it is 5:00 a.m. on wall street. 10:00 and him in london and here is your top five at 5:00. a july two remember, all looking at solid gains for the month and more looked to be on the way, today. apple on the top and bottom line with its latest results. despite what it calls pockets of softness. amazon shares taking off

signaling progress in tackling cost and inflation. congress signing off on a key bill and throwing support behind the you sme industry and taking on china in the process. the cost of sending a tweet is about to become more expensive. a hike in the price of the subscription model. you're watching worldwide exchange on cnbc. a very good morning to you. i am wilford frost in brian sullivan, this morning. let's get a check on the market. futures are pointing to a positive open. hire by the nasdaq to the tune of 129 points. about 0.6 % higher and 62

points for the dow jones. it comes off of a strong week. the nasdaq is up 2.8% as is the s&p. the nasdaq about 10% and the dow jones about 5% with the s&p 500 somewhere in between. big declines in early parts of the year. nonetheless, a very strong rebound. let's check in on the market. the 10 year pulled back significantly, yesterday. we are trading at 2.7 %. it did touch 2.65 yesterday. we've got wti just under $100 mark but set to break a losing streak this week. close to 4% for the week and trading at 109.

opec next week so we will see if that can continue the momentum the market has seen this week. two big stories this week. first, apple with a better than expected third-quarter results but signs of slowing growth. tim cook telling steve kovach that apple expects to accelerate this quarter despite pockets of softness. we will dive into that throughout the next hour. amazon surging on the back of its better-than-expected revenue and an optimistic outlook for the current quarter as business continues to face challenges. and we also saw a ws do very well. up 11.6% for amazon.

we will have much more on those results as well as apple throughout the show, today. first, we have got some breaking news over the last minute or so in london. we will send it over to roseanna. >> we do have some serious economic data to bring you. gdp preliminary for the second quarter compared to what you saw stateside yesterday. this morning, we have had a .7% preliminary figure for the second quarter for gdp for the entire area to beat expectations. it was .6% growth in the first quarter. it is something of an expansion. we are not getting that technical recession. the other key is this inflatio . these flash figures, that much

expectation, around 9% for the second quarter. eight point million %. we are seeing riproaring inflation. europe is very different when it comes to a collection of countries. you see inflation at 20%. it is a different country and a very different picture. germany on the flatline, so far. italy beating expectations around 1%. the euro dollar keeping at 1.02 mark. >> as you mentioned, not that technical recession in europe, yet. what about the bounce back? you mentioned nasdaq at 10%. >> in europe, you are looking at the first. positive month for many of these indices. very strong earnings across the board.

particularly in france. luxury retailers, as well. germany holding up three quarters of a % and we also mentioned asia trade. a little bit of a mixed picture. china dominates and it has impacted a lot of the earnings across the board. on a purer equity basis, there is certainly positivity this morning and there has been this month. it could close out very positive indeed for europe. >> thank you so much for that breakdown. let's get a check of some of your top stories. good morning to you, contest the. >> the house just passed a reconciliation bill to boost the country's competitiveness

in the semiconductor industry. voted at 24-187. 24 republicans voted for that legislation despite gop leaders calling to oppose it including $52 billion to semi conductor manufacturing in a bid to take over china's dominance. the senate had already voted to approve that and it goes to biden for his signature. biden and xi are apparently planning to meet face-to-face. a brief following the marathon from call yesterday and biden discussed the team setting up the sit down toward the end of the conversation. china's ministry of foreign affairs did not immediately respond to a request for comment by cnbc. ordered to stop making claims to customers about being insured by the fdic. demanding

voyager sees any statements on its website and elsewhere that it's customers funds would be protected. voyager filed for bankruptcy earlier this month. the fed and fdic warned they may still take further action if needed but did not elaborate what that is, exactly. we wait and watch. >> contestant, thank you so much. markets point two locking in a second straight week of gains and earnings gains this week. the s&p up about 2.8% and we are pointed to a decent open, as well. for more on if this momentum will carry into august, let's bring in luke. we have been

summarizing, it has been a strong balance for july, as a whole. we are looking at 10% of gains for the nasdaq. >> reporter: we are skeptical because we are just at the beginning of a recession. we expect earnings to be down quite significantly. the upside coming from inflation but overall, we have not seen even in the beginning of the recession so i think it is a mixed bag of numbers. i don't think we have to be celebrating right now but on the cautious side. >> one factor we have not mentioned enough for a reason for a rally this weekend in the u.s. is more fiscal stimulus whether it is the chips bill or the amended build back better plan to come. can that significantly upset the threat of recession in the u.s. or at least make it muted

if it does materialize? >> reporter: no, i don't think so. the sentiment was so depressed. let's not forget that the first part of the year, if you look at the 50% equity, 50% bond portfolio, the sentiment was so depressed that it actually created condition for the israeli. i don't think that the u.s. will make a difference but the market is actually looking at, the federal reserve and you are seeing pretty much the same with the loan equity market. i think this trend will continue . >> we just talked about some european gdp figures, better than-expected for some nations and better than the u.s., of course. but the outlook for the second half of the year is not particularly positive. do you think of recession if it materializes can derail sentiment?

>> reporter: the good news is that we are all expecting a recession in europe. we know the situation. interest rates are going up. gas prices. the general sentiment is horrendous. so i think -- i don't think there is going to be a recession but clearly, europe is in a much better position than the u.s. in terms of this, in terms of policy and it is also a political risk. i think now we see the political riskon in europe. i don't think it is going to be terrible but it is going to have an impact on the market and the when we come back, your morning money big movers. shares of intel are taking it on the back of its latest

earnings. plus more on the results of apple and amazon. we will break down why as nasdaq futures rise. the latest rising impact on rate.

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the busiest week of earnings season wraps up today with second quarter results from chevron and exxon. they are expected to post record profits on higher oil prices and gas prices as strong refining margins also play through reflecting shortages and big demand. energy prices have come up. still up 35% this year and by far the best performing month in the s&p. breaking a three-week losing streak and a benefit as a result. ahead of these results, our expectations are too high, once again? this has been a positive week after that pull back over the last couple of weeks.

>> reporter: you brought up a good point with the sector doing well. the stocks have more expectation than they used to. we think the expectations for exxon are running high and it is exactly what you said, the stock is up 50% year to date. we are around consensus for 399. we think that the buy side is actually higher than that so the pressure is on. >> in terms of the numbers we are expecting aside from the earnings, you are also quite focused on buyback announcements . >> reporter: i think cash returns are definitely a driver of stock performance in the sector and the company wants to up the ante on themselves all the time because investors are demanding it. we think that between chevron and exxon with exxon just tripling their buyback announcement last quarter going from $10 billion all the way to $30 billion.

we are not expecting that they will move that guidance born again but we could hear some commentary about whether there would be some acceleration in that $30 billion. for chevron, they will raise the bottom end of the buyback which is currently five dollars to $10 billion. we are already modeling about $10 billion in buyback. again, the bar is very high. >> it is really interesting, this focus on buyback when the stock is up 2% or so a year to date and it brings up the point that the stocks are still cheap to the s&p 500 and other sectors but you compare them to some of the names over here and i guess there is a reasonable comparison in that business model in a way that doesn't apply to other industries where the u.s. crushes us here in europe but are they cheap enough to be focusing so heavy on buybacks? >> reporter: we think so. i think that the companies are

making a lot of money now because oil prices are constructive, because they you embarked on this whole endeavor but let's not forget that the sector had years and years of underperformance. we think the valuation still is about 30 % and if you look at energy in general on the upstream side in the u.s., we calculate that it is pricing about $60 wti and that is a 30% discount so there is still a lot of value there in the energy. >> quickly, in terms of inflation we are seeing because oil prices have been rising, what about the cost side? are they insulated, somewhat, from inflation? >> reporter: we don't think anyone is insulated from inflation. all calls would suggest that earnings year to date suggest

inflation is running high but there will be winners and losers and we think@at a tremendous scale and contracting strategy, we think they will be among the winners but they are not immune. >> thank you so much for joining me. exxon ceo, darren woods, will be on this morning at eight a clock a.m. eastern time. you don't want to miss that. just ahead of the earnings report. big-money movers. one collapse at of the open and that name is coming up next. tune in tonight at 6:00 p.m. for the tech trade. the message and what earnings the likes of apple, amazon have in the market. the ceo tonight at 6:00 p.m. eastern.

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welcome back. time now for your big-money movers. the three stock stories of the morning. first, five 9, sales hitting a

record high. the company also got in third-quarter and full- year earnings above estimates. number two, intel should make a surprise second quarter loss, 20% until the outlook and a record decline. the company is focusing total sales this year down 9% in the premarket. 30%, so far to date. pat gelsinger will be on, today at 11:00 a.m. eastern time. roku says second quarter numbers, down. a slow down in ad spending and

a pullback in discretionary spending also pressuring roku tv and the speaker systems. now, 25%. this morning, the premarket, 17% for the day. we began on this friday with deadly storms across appalachi . the governor has declared a state of emergency. torrential rains have caused massive flooding and it is to blame for as many as eight deaths with authorities expecting that number to rise into the double digits. in southwest virginia, heavy rainfall forcing evacuations. the governor declaring a state of emergency. after criticism for failing

to investigate the abuse claims against the former gymnastics dr. my larry nassar, the fbi could be looking to settle the $1 billion lawsuit. according to the new york times, the agency is interested in reaching a resolution which could include a settlement. the letter that the times says was sent to the lawyers. more than 90 women filed a civil suit after the doj failed to prosecute two former agents who are accused of bungling the investigation. the mega millions lottery is reaching fever pitch, now over $1.1 billion. the second largest prize in mega billions history. no one has hit the jackpot since mid april. the mega millions drawing is at 11:00 dm eastern so somebody could have a very good weekend. a life-changing weekend. >> you would join the

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welcome back to worldwide exchange. the stocks are looking to lock in back to back wins in a solid month of gains. more maybe ahead. some of those gains coming on the back of apple, growing headwinds to top expectations but can the iphone maker keep the momentum moving? similar shares of amazon seeing bigger gains following its e-commerce exchange. you're watching worldwide exchange on cnbc. good morning to you, once again. welcome back. let's have a look at what markets are doing right now. futures are pointing higher. the nasdaq just over a full %.

and the dow jones of about 2/10 of a % as you can see, about 45 points coming off the back of a couple of strong days of numbers. the s&p and nasdaq backup and both up strongly for the month as a whole. the dow jones up about 5% and the s&p up about 7.5%. the nasdaq up 10%, so far, this month. continuing to pull back yesterday, 2.65. the five-year, 2.7%. oil prices rebounding this week and set to break what was a three-week losing streak for wti still under $100 but has gained 3.5%. 98.5 for wti.

we have seen energy prices pullback and the energy sector so far this week. there is an opec meeting next week to keep an eye on the headlines. as to whether this momentum can continue. now to your big-money movers, apple expecting continued growth in the fourth quarter display despite inflation. let's talk. good morning to you, scott. are you pretty impressed with the iphone quarterly results? >> reporter: i think this is kind of a sigh of relief quarter. it seems like, for apple. you are right that this is a

phone company, still. iphone revenues were better than anticipated. i think a lot of people anticipated that the company would disappoint, especially, ahead of the iphone 14 release. so the company being led by iphone performed better than expected in the quarter. >> does that mean if the recession comes and it is harder than expected in the u.s., the iphone print to tell off or is there resilience in the iphone earnings no matter what? >> reporter: it was surprising to me the extent to which the company seemed to indicate that they were not really seeing the impacts of the uncertain or recessionary economic environment in terms of demand. i think a lot of people anticipated that apple would be a lot more impacted and a lot more conservative in terms of how they talked about that but

clearly, the fact that they did not provide for guidance and we do not have a sense at this point of the fiscal first quarter is shaping up, the december quarter. the holiday shopping season is obviously critical but people should be encouraged by hearing some of the positives coming out of the quarter. particularly the fact that demand seems pretty resilient. >> in terms of the evaluation, revenue growth was only 2% year- over-year. in fact, earnings declined year- over-year. does that justify? what do you have on the new numbers? >> reporter: we focus on the fundamentals. when we are talking about things and what i would say is that the size of the revenue base, the diversification of the business mix and i think, as we were

just talking about the resiliency of the brand and the performance, i think it should probably give investors a lot of confidence, frankly. which is something that not a lot of people will probably feel when they consider apple and a lot of other similarly situated companies over the last couple of months. >> one wildcard question for you, scott. clearly, they have a massive cash balance on the balance sheet and a lot of tech companies have declined sharply much more than they have so far year over so should they consider buying someone as big as netflix? >> reporter: yeah, look, those conversations will come and go. i point out, i think they spent $28 billion buying their own stock in the quarter. a quarter during which the stock fell 20%. so it seems like they see value, there. apple is a company that

historically has not done a lot of larger deals and, frankly, the larger deals that they have done have not been particularly well received or executed upon according to many. so while it could make sense for the company to make a move given the current environment, it's prologue would suggest they are going to stick to their knitting and continue to invest in r&d and buy back their own shares. >> thank you so much for joining me, this morning. apple is up 2.3% in the current market which is a big move for a company this size upping the nasdaq futures and the dow jones to be high in the premarket that it is a small move compared to what amazon is doing this morning. it is up 13% in the premarket trade. revenue was better than expected in the second quarter despite worrying about continued

inflationary pressures. amazon is making progress in the productivity fulfillment network issuing positive guidance for the third quarter. let's talk about the retail side of that business if we can. quite a big difference here compared to lowered expectations . >> reporter: actually, pleasantly surprising. i think a lot of people were worried about the top line, this quarter. above expectations but i think the retail business did show a lot of resilience. we were worried about a major inventory right down to the kinds of things we are seeing with other retailers, right now. walmart and target. it seems that amazon is not facing the same pressure as walmart and target. i think one of the reasons why,

maybe the customer base is more affluent relative to a walmart or target and the other thing is that amazon can really rely on their third-party which they did this last quarter. if you look at the entire mix, their party is comprised of 57 , the highest on amazon's record. >> let's dive into the business a little bit more. decent numbers. it seems to be both growing and high-margin. it is a mature and growing business. why are they doing so will their better than their rivals like cougar google? >> this is the quarter cloud at 33%. cloud did come down a little bit. 35% in q1.

they have been hiring a lot of engineers and workers. that business, it will be recession proof but we think it is recession resilient and i think that is kind of what we saw today given the outlook for q3. there is no reason to believe that momentum is slowing down anytime soon. >> talkers to your call on the stock. you did lower the price target recently. what are your thoughts at the moment? >> reporter: last night, we did raise our price target from 150 to 175. a lot of the fears that we had coming into q2, a lot of those fears did get alleviated. the inventory issue was one thing that we did not have to worry about too much. strong growth in all parts of the business. e-commerce, as well. prescription growth, as well.

advertising did really well, 18% this quarter and now growing at a $35 billion run rate in revenues. the margins in advertising is probably 15%. so you have this lucrative business growing at 30% operating margin, advertising at 15% operating margin. there is really optimistic things to look at. if you are looking at amazon's profitability down the road and going into the second half of this year, we think a lot of the cost pressure that amazon has been experiencing over the last year will start to alleviate. especially when we get to the second half of the year. there will be elevated supply- chain cost. the second half of the year does look more promising. >> thank you so much for joining me. we very much appreciate it.

don't miss cnbc's special, tonight. the guest is cathie wood at 6:00 p.m. eastern time. contestant has other top stories. >> reporter: the bike administration is apparently giving a yellow light on expanding second covid booster shots to americans. new formulations are coming in september. it is targeting a dominant some variant and the white house reportedly wants to wait for those who shot before urging people to get another booster. all adults are expected to be eligible and children may be eligible, as well. right now, only people 50 and older and immunocompromised people older than 12 are eligible for that second booster. instacart is claiming to go public before the end of the

year. instacart is considering after previously leaning toward going public. the company filed to go public earlier this year just as the market sale again. instacart bankers have also started to approach thinkers in the so-called testing waters. twitter raising the price of the subscription service. that service allows subscribers to pay for features like the ability to undo a tweet and read ed-free news offers. existing subscribers being charged a higher rate in october. not much is really happening with the stocks in the extended trade. >> contestant, i think that is very interesting and as you point out, it is not available

in the uk so i will continue to make errors in my tweets and they will remain there for the time being. >> yeah, me, too. if you are cheap and you are not willing to pay the extra money, then you have to stick with your original mistake. >> i am willing to pay that price to hide my errors. contestant, thank you so much and have a wonderful morning. coming up on worldwide exchange, calling it a windfall. e thbanks are set to benefit from the central bank tightening its worldwide exchange. hold me leroy! biscuits!! get fast free 1-3 day shipping when they just can't wait. chewy.

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welcome back to worldwide exchange. the feds continued tightening the policy proving to be a beneficial factor for the banking sector. not every financial firm is reaping rewards at the same scale. not necessarily better. our banking expert joins us now to explain and lay out who the winners are, at the moment. leslie, good morning to you. >> reporter: good morning to you , too. as mike mayo put it yesterday, higher rates are like oxygen that aid income. the firm says profitability metric which should grow by almost one third year-over-year for the second half of 2022 but not all banks will benefit

equally. this chart kind of explains it all. take a look at the white line coming up on your screen. you can see kind of a breakout, there. the orange line is for larger banks and you can see a clear divergence in performance going back to about march and really accelerating over the last month or so. regional banks are positive over the last 12 months while the bigger ones are down almost 13%. the s&p down 7.5% during that time. regional banks have led the way giving more tailwind and lots of those wall street banking headwinds. the bigger diversified firms are much more heavily exposed. regional banks on the other side are seeing more of a play on the business of loan making and deposit taking.

>> leslie, one of the other big factors that always influences the extent to which rate hikes benefit the banks is whether they are all fiercely competing for deposits and pushing up the deposit rate almost as quickly as the loan rates go up. are they doing that yet or are they managing to enjoy most of the rate hikes? >> reporter: they are managing to enjoy most of the rate hikes. we did see during the quarter most of their deposits did go higher. at this stage in the process, so many have been muddied by other aspects of the business that are much more prone to recession concerns and has to do more with ceo confidence in the current environment. for example, to sweep not so keen on signing new deals, right now, just given the uncertainty. a way to do more financing in 2023 and maybe keep that to the side, right now. all of those things impact the

bigger bank regardless of where they are at on their deposits, these are the types of things that are waiting on the results. >> thank you so much. stocks looking to keep this months solid gains going until the end. our next guest says markets may not be out of the woods when it comes to volatility. and if you have not subscribed, do so please to our podcast. worldwide exchange is available wherever you get your podcast. e > european markets are up. thfutures are strong, also. the nasdaq up about 2.3%. [dog groans] so whatever is at work to pull all this off, it's working. as are those earrings. ♪ ♪ even work works! i just booked this parking spot... this desk... and this conference room! i am filing status reports on an app that i made! i'm not even a coder!

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welcome back. friday and the final trading day of the month does not mean things are slowing down. on deck, we have a cnbc exclusive interview with exxon,

darren woods, and chevron. also, the ceo of intel at 11:00 a.m. following the results. later today, 6:00 p.m. , a special on cnbc with kathy would. you never want to miss her when there has been so many tech earnings. a lookout for personal income and spending at 8:30 a.m. eastern time. at 9:45, we have the latest at 10:00 eastern time. that sentiment also comes today before the opening bell. we get earnings from chevron and exxon and also from procter & gamble. we don't want to miss any of those. with the big moves, intel posting a surprise second

quarter loss, down about 9% in the premarket sales and fell 20%. they cut their outlook for the year laming economic cavity. the purchase of pcs and product delays, a 10% drop in total pc sales, all the more reason to watch today at 11:00 a.m. eastern. apple shares are better than expected in the 3rd quarter. signs of slowing growth for smart phones and computers. smart phones did hold up pretty well even though ipad and mac did decline. amazon better in the second quarter and an optimistic outlook for the third quarter. better than some have feared following disappointing numbers as of late.

the company was as strong as a ws up 12.2% in the premarket. apple helping the nasdaq futures which is up 1.2% and the dow jones up 0.2% and the s&p up 7% in the premarket. the cofounder and managing partner and also ranked number one on the next generation advisors. thank you so much for joining me, today. are you surprised at how well the market has taken the challenges of this week? 75 basis points rate hike and also a recession depending on who's definition you are looking at? >> reporter: i am excited to be here. this week has been an incredible week and july has been a welcome reprieve from a brutal first six months of the

year. i don't think we can declare a victory, just yet. if you see a true bottom to the assets, we need to see a peak in inflation. we have seen good earnings reports but i don't think we have seen the conflation. i think there is likely more to come. i don't think we are out of the woods, just yet. >> on the point of inflation, do you therefore think this interpretation of the fed this week is the wrong interpretation? in fact, we will see more tightening than expected still to come? >> reporter: it is a great question. we will have two before the next meeting. and that they are

not going to provide clear guidance and they are going to be very data-driven. i think, what does that really say? there is still a lot of uncertainty as to what that will mean so i am hopeful that that is. again, i don't think we can call that, just yet. >> despite not thinking we are fully out of the woods just yet, there are good places to hide. tell us about fedex. >> reporter: so fedex, if you think about companies that have secular tailwinds that should really help overcome some of the headwinds we are facing, that access trading at 42% discount to ups. i think fedex under the current ceo and the current leadership team, i think that fedex will continue to benefit from leveraging their pricing power, better

efficiencies through their core service with ground, transport -- i'm sorry, ground freight and express. you heard it from ups, there is a movement away from volume growth to really maximizing price, maximizing yield which helps operating margins. i think we will see the same out of fedex and i think as you think about companies and really commerce moving from brick-and-mortar to e-commerce, that really was moved quickly through covid and i don't think that trend is going anywhere. >> lizzie evans, thank you so much for joining me this morning. >> thank you for having me. we have about 15 or 20 seconds left on worldwide exchange. we are pointing to another positive open and a fantastic week. the s&p up 0.7% and the dow

jones up 0.2% at the open rounding out a very positive week and a very positive month. the nasdaq is expected to finish the month up more than double digits. that is it for worldwide exchange. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones as a business owner, let' your bottom line is it. always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network with no line activation fees or term contracts... saving you up to $500 a year.

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good morning and welcome to the final trading day of july.. match-up futures up after the second straight positive. apple and amazon are higher after earnings but roku down sharply. we will give you the numbers. the nasdaq is cranking. plus, instagram is rolling back changes to its platform after

backlash. i know one. kardashian? it is friday, july 29th, 2022. good morning, everybody. welcome to squawk box. we are live in times square. let's take a look at what is happening with futures. this is the last trading day of the month and we have green arrows with the dow futures up. the nasdaq up by 156. stocks were up yesterday for the second straight session.