it's 5:00 a.m., on wall street, and your top five at five. the busiest week of the season is here. 40% of the dow are set to report their numbers this week. among the earnings on deck, big tech, apple, and amazon. after wild swings from netflix, they are on edge.

setting the tone, treasury secretary janet yellen admitting certain sector slowdowns are a reality. and what big firms are saying about stocks and when the market bottom could be in. later on w.h.o. has a new alert, hoping to avoid the pandemic status. it's monday, july 25th, and this is "worldwide exchange." well, good morning, good afternoon, or good evening, and welcome from wherever in the world you may be watching. i'm brian sullivan. it's great to be back with you. good monday morning. let's look to start off your workweek. the stocks are coming off what was a good week. small caps last week was the star, up 4%. all major averages had a nice few days, and right now, maybe that momentum will continue.

it's hard to know. the futures up 54, and the dow one tenth of 1% on the nasdaq. really a little green, but hard to tell which way the monday market may go. we are are also coming off a wild week for bonds, and that is not something we say very much, and usually boring bond market. the inflation expectations are coming down, and quick. so are the bond yields. ten-year bond yields down 12% in a month. maybe it's the housing market, who knows. energy, crude oil down about a buck a barrel. gas prices, thankfully, coming down. not natural gas. it's higher again right now, and it's back above eight bucks. hot weather is driving demand. in bitcoin, ether lower, down 3% and 4%. they are also coming off one of the best weeks in a long time.

really last week, everything was up. the everything rally was back on, and we will see if that lasts, or if there's a bear market bounce. before we do that, let's check overseas. julianna tatelbalm, what's going on? >> glad you made it back safe and sound, brian. we do have patches of green coming through. the sentiment has been improving over the last hour of the trading session. the. in france, just crossing into positive territory. as you can see, we are approaching the flat line in germany as well. resilience in italy after last week we saw the italian assets suffer, and right now up about 17 basis points. this as investigators keep air eyes out on the fed this week.

we also looked at volkswagon shares. they have ousted the ceo. the board voted to get rid of diess unanimously. shares are down nearly 3%. we also got a fresh check on german consumer and business sentiment this morning. moral across german businesses fell more than expected in july forgot a new survey. the president of ifo said germany is on the brink of recession with gas shortages weighing on the economy. brian, back over to you. >> julianna, i will tell you what, everyone who we talked to, they said why are you here? we said what the story was, and pretty much every person said i'm worried, i'm scared, and i don't know if i will have gas. it felt a little bit like a

nervous time, and it feels like the ifo index you talked about is reflecting that. >> absolutely. not just consumers as you found out last week, but businesses. we are looking at potential rationing in germany. we have a bailout for a utility company with the prospect of more utility companies to come. >> you said i'm glad you made it back, and you couldn't pay me to go back to a european airport. it took me three flights and 22 hours to get home, but hey, i made it, and not complaining about it. julianna, thank you. by the way, folks, if you're going to europe, just telling you, go to the airport early, like four hours early.

that's overseas, and now stateside. shares of china's biggest property developers are surging. reports say beijing is creating a $44 billion fund to support the troubled sector. trading for the biggest developers have been suspended because of ongoing worries about liquidity as the real estate take as major downturn. happening now, tesla is looking to open up the charging network to nonteslas. they are bidding on portions of federal and state aid aimed at expanding nationwide charging. if it's granted, it would force nontesla owners to access the network using adapters for their plugs. separately tesla is scheduled for a shareholder lawsuit over the 2018 tweets from elon musk about taking the company private. remember that?

funding secured. it's set for october 3rd, adding to a busy month for musk, facing a five-day trial over his abandoned twitter takeover. a union representing nearly 2500 employees at three boeing defense locations around st. louis, rejecting the latest contract offer. the union is taking issues with 401k contributions and says if a deal cannot be reached, the members will strike at the locations beginning august 1st . all right, there's some of the headlines, and now back to your money. summer rebound. the stocks sparks hosts for a bear market that may have buttoned. the s&p 500 rising 2 1/2% last week, moving above the 4,000 mark. that's the first time that's happened in a month and a half. considering the lows for the year on june 16th, the s&p up 4 1/2%. is this just a classic bounce

in an otherwise still bad market? let's bring in the managing director of equities for trepin. it's great to have you on. i'm not really sure what has changed. what's your take? >> hi, brian. i'm not sure what has changed. it's an exciting week from a data perspective. all yous on the feds. the money policy is dictating how the money is behaving. all eyes on how the fed continues its hawkish past. >> do you have confidence in the u.s. fed, the european central bank? i mean i'm sorry to say it, the people we put our trust into and give the headlines on cnbc every day, they have been wrong about everything. >> they have been totally wrong, but what ought to be said, the fed is very serious

about building back its credibility. if you look sitz the june meeting, the pricing pressure, wheat, corn, oil, down double- digit territory. the most remarkable of all, yeah, the most remarkable of all, the long-term inflation expectations have come crashing down. look at the idea of the break even. the market participants are anticipating inflation is not actually that much higher than the 2% goal in the u.s. the ecb, europe, it's a different ball game all together. >> yeah, i mean, and with all due respect, to say the treasury secretary, janet yellen said she is not worried about it. she is a millionaire. she is not buying groceries in central ohio or the netherlands where you are.

it hears like from the folks we are relying on, anneka, there and here, your energy crisis. i was there last week. for years people said don't worry about it. guess what is happening now? it feels like the markets are reacting to that, or maybe i'm just jetlagged and cynical, i don't know. >> i think the cynicism is well grounded. we need to get real. the pain is real, referring to europe as mentioned. we believe that europe is going through a perfect storm. you have too high inflation, energy crisis, a risk of a sovereign debt crisis, and to top it all off, you simply lack the runaway of the monetary policy to act on this. i think the u.s., the feds, i mean you could argue the head of hiking from a position of strength to a certain extent to the strong labor markets, et cetera, europe is in a different ball game all

together. there's certain characteristics that are specific for europe than there are in the u.s. >> well, as i said when i was there last week, it felt like 2009 was an energy crisis thrown on top. that said, let's be optimistic. the beginning a new week, anneka. when all the headlines seem bad, and when everything seems the worst, sometimes that's the time to buy stocks. is it not? is now the time? >> that's what we have seen over the last week. it's amazing. so pmi below 50, bad news everywhere, and stocks are going higher and higher and higher. is this is a bear market? is it that the stock markets have seen enough, and it's the incremental new flow? that's why the earning season is so important. you will know the stocks have sold off. we know you have seen a multiple, massive d-rating. what we don't know is the

extent they have soldoff. the earnings expectations have held up remarkably well, surprisingly well, and that's going to be test in the coming weeks. >> i like that. we ended on a positive note. what do they say, anneka, sometimes, or always it's always darkest just before the dawn? maybe that's the case here. anneka, thank you. >> thanks. >> have a great day and a great week. cheers, thank you. everybody, grab a cup of coffee. we are just getting started on this monday. when we come back, the world health organization declaring monkeypox a global emergency. the u.s. preparing for an influx of patients. a busy month for musk got more hectic over reports of an fair with the cofounder of google's wife.

let me repeat that. elon musk reportedly had an affair. are we cnbc or tmz? today's rbi, and if you want to know when stocks may bottom, you have to know the three ps. we will tell you about it, coming up. stick around.

all right, welcome back. the world health organization declaring monkeypox a global

health emergency. that designation indicating a potential need for a coordinated international response with europe reportedly at the epicenter of the outbreak. the w.h.o. chief says the outbreak is unlikely to disrupt any trade or travel, at least for now. all of this as the world deals with another round of covid infections, and likely for years to come. scary headlines out there once again. what is really happening on the ground and at the hospitals? joining us again is dr. michael danyo from providence st. joseph medical center in los angeles. doctor, it's great to have you back on. there's scary headlines, cases, hospitalizations, infections, all the numbers are up, and what are you seeing, on the ground, at your hospital? >> thank you for having me back.

it's a different pandemic from the winter, and certainly as far back as 2020. what i see is a patients with an acute flareup or exacerbation of their conditions like kidney disease, high blood pressure. it's different from the dynamic before the vaccines and the widespread immunity where they are pneumonia, and low oxygen levels requiring icu admissions and heavier resource use. it's been a huge paradigm shift for us on the front lines. >> that's really important on- the-ground information, doctor. it sounds like at the beginning, relatively healthy people were coming in because they were sick from covid. covid made them go to the hospital. sounds like, and correct me if i'm wrong, what you're seeing now, primarily, are patients

with chronic conditions that covid is either making worse or sort of bringing back up. is that a fair way to characterize it? >> yeah, i think that's accurate. even if you look past to earlier in the year when we spoke last, and it was much more easier to differentiate the patients coming in for covid or with covid, just testing incidentally. i think that definition has been muddled lately because it's not as clear cut, and you can see a patient with viral pneumonia, low oxygen levels, and you're like, this is definitely covid. i think that warrants a difference in looking at what the virus is doing. i think the key point to remember, it's causing acute chronical medical problems, but that's the bread and butter of what we see in the e.r. all the time. it's much more less resource intense than the winter or a few years ago when every

patient came in with viral pneumonia requiring respiratory therapy, icu, and possibly a ventilator. >> there's not a lot of states that put out clear massachusetts. massachusetts, i think they do the best job of any state separating the stuff, so we know what is going on. ahead of the interview, doctor, i was looking at massachusetts, and massachusetts, there's nearly 600 people in the hospital with covid, about 30% of them there for covid, and as someone who has two parents over the age of 80, i wish everyone good health, but almost every patient, 60%, were over the age of 20. the other ones were over the age of 70. is this, particularly, right now a time -- and by the way, 60% are fully vaccinated in massachusetts. the elderly seem to be, again, the super high risk group. what can we do to protect them? >> yeah, i think the most important thing, as we saw with

the recent cdc data, if you have not gotten a dose a booster of anything in 2022, now is the time, and i think the patients i'm seeing that are requiring admission for the acute flareups are usually patients who haven't had the second booster. s specially the elderly, and the people over 50, they need to get the second dose as soon as possible. >> yeah, and wishing them the best for recovery. we are showing the graphic of number of hospitalizations in the state of massachusetts, and doctor, how many more variants -- when you talk in your private moments or, you know, in research, or whatever you do, how many more variants should we -- it's ba.5 now, and new buddy works at hopkins, and he expects variants pretty much forever, i think. what do you think? >> yeah, it's really hard to say. the virus has completely, you know, once again, shocked us

over and over. the most important thing we have to remember, there's so much background immunity right now. when we talk about whether ba.5 is more dangerous than previous variants, it doesn't really matter is my point. if you look at what is happening on the front lines in the e.r., because everyone has been vaccinated and a lot of people have been vaccinated and exposed, you're seeing less severe disease, less intensive covid disease, requiring hospitals have to divert the critical resources to not as many patients. i think we have to keep an open mind and be prepared, especially looking ahead to the fall and winter. >> you're working on the ground in a big hospital, doctor, and how many people in the last 30 days, and you don't have to be exact, an approximation, have you seen, personally, there not for covid, but they got hurt and tested positive, but how

many have you seen there for covid that needed medical attention? >> i think in the last month, i had one patient triple vaccinated that required admission for viral pneumonia, and that's something i had not seen since the winter. i mean, i was honestly kind of shocked to see this. he did well with supplemental oxygen and a short stay in the hospital. seeing people with acute flareups of their chronic medical problems, be that's what we do in the e.r. day in and day out, people's chronic problems get worse for whatever reason. >> why are we -- doctor, i know we have to go, but producers, i have to ask this, why are we not talking about better general health in the country? >> that's a great question. i think you have to talk about vaccines, vaccinations hand in hand with what people are doing to better their wellness, their exercise, diet, and all of the

other factors that are equally important. >> doctor, we really appreciate your views, and we will get you back on soon. we want to know exactly what is happening on the ground. doctor, have a great day, thank you. still on deck here, getting back to the markets. more than 30% of s&p 500 stocks set to report their numbers this week, but it's all about big tech, of course, and meta, google, amazon, and more. what investors are saying today's big number, 80%. that's the drop in the number of vessels waiting to unload goods at the port of los ges since the beginning of the year. the backlog of vessels falling from a record of 109, down to 20. do i just focus on when things don't work, and not appreciate when they do? [dog groans] so whatever is at work to pull all this off, it's working.

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related. police did find guns from the scene. they believe multiple shooters were involved. the january 6th committee is planning another round of public hearings for september. one person they want to talk to is jenny thomas, the wife of clarence thomas. they want to question her about her communications with former president trump and his chief of staff, mark meadows. the washington post also reported that thomas sent e- mails to 29 arizona state lawmakers, urging them to help overturn mr. trump's loss. now to a fast-moving fire near yosemite national park. the oak fire burning 15,000 acres in mariposa county as the high winds and dry conditions fuel the flames. governor newsom declaring a state of emergency. 6,000 residents have been forced to evacuate. at least ten structures have been destroyed and five others damaged so far. parts of the country could

soon see relief from the heat. 40million are battling triple- digits, but severe weather today could cool down the northeast, brian. no one needs that more than new york city. it's sweltering, and it is smelly, disgusting, sticky, all of the above. we cannot get the rain and cooler temperatures fast enough. >> there's nothing like the smell of the subway in like late july with the heat and humidity, right? it has its own -- we should bottle that, francis. o to a train. >> for what, brian, i don't know, but more power to you. >> we will make it. francis rivera, it's amazing, the headlines, it's hot in summer. who would have known. thank you. >> sure thing. >> yeah, we need a couple days of rain. straight ahead, i guess forget family movie night.

what disney did this last weekend that is forcing some to turn back on the parental controls. we will tell you about it, and the stock futures are up just a bit. we are back right after this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones

get ready for earnings, and big tech on deck with the numbers out of apple, amazon, meta, and more. our next guest says he's lowered the bar for the group.

after a two-week shut down, the global gambling mecca open for business, but how long this time? later on, get to know the three ps. the bank of america strategy session for knowing when the market bottom may be in. it's monday, july 25th, and this is the "worldwide exchange" on cnbc. hi, and welcome back. good monday morning, everybody. it's about 5:30 on the east coast of america. thank you for joining us to start off your week. right now to your monday money, and we will look at how things are looking at the 5:00 a.m. hour. we are seeing future mildly higher. last week all averages up. small caps up 4%. great breath, like nine to one advancers to decliners. hugely positive week, but doesn't look like right now we

will see that momentum following through. it was a wild week in the bond market, and we saw inflation expectations coming down, and bond yields coming down with it, and in fact, 2.8% right now, and energy, crude oil down a buck a barrel. it's been down lately, but not so natural gas. natural gas is up, and crude oil is positive. up to 95.55. hot weather around america, much of the world, driving the natural gas prices back up. the world, we were there last week, and what about europe? the situation there is dire. the natural gas there? paying about $160. mega watt hours, the transition is about 50 u.s. dollars, and we are paying 8. europe is

paying six to eight times what we are for the exact same product, natural gas. i want you to think about that and imagine heating your home in the winter with your biggest input cost if you use natural gas, and it's 700% more than in the united states. that's something to think about. all right, the top stories with contessa brewer. >> brian, welcome back to the u. s. janet yellen said we are far from recession levels while talking to "meet the press." >> it's not a economy in recession, but it's a period of transition in which the growth is slowing, and a recession is a broad-based contraction to the fixed many sectors of the economy. we just don't have that.

>> and steady and sustained pace, and the slowdown right now is necessary and appropriate. china denying the report that it is considered a three-tiered strategy to avoid u.s. delistings. the public china based categories would be in those with no sensitive data, some with some access, and those with secretive data. elon musk is throwing cold water on the report he had a brief affair with sergey brin's wife. one that led brin and his wife to divorce shortly after their marriage in 2018, and also by the way a falling out with musk. elon said sergey and i are friends. we were at a party last night together. i have only seen nicole twice in three years, both times with

many people around. nothing romantic. issued by twitter, statements of denial. brian? >> there you go. i teased it earlier, contessa, i said tmz or cnbc. >> both. >> monday morning. >> wall street journal now, contessa. by the way, can you give us a tease on your upcoming piece on two minutes. >> two-minute tease? the rest of us want out of the covid mind set. in mccow, it's front and center. the casinos are back open, but wait until you hear what is happening there or what's not? >> see, that's a tease. now i'm going to watch. i wasn't, but i will now. we will see you.

thank you very much. >> never seen more airports crowded or more people moving on. put your hands and feet inside of the ride and buckle up. it's a big week for earnings. 100 s&p companies or 150 rather are set to report their numbers including heavy hitters like apple, google, facebook, and microsoft. so far the season has been a mixed bag. it's early. 21% of the s&p 500 reporting their numbers through friday, and about 70% did beat the expectations. still, investors are shaking off the shock from last week's disaster from snapchat, and an upside surprise out of netflix, what can we expect this week with earnings and guidance? joining us now is senior analyst richard kramer. good to have you back on the program. the earnings are nice, and guidance is probably more important. what are you expecting from them?

>> so i think we need to move beyond this beat verse miss paradigm, brian, because clearly the companies have understand this and tend to lowball the estimates. we cut estimates for digital ad spending for the second half of the year into 2023 because clearly some of the impacts of the recessionary climate, even if yellen doesn't see a recession, it's clearly impacting companies, and i think for a lot of the big tech companies, you will see that if they give the guidance at all, you will see it reflected in the language of their outlooks. >> yeah if you say it's a downturn, that's not good for google or facebook. >> yeah, different for both companies. in the case of facebook, they have an easy calm for the third quarter coming up. last year they had a sequential

decline in sales. we forecast flat sales in 2023. the business model transition to more hardware and higher content costs. in the case of google, they have something called search. you're see the shift, one of the big themes in the market, a shift away from discretionary product spend to services. you mentioned travel and the airports are crammed, and you do the same searches for travel that you would to find product, and so google has sort of hedged, depending on the spend consumers have, whereas facebook, linked to e-commerce doesn't. we initiated etsy with the sale rating, and we think they are in the cross hairs, if you will of discretionary spending by consumers that is clearly drying up. >> a sell on etsy, any others? >> we have sales on quite a few

companies. downgraded twitter to a sale because the numbers are poor. there's really no certainty that musk is going to be called to account and forced to buy the company. again, compared to snap, absolutely slammed last friday, and sort of reversing the bear market rally in a lot of tech, and for sales up 5% sequentially, and twitter sales actually down 3% sequentially. it's coming from different positions, and i think twitter's slide into the $270 million net loss does not bode well for the company buying back its own stock in the first year, and now less than 1 billion net cash on the balance sheet. >> we are showing snap, and the stock was crushed, what was it 30% plus on friday. you may not have to name the names here with the question, richard, but are we going to see any kind of a big public

company, in tech, go to zero? effectively? it seems like the companies either have to turn around or they are going to go to zero at some point. >> yeah, some of the companies are clearly going to have the money, the rug pulled out from under them. i mentioned to you many times, brian, big tech is going to outperform because, you know, google at 119 billion on the balance sheet, and apple around 70 billion, facebook 50 billion. they are better managed, and they understand how to mitigate the variable costs and risk. what you can see with the smaller companies, and we talked before, they don't have the adult supervision in the room this is something that the found with snap said with jeremy gormon coming in. the founder and ceo of pinterest stepped aside.

it's a problem with spotify and many companies. the founders and ceos are running the show like they have unlimited capital on hand. that's not going to cut it anymore. you need seasoned management that understands how to put the variable cost into a downturn. >> why wouldn't they act like that? people throwing hundreds of millions or billions of dollars at them. walking around in their t- shirt, buzz words, and $50 million mansions. they don't care about the investors. they have made their money now. >> one thing you will see a lot of, you will see a muddy the waters m&a trend. unity has gone 224 to 30 bucks, and giant 4.4 merger with iron source, another troubled company that went from ten to two. now what they are saying, we will have senergies by the fourth quarter on the run basis

of 2024. that means a day to come back in 2025 to see if they have hit the numbers. they are buying time. you will see the companies huddled together to try to hide what is going on in their business. we think that's what etsy has done. they have made deals. that's simply when you don't have the management to integrate the businesses. >> fair to say. i'm sure a lot of the companies and founders do care about investors, but you got my point. they are rich, and investors are getting crushed. anger out there. richard kramer, appreciate to have your blunt speak on. we need it much. coming up next, the morning rbi and what one big wall street firm is saying to do if stocks continue to fall. here's a hint, maybe get ready to gorge. as we head to break, the top

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all all right, welcome back. what happens to the casinos that are way bigger than vegas. contessa, what's going on? >> here's why it matters, in case you don't follow casinos as closely as i do. before the pandemic, the macao

revenue was six times what vegas was. they closed down for 12 days in july because of an infection outbreak in macao. they reopened, but it's only likely to be locals at this point because the covid travel restrictions are in place, including mandatory quarantine. there's questions when it will lapse because there's a nearby city with additional lockdowns. when i asked about expectations for reopening, not a lot here. las vegas saw a drop in the number of infections, and now they have told, the government telling macao residents, they have to undergo daily testing. the staff can only be at 50% of regular levels of the macao casinos, even though the covid case has come down. there's social distancing

expectations in place. it's different from what we have seen, for instance in singapore. in april, most of the covid restrictions were able to lapse, and singapore is booming. a note this morning from our analyst saying he anticipates the growth in july, the world's biggest mecca, to be 1% of july 2019 revenues. we heard last week about the second quarter earnings, and robb goldstein admitting there's covid restrictions blocking the rebounds vegas has seen. i spoke to the ceos, and they all anticipate a massive rebound once the restrictions are allowed to lapse. in the meantime, you have wynn

and sans floating loans to the macao subsidiaries to keep them steady and afloat. they are burning through cash because they have kept their people on hand, and kept the salaries going for this. they are burning through millions at this point, brian. it's a tough road. >> we will see if and when the covid restrictions, the bizarre restrictions, are ever lifted. at this point the chinese government feels like it's toying with people. that said, how big are the casinos. i said bigger than vegas. they are. they are massive. >> i just can't explain the importance to the companies that we covered, wynn, mgm, and melco, traded here. what they saw before the pandemic, for instance, 65% of

the vegas revenue coming in from macao. and now you have it relying with a reversal. the same thing for singapore with sans, lifting the boat, surprisingorhe f t upside. >> very confusing what china seems to be doing. it's not working that said, contessa, thank you. we appreciate it. back right after this. (vo) the network you want. the price you love. only from verizon. ♪ in any business, 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. it takes balance. cla - cpas, consultants, and wealth advisors.

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all right, welcome back for your monday rbi this morning is random, but interesting on the markets they are all over the place. it's a nervous time on many levels, and everyone wants to know the answer to the same question. when will the stock market finally bottom out? that's a big question, and bank of america thinks they may have a good idea. their strategist, michael hargin is negative on stocks, and they said to sell if the

s&p rises back to 4200. check it out. the new fund manager survey showing stock allocation verses cash is the lowest level since october 2008. the global financial crisis starting to become apparent. wow. it's a nasty, negative market. even so, positive breath momentum last week. it's possible the market could rally back to 4200. if it does, bank of america says sell saying the new bull market can only begin with the three ps. positioning, profits, policy. positioning may be getting close. people are pessimistic around profits, and there's a growing chance of a policy panic, according to b of a. now that you know this, when should you buy stocks again? they say to nibble if the s&p 500 is back to 3600.

they said to, quote, bite at 3300, and gorge, their word, on stocks if we tumble all the way back to 3,000. let's repeat that. bank of america says buy a little back at 3600, more for 3300, and hog wild at the buffet if we crash back to 3000. that's 20% lower than we are now. thinking that, it's nerve racking, but it's the year of spend anyway, right? random, but interesting and helpful. let's talk about it, sticking to our report, and bringing in the cio of horizon investments. my apologies for lack of time. we will get you back on soon. what do you this make of the strategy session there? >> i think you got it about right. one of the things we have been looking for for getting back in to get aggressive again is the change. right now the only thing the fed cares about, frankly, is inflation. when the balance tips again,

and the fed is caring more about growth and employment more than inflation, there's a chance for a shift. until you get to that place, man, it's really, really challenging to figure out, like where are we going to get the white knight from? it's not the fed or in the form of more fiscal spending. >> scott, what are you looking for? is that what you're looking for, the policy shift? the sentiment shift? >> it is. we think we will have to be able to be reactive, and reacting quickly, the last two years has been an exercise of everything being pulled forward, and you know, everything is happening more quickly, and we had the products being pulled forward, consumer spending fulled forward, rate hikes pulled forward, and probably a recession pulled forward. we can't get too complacent. we have to be reactive and not just assume it will play out by the typical recession. probably turning around more

quickly than we think, but we are not there yet because of the policy piece. >> yeah, and we are hearing from janet yellen likely no recession, but some of the people we are relying on, scott, they have been wrong about pretty much everything. scott, we will get you back on soon, thank you, appreciate that. all right, folks, thank you as always for tuning in to "worldwide exchange." it's only monday. we will be back on monday. oil is up a touch. i'm glad you are up. we will see you back tomorrow. take care. take care. this. life is for living. we got this. let's partner for all of it. edward jones

good morning, and welcome to another crucial week for the markets. they are all crucial. we will get you ready for the fed meeting, key gdp data is this week, and yeah, probably, most likely the busiest week of

earnings season. china property stocks are higher on a report that beijing could spend $44 billion to bail out the sector. and business news meets tmz. elon musk denying the report that he had an affair with the wife of google's cofounder, sergey brin. we are really going to talk about this. he did not have sex with that woman according to him. it's july, what is it? the 25th, july 2022. "squawk box" begins right now. good morning, everybody, and welcome to "squawk box." we are live from times square. if you want to