it is 5:00 a.m. at cnbc. here are your top five @ 5 the nasdaq sinks back into bear market territory, the attention turning to inflation with the latest read on prices due out this morning, an economist hopeful we'll see a peak that's coming up. elon musk unloading another several billion dollars in tesla stock as his request to terminate his twitter deal hangs

in limbo. and what bob chapek is getting ready to release with disney. and later crypto winner takes no one it's wednesday, august 10th, 2022 you're watching "worldwide exchange" on cnbc. ♪ a very good morning to you i'm wilfred frost in for brian sullivan today it's great to be with you. we did see a third day of declines in a row for the nasdaq and fourth day in a row for the s&p 500. just a slight return to the sense of anything tifbt after a strong bounceback from the low over the prior six weeks or so the nasdaq was the most

negative, down 1.2%. as you can see, all three of the major averages expected to open higher only slight gains and reversal of yesterday's theme up half of 1%, the dow the least in the futures market, but still a third of 1%. bond markets, the ten-year yield, around 2.77 today we've seen a range as low at 2.56 the top of the range at 2.77 today, heavily inverted, the 2-year above that yield. energy coming off its worst session in three we've got a little bit of a decline. brent just below $90 for wti crypto was suffering today it's just stabilized, but we have seen a pullback of late. we're seeing bitcoin, 23,000 and

either yum at 27 first of all let's get a picture of what global markets are doing today. >> welcome to the cnbc studio, will we're going to talk a lot about inflation numbers on the show in the coming hours that's one of the reasons investors are sitting on the sidelines. the ftse 100 you can see slightly in the green. warnings out of the government that there could be a three- to four-day blackout in the worst-case scenario this winter that's sending some trimmers at people's backs, especially with the upcoming very weak economic projections out of the bank of england as well.

cac up leaning toward the green in terms of the sector breakdown, this is what we have today in europe. we're getting toward the end of the earning season we've had a couple of strong reports out this morning the food and beverage still in negative territory health care also meeting some of the losses today at the top we've got the insurers and travel and leisure up. >> thanks so much. let's get to your top corporate story and elon musk going back on his word over tesla stock sales. courtney reagan is here with us. a very good morning. >> good to see you, will what a nice surprise is it even business day if we don't talk about elon musk we've got some new disclosures published late last night.

he sold $7.92 million in shares. he has no more plans to sell any tesla shares it comes as he's engaged a legal battle over his request to drop his $44 billion takeover deal for twitter. when asked by one twitter follower if he was done selling tesla shares, musk replied, quote, yes, in the hopefully unlikely event he's forced to come and some partners don't come through, it's important to avoid an emergency sale of tesla stock. if the deal falls through, he would likely buy some shares back and create his own social media platform musk lined up some 19 different partners including saudi arabia's prince and cryptocurrency exchange finance. will >> courtney, thanks so much.

once again, he unloads so many shares it doesn't really affect the share price. also manages to find cover and excuses. >> new developments in monday night's fbi search of president trump's mar-a-lago estate. he's telling nbc news about a dozen box of records were seized jay gray has more. good morning, jay. >> good morning, will fred, and a lot unfolding at the search and seizure. president trump spent last night apparently with a handful of republican lawmakers at a dinner at his club in new jersey as the fallout and gop response to the search and seizure continues to intensify. we now know the fbi search and seizure at mar-a-lago had a

back-and-forth for months before they broke the locks on a basement storage area and mr. trump says, opened a safe, removing about a dozen boxes from his office and private residence in florida. >> i'm sure they're claiming there was something very egregious that's a grave matter of national security the problem is there were no crimes committed. >> reporter: mr. trump's personal attorney says it's driven by politics >> they're scared of donald trump, they don't want him to run in 2024. >> we believe in the rule of law, and that's what our country is about, and no person is above the law, not even the president of the united states. >> reporter: the former president hasn't oh fishfficial announced but did post this hours after the fbi finished its investigational the mar-a-lago.

>> i believe he was going to run before i'm stronger in my belief now. >> they're saying mr. trump and the gop are being targeted representative scott perry, a trump supporter, said his cellphone was confiscated by fbi agents there's been no indication the incidents are connected. the fbi is not comment on either representative perry has been an ongoing figure in the investigation. in fact, he reportedly sought a pardon from president trump in his role for trying to overturn the election will fred? >> jay, we're also hearing news of fresh legal woes for the former president in new york as well >> reporter: yeah. after several delays the former president will sit down with the department of attorney generals

into whether he and his company inflated the value of assets to obtain a loan. that's been ongoing for a while. they'll sit down later today. >> jay gray, thanks so much for that let's get back to the market there's going to be some relief from the july prices today's data may not be encouraging for the federal rereceiver the forecast to have risen by 0.2% after rising 1.3% in june primarily due to the sharp drop in the cost of gasoline. year over year, it was estimated to ridese by 8.7% the fed weighs whether to hike

rates by another 75 basis points in september or a smaller rate the forecast is to rise half a percent after claiming 0.7% in june year over year, expect it to be up 6.1% versus a 5.9% in june. let's talk more about all of this and what it might mean for markets. joining us is a chief economist. what's in line >> given the decline in energy costs, we would expect some reprieve in this morning's july inflation numbers. that being said, while any reprieve is certainly welcome for consumers, i do think it's going to be less than expected, less than what the markets expected with the monthly increase near 0.3 to 0.4 of a rise, pushing closer to 9%

yes, pump prices have come down from last month, but other categories of costs have continued this relentless upward trend, particularly the eor, which stands for the owner equivalent rent. this has been rising at a pace of half o percentage point when we strip out food and energy, we do expect prices to continue to rise at about 0.5, 0.6, keeping the core number well over 6% so a little bit of a mixed bag expected in this morning's report. >> i guess, lindsey, people will be wondering what this will do to change the likely path of the federal reserve. even though the prices at the lastmighting was dovish, is that behind us given the jobs number we got on friday? >> for the marked, investors

have been very an is shus to call the peak an inflation any cooling is likely to perpetuate that notion that being said, from the fed's perspective, policy makers have been very clear it's going to take several edmontons of n noticeable release in prices one data point certainly does not make a trend and should not be enough to convince the fed that inflation will continue to retreat from here. >> lindsey, to what extent will europe's inflation outlook be infectious to the united states? we've seen recent announcements, pushing back their forecast and the numbers remaining incredibly

high for quite a few months still. if that's the case, will the u.s.'s potential peak be delayed also >> certainly as we talk about elevated prices on a global scale, that's going to filter down the pipeline into the u.s that reinforces the fed's expectations that costs will remain elevated, and the fed needs to remain vigilant in the fight against inflation. investors seem to be ping-pong i ing. any sign of a cooling price pressures will tilt the market toward the latter. the fed is going to have to step up its rhetoric in order to convince the market that they will stay at this more aggressive pathway if they deem 75 basis points appropriate in order to bring down price pressures. but, again, with the headline number still near a four-decade high, it's going to be very difficult for the fed to pivot

away from that more aggressive pathway without, one, losing credibility with the market or, two, potentially losing control of inflation expectations. >> lindsey, thank you so much. when we come back, we'll discuss what coinbase is telling cnbc and what it plans after the $1 billion lawsuit. you can see shares are down 67% year to day. and we'll take a closer look at the nasdaq's dip back into the bare market. what one investor said she's selling now before it's too late no green here. today's money movies in the mystery chart revealed a very busy hour of "worldwide exchange" still to come. we have futures pointing to a slightly higher open to the tune

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welcome back shares of coinbase falling the crypto exchange out with a result after the close, a loss of more than $1 billion and a top and bottom line miss for its most recent quarter, as you can see, down 7.6% coinbase fell as they fled the market

coinbase's cfo speaking with cnbc yesterday saying the company is working to win back investor trust. >> this is the first crypto cycle that company investors have been through. we need to win their trust it will benefit them in the long term >> joining me now, devin ryan, senior research analyst. also with me reporter mackenzie segala take a look for mackenzie's latest breakdown from the numbers last night mackenzie, i start with you and touch of the numbers from coinbase we saw revenue down.

that's a stark number. we know the crypto pullback is starting >> yes, it's down 67% from a year ago, but everyone was expecting it in terms of wall street analysts' estimates, it was only off by 3%. operating expenses, they were up 8% crucially that net loss was heavily impacted by $446 million impairment charge on the crypto assets that coinbase holds on its balance sheet. >> devin, in terms of the poor performance, is that all because of the fall in crypto prices themselves or are they seeing full engagement of volumes also? >> good morning, will.

dwr great to see you their volumes declined by 30%. there's a tight correlation between where prices go and how engaged people are that makes serngs s sense, right the second quarter reflected that there were other misogynous events coinbase is navigating that. they have $6 billion or over $6 billion in liquidity available to them. they're the strong ship in the storm here, and thinkey're goino be oppor be opportunistic they're not seeing an increase

in their spreads they grew their subscription revenues materially which are now 20% of the revenues. that's a big positive. we're now two-thirds where their customers are engaged in nine investor products. >> mackenzie, as devin said, some places have gone out of business in pulling back the crypto prices. how strong are coinbase's numbers as we stand? i know you've been doing more detailed reporting on rivals of ftx. >> yes so you see three major companies that have been part of this domino effect. you've got voyager digital, celsius, all in the southern district of new york you have all of this cash locked

up on their platform you have the bastian of investment they pointed to their strong techniques as you talked about a moment ago and they also make the point that it was significantly trading lower, assets on the platform did fall to $96 billion to $256 billion from the previous quarter, but much is from the institutional side, companies derisking, taking their crypto to cash, not going to other platforms the bottom lean isline is a alesia haas talked about it yesterday. they're not worrying about quarter-over-quarter profits, just thinking very long term. >> devin, i think you had buy on the stock and you reill rated that buy overnight

what did you miss over this quarter and why do you think things will bounce back? >> we have a really strong upside and think over the long term things may be conservative. the coinbase is going go a major on-ramp into the crypto economy beyond offering people the ability to buy and sell. they're doing so much more than that this is a business that's not easily predictable over the next quarter or two that's kind of been the history of crypto. there's some similarities, the big deleveraging, that happened. it happened in crypto too. they were less engaged and had to raise funds and so, you know, in terms of what we think is important going

forward is can this company get back on track with engagement with customers can they keep the costs under control? one thing that was encouraging from last night, they reiterated their four-year guidance on profitability. so they're going to manage it with less than $500 million. that's the same guidance so even though the revenue backdrop is chacing, the profitability picture isn't really changing, which to us is encourageling, taking control of things they can. this is a business that's way beyond just trading, and you saw it a little bit in the subscription numbers with the big one. coinbase just announced its partnership with blackrock's alladin. we think there's going to be a

number of more partnerships like that coming, and that's where coinbase really shines that's why the stock is down this morning, 30% last week because of that. >> despite that, still down this morning in the premarket, down 67%. we'll leave it there ke k devin and mackenzie, thank you for joining us. still ahead, the justice department reportedly sets its sights on one of the biggest companies in silicon valley. we'll be right back. the nasdaq is up by about 0.5% in the premarket it's time for the biggest sale of the year, on the sleep number 360 smart bed. snoring? it can gently raise your partner's head to help. our smart sleepers get 28 minutes more restful sleep per night.

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welcome back let's get a check on this morning's other headlines with nbc's frances rivera in new york frances. >> hi, wolf, good morning. former president trump is still a gop king maker trump-backed candidates had a big night in the states that held primaries in wisconsin nbc predicted tim michaels has won the republican primary for governor beating out the pens-backed candidate rebecca clee fish. and, according to nbc news projections scott jensen easily won the republican nod for governor in minnesota.

a trial will begin today by vanessa bryant, widow of kobe bryant attorneys have insisted all photos have been deleted and they were never shared publicly. jury selection is expected to begin this morning >> a scary moment on a little league field turned into a major display of sportsmanship a pitcher lost control of the ball beating the batter in the head with the ball look at. this a standing ovation from the crowd. basically that kid is teaching a lesson to all of us that goes way beyond the baseball diamond. that's sportsmanship, compassion, kindness, all of the above. we should all learn from it. >> forgiveness as well

quite remarkable, frances. thank you very much for that breakdown and ending on such a warm note as well. as we head to break a quick check on the memes stocks that have been all over the place we see gamestop, of course, surged earlier this week, though, they're pretty much flat in the premarket. flat for them. game stock down 0.8% is nothing. bed bath and beyond, up by not much nasdaq markets up by 0 president 6% the other markets, 0.2%, 0.3%. we'll be right back. only at vanguard, you're more than just an investor you're an owner. that means that your goals are ours too. and vanguard retirement tools and advice can help you get there.

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j elon musk floats nearly $7 billion in tesla shares as his request to terminate his offer to twitter. it's wednesday, august 10th, 2022 you're watching "worldwide exchange" on cnbc. ♪ welcome back i'm wilfred frost in for brian sullivan a very good morning to you let's kick off the half hour with a check in on u.s. future, pointing higher after a decline yesterday. the nasdaq was down half a

percent. the s&p bringing its fourth day of declines in a row of course, just bring back a slight risk off sentiment feel to proceedings after what's been a decent six-week or so bounceback following the lows, this morning pointing to a higher open to the tune of 67 points, so about a quarter of a percent for the dow. similar for s&p. nasdaq up 0.4% in premarket. oils down just slightly this morning, about a third of 1% just below 90 bucks or just above 90 bucks for wti plus, we continue to watch shares of tesla. new disclosures showing elon musk sold more than 7.9 million shares, around $7 billion, 6.8, to be precise, going against a statement back in april that has no more plans to sell tesla

shares when asked by twitter if he was done selling, he said, yes in ton likely event twitter for forces the deal to close and partners don't come through, he doesn't want to have to be force ed with an emergency sale of tesla stock. shares are up once again let's get some of this morning's other top stories. courtney rag season here with those. court. >> good morning. the justice department is reportedly preparing to sue google as soon as next month according to report it would be a culmination of work to build a case before the suit sun veiled the feds are continuing speak with

publishers to refresh facts and gain additional details for the skplant. lenovo revenue growth shares fell over night. they reported revenues of $17 billion, up half a percent from a year ago, and the slowdown comes amid reports of others like my krorngs digital, and others and a judge denying a request for three professional golfers to play in a pga event this week after choosing to play in the saudi arabia-backed tournament earlier this summer. wolf, i'm not an expert, but this is gaining steam, getting

pretty interesting for the pga. >> it seriously is i'm not an expert in it either, but it's got a business angle to it i we'll keep an eye on it, no doubt about it courtney, thank you so much for that now back to the broader markets and the nasdaq flirting with bear market territory all week before yesterday's more than 1% thanks to micron and its macroeconomic warnings suffering because of that it needs to close above 12,775 to mark a 20% rise from its 52-week low hit back on june 16th according to dow jones market data, the nasdaq fell from its recent high to its bear market low. the longest stretch was down you can see it's up 0.3% this

mor morning. let's talk more about this good morning have you been focused pretty tightly on some of these broader levels are they important to you? >> yeah, i mean it is a tough time right now i'm keeping a close eye actually on china if that say abouter rattling post-nancy pelosi visit, continues, there could be implications for the chipmakers, and, you know, we could be in a situation where we're not getting apples of the world or the components we need to ship devices. >> so is the threat to the apples of this world and their outlooks particularly following a strong bounce by their share price more on the supply side than the demand? >> i think it's supply side.

there's not been a killer device people are not buying pcs. when is the last time you bought a desktop? laptops are lasting forever. you can get a new tv really cheaply, but more and more people just use their phones there is a slowdown in chip demands. even in spots like gaming where chips drive more demand or bitcoin rising, it comes back to people don't need as many chips. >> in terms of some of your core stock picks, i see you're a buyer of ebay at these levels. >> i think that ebay had a really nice quarter, the dose counting, used trends, posh marc and etsy as well they had a tough day on reporting last week, but the reality is that, you know, all these other marketplaces like

ebay, they don't manage their inventory. they don't have assets and warehouses and supply chains they just take a cut every time you buy or sell, and that's a pretty good business to be in right now. >> in terms of stock you don't like, facebook is on that list talk us through why. >> you know, meta is just -- they can't catch a break, right? the other reality is they don't have a hold on that younger consumer anymore you know, people are flocking to tiktok obviously, to newer apps like be real, which is the number one free app in america go ask your kids about it, right, or your grandkids some of there's been this shift away from their core usage of their social media projects. and on the other hand they keep getting hammered in the press from everything from changes to the instagram app that teen

kardashians are up in arms about and things like the debacle right now about turning over abortion data without a warrant to get someone arrested, right so these problems are not going to go away for facebook. if you have some nice gains there, it's not a bad time to lock it in. >> okay. sarah, thank you so much for joining me this morning. facebook is up by two-thirds of a percent. nasdaq futures up about a third of 1%. coming up, your big money movers some household names getting hit hard today as companies warn of ma headwinds you're watching "worldwide exchange" on cnbc.

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exchange" and a very good morning if you're just joining us. shares get hit after the platform missed the mark among the other key metric roblox reported a million short of what analysts had been expecting. it's down 13% in the premarket shares of sweet green plunging this morning revenues fell short and the company is kcutting its full yea

mark it plans to lay off 5% of its workforce and downgrade its marketplace. the advertisers are tightening their budgets. that's down about 13% in the premarket. now let's touch on disney, which, of course, will be the main focus today as the dow component is set to report its quarterly results after the close. shares down about 30% so far this year, up a little bit in narth todhe market today. let's bring in sara fischer with axio thanks for joining me.

is the key metric still subscriber numbers for the streaming platform or are things slightly changing in the media moment >> it is changing. now that wall street is expecting to post profits over potential gains in streaming, i think more of disney's stock is going to rely on what it reports today especially in terms of its parks and its media arm. disney last quarter had pretty good uptick in its parks, although, it was suffering closures in china. we're expecting to see pretty solid gains because rival nbc u comcast posted significant gains. on media, disney's cable network and broadcast network, that's where i'm curious what disney is

going to say they haven't been shy in explaining they have been impacted, of course, by the macroeconomic headwinds everyone else is facing in advertising, but at the same time, they posted a great upfront and seem to have momentum i think those two categories, the media as well as the parks category, can outweigh any growth slowdown. but that's not totally expected. >> in terms of the streaming number, given that netflix has posted two numbers of decline, does that give disney some cover or if they showed a decline, what would the share price react negatively >> i absolutely think the share price would respond negatively, but they're not expected to show a decline. with netflix, they were expected to show a pretty significant decline and they only slowed

down by 1 million. what could happen is the growth could slow a little bit, meaning fewer ads than disney was anticipating i actually think the metric that wall street would be really eager to see is what type of guidance disney gives in terms of its subscribers in the third quarter. disney ras not had a great blockbuster season they have not had the massive hits i'm curious how that's going to impact the subscriber growth for last quarter. >> what about the impacts? will they be suffering >> absolutely. almost every tech in media has

said this has impacted them. if you look at companies like netflix that's very global and produces global content, fx was around 4% in q1. then they said they were expecting it to increase to about 7% i expect disney to have a very similar type of problem, that's especially because if you think about their media portfolio, a significant part is overseas, not just box office concerns, although it slowed a little. you have parks and streaming >> thanks so much. disney is up by 0.4% in the premarket. coming up, today's big cpi report expected to show headline inflation, but what will that mean for market and the feds we'll ask a top ranked financial adviser next. and if you haven't already, subscribe to our podcast if you miss it live, you can catch up later on in the day

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welcome back to "worldwide exchange." there's the beautiful london skyline. it's going to be a scorcher again today, perhaps even hotter than new york or equally hot, which is very hot for us in london let's get back from that beautiful skyline to the markets. a busy day on wall street. a big number that everyone will be watching will come at 8:30 a.m. the month over month-, it will rise 0.2%, which will be a significant slowdown the main reason, energy results. quarterly results coming from fox

fox, disney, and bumble. we'll hear from charles evans and neel kashkari. joining us now to help get you ready for the day ahead is patrick of rose advisers thanks very much for joining me. let's touch on the inflation number we're getting at 8:30 eastern time is that likely to move markets significantly, or has the risk around it and wait it implies for the fed going forward ben lessened by the jobs number we got on friday and the way the yields rose after that >> well, if it comes in as expected, you know, the reality is the inflation number is still pretty high. so even if the rate of change is 20 basis points lower or just below 9%, that's still a pretty high number.

the monetary authorities are certainly trying to tackle it. whether or not the fiscal authorities will be successful in tackling inflation, i'm referring to the inflation reduction act that they just passed i think it's a miss noerm in that it will do very little to curb inflation >> in terms of the outlook for the economy as a whole, are you in the camp that expects the u.s. to avoid a recession, and where do you think the market is at the moment? where is there room for surprise >> well, we're already in a technical recession, so i act actually feel that we will certainly see more recessionary pressures. there are some positives in the market honestly, you know, the earning season has been a little better than expected. now, keep in mind, although a number of companies have reported so far in, we have a l

like retail names. when we saw walmart earlier in taerng seasons w say a negative reaction in the market, if you remember we're going to hear about inflation impact on the consumer we're going to hear about energy prices and the margins with a number of companies. i would say continue to hold on to your seatbelts as we go through this over the next week, but if we get some positive reaction there, i think that would be good for the coming months. >> do you think we've bounced back too fast? we talked about coming out of the bear market territory. do you think investors should take a little bit of short-term profits? >> i'm not a short-term trader my clients want me to advise them over the long term, but i will say, you know, on that

comment alone, this has been a little bit of a snapback rally i don't think there's anything necessarily from the tech earnings that would show me the tech should rally as much as it has. again, there's been some positive signs from earnings in things like the energy sector, et cetera, but there's nothing i've seen that would constitute a full substantiated rally for the long term. patrick, you've got 20 seconds to outline the case for canadian pacific. >> i still like the class 1 rails because they're getting pricing. it's good in an inflationary environment, and i think the big change year over year is we're seating better results from the grain markets in dachblt it's good for the companies and the volume for canadian pasting over the next year

patrick fruzzetti, thank you very much. all eyes on "squawk box" coming up. the all important cpi will set the marketfos r the day ahead. slightly ahead in the futures right now. when hurting feet make you want to stop, it's dr. scholl's time. our custom fit orthotics use foot mapping technology to give you personalized support, for all-day pain relief. find your relief in store or online. at xfinity, we're constantly innovating. and we're working 24/7 to connect you find your relief to more of what you love. we're bringing you the nation's largest gig speed network. available to more homes than anyone else. and with xfi complete, get 10x faster upload speeds.

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good morning, consumer prices and whether we're finally seeing a peak. and elon musk selling $7.9 billion in tesla shares. we'll talk about the latest chapter in his fight with tesla. and a judge ruling in the battle between live golf and the

pga tour it's wednesday, august 10th, 2022 "squawk box" begins right now. ♪ good morning and welcome to "squawk box" here on cnbc. we're live at the nasdaq market site in times square i'm melissa lee along with andrew ross sorkin joe and becky are off today. let's take a look at the market due out later. s&p looking up 11.5, dow up by 73, nasdaq higher at 45. this after nasdaq lost more than a percent yesterday. take a look at treasury yields and where we stand there the 10-year note is at 2.777%, so fairly stable ahead of cpi at 8:30 andrew. >> thanks, melissa