it's 5:00 a.m. in new york here is the top five@5 futures fighting momentum as recession debate heats up. with the slowdown, fed in focus again for a different reason don't hold your breath for rate cuts soon. china sabre rattling after nancy pelosi's shocking trip. walmart rolling outl layoffs

days after it warned about the economy. and robinhood is up for grabs. it is all happening on thursday, august 4th here on "worldwide exchange" on cnbc. good morning, good afternoon or good evening. welcome from wherever in the world you are watching i'm brian sullivan thanks for joining us here on "worldwide exchange. let's get to the thursday morning markets and see where stock futures are. they are indicating not a lot. dow futures down a whopping 16 fair value on the s&p is higher. let's call it unchanged, shall we it's early this after a nice start to the month of august for all of the major market averages. they were higher yesterday dow and s&p jumping 1% nasdaq rising 2.5% stocks going up as bonds also

going up and yields are coming down all on worries of the economic slowdown. yields at 2.74%. bonds and stock markets are telling different stories. speaking of oil. opec is in focus crude oil at the lowest level since february close to breaking below $90 a barrel slowing gas in the u.s. and continued covid issues in china are the reason oil is weak lately oil markets do seem to remain tight. one official from opec telling us spare capacity from member nations is no smoke screen and a real issue opec raising output by 100,000 barrels a day. not much at all. in the crypto world, crypto declining across the board bitcoin and ethereum lower bitcoin at $22,814

23,000 mark is the sticking point for bitcoin. all of the averages are down a lot of hacking news from crypto more on that in a couple of minutes. let's go around the world and get key headlines from one key central bank as well with julianna tatelbaum in london with that and more good morning, julianna >> brian, good morning european equities are following the u.s. lead yesterday. we have majority of markets trading higher led by germany. up nearly .80% for the xetra dax. and we are seeing a little u undererunde performance. ftse is down 1.3%. a big move for german retailer with shares up 9% in that stock. why is the ftse 100 trading

lower? sterling is trading higher versus the dollar. the central bank is set to raise rates for the sixth time in a row. money markets priced in a 90% chance of 50 basis point rate hike this afternoon which is the bank's largest rate increase for more than 25 years brian, the bank of england is dealing with inflation pressure with the soaring headline and core level all eyes on bank of england governor and committee that meeting taking place this afternoon. >> inflation is a global phen phenomena. julianna tatelbaum, thank you. to the top stories st stateside. including walmart. bertha coombs is here with that and more good morning, bertha >> brian, good morning walmart confirming it has

started to layoff corporate employees. the retail giant not saying how many will be impacted. in the statement to cnbc, the company described the layoffs as a way to better position the company for a strong future. the news comes about a week after walmart slashed profit outlook and warned that consumers pulled back on spending due to inflation. softbank raised $22 billion in cash with the stake in alibaba. this year, the japanese conglomerate sold about one-third of the alibaba stake contract s allow them to retain the possibility of holding on to alibaba shares

the ft poibnts out that they raised shares including these contracts. and richard clarida has a new gig. he is returning to pimco serving as the global economic adviser and managing director. before joining the fed in 2008, he worked at pimco for a decade. clarida resigned earlier this year after a trading scandal he was cleared of wrongdoing brian. >> if only he was a member of congress, it would not be an issue. bertha coombs, thank you speaking of the federal reserve. the markets continue to be laser focused on the flurry of central bank speakers and question when they will stop raising rates and maybe start cut borrowing costs. minneapolis fed president neel

kashkari said it is not impossible it will cut rates next year, but unlikely right now given inflation is nowhere near the fed's 2% target let's talk about this and more with dana d'auria at invest net. dana, welcome back it feels like we throw a dart with the fed presidents speaking the bond and yields are telling different stories. which are you in line with >> i would pay attention to what kashkari is saying the comments when they raised rates was over done. i thought the assumption we were going to, you know, back off on rate hikes and perhaps it is not 75, but it becomes 50 and trail off and start cut rates in 2023

or early 2023 was not likely look at where inflation is we have a negative real fed funds rate you look at what is happening to lower-income families which are suffering. the fed that's stay focused. i don't think that much has changed. we are getting clarifications. >> i guess the pace of rate hikes and inflation will be different. they take time to work through 9 to 12 months or whatever that time may be from raising rates to when it starts to impact the economy. i'm assuming we stop getting rate increases well before we actually hit inflation targets, no >> it is not -- absolutely right. if you are saying we're going to keep raising rates and, you know, some point they connect. 100% this is act to the lag and act with a lag it is just too far apart right now for the fed to consider

anything close to cutting rates or tapering that much. yes, the consensus now is it is not 75, it is more 50 or 25. we keep watching inflation measures the thing that the fed increases rate is the job market more jobs in the economy than people looking i think the fed is empowered to continue to do this, notwithstanding the talk of recession. the dovish comments are, yes, we are paying attention inflation is the focus >> you just wonder unless the fed can pump more oil or fix the supply chain or get people back to work, i'm not sure what they can do let's go back to the equities, dana the stock market is strong the last couple weeks. the number of google searches is this the market bottom is off the charts it still feels like a shaky

market what is your view on equities right now? >> i wouldn't call market bottom it is infamously difficult to do that anyway. my conjecture to you is we are not at market bottom yet we have seen a relief rally lately with tech earnings better than we thought, not great, but better than we thought and the interpretation of the fed comments being a bit dovish up to now. in terms of how you invest, it doesn't necessarily change how the average person should be approaching markets. if you think short-term, you are looking at higher quality companies and lower volatility companies. standard defensive postures. we have seen long quality under perform. l long-short quality is performing the way we expect. that means getting rid of the lowest quality stocks out of the

portfolio has done what you expect in the year the low quality stocks are not performing as well if you are a long-term investor, you may consider this as a buying opportunity you know, don't buy individual companies because in a market d downturn in recession, they are under stress in a diversified portfolio, buying in now could benefit greatly in the long run. >> it does feel there is another down swing coming. dana d'auria, i appreciate you getting up early thank you for joining "worldwide exchange." talk to you soon. we are just getting started. when "wex" rolls on, big money movers and concerning outlook from ev maker lucid. what are they saying that stock down 12%. ouch the ceo of firm zerofox and first on cnbc interview and the

growing threat from hackers and why russia is behind most of it. later, why we learn a lot more of the elon musk lawsuit to get out of the $44 billion twitter takeover all that and more as "worldwide exchange" rolls on after this. 80% of couples sleep too hot or too cold.

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all right. welcome back good thursday morning. let's talk about big headlines in cybersecurity because there have been a bunch lately first up, in the last day and a

half, hackers have been able to steal and target ann estimated $2.5 billion in crypto from solana the news sending the price sent the coin down 11% this week. that is not all. hackers drained almost it $200 million in cryptocurrency from nomad. you can use that to swap tokens from one blockchain to another it is not clear how it was done or if the people who got the money stolen will get it back. happening overnight, the web site in taiwan was under attack and caused it to go offline. this followed by several other web sites in the government and authorities blaming this on china and russia let's talk about the cybersecurity. joining us is zerofox ceo james

foster zerofox going public today on the spac deal under zfox ticker. james, it was good to have you on the program we could have spent an hour on the headlines with hackers and et cetera. why are hack attacks ramping up and what is your company doing to help companies stop them? >> good morning, brian big day for zerofox. it feels like cyber attacks are happening all the time because they are the largest breach providers here in the world. we helped thousands of companies with the attacks you are seeing and talked about china and russia can attack government organizations and web sites with impunity today. it is hard to go back against them and understand who did it and international law hasn't put in place the norms on what to do

when you are attacked around the world. it is a tough place to be in >> you know, it feels like a few years ago it was denial of service attacks. let's make somebody's web site not work and irritate them and cause problems now, foster, it seems like a straight up money grab every hack we talk about is either a direct theft of money or something where they threaten to do something if you don't pay them money has this become more almost sopranos like than cyber guys want to cause companies anno annoyance? >> sopranos is a great show. i think you hit the nail on the head two real reasons fame and fortune a lot of attacks in the last 20 years have been in search of fame or fortune. that comes in multiple ways.

china is after intellectual property using that for an advantage. the other fortune is like you said, cash bitcoin, cryptocurrencies. digital assets have tremendous value. it could be speculative. it is harder to get back if i steal a digital asset and sell on the black market somewhere, it is like the wild, wild west. good old gun slinging and selling quickly. i don't think it will stop any time soon. the cyber apparatuses of the world are in the infancy china and russia, the big two that we are talking about, are sophisticated. other countries are investing. there are cyber warfare issues every day. they are targeting big governments and down to main

street everybody is getting attacked. >> yeah. i'm thinking about the colonial pipeline getting shutdown. the most important pipeline in the united states. that was attributed to russian hackers. we talk about energy security, foster, in this country not just the physical plants or lng facilities what is your best advice and don't say hire zerofox i know >> you just did that >> what -- what is the ceo watching right now who may or may not be investing in enough money and literally shutdown their company because a couple of guys in a crappy office building outside of moscow >> you brought up energy security one tactic now is to leverage cyber weapons. for example, if you are russia

and you make a tremendous amount of money through selling energy, one of the things you can do is disrupt other energy providers around the world disrupt the supply chain creating increase in cost. when the costs go up, russia makes more money they use that money to fund things like war machines it is a really interesting new tactic now to inflict economic warfare in reasons of the world and energy sectors at the boardroom, you need to make sure cybersecurity is a topic. you need programs and resources applied to it. it is a big deal it is here to stay >> james foster, ceo of zerofox. congratulations on the spac. good luck today. zfox is the ticker >> thank you. you're very welcome. the big money movers and supply

constraints and costs taking the bite out of the bottom line for one big automaker. whose chart is that? and ceo of novo nordisk. we will talk about the world growing obesitany d growing diabetes crisis. what they are doing to fight it. stick around

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three key stock stories happening now. stock number one is e-bay. shares up after earnings topped forecast e-bay is trying to sell more luxury goods to keep sales up. e-bay is backing the sales outlook. it lowered guidance of what is being sold on the web site stock number two is toyota profit falling 40% in the first quarter. that is worse than expected. toyota has repeatedly cut targets due to the semiconductor shortage and covid restrictions in china speaking of cars stock three is lucid motors. shares tanking down 12% right now. the high-end ev maker is cutting forecast for this year in half they are citing, what else, supply chain problems. lucid now expectis to make 6,00

to 7,000 cars this year. lucid stock down 12.5%. on deck, the morning rbi and the staggering rise ofdiabetes here at home and abroad. stats on what you have to hear is being called a silent epidemic impacting millions of people including kids ever year and the ceo of novo nordisk will join us. follow our podcast we know you cannot catch us live every morning. it's early we get it. download the podcast today dow futures up a whopping 9. we're back after this. than t anv r you're an owner. that means that your goals are ours too. and vanguard retirement tools and advice can help you get there. that's the value of ownership.

why are the stock and bond markets telling different stories of the path of the american economy jeffrey kleintop is here with what he is seeing. taiwan tensions rising china carrying out military exercises after nancy pelosi's shocking visit eunice yoon is in beijing with more on the intense situation overseas. and not for sale robinhood ceo downplaying the company is a potential takeover target this is happening on thursday, august 4th this is "worldwide exchange. welcome or welcome back.

good thursday morning. it is going to be another hot one in new york. i'm brian sullivan here is how your markets and money stand after a solid first trading day of the month one of the first trading days of it's the month. the markets are not carrying out that today the dow is up 18 points. in the green, but not soaring. nasdaq futures are higher as well all of this after a good, how should we say it, couple of weeks? when you are off, this is what happens. we will get more with jeffrey kleintop in a moment right now, to the top headlines and including robinhood ceo saying his company is not up for grabs. bertha coombs is back with that and more bertha >> brian, that's right robinhood's ceo offering a blunt take on whether his company is looking to be acquired speaking during the investor

call yesterday, vlad tenoff said in a word, no. he said robinhood was on the lookout for acquisitions of its own. robinhood revealing it has been under investigation by the s.e.c. the company saying in a filing with the agency that they have been looking at compliance with short selling rules. eli lilly will begin sales of the covid antibody drug. lilly sold all of the doses in the usa with contracts through the federal government the government is set to exhaust supply august 22nd eli lilly ceo will join cnbc at

7:10 a.m. this morning and the elon musk/twitter saga set to take a new turn. a judge ruling wednesday that musk's answer to twitter's lawsuit over his attempt to back out of the $44 billion deal to buy the social media company will be made public by tomorrow evening. musk's lawyers wanted to file a public version of the answer in counter claims by yesterday, but they were sealed brian, twitter's attorneys claimed they needed more time to review and potentially redact musk's filing arguing it featuresinternal twitter information and data that they had given to musk. you know, this thing just -- whenever it is elon musk, you cannot avoid drama. >> you wonder how he does it

boring company and tesla and starlink and neuro path and he has nine kids. how does he do it? >> i think he doesn't sleep much that has to be it. >> bertha, do we sleep >> i do occasionally i catch up on the weekends >> yeah. it is put it all in the sleep bank and drain all week. bertha coombs, thank you very much. now to a developing situation around taiwan. china beginning a series of military exercises in the water around the island. those exercises coming one day after house speaker nancy pelosi wrapped up her visit to taiwan prompting condemn naation from y g beijing. we have eunice yoon with more from beijing >> reporter: thanks, brian this exercise is a major

escalation from previous china actions in the taiwan straits because of the nature and scale. the air and water drills are taking place in six zones that surround taiwan. they will be the closest ever to the island ten miles from the island south and this is the first time where this type of exercise iss going to include the east of the island the state media has been describing this as an unprecedented war game saying they he arare showing off long-e and precise drills they will show the pla ability to control all exits taiwan officials have been already warning the exercises will evncroach on the territory waters and this is a blockade.

they warned off what they believe are suspected drones or flying objects above the controlled island for taiwan the authorities on the island have also been warning their companies to boost their cybersecurity in the coming days after a record number of hack attacks on government web sites. now we don't know what is next to come. the exercises themselves and on sunday within interesting point here, brian, the state media has now been presenting this idea that these types of exercises could become much more normal. the state media says the drills are a new beginning for the taiwan strait. >> eunice, we understand that china does not wreckrecognize tn as a nation.

how do they refer to taiwan in the media and how do they reference nancy pelosi's trip there? as an invasion what is the terminology they are using? >> reporter: they have been calling it a political provocation. they believe that her visit was meant to kind of stir up what they believe are separatist forces in taiwan who want to see independence from the taiwanese perspective, it was tiny. it was to embolden the u.s. purposes they view taiwan and they say taiwan is part of china and that eventually they would say reunify taiwan to china as opposed to what others say just unify, perhaps, because from taiwan's perspective, they have never been part of china

>> we're going on what effectively 80 years, eunice you wonder does it come to a head now or does it continue the odd pseudo-relationship they have what are you hearing >> reporter: at this point, it is difficult to say because the tensions are so high you do see that on the one hand china wants to show it is very strong and it is the tough one here and it doesn't want to signal to other lawmakers that or to anyone else from the west or outside of china that they might be able to come to taiwan and embolden the people there for some independence. you know, it is really difficult to say at this point >> scary situation there eunice yoon, thank you very much coming up here on "worldwide

exchange." the alarming stats of diabetes here and around the world. this is a first on cnbc conversation with the ceo of novo nordisk about how they are trying to fight it and owebesity that's next.

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according to the cdc, more than 37 million americans likely now have diabetes. that is more than 1 out of 10 people which includes young kids the cdc notes nearly 100 million americans have some form of pre-diabetes that is nearly a third of the country. the crisis has grown worse in the last 20 years. the number of diagnosed cases doubling in the last two decades. think about that most of this from type-two diabetes the cdc says about 990% to 95% o all cases in america some suffer from type 1 diabetes type two is different. it is a blood sugar issue. it is linked to lifestyle and diet diabetes surged. it is a medical crisis and growing economic problem as well cdc says diabetes is the seventh leading cause of death in

america. medical costs of lost wages for people with diabetes is $330 billion per year that is $1 trillion every three years. this is not just an american issue. grow globally, diabetes is on the rise with the federation noting 5 $900 billion spent treating it every year the world economic forum says diabetes is a silent epidemic that kills 4 million people every year three times more than covid. think about that think about if we treated diabetes or many other dangerous diseases with the same urgency as the pandemic. random, but interesting.

we did not bring you this for no reason novo nordisk is trying to help they are a leading provider for diabetes and obesity care. the first half numbers came out wednesday and they were big. overall sales up 25% obesity care sales doubling. the company liftsing guidance fr the year because of the anti-obesity drug was not good enough lars jorgensen is the president and ceo of novo nordisk. they are based in denmark and trade under the ticker nvo i happen to know they have a nice building outside new jersey on route 1 lars, is there something the market is missing? the numbers we showed seem to be pretty big >> thanks, brian, for having me. you are right. we showed nice growth numbers. a second quarter in a row we are operating this year.

very strong performance based on the stats you alluded to you also mentioned our big presence in obesity. we have a very efficacious product in the market in the u.s. that we are ramping up. we guided that we had plysupply issues and we are coming back toward the end of the year and much later than the market expected we also guided that a very important study on safety and benefit is reading out next year and there has been issues with the readout for both topics with the supply challenges and readout on the cv benefit we feel confident with a good grip on this and back to full supply and will show the benefit with the full trial readout we actually are confident and positive about the continued

growth outlook for novo nordisk in diabetes and obesity. >> you know, we, as i was writing and prepping that rbi, random, but interesting segment, lars, we know diabetes and o obesity was a crisis around the world. i didn't realize how big until i do have dove into the stats. 1 in 10 with diabetes and most of that is type two. a lot of that is lifestyle related, not my opinion, the cdc and other medical experts. what can novo nordisk do what treatments and drugs are available? how much more can we do on this fight? >> you are right this is an alarming trend. we see every decade we add another 100 million people

living with diabetes you say the same for obesiobesi. our fizphysiology has not changd in the last years, but the way we eat and live changed a lot. it takes prevention efforts which is difficult changing personal preferences and lifestyle is difficult there is a prevention agenda more importantly, it is he have indi efficacious medicines. we also are taking up significantly in the obesity category if we succeed in addressing obes obesity, we are mitigating type-two diabetes because obesity is a leading cause of type-two diabetes. it is very meaningful we make intervention with anti-obesity medicines because that will

address the diabetes >> what is the drug do to treat obesity, lars? l how does it work >> so, it's simplicity reduces the appetite you have a feeling of being more full you simply end up taking less energy in and that leads to a weight loss. we have in our development efforts the phase three program with a combination of something that moderates expense if you reduce intake believe we higher weight loss than the latest innovation. it is the anti-obesity market is a new market as you alluded in the opening. more than 100 million americans is the case for long it is now where we see

efficacious medicines. after 20 years of research and development on this, we really have efficacious safe medicines which has tremendous uptick in the market that has the ability to help type-two diabetes which is the cause of obesity >> lars, this is a separate topic. i have been in europe recently and i talked for a year about the energy crisis. i understand you are in denmark. you are in a unique situation. no serious issue. you are not a manufacturer of steel, but pharmaceuticals how are you managing the energy issues that are facing all of europe right now >> that's an important point you can say all of europe somehow is impacted by the lower

supply of natural gas coming from russia. if you take it, we have been on green transmission for a long time already last year, we had all of our global manufacturing running on green energy. not relying onfossil fuel like natural gas. take denmark, the biggest site producing the majority of the world's insulin, that is running on green electricity and bio-gas. we are relatively wellprotecte as a company and we have suppliers that rely on natural gas. we are building up back ups which is a big thing in europe right now to prepare for that for the winter >> it could be a long and difficult winter we are hoping not. lars jorgensen of novo nordisk

i'll see you down on route 1 outside of princeton one day thank you very much. >> thank you on deck, jeffrey kleintop is here with the key things to watch in the marpket right now and why tough times may be ahead, but not the kind you may be thinking. how is that for a tease? we're showing you treasury yields there they are we're back after this. ♪ ♪ i was having relationship issues with my old bank. it was just take, take, take. so i moved to sofi checking and savings. get 1.80% interest, and earn up to $300 when you set up direct deposit. sofi get your money right.

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and customers all on different systems. you need to pull it together. so you call in ibm and red hat to create an open hybrid cloud platform. now data is available anywhere, securely. and your digital transformation is helping find new ways to unlock energy around the world. welcome back a lot in store for investors out there today. that begins with the rate decision for the bank of england. here in the u.s., weekly jobless claims at 8:30 because today ends with a "y." we get the fed speaker loretta

mester speaking at 12:00 p.m we he get the tesla annual shareholder meeting and alibaba and shake shack and doordash reporting today. and right now, there are moves happening in bonds that jeffrey kleintop says a are interesting and concerning he looked at the treasury data for the last couple of years 48% of all yield curves, bond maturity that you can think of, 48% were inverted. the blue line. that goes up rece rece recessionary periods that number is now at 50% suggesting growing signals of recession. maybe not what you are thinking. jeff joins us now. i'm looking at the graphic and i saw the note and tweet it looks more like an ekg of the

morning news anchor when the alarm goes off what are we looking at here? >> often when market forecasters talk about the yield the yield spread with the 2/10 year i like to look at all. there are 91 yield spreads looking at the spread of shorter treasury to the active longer maturity treasury. rather than picking one spread, look at the entire curve which tells us more how the whole curve is inverted. more than half of the yield curve inverted prior to recession. as of this morning, we crossed over 51% of the yield curves inverted >> we look at 2/10 year. what do they joke? inverted yield predicted 7 of

the last 10? this is not a perfect indication what is the fact that all of the maturities, half of the maturities across the entire thing, that they are inverted? does that tell you there is a recession coming or maybe there is for lack of a better term, because there is funky stuff happening in the bond market, jeff >> i think the high risk of economic recession is not new news to investors. we have been in the bear market. we recovered a bit in july. this is not new news this could signal an earnings recession. when the yield curve does this, we he c continue to see earning fall this is continuing to grow earnings recession signalled by the yield curve could make market pe look higher than they appear to be right now >> you know, jeff, i don't know if you have kids or how old they may be if you have kids, you may

remember the days when you are driving. are we there yet are we there yet you remember that? my guess is with the affection you have for your clients, you are getting that treatment is it a bottom is it a bottom is the bottom in are you getting that >> 1,000 times a day i think we can't count on bottoming until we see a peak. the fed will not stop hiking rates. they will need to see it decline and react in hindsight we have seen the peak in commodities a couple of months ago. inflation is a process we may be followed by goods inflation. we may begin to see that discount today look at services prices. that makes up 60% of the cpi they don't peak for two to four months

we may look out to late this fall or early winter before we point to a peak in inflation when the fed can begin to slow its pace of interest hikes that is the signal to stop going down it could be a way away that is high dividend stocks may be the solution. >> the dividend players. let's remind our audience, equities go up 77% of the time there is a reason people get rich in the stock market because it works you have to buy when it is the most scary, correct? long term. >> absolutely. i think long-term focus is important here and the depth of the potential recession and earnings may be mild investors looking to protect from return to recessionary market may focus on high dividend paying stocks every recession bear market in the last 50 years, high dividend paying stocks out performed the

overall market s&p high dividend is positive this year. we know the overall index is down double digits it is true in europe and japan we see the preference to cover protection in the environment. >> with inflation, you get paid to wait. jeffrey kleintop, love having you on the show. have a great day i appreciate it. folks, thanks for tuning in or listening to the podcast maybe it is 4:00 p.m. and you are listening. we appreciate it all thanks for watching. we will see you tomorrow with the siinder buying segment it's back. "squawk box" is next 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.

good morning futures relatively flat at this

point. bank of england expected to hike interest rates jobless claims number. that data from here at home. speaking of jobs, walmart laying off corporate employees. just a week after it slashed its forecast plus the skism in the golf world. liv golfers suing the pga tour big names over the suspensions details straight ahead it is thursday, august 4th, 2022 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm andrew ross sorkin along with joe kernen. becky is off today take a look, joe quite a