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tv   Worldwide Exchange  CNBC  July 28, 2022 5:00am-6:00am EDT

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good morning, it is 5:00 on wall street. instagram sees its first ever drop, down 5% in the market. mark zuckerberg and what he said on the call last night, and what's to come. jetblue likely to prevail in its attempt to steal spirit airlines away from frontier.
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new details on that coming up. in washington, news from democrats looking to take on everything from national debt and inflation to climate change. but there is one thing that build back better did not have. it could be what gets it over the finish line. plus, fed chairman powell installing a rate hike and why the worst may be behind us. one of the top stocks taking a nosedive after the open after yet another multibillion charge. it is thursday, july 28th, 2022. you are watching worldwide exchange. a very good welcome to you. i am wilford frost in this morning. it is a real pleasure to be back with you. let's begin with the u.s.
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futures after a ferocious valley yesterday. you can see we are down to about 115 points on the nasdaq. that is close to a percent, just shy of a percent. the s&p down 16 points, the dow down about 35. about 1% for the dow, 3% for the s&p, though it comes after 2.6%. the nasdaq closed at 4%. of course that surge yesterday did come on the heels of the fed, which struck a somewhat dovish tone in its guidance with a full 75 basis points as it did at the last meeting. here is what fed chairman jay powell said at his last news conference. >> as i said in september,
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another large increase could be appropriate, but that is not a decision we are making now. that is one we will make based on the data we see, and we make decisions meeting by meeting. we think it's time to just go to a meeting by meeting basis, and not provide any other kind of clear guidance that we had provided on the way to neutral. checking the bull market now ahead of the second quarter gdp print we are going to get today, the 10 year is down to below 2.8%, again, whilst the two-year is close to 3%, third year just above 3% as well. crude is still on pace for its worst month since november 2021, but the hike yesterday didn't derail those commodities with both oil and gold up there pretty comfortably, 2% now, just shy of $100 as you can see now. gold is also high, just over 1%. natural gas is on track for its best month since 2009, despite
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the disconnect between oil and natural gas, and a large part of it has been due to the pipeline from russia into europe. we have seen a little bit of a bounce this morning. it had a strong bounce from close to 1000, and pulled back a little bit earlier in the week. but strong performance there despite that rate hike from the federal reserve yesterday. but a dovish tone being the conclusion, which helped oil and gold this morning. let's go to the early trade in europe, and giuliana is down to breakdown this morning. giuliana. >> reporter: outside of this action, it is more muted than what we saw on wall street yesterday. it is a mixed picture and we
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have seen the early rallies saved somewhat. so overall stocks are trading above the flatline this morning. stocks in italy outperforming by 1% but we have germany down about 0.3%, also pulling back slightly this morning. on the positive side, we are getting strong signals out of china this morning and overnight that more policy support is coming. so we are seeing performance outside demand for basic resources in europe. it is also a major day on the earnings front. so let me give you a picture of the big movers from an earnings perspective. a lot of movement here. we have got shell in focus and the energy sector trading about 1.5% higher. shell delivering record profit in q2 and announcing a 6 billion pound share buyback program. we also have a big mover in the hospitality sector, accor coming out saying that activity
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in the hotel sector has returned to pre-pandemic levels, but they offered soft guidance for h2. a lot of macro concerns coming into the picture. that is an interesting one given all the focus around the travel chaos, so we are seeing a lot of uncertainty in the hospitality sector. we will head back over to you. >> thanks so much. back on wall street it is all about platforms. stock is falling this morning by about 5%. we are back at cnbc with a breakdown. can tessa, great morning and it is so good to see you. >> it is so good to see your face as well. you mentioned that shares of facebook and parent company meta has traded lower this year. look at this. down 5%. company posting its first over year-over-year revenue drop and issuing a disappointing outlook on its digital advertising business. for the quarter, the social
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media giant reported sales of $28.8 billion, down about a percent from a year ago, and slightly below what analysts were expecting. meta is facing a number of challenges here. advertising spending is low because of inflation. rivals tiktok and snapchat provide competition. but even out for that was able to grow year by year. the outlook for meta isn't very rosy. here is ceo mark zuckerberg on the call. >> we seem to have entered an economic downturn that will have a broad impact on the digital advertising business. it is always hard to predict how deep or long these cycles will be, but i will say that the situation seems worse than it did a quarter ago. >> meta did report facebook daily users did rise 9.9 per
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seven billion dollars, but it wasn't enough to help the bottom line, which has now fallen for three straight quarters, and that is the first time that has happened since 2012. it is interesting though, when you are on a lot of these calls listening to ceos talk about inflation and the uncertainty, it just seems like the outlook is very cloudy. that there is no real callisto clear picture that comes as you are trying to guide a company through the waters to come. >> no doubt about it, contessa. there are a lot of structural problems as well. contessa, thank you very much for that. very busy day ahead of us for gdp, and apple, amazon, intel all reporting later and looking to repeat yesterday's 4% drop, unlikely based on what futures are doing at the
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moment. joining me now is kevin simpson from capital wealth planning. kevin, very good morning to you. maybe we will get some of those earnings back in a moment, but first and foremost, why did markets dip quite so hard yesterday afternoon? is that justified based on what jay powell was saying? >> to be honest with you, wilford, i think it was an overreaction. it was great to see the green tickertape, but a 75 basis point jump was expected. it took us to neutral 2.5. he talked about next meeting possibly being another 50 to 75, which could take us to three or 3.25, so i don't look at it quite as devilishly. i think we need to continue to be careful, because the problem is we don't know if what the fed is trying to do is going to work in six to nine months. enjoying that time period, i think investors need to remain cautious. so far, wilford, retail
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investors seem to be getting it right. last week was the fourth week in a row where investor sentiment had a lead below 30, which is really bearish. they are right to be bearish because we are in a bear market even with the old rally through a bear market cycle. but the idea that some investors is so bearish is becoming a little scary. i think some of them are even going to cash, and that begins to show signs of a bottoming process. you can sometimes look at that as a contrarian indicator. >> that's interesting, kevin. that would suggest that now it is time to be buying, and that yesterday wasn't an overreaction. as we look now at what the fed does, is that more important than if a recession actually materializes, or if that recession does, through, whether it is under technical definitions or not, will that outweigh whatever level of dovishness that the fed can espouse? >> i got my knuckles spanked
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saying that you can't decide that, and only the bureau for economic research will determine that. the gdp lead today will be so important. will be interesting to see if it is better than we are expecting. i think that it might be, just based on the way chairman powell, based on that conference yesterday, they are going to get a sneak peek at that before we do. maybe that number will come in a little bit stronger. they can always adjust it later, but from the standpoint of two quarters of growth, we make it a present surprise today. the fact that the market spiked yesterday, it doesn't mean an all clear signal. it wasn't a capitulation point, it is not a green light. i think we need to be very, very cautious as investors for the next six to nine months. but the good news is we are certainly closer to the bottom than the top, and if inflation is speaking and if interest rates are peaking, and the fed hawkishness is peaking, those are pretty good signs for sure,
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but maybe more of a yellow light than a green light. >> okay, great stuff, kevin. thank you so much for joining us. futures are low this morning, but following a huge rally yesterday, the nasdaq giving up half a percent in the premarket after closing at 4% yesterday. when we come back, president biden and china's xi jinping speak today for the first time since march. plus, more on the meta meltdown and what it could mean for the other big tech heavy hitters . later,he t latest on the jetblue merger. don't go anywhere. ly from zon.
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president biden and chinese president xi jinping are set to speak later today, marking the first time this pair has spoken since march. this all comes amid heightened tensions between the two countries. biden and xi are expected to discuss trade issues and house speaker nancy pelosi's visit to taiwan. joining me now is a senior policy analyst, and a senior contributor. good morning to you. let's kick off on the likely top topic of conversation between the two. willoughby pelosi's planned trip to taiwan, and is that a
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headache for president biden or not? >> good morning to you. i think this would be the top agenda item. taiwan, china will certainly want to talk about that, but i think the biden administration will want to talk about some of the aggressive and assertive behavior that we have seen from china towards taiwan over the last several months. but i don't expect this will be a foreign -- these meetings are good for precisely this. whenever we have tension this high in the relationship, it is good to see the top leaders meeting to discuss these things. air these things out. to try to set some boundaries, and also try to bring the temperature down a bit. so that is what we are hoping on the taiwan issue. it will certainly feature high on the agenda. >> if we step back and look at the events of this year, do you think china will be scared and threatened by the unity of the
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west and the g-7 in terms of its response to russia, and perhaps the scale of economic sanctions? or is that plays out, will they be relatively relaxed given that it has not had a huge effect on stopping russia in its tracks? >> very good question. i suspect china will not be scared, but i think we can all agree that the way in which the west has responded to ukraine has caused china to reconsider its calculus about how risk- free and invasion of taiwan would be. i expect that is still the case in beijing. again, i want to make it clear that ukraine is very different from taiwan, and so the calculations aren't 1:1. the u.s. continues to stick to its one china policy, biden has made that clear, but it is also clear that we will do what it takes to defend taiwan if that situation ever came to the fore. you have seen more robust statements about that. so china has certainly changed
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the calculation about taiwan as a result of ukraine, but is it scared? i would say not. i think they are still fairly determined to do this, but certainly they will have to think twice about how it is done. but let's hope that never happens, wil. >> what is your position on president xi in china? some say that his power is loosening, but of course from a very tight starting point. >> good question. i do not buy into it his grip on power is loosening. what i do buy into is that perhaps his governing philosophy has been changed or delayed a bit, given some of the pushback with respect to the zero covid policy and the performance of the economy, which has been very dismal. so some of the things we have seen what common prosperity, they have cracked down on the tech sector and the real estate
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sector. there has been some real policy blowback for xi jinping. certainly not a loss of power or loss of grip of power, but i think coming to terms with the fact that perhaps his policy direction was not the right force for china, at least not at this time. >> thanks so much for joining me this morning, much appreciated. still to come here on worldwide exchange, your big money movers coming up next. money movers coming up next. don't go anywhere.chievement. the new frontier. ♪♪ eh. ♪♪ it's not time to escape.
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welcome back. time now for some of your big- money movers. restock stories of the morning. including a big bounce for one of the top three. contessa? >> so wilford, let's start with ford motors. ford says nearly all of it 2022 models, including the electric f-150 lightning are sold out, and dealer traffic remains strong. the company is affirming its rough outlook for the year, but says it is looking at how to offset surging costs. stock to, teledoc. shares are dropping after the
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company took an impairment charge in the second quarter. that brings losses in the second half of the year up to nearly $10 billion. teledoc results did top analyst forecasts. teledoc is the largest hold of the kathy woods rtf. a programming note here, you don't want to miss the cnbc special tomorrow night, the tech trade. the featured guest is kathy woods, and it is a cnbc exclusive. qualcomm beat growth expectations for smart phones, but the company is protecting fourth quarter sales below analyst targets as it braces for an economic downturn and slowdown in smartphone demand. qualcomm has also lengthened its agreement through 2030, and you can see that that stock is down 4 1/2% in extended
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trading, wilford. >> contessa, thank you so much. big story out of washington that will grab the attention of wall street today. senator joe manchin reaching an agreement with fellow democrats on a climate bill. >> reporter: good morning, wilford. this is the major deal on climate and taxes. senator joe manchin said he would support a slimmed-down version of the build back better package. it is called the inflation reduction act of 2022. it includes major investments in drug pricing, efforts to tackle climate change, and taxes on the wealthy. now the deal is a major reversal for manchin, who said that he would not support the climate or tax provisions. this bill is something that senate majority leader chuck
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schumer has helped would pass over a year ago, but says this deal with manchin is a huge victory for the american people if it is able to pass the senate. now president biden did praise the deal in a statement last night, and the senate is expected to consider it next week. now it likely will not get any republican support. republicans have said that this may just be another reckless spending package by democrats, but this bill would only need a simple majority to get through the senate. >> very interesting title. inflation reduction that will include more spending, but either way there are changes from the previous version of the bill. what are the key details now that are included lexi? >> the goal would create over $400 billion in revenue, much of that will come from a 15% corporate minimum tax. it would also reduce the deficit by $300 billion. the major investments that it includes include efforts to
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tackle climate change, lower prescription drug costs, as well as investment in the affordable care act. >> thank you so much. much appreciated. let's check in on this morning's other headlines now from the new york studio with the latest. francis? >> good morning to you. we go to a deal to bring wnba star griner and marine paul whalen home, trading arms dealer viktor bout for them. president trump is said to lift off in a few hours for a liv golf event hosted in new
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jersey. president trump will be joined by caitlyn jenner and former football star brian or lacquer. a nine foot tall dinosaurs to gallatin is on the auction block. about 77 million years ago, the dino which is a relative of the t rex has a skeleton just under 22 feet long. it is said that the skeleton could fetch five to $8 million at auction. those are your headlines for this thursday. >> francis, thank you so much for that. straight ahead we will be discussing facebook parent meta, down more than 50% to
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about 5% in premarket. we will discuss their eain. rngs the dow is down, nasdaq down about 8%. another busy day? of course - you're a 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.
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a fed-fueled rally taking a breather. your future is down this morning. more problems for meta. the facebook parent offering a
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week forecast. taking flight, jetblue nearing a deal to buy spirit after that airline ended a merger agreement with frontier. it is thursday, july 20th, 2022. you are watching worldwide exchange on cnbc. welcome back to worldwide exchange. i am wilford frost in for brian sullivan this morning. let's get you up to speed on the market. this comes after a ferocious rally yesterday that saw the s&p close of the 2.6 and the nasdaq close up 4%, giving up about a quarter of those gains this morning. the nasdaq decline is 130 points, just more than 1%. the dow is down a quarter of a percent, the s&p, as you can say, is down 20 points, or half
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of 1%. it would be close to that for k at the open, which it did cross above yesterday. treasury yields remain inverted. the 10 year treasury at just below 2.8% as things stand, and the two year, as you can see, closer to 3%. energy prices, we are seeing oil and crypto and gold get a bit of a bounce today despite the fed hiking rates, and that has helped wti back close to about 100. european stocks just below the flatline at the moment. let's have more of a discussion on the tech stocks and the broader market. will do that in just a moment. but first we are back with some of the day's other key corporate headlines. can tessa? good morning, let's start with dealnews. jetblue reportedly nearing a deal to buy spirit airlines, and an announcement could come as soon as today. this has been a deal making soap opera.
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remember that frontier had already struck a deal to buy spirit before jetblue entered the picture with a competing offer. yesterday, spirit and frontier called off their tie up. that clears the day for jetblue, and if the deal happens, a combined spirit and jetblue would be the fifth largest carrier in the united states. the ev maker tells employees that the company needs to be able to continue to grow, and inflation, rising rates, and raw material costs are making it hard to raise additional cash. rivian shares are down nearly 7% this year in the extended trade this morning. wilford? >> can tessa, thank you so much for that. the company reported its very first year on year revenue decline, and mark zuckerberg
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said things are worse than a few months ago. let's get you caught up with all of the factors. jared, very good morning to you. thank you so much for joining us here on worldwide exchange. let's talk about meta, first of all. clearly declining premarket quite sharply, and it follows a sharp decline year to date. how bad are these numbers? >> you look at meta last night, revenue came down 1% year on year, the very first ever year on year revenue decline. so objectively, they are not good, but i think we all need to take a step back. they were in line with their god for the current quarter despite significant fx headwinds, and i think all eyes are on the guidance which is
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calling for a deceleration into the september order. certainly not great results but that is what happens sometimes. meta is facing significant headwinds including competition from tiktok. not a great set of results but very much in line with investor expectations from my standpoint. >> let's talk about some of the factors and headwinds. clearly on the call, zuckerberg, as i mentioned, is talking about the overall economy having a slowdown. is that the biggest problem, or is it structural? is it a threat from the likes of tiktok? >> the company is slowing, but that is not going to be an issue for meta. both are facing economic headwinds, trying to get revenue to grow by 3% and the other one ushering in a decline, right? so i think that speaks to very
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company-specific factors that meta is facing. you have competition from tick tock. you have apple platform changes from a privacy standpoint, which are impacting their ability to monetize. if you look at meta's pricing, they were down 14% year on year, so a lot of company- specific headwinds that have impacted meta, in addition to all these changes. you are having a cfo transition right now. so a lot of company-specific issues. >> so apple and amazon today, let's hit amazon first of all. clearly we had some hits to those numbers, whether it is a hit to the retail side or the clouds on. are you optimistic or pessimistic about their numbers? >> you certainly have statistics that are lower post tran08 and post walmart. but on the positive side, take a look at microsoft azure in
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terms of the results they just posted, and i think that is good compared to amazon aws. so i think we have a good read as it relates to their high profit margin, and i think a lot of the issues that walmart was facing in terms of groceries and higher costs, you might not necessarily see that as much with amazon. investor expectations are incredibly low. investors are bracing for a 50% relative to operating income. so i think expectations are in a really good place. >> what about apple? are they more heavily exposed to the slowing economy? >> it's interesting. i think there is a lot of concern heading into the second half of the year, especially given inflation impacting the consumer. the ability to sell a $1500 smart phone, but we talked
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about qualcomm which is one of the key suppliers to apple, and they went out of their way to emphasize real resiliency at the premium tier. that is a significant tailwind for apple, and that is certainly in line with our objectives as it relates to the health of apple's business. so i am pretty optimistic as well in terms of apple's ability to navigate the current environment. >> clearly so far this week the winners of tech earnings have been google and microsoft. were they outright strong numbers, or just the pick of a poor bunch following sharp declines by the group as a whole? >> i think that is a great point and it is more of the latter. i can't emphasize how horrible investor sentiment is right now, to the point where you are seeing these relief rallies because stocks are just too cheap, whether it is microsoft or google, which google was a great example, trading at just 10 times the value. s&p, we are in a recession and they are still growing revenues
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year on year. so objectively this is across the board, but they are better than investor expectations, and stocks are appropriately discounted, and you are seeing these relief rallies in the context of a peaking fed. so i think that is what we are seeing that positive backdrop. >> just quickly, jared, of all those mega cap names that we just mentioned, which is the topic for you at jeffrey? >> when you look across the mega cap names, google certainly is a name that i think is priced directive lee, and it has ability to withstand economic headwinds. that certainly stands out to me. >> jared, thanks so much for joining me this morning. on a programming note, by the way, don't miss a cnbc special tomorrow night, the tech trade. the future guests are kathy would, and it is a cnbc exclusive.
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well worth staying up for, even if you are on european time zones. we will be doing that. coming up here on worldwide exchange, your big-money movers . first let's go to the top story. twitter is trying to convince advertisers that the social media company will not let elon musk be a distraction from development. brian moynahan joining jim cramer on mad money yesterday. >> the money in our accounts continues to grow, and the four month moving average is higher than it was at the end of june. credit card debt was 98, 95 billion before the pandemic and is still in the high 80s.
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production of credit cards and other things other than home loans is bigger than it was before the pandemic. on top of that, they are earning money. good morning, brian, if you are watching. the software company stock is down more than 30% this year. stay tuned, much more to come here on worldwide exchange on cnbc. eone is ready to fix anything. anytime. anywhere. even here. that's because nobody... and i mean nobody... makes hybrid work, work better.
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welcome back. let's have a look at u.s. futures. as you can see, almost a percent on the nasdaq. just slightly on the dow, and s&p 500 down. the nasdaq was up 4%. it is all perspective. but there are the biggest laggards on the nasdaq. meta in particular down close to 6% following disappointing earnings. qualcomm down about 4.5% in the premarket. let's talk about a positive stock this morning. the operator reported better-than-expected second quarter results last night. revenue rising helps the platform. ceo josh silverman says etsy continues to hold onto gains, but pressure is higher than in
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a long time. it is trading at about $300 back in november. jessica ramirez joins me now. so jessica, is this revenue growth much better than expected? >> so i think we look to etsy and what they have been able to benefit from. so it is definitely better than expected, and what i think is interesting is just that the consumer has been making a come back to etsy . travel is another category that factors in. so overall it is looking pretty good. most of the figures are better than 2019, so again, i think there is lessons and that their experience has been key for them. >> so there has been changes to
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online sales momentum, whether it is etsy on the positive side , or shopify on the negative side, but what is your take away from what online retail will be like for the rest of this year? >> i think there are different aspects to it. there is a lot more channels, so can you shop mobile, can you pick up in the store? this is excellent. i think a return to office has also brought in the need to shop in store. again, the multichannel really makes a difference with online. they need to prioritize what they are spending, and it is going to depend on the categories you are offering. obviously we are in a very high place from last year, so that will make a difference. if you have too much inventory from those categories that are
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no longer movies, that is where we are seeing heavier promotio . target and walmart have been trying to move through that. but that is where the difference lies. again, we feel strongly about online. we think it is better over the years, but it does come down to the multichannel, and is a convenient? everything is being married together. >> sum it all up for us with what it means for etsy stock. is this a good buying opportunity? >> i think overall the have been able to become a sticky platform. that platform, what is interesting is we have talked about the investments they have done. it is clear that they are
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putting it back into the platform and trying to help the seller. when it is something the consumer can shop for, i think that is always a positive for a stock. it is tough times ahead given the macroenvironment, but a book overall i think they have been able to make an amazing comeback. >> jessica ramirez, thank you so much for joining me this morning. very much appreciated point still coming up, the s&p set to dominate today's trading session. will get you ready next. if you haven't done so already, follow our podcast. if you missed worldwide exchange, you can check us out on apple, spotify, or wherever you get your podcast . get more with nature's bounty jelly beans.
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welcome back to worldwide exchange. here is a look at what investors will be watching today. free economic reports show gdp at 8:30 eastern time. and earnings continue apace. among the names are comcast, honeywell, merck and pfizer, amongst others. from wall street to washington, another story we are keeping an eye on for the day ahead is that senator joe manchin reached an agreement with fellow senate democrats on a tax, climate, and social spending bill. the new bill won't be called build back better, but rather the inflation reduction act of 2022. the bill includes $300 billion in deficit reduction that will be paid for with a 15% corporate minimum tax and closing the tax loophole on
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special interest. we will continue to watch for any new developments of course. let's get you up to speed on what all of it means for the training day ahead. we have an investment strategy specialist joining me. on the scale of yesterday's bounce following the fed decision, was that justified in your eyes? >> i think it was. of course we have seen these bounces on the past couple of sundays, and they have been very quickly given back. i think yesterday felt more sustainable. i think the coming into the fed with certain expectations, the meeting those expectations, and i think also setting the table for a potential pivot or sharpening of policy down the road with some of the language, i think that is what the market needs to see to get any sort of bounce in risk assets. you need to see inflation come down, but you also need to know that the fed is going to hit
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the gas when they have an indication that that is happening, and they are going to do everything they can to not put the economy into a 2023 recession. there is a big move. we might get some of it back today, but i think it is more justified than the moves we have seen in the last couple of fed meetings. connect >> of course there is the fiscal stimulus down the line. does that prevent a recession from happening, for yesterday's bounce to be justified, or does it matter as long as you don't see the fed hiking rates to much more? >> i think that's basically it. when the fed is such a large player in the market, something as marginal as that type of activity can have a huge impact on risk assets. we are probably heading for a mild recession next year. i think we are not in a recession today. i think they are pricing that in pretty well already, down 24%, and s&p down 500 at the bottom. that is pricing in a pretty good amount of pain in the next
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year. as the fed continues to raise rates, even if it is at a slow pace at year-end, i think we will hit some sort of slow down next year. but i think it will be milder given the way the market is, and we will go from there. >> do you think that mega cap tech is a buy here? do you think we have seen enough from these companies supporting earnings and from the fed to start buying those names again? >> i think with those names it is a matter of time. if you are in it for the long term, at least the intermediate term, i think they are starting to look pretty attractive. you are talking about names that are really secular growth winners, strong businesses, strong balance sheets. it might not yet be the environment for them, but these businesses are going to survive through any sort of economic slowdown, obviously beating estimates. so if you can
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stomach some more pain in the near term, at least some more volatility, i think they are going to not necessarily repeat the performance of the past decade, but you can definitely see an environment where return to slower growth, lower inflation, and you are going to want to own the bring your own growth to the table name. those are those secular growth winners that are concentrated in sectors like discretionary com services, things of that nature. >> do you avoid the sectors like banks for example? >> i think near-term banks might be a challenge. banks and financial. if you look at the yield curve, if you do anticipate that we are heading into more of a slowdown over the next 12 months, that is going to be a tough space to own. but if i think about something like energy on the other hand, sure, we are heading into a potential slowdown, and there might be some reduction for the energy name, but that is a strong trend that has been doing really well for the past
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year, and there is still structural tightness on the supply side there. they are preaching money at this point, and that could be a name in the cyclical area that might be something to own. they are spitting out a lot of capital and shareholder return, and that is the type of thing we want to see in this environment as well. >> ross mayfield from there. thank you so much for joining me. let's check in on the futures market before we leave you and hand you over to squawk box. small moves relative to yesterday. the nasdaq down about 100 points or so, which is just shy of 1%. it gained 4% yesterday, and our dow is down as well. meta is down as well after reporting disappointing numbers last night. it is down 6%. we will turn to amazon and apple later today, of course seeing decent bounces so far this month in those tech names like amazon and apple. we will find out on the closing
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bell, and of course airlines such as jetblue in spirit, we will keep an eye on them as well. but we are out of time here on worldwide exchange. squawkbox is up next
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on today's agenda, our first look at gdp in the second quarter. shares of meta are falling after a disappointing earnings report. we will look at what mark zuckerberg said about demand. plus, senators joe manchin and chuck schumer reaching a deal on hundreds of billions of
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dollars in climate and energy spending. it is thursday, july 28, 2022, squawkbox. good morning, welcome to squawkbox here on cnbc. we are live from times square. let's take a look at the u.s. equity futures at this hour. joe was mentioning the huge jump we saw yesterday. dow futures are off by about 40 points, s&p off by 13. the nasdaq down by about 96 points. but this comes after a huge rally yesterday following the fed rate hike.

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