it's 5:00 a.m. at cnbc here is the "five@5. stocks off the best day since mid-july as the dow issues a technical correction. this coming on the back of the slightly softer than expected and still red hot inflation number and a big, another big inflation number coming up in a couple hours. disney is doing something that customers may not like, but investors do plus, the average price for a gallon of regular gas does something for the first time

since march. it's good news for your wallet later on, crypto clawing back from lows and one gets set to shrink the carbon foot footprfootprint. i'll tell you about it on this thursday, august 11th on this "worldwide exchange. good morning, good afternoon or good evening. welcome from wherever in the world you are watching i'm brian sullivan great to be back with you on "worldwide exchange. let's check on the markets and money. stock futures are higher again look at that dow futures up 100 nasdaq in the green. all this coming off another big day for stocks after the red hot inflation data came in slightly less red rhot. small caps and nasdaq up 15% since july 1st

the dow up 1% yesterday and now less than 10% in the most recent all-time high. it wasn't one sector on the move up check out the price action from travel to financials yesterday what about individual stocks facebook up 5% royal caribbean cruises up 9%. jpmorgan chase rising 3% inflation data moves stocks because people think coming in less than expected may change the fed's mind on interest rates. they will still raise rates, but maybe not quite as much. we can debate that all day by the way, we will, because if the stock market thinks that, bonds aren't the 10-year treasury remains 2.78%. unchanged as stocks rose energy, of course, is the biggest part of the inflation story. it has been for more than a year oil coming down from the highs

helping the inflation number the crude is still hanging around the $91 to $92 mark it is up to $92.50 european union sanctions on russia and oil do not kick in until december 5th mark that on the calendar. it's a big deal. the spr release is over. it has to be refilled. we'll talk more about oil with a guest coming up in a few minutes. in the cryptocurrency market many on the move ethereum continuing to be red hot. up 50% in just one month this morning, bitcoin, ethereum and all major coins are up more than 3%. it's really truly been everything kind of rally oil has come down, but now moving higher once again let's see what is happening in europe with the headlines with julianna tatelbaum in the london newsroom with the early trade and top headlines.

julianna, good morning brian, good morning. in europe, we seem to be moving in lock step with wall street. we have green for the most part following the strong rally in the u.s. yesterday the gains in europe yesterday paled in comparison stateside. a little bit of red. ftse 100 down 90%. minors and farm names under per perp performing the industrial giant in germany took a big hit they took a big hit on the stake in siemens energy. we he see out performance in the italian and spanish markets. this is the split. we have the top of the board with oil and gas up 1.5% behind it is insurance and banks and telecom.

we have health care basket under performing down .50%. we see heavy selling in halion there is a story brewing around the potential litigation around xantek it was pulled from the market in 2019 investors are concerned it could turn into an issue for the companies. heavy selling of that's the story to keep an eye on brian. >> you have split. green on top red on the bottom. julianna, thank you. disney is blowing past estimates. disney shares are popping. it accounts for 54 dow points if they opened at this level. disney is also doing something that fans may not like courtney reagan is here with that courtney >> good morning, brian that is right. shares of disney as you point out are up in the pre-market

after topping estimates for the quarter for sales, profits s an streaming. record results in the parks division the headline is streaming. disney says total disney plus rose to 152 million. that is higher than estimate hulu had 46 million. espn plus at 22 million. that is more than 220 million. that is a number that makes it the top streaming service provider in the world. pushing netflix down to number two. disney unveiling a pricing structure that incorporates a new streaming service this fall. the price of disney plus without ads. the price of disney plus without

ads will rise 38%. that is a $3 per month increase. disney is lowering the subscriber forecast. it will become profitable by the end of 2024. ceo bob chapek will be on at 11:30 a.m. today with more on the results. brian, kids will have to get used to commercials like we used to have to watch and we often watch on this great network. back to you. >> that's where i learned everything one to grow on and nbc i'm just a bill. that yellow booger looking guy that told us to brush our teeth? your ten gallon hat? why do i remember that >> the constitution song. >> time for timer here i don't know what that guy was

courtn courtney, thank you very much. they really stuck. that was 75 years ago. nasdaq's recent run means it is out of the longest bear market since 2008. to be fair it is only out of the bear market barely if you measure from the all-time intraday high. it is a nice data point. here is something random but interesting about the markets. we are seeing the nasdaq, according to dow jones, the index posted an average gain of 9% three months later and then 23% one year later look at that following a bear market, nasdaq up more than 20% the dow has also seen gains when it exits a correction. on average not as much up about 2% after three months

and 7% a year later. that is random, but interesting. past results do not guarantee future performance i had to say that. let's talk about it all with michael sheldon. chief investment officer at rdm investment group those are nice stats comforting exit a technical correction and the trend is continuing to the upside are you as optimistic now as those stats may reveal >> i think that action in the market yesterday was encouraging. you know, stepping back a little bit and after the fed dealt with very high inflation, they were slow to act. they have been tightening for much of the year you see that in the strong dollar and credit spreads and yield curve. all of those tightening financial conditions led to a decline in equity markets as

investors fear to slowdown in earnings and profits and slowdown in the economy. yesterday's news was a potential game changer on inflation. on the margin, it looks like fed policy could potentially change course later this year or more likely in the first half of 2023 if we get the two things together, lower inflation and pivot in fed policy next year, those would be positive for equity markets there are reasons to be positive than before yesterday's cpi report >> i guess i was out on twitter with hot takes about inflation our rbi later on in the show and 90% of the people thought i was 100% incorrect i didn't just stand up and cheer because one month does not a trend make if we get two or three months of

cooling data or five months? now we have a clear trend. only a couple of things were down everything else was higher i don't understand the fed doesn't raise rates more than 25 basis points why does that matter >> fed policy works a lag. they started at zero and they are at 2.5%. the feeling is among investors that the fed will have to tighten policy further probably .50 in september and another quarter or half and another quarter. fed policy will be tighter than normer al heading into next y. yesterday's cpi report was we haven't had positive inflation news in some time. the headline number down to

8.5% the core number stayed unchanged at 5.5%. all of the change was in commodity prices we have seen a pull back with copper and steel and gas over $5 and now below $4 in states we see it in wheat prices. that will help things like food and shelter were sticky as you pointed out it is not necessarily an all clear signal we need to see several more months of better inflation data before the fed can signal the all clear. >> that's important. trends are not month over month or day over day. i understand the change matters, but show me what is going in november and we can talk mike sheldon, thank you very much i appreciate it. by the way, folks, we will talk about the federal reserve. we already do. we will talk more about them and for your calendar. this is a public service

announcement the three federal meetings are september 21st, november 2nd and december 14th. i've already put in vacation requests for those days. why it may be time to hit the road and more on house of mouse and why you are not convinced disney shares are a buy. and the reality check on the cpi report more on a very busy hour on "wex" next

welcome back let's say something we have not said in a long time. some good news on energy costs particularly gasoline prices they continue to come down gas has fallen for nearly 60 straight days. now a aa reporting the price for a gallon of gasoline is below $4 the first time it happened since march 6th. good news. however, the heart of hurricane season ahead and the spr meeting wrapping up and russian oil taking a hit, how long will this last we have chief oil analyst at the energiy services joins us now.

denton cinquegrana, the price of oil has risen $4 in the last three days where do you see it now? >> in addition to oil going up, rbob which is gas before ethanol is added, has been going up as well i still think there is downside for retail prices. probably we have seen incredible drops 2 cents at a time. 1 penny at a time. that will slow down. we see 5 or 6 cents of down side before we pause and reverse and hang out in the $4 area. >> yeah, gasoline, obviously, we talk about oil 99.9% of our audience doesn't buy oil. they buy gasoline. there has been some official government data that shows demanded has come down prices spike and people drove less there are things like gas buddy that said we are not seeing a

drop off in demand what is the real story >> i think we have seen drop off. we get retail volume from a bunch of stations from around the country. one-third of the stations in the u.s. on a week-to-week basis, it can be choppy. you look at it versus a year ago, the 5% decline is there that is showing up in the eia data people are driving less. it started when prices dpogot av $5 that is when people said enough is enough. whether that is a -- you can't just stop driving. you can change your habits it takes time for that to come through. we're seeing that. >> everything is about perspective. $90 a barrel was really high on the upside suddenly we're happy about $90 a barrel we're happy that inflation kood

cooled to 8.5% denton, we're at $92 a barrel and we released 160 million barrels from the strategic petroleum rehe serve that has te refilled thank goodness we have not had hurricanes so far this year. the sanctions on december 5th. it is not hard to make a case for oil back to 125 or 150. >> i'll knock on wood with the hurricane. you never want to see a hurricane. we are watching that swath of the country between corpus christi and louisiana which is an area for danger the prices are coming down or have come down i think what it did do is it kept prices from going up to the $130 to $150 levels that people were forecasting

>> yeah. is there an argument that when the european sanctions hit and let's assume a couple million barrels come off the market from russia and prices go up, could you make the argument that they flood the market and a chance it could crash? the oil market has a way, denton, that don't make a lot of sense. >> very true i don't think it will come and crash the market russia needs the money, et cetera obviously, one of the interesting things that's happened since invasion in late february, a lot of russian oil still made it to the market whether it was going to china or india. i don't necessarily see how we lose the 3 million barrels a day that we thought we were going to lose we have been waiting for it. there are other elements that we

have lost inttermediate feed stock. those had to be replaced as far as a massive loss of russian oil. we haven't seen it so far. >> yeah. we'll see what happens after december 5th or before that with some positioning and let us all knock on wood there's been no named atlantic hurricane storm so far i don't want to give it the broadcaster jinx denton cinquegrana, thank you. still on deck, the surging dollar and the demand destruction hitting another stock. this one now 20% right now it is your mystery chart here's a hint. it may not be music to your ears >> announcer: today's big number 102 million. that's how many smart speaker

users there are in the u.s almost one-third of the population around 67 million have an amazon echo ♪ ♪ 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.

it's time for the biggest sale of the year, on the sleep number 360 smart bed. it senses your movements and automatically adjusts to keep you both comfortable. find your relief our smart sleepers get 28 minutes more restful sleep per night. all smart beds are on sale. save 50% on the sleep number 360 limited edition smart bed. only for a limited time.

welcome back good thursday morning. 5:24 hope you are having a great start to your day. a big money mover. here is the mystery chart. sonos down 21% right now after posting no earnings per share

when analysts were looking for profits. sales were short ceo patrick spence says the back drop is harder with inflation. stock number two is bumble sp slashing full year guidance. company citing inflation and currency headwinds among the reasons for weakerthan expecte forecast and shares of vacasa soaring after the profit of 2 cents a share versus a loss of 20 cents. that stock up 24%. solid guidance helping the case. although with that gain, stock is still down 50% on the year. by the waway, it is not just vacasa

travel and booking stocks with a huge pick up marriott over the past month the little weird lines on the right side of the screen they are all up. similar for airbnb and expedia and booking. there it is. booking.com. let's step out of the markets and check on the other top headlines with frances rivera in new york with those. good morning >> good morning, brian former president trump spent four hours deposed inside the offices of the attorney general letitia j a letitia james as part of the trump organization he pleaded the fifth 440 times he did answer one question he gave investigators his name there is growing pressure for attorney general merrick garland to explain why they searched mar-a-lago. one former justice department official says many officials within the doj believe garland should make a public statement

for the search warrant. a house exploded in evansville, indiana. it was captured on video the fire department is looking for more victims 39 other homes were damaged and so badly they were not safe to enter. no gasoline has been detected. the atf will conduct an invest investigation. the flash flood warning for washington, d.c. and maryland and virginia after heavy rain dropped several inches flooding the capitol beltway. hope they can recover from that. brian, finally cooler temperatures and relief. it has been so nasty and swell sweltering hot >> it was like i was in times square the other morning and you

walked outside and it was like you got punched in the face with, like, all kinds of odors you never knew -- i had a name for it it is not fit for tv i'll email you privately >> i agree with you. whatever it is. >> it is -- still ahead, energy's recent rally may have just run out of steam. by the way, if you haven't already, follow our podcast. our show heis on early. follow us on podcasting apps iterndths.fy and apple and stch a oer good host, i think we'll be right back.

mamá, growing up... you were so good to me. you worked hard to save for my future. so now... i want to thank you. i started investing with vanguard to help take care of you, like you took care of me. te quiero, mamá. only at vanguard you're more than just an investor you're an owner. helping you take care of the ones you love. that's the value of ownership.

more gains to come for the p portfolio. tech stocks come out of the bear market inflation still hot, but not as hot as june is that good news for future fed rate hikes and the markets we dive in with another inflation point out today. number one no more netflix conceding the throne to disn disney after the blowout quarter. it is thursday, august 11th. this is "worldwide exchange" on

cnbc welcome or welcome back. good thursday morning. i'm brian sullivan let's check on the markets and your money stock futures are higher dow futures up 100 points. a lot of that is disney of the m stock numbers from yesterday we'll get to that in a minute. small caps rising 3% they are up 15% since july 1st as they go up, the risk meter is going down if you haven't looked at the vix, you should. dropping below 20 on wednesday amazing considering the war in ukraine. vix at 1999. a pair of jeans on sale.

1999. to energy. oil coming down from the high helping that june and july inflation data crude still at $92 right now up again we talked about it with the sanctions on russian oil kicking in on december 5th natural gas, by the way, up 1% $8.29. still be glad you are not in europe energy costs continue to go st stratosphere ick that translates to 63 u.s. dollars. we showed the same contract going for $8.25. they are paying $63. simply incredible. let's get a check of the

morning headlines with courtney. >> brian, good morning ethereum ran the final test ahead of the upgrade that is years in the making. once complete, the second largest cryptocurrency would switch to a new model which is expected to be complete by next month. cvs is the mystery mbidder t try to buy acquire for $1 billion before amazon. they were in the mix to buy the company for $18 a share in cash until it agreed to sell to amazon. and cisco systems hit by a cyber attack this year the company became aware when

hackers used employee credentials to conduct voice phishing attacks which granted access to the network. the hack did not appear to involve customer data or private employee information that is a little bit more comforting brian. >> i know. it is still cisco hit by a cyber attack that's their space >> that's what they do makes me feel uneasy >> exxon got hit by an oil attack here we go courtney reagan. now let's get back to the top stock story. that is disney shares are surging right now up 7% after topping estimates for sales and subscribers. more than 221 million global users across the platforms disney plus and hulu and espn, et cetera. that is topping netflix.

here is the other big headline they are raising prices by a lot in some cases. december 8th, u.s. version of disney plus is $7.99 a month. the price of the ad free is rising 38% to $10.99 a $3 a month increase. sounds like cable tv how does it balance out? ken leon is director of cfra the numbers were good, but these price hikes, do you think they will now keep their new streaming title with these higher costs is it that sticky? >> great to be here. disney's move is a relief. the sentiment was negative for media and entertainment. these prices are noted there is still significant churn in the industry for streaming.

i think the value creation of the disney content management thinks they have room to raise rates. one of the most expensive is hbo max which is above the ad free disney plus pricing plan >> yeah. you know, if we throw a longer term chart up and i don't want to throw water on the numbers. the numbers were good. the market is reacting as such disney was $180 stuock a year ago. it is at 120 or 121 right now. let's be clear this has been a tough stock story for investors. >> i think on the call from management last night and what we are hearing from media, they really have steered the narrative to really executing in their traditional businesses to parks was a blowout quarter and gave visibility inhow they

manage the streaming business. it lost $1 billion in the quarter. up from $280 million a year ago. if you are ratcheting down the subscriber count, i think focus is more on can you move to reduce the losses and make this a franchise where you have predictable cash flow. that is the narrative we go into next year possibly with recession. i think you are right, brian, the stock traded down. it doesn't pay a dividend or repurchase shares. cap x from 3.8 to 5 billion this year they are reducing programming spending from 32 to 30 billion at the end of the day, it is making money and media disney did a good job to steer the narrative on the call last night. >> if they raise streaming prices, ken, and keep all their subscribers or continue to grow,

they are going to make more money. is it the risk you raise prices and lose a couple subscribers because inflation is heating everything and bring in a small revenue with a ma smaller base f customers? >> not every subscriber is the same for disney. you noted the different plans. 37 or 40% of the total subs come from india disney plus. they will lose customers that was up the most out of 14 million subs gained in the quarter, over 8 million was india. they raised from meager 7 cents to $1 a year it is not going to be the subscriber counts that matter as much as just getting healthy revenue and evida growth

it sounds boring, but that is the message we hear in the industry particularly from other competitors. >> and espn. i'm a guy. college football fan don't tell anybody, ken, they could raise prices and i'll have espn on my app and tv. i need that college football and some car racing on the side, ken. can we talk about parks? a bankrate study or courtney reagan hit it in the show earlier. people are trading down because inflation is crushing their wallets. i love disney. i grew up in the shadow of disney in anaheim, california. there is a breaking point for park visitors? disney ain't cheap >> the parks did great it was on the trajectory from the rear mirror of coming out of the pandemic it is likely that going forward there will be greater risk

particularly for recession the parks did great. they say they can open up the gates for more people as they feel comfortable getting out of covid. it is a cyclical business, brian. it is not one where you mortgage the bank just to go to disney park they had a great quarter that's really what made the earnings this quarter for sure. >> universal, as we know, they have better rides. i might be bias. what do we do with the stock >> i think the stock we have it as a hold. to your point, the stock is still down significantly from before for shareholder return which is all about can the continue to drive profitability? shareholders are not getting buybacks or dividends from the stock. >> ken leon. we appreciate it crra interesting quarter for disney great day today.

a tough couple years all in the mix ken, thank you very much well get more on this stuff with a cnbc exclusive interview with disney ceo bob chapek. he will join julia boorstin at 11:30 a.m. "tech check" starts at 11:00 on deck, your morning rbi and why all that investor cheering over inflation data might just be a bit premature. call it the hot take of the day. inflation data helping stocks on wednesday which is part of the recent rally that could continue today. stock futures helped by disney which is up $116 you are watching "worldwide exchange" and we're back right after this

you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence. another busy day? of course - you're a cio in 2022..

but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network. from the most innovative company. bring on today with comcast business. powering possibilities.

welcome back to "worldwide exchange." markets could continue their rise the market has been hot since july 1st many stocks on the rise. pre-market movers. cruise lines just finished an audio book called "cabin fever. really, i don't know the author or stake, really good book listen to that while driving back and forth to the midwest. what about the nasdaq? you see zions bancorp and more. it is time for the morning rbi. we should change it to random

but inflationary because let's have a chat about inflation, challenge shall we the consumer index is the price for what you pay came in lower than estimates investors cheered the news with all kinds of headlines of cooling. less inflation means easier fed. that is generally good news for stocks will the fed really ease off because the july inflation data came in below expectation? let's dig in on the quote cooling numbers. facts. first, still higher than a few months ago and way higher than a year ago we were at 7% inflation at the end of the year. we were told by smart people that was transitory. also this was a very narrow number only a couple parts of inflation came down last month gasoline closed and car prices look at this graphic from

crescent capital it shows eight components of the cpi, the orange line there, the left is up down and the right is up that is big. look at that apparel fell 1.2%. used cars not on the list declined everything else actually went up housing and medical care surged again. the rent is literally too darn high the worst part is food costs continue to rise they may not even reflect higher crop prices for the surge in fertilizer cost. you know what else is set to rise, but not measured electricity prices this winter and credit card interest rates they are soaring or will soar for millions of people

it is early. we don't like to be negative we like to be positive overall inflation costs moderated a bit. they levelled with june. let's be clear they are super high and maybe not going up more. at least for now that is important because inflation is a regressive tax on lower-income families inflation needs to come down before you dump your money in stocks because the fed will take a victory lap over this number, remember two things. number one, one month does not a trend make number two, the producer price index is out later today and could change it again. hold on to your less expensive hats random, but interesting. coming up, we will talk about the markets and fed and inflation and get stock picks from one of our favorite guests. victoria greene. first? let's get a check now on

gasoline gasoline prices below $4 a gallon for the first time in more than five months. aaa reporting the national average is $3.99 i know you in california are thinking we haven't seen that since 1982 overall, we're below $4. we're ba rhtft ts.ckig aerhi

welcome back here is the thursday agenda. the weekly jobless claims. producer price index is out at 8:30 a.m. eastern. that is the inflation data on the producer side. and then canada goose and hanes brand and six flags and u.s. food on the earnings calls today. let's get a check with

victoria greene. a forbes top adviser team. i was out taking a different take on cpi. you hear the political stuff on one side i was poking people saying it is not a great number it was zero gain from june to july, but if the fed raises rates to 2.75% instead of 3%, should that justify a 500 point dow rally? that's ridiculous. >> no, it shouldn't. because it did not get up any further in july doesn't mean we start from zero. you start from the terrible place. congratulations, the world did not get more terrible from the horrible starting point. >> it is like you are happy you got stung by seven wasps, but expected to be stung by eight. it is how it felt. >> it is especially with food and housing. average rent over $2,000 a lot of pressure on the average

consumer they are taking on more credit card debt. interest rates are going up. you have to think about the market you typically see a bottom you go to the 2009 lows and everything is horrible in the world. unemployment is high in the middle of it can't get worse so the market is eeking this out if you look at where we are economically speaking. labor is tight and unemployment is low the market is rallies like we are coming off the type of '08 scenario where we will only be able to improve the economy. how do you improve the economy and labor market it will be hard to grow so the market is celebrating and it is a little premature >> inflation is a big deal regressive tax particularly on the lower income and bank rate study that courtney reagan hit in the show earlier that people are cutting back walmart cutting the profit forecast recently.

you like costco. you nailed it. the biggest risk to the economy is growing credit card debt in the face of higher rates you think costco mayweather that storm. >> people are looking for value in the wholesale store they are a value or gj gjgent oriented you saw amazon and costco do well because the consumer base is different costco has loyal customer base 90% rate they are looking to the hike prices the hot dog combo is going to stay the same. if that changes, that means we're in trouble. >> we'll have the victoria greene costco hot dog index. if it goes over $1.75. if five below changes the name

a lot of money in the senate bill assuming it passes it probably will tomorrow. and the president signs it this weekend for renewables that could be good for next arrow. the next renewable energy producer formerly known as florida power and light. >> they are a good, strong utility. we like that space it is good to have a toe-hold. they are not a pure play like sun run. this is our way of gets exposure to the renewable market on the very strong well operated company that is a utility. it is a little less, you know, if california changes regulation which has hit solar or subsidy changes on rebates change. that is hitting different solar companies. i like this play they are a solid company

>> u.s. liquified natural gas helping europe let's hope they get there. also in asia, the numbers last night, and i don't know how to call it anything other than blowout. the numbers were massive. >> we liked them for a while cheniere executes well and it is a well run company in a growing sector russia's loss is cheniere's gain they are one of the best export terminals for lng. we want exposure it is a good company in a growing space. i don't think we will see natural gas demand go down further. if anything, it will continue to grow as the russia situation plays out. that dragged out longer than most anticipated if you think about it in february, it would be a 30-day

skirmish now hitting in august and september without a resolution in sight i see natural gas a good place to be. >> natural gas, renewables and the 1$1.50 hot dog victoria greene, thank you i appreciate you tuning in every day. "squawk box" picks up the red hot markets. that is next have a great day and customers l 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.

good morning stocks rallying sending the nasdaq out of bear market territory. today's test is another inflation report disney shares soaring. topping estimates.

streaming guidance is raising red flags. and spending to taxes. new data on what americans think about what is going on in washington it is thursday, august 11th. "squawk box" begins right now. good morning welcome to "suebquawk box" heren cnbc i'm melissa lee along with andrew ross sorkin becky and joe are off today. s&p is looking to add up to 12 right now. nasdaq higher by 32. dow up by 124. a lot of focus on the nasdaq the rally yesterday lifted the index off the june