you look at all an of the forces pushing against snap they he apply to meta and other companies as well. you are looking at inflation and tiktok which is a big deal you are looking at apple anti-tracking changes and foreign exchange rates you start to see that no matter how strong this business is, you

know, it is struggling to overcome all those combined. that's when i see the beat on users. you are growing stronger, but you still can't get revenue into shape. that points to fundamentals with the business i think that snap will need a miracle to overcome forces that are coming up against it and it just didn't have it this quarter and it won't have it any time soon with the fact it is not guiding for next quarter that is a major issue. >> nancy, you mentioned before that you invest client money for a living of you think alphabet is a better play with the online advertising industry overall does it worry you it could indicate a broader slowdown on the revenue picture? snap is the initial indicator and if so, how do you invest in it

do you find spots or wait for it to go lower? >> i think you don't want to un-snap under any conditions think when videotapes came out beta was the better technology, but lost out in the long run, because they were not able to as alex points out, to convert new users to revenue i know in the decelerating macroeconomics environment, you want to own the reliable growers. the behemoth in the industry is google if you want exposure in the space, you need to play in the environment through the highest quality companies to sustain and acquire competitors or bury them with spending. i have never liked snap. it is down 40% since the ipo that is dead money for a long time you want to refocus your

direction and if google continues to selloff on this news, that is an interesting way to participate communications services we are under weight communication services we added to spotify because that's a more reliable earnings grower in the space. we are placing our tech bets in the cloud and cyber and even in semis still. i don't think you want to bottom fish this one. it is terminally cheap stock and it has significant challenges. >> the second guest this week that mentioned spotify as the top pick for technology. nancy and alex, please stay there. don't go anywhere. i want to bring in another topic to the discussion here and what you are seeing on the screen is twitter, of course second quarter results before the opening this morning the company's legal battle with elon musk is the biggest topic of discussion. we can talk fundamentals of revenues per share

does that matter alex, maybe you set the scene for us here. my question is do people care about the fundamentals if it is musk versus twitter in delaware court and what will happen with the takeover >> i think you have to care about the fundamentals the market is certainly indicating it is $39 per share lower than $54 that musk offered. the market expects a settlement not a go-private musk takeover if that is the case, the funda fundamentals matter more than a few months ago when elon was acquiring the company. >> i get it. face it, the real issue for elon musk is about the fundamentals whether or not there are users that could be verifiable or how many are spam bots nancy, i maybe understand what

you will say here. i don't know because you haven't said it you have all of the things you wouldn't do. twitter is not one of your investments? >> no. i actually think the fundamentals are obscured by elon i disagree slightly with alex. this is a company where there are too many moving parts. the narrative is dominated by what happens in the courtroom. i think there is just better places to be, dom. we own twitter years ago we made money on it it it wasn't a stellar forperforme for unit for us i don't like the social media space in general because you had a rout in technology stocks this year, i think there are much better places to be i was investing money in the '90s i was sitting in a conference in los angeles and heard the infamous eyeball comments. this company gets more eyeballs

per day than this company. at some point, you have to make money. it has to be sustainable when you are in the economic environment like right now. >> the days of myspace nancy tengler, thank you alex kantrowitz, thank you. coming up on the show, out hackers are pulling off new mediums to pull off scams of nfts a cnbc exclusive report when "worldwide exchange" returns after this break 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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welcome back to "worldwide exchange." a bonus big money mover for you. shares of boston beer company falling off the wagon so to speak after the miss and slash of earnings guidance the volume guidance is being cut too. the biggest headwind for sam sam adams. the drop in demand for hard seltzer. watch the shares down in the pre-market trade. the crash in cryptocurrency seems to have no impact on one thing. criminals interest in stealing nfts eamon javers is here with the heists good morning >> good morning, dom

the crypto crime spree from trm labs, it shows criminals stole $22 million of nfts using the social media plap platform since may on june 10th, 10 accounts compromised. secret llama and young ape club. the hackers are used true m methods. sending imposter messages and hoping to capitalize on the fomo fear of missionng out the investigator here speaks out. >> these are techniques we have seen before. they pivoted to a new arena. it is easy to steal one nft that can be worth tens of hundreds of thousands than many tokens >> dom, it makes sense the

hackers are not put off on the crash we have seen in the last several months they are not buying them in the first place. they care if they can sell for value. jen says the best way to protect yourself in the nft land is the way to protect yourself everywhere else online know who you are talking to. if it is too good to be true, it is be careful when you click on links. >> eamon, first of all, the nft thing is interesting to me if criminals are engaged in it in a more robust way, it maybe could imply a future for the things or these things have intrinsic value. talk about maybe what some of the platforms are doing to help in that effort, right? you see crypto prices fluctuate and nft prices drop tremendously from the highs open sea other platforms.

what can they do to make the ecosystem attractive >> a lot of it is educating the consumer and send the warnings you see in other areas of online life there are people on the platform who are trying to steal your stuff. be alert and aware a lot of it is a basic level of education. dom, the logic suggests the criminal sees value. they will not steal something they think they cannot sell. they are stealing them and selling quick iquickly. they are not holding them and riding the value they are stealing and reselling quickly into the market and getting what they can get. again, they don't care what the price is because they didn't pay for it in the first place. if you steal it, cost of acquisition is zero. if you can sell for something, there is value there i'm not sure that is a good indication of the health of the nft market >> eamon javers, thank you for that report.

on deck for the show, a snapshot of the material sector and why not all stocks are marching to the same tune in that sector. sectornomics. first, if you haven't done so, follow our podcast check us out on apple or spotify or podcast app of choice we'll be right back. ♪ dream, dream ♪ accenture. let there be change. i had no idea investing regularly could add up this much! ♪♪ go to investor.gov today to learn about compound interest and other valuable investment information. before you invest, investor.gov.

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love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence. welcome back to "worldwide exchange." it's time for sector nomics segment. that sector is tracking in line with the s&p 500 there is quite a bit of variation of which are holding up well and which are not. that's due in part of the exposure to the commodities market which has been especially

volum volatile this year down 30% this year is specialty chemical names and cleaning products freeport with copper and gold which is a laggard in the past month. copper is off 20% in a month now turning to the sector's biggest gainers. all involved with agriculture in some way or form fertilizer companies take the top spots at 20% in the basis from 2022. agriculture chemical corteva is up 10% it is worth noting that as fertilizer prices cooled off in recent weeks, some aeg related names cooled off as well

all three in negative territory in the past month. the commodities trade is impacting the market this year, but it is important for sectors like materials one of the smaller sectors, but one seeing a roller coaster ride this year. let's continue the conversation and bring in tiffany mcghee. tiffany, materials has been a crazy place to be given the inflation story in america do you yfeel the inflation hedge stocks on where you want to be >> the key, dom, is diversifying the portfolio. in 2020 and 2021, people were in high growth stocks things got real in 2022 and it stayed that way. we have been thinking about stocks all this year first it was names down. let's buy the names we like and get opportunities.

we moved into what we can position portfolios. for us, it is about income and really diversifying portfolios we are long-term investors we are looking at a big tech week next week amazon reporting the alphabet is reporting. looking at what do we do with the names that most people own and in a time like this where things are still volatile, what will we do with those names? >> what are you going to do? a board showing big, big earnings reports next week including amazon and apple speaking of the technology trade. on thursday. intel is there as well. microsoft and alphabet reporting next week. what do you buy? >> i think think about big tech from the position of what do you have the most conviction around?

google reporting next week and amazon looking at these things and listening to the earnings calls, i'll look for in terms of google, i'll look for total revenue growth between 14% and 15%. consensus is 15% i'm looking for search to be up. 12% to 13% that is in line with what we are looking for. also, thinking about what their margins are looking like they hired several thousand employees last quarter we will see if that puts pressure on margins. amazon, a lot of people are thinking about the better entry point for amazon i want to transport people back to 2020 when amazon stock was so expensive and everybody talking about how overvalued it was. we had a stock split since

amazon is 30% on sale right now. i really can't picture a world where we don't have amazon fingers crossed. i'm looking at any developments and challenges they might be having definitely revenue revenue up about 118 to $119 billion. i really think that is an opportunity here you have to think if you want to own names long term. we are holding stocks for a long time it is an opportunity if you like to buy more because they are still on sale and also to hold >> we just have a few moments left here. what is the least favorite part of the market right now? >> oh, gosh. you hit me with the craziest thing. i don't have a least favorite part of the market if i had to say anything, i would say bonds. they are not doing what i need them to do a portfolio i need things to

zig. bonds have not been delivering. >> bond picture not favorable for tiffany mcghee thank you. >> thanks, dom. that is it for us on "worldwide exchange. markets indicating modest ssloes at opening bell. big gains yesterday. we will see what happens with "squawk box" which comes up next have a great weekend see you on monday. >> announcer: sector nomics is sponsored by sector spdr etfs.

snap shares of the snapchat parent down more than 25% details straight ahead. twitter results ahead as investors look for hints on the

$44 billion legal battle with elon musk. and boston beer said it continued to overestimate demand for its truly brand after seltzer sales fell flat. seltzer sales. stock is getting punished on friday, july 22nd, 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. we have been watching u.s. equities at this hour. it is friday easing our way into the week or slamming into it there are red arrows this morning. slight for the dow off 25 points. s&p fure