it is 5:00 a.m. at cnbc global headquarters. here is the ""five@5. sticking to his script more rate hikes potentially coming that word from jay powell speaking overseas. could the usual summer slowdown in markets be a thing of the past? the historic signals suggest the ongoing momentum could actually roll on into july. speaking of momentum shares of micron moving higher

as the boom in a.i. and that industry helps fuel the bottom line. microsoft ceo taking the stand making the case for his company's nearly $69 billion takeover of activision-blizzard amid the ftc bid to block the deal. and shares hovering at a fresh record high as the tech giant looks to cap a milestone p -- -- milestone again. you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." i'm dominic chu in for frank holland today. let's kickoff with a check of the futures. a mixed session yesterday afternoon. we are seeing green. the dow is implied higher by 56 points s&p higher by 7.

nasdaq up 34 some modest gains for the opening bell in the cards for right now. checking on the bond market, yields are ticking higher. the 10-year treasury is around 3.74%. 2-year treasury is 4.75% the 30-year treasury is 3.83%. in energy, oil prices with the wti level right around $70 we are hovering below there. $69.83 ice brent crude up .30%. $74.40. shares of micron results are fueled by demand for chips from the rapidly growing a.i. sector and easing supply glut for the computer and smartphone market. sales for the quarter will top

wall street expectation. we will have more and dig into the results coming up in the show micron shares up 3.5% in the overnight trade. let's get a check of the top corporate stories with silvana henao. ha silvana. >> dom, thank you. jay powell speak at ting at the conference in madrid, he said they expect two or more rate hikes by the end of the year powell said it will take time for full effect of monetary policy to be realized. he made comments to sarah eisen at the forum at sintra. >> two more additional rate hikes. the median was strong with two or more rate hikes if you look at that data over

the last quarter, what you see is stronger than expected growth and tighter than expected labor market and higher inflation. that tells us that although policy is restrictive, it is not restrictive enough >> treasury secretary janet yellen hopes to travel to china. speaking with our colleagues at msnbc last night, she reiterated calls for the two largest economies to work together the secretary did not offer any details on when a trip to chichina may happen. and microsoft's ceo would like to ditch deals with video game companies and console makers testifying during the hearing on the ftc bid to block the microsoft takeover of activision, he said he has no love for the agreement microsoft wants to make sure the games are more widely available

if it closes the takeover of the company. dom. >> the video game landscape will change if a deal like this were to happen. >> right >> silvana, thank you very much. back to the markets as investors gear up to wrap up what has been a solid june for stocks so far while the usual mind set is in the summer months or july or quiet time for the market that sentiment has been shifting the last decade. data showing july has been the best month for u.s. stock performance during this period according to carson. the s&p 500 rising on average nearly 3.5%. that's compared to the average july performance since 1950 which saw the index gain 1.3%. so for more, let's bring in kaleicadinha-puaa. this is a situation where i was

always growing up in this wall street environment where it was sell in may and go away for a good reason. it seems as though the market narrative has changed. how much of this is because of the normalization, if you will, of markets since the all ultra low interest rate regime of the great financial crisis >> that is attributed to some of the market growth. i think really what is fuelling the market is this resilient consumer that we have and jobs continue to remain strong. you have 10 million job openings for 6 million employment as long as the job market is strong, the consumer should remain resilient there are hints of some cracks, if you will, in what could be potential downside on consumer spending we are watching it closely it is really closely related to

the credit cycle and crunch that we have been noticing. >> the credit cycle and credit crunch is playing out not just with the retail spending side of things, but whow the market perceives it what are those signs telling you? it seems to be that is the reason p why the economy is doig okay and the reason why people have jobs an plenty in the country right now. >> like i said previously, we are beginning to see signs of stress on the consumer one indicator came out recently and it is index for non non performing loans from may to june the tightening from the federal reserve is having an effect, although on the consumer, but we are seeing signs of stress.

>> if there is that stress, why is it that markets keep pushing valuations higher and higher it is not necessarily just a.i. driven, but a slate of companies in the s&p 500 that are now at elevated levels trading above the long-term trend lines. what things are telling you that may be a sign of too much froth in the market and we are due for a pull back? >> valuations are astronomical in sectors you mentioned a.i. we pulled some chips off the table. as a long-term investor, we think a.i. has a play in long-term markets. however, at the current valuations, we anticipate downside because it is frothy as you said and behaving bubble like there are some pockets globeally

and regionally japan is one area we are constructive on. we are not calling for recession at this point in time. we are concerned toward the latter part of the year and into 2024 that we'll see economic slowdown and we're hoping we are able to execute a soft landing, if you will. a lot of that is depending on the federal reserve and monetary policy as well as regulation news came out that hurt the a.i. sector and that's in alignment with new possible regulations that will prevent supply to china. so, you know, it is a very fluid situation and it is one that warrants discipline investing. this is not where you throw everything against the wall and see what sticks. >> history taught us you cannot take a shotgun approach to these things kalei cadinha-puaa, thank you.

more coming up and the one word investors have to know today. nike is set to roll out earnings with the questions of the health of the consumer why our next guest says the stock still has plenty of room to run shares of big banks feeling love this morning following the results of the fed's stress test a lot of green right there we dig into the financial firms and how they stack up with more than 1% gains for the banks. and virgin galactic is set to launch the first flight with the questions over safety in the ace tourism industry we have more when "worldwide exchange" returns after this break. i'm listening. well, with ibm, you can use software to help you connect and analyze data— from hvacs to elevators to lights. what if we use ai-driven insights to pinpoint inefficiency? yep. and act on it. saving energy, money...

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welcome back to "worldwide exchange." let's get a check of the action in asia and europe right now with julianna tatelbaum who is standing by in the london newsroom good morning, julianna >> dom, good morning here in europe, things are off to a sluggish start. a mixed picture with the moves higher and lower across the regions. germany is not doing a huge amount we got interesting inflation data from german states. economically important german states we saw inflation in june accelerated in several states from where we were in may.

this points to a highs at the national level we will get the national cpi shortly. up from 6.1% in may to 6.3%. the ecb yesterday at that conference in sintra sounded hawkish that more needed to be done to combat inflation today's data would suggest that is the case. now in terms of trade in asia overnight, it was a mixed picture. one of the weak spots, hong kong pulling back 1.25% green in the japanese market the nikkei accelerating 2.1% dom. thank you, julianna tatelbaum. back here on the home front, shares of nike ahead of the opening bell as nike has trumped earnings and expectations for the past six quarters analysts are growing pessimistic

on the company over concerns that slowing consumer appetite in the u.s. could lead to a sales deceleration foot locker cut fiscal year guidance during the recent earnings call warning that demand for sportswear is waning as they struggle in north america. let's talk about this with piral dadhania at rbc capital markets. piral, nike is not a european brand, but it is a premium brand overall worldwide. how much can nike pick up in the macro environment? it is already down 3% year to date. >> dom, good morning we are in a precarious point in the equity phase here. we come off the strong multiyear run with stimulus and covid

reopening and strong spend rotation back into goods after a difficult period we are contending with a market environment that is synonymous with the market in the u.s. and china which we shouldn't ignore at this point. i think the performance -- from september of last year, nike did flag they had $900 million of excess product 10% of the total inventories on their balance sheet. we expect by the end of the fiscal year when it reports at close, it will liquidate a majority of the product. that doesn't mean there isn't product in the market in the supply chain so to speak the challenge is the overall consumer environment in the u.s., particularly, appears to be softening a bit what keeps us more positive is growth expectations for the u.s.

for the next year are fairly muted. we expect 10% revenue growth for the u.s. market. as long as china comes back online in a healthy way, we believe that expectations are broadly in the right place sdpplace. >> piral, you bring up the china trade. this calls for a strong part of the revenue picture for nike how much of a concern is the slowing momentum not just in north america, but slowing momentum of the recovery from so covid zero in china part of the outlook you will be keying on this afternoon >> it is key to the equity story here we expect an exacceleration for the china region in the period that is supported by easy comps. if you remember in the second quarter of last year, shanghai

and beijing were shutdown to the middle of june we have that support in the china region what is more important for china on the multi-year view is the ability for nike and other sportswear brands that are western domiciled to recover the lost margin that we have seen in the last few years that is really key, i think, for the nike equity story to work midterm. as it relates tonight in the print, there are a couple of things i want to highlight the first is the trajectory of growth i touched on china we need exacceleration there for the u.s., we need to see a level of continuation of the print we saw that should be supported in some part by mark down and promotional activity you know, what you give up at the gross margin level, get back in growth because you are selling at a lower margin. apart from that, we want to see continued progress on the

inventory. dom, there is debate if nike is leaning into wholesale on the go forward basis. we can touch on. that the midterm targets out there which are aggressive margin expectations which were put together before covid in all f f fairness the street doesn't believe nike can get back to the numbers. if you want to be bullish and the margins can get to the levels they could do a few years ago, that is where the upside comes from. >> current valuations. piral, thank you very much i know you will be watching closely this afternoon see you soon. ahead on "worldwide exchange," gen barbecue. latest can be to breathe life into a stagnant ipo market our own bob pisani breaks down

the action which may just be getting started. all that and more when "worldwide exchange" returns after this

welcome back to "worldwide exchange." the biggest banks pass the stress test with the impact of the collapse of three lenders this year. the fed says banks would be able

to weather a severe recession with unemployment surging to a hypothetical 10% and a 40% decline in commercial real estate and housing prices. under that crazy scenario, they could stay above minimum capital levels and keep lending despite the $541 billion in losses of the t-- losses. the fed is too slow to address rising rates over the failure of silicon valley bank and first republic and others. let's talk to stephen biggar stephen, nobody expected the banks to fail, but what is i t - what is the take away with the stress test results? >> dom, hi i would agree nobody expected

any surprises really from the stress test. these were scenarios that were developed before the silicon valley bank failure and based on 2022 numbers it is a positive, but a passing grade for the banks here the next steps we're looking at here is how does that convert to capital return which will typically happen on friday with buybacks and dividends also, i think, more importantly, this is a stepping stone on other requirements coming down the pike which is the end game requirements which are likely moving capital ratios up and more strict adverse scenarios

next year and testing for additional things like interest rates moving higher versus lower which happens in recession that is causing a lot of problems with the securities portfolios and banks with the valuations still a tough road ahead for many banks. >> so, there is a time and era, if you will, when investors viewed banks as capital returns. dividend payers and buyers of their own stock. it enhanced the return for shareholders there can investors still treat the banks the same way they are healthy the fed says so. can we expect them to be the magnet with shareholder return >> i think so. what doesn't kill banks will make them stronger here. certainly much safer from the capital cushion perspective. there may be a bit of a pause here with respect to capital

returns. i don't think that is necessarily a bad idea if you look at yields right now, valuations are compelling 4% and 5% yields. we have price to earnings and price to book ratios we haven't seen in years. regional banks in particular got very hard hit during the march silicon valley bank failure. we are still down 40% on regional banks year to date. a lot of value there and great yields which we think are only made more steady and confident in the dividends given the passing grade here >> stephen, we have a few seconds left here. favorite picks among the banks >> you are safer in the largest global banks jpmorgan chase, bank of america, morgan stanley i would highlight those. some of the strong super regionals we would with

highlight. u.s. bancorp pnc financial. these are diversified. great service territories. well capitalized and, if anything, benefit over the longer term over the consolidation that is likely to take place >> another analyst who thinks bigger is better stephen biggar, thank you. >> thank you as we head to break, we are watching shares of tesla right now. disclosures showing two funds run by cathie wood's investment dumped more shares 500,000 shares this month dumped shares up 1.5% "worldwide exchange" is back in a moment

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it is 5:30 a.m. in new york. there is still a lot more to come here on "worldwide exchange." here is what's on deck investors digesting fresh comments from fed chairman jay powell suggesting more fed hikes are ahead to continue the fight against inflation. shares of micron climbing ahead of the opening bell as the white hot a.i. industry gives a boost to the quarterly results. and warren buffett's

berkshire hathaway raises the stakes in his occidental it is thursday, june 29th, 2023. you are watching "worldwide exchange" here on cnbc i'm dominic chu. right now, futures are indicating a slightly higher open dow jones industrial average up 51 s&p higher by 7. nasdaq up 30 we are watching shares of apple after closing at the record high yesterday and moving closer to surpassing the $3 trillion -- trillion with a "t" market cap up 15 zecents right now in the pre-market trade

2.$2.977 trillion at this point. apple marching higher and higher we are also watching shares of gen korean barbecue. surging in the debut yesterday marking the latest ipo to launch this month gen restaurants down 1% in the pre-market trade $15.20 again, a huge ipo out of the gate for this company. gen debut on the heels of cava white hot start. our bob pisani has more on why momentum may not be slowing down in july and beyond >> july is upon us maybe not for ipos following the ipo of gen restaurants, we are waiting for three today.

the largest for-profit thrift operator in the u.s. and global insurance and kodiak gas services a natural gas compression company will all begin trading at the stock exchange. all signs that the ipo market is reopening after being closed for 18 months. what's next? trading volumes drop in july and august and so does ipo activity. if the ipo doesn't get done by july 4th, it waits until after labor day. that may not be the case this year with the several large ipos launched in june, the market may stay open in july. one potential candidate is odd tech it filed to go public. we are still waiting for some of the larger ipo candidates to make announcements like reddit

and stubhub and a.r.m. if any of the big ones set a firm date for an ipo, that is a sign the ipo market is back to normal dom. >> thank you, bob pisani for the ipo check. let's get a check of the corporate stories with silvana henao. silvana. >> dom, good morning warren buffett is increasing the stake in occidental petroleum. it purchased more than 2 million occidental shares this week. that lifts the stake in the oil company above 25%. at the shareholder meeting in may, buffett said berkshire was not planning to buy occidental dock workers in canada could strike as early as saturday after the international long shore union gave employers a

72-hour notice of the walkout clause 7,000 long shore workers seek a new cba. the port of vancouver handles 15% of containers destined to or from the u.s. a group of anonymous individuals filed a lawsuit claims chatgpt creator open a.i. is stealing personal information to train models in a hunt for profits. bloomberg reporting the plaintiffs argue in the 157-page lawsuit that open a.i. violated privacy laws by scraping 300 billion words from the internet by tapping books and articles and is putting society at the risk of civilization collapse, dom. >> that sounds serious silvana henao, thank you time for the big money movers micron shares are moving higher

after better than expected results and forecast revenue in line with estimates. despite the low double digit percentage of the revenue could be i am mpacted by the ban of chinese products the ceo said he believes the memory dry has passed the trough of memory and expects margins to improve as supply and demand is restored in the business joining me now is matt bryson at wedbush securities micron, i guess, in prior years, has been seen as the barometer for smartphones and pcs and tablets. more and more, the story is about a.i. just how much of a store cy cou

this be for micron and nvidia? >> at the end of the day, a.i. is going to benefit nvidia more than micron. you need memory for a.i., but that is not going to be the primary driver for micron. having said that, what we're seeing right now is a.i. is cannibalizing other use cases. if anything, companies are investing in a.i. servers and standard servers that is a win for micron in the short-term as we get beyond the uptick in a.i. spend, at some point, standard servers have been normalized when this happens and you see the consumer come back, a.i. at that point doesn't become so much of a cannibolistic i am

pa - impact an. you need more memory for servers. you will see the consumer come back you will see more memory and smartphones. it is that period where people are looking forward to right now. >> matt, take it away from the a.i. and back to the consumer you mentioned. smartphones and some of the supply demand has been at the heart of it. what does it tell you about the micron results about the dynamic in terms of future consumption of products with smartphones and products coming out? >> i think what you are looking at right now with micron lowering the shipments, that tells you those end markets are not so healthy i think most importantly for

mi micron, the largest market ends up being servers standard servers built for large cloud service providers. that market is suffering right now. again, having said that, i think those cloud vendors are going to spend. you will see that recover in 2024 i think what micron results tell you it hasn't happened yet what sanjay was saying things will get better as you go forward. >> what is the pricing outlook for some of these key chips for micron >> the pricing outlook is a little bit bleak at the moment what i think gets micron out of

the trough is a.i. a.i. needs something high band memory we are shifting to ddr 5 servers. both of the products give the u.s. notes there is limited capacity. there is not a lot of inventory there right now. when you get to the end of the year, you will start seeing the server platform shifting and momentum around a.i. you see more demand for the products and memory makers in capacity that is lifting memory pricing and starts to lift margins for the companies and we see micron moving back to positive earnings >> that's matt bryson with wedbush. thank you very much. we'll talk later coming up on the show, virgin galactic is gearing up tk aouinspal flight today.

wealto fndg acex member about the commercial space race "w "worldwide exchange" is back in a moment

welcome back to "worldwide exchange." let's check on the headlines dominating the trading desks around the world julianna tatelbaum is in the london newsroom with the global bri briefing julianna >> dom, the biggest bright spot is renault shares up 6% as renault raises

the full year outlook after successful launches. it expects higher operating margin between 6% and 7% delivering cars is still a challenge for the carmaker sh salesforce will focus on a.i. and working with the british government to drive digital transformation dom. >> julianna tatelbaum, thank you very much. virgin is set to launch the first commercial flight to the edge of space today. two air force ce officers will board the rocket plane along with the instructor which is 50 miles above the new mexico de desert they will have a second trip in

august for private astronauts. virgin is competing against spacex and blue origin let's bring in jim cantrell. he has worked at nasa's jet propulsion lab and at the founding team of spacex. jim, thank you very much for joining us let's talk about how important this flight will would be today. >> it is a milestone for virgin galactic and the commercial space tourism industry it is the first commercial crew that will go up into space on this machine spacex has done it, but this is the first time for virgin. it is a big deal >> all right in your mind, as you watch this, what exactly -- i'm not just talking investors, but people

who want to dream a little bigger about space travel. what should they key in on today when they watch this flight happen >> i would say i would key on how routine this would become. it is not routine at all right now. what virgin galactic brings to the table with the airplane based system, they don't go up into orbit, but go into space and come back in a matter of hours. this is set to become a routine with the way they set up the operations here. that is the promise of virgin galactic with spacex, it is more expensive and more expensive if it goes to the space tastation. the risks are different in orbit. this is more touchable by the average person although it is expensive by the average person standards. >> i'm glad you brought up the risks and safety aspect of the

conversation space travel, yes, beyond the monetary value of it, seems like a component of risk to it. we are coming off a couple of weeks where we watched a submersible see the "titanic" with a catastrophic end. what exactly is going to be the story that is told by many companies with regard to the safety element of travel above into space or below as we learned into the deep sea ocean? >> both diving that deep into the ocean and going into space was once the sole domain of nation states and companies like spacex and virgin orbit and others have started to make this available to the public. spacex was the first company to get a rocket into space that wasn't government funded deep space -- the submarine that

went afoul last week was a tragedy. both are risky people have lost their lives doing both before. the difference in my mind is one of who watches out and not a big fan of government regulation, i think the faa has done a great job of regulating space flight they have the regulatory nose in the tent because any u.s. vehicle that flies into space, the passenger safety and/or the ground safety of people that are below the flight, are regulated by the faa they do a fair job like every airplane we all sit on out in international waters, there is no regulatory body and people can do what they please we saw the consequences. my opinion, the "titan"

engineering was sloppy they should not have made it with composite the wrong use of carbon fiber for that application and people died those of us who are engineers and understand this are really critical of what they have done. you will not see that same thing in space with the regulatory side of it the faa does a thorough job. i'm optimistic about the space side people will die and it is a risky activity. >> jim cantrell. thank you. see you soon >> my pleasure. >> virgin galactic's ceo will speak to cnbc exclusively at 4:00 p.m. on closing bell overtime still ahead on the show, the one word every investor needs to know today

keith lerner lays out the areas that he avnear-term upside we'll be right back after this

welcome back to "worldwide exchange." time for the wex wrap up stories before the opening bell. jay powell says thanks to the strong labor market, he expect two or more rate hikes by the end of the year. he made comments in madrid janet yellen hopes to travel to china to contact beijing. she did not offer a timeline on when the trip may happen and satya nadella made comments at the ftc hearing over the activation of

activision-blizzard. and p ftx is looking to restart the failed crypto exchange as the company works through bankruptcy. and the financial times is reporting that the new york times and newscorp are teaming up to address a.i. and need for protection from the technology. we have a news alert on amazon in the coming weeks, the ftc is planning a suit aimed at the core online marketplace. the suit is expected to allege amazon uses power to reward merchants that use the logistic services and punish those that do not amazon shares up .50% in extended trading the s&p 500 and high yield bonds tell a story where sentiment is right now, but the overall s&p is up 14% for the year

the etf that tracks the junk bond market is up 2% this isindicating this is not as much concern about the effects of the recession coming down the line. we'll keep an eye on that. for more on the trading day ahead, let's bring in keith lerner from truist keith, are you worried about recession? it seems like the risky bond investors do not worry that much >> good morning, dom i still throink there is a riskf a slowdown in the next 6 to 12 months it is evident that the economy has been less interest rate sensitive than a lot of us thought coming into the year when we look at that in the high yield market where credit spreads are behaved, but also look at the average jobs we created this year which is

300,000. as we think forward, we still have the lag effect of the fed policy and credit conditions are likely to become tighter i think you will see in the consumer where it has the excess savings and companies have trimmed out the debt that is the upside surprise in the first half >> that brings us to the word of the day. you mentioned it in a concept. what is that word and how does it refer to the economy? >> dom, the word of the day is resilient. i would say that is for the overall economy and markets as we mentioned s&p as we close out the first half is up 14% the nasdaq -- i'm sorry, s&p technology is up 39. home builders is up 39%. who wiould have thought that wit the aggressive rate hikes. i think any way you slice it for

the first half, the market and economy has been resilient >> now, a lot of that resilience is due to three sectors. tech and kom ccom services and consumer purchase power. >> there will be an upside from here the s&p overall is trading close to 19 multiple now. the three sectors out performing the s&p which are the ones you mentioned as well. i think, you know, going forward, the trend you have to respect is up. you will see more moderation we see the equal weighted s&p which is up 4% or 5% this year the largest under per fformancei the last 40 years. >> keith, before we let you go, the worst sector out there right now? >> we still are underweight

financials and it will be a challenging time with the slowdown in the economy and rates today. >> keith lerner from truist. thank you. that does it for us on "worldwide exchange. "squawk box" is next see you tomorrow what if you could make analyzing a big bank's data... no big deal? go on... well, what if you partner with ibm and red hat, use a hybrid cloud solution to connect data across clouds, then analyze all that data with watson. okay, but this needs to meet our... security standards? yup. compliance standards? mm-hmm. so they get the insights they need... yup. in real time... check. ...to make quick decisions? check. aaaand check. that's the solution ibm and a global bank created. what will you create? ibm. let's create. is it possible to protect my business from cyber threats? it is, with comcast business. helping every connected device stay protected. yours. your employees'. even...

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good morning president biden outlining his case for bidenomics. we will have reaction from the speech and market participants. another tough day at the airport. nearly 6,000 flights canceled in the u.s. since monday. we will tell you what the airlines are saying. oops, i guess. apple closing at the record high for the second straight day

as the market cap approaches $3 trillion it is thursday, june 29th. "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm melissa leealongside joe kernen becky and andrew are off today >> it is not a grimace it is sunshine is streaming in to the studio. everybody is happy mac is happy >> i'm happy to be here. >> you are here tomorrow, too. >> and monday. >> i didn't know about monday. >> best three days of my life. >> again 34 seconds into the show >> you