insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. it is 5:00 a.m. here at cnbc here is the top "five@5. the momentum may take a pause today. futures are muted. right at the top of the minds of investors retail earnings. walmart set to kick things off today as they deal with supply glut tracking the money moves the stoke stocks some of the pol players are dumping. and the rare move for one of

the most valuable companies as apple further pumps the brakes on hiring amid fears of the tech spending slowdown. amazon taking on the federal government accusing one allegency of harassment it is tuesday, august 16th you are watching "worldwide exchange" here on cnbc good morning i'm frank holland in for brian sullivan today thanks for waking up with us let's kick off the hour with the check of the markets and your money. stock futures a bit muted. slightly in the green right now. actually look at the implied open i apologize. a dip tbetween positive and negative this is after the win streak on monday with the indexes closing

flat and the u.s. treasuries with the 10-year treasury at 2.795. not a lot of movemeovement. we have been watching the oil market crude prices extending the declines after the economic data from china sparring fresh worries of the recession. wti be low $100 a barrel. a month ago, wti was up over $100 a barrel. and bitcoin falling below the key $25,000 mark $24,000 overnight. we we are watching it both of these, ethereum and bitcoin down 60% from the highs. both are up high in the third quarter. ethereum up 60%.

bitcoin up 20% ethereum getting a boost from the merge event coming up. an article on cnbc.com if you want more on that. we turn to the early trade in europe with joumanna bercetche. she is standing by with the action overseas. >> good morning, frank let's start with the asian equities movement with the shanghai composite. the bulk of the activity in the hang sending down 1%. meituan was looking to sell the full stake in the company. that stock was down 9 points dragging down the hang seng. nikkei flat. the australia index with strong numbers coming through with the mining activity on the back of coal they will payout the largest dividend ever to shareholders.

moving on to european holdings ftse 100 is up .40%. we had some strong wage data come through this morning to put pr pressure on the bank of england. germany up .70% the talk is the energy levy that they will impose october 1st frank. >> joumanna, thank you for the latest in europe. to the top stories bertha coombs is here with those. good morning, bertha >> game, frank apparenle is saying it is time o get back to work and carrying a series of layoffs in the last week about 100 contract based and recruiters were let go they were responsible for hiring new employees for apple.

bloomberg said the workers laid off said it was due to changes at the current business needs. the move follows similar by tech companies amid growing worries over a spending slowdown world wrestling entertainment says the investigation into former chairman vince mcmahon is essentially complete the security filing by the company shows the investigation announced in june found $20 million of expenses that should have been reported in the company financial statement. that included $14 million that mcmahon agreed to pay to women to settle allegations of sexual misconduct from 2006 up to this year. and headaches for airline pc passengers in the new york city area easing last night faa says staffing issues at

newark and jfk were being resolved earlier in the day, the agency said it acted to reduce the flow of flights in the area due to staffing issues at air traffic control centers. it is tough this summer, frank if you are going to fly, go early and leave plenty of time because anything can go wrong. >> now you have to pack asleeping bag. i have friends stuck in had houston right now. it is beyond new york city bertha coombs, thank you now to the money as wall street looks toward another strong week. s&p seeing gains yesterday in nine sectors with consumer staples leading the charge energy falling on declines and an investors look at the staying rally. let's talk more about this with rick pitcairn. i like that one.

good morning >> thanks. good morning, frank. >> we have a lot to talk about two big things housing starts and retail earnings we like to talk about the state of the consumer. we know there is high end consumers and middle end consumers. coming up, home depot and walmart today. last week, we saw signs inflation is declining the they were reporting that inflation is on the rise >> i think from the retail sector and from earnings in general, we are learning that earnings are hanging in better this quarter than people thought she they would t let's see. the consumer sentiment numbers are terrible we see the consumer continuing to spend although they are not feeling great about it it is in sectors

the top end of the consumer market is spending robustly. we will see how it comes through with earnings. if it is consistent with before, we will see better numbers than the street is expected >> rick, one thing we have to look at is the bear market rally real is it real is it a bear market rally? we crossed the key 4,231 mark. we closed above that it is likely to signal we are headed for a move to the upside. not everything is going to rise. generally it doesn't where do you see the leadership coming from in the changing market >> you know, frank, we are lucky at pitcairn. i think it is important in a year like this and investment environment to keep the long-term view the question could be is this the bottom or is the fed going

to raise 50 or 75 points i think the question is how is this environment the environment of the next five years different from the last five or ten? that will give you different leadership different groups will work and work in the low interest rate and cheap money environment of the last eight years >> so, a lot to digest there you are saying there is different leadership we can't pile into the work from home stocks and hope for the best can you give us one or two sectors you believe in the medium term? i know you are focused on long term that you focus your money in >> it is great we had the rally over the last six weeks. there were not a lot of strong bulls in late june when sentiment gets that bearish, you have a pop. still, we think the fed is not done there will be continued volatility in the fall

if you look at leadership prior to the july rally, it was in value sectors and small cap and staples and energy that pulled back a little in the last two or three weeks. we we believe in a diverse portfolio. the environment is tricky. we are not done with the various macroeconomics effects from covid. that will swing the market around investors should stay disciplined in this time when things are so tricky. >> one of the hardest things rick pitcairn, thank you coming up, the biggest retailer offering something for the customers. and an a fresh visit by u.s. lawmakers to taiwan. we are live in beijing with the latest. and a warning for the housing sector and talk of potential recession. if the red hot sector cisoming

to a screeching halt a very busy hour when "worldwide exchange" returns. stay with us plan

stock two is masimo. a 9% stake and plans to push the medical device company to improve the stock share price. it is down 30% since february when it announced a deal to buy high-end speakers. and stock three is softbank. elliott management sold almost all of the sales in the company. softbank was hit by the down turn in the tech sector. and finally, meituan it will sell the bulk or all of the $24 billion stake in the company to apiece chinese regulators now to the latest developments in the tensions over taiwan. chinese military announcing it is resuming drills in the waters

surrounding taiwan after more u.s. lawmakers visited the island following the visit from nancy pelosi eunice yoon has the latest from beijing. >> reporter: good morning, frank. china's foreign ministry said that taiwan independence forces will feel the counter attacks by beijing in the wake of the congressional delegation led by senator ed markey. the chinese today black listed seven taiwan officials who beijing described as independence diehards. that list includes the taiwan representative to the u.s. and according to the chinese government, all seven will be quote accountable for life though they did not give specifics on exactly what that means. china also published a video as

part of its military drills saying that its air force had gone very close to an island which is home to a taiwanese air base taiwan disputes that report which has been raising questions that suggests how strong and really the extent of beijing's military action this time around chinese state media has been signaling what the next point of conflict could be by slamming a bill that is supposed to be tabled in congress later in the fall called the taiwan policy act. this policy act is an upgrade to u u.s.-taiwan relations which would mean more security an assistance and describing taiwan as a major non nato ally which is what beijing would not want to see. >> eunice, tension is ratcheting

up is there anything to ease the tension or will it only get worse? >> reporter: well, it is likely to get worse because of the point-to-point confrontation we're seeing at the same time, there is one event on the horizon that could potentially raise hopes. that is a lot of discussion now that president xi and president biden will meet in person toward the end of the year. possibly at the g20 or apex or some time in november. given the fact these are the two top people who could potentially make things easier, that is what people are hoping could potentially lead the u.s. and china to a better relationship >> all right eunice yoon with the latest. great to see you thank you. still on deck here on "worldwide exchange. elon musk landing a victory in the ongoing fight with twitter the tech company now forced to

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gunshots were fired at the emergency room entrance. nbc news reached out to the memphis police, but not released any information on the shoot er er or details of those injured. and on thursday, former trump organization cfo allen weisselberg is expected to plead guilty he was indeed by the d.a.'s office in manhattan as a 15-year scheme to avoid paying taxes the former cfo was accused of not paying taxes on $1.7 million of income. to the moon and beyond that is the goal for nasa for the artemis 1 launch the ship will be rolled to the

launch pad in florida ahead of the mission to get astronauts back on the moon and later to mars the uncrewed mega rocket and spacecraft is scheduled for launch on august 29th with massive crowds expected to watch in person. frank, if all goes well, just two years from now before we put a man back on the moon. >> it is hard to believe we haven't been to the moon since then >> over 50 years >> phfphillip, thank you. several states holding primary contests today and president trump is facing a test as he throws support behind candidates in key races. susan mcginnis joins us now. >> reporter: part of the busy day in politics today, frank, as the investigation into the handling of classified documents continues for president trump. one of his adversaries is facing

voters in deep red wyoming, voters head to the polls as indications point to liz cheney losing her house seat. >> a sellout >> reporter: cheney co- chaired the january 6th committee. >> liz, you're fired >> reporter: former president trump is on a crusade to oust here and backing harriet hageman. >> we're fed up with liz cheney. >> nothing more important she will ever do >> reporter: with help from her former v.p. dad, hoping against hope. >> she promotes democracy. >> reporter: in a state where support remains strong for trump. and as republicans fund race off the fbi search of his home, the justice department under pressure to release the affidavit. it needs to protect witnesses. this as the current president

signs a bill today he says will be life changing the $739 billion makes the biggest investment in climate change. >> it reduces our carbon foot footprint. >> allows medicare to negotiate drug prices and taxes on corporations and households making more than $400,000 a year one republicans argue will cost lower and middle class americans more as for liz cheney, she is promising to keep the fight from trump to hold office again frank. >> susan, thank you for the report. still on deck, amazon takes on the federal government. accusations by the retail giant of harassment by the feds of two of the top leaders if you haven't already, follow our podcast check us out oape,n pl spotify

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stocking looking for apprfresh momentum a potential market catalyst of the kickoff of retail earnings scott mushkin lays out what to expect for the consumer. and it is tuesday, august 16th you are watching "worldwide

exchange" here on cnbc welcome back i'm frank holland in for brian sullivan it is 5:30 a.m. on the east coast. here is how your markets and money look stock futures lower right now. this after stocks continue the win streak on monday with all three indices finishing up .50%. we are watching the big money moves by hedge fund managers with the release of 13f filings. the oracle of omaha warren buffett. berkshire hathaway selling off apple stock. berkshire boosting stakes in chevron and activision it dumped the stake in verizon the selloff in tech not stopping tiger global the fund increasing the stake in

meta and position in alphabet. slashing the holdings of snowflake. the fund cutting position in microsoft by 30% meanwhile, david tepper making cuts to his portfolio. ditching the stake in mosaic and macy's one position is constellation energy coming in at $155 million. and taking a new stake in colgate. the firm adding a $159 million stake. making this one of the top ten positions. snatching up shares of natural gas and another energy name ovintiv. revealing the stake in disney along with the call for the company to spin off the sports

network espn shares closed up 2% on the news in yesterday's session. to the top stories bertha coombs is back with more. good morning, bertha >> good morning, frank remember recruiters, but ramping up efforts to get permanent employees back in the office the company telling employees who work in santa clara county near the headquarters, they need to be in the office three times a week starting next month reports say employees will be asked to go into their offices on tuesday and thursday with individual teams picking an additional third day for in-person work amazon accusing the ftc of harassing its founder jeff bezos and ceo andy jassy the accusations come as part of the agency probe into the prime

membership system. the ftc is looking if amazon is using deceptive techniques to lure customers to sign up for prime since last year. the ftc said amazon had become unduly burdensome on employees and executives. a judge ordering twitter to hand over documents to elon musk the documents were what musk claimed were essential for the amount of fake accounts on the pla platform bot accounts have been a big issue for musk to end the $44 billion takeover bid of twitter. most unusual see them force an executive to hand over notes. >> never a dull moment with elon

musk thank you, bertha. retailers reporting the second quarter reports the action starts with walmart and home depot out before the opening bell then target and lowe's and tjx and foot locker reporting. walmart is struggling to clear out excess inventory as shoppers shift to groceries in the face of inflation home depot is expected to rise the contract for tools and building materials offset the do it yourself project. let's bring in scott mushkin with more on this. we have walmart apparent home depot today. we have better than expected numbers. i don't know if you follow this, cash freighti signalled it look

like the rates may peak which is probably a sigh of relief for the retailers. this quarter actually encompasses months with the inflation. what can we learn? >> the biggest thing we need to learn is the inventory overhang. we heard walmart and target having problems with inventory we hear lowe's and home depot. we will get an indication. we have research and consulting firm and we are in so many stores definitely see the apparel j overhang we see inventory of barbecues. i think we get a peek into the inventory situation at home depot and lowe's as they report.

>> i know you have done spot checks with retailers. i want to focus on home depot and lowe's they saw a big ramp up of sales. you have watched suppliers in the last few months. you believe that will give us insight to the reports webber makes grills and p&g makes tools. what is coming up this week? >> again, it goes to the inventory overhang you mentioned the inflation in the lead-in. our data is showing take los angeles. food prices in the last 18 months are up 23%. you take the binge that the consumers had with the pandemic on stay at home and spending going to services. there is not a lot of money leftover to your point and it is an important point that we see from

the companies with 21 pallets of bounty paper towels at lowe's. s sam's in california, toilet paper to the rafters we are seeing issue with the hard goods we have been surprised how it is going into the consumables area the inflation rate is high it is hard to under state what is going on with the consumers below $75,000. they are i am patmpoverished. that is really hurting people in the pocketbook we are seeing it it is an issue the big wild card in retail is what the holiday looks like. you know, when we are advising clients or talking to our research clients the number one thing we're talking about. what is the holiday going to

look like? >> i think that's what the companies are asking with all of the inflation concerns and things like that speaking of the holiday, we are getting the reports later on this week. home depot and walmart later today. what will we see in the reports that give us the rest of the calendar year and fiscal year for the stocks >> you know what will be interesting to see is if they pull guidance for the rest of the year for the companies it is so unclear some of the companies are great companies. target target is a wonderful company. it has done great things you see my casual guard here i'm dropping a kid off at college here in florida. i do believe as you may see a lot of trepidation from the management teams on the outlook. you talked about shipping costs. the bigger thing is labor. we saw with the unemployment

report that labor cousts are going up rapidly that's going to be a factor into the end of the year. the other thing about shipping costs. a lot of these guys are on contract we are talking shipping costs for a lot of the companies >> great point about the outlook. q 1 for home depot and lowe's is the report today we have to watch the outlook for revenue. scott mushkin, congrats dropping your daughter off at college. a programming note courtney reagan's sit down with doug mcmillan here on cnbc. and trouble ahead for the red hot run in real estate and if it can actually hold up. more of the top stories. amazon's largest air freight

facility walked off the job. demanding higher pay and relief from hot conditions they say are unsafe spending on business travel. not expected to recover at the pre-pandemic levels until 2026 that is according to the new report from the global business travel association which says labor shortages and political issues are to blame. and dodge discontinuing the gas powered charger muscle cars at the end of the year marking the end of the era as it transitions to electric vehicles "worldwide exchange" will be back in a moment ♪ ♪ ♪ ♪

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welcome back here is a look at things investors will be watching today. economic reports of note july housing starts and permits due at 8:30 a.m. followed by the july industrial production out at 9:15 the celsius bankruptcy case kicks off the second day of hearings this afternoon. we have the wave of retail earnings home depot and walmart taking the first swing starting next hour u.s. home builder sentiment sinking. with the national association of home builders index dropping six points to 49 in august, anything below 50 is considered negative.

the index has not been negative since june of 2014 let's talk more with uma mor moriarty >> good morning. >> what do you think that means for people invested in the housing market >> great question. you know, we have been seeing a fundamental under supply of housing in the country part of that is driven by what happened in the gfc for building coming out of it hopefully we are working toward meeting that under supply in the coming years at the same time, builders are still dealing with a lot of shortages, whether it relates to materials or relates to labor or inflation. a lot of factors compounding the supply issue that we have in the housing across the country today. >> we have been saying this word throughout the show.

inflation, inflation, inflation. cpi and ppi better than expected i cover transports one area we are not seeing relief is housing. that is the sticky part of inflation. rarely does your landlord say i'll reduce the rent how does that shape the housing market where the inflation may be transitory? housing rarely is. >> great question. you know, we invest here at center square at rental residential. rental rates are increasing as you mentioned. we have a strong labor market in the country which is giving landlords the ability to continue to charge rents across the country. we see phenomenal rent growth in the markets. part of that is the urban core markets in california or new york city. that is more of the recovery

play across the markets in the southeast and southwest where we saw rental rates really increase throughout the pandemic, they are still continuing to increase on top of that we are going to continue to see that part of inflation remain relatively elevated even as we see other parts starting to moderate. >> you have stock picks for us according to you, it is about location, location, location among your picks is avalon bay an apartment is that a reit it deals with the west coast and east coast why these rental plays in particular >> like i mentioned, a lot of the coastal markets and where these companies have portfolios are seeing a confluence of several factors right now. giving them fantastic pricing power. seeing a lot of rental rate growth part of that is recovery into the markets. a lot of it really is a

structure under supply of housing in the markets you are seeing great population growth you are seeing the millennials looking at more housing options. you are seeing the college graduates that did not move to where they were working during covid and now moving you are seeing the resurgence where the companies have fantastic portfolios we are anticipating fantastic revenue and income growth from the portfolios not only this year and continuing into next year residential housing provides a great inflation hedge for investors that are looking for any down turn as we think about the economy in the next couple months. >> we don't talk that often about on cnbc, but it is big part of the economy. supply chain and ecommerce and industrial properties. some of the names you are looking at are prologis. can you give us other picks and

why are you bullish in this space? >> like you mentioned, it is an important part of what is happening in the u.s over the last 30 years, we have been looking at globalization. what happens when we expand the supply chains globally we have seen that track backwards from the deglobalization perspective. the supply chain is under built to service what consumers here today need especially in the context of ecommerce growth doing what it is you mentioned proligis another name we like here is rexford industrial it owns those supply chain hubs within southern california and really close to ports which accounts for 40% of i am mports coming into the u.s. facilitating the last mile delivery. >> uma, we appreciate it coming to us from philadelphia i didn't talk to you about the

cheesesteak pick. coming up, stocks seeking fresh momentum john stoltzfus has more for us. and if you missed "worldwide exchange" check us out on the podcasting apps. we are back in a moment. 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.

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welcome back the industrial sector may not have the heavyweight in the s.e.c., but we have dom chu with the winners and losers >> diverse set of stocks, frank. ones that out performed on the year to date basis if you look at the s&p versus the industrial sector, it is not the biggest or most important. maybe it tells a bit about the economy. if you look at the overall picture, down 5% on the year a down year. we know.

the s&p overall is still down 10%. that white line for the most part over the better course of the year tracking better than the orange line which is the s&p 500. winner wise. it is interesting. out performance in certain parts of the market and industrials has a lot to do with the kind of conflicts we have seen around the world rideght now specificay with russia and ukraine. you see focus on defense names like northrup which is up 26%. lockheed martin and general dynamics the big names to the upside. global conflict. tension with china and taiwan. that puts traders and investments on the defense contracts. you mentioned in the last segment the motion of housing a and real estate. many have been around

construction and engineering and products and services. if you look at stanley and black & decker down 46%. think home security. pentair, liquid systems and johnson controls temperature controls for real estate products. that's what you are talking about with laggards. these are beaten down names, frank. >> a diverse group of stocks transportation companies and some tech companies as well. we look at the different group and where do you see the leadership going forward >> going forward, what is interesting is if there is a recovery in the overall market, there tends to be focus on the beaten up names because of the rising tide effect if you watch the companies, but here is the issue. if you have a rising rate environment that will have a bigger slowdown effect on the overall economy, you could start to see some of the companies

more leveraged to real estate development and an building and construction start to take a lagging type position here what i would be careful of right now is looking at defense contract outperformers and see if this can go up in a straight line many times the geopolitical risks resolve themselves we don't find ourselves in massive conflicts. it is not to say the defense contractors don't do well over time i would keep an eye on the bellwether of the economy. caterpillar and deere. >> dom, thank you very much. turning attention back to the broader markets. gearing up for a busy week of earnings with walmart and home depot kicking off in just a few minutes. investors preparing for the release of the fed july minutes tomorrow and how the central bank may hike rates to tame inflation further. for more, let's bring in john

stoltzfus at oppenheimer john, thanks for being here. >> thanks, frank >> july minutes coming up tomorrow today is retail earnings inflation is a word we will hear a few times. what do you expect when it comes to both? how will it impact the markets >> we have to say related to the federal reserve, i think this is going to be when we look at the minutes, it will be reflective of where we were earlier in july which is reflecting on june and all that is happening. what we are looking forward to here is the kansas city symposium in jackson hole, wyoming. that is coming up next week. when we look at the fed, a lot of things are already known about the fed. this will likely be confirmation of what they were thinking earlier this month we really need to look forward

>> so one of the things you hear onwall street is sell on the news you actually think the news of the chips act is a tailwind for industrials. explain. >> related to where we are headed with the fed. we think the fed has shown remarkable sensitivity over 40-year levels of inflation we have been experiencing. it has already had four hikes and getting ready for a fifth in september. what we think is it is trying to be sensitive of the affects of its actions of hikes for longer but at a modest pace as we go fo forward. we see the 75 bips go to 50 in september. we will see. the fed is our friend here as if navigates the course out of this

overstimulated economy by both politicians and the fed. >> john, you have a few friends at the fed i'll ask you to pull out the crystal ball is the fed going to stay aggressive or possibly pivot >> frank, we are one of the few groups that thinks it is not the fed is aggressive, but on the case, so to speak. tcb taking care of business. as a result of that, we think this is a good environment for a sector like industrials. you asked about industrials. with industrials, i heard what dominic was saying industrials play a big role in terms of manufacturing manufacturing is getting a boost from the efforts of the congress recently and administration. you are going to see a lot of build back better kind of action that kind of thing also when he it comes to retailers, how do

you manage inventory all of that and shipping all of that has to do with technology which is embedded in the industrial products. as well, of course, agriculture, which dominic mentioned. industrials cover a lot more ground one of the favorite sectors here is consumer discretion and financials >> john, we're almost out of time we're coming off four weeks of gains and gains on monday. futures are muted. what do you expect for the trading day ahead? >> the key word here is muted. i think when you look at the futures, it is not really a worrisome kind of thing here we could see profit taking on any catalyst and investors see taking profits without fomo. >> john, thank you for the insight. that does it for us on "worldwide exchange. "squawk box" is coming up next

good morning futures are relatively flat as we await quarterly numbers from home depot and bhnd walmart. we will have the reaction. and oil sticking below $90 a barrel the three factors driving oil prices down. and whale watching the latest portfolio moves from the world's wealthiest investors. the names all ahead. all on this tuesday, august 16th

"squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick along with brian sullivan joe and andrew are off today good to have you here. >> good to be here, becky. >> you will see at this hour, there are some modest declines red arrows dow down 15 points s&p futures off 7.5 nasdaq off 31. yesterday at this time, we were down more. we were talking before the opening bell, dow down 230 points we ended up down across the board. dow has seen four positive sessions in a row.