it is 5:00 a.m. at cnbc global headquarters. here is your "five@5." markets set to close out the strong first half of the year. stocks are looking to finish on a strong note. a different story for shares of nike this morning under pressure ahead of the opening bell after the apparel giant notched the first earnings miss in three years. fresh economic worries emerging out of china just days after leaders suggested stronger days were coming for the world power. plus, getting back to work

employees at a key boeing supplier striking a deal to end an ongoing labor strike. microsoft facing new scrutiny and pressure over the activision takeover with the ftc and that battle heads to a judge. it is friday, june 30th. the last day of the first half of 2023. you are watching "worldwide exchange" here on cnbc good morning welcome to "with worldwide exchange." i'm dominic chu in for frank holland on friday morning. let's kickoff the hour with the u.s. equity futures. in the green dow jones industrial average implied higher by 35 s&p up 11 and nasdaq up 67 stocks are setting up on a strong note. the dow and s&p up 2.5%.

the nasdaq, running away, at 11% on a quarter-to-date basis this is a good quarter so far for stocks it is a similar story for the first half of the year the nasdaq is up nearly 30%. that is its best first half since 1983 s&p notches a strong six months up 14.5% best first half since 2018 remember last year was a terrible year for the stock market we are working off a low base. checking the bond market yields are trending higher continue to move higher this morning. the 10-year treasury is a hair below 3.89%. the 2-year treasury is 4.93% the 30-year treasury is 3.93%. in energy, a tough quarter for crude oil prices

you see wti benchmark price up 1% $71.50 that $70 level is something we have been watching for some time ice brent crude is $75.19. up 1% as well. remember, wti is on pace for the second negative quarter in a row. brent is facing losses both down 13% so far this year as you see here. oil prices have been under pressure let's check on the top corporate stories with silvana henao. >> dom, good morning ch china's economic recovery showing signs of stalling. the factory activity for june contracted for the third month meanwhile, manufacturing activity at the weakest level since beijing abandoned the strict zero covid policies last year the data coming days after the premier said his country was on

track to reach the growth target of 5%. workers at the boeing supplier heading back to work after a new labor deal roughly 6,000 union members at spirit aero systems voted to approve a four-year contract the deal coming as boeing prepares to step up production rates of the financially critically max and dreamliner planes. and google will block news in canada. it will remove links when the new law takes effect in six months google joining facebook and escalating a campaign against laws requiring payments to local news publishers, dom >> silvana, thank you very much. back to the markets and results from the delivering alpha investor survey. tapping into the investors and

strategists and our own cnbc contributor contributors we asked for their take on the first half of the year 61% of those polled say we entered a new bull market. 39% say this is just a bear market rally for more, let's bring in ivory johnson. founder of delancey wealth management >> i think this is a bear market rally. we have an inverted yield curve of 100 basis points rights now you have disinflation which is bad for corporate profits. i think what we have seen in the first half of the year and we should pay attention to the full investing cycle when gdp growth and inflation growth started to decelerate that has not changed ism is below 50. there is no good news. we have seen an uptick in

liquidity in the beginning of the year we have the treasury general account they used during the debt ceiling count they did not issue net new debt in the first part of the year. that is why liquidity wept up. that will reverse -- went up that will reverse itself it will pull liquidity out of the market and you will have loan repayments starting again and the business tax credits you will see liquidity come back down my sense it is bearish for stocks. >> liquidity was also a concern and perhaps credit conditions are a concern from earlier this year when our country had the worst banking crisis it has had since the great financial crisis back in 2008 and 2009 the markets, ivory, as you know and i know and everyone who listens or watching this program knows shook it off in short order. what does that tell you about

investor sentiment and how bad a fall could be? >> investors suffer from short-term return disorder it hasn't been addressed completely 50% of banks in america have more liabilities than assets. the fed opened up the discount window for the maturity bonds. a bigger concern is how do you refinance the obligations coming down 40% of u.s. debt has to get refinanced in the next two years. 25% of commercial real estate loans duein the next 12 months then you also have $1.4 trillion private debt market. these are loans given to small and mid-sized companies. they have not been marked to the market yet i don't think we're out of the woods. once you start looking at the refinance risk here. >> before we let you go, ivory, your job is to manage wealth

you seem like you are more bearish and conservative right now. you are not the only one out there. if that is the case, what are you doing? are you raising cash or selling stocks you are looking at some of the bond yields and saying there is something attractive on the treasury side or credit? >> you know, instead of 60/40, you would be 40/60 i would have more gold although it has backed off a bit. you can still get 5% in the money market fund which is attractive if you consider 7 stocks in the s&p are like 90% of the returns this year it is not a broad based rally. we might find money markets out perform the s&p. the japanese economy continues to grow on the rate of change basis. that may be an opportunity.

>> topportunities on the defensive side in cash and gold. ivory johnson, thank you a lot more to come here on "worldwide exchange," and including the one word that investors have to know today also digging into nike earnings pressure on the back of the results from the close last night o night. why our next guest says there is upside for nike. from hollywood to ports. labor disputes happening and the roll a.i. is taking shape in all of it. we have a very busy hour still ahead enwh "worldwide exchange" returns after this break ♪ the biggest ideas inspire new ones.

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welcome back a check on three stocks making their trading debuts in yesterday's session. safer savers value kodiak and fidels insurance. giving back 1% in the pre-market kodiak up .10% fidelis is down .30% all ipo'd yesterday. nike shares slipping after the open bell after the beat,

but missed on the full year profit expectations for the first time in three years due to lower margins. a surge in china sales helped the sneaker giant on the revenue front, nike held guidance or the year ahead as it watches consumer behavior and retail trends let's dive into the results with brian nagle at oppenheimer you cover a lot of ground. nike is a big deal just how worried should investors be, brian, about the results we heard last night? >> good morning. look, i obviously have been studying nike overnight. you had the conference call. a lot of us are getting this wrong. i think this is a solid record for nike this miss technically did miss earnings by a couple of pennies in the fourth quarter. if you look at the components of that sales growth and margins, they

were very much in line importantly, if you look at the really key focus for investors is growth in china and inventory management those metrics, nike performed well to answer your question, dom, this was a solid report. i don't think it is a reason for concern. i think it sets the stage for much better results at nike over the next several quarters. >> brian, are you concerned with a lot of talk of the momentum or lack of with regard to nike's dtc. direct-to-consumer channel it has. a lot of focus on those results. what exactly do those results last night then tell you about whether or not nike can find some footing with ramping up the growth for dtc >> i think what is happening here and we have seen this in the opening. i cover a lot of names i look across the consumer space broadly.

this post-pandemic dynamic where the consumer is interesting. we have seen the economy as we get back to normal trends and shopping patterns, consumers have returned to stores. some companies, including nike, through the pandemic, may have gotten too fact ufocused if you on dtc nike is a well managed company they made the comment nothing changed. they are looking at the consumer you have seen relative to the expectations, you have seen some return, if you will, to physical sco stores at the end of the day, the nike business model, dtc will be key come poen ponents of the brand >> brian, before we let you go, there is always a bit of a dynamic push-pull tug-of-war

with direct-to-consumer and direct channels with foot locker and other retail outlets what does foot locker and commentary tell you about whether or not nike will be more focused on dtc or more traditional retail channels? >> great question. i want to make clear i don't cover foot locker given my focus on nike the point i'm making is foot locker problems are foot locker problems if you look at dick's sporting goods, different comments. they are getting nike product and better nike product. i think what is happening here is nike is getting smarter with how the company and brand distributes its products foot locker has been a loser in that dynamic there are other companies, again, dick's sporting goods,

academy sports and outdoors benefitting from nike getting smarter with how it distributes product. >> brian nagel, thank you very much have a nice weekend. >> thank you. ahead on "worldwide exchange," digging into what's in store for the markets in the second half of the year. we where our deliveri ahanglp investors say are the best opportunities. more coming up

welcome back to "worldwide exchange." a new ripple in the online dispute. the screen actors guild along with the film and tv production companies contract expires today. this as the ongoing writer strike still with no end in sight. and u.p.s. is warning a strike is imminent if the company does not come to the table with a significant improved financial offer by today and dock workers at west coast ports and canada are poised to hit the pictureket lines top ase

ongoing communications which started in march and those continue to drag on. for more, let's bring in jimmy pethokoukis economic institute analyst. jimmy, we come to you for the trends and disputes. threats are disputes with real-world impacts what do these three stories tell you about the state of the economy and the strength of the worker >> well, the long-term trend with unions has not changed. it has been down last year, in fact, was a record low for union membership the stories pop up and it seems as if we are about to see a union revivrevival. that has yet to happen i think what is interesting about the stories and in particular, i think, the dock workers, which also has a u.s. counterpart which is an ongoing

issue, and what we are seeing in hollywood is really the role of technology what is interesting here is if technology in particular a.i. is as important a technologies it looks right now, how will workers react now it is coming for sort of educated and upper middle class jobs and not just blue collar and industrial jobs. >> now if that is the case, there's no doubt that despite the soaring valuations some characterize as bubble-esque for a.i. companies and massive runup we have seen it is fair to see we are in the early stages of a.i. and machine learning there is a trend developing where many of these jobs and industries are going to get up ended by things like a.i how much does that play into some of the workers strikes that are happening right now?

i think specifically for the writers guild, right, i can't imagine a.i. writing a comedy i want to watch or listen to or see. some jobs have to be safe long term, right? >> i think you have people right now who read scary stories where a.i. is taking the jobs. they are thinking of technology in the way they haven't before i think it is understandable they imagine just a scenario that may seem unlikely which is, you know, you have a completely written movie or tv series by a few prompts. more likely, and this is something i have been writing about, you will find people who use the technologies to make themselves more efficient. writers who use these come up with ideas and maybe flush out a pitch. we really don't know to the extent this is going to automate away jobs or complement jobs or create new jobs. it is understandable for people

at this point to be worried. that is natural. >> this is and an -- this is anecdotal. i go to restaurants and enjoy treats for myself. i have been encouraged by r restaurants to use the app before i get there that is one sliver of it how much bigger could that get over the course of the next 10 to 20 years? call these minimum wage jobs impacted in the next decade or so >> you know, jobs that require still a lot of human contact and human relations -- some of the jobs may be more important if they involve a lot of back and forth and dealing with customers face- face-to-face where the a.i. advances are the

conceptual jobs. my favorite example is bank tellers. we had atms for a long time. he when they came out, people said bank tellers are going away. there are more tellers now with atms because it was cheaper to open up more branches. fewer tellers per branch, but more branches. that is something we forgot about. >> jimmy pethokoukis, always great to get your thoughts thank you. >> appreciate it, dom. let's get the top headlines check with frances rivera in new york with the latest tgif >> thank you, dom. we start with the decision the supreme court voted 6-3 to strike down affirmative action ending the consideration of race as a factor in the college admission process. the verdict came with the challenge from harvard university and university of

north carolina brought by a group led by a conservative activist. a former school security officer got emotional as he was found not guilty scot peterson was involved in the parkland massacre. he did not confront the shooter at stoneman douglas high school. he was forced to retire after the massacre. 2/3 of destiny's child are giving a new phrase for hometown hero paying it forward for permanent housing residents for those in houston, texas the project will cost more than $8 million a larger press event will be scheduled when beyonce makes a stop in september. for friday, dom, those are the news headlines back to you. >> thank you, frances rivera as we head to break, a check on shares of virgin galactic right now.

you see down .50%. this after falling 11% yesterday despite the successful launch of the first commercial space flight speaking with "closing bell," the ceo stressed a strong financial strategy moving forward. >> we want to scale it that is where we will drive the greatest return for shareholders of the we believe the capital markets will be available. if we find the capitalas mhrket are tight, we can bring back the pace of fleet skcaling and manag the balance sheet that way

this is ge aerospace, advancing flight for future generations. ♪ welcome to a new era of flight. we moved out of the city so our little sophie could appreciate nature. ♪ but then he got us t-mobile home internet. i was just trying to improve our signal, so some of the trees had to go. i might've taken it a step too far. (chainsaw revs) (tree crashes) (chainsaw continues) (daughter screams) let's pretend for a second that you didn't let down your entire family. what would that reality look like? well i guess i would've gotten us xfinity... and we'd have a better view. do you need mulch? what, we have a ton of mulch.

we are just at 5:30 a.m. in new york there is still a lot here on "worldwide exchange. here's what's on deck. stocks set to close out a stellar first half with the nasdaq with the strongest first six months since "return of the jedi" topped the box office. we are getting set for the next six months and where top investors say the best opportunities are for you. and microsoft facing pressure over the bid to buy activision-blizzard as the ftc legal matters are wrapping up. it is friday and you are watching "worldwide exchange" here on cnbc welcome back to the show

i'm dominic chu in for frank holland. let's check on the u.s. equity futures which are green. the dow implied higher by 64 points s&p higher by 15 the nasdaq implied higher by 75. stocks are set to wrap up the second quarter and first half of the year on a strong note. barring today's moves, dow and s&p up 2.5% and nearly 7%. the nasdaq is running away with it on a quarterly basis. a similar story for the first half of the year nasdaq up a whopping 30% it's best first half of the year since 1983 s&p is notching a strong six months up 14.5%. its best first half since 2018 remember, it was a really bad year last year maybe the rally just getting some of that back. let's dig deeper for the first half of the year so far.

i mentioned the relative strength of the s&p 500. i want to show it to you again year to date up 14% in relation to the 200-day moving average or longer term trend line we are currently about 10% above that 200-day moving average. well above where it trades over that rolling basis take a look at the best performing sector in the s&p 500. technology technology sector spdr right now up 38% the 200-day moving average this gap is 23%. that is a huge extension over the long-term trend line if you wonder what stock is pushing that it is not apple, but nvidia and semi co semi conductors and a.i that has pushed it over the

long-term trend line there is talk if the market is overextended that is why people are looking at the technology sector and nvidia and say can this keep going or is the correction due with those market moves in mind, let's dig deeper for the insight on the second half of the year we bring in gina sanchez and elsa at rbc capital markets. ladies, thank you for being here i'll start with you, gina. i laid out the stock picture for why people feel less comfortable about the market and valuation right now. is this the second half of the year that can at least stay positive or have we just gone too far too fast >> there are two stories to tell there is a story about the consumer and the fact there is wage growth and inflation falling. there is that story. there is the a.i. story you are

talking about. that is the one that probably gives people the most discomfort because what we know is we tend to buy into the stories and expect a lot quickly and then it doesn't come as quickly as possible and we have a sell off. that is the sdoir tory we will e with a.i that has been in the works for years now, literally a decade, and now come to market everybody thinks it will change their lives tomorrow it is probably going to change their lives over the next ten years. we bought into it thinking it will happen tomorrow >> elsa, this is an interesting point of view right now that many of these things are happening amid a macro back drop that isn't the most bullish out there, but hasn't been that bad. we have been trying to talk about recession for the better part of the year plus at this point. are we in a stage where the companies that operate in the

economies can feel good about where with -- where the economic situation is right now >> as we said, people were calling for recession at start of the year. many were expecting it in the first half of the year clearly that has not panned out. as time goes on, people push the expectation. gina said wage growth is firm. headline inflation has come down a bit. core is stickier than central bankers would like all in all, the macro picture doesn't look too terrible right now. >> the latest delivering alpha survey out today we gather information from strategists and contributors like gina. among the topics, where is the best returns lie for the rest of the year it is split among short-term treasuries and s&p 500 and foreign stock market

they are all a quarter of respondents think foreign stocks and treasuries are the place to be not many believe nasdaq 100 or oil. gina, does that click with what you are feeling right now? do you feel the stock market is the place to be or short-term tre treasuries >> we had a very, very boring recommendation which is a balanced portfolio of the part of the reason is because, you know, like your other guest said, people have been expecting a recession. it hasn't come we have been pushing it out to next year. we have been moderating what we think it will be now it will be shallow then growth recession. now a mild slowdown. the outlook is not as negative as we thought. we know we have some extension in the markets and some parts of the market there are parts of the market

that are overextended the upside risks are balanced with the downside riskrisks. absent new information, you have to keep market exposure in a diversified portfolio. we are not wildly over weight in any space right now. it is hard to make any bets at the moment >> elsa, if you look at the interest rates shaping up in the u.s. and uk and europe and i'll leave japan out of it. they are not exactly like the u.s. and uk with what is happening. is there a way with sovereign bonds and given markets where with we see currencies trading right now? is it still the u.s. dollar over the uk or eurozone >> i would take the opposite

view the reason is as follows of, ifu rewind back to last year, there was pessimism for the euro area and 20% of recession in the upcoming 12 months that hasn't panned out first, the optimism with china reopening. that hasn't played out that quickly pivoted to lower energy prices and enthusiasm around the economic data in europe now that probability of recession has dropped down to 40%. people are actually more positive on the economic prospects in the yoeuro area thn u.s. going into the second half of the year, the u.s. in relative terms, will do better than the uk or euro area. at the margin, that should be supported for the currency. >> there is the macro picture from elsa lignos and stock pictures from gina sanchez thank you, ladies. let's check on the top

corporate stories with silvana henao. silvana. >> dom, good morning i'm back let's start with the u.s. reportedly ramping up warnings to american executives about dangers of doing business in china under amended law the wall street journal says the counter intelligence released a bulletin that the revised law is vague about what mccocon constis espionage and turning what would be considered normal business activities into criminal acts. canada's department of justice concluding the microsof deal to buy activision is likely leading to less competcompetiti. reuters reporting the letter which was sent to microsoft this week and was put on the docket

of the ftc court proceedings yesterday as microsoft presses for a decision before the july 18th termination date. bed, bath & beyond selected dream industries as the winner for the buybuybaby brand hoping to keep the brand store alive. the terms of the bid have not been disclosed and bed, bath & beyond extended the deadline to july 7th >> thank you, silvana. coming up on the show, the ceo of one semiconductor maker taken p prrivate by the fund wi ties to the japanese government. lays out what that means for the global race for computer chips "worldwide exchange" is back after this commercial break.

i was told my small business wouldn't qualify for an erc tax refund.

you should get a second opinion from innovation refunds at no upfront cost. sometimes you need a second opinion. [coughs] good to go. yeah, i think i'll get a second opinion. all these walls gotta go! ah ah ah! i'd love a second opinion. no. i'm going to get a second opinion. with innovation refunds, there's no upfront cost to find out. so why not check like i did for my small business? take the first step to see if your small business qualifies for the erc. welcome back to "worldwide exchange." time for the morning call sheet where we look at stocks you likely own jeffries raising the rate on carnival from hold to buy. it cites changes under the ceo and improvements in revenue drivers for the bump shares up 3% in pre-market

trade. and first service increasing the price target to $176 a share first service is well positioned for long-term growth those first service shares unchanged in pre-market trade. time for the global briefing china's factory activity contracted for the third straight money non manufacturing level came in short. inflation in the eurozone eased in june with the consumer price index coming in at 5.5%. that is down from just over 6% back in may. driving the rate lower was a drop in energy prices and core rate did rise slightly the dutch government has introduced new rules restricting exports of semiconductor equipment on the u.s. pressure to curb sales to china

the rules will require companies making advanced chip making equipment to seek a license before they can export it and they are expected to go into effect september 1st that is the global briefing. sticking with semiconductors as the industry accelerates outside of the u.s., the majority of competition from south korea and taiwan and japan. it was once the world's largest semiconductor producer accounting for 50% japan making moves in the space with the japanese investment corporation. a fund backed by the country's government proposing to buy chip company jsr for $6 billion the potential purchase of jsr, a major company in the photo area comes as countries look to secure their own supply chains

and build domestic chip industries of the joining me is eric johnson eric, this almost seems like it is a government takeover is it or is it not >> i'm glad you started with that because it absolutely is not. jic, as you commented is an investment firm and backed by the japanese government. their mission is economic. what they are looking to do is enhance competitiveness of the japanese economy they are targeting a couple sectors primarily. semiconductor materials and an bio-pharmaceuticals. those are the sectors we're primarily in >> this is something where you can almost see a trend developing, right? this this deal for your company

and we have the chips act here in america which is a massive amount of money spent on trying to shore up the u.s. domestic chip design and production capabilities do you feel as though this is going to be something strategic where the next arms race is semiconductors and technology and governments will be directly or through investment arms investing in some of the key industries >> yeah, absolutely. we're seeing this globally as you noted. in our case in japan, the material science base is strong. as we noted, semiconductor materials are particularly strong there are a lot of us in the space. right now it is a real strength for jsr and also for japanese industry the point is whether or not this

is sustainable that is really the point of our partnering with jic is to accelerate what we consider to be a strong business model also, to support a sector of the japanese economy which is strategically very important >> if that strategic importance is there for japan, it is also there for other countries as well i can think of the u.s., uk and netherlands and, of course, south korea and taiwan for sure. these are some of the big computer chip hubs around the world. what is the outlook for many of the countries? do you feel these countries will be even more forceful with the way they approach some of the strategic elements around computer chips going forward >> i think it is important to

differentiate the drive and economics. we are trying to enhance a competitiveness, both us and this space there is a different discussion on the importance of having semiconductor capability within each of the different countries. i think you are seeing investment to support that the reality is no one country will be able to self sufficient. you will have to be able to support your strengths where you can, but also rely on the global connectiveness in the long run. >> eric johnson, ceo of jsr with that big news there. come back and tell us about how things are going and how you think the chip space is going to evolve we wish you a nice weekend >> thank you i appreciate the opportunity as we head to break, june is pride month and cnbc is celebrating all month long here is bank of america head of digital nicki katz

>> you never know what someone experienced that morning before they showed up to work or what they are dealing within the personal life. when we show up to work, we should do so with grace and compassion for one another even now in 2023, the struggle for lgbtq+ teammates and family members and friends continues to be very real it is important to take a moment during pride month and frankly all year round to celebrate the victories and show support for the ongoing struggle

welcome back to "worldwide exchange." time for the wex wrap-up stories you may have missed. chinese fashion giant shein denied the report it filed for ipo in the u.s. and list before it would happen by the end of

the year workers heading back to work after reaching a new labor deal at boeing. voting to approve a four-year contract. and goldman sachs nominating tom nomtag as an independent director shares of pfizer are ticking higher on reports the eu contracted the company to reserve capacity to make up to 325 million vaccines per year in case of future global health emergency were to emerge. the latest delivering alpha investor survey is out today we asked investors and cnbc contributors about the outlook about which areas of the market they will be focused on for the third quarter. it was evenly split at 29% at health care and mega cap technology stocks.

high dividend stocks at 18% and 12% said they are looking at consumer staples companies let's get the view from courtney garcia at payne capital management she is a cnbc contributor seen on "fast money." courtney, thank you for being here the survey lays out interesting themes do you feel it is about mega cap technology or other sectors take a foothold in the third quarter? >> you surprised me a bit that is so many institutional investors looking at mega cap tech after the run this year and valuations getting high. surveys are showing that investors are heereaching there you want to look at other areas of the market. there are plenty of opportunity especially with industrials. there is a big trend happening with onshoring and industrial spending with a longer swing here a lot cheaper valuations

we like international and emerging markets you want to be in the mega cap tech i would not being overweight with the strong run. >> we have seen some of the talk about the recession. we addressed it with other guests in the show earlier we have been talking about it for a while. you have been talking about it for a while. this notion if there is a recession or not it has been with ththe better pf the year how should investors focus on the second half of the year knowing last year was a bloodbath and rally so far and is it this a bear market rally or are we still in the bull market phase >> we are still in a bull market here this has been the most anticipated recession of all time that may not even happen. the economy is in a lot better place. the consumer is still spending wages are rising inflation is coming down

earnings are revised upwards i think, really, a lot of the bears are less bearish which is interesting. a lot of people are saying i missed out on the rally. the market is higher since october. we are still off the highs of last year. the market still has a way to recover. as an investor, you want to make sure you are still invested and take advantage of the upswing. it is a wall of worry. the hardest time to be an investor which is the best time to be an investor. that is what you want to do. we see the huge concentration of the basic seven companies. big tech firms leading the market don't be overweight in that. don't chase that swing >> courtney, we have a few moments left is the consumer spending picture and strength there tilted to services or travel or leisure or dining out and leading to good spend spe spending >> it will normalize as you get

past pre-covid levels. you well see that tick up. it is in the services. >> courtney garcia of payne capital. thank you. >> thank you, dom. that does it for us on "worldwide exchange. "squawk box" is picking up coverage next. futures are modestly higher. we will see if they stay that way. have a nice weekend. this is ge vernova, helping generate and move the energy that our world needs. ♪ welcome to a new era of energy. we moved out of the city so our little sophie ♪ could appreciate nature. but then he got us t-mobile home internet. i was just trying to improve our signal, so some of the trees had to go. i might've taken it a step too far.

(chainsaw revs) (tree crashes) (chainsaw continues) (daughter screams) let's pretend for a second that you didn't let down your entire family. what would that reality look like? well i guess i would've gotten us xfinity... and we'd have a better view. do you need mulch? what, we have a ton of mulch.

good morning nike shares are under pressure after a lower margin weighed on quarterly profits. details straight ahead another supreme court decision now expected today with hundreds of billions of dollars of student debt at stake u.s. officials warn a law that takes effect in china

tomorrow could cloassify normal business activity as espionage foreign executives in china are on edge. we take you live to beijing. it is friday, june 30th, 2023. one more day in june i know this is it tomorrow is july "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 melissa lee alongside joe kernen telling jokes already. becky and andrew are off today >> which month has 28 days >> all of them. >> you heard it before >> i