it's 5:00 a.m. at cnbc global headquarters and here's your five after five we begin with pressure trading resumption after a brief holiday session and where the fed today can point to more panel payne to come. growing concerns out of china adding to investor excite. another key data economic point coming in weaker than expected new tensions between washington and beijing brooding as treasury secretary janet yellen prepares

for her trip plus forget about the o oct octagon. what some are calling the roll outas a twitter killer it's wednesday, july 5th 2023 you're watching "worldwide exchange" right here on cnbc ♪ good morning welcome to "worldwide exchange." i'm frank holland. thank you for starting your day with us. let's get a check on the stock futures after wall street gets back to work after the fourth of july holiday take a look at the futures they're red across the board the dow looks like it would open about up 100 points lower. again, it's early. we take a look at the bond market we again with the 10-year. a bit elevated here. a slightly higher yeed yield when it comes to the 2-year

note the 10- to 2-year spread at its lowest since march. the oil hovering right around $70 a barrel. we'll talk more about this later on in the show brent crude, however, going in the opposite direction, going down 0.75% time now for a check on some of this morning's top corporate stories. our silvana henao is here with those. >> hey, frank. good morning to you. the biden administration is reporting to prepare to restrict china's cloud come pugt access services the new rule if adopted would likely require ma'am a amazon and others to seek government permission before working with other customers. the commerce department is expecting to make things

official in the coming weeks and comes one day after china imposed export restrictions on key metals used to make computer chips. meanwhile there's a new app that will allow users to retain followers from instagram and keep their same usernames. the rollout is a direct challenge to twitter which has faced numerous controversies since elon musk bought the building last year for $44 million. and shein is in talks with the new york stock kpainch and the nasdaq about a potential debut, but timing remains of concern as it's under scrutiny with the u.s. lawmakers over its labor

practices and as a result may scrap plans. sh shein could be the biggest company to go public since the riding giant in 2021 at $60 billion. >> as you mentioned, a lot of questions about the company, something we'll continue to watch. turning our attention to the broader market, and if history is any indication, solid marks could carry over to the rest of the year take a listen. when the s&p rose 14.3% in the first half, it climbed in the second half of the year. going back further for the dow, since 1897 when it gained 2% it posted an average gain of 6.2%

let's bring in vance howard to answer that question vance, good morning. how are you? >> hey, frank, how are you doing today? >> vance, i have to ask you, how do you see stocks in the second half of the year we have some recession concerns. at the same time, we have disruption of the ai. >> i'm not concerned at all. the trend of the market is up. and as long as it's up, you trade it to the long side. any pullback you get, i think you've got to short of shut off all the negativity and trade what actually is happening what's happening, franki, is the market is going up they say don't find the market don't fight the trend. >> let's put this all in perspective. the s&p is likely to rise in the second half of the year. that would put it at about 4876

year end levels we haven't seen since january 2022 right now looking at the cme fed watch. how does that influence your theory that we're in a new bull market and the stocks have an upside >> like i said, another thing, too, think about this you've had a great half of the year think of the hedge fund managers that didn't participate in the upswing we've had. when you look at the great first halves and second halves, you have people trying to change it. you have fomo. fear of missing out. you've got $5.5 trillion in cash that's an amazing amount of cash >> so it's just cash on the sidelines. we keep hearing about the market broadening out is. this going into that big tech trade? are you still confident in that?

i have to ask you again, how does that change that ai mega cap tech trading in your mind? >> i don't think it changes that at all i think it's going higher. i think that is the future i think there's so much opportunity and i think the people need to jump on the b bandwagon and there's a lot of money being missed stocks are doing wonderful things >> so you're still on the bandwagon, but you gave us some other picks. i want to talk about the picks in the payment pace. whoo are you so bullish when you see all of the trading >> it's starting to broaden out. one of the reasons i do like these, it is breaking out to a new 52-week high the way stocks double is they've got to make it a 52-week high to double your money, but they've had all canal of acquisitions. it's going to broaden out their profitability. the people are spending money. ice wonderful. >> vance, they are spending

money, but they're going to run out of money it's technically on credit i know it's money to visa, but it's on credit. >> this economy is doings well everyone is thinking the economy is not doing well. i is doing great i don't think we're going to go into a recession i think fed chair powell is going to sidestep things i think the inflation is starting to control itself aisle bullish. i'm bullish. >> 95% invested in the markets that means 5% bnds will stay the way they are for the rest of the year. >> we're more than 95 'em. we're at 99% we're buying on pullbacks, breakouts, rotating money to different asset classes that we think are going to outperform. mega cap growth is our top holding. i encourage people to get off the sideline and take advantage of the wonderful new bull

market. >> great to see you as always. a lot more to come on "worldwide exchange" including investors have to note today but first we go live where opec is holding its annual seminar just days after one of its most influential members say it's taking crude off the market. plus the biden administration under fire for its apparent social media meddling, and talks at a standstill as $19 billion of trade gets tied up icadan na sports have much more ahead when "worldwide exchange" returns stay with us 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.

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welcome back to "worldwide exchange." let's get an early check on the asian markets. our julianna tatelbaum is standing by in the newsroom with much more. >> frank, good morning great to see you hope you had a wonderful long weekend and holiday yesterday. here in europe, we're off to a sluggish start there's not much of a narrative with you guys off yesterday. losses across the board in every major region is down this morning. we did get some final pmis for the eurozone this morning and they show the eurozone private sector business activity has contracted for the first time this year in the month of june some of fairly downbeat on the data front ftse 100 down 0.6% this thursday the financial regulator is meeting with a number of banks to discuss how

they're passing on higher interest rates in the form of higher interest rates, the idea being the banks can do a little more to protect households and the economy as the country deals with higher interest rates they're trading weaker here. 's a picture of how asian markets closed up shots. hang seng and hong kong ended lower. we also got some final pmi data ott of china the caixin services pmi came in, climbing more than expected. it logged its weakest reading since january, 'ing to the momentum growth is slowing in china and we could see more of a policy response from chinese authorities. >> our julianna tatelbaum live in our london newsroom. turning back to the energy trade, it's a missed trade for oil prices with wti crude up brent, however, is lower as worries about a global slowdown

continue to weigh in on sentiment. this coming just days after saudi arabia and russia announce they'd would increase and extend their production cut this summer cnbc's dan murphy is in vienna where the opec group is holding its annual meeting dan. >> it's not an opec meeting, but there are holdings what we have seen in the last 24 to 48 hours are significant moves from saudi arabia and russia, the saudis moving to extend their so-called lollipop productions, cutting it by a million and russia coming along and cutting exports by 500,000 barrels. what's interesting is we haven't seen a more profound market action we're still seeing it track around 70 u.s. dollars a barrel. what gives the last few minutes we heard

the fed minister actually speaking on stage saying there's a pretty clear disconnect between prices and fundamentals right now. the view in the market is we will see a tightening in the second half. but by exactly how much and when it starts to event yat remains to be seen we've seen reek macroeconomic concerns continuing to weigh right now including concerns out of china and renewed concerns across the economies including the united states which have been keeping a lid on prices what's interesting is the energy minister, from the action we've seen really perhaps puts to bed any rejections by the producers to put things together and stabilize the market. >> this isn't an actual opec meeting. it's something a bit different outside of those events, can you tell us who else is in

attendance >> this is interesting so we're actually seeing some key european ong majors on the grounds here of course, a lot of the major gulf producers others are coming on to have a conversation about what's happening in the oil and energy markets in the second half what's also interesting is the presence of cue european policy makes like the energy commissioner she's on the ground to try to form some kind of engagement between the producers of golf from around europe and broadly around the world with policy makers because the other clear major focus is, of course, what's happening with the energy level and how the countries and companies are addressing issues like climate, for example, which is really the elephant in the room. >> our dan murphy live in vienna

thanks very much for that. we had a rough first half of the year, dropping nearly 12% while brent was down 13% let's talk about where oil and energy prices may be headed for the rest of 2023 with victor victor, great to see you. >> great to see you too. >> we heard dan break this all down i want to get your perspective can you put it in context for us the saudi arabia extending rates in august. what does that say about demand and what does that say about center >> in a normal universe under normal circumstances, if saudi arabia cut prose ducz by a million barrels a day, that's a very king can't event the market reaction, however, right now was almost nonexistent, and the main reason for that is the market perceives saudi arabia's cut proeg ducz as a sign of weakness and not as a sign of strength.

it sees it as a demand pretty much the atlantic basin is mired in recessionary fierce. hence, there's no reaction. >> you're saying the market doesn't feel like it's growing, but in fairness, we saw june have the second highest monthly imports on record. the first half trending higher than last year is that sustainable? maybe slower than expected, but are we seeing the china reopening that can give a real boost to the china reaction and the oil market. >> one of the consequences of all the things that happened is a lot of people have lost trust and a lot of people see high imports of chinese refineries in may, june, and they're building stocks to run them down in the second half of 2023. even though we have tremendous import figures in the last two

months, because the chinese economy feels so weak and the indexes are really horrid for this time of the year, everyone expects this is not a sign of strength this is a sign of hoarding before the real impact hits. >> certainly something to think about there. we're going to talk about the fed minutes from the meeting back in june it's going give us more insight into the so-called hawkish pause. how does that impact the oil market and the thought that you look at the cme fed watch tool we use here. there's more than an 80% chance of a hike coming up in 21 days how does that impact the oil m market >> tremendously. it will cut into it less alone the export cut people will be looking at the fed. people will want to gauge the sentiment reading the market, whether we're in for a soft landing or it's going to be really, really hard.

today will be very eventful. >> one thing i want to ask you about, looking aet the saudi arabia cuts extending into august, we're seeing brent at 75.5 do we expect it to get extended past august snit seems like oil can't find its way this year. >> yeah. that's a very, very good question because sustainable saudi arabia was producing 9 million barrel as day that it produces right now only twice in history. it's not really tenable for the saudi arabians to do this, visibly to sacrifice themselves and everyone to bpiggyback on i. they'll join those who cut, but saudi arabia cannot

realistically cut any further because they need the budget revenue. if they cut anymore and the prices don't move, it's going to be atragedy for the national budget expect a lot and potentially more cuts coming from them too. >> certainly something to watch. looking at brent crude down half a percent, wti up 1.5% victor, always great to have you here. flying baggage-free, dolly parton says no thanks to ai, and the trouble with trending emojis your top stories when "worldwide exchange" returns. stay with us

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welcome back to "worldwide exchange." nbc's jessica layton is in new york with the very latest. >> hi, frank, good morning the secret service is continuing investigate after finding what it called a small amount of white powdery substance in the west wing on sunday. it led to a brief evacuation, but a test later revealed it was cocaine. president biden was not in the white house when the substance was discovered they'll investigate to determine who left the item. the white house declined to comment on the situation. the israeli ar hi has ended its operation in the west bank city of jenin. it left 12 palestinians dead along with one israeli soldier

president benjamin net a ya hue called it a successful mission monday was the hottest day on earth researchers found the area above the surface reached an average of 62 degrees this is because of a combination of climate change and the el nino weather pattern which causes parts of the u.s. and canada to be warmer and dryer. and joey chestnut took home his 16th mustard trophy. just a little light lunch on a hot fourth of july day and mickey sudo holds on to her title. >> thank you very much. straight ahead on "worldwide

exchange," yahoo! looks to make a equity market comeback according to the team tears union, negotiators at u.p.s. walked away. no additional talks are currently schedules. the contract will expired a midnight on july 31st. if an agreement is not reached between the two sides before then in june they passed a strike action vote which would allow them to strike if necessary looking at shares of u.p.s. right now, not seeing any movement srehas up year to date at 5%. much more on "worldwide exchange" back in a moment stay with us in clinical psychology. i do a lot of hiking and kayaking. i needed something to help me gain clarity. so i was in the pharmacy and i saw a display of prevagen and i asked the pharmacist about it. i started taking prevagen and i noticed that i had more cognitive clarity.

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that's what i thought. introducing the next generation 10g network. only from xfinity. stocks are set to resume trading after the fourth of july holiday. the fed futures facing issues in the future the government now calling on both sides to get back to the bargaining table and remove the latest hurdle for the global supply chain. investors want to keep rolling the dice on gaming stocks after a solid start to the year it's wednesday, july 5th, and you're watching "worldwide exchange" right here on cnbc

welcome back to "worldwide exchange." i'm frank holland. thank you for being with us. taking a look at the futures, they're red across the board the fed falling by 25 points, the nasdaq falling down, more than half a percent. new data from bank of america out moments ago. they saw their weekly inflow since october, just about $5.5 billion. you have to remember, october, those are the lows we've seen the markets bounce off from. we look at the bond market we start with the benchmark 10-year. this has risen about ten basis points the yield here from just about a week ago, we're also seeing the two-year note off of the highs, a few basis points we also want to look at oil. we've been talking about

internal and oil we have dan murphy at opec headquarters wti crude moving hire than it was. brent crude down half a percent. slightly off of its lows natural gas seeing the biggest moves up half a percent. time for our top corporate stories, our silvana henao is back with those. >> a federal judge is restricting agencies and officials from the biden administration from having contact with social media companies. the judge is barring them. the move stems from the attorney j jattorneys general. they addressed certain posts they worried could lead to vaccine hesitancy or the

elections. meanwhile negotiations and unions remain at a stand still pending further discussion with government mediators canada's labor minister is calling for both sides to return to negotiations as a result of the strike canada's western ports have not serviced any vessels since june 30th with the estimates of the containers floating off the ports of vancouver and rupert reaching $19 million. and six workers are set to work after ending their brief strike. that deal which was approved last week contains major improvements in wages, overtime rules, as well as health care. it comes as spirit and boeing step up their plans for the dreamliner max talk about the labor negotiations, a lot going on.

>> a lot, yeah. another quick check on u.s. stock futures with the s&p coming off its highest close since april of 2022. showing a short time ago in the red. the dow looking like it could open up 150 points lower the nasdaq down more than half a percent. while wall street has made a massive comeback, stocks, they still have a long way to go with the dow off nearly 7% from its all-time high. the s&p 500 off 7.5% and even the ai rally, the nasdaq is 14% away from its all-time high, but a new technical show, we could be hitting and probably surfacing the highs and it could be sooner than later according to our guest. tim hayes. good morning. >> good morning. >> i'm going to come to you for the technicals, but i have to ask you. we have recession concerns with very a lot of things going on that are pretty much

unprecedented, not even to mention the economy coming out of the pandemic still. are there something in the technicals that can cut through all the noise and give us a clear picture for the second half of the year >> the thing to keep in mind is so much negativity has been priced into stocks really thinks turned around when we got to late last year since then we've seen steady outturn and revisions a it's become clear too much negativity had been priced in as far as the outlooks for earnings. so i think what we're seeing is what often happens we're still at that point where we just now started to see flows coming back. >> great point

we were citing some data i want to ask you. i want to be very pointed about. this it feels like there's a lot of mixed signals. >> well, you can start with something very simple, which is the 50-day moving average, the s&p 500, which has crossed above the 200-day moving averaging and both of those are rising that's something we saw back in 2020 in fact, we have a number of technical indicators that have given us signals that we haven't seen since the second half of 2020, which began with the run-up we had at the end of 2021 i think we're getting more of a

mention that it's higher. >> we're look at the 50-day and 200-day charts when it comes to the s&p and we're seeing the line moving above the 200. the white line is the 50-day you're look at inflows into stocks and bonds which signals are you seeing that are giving you confidence in the second half. >> it's the fact that the flows are going -- i mean, usually when you have -- stocks are going to outperform bonds on the upside, and we're seeing that trend start to turn since we've had those outflows and now we're seeing more flows into stocks relative to bonds. what you've got now is an inverted situation where you want a shortened duration. so bonds are really a challenge now because the whole case is we're moving into a bond environment. that's going to be the

headwinds. they've been in a trading range for several months >> historically we have an increase of 4% versus 14% in the first half that will put us to 4670 do you believe we can get there, maybe even surpass >> yeah. i think it's likely we'll be seeing record-highs this year. i wouldn't rule out weakness during that seasonal period, september, october that stenlds to be the worst time of the year it seems like a stretch from here >> it does do you have an s&p target for year end just to give us a year end of how bullish you really are? >> no. i look at things globally as well we track the indices

that's the major benchmark i look at. the u.s. is leading the way here the u.s. has been outperforming and we're overweight to u.s. within a global context. so, yeah, i think we'll be likely seeing a year entering the year, we had a conservative estimate of 10% for the year, and i think, you know, we're already, you know, above -- we're going to be above that by the team the year is over. >> thank you very much. coming up on "worldwide exchange," we tee up our second half playbook and the gaming stocks as we head to break, some of your top trending stories. talk about traveling light some tourists traveling to japan will be able to show up with nothing but a toothbrush and the clothes on their back. they'll soon offer rental clothes to the business island

nation flyers will be able to rent up to eight outfits based on size and on season. and there seems to be endless room on the ai bandwagon, but legendary superstar dolly parton has no intention of hopping on. she said after she's gone from this earth, she has no interest living on using the ai hologram technologies as some other musicians are exploring. and regulators have a new target in focus. the journalists say they're look at financial terms and rules and things like the lgrowing use of emojis much more on "worldwide exchange." back in a moment

welcome back to "worldwide exchange." time now for your morning call sheet as we take a look at the biggest upgrades and downgrades. we have a big one. goldman sachs raising its rating on netflix, hiking its price target from $230 to $400 per share. goldman saying the move reflects the positive performance of netflix and pushing positive momentum into next year and 2025 shares are up 1% the stock is up more than 50% so far this year.

time now for your global briefing foxconn jumps up nearly 14% from a year ago the second half of the year's peak season is already indundery china's service sector slowing activity in a month. it's the latest signals of struggle within that economy. and the bank of england is forming plans to replace branchs with subsidiaries in the uk. that's according to the "financial times." the move could reduce the thresholds requiring foreign banks with corporate businesses in the country to set up subsidiaries, making it easier for regulators to seize control in case of a failure. in the first half, the next six months looks to be an active place for the space. our contessa brewer is going to

lay out the key drivers. >> want to roll the dice on gambling stocks in the second half of 2023 watch for the bare-fisted drawings fanatics makes a plan for point bid. it forces fanatics to up its offer. draftkings and fanduel are the best by that far with roughly 60 operators across the nation, more consolidation is coming. secondly, watch for ipos and public listings. fanduel's flutter is looking for stock investing. and now ipo freeze seems to be fine, industry watchers ar watching to see if fanatics or other small operators go public.

in las vegas, international travel and convention business hasn't fully rebounded, plus f1 is projected to push vegas to its best november ever and macaw this week posted gaming revenue for june five times higher than last year but still off almost 40% that leaves a lot of room for mgm, melchiot, las vegas sands, and wynn resorts i'll send it back to you. for more on the gamie ing sector's second half, let's bring the david katz thanks for being here. >> thank you. >> i want to get a sense, what's your second half outlook so technically gambling's

consumer discretionary over the past month do, you see the consumer willing to spend on everything including game? >> i think when you couch it in the context of consumer, and, yes, it appears to be consumer discretionary on the surface, when you look at las vegas, it's really a convention of the destination market and because of the logistics, that has taken longer to recover and is still accelerating so we do have a view on las vegas and the stocks there at mgm and secaesars. that's followed by the super bowl every next year, and with all the sports events, concerts, there's just a lot going on in las vegas and a lot to like. >> you mentioned the super bowl. before that even starts we have the nfl season which is generally the busiest time when it comes to gambling overall we saw a rise in digital gaming.

when you put it together, is that a higher margin business for these gaming operators >> to answer your question, first, no, not yet but the important -- the importance of you raising the point is that digital gaming has only been legal in this country for a couple of years and is pivoting its profitability to this year where there's been a period of investment and spending, and going into this nfl season, expectations are very, very high for mgm and caesars with their profits and digital players and as contessa mentioned, draftkings, which is expecting a big quarter profit for the first time >> we're talking a lot about las vegas including macau.

we've talked about somewhat disappointing services data. i know it doesn't relate directly to the gaming sector, but we've seen a softer economy than china expected. does that extend to macau as well >> it does whatever government stimulus support may or may not occur will become much more relevant for now. we're just -- and i was over in march to see macau for the first time, getting access, getting airlift from mainland china, and getting people comfortable and back to traveling, macau is just starting to -- recover to some state of new normal, and the importance, frank, of the new normal is the vip market business has been made legal and so it's just gone away

it's returning to new normal at higher probability. >> david katz, thanks for yourure insight. coming up on "worldwide exchange," the one word everyone needs to know. stocks making pressure on the fourth of july holiday oppenheimer lays out the strategies that could fuel a strong second half much more on "worldwide exchange." stay with us

ja welcome back to "worldwide exchange." time for your w.e.x. wrap-up the biden administration is reportedly drafted a new role designed to restrict chinese companies access to u.s. cloud computing services if confirmed, that rule would likely require companies like amazon and microsoft to seek government approval for any new government contracts. the new microblogging app will allow people to bring over their existing usernames and

followers. amazon, google, tiktok, and two other companies require new criteria for gatekeeper status yahoo!'s ceo wants to bring the company back to public markets it remains well behind google and bing in techs of search, but it has the traffic and will be aggressive in choosing new m & a opportunities. amazon's new rivian-made electric delivery vans have arrived in europe. and china-based shein is working with three u.s. investor banks on potential new york stock exchange ipos. timing according to reuters is still uncertain. at 10:00 a.m. we get a look at the latest factory orders

at 2:00 p.m. the fed minutes will be released at 4:00, new york fed president john williams. with the fed really reserve top of mind for many investors today, let's get another check of how the markets are shaping up in the u.s. after the fourth of july holiday. looking at the futures with nasdaq opening up at more than a half percent down, others are down as well let's bring in chief investment strategist, john. >> good morning. >> a lot of people anticipating the fed meeting minutes later today. what are we expecting? >> we're in a highly transitional period in f you consider all the things that are happening.

you lee action global climate change, plenty of stuff. it doesn't appear we're coming out of the woods the light at the end of the tunnel is not a locomotive we think there's more upside like your other guests upset today from the equity we've heard on the w.e.x i would have to say this looks like a good environment. that said, do expect that you'll see some weakness sometimes going into the data that's coming across the plate. >> so, john, you gave us the w.e.x. word of the day it's transitional. very similar to the word transitory speaking of that, what are you expecting from the release how does that impact the mainlander of the day and also the remainder of this holiday-shortened week. >> we've got to say when it comes to the minutes that are going to be released, basically

everything is known ahead of time it's well known there was a discussion there's the likelihood of a potential for two more hike this year if needed, and i think the reality is the headline inflation number has come down, but the core number is still higher both are still higher than where the fed wants to go, but the core tends to be particularly problematic. >> i want to focus on the first bull trading day for the second half of the year where are you seeing opportunities? is there any sector you're feeling bullish on or any you'd stay away from at least today? >> frank, you know, we've been on quite a bit with you over the course of the last year. we still like technology, consumer iscretionary, industrials. we think large cap financials have had some collateral damage as a result of the regional bank

s if there terms of it we look at economic growth in a propro says where the key word is resilience. don't look for robust. this is coming out of a significant prices and all the articles to follow. >> when we talk about industrials and materials, some of that trade is china that's not the pmi data. where do you see continued upside for the sector? >> it has to do with infrastructure farmers are going to look at how to be more technologically positioned they already are plenty now.

we think this moves forward and all the road equipment, construction equipment this is a big building period we're about to go into and we think with an election year coming up, we're going to see the administration push forward on that. >> it's also great to see you. before i let you go, looking at the futures the nasdaq the hardest hit, down more than a half%. the dow looks like it would open up to more than half a percent that's going to do ifot r us on "worldwide exchange. "squawk box" coming up next. thank you for watching massmutual. partnering with financial professionals, benefits brokers, and institutions.

we moved out of the city so our little sophie partnering with 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 the biden administration reportedly considering new curbs on china's access, which could include microsoft and amazon to

get permission before providing services to china. a federal judge ordering government officials to limit contact with social media companies in response to a first amendment case about releasing posted on online platforms they may have to release a new one. meta launching a so-called twitter killer app more instagram threads expected to debut tomorrow. that would be july 6th because today it's july 5th. it's a wednesday "squawk box" begins right now. good morning and welcome to "squawk box" right here on cnbc. we're live at the nasdaq market square i'm andrew ross sorkin along with joe ker