last minute on interest rates, and that was when the fed chose to pause but hint at the possibility of more hikes to come we'll see about that as the end of july, of course >> first we want to get a check on the markets here as stocks are lower across the board dow industrials off. and nasdaq composite down about the same las is not too big, less than 0.5% let's get to steve liesman for the minutes. >> minutes to the fed meeting almost all saw future rate hikes as being appropriate and some even wanted to hike by 25 basis points at the june meeting we don't know how many some is we know it's less than many and more than a few. the reason they wanted to hike is because they saw the labor market as tight and saw a few clear signs inflation was returning to the 2% target most said the fed would benefit

from taking a little more time, dealing the high levels of uncertainty out there, those uncertainty including the lag effects of monetary policy as well as tighter conditions from the banks and what kind of effect that would have on the economy. almost all saw inflation risks to the upside. inflation, they said, was unacceptably high and slowing less rapidly than expected an interesting comment here in the minutes. saw saw the effects of higher rates on housing bottoming out in other words, they had already gotten as much tightening they're going to get or easing in the housing market, and it was already -- had already bottomed out you've seen that in some of the economic data. some saw down side economic risk and up side risk to unemployment, so there is a dovish wing to the party there real gdp was seen as resilient but expected to slow, and a couple more here consumer spreading was stronger than expected. a few people were worried, though, in the committee consumers are facing increasely

tighter budget concerns and the labor market was seen as very tight but payrolls are expected to slow. finally tighter conditions expected to weigh on economic activity and the fed staff still forecasting a recession in the second half because of those tighter credit conditions and some have said you know what, it ain't coming >> steve stick around as we welcome daniel morris to our conversation for more reaction on the fed minutes and the impact on the markets. he is chief market strategist at bmp asset management we're glad to have you welcome. you say among other things the feds is more worried about avoiding a recession than getting inflation back to target quickly. what makes you feel that way >> well, look at what they did at the last meeting. we know going into the meeting they were not on target for their inflation projection for this year let alone when we get back to 2% so there's one of two ways you

can respond to that. either you say we're going to make that target, we're going to hike rates now or skip or whatever you want to determine and in addition to that they just raise the inflation target. the signal to the market is they don't want to risk a recession they do want that soft landing >> how do you think they'll get that what's your base case assumption >> i think the key point is you need to get ddp growth below trend, so 1.75% in the long run, but it can be anywhere from 0.175% or it can be nothing. the odds for us are higher than -- >> and so the inverted yield curve is a signal but not necessarily a definitive signal that a recession is anything >> it's absolutely a signal the brook is going to swell, that's very clear just historically often than not

you've ended up in a recession but there's no economic reason that has to be the case. >> you've heard steve go through the bullet points there on labor, on housing, and inflation still being unacceptably high. how do you interpret what we've learned from the fed meetings with where we go from here with more hikes to come >> we'll have to use the figures which is data dependent buttee have to put that all into context. the reason we have been so bad about predicting growth and inflation we're obviously in an unprecedented wurl it's not just the pandemic it's the global lockdowns so hence we can have all the predictions we want to have but it's really going to see how does inflation evolve and the labor market is going to have to react to that. >> steve, let me bring you back into the conversation and ask if

there's anything in these minutes we didn't know already >> no, i might give you the experience of reading them i don't know if you've ever covered the courts or something like that where you read a decision by the judge and reads as if they're going to find him guilty and at the very end they're going to find him not guilty these minutes read like the minutes of a committee about to hike rates labor market, inflation not coming down. at the end of the day they decided to wait. i was hoping for some clarity on why they were waiting. i think daniel has an interesting thesis here. i'm not sure i 100% buy it, but it's a good thesis that they're perhaps more worried about recession than their letting on. i do think they're going to hike in july. i think the ground work has been late for that hike, and i think it's entirely possible they're going to move onto hike again after one more skip. i think they're in this perhaps this pattern here of every other

meeting. they want to get the rate back up i don't see, by the way, much change at all in the possibilities of november. still at a 35%, 36% chance of a hike, and still strong and 85 a little bit higher now percent chance of a probability in july. i do think they are going to hike in july i think they're going to hike again maybe this year if they don't get a big change in inflation and job numbers. >> with that being said, where do you see opportunities do you still think there's room in market equities, or do you think that investors need to look elsewhere >> well, i guess thinking of other asset questions or geography, certainly we're cautious on the outlook for the u.s. and europe. and in the u.s. certainly it's with the strong returns we've had this year and unbalanced returns we don't feel comfortable with that and looking to emerging markets instead. even if i'm right it is a slow down in the recession, it's still a slow down so that's

going to be a drive for equity >> so when you're looking at geographies do you think of emerging markets as an opportunity, china as an opportunity? >> emerging ema in general and we appreciate now we're not going to get the spill over we hoped to, but if you look at how e.m.a. has done so far this year it's been very tech led and like taiwan we think that's an opportunity. china we think clearly sentiment not helpful so far this year, but the earnings projections at least are quite good >> as you look ahead to 2024 what do you expect the interest rate picture to be lower or higher for longer >> if the fed is patient, shall we say, about getting inflation down quickly that implies the higher for longer. inflation is not going to fall quickly. but a year from now, one way or the other you're going to have rates lower either it's because

inflation has fallen so the fed can lower rates or you get the recession in it cut. you really should have lower rates next year. wekwitties a bit more challenging. >> steve liesman, thank you as well, my friend. appreciate it. >> let's take a look how the bond yields are moving after the release of the fed minutes ten-year rising throughout the day. 3.9% right now and the two. year yield also rising higher for most of the day, but pulling back when the minutes came out, right around 4.93% coming up, america's chess match with china continues xi meeting with modi and putin for a virtual summit not long after biden met with india's leader himself and ahead of treasury secretary janet yellen's upcoming visit to china. and boy that tech fight between china and the u.s. is ramping up with a massively important chip space acting as a key

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welcome back, everybody. china ramping up export controls on the rare metals used in making semiconductors here in the u.s. and around the world, and the company is warning these restrictions are just the beginning. christina? >> once again semiconductors are caught in the middle of tense u.s.-china relations the chinese government has announced new export restrictions for two semiconductors and solar panels. as of august 1st buyers will have to apply for permits with chinese state media saying these controlerize a practical way of telling the u.s. and its allies that it will not be squeezed out of the global chip supply chain. china dominates the gallium market and you can see 80% from coming from there, and 60% of

germanium. the impact unlikely to be immediate given the inventory that's on hand also with ubs, they pointed out today it's not an outright ban, so it shouldn't have a huge impact nonetheless shares of rare earth material producer mp you can see are up about 5.7% since this is a u.s.-based firm that could stand to benefit the measures, though, come as the biden administration is reportedly preparing to expand its own restrictions not only the sale of advanced semiconductors to china but also to include cloud computing services that use a.i. chips that means chaechls like amvon and microsoft would need to seek u.s. government permission to do business with china. china's domestic industry is not yet able to produce the most advanced semiconductors which is why chinese business and the military rely on u.s. imports and u.s. designs but now the united states wants to cut that off.

guys >> all right, christina, thank you for that appreciate that. the new export controls just one of the many topics treasury secretary janet yellen plans to discuss as she heads to china. she makes the trek a few weeks after secretary of state antony blinken did. janet yellin helped build a bridge across the wide gap we see between china and the united states joining me now is dennis -- and derek seniors. dennis, let me begin with you. do you think that u.s.-china relationships can be improved with a trip by the treasury secretary? >> let me say two things i believe the u.s.-china relationship is in a worse position today than it's been in 30 years secondly, does it help the secretary to go over yes, but i'm not optimistic it's going to produce some serious

positive changes >> okay, so yellen had outlined three economic priorities for her trip she said she wants to secure national security interests, foster mutually beneficial growth and cooperation on global challenges like climate change and debt distress. do you think that those are what the key factors are for the united states-china relations, or do you think there are others xi's going to have to tackle >> i think there's a more serious issue. the chinese military has refused to meet with secretary austin or to talk about the things that happen if there's a problem like in taiwan where the chinese jets came in front of a u.s. jet. that to me is the most critical issue. and i really do believe that this is the real reason that janet yellen is there. she has long-term interests dealing with the u.s. economy, but the military relationship between china and the united states to me is number one >> how does the treasury secretary try to influence that?

>> well, you've got three people who are important in the government other than the president and vice president you've got state, you've got the military, and then you have treasury well, they refused -- the chinese have refused to meet with austin. antony blinken was there two or two and a half weeks ago, didn't have a lot of success, so i think they're sending in the third team to say we believe you're important, let's show you some face, but please we need to discuss this issue and i think that will be maybe not in the headlines but really what is behind this trip >> you know, dennis, let me ask you just to sort of analyze this sort of proposition. is what we're talking about here hardball economic competition built around national self-interest on the part of the chinese and on the part of the united states? or is it something much, much more than that >> tyler, i think we are at a stage where the u.s. and china recognize they are the two major powers in the world, and as a result number one has to be the

security for china for themselves and for us. and only second is going to be economics. for the last 30 years, tyler, you've essentially had china growing again and again and again based upon economics but now xi jinping is obviously placing a higher priority on national security interests, and if you'll see what biden has done over the last year, he would agree. >> so let's talk about tariffs, which the chinese would love to see loosened or taken away entirely the tariffs that were put in by the prior administration that the biden administration has stuck with is that on the table or not on the table at all in these conversations? >> in my opinion it's the secondary issue, tyler, not a primary issue. the economics are simple the chinese sell us $535 billion worth of goods every year. we sell them about $176 billion a year so when trump put on the tariffs, which were in some

cases very high, those tariffs there were reacted to by the chinese, so they put on their own tariffs. but when you have 500-some billion versus 150 billion you can see who's hurting, and the chinese really want this as a priority >> what about the moves the biden white house has made to restrict technology heading to china? how does that factor into improving relations? >> i don't think it can improve relations. i think the biden administration is saying national security from the standpoint of the u.s. has to trump economics >> okay. and what about currency manipulation, something else that you say has had a global impact >> well, cur aeps manipulation means the rem mb or the yuan is weakening. in the last year, for example, 7% of chinese goods have become that much cheaper because the

chinese have manipulated their currency that to me says the chinese say we really have a problem with our economy, but we as a country like the europeans and the japanese have floating currencies the chinese can fix it currency wherever they want it. at this point they're making it weaker so they can sell more goods to the u.s currency manipulation has been around for a long time, and i really don't think it's going to go away. >> we're raising interest rates which ought to in all things being equal improve the value of the dollar the chinese meantime are cutting interest rates to help their economy. how weak is the chinese economy, and how troublesome is the idea that the chinese are cutting rates, which would weaken the remmb even further >> since xi jinping has come in the chinese economy has grown less and less. i think the last quarter in q1

it was about 4.1%, if you believe that figure. i'm not sure i do. but the chinese have always said we want to grow it at least 6% per year, and over the last several years that has not been the case >> dennis, we appreciate you joining us for your perspective and experience thanks for sharing it with us. and we want to apologize to derek zizzers. we did have spl technical issues there that prevented him from joining the conversation >> again, apologies. growing complaints from franchisees over practices of their owners setting up a chain reaction the ftc taking a look at the relationships between the two and the impact on workers. we'll give you the details when power lunch returns.

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welcome back let's get to seema modi now for a cnbc news update >> here's what's happening at this hour. federal prosecutors say the man arrested near obama's washington, d.c. home with 400 rounds of ammunition last week is a direct and serious threat to the public. prosecutors gave the warning in a motion filed today asking a judge to keep taylor taranto in

jail pending trial they also allege the fbi launched a search for him after he said online he inintended to blow up his vehicle at a federal building prosecutors found him later that day in obama's neighborhood. protesters interrupting play twice at wimbledon today in the first incident two people spread confetti and jigsaw puzzle pieces on the court a similar incident took place later on in the day. the just stop oil group which calls for the british government to halt new oil, gas, and coal projects has disrupted other sporting events as well. and subway hoping to win back customers with flesh slice deli meat. announcing the change today saying it affects about 20,000 locations. previously subway's deli meat was all presliced and delivered to stores. hoping to ramp up sales. >> thanks very much, seema and i'm not sure it would matter

whether it was presliced >> would it matter to you whether you were going through security at an event and find jigsaw puzzles it's a huge roomba tesla's delivery numbers coming in above expectations enough to fuel the bulls further but not enough to convince the bears to switch especially since inventories grew at the same time maybe a little slower than expected but they still grew we'll speak to annalist who says neither side can declare victory on tesla we'll be back in 2 do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

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welcome back to power lunch. auto makers reportingsales numbers and phil lebeau has them hi, phil >> contessa, these are strong numbers. let's start with general motors reporting an increase in the second quarter of 18.8% in terms of their sales, and that was better than some analysts were expecting, and there's a couple of numbers within the numbers that are important to point out. first of all, when it comes to average transaction price, up more than $1,400 compared to the first quarter, so they're continuing to see strong pricing with their vehicles. also their incentives and

inventory, general motors says they are flat relatively speaking compared to the first quarter. that goes against the grain in terms of people saying, well, the market is going to slow down and we're going to see a huge surge in inventory certainly not what you're seeing when you take a look at general motors toyota reporting its june sales up 14.9% including truck sales up 17.9% when you put all of this together and we'll get the final number either later today or tomorrow, the sales pace for the second quarter gm thinks it's going to come in for the u.s. at 16 million if that's the case, you've got to go back a couple of years to see a sales pace for a quarter that was that high this goes against the grain in term of what people were expecting this year. and know ought laf people want to talk about evs, and they're important. still a lot of people out there buying those internal combustion vehicles >> i want to ask you a couple of macro questions here

one, what does it indicate about auto buyers? you've got interest rates higher than they've been the last cup of years if you're trying to borrow for a car what does it mean for the appetite and another part of this, phil, we're watching all these labor disruptions at west coast ports. what are you hearing from the manufacturers about how they're anticipating supply chain moving forward? it might be great now. what happens in the next month or two >> i think the supply chain issue is not a huge one that they're worried about. i mean obviously they keep an eye on it, but keep in mind most of the vehicles sold in this country, the supply chain is in this country and while there may be some disres here or there, generally speaking this is not a case where at this point it's going to slow down production. the bigger concern for auto makers especially the big three is the uaw contract that comes up in september. that's going to be an ugly negotiation. i wouldn't be surprised if we see a strike given the way the uaw is talking at this point

with regard to demand, there's still a lot of pent-up demand out there. you can't deny that. when identify look at the average transactions price even with higher interest rates it is not slowing down as many people expected it to >> phil, appreciate you bringing us the numbers and breaking out the bigger picture for us. all right, thanks, phil. and both tesla and rivian beating expectations rivian also reporting up 60% chris pierce has some opinions he's senior research analyst with needham and today he reiterated his buy on rivian and hold on tesla. what's the dist tinction between the two? >> i look at rivian and see a stock that investors kind of bailed on throughout 2022 because of supply chain issues and they had to constantly revise production numbers lower. with rivian to my eyes it's

never been a demand question but can they manufacture these vehicles and get them out to consumers at an increasing pace? and they proved they could do that in q1 investors didn't really take notice it's taken some time for investors to look at the stock with preceyes, but after a healthy beat in q2 i think investors are starting to realize this is a company that we feel comfortable about demand, manufacturing is improving at accelerating rates and they've detailed per unit cost downs on a like per unit basis. you've got to establish momentum behind it, a company with momentum behind it >> did i hear you say that investors had taken it out, taken rivian to the woodshed last year? if i did hear you correctly can't the same be said for tesla over the past -- it's come back a lot this year, to make the fair point, but last year was a

very bad year for tesla in the stock market >> i would say with rivian you had an ipo around $78 was the price. the stock trended lower throughout the year on supply chain issues and manufacturing issues and, you know, investors were unwilling to -- you had a stock that people were questioning the future of this company three to five years from now given the capital needed to be raised. i think my long-term investments i feel a lot more comfortable about after the past two quarters in a stock like you said had been quote-unquote taken to the woodshed. you've got an under-appreciated asset here where investors have to do a 180. as far as tesla -- i would say as far as tesla, yes, there was a draw down towards the end of last year, but i don't know it was ever around the company fundamentals it was around what's going on with tesla share price is their ceo willing to fund

tesla, fund twitter? it wasn't really around the fundamentals and as tesla's fundamentals have improved it's around the stock rallied. if you look at these two stocks i don't want to say one overowned but from a retail standpoint at a high multiple where protectations are very high you've got a stock at rivian where expectations are very low and i think that's the time you want to buy a stock underperforming that could turn into an outperformer >> you have a hold on tesla as you said i'm curious what role does competition for tesla play in your skepticism? >> minimal i think tesla has a great future i just from an institutional investor perspective i look at the stock trading when i'm factoring in 20% eps growth. i am willing to, you know, put what a retail investor had on

it but 45 times for a 20 percentage eps growth doesn't feel as great a fit for me at this point in time >> what little i know about investing tells me when you've got a p.e. more than double the growth rate, that is a very expensive stock. ideally don't you want a p.e. either in line or below the growth rate of stock >> tesla's never trade at a cheap p.e. growth. for me you're pitching the case for rivian back to me. you've got expectations are low and investors aren't on the train yet versus tesla where the train is quite crowd, it's already left the station and trading at a high multiple and expectations are high for cyber truck and high in the united states so buyers are higher on the stock in my eyes >> chris, we appreciate it, chris pierce >> what little you know about investing? >> what little i know.

>> call me skeptical coming up model behavior the ftc taking a hard look at franchising including whether it's fair to individual owners and their workers. do parent companies hold too much power we'll explore. >> plus taking a walk. ups and the teamsters union at a stalemate. each side now accuses the other of walking away from the negotiating table. "power lunch" will be right back what if we live to 100. i don't want to outlive our money. i keep eating all these chia seeds. i could live to be 100. we work with empower, even if we do live to 100 we don't have to worry. eh, not worried. take control of your financial future to empower what's next.

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the ftc is taking a deeper look at restaurant franchising and the impact the current policies have on franchisees and their workers and signaling more scrutiny for workers kate, what are you seeing? >> the agency just wrapped up a public comment period in response to a request for information it put out earlier this year saying it wanted to, quote, unravel how the unequal bargaining power inherent in these franchising contracts is impacting franchisees, workers, and consumers. the ftc told me it receives 5,#

500 comments indicating broad interest in fairness in the industry adding that all options are on the table as to what comes next the submission said, quote, workers ultimately bear the blunt of this exploitative system meanwhile the national association is warning one size fits all regulatory changes to an industry that represents so many different kinds of businesses from fast foods to hotels, gyms, and more now mcdonald's was among the major brands that has comments from both the corporation and operators. the national owners association which represents 1,000 operators submitted commentary saying some of its examples show, quote, time has not made the franchisee franchise more stronger but less adversarial, less cooperative and fractured. meanwhile mcdonald's does share the ftc's view the model should benefit everyone, customers, workers, suppliers and local communities adding, quote,

that's precisely what our franchise system has done over the past six decades and also warning against these one size fits all regulatory changes. there are so many different types of contests under that regulatory umbrella. >> in what way do the franchisees think this is how you could improve the relationship >> as far as potential changes it all comes down to how the ftc reads into this, updating the documents owners get wrg making them more searchable is something the ifa has said it's open to. that's separate but related to this, so this could wind up with less power and structure for parent companies over the operators, and some franchiseee advocates say that's a less consistent experience for the customer worker advocates say that could improve conditions for service

employees. a lot of it certainly stands to impact a lot of different businesses >> when you say a noncompete clause, would that mean a person was a mcdonald's franchisee could then not go out and become a duncan donuts franchisee >> yeah, i think if your lease is up with mcdonald's i think it's about an 18-month period. that's something the ftc is looking at with not just mcdonald's but many of these different concepts >> good to see you all righty, shares of moderna are higher after striking an exclusive deal to manufacture mrna medicines in china. we'll trade it and other movers of the day in three stock lunch.

a federal judge put limits on the biden administration's contact with social media companies after ruling that efforts to combat false or misleading information is a form of censorship. meta, of course, is preparing to launch a new twitter rival in the growing complicated social media space. julia boorstin brings us more on

this first off, what does this mean in effect for not only the biden administration but other leaders in government? >> well, look, this is not a final ruling, but it definitely indicates where the judge is going with this. and it's very complicate i mean in the entirety of my very long career of covering social media platforms, we've seen this growing effort to combat misinformation and particularly to combat manipulation around elections. and if you go back through the years you've seen meta formerly called facebook implement all these different ways they can help prevent the spread of misinformation and worked closely with not just the u.s. government but other governments around the world to make sure untruths were not being spread so the judge's concern is that if the biden administration were to communicate with social media platforms, that would be tantamount to censorship, and they want to avoid censorship, but i think there's a very important role to be played in

terms of having a clear communication between government organizations and social media platforms to make sure that they're all working together to prevent the spread of information that is either false or potentially dangerous >> it's a tricky and slippery slope, isn't it, julia, where -- where a person, in this case the government, may feel unfairly treated by a social media person, in other words somebody who posts something that they think is wrong so the first person, the government complains to twitter, complains to facebook and says you've got to shut that individual down because what they are saying is patently false. and that's where it crosses the line and if you don't here are the potential consequences that we could take that's where it crosses into what seems to me a very dangerous area of coercion and censorship >> certainly i mean that is a perfect example of censorship, and it's also a

threat saying if you do not do "x," you will maybe face tougher regulation or the like i think the challenge here is that the judge is recommending a move far beyond that in saying you can't have any communication with these social media platforms. certainly an effort to avoid censorship makes sense, but it does seem like it could be really risky to ban all communication especially at a time when the likes of a.i. is enabling deep fakes and other content that could be very misleading >> well, this will continue, of course, because not only twitter but meta and other social media platforms are under a lot of scrutiny for especially their impact on elections. julia, turning the table a little bit, you've got meta deciding it's going to give twitter a run for its money. >> that's right. meta's preparing to launch a new app called threads, and this is all set to happen tomorrow you can go into the app store

and presign up to download the app as soon as it becomes available which is scheduled for tomorrow here's the thing i think is very savvy on meta's part this is not launching as an entirely new stand alone app but rather an extension of instagram. it's considered a spin-off of instagram, which means if you're an instagram user you can sign up to automatically follow people you already follow on instagram, and you'll have your same instagram handle. so they're using that existing infrastructure to set themselves up to launch a bigger user base than if they were just simply launching from scratch and that's why a meta with its new app threads will have an advantage over entirely new comers in this space so the question is how quickly can they get real conversation happening on this platform, because that's when it can become a threat to conversation that's happening on twitter. >> so as you're talking there about meta, what is their business emphasis going to be?

i mean it was going to be the year of efficiency they're still in -- they're in a.i. they're in virtual reality devices and so that was the big deal a couple of years ago where is their focus >> well, i think that you're right. it is about the year o quickly, i think that's the idea here. this seems like this is something that was created rather quickly, considering how long it can often take took create these apps with this idea they're trying to leverage the infrastructure already in place. again, efficiency here. look, they can create a new growth driver, tyler, that will be a huge advantage for them as they look to grow revenue and grow profits. >> all of the. i love the word, sounds like a

scrabble word for me. it's good. thanks, julia. the numbers on today's menu. first off, u.p.s.. down nearly 2% today, with the union that reps more than 30,000 union workers says, the delivery giant walked away from the delivery a goal after making an uncomfortable offer. let's speak with mr. landsberg, what do you think about this, for u.p.s.? welcome, first of all, but what did you think of u.p.s.? >> thanks, tyler. not a fan. obviously, this is not a good thing to walk away from. closer to july 33rd, 4th-quarter earnings, your-over-year, decline, first-quarter, decline, we are in a slowing global economy. this is certainly not going to help.obviously, labor and the teamsters issue won't help, but

the business was slowing prior to this. i don't think this is a good name to be in. you got to be out. >> next up is the moderna, the pharmaceutical country that struck a deal with messenger rna, medicine rna in the country, despite rising tension between the u.s. and china. shares are up 3% as a result. what do you make of moderna, michael? >> we like moderna. we like the healthcare space overall, but you got to remember, moderna have got one drug. they've been looking this drug. covid vaccine, obviously starting to slow down. still a lot of money coming out on this to be able to put towards r&d. a big deal today with the mrna, for attorneys only. remember, they give it have moderna or take any of our actions during covid. that 1 billion plus new consumers for the product. obviously, today, they announced they're applying for going through with rsv

applications in europe and australia for the respiratory vaccine, which i think that's going to be a big play as well. we like it. the stock is still down where it was very early in covid. we think that's a good name, and it still offers an attractive price. >> finally, let's talk about corn-based chairs down 3% or 5%. patrick moli downgraded the stock, saying, too much uncertainty. do you agree with that, michael? >> i would. the stocks are also down about 80% from where they were. typically, don't like to invest in anything that has acc overhang. regulatory, not a good place to be, but fundamentally, 20 2210 now since 2022, crypto volume has rebounded. that is not the frequent base. wait it out six months or nine months. see what happens. the s.e.c. has this inflation pace. i would not hold my breath, but wait until you have more clarity. >> maikel franco very much for your insights today. michael landsberg. tensions with china are

nearing a peek. temperatures on earth, hitting a peak. researchers, trying to find when human beings hit our mental and physical peak.we will take a peek at the limit when we return. you see what i did there? >> i got it. you got this. let's go. gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com.

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to know about. so, let's get right to it. the state department has been issuing a travel warning for americans considering trips to china the reasons include a heightened possibility of being wrongfully detained, plus the, quote, arbitrary enforcement of laws and beijing, with a broad forms relations law they just passed last week, threatening countermeasures against anyone seeing as harming the nation's interests. officials have designated both china and macau as level-three localities, recommending that travelers reconsider traveling there. >> that's a problem for the casinos in macau. >> you bet it is. >> they're trying to broaden their horizons and attract international visitors. not so much about u.s. travelers going to macau, was from the other asian travelers. you might think that could have an impact. meanwhile, tyler, casinos headed to the second half of the year. they got tough comps on the way. month after month of gaming revenue growth nationally, but the industry is bracing for

more public listings of m&a, potential ipos, and look at this in las vegas. this is the new sphere at the venetian. it's called the venetian sphere. it's a new kind of entertainment venue. >> look at that. >> it launched the exterior yesterday, july 4th. the guest l.e.d. screen in the world, and the youtube concert that launches at the venue in september. add to that, an f-what is coming through the first time to the las vegas strip, expected to produce the best november ever, and international travel and convention business have yet to fully rebound in las vegas post- pandemic. this means there could be fuel for this fire, even if there is a consumer spending pullback. >> that's just amazing. formula one, that's going to be fun. >> it sure is. the business impact is incredible. >> it's very popular as a sport. planet earth science hardest day on record this past week. new high, expected in the next few weeks as well. the average global temperature,

when you motion altogether, hitting a record of 62.6 degrees fahrenheit monday, only to shatter that by hitting 62.92 degrees yesterday. experts warned, the record to be broken several more times this year, in part, because of both climate change and the effect of el nino. you know, temperature, 62, may not sound at high.that's an average across all parts of the globe, northern, southern hemisphere, you get that number. >> member, when weather gets warmer, that melts more ice, which warms the ocean, and it becomes a cycle that goes faster and faster. when do humans peek? let's be honest. for some of you, you are probably doing like, in high school. economists, sports psychologists actually analyze when they peek mentally and physically, and they say, athletes tend to peak in their mid-20s. anna joints, the typically be step by 40. low-impact sports like sailing has athletes competing at elite

levels in the 50s. mentally, economists who challenge conventional wisdom and take more conventionally think they publish their single most influential work at the age of 25. >> it says, 25. why do so many musical artists peek in their 20s, early 30s? you don't see a lot of creativity from the great artists. >> especially not emerging. >> all right. we will save the pickleball's for you for tomorrow. thanks for watching. >> "closing bell" starts right now. welcome to "closing bell." this full day of trading on the second half of the year, i'm mike sent holy at the new york stock exchange. this make or break our begins with investors struggling to sort of mixed messages from the minutes of the latest bed meeting. the major index is churning with modern declines, stock [ speaking non-english ] more sharply. later on the show, top ignition chris verrone charts out and what he thinks could be ahead for stocks. first, talk of the day,