headquarters and here's your top "five@5. bracing for a bounceback stock futures struggling to hold onto some gains after the dow's worst day since june. investors digesting wide-ranging, wide-ranging views from nearly half a dozen fed heads on the central bank's next move more comments, by the way, are expected today. adding new risks for investors, house speaker nancy pelosi still in taiwan despite objections from beijing. the latest on her visit coming

up. first it was pinterest now elliott management is at it again taking a massive stake in its stock surging ahead of the opening bell. plus, bracing for a decision as opec plus members meet today with crude hovering well below $100 a barrel. it's wednesday, august 3rd, 2022 you are watching "worldwide exchange" right here on cnbc ♪ good morning i'm dominic chu in for brian sullivan left. 's start things off on this wednesday morning with u.s. equity futures they're indicating a modest move to the upside. about a 97-point gain for the dow, 8, 9 points for the nasdaq. more than 1% loss.

transportation stoxx losing by more than 2% checking on the interest picture, right now the treasury yield, 2.75% the 2-year yielding a little lower. the 10-year, 2-year spread, still inverted, short-term rates higher than long-term ones, its lowest crude prices are showing some movement ahead of the big opec meeting coming up. crude prices down. nearly 1.5% decline. similar percentage move here, downside for ice brent crude, $99.07 turning to cryptocurrencies, we're seeing crypto and ether posting some gains right now bitcoin, $23,306 ether, 1,649, up about roughly

one half of 1% now let's get a check on the action overseas. julianna tatelbaum is in our london newsroom with a bit of what's going on over there a bit of a mixed picture what's going on >> we do have a mixed picture. what we've learned is the business activity in the private sector contracted in the month of july. we're seeing some downbeat sides on the macro front equity investors seem to be shrugging that off we have a little bit of green on the cac 40 and the spanish and italian markets. the dax hovering around the flat line uk underperforming slightly, and the swiss market pulling back a bit. overall, fairly contained moves. we are keeping a close eye on the earnings front a few big movers

posted a better than expected loss and announced a share buyback of 915 million euros hugo boss traded 2.6% higher, reporting a 34% rise in sales in the second quarter, boosted by a strong demand in key markets in europe and the americas. meanwhile we're seeing a selloff in bmw, down more than 5%. the ebit margin shrank in the second quarter as a ckcon consolidation occurred. back on wall street, earnings showing no signs of slowing down, including cvs health, under armour, mgm, but on top of those reports, it's been all about the fed, with a number of regional feds growing more hawkish by the day seemingly, and the latest, a fed

member says the bank has much further go on raising those interest rates quote, it's got to be a sustained several months of evidence that inflation has first peaked we haven't even seen that yet, and that it let's moving down. mester's comments coming on the've mary daly, take a listen. >> are you almost done >> nowhere near as done. we've gotten off to a good start. let's remember the last numbers on inflation, 9.1%, those are far too high most importantly, go any grocery store. i went to do shopping for a lot of different things over the weekend, and people are still struggling with the high prices they're paying and the rises

prices you know, the number of people who can't afford this week what they paid for with ease six months ago just means our work is far from done. >> okay. so how high will rates need to go according to st. louis fed president james bullard, a voting member t feds fund rate will likely hit between 3.75% and 4% by the end of the year. it currently, by the way, sits between 2.25% and 2.5% that's the current range let's tie all this together. we have malcolm ethridge with us you heard what we played, the quotes still out there is it still a worry, top of mind for wall street. >> good morning, dom i think the last month of earnings and earnings season being less disappointing than expected let's call it that i think a lot of folks on wall

street seem to be viewing that as an all-clear signal and feeling enthusiastic i think we still have to consider and respect inflation as much as it should be and as much as the fed seems to be, i'm very encouraged that the fed doesn't seem to be resting on their laurels here, patting their backs saying, we did a big hikes and the rest is up to you. i actually appreciate the fact they seem to be willing to say, we're going to keep our foot on the gas if we need to, and we're going to wait here to see exactly what the numbers tell us because those rate hikes are a little bit lagging they're going to take a few months before they work their way through the system but i'm encouraged to hear loretta mester come out and say, not so fast, guys, we may have to intervene once again. we'll let you know. >> they have to say that given the rate hike and what we've seen on the treasury side of things and the credit side,

the fedspeak is working, right, because we're tilted toward looking at inflation we're tilted as a public and even as a wall street kind of collective to look at inflation. you have already seen signs of it, right? commodity prices are sharply lower. even gasoline prices malcolm i fill up at least twice a week because i travel so much, and we're 80 cents higher than we were six months ago. >> additional rate hikes may not be the answer, but since the fed waited so long after the stimulus we talked about that was pumped into the economy as a response of covid, now the interest rate hike is all we have at a point when we really need a scalpel or some sort of

surgical instrument. they really ontario have that blunt instrument i'm concerned, to your point, that rate hikes may not be as effective as driving down inflationary pressures simply because increasing the cost of getting a new mortgage or using my credit cart probably isn't going to directly drive down the cost of fuel at the pump it's not going to draw down rents or housing in general or food prices. it is tough to strike a balance between how much is too much, is it too late, but i do at least, like i said, just appreciate the fact that the fed is not saying something to give us the expectation that it sees its job as done here and it doesn't have too much more to do because that was my main concern is that the fed would give anybody a sort of false sense of hope. all clear, guys. now it's up to you. >> seems like the fed has much

more work to do anyway malcolm etheridge, thank you very much. we appreciate it. be sure to tune in to an exclusive interview with james bullard, the voting member, james bullard. that's at 7:30 a.m. on "squawk box. a must-watch. nancy pelosi in taiwan for a second straight day. the first visit to the island by a house speaker since newt gingrich, the republican house speaker in 1997. this is after heated rhetoric. live pictures on your screen right now. we're awaiting her departure right now. this is kind of the whole dynamic that we're going to see play out we're watching right now currently live shots just around some of the transportation hubs and airports where nancy pelosi is we'll keep an eye on that. we'll bring you more details

nbc's jay gray joins us now from washington good morning, jay. >> reporter: good morning. the speaker running a little behind schedule. we had expected her to be on her way to the plane that should happen momentarily look, as you said, despite their independent government, china still considers taiwan a terror area that trip is threatening the already shaky relationship between the u.s. senate's biggest economic and political rival. speaker pelosi in a different house overnight, meeting with members of parliament and taiwan's president as she wraps up her brief and controversial visit to the chinese-claimed but self-ruled island. >> america's determination to preserve democracy here in taiwan and around the world remains ironclad, and we're

grateful to the partnership of the people of taiwan in this mission. >> reporter: the speaker's unannounced but not so secret stop confirmed the lights on the tallest building and a show of support from an unlikely source. >> i think it's important the speaker did go to taiwan i don't think the chinese get to tell members of congress where they can go. >> reporter: beijing's response, a squadron of fighter jets where china is conducting intense fire military offices the government's office had been hit by cyber attacks a week after xi jinping in a phone call with president biden said those who play with fire from taiwan will perish from it. now the president says he respects pelosi's decision while

pushing back on china's force. >> we're prepared to deal with what they choose to do at the same time, we will not engage in saber rattling. >> reporter: though it may take a saber to cut through the growing tension between the two super superpowers. t taiwan's forces have stepped up their efforts. and ships are in the water with what the navy calls routine exercises. when we come back on the show, what a big bounce in one corner of the market could mean in the weeks and months ahead. plus, talk about a mismatch. why shares of this company are sinking ahead of the opening bell that's a big mystery chart and a big drop that's revealed next later on, far from its pandemic peek, robinhood taking more drastic measures to stay afloat.

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next leg of this asian tour for house speaker pelosi of course, south korea l be an important visit, a very important trading partner for the united states, but this taiwan visit is the one that caught so much attention because of the geopolitical tensions it's caused. at this stage right now, you heard jay gray's report about some of the activity china is doing. they're conducting live fire exercise on their side of the taiwan strait, we've got u.s. naval personnel and equipment moving in on the eastern side of

taiwan on what they call routine deployments. so tensions are running i wouldn't say hot, but they're getting warmer right now the issue we have is that china's rhetoric with regard to house speaker pelosi's visit to taiwan has almost now made it so that they have to do something in response or else they look like they don't have any credibility. the only question right now for many investors and, of course, everybody in the world, what will china do in rew response t house speaker pelosi's visit we'll keep an eye on her trip. let's take a look at the u.s. treasury yields investors focus on the prospect of higher interest rates from a more hawkish federal reserve by the way, those climbing rates, we have some big money managers quietly stepping back

over a stealer selloff over the course of the year as you sear here, the second half of the chart, the right-hand side, moving higher for one big etf and an index that tracks high-yield debt. could this be a leading indicator for equities could we be seeing little less panic? let's bring in robert dishner. it was not unexpect. if there's more of a recession talk, people are more fearful about the future of the economy, they tend to get rid of debt, say, of not investment grade companies, but what does it say that we've seen a rebound over the last couple of months? >> sure, dominic thanks for having me as you highlighted, the first half was characterized by interests rising and

unpredictable inflation and rising commodity prices and the dollar as we move in, you're probably going to get more predictable and declining inflation in the year, risk still to the upside, but we should get more inflation going forward. finally as you noted, commodity prices are lower to 13%. we're closer to the peak of uncertainty than we've had at the fit of the year, and as a result, we're seeing investors take a yield on the high-yield market. >> how much is inflation part of this story, and is high yield the place to be if there is the kind of pervasive inflation

we've seen in the past couple of months >> there's two things to look at how much will they go up and revenue is nominal dollars and earnings is nominal dollars. deflation deflates away the debt so there's sort of two sides to the story on the inflation aspect the other thing to think about, too, for the high-yield market, this is, you know, as probably as high rated as it's been in some time with the bbs in this market this was birthed out of the inflation of the 1970s michael millikikin did all the studies of the fault probability of fallen angels. >> now, before we let you go, is there a specific part of the

high-yield market investors should be looking at as more opportunistic as they should be on a risk adjusted basis >> sure. the focus has really been more on a little bit of the higher quality, bb type levels as opposed to the market sector that's the difference between 2001 and 2015. we don't have a lot of center sector risk within the market, but, again, you'll focus on the higher end range of the spectrum and the high-yield market. >> robert dishner of neuberger berman, thank you. >> thank you. as we head out to break, let's take a look at a picture of nancy pelosi and her team departing taiwan her next stop is south korea she's, again, getting ready to board the plane. we we'll keep an eye on that for

you. we'll be back after this break

departing taiwan

only at vanguard you're more than just an investor you're an owner. that means that your priorities are ours too. our interactive tools and advice can help you build a future for the ones you love. that's the value of ownership. welcome back to "worldwide exchange." three movers of the morning. starbucks, third quarter earnings beating forecasts and they were roughly inline with estimates. total in-store sales rising 3% u.s. is up while china plunged 40% due the what else, covid

restrictions and shutdowns starbucks says higher labor costs and other things raised the prices what you've got is a 2% gain by the way starbucks chief financial officer will have more on a first cnbc interview coming up at 8:20 eastern time. rachel ruggeri watch that interview there could be interesting sign there. rentals remain strong even as hosts are raising prices, however, gross bookings and the numbers of nights and experiences came in below analysts' expectancy the shares at airbnb are down. stock number three is match group, match, tinder, and other

dating apps have gone down this is due to several missteps. they're announcing the head of their tinder division is leading. that 22% drop is something jim cramer is already tweeting about right now, and he's responding to me. oh, there's all kinds of stuff it's a big stock to watch this morning. a big move to the downside. as you head out to break, if you haven't already done so, please follow our podcast. if you miss "worldwide exchange," check us out on apple, spotify or stitcher we're back after this.

stocks looking to snap their slow start to a new trading month. they're a mixed open right now they're looking to the green following back-to-back losing days. tensions over taiwan house speaker nancy pelosi defying china with their leaders over there as beijing escalates its response to her visit. we're live in the region with the latest. and a key meeting on crude as opec members prepare to convene over growth worries. how the global block could respond and what it could mean for prices coming out of the cartel it's wednesday, august 3rd you're watching "worldwide exchange" right here on cnbc

♪ welcome back to "worldwide exchange." i'm dominic chu in for brian sullivan this morning. it's right around just shy of 5:30 eastern time right here on the east coast, and here's how stock futures are looking. we're pointing toward mod evimode est gains at opening bell. checking on interest rates as well the treasury note yield is ticking just slightly lower at this stage right now, if i could show it to you apparently it's not going to advance for me i'll show you later on. what we want do is get to a developing situation in taiwan house speaker nancy pelosi is wrapping up her trip there as you can see right here on the tarmac, they're getting ready to board that plane and take off, house speaker again departing. this is despite warnings

sh's the first high-level official to visit taiwan in nearly a quarter of a century. there are live fire exercises being conducted by china on their side of the taiwan strait. our eunice yoon is in beijing with the latest. and, eunice, what are you hearing from officials on the visit by pelosi? what could happen? and by the way, beijing has promised a response. what kind of response are we talking about? >> reporter: well, dom, chinese officials have described her trip as a political provocation meant to embolden those in taiwan who think of themselves as much more independent, want to chart an independent course, as opposed to what beijing believes, that taiwan is part of china. speaker pelosi vowed u.s. solidarity with taiwan when she met with the president

she was also bestowed a medal of honor by the president and she had lunch with the president, who hosted it, along with other business leaders, including the foundry founder. she went to the taiwanese parliament as well where she was promoting the c.h.i.p.s. act to taiwan lawmakers, and then she met in a closed door meeting with some pro-democracy advocates. now, beijing has responded very swiftly and on various fronts. diplomatically they summoned the u.s. ambassador to china economically, they suspended bans to exports of citrus fruit and fish and they barred sand which they use for construction and barred donations as well to two taiwanese foundations. they're conducting fire military

exe exercises. from thursday through sunday they're holding missile test office of taiwan this is after they deployed warplanes to the strait. this raises concerns for accidental escalation, but also, at least in the short term, some disruption for the supply chain. taiwan has said that these live fire drills violate the island's territorial waters, and they've been warning, dom, that the pla drills are near the ports, and they've also been talking with certain aviation authorities in japan, in the philippines about the airlines because airlines regionally are being instructed by china that they need to stop flying over what has been described as danger zones around taiwan. >> so, eunice, around this visit, we're also hearing reports now that taiwan was being hit with a number of

attacks on its government websites is there possibly any link there to a government involvement with regard to their hacking campaign we know in the past china has been publicized as a government-sized hacking entity. >> reporter: right well, obviously there's no confirmation on this side from the government that they had anything to do with those hack attacks on the taiwan government website, but you are right it was the presidential office that got an attack they said they were -- they fixed it after about 20 minutes, but that the attacks were about 200 times more than normal the foreign ministry website also was down temporarily. again, no one officially is linking the two, but that's not very surprising because the bans, for example, for the citrus fruit and fish have also not been officially linked the reason why the customs

officials say they're banning the imports of the fruit is because of pesticide problems, and then they said for the fish, it's because they found coronavirus on the packaging obviously people think the timing is very convenient. >> eunice yoon with the latest from beijing to more of your top stories now. outside of that, china and taiwan, silvana is here with us. >> hey, dom. good morning we'll start with robinhood it's announcing it's cutting 23% of its jobs. these latest cuts will be primarily in operations, marketing, and program management the ceo is blaming the deterioration of the macro environment and broad crypto crash for the decision they dropped their second quarter results a day early showing a decline in monthly active users

lawmakers are reportedly set to propose new legislation putting crypto and ether under watch. according to "the wall street journal," the committee chair won debbie stabenow and top-ranking republican john boozman will give that it's the latest move in the fight among agencies and federal committees overseeing crypto and on who will regulate the assets. there's a shakeup at c-suite michael saylol will be stepping down the news came as the company reported second quarter results

mostly due to an impairment charge of more than $900 million based on the value of its bitcoin holdings. >> thank you very much. coming up on the show, s shares of amd are getting smacked despite strong quarter will i results we dive into what's sinking that stock and what could bring that back again. as we head out to break, some of the morning's other big morning movers the company citing success in its fifa exercises the results up 1.25. similar story for sofi, reporting a net loss of 12 cents a share. that's better than expected. it's raising its year's guidance they're up in the premarket trade. >> and a then paypal surging on the back of its second quarter results, the company also revealing it entered into an

information-sharing agreement on value creation with activist's hedge fund elliott management. up by 11.5% in early action. "worldwide exchange" is back after this

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roughly 5% in premarket trade, this despite beating on the top and bottom lines for the second quarter, but it's all about the future, with third quarter revenue's outlook coming in before wall street's forecast. this follows nancy pelosi's trip to taiwan she just wrapped up. they're all down roughly 20% to 40% on a year-to-date basis. joining me to talk more about this is patrick moorhead this report was seemingly good even the outlook didn't meet the outlook. what is it that has the stock down 5% right now? >> you hit it in the run-up here it was all about expectations. there are two things going on. if you look at prior quarters, they had beaten on eps and on

revenue in single digits and wall street wants more i think they're slowly making their way through the breakouts. amd hadn't traditionally broken out its business in finite details as it had before, but this time they broke it out into different divisions. they're trying to work their way through that in a way, i think investors were wanting the intel shortfall to be the gain of amd but amd doesn't have the market footprint that intel does, but i think that's what investors were looking for because for all intents and purposes it's a two-horse race between those companies. >> it's a two-horse race, but there have been so many other semi-conductor companies that have gotten more notoriety over the last several years besides intel, and amd is one of them. it wasn't long ago that amd was

viewed as almost like a subpar version of intel, one that was trying to gain some traction now it seems like all of their business units, it doesn't matter if it's data centers or graphics or anything el. they seem to all be making gains across the bore. what is it about the amd story that either has you bullish on it or maybe maybe a little bit cautious, and what's your call >> i'm bullish on amd because i feel like for the first time every one of the businesses was hitting on all cylinders many times one quarter would be climate. the next quarter would be the embedded console business. the next would be what was called an embedded enterprise business, but you didn't know if that was an epic server or not as i see the breakout, every one of them is growing, and they're growing big. i think the only caution i might give is to factor in the macroeconomic environmental

relating to pcs. i think data center -- hyper-scale data centers like azure and google are going to continue at 30% to 40% pace, and i think amd gets their unfair share there. but factoring in that economic -- particularly the consumer pc factor, i think is important, but when i stand back, i feel like the market, you factor that in in the selloff after hours. i think we might see when the larger investors come in this morning, u.s. time, i think we might see a little bit of a difference. >> all right patrick moorhead with the call over on amd. thank you very much. we appreciate it. >> thanks. be sure to catch a cnbc exclusive interview with amd's lisa su. that's tonight, "mad money" with jim crime e 6:00 p.m. eastern time, talking all about the state of what's going on right now and maybe that whole idea of taiwan and its tensions with

china. let's now turn to oil prices crude has been under pressure lately over fears of a slowdown in global growth and what it will do for fuel demand. opec may keep its fuel output unchanged in september or maybe raise it slightly. amina, i wonder whether or not this opec meeting will put out enough headlines to drive oil prices kind of meaningfully back above that $100-per-barrel market. >> that's a good question. it comes after president biden's visit to saudi arabia. we're expecting one of two things to happen, which you just mentioned. either a small increase in

production or holding on for one more month even with the volatility, it's hard to set policy amid so many changing factors they might choose to give themselves a little more time and think about what the next step will be. >> consequent ch chally, is tha going to drive the top economic discussion at opec plus today and this week? >> absolutely. the group is going to be looking at fundamentals and demand from asia in particular, china. that's something that's being watched very carefully already we have an idea what opec thinks about 2023 demand. there's still a growth in oil demand, but it's smaller compared to last year, which means that the call on opec, meaning the production from the

group, is expected to be larger than 2022. they will have to increase production but we're faced with a situation where you have very, very limited capacity we only have two members of this group that could substantially and quickly raise production between saudi arabia and the ua east a tricky situation to the end. >> talk to us about what you are doing in terms of coverage and story lines, amena, about russia we haven't talked about them a lot. we did obviously in the beginning stages of the war with ukraine. but russia oil is still part of the global markets russia is still part of the opec plus tight main part of the plus there. what exactly is the russia story in the coming weeks and months with regard to global oil supply given the sanctions restrictions we have in place right now >> well, we're seeing more aggression oil being sold at discounts to asian countries, in

particular china and india so the flows are still ongoing just in a different direction. to europe, we're seeing it going moore into asia. russia's participation, a part of the opec plus group, we expect that to remain. we understand that it's very important for the group to have russia as part of a long-term market management. so russia is going to remain an important member, even beyond december everyone talks about the expiration of the expectation of cooperation, but they forget that president biden and mohammad bin salman signed a charter that says long-term cooperation on the oil markets is going to continue in the long sflun amena bakr, thank you very much. as we head to break, a reminder, join us virtually for

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we've got a busy day for investors. ism non-manufacturing pmi for july and costco's july sales figures are all coming out and the earnings parade rolls on you have cvs health, under armour, yum! brands, clorox, and others st. louis fed chief james bullard kicking off with an exclusive on cnbc at 7:30. by the way, a voting member of the fed. then it's philadelphia fed president patrick harker,

minne philadelphia fed president patrick harker, richmond fed president tom barkin and minneapolis fed president neel kashkari gentlemen, thank you both for being here andy, let's start with you on just the market yut looc we've seen a nice little bounce today. we'll see if it holds. is this an area of the market that's still feeling good to you right now for future investments? >> sure. so investors are feeling good because the month of july was one of the best in quite a while. it was a really long hope for balance in a year that's had little in the way of good news for investors. i think the reason it's happening is that earnings season is coming in much better than a lot of investors had feared companies have shown resiliency in being able to pass on inflationary costs to consumers.

profits are still growing, and that means this bear market has somepotential to pee peter out >> do we have to worry about downgrading? >> thanks for having me on i hear a lot of trepidation with my clients when i talk to them every day with regard to going in the market because of what the fed is doing the fed is aggressively raising the rates. look at what happened in the last four months, and you've seen that trickle down in the economy from real estate and mortgages and how folks view getting into real estate right now. that's what's happening. and so as long as the fed continues tightening, i think many investors are going to have trepidation about getting in the market because what they're doing is intended to slow down the economy. >> mark, you mentioned the

conversations with your clients right now. what kinds of conversations, mark, are they having with you about the types of things they want to be investing in at this point? i mean i know it all depends on time horizons and risk tolerances do they ask you things more about mega cap tech or things about small caps or international stocks what's the interest like right now? >> many of my clients, believe it or not, are asking me about treasuries you'd be surprised how many are very cautious going into the equity markets we've had a bit of a run in july, but if you can see what's going on we had a fed who says there may be slowing, tightening that may not happen if the numbers continue with what we've seen so in that environment, many of my climates want to stay nimble. they're not asking to get into these tech sectors because as

you've seen in the last few years, they're up 100, 150%. if they're down, you have more to go here. >> andy, we've said it a number of times over the course of the past decade plus, market rallies over that time have been led since the great financial crisis by the same kinds of stocks. it's apping, microsoft, alphabet, at one point meta cap platforms. people kind of turn to it in times of distress and in times of dips. is that where you'd like to be >> mega cap tech is a place you'd like to own in the market weight i see amazon, a world-leading computer company apple is the leading smartphone maker. they're not going anywhere they've demonstrated the ability to maintain their cost struck aur and growth profits even in a pretty tough environment but there's a lot more breadth

in the market. case in point, energy, it just had a blowout quarter. in my opinion, it's just the beginning because even if oil stays at under $99, they can continue to make a stupendous amount of cash flow on the back of all the cost cutting they've had to do over the course of the past years there's a lot more breadthth to t the market they like to have choices, have an opportunity to pick and choose sectors, and not feel like they're trapward they can only buy a handful of five or six stocks. andy, where else would they be >> health care medical devices on the back of growth or resurgence back to normal of medical procedures that have been put on the back burner during covid. >> mark, last word to you.

favorite stock or sector out there. >> my favorite sector is financials they have outperformed because of net interest margin and increased profitability with mortgages and kretd cards. >> all right mark smith, andy capp rinne, have a great guys, does. that does it for us on "worldwide exchange. "squawk box" picks up next we'll see you tomorrow in order for small businesses to thrive, they need to be smart. efficient. agile. and that's never been more important than it is right now.

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good morning waking up to news in the last hour, speaker pelosi departing taiwan after a controversial visit. we'll take you live to china for reaction. st. louis fed president jim bullard says a soft landing is still possible, but more rate

hikes will be needed he'll make a soft landing on our set if an hour and a half later this morning, 7:30 to 9:00 that we really look forward to. breaking news on crypto. two senators introducing a new bill that would regulate digital cur currencies it's wednesday, august 3rd, 2022, and "squawk box" begins right now. ♪ good morning and welcome to "squawk box" right here on cnbc. i'm andrew ross sorkin along with joe kernen. and, well, becky quick is off today, so it's just the boys again. again, joe, but we're going to have a lot of fun doing it. u.s. equity futures at this hour, let's show everybody where they are dow jones up about 130 points. s&p up a