it is 5:00 a.m. here at cnbc global headquarters of here is your "five@5." investors continue to find new reasons to buy and today is all about the banks. jpmorgan chase and wells fargo and citi opening up the books as the sectiotk sector faces a hea headwinds. and not enough wortds from the fed head after the cooling. and actors joining in

hollywood in the first strike in decades. and the ftc tries and tries again to get the legal upper hand in the microsoft's activision deal. it is friday, july 14th, 2023. you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." i'm frank holland. let's kickoff with the check of the u.s. stock futures looking at the markets here with the mixed picture. s&p is flat. dow jones industrial average is lower. this comes as a rally trying for five straight days of gains. s&p and nasdaq at the highest level since april of 2022 and the best gains of the month. the upside here during the week with the dow up 2% s&p up 2.5%.

nasdaq up 3.5% we are taking a look at the bond markets. yields are declining after the cpi report 3.79% oil is rallying. oil near the highest level since april. this morning, however, down frac fractionally wti at $76.50. brent crude down .50%. time for a check on the top corporate stories with pippa stevens. >> we start with breaking news considering the deadline for the appeal for microsoft's $69 billion bid for acti activision-blizzard. the revised bid now ends on august 29th.

they are trying every legal move in the book to keep the case against the microsoft deal alive. coming up short everily every step of the way. last night, a federal judge in california denied the regulator's request to postpone the court's ruling green lighting the $69 billion deal. this as the ftc is seeking an emergency action from the ninth u.s. circuit court of appeals to stop the deal from closing before july 14th shares of coinbase set to extend the massive gains yesterday following the landmark legal victory for ripple labs and xrp token a federal judge says it does not meet the definition of the security investors now pinning hopes the ruling will weaken the s.e.c. case against coinbase and allegations it bought and sold securities without proper regulatory diligence reports this morning that facebook threads is seeing a

massive engagement drop off since the launch users are spending 50% less time on the app than a week ago frank, it started with a bang, but it takes a while for these things to catch on >> did you join? >> i'm not >> pippa >> it tells you the number now i'm almost too embarrassed to join. i'm a late adopter >> join the movement >> i'll see you there. >> join the cool kids. turning attention back to the markets. governor waller is not convinced by the inflation data. he is calling for two more writ hi -- more rate hikes this year. waller said there was a fall before shooting higher. >> pausing hikes now because are you waiting for lags to arrive may leave you standing on the

platform waiting for a train that has left the station. >> traders priced in a 90% chance of rate hike when the fed meets in two weeks there is doubts with the second hike over the three remaining meeting this year. let's get reaction to that from gina sanchez gina, good morning >> good morning. >> all this hawkish talk from fed officials. do you buy it? do you think we are definitely getting the hike later on this month? is that priced in to the markets? >> yes, i think we are probably going to get it. do i think it is necessary i'm not sure quite frankly, most market investors with the futures curve, it is priced in we have seen inflation continue p to fall. the only thing that will keep inflation higher is if we see a sudden spike in oil. given we are seeing a slowing in the economy, that is really hard

to expect. it would be a shocker. i think the one thing we do have to get used to as a nation is that if we continue deglobalizing which is driving some of the shift in inflation, our inflation expectations should be modestly higher than they have been for the last two decades. i don't think that is an unreasonable thing to expect the long end of the market has not priced that in >> i want to get your opinion on why the markets are moving higher maybe july's hike is priced in what about another one is that priced in? rates have moved higher and recession concerns and a consumer stretched to the limit although it continues to power the market what is moving things higher in your opinion >> there are a few things. one, a lot of impact of higher inflation is felt in the margins. margins stabilized all year. in fact, we are continuing to

see revenues continue to go up the consumer is continuing to power through. everyone is expecting the consumer to run out of excess money to spend and credit lines to spend by the end of the year. we should see that fall off. right now, it is a volume play in the equity markets. margins are not going any where. >> with so much uncertainty, why haven't we seen more movement in the vix? it is cut in half since march 15th over that time, we heard more people talk about recession and the fed becoming hawkish why isn't there more concern >> you know, it is interesting if you actually watch the expectations, we started the year with really negative expectations we have been revising the expectations up this year and pushing down expectations for next year. to some degree, we have been pushing out when the slowdown will occur we used to think it would happen by the end of the year

now some time in the middle of 2024 the expectation of the severity of the slowdown is also tempered dramatically it really looks like it will be a non event. the risk is that it is a further slowdown than what we are pricing in. >> something everybody is looking for. gina sanchez, thank you. more to come here on "worldwide exchange," and the one word investors need to know today. we layout the sector and how to position yourself before the results. and actors joining the writers and now the first joint strike in six decades. and wall street appears to turn bullish on china, but one expert is not buying it. a very busy hour when "worldwide exchange" returns. stay with us >> announcer: this cnbc program is sponsored by ibm.

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welcome back to "worldwide exchange." let's get a check of the action in asia and the trade in europe with arabile gumede in the london newsroom. happy friday good to see you. >> good to see you, frank. happy friday the market is relatively mixed across europe. we have seen a positive open broadly, but it filtered off just so slightly

key things to note for the ftse 100 and burberry with the earnings numbers there not shooting the lights out, but pointing to recovery in asia china helping to pick up sales picture on that front and side of the world the rest of the world anticipating the bank numbers in the united states. those are key to watch interestingly, most of the counters are on set for a second positive week in a row five sessions in a row as well of positive numbers across the board outside of the ftse 100. good numbers on that front the best week of the year for asian trade if we look at the asian counters only the nikkei dipped .10%. across the board, we see a sense of positivity. this is still in the week with the chinese trade data come in which was less than expected, but certainly better than the month before overall, positivity across the board. it is a happy friday to you,

frank. >> arabile, great to see you arabile gumede thank you. turning now to the developing story hollywood actors head to the picket line today joining 11,000 writers for the first joint strike in 60 years with issues with wages and benefits and use of a.i. and streaming services and viewership the industry wide dispute shuts down ongoing productions and prevents actors from participating in conventions, interviews and panels. ray romano talking to cnbc yesterday. he said the rise of artificial intelligence is a key factor in the strike >> no one was prepared for it. no one, you know, the contracts before that, no one knew this was coming you know, they have to get up to date to protect the actor and

writer >> on the other side, disney's ceo bob iger told david faber yesterday just how disruptive these strikes are. >> there is a level of expectation they have which is not realistic. they are adaing to the set of challenges that this business is already facing which is, frankly, disruptive. >> for more on what this means for the markets and your money, i'm joined by matthew harrigan. good morning >> thank you, frank. good morning >> a lot to unpack here, matthew. a lot of publicly traded companies exposed to the dispute. disney, netflix, paramount and comcast. parent company of nbc universal. which one will see the biggest near-term impact and which is able to weather the impact

>> they have a material backlog of content i don't think everyone will start watching korean dramas nonetheless, over 50% of show production certainly in terms of show count or episode count is overseas i think they are in a decent position i think your parent company comcast is in a decent position with peacock because of the strong element of sports and reality there as well. that will continue going forward. i think warner bros./discovery is more of an issue with "house of the dragon" is produced in the uk i won't go into all of the shows. the guild over there and equity will clear production on that and that will continue. >> it sounds like you are saying

we will see more "squid games" spinoff. it is the issue with the sports and reality that gives you a hedge. i want to touch on something fran drescher spoke yesterday which made headlines and we are seeing negotiations with the teamsters. is there one central theme with all this >> i think you really have an overlay of weak economy right now. a lot of uncertainty and really, as you pointed out already, departure outside the template of a.i. assesses the needs for actors and writers over a period of time. the number of episodes if you went back was 24 or 22 for a season and now it is down to 10 to 12.

you have a difficult situation to begin with and not a lot of trust between the parties. you stick a.i. on that and i think you will get a protracted situation here certainly a couple of months and hopefully not longer than that. >> how real is that flux from a.i. with the negotiations >> i think probably it impacts the writers most initially when you look at chatgpt and how grap graphically that is advancing. once you have a backbone of the show established, you can cut back on the writing talent and in interstitial fill in fran talked about something interesting yesterday. when people come in for background work. basically, you have to stipulate they are allowed to capture you

and all that you might not have to come in for 15 days working on something. it may be initially for crowd scene. a.i. is having an impact already. i think that will just increase very quickly as you move forward over the next two-to-five years. >> a lot to watch with comcast, netflix in best position matthew harrigan, thank you. coming up on "worldwide exchange," looking at massachusetts and the new bill cth the taxes that could wind upost institutions millions. stick around you want to see this one

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welcome back to "worldwide exchange." the ivy league elite have a target on their back this time in massachusetts as the bill making the rounds could cost schools millions of dollars. robert frank is joining me with more >> good morning, frank the legacy tax or harvard tax. the bill making the way through the massachusetts legislature would charge fees to colleges and universities that would consider legacy in the adm admission. harwvard would pay $10 million a year the fee is based on endowment size which for harvard is $52

billion and whether a school favors alumni and donor families and allows early decision. the bill's sponsor says legacy admissions is affirmative action for the wealthy. >> nothing in the bill says you can't get into the school your parent went to, but it just says if there is some other kid, some other applicant, who has higher grades and higher s.a.t. scores and more hard working and better essay, we're not going to give you a leg up >> the money p rraised from the fees would fund state community colleges in the state. harvard declined comment the association of independent colleges and universities in massachusetts called the bill punitive and likely unconstitutional and would quote harm the very students it is trying to help growing number of schools publicly abandoned legacy admissions, including m.i.t. in the state of massachusetts

that school would be exempt from the fee. frank, a lot of discussion in the wake of the supreme court decision on the legacy issues. >> you know, second big disruption to a school like harvard does its business. the scotus decision. i lived in the boston area i know the legacy decision are we seeing anything on the national level to change this? >> frank, democraticmembers of congress have been lobbying strongly for schools to get rid of it in the supreme court decision president biden talked about it and senator scott talked about it the state of massachusetts has particular powers as the overseer of education institutions in the state. more likely, there is a lawsuit against harvard for the policy just like affirmative action

if there is a remedy, it will come through courts rather than congress >> the lawmakers are looking at endowment. robert frank, great to see you. straight ahead here on "worldwide exchange," why we are calling the semiconductor stock the rgfootten a.i. stock more on the story after this break. make ading ea . with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley. dad, we got this.

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it is 5:30 a.m. here in the

new york city area there is still a lot more ahead on "worldwide exchange." here is what's on deck the market win streak rolls on the s&p and nasdaq both sitting at 15-month highhighs. futures are searching for momentum jpmorgan chase and citi and wells fargo set to open before the open and a two-week streak at the canada west coast ports and dock workers are set to return to the job. it is friday, july 14th. you are watching "worldwide exchange" here on cnbc welcome back i'm frank holland. thank you for starting your day with us. let's pick up with the check on the u.s. stock futures futures are basically flat you are seeing a little bit of red with the s&p and dow jones industrial average

it is lower. the nasdaq is higher fractionally this as stocks are trying to make it five straight days of gains. take a look at this week the dow up 2% so far this week s&p up 2.5%. the nasdaq is the best up 3% you see the bigger move to the upside after the cpi report. let's turn attention to the top story. investors bracing for what is shaping up to be a tough earnings season for the country's biggest banks when jpmorgan chase, citi and wells fargo report before the opening bell today we look at the pre-market action jpmorgan chase up 1% a analysts have taken the action down 27% and according to semafor, goldman sachs is about to post

the worst results in years expected to come in at single digits joining me is the head of financial service research ste stephen biggar >> good morning. >> what about the banks we have reporting before the bell today? >> i think it is not banks' finest hour. the metric we look for in lending across the landscape will not be good lending will be okay year over year with the sharp rise in rates. if you look at loan growth, certainly expect it to slow further here the demand with higher interest rates has moved down a bit net interest margins banks are fighting for higher yield actuallternatives. we expect to see margin pressure the loss provisions as well.

expected to be higher. we are seeing -- >> i want to get to that in a minute i want to focus on net interest equity today is there one bank more exposed to an issue or drop there? >> absolutely. we expect goldman sachs to be -- to be among the worst. >> that's next week. >> we have citi. weak on equity they have difficulty converting profits here in the environment. again, with the weak capital markets activity will weigh on them more than jpmorgan chase or wells. >> citi's r.o.e. for today i want to get to a chart today with the research which we will show in a second

deposit levels for commercial banks year over year it has been a dramatic move down recently, a dramatic move down year to date yields have declined since cpi you look at treasuries the one-year at 5.3% it is similar for money market funds. how does this hit the sentiment on the banks and metric you mention on net interest margin >> banks have over the last year, obviously, lost between april of 2022 and 2023, 18.2 to $17 trillion much of that before the silicon valley bank crisis of confidence in deposits. that is, you know, if you look at the last 30 or 40 years, deposits have gone up. it is dramatic higher yields alternatives moving people out of deposits.

since april, we recovered $200 billion of that. it is safe to say the crisis of confidence in deposits is over >> are you talking trillions it is not the central theme of the markets this year. a.i. are we expecting announcements with a.i. with the banks reporting today or next week how does a.i. play a part in the long-term narrative with in investing in the companies >> i don't think we will see anything dramatic. i think banks will be experimental with a.i. how they interact with consumers and customers. you will have the technology itself and robo-advisers there is potentially changes in the landscape to banks i don't think it will be dramatic in the near term.

we will hear more about that, i think, in the coming quarters. >> stephen biggar, thank you follow the results, catch wells fargo's cfo mike santomassimo on cnbc which is followed by the conversation with citi's mark mason at 1:00 p.m. time for the check on the top corporate stories. pippa stevens is here with those. >> the strike in canada with the west coast ports appears to be over 7,400 union dock workers reached a four-year contract after two weeks on the picket line this comes after the canadian labor minister ordered a me mediator to step in. both sides still have to approve the deal the value of spacex climbing

to $150 billion after investors sold shares in the company according to the purchase offer sent by the cfo, spacex has an agreement with new investors to sell up to $750 million in stoc from insiders at $81 per share. and apple and the nba reportedly laying out a vision on how to watch pro basketball games in the future. speaking to the post, nba commi commissioner adam silver says they are working to bring a vision experience to the headset. silver declined to elaborate on what the potential partnership might include. i wonder if that justifies the cost of the headset which is $3,500 >> i tried the vr headsets it makes you dizzy i cannot imagine you running back and forth to me, it is vertigo

i don't think nba needs enhancement. >> that is endorsement for the nba. >> pippa, thank you very much. now turning to the a.i. rally and the one stock earning much of the glory this year. nvidia shares up 200% none of that is possible without another chip player whose shares are not seeing the same love in the gold rush in the markets in a.i., lawmakers are getting ball rolling for the space let's bring in kristina partsinevelos for the one stock not named nvidia playing a key role in a.i. and emily wilkens with the late nst in d.c. >> thank you it can't be all a.i. hype. nvidia increased the second revenue forecast to $11 billion. that is 50% above wall street estimates. frank, no sales can happen without the sole chip supplier tsmc

who deserves the a.i. glory? nvidia designs the chips you say? tsmc builds them short-term, tsmc sees weakness sales declined with the weak recovery from china. june sales fell 11% from may morgan stanley calls it a bottom of the u-shaped recovery wedbush says they don't see the same upside as nvidia given the strong a.i. push that's why goldman sachs suggests tsmc is a long-term play with the revenue up not in 2023, but 2024 as the company spends more to build capacity in the united states, japan and possibly germany to create more advanced packaging for the a.i. chips. they are not only making chips for nvidia, but apple chips and

keep in mind oracle purchased billions of amd parts which means revenue for tsmc they make the chips. now for nvidia the stock is up 215% year to date five times of tsmc and trading 51 times forward earnings. more than amd and intel and broadcom like tsmc, nvidia posted negligative revenue growth in t last quarter wall street is bullish with the high revenue forecast. why is this happening? everyone wants the business to run on a.i key bank's supply survey shows almost all supply chain players from cloud providers to startups are looking to step up the a.i. servers. they suggest amd may delay a.i. chip launch adding strength to nvidia's first mover advantage no wonder price targets for

nvidia are well over $500. that is trading at 463 right now. they rely on tsmc production capability, but the a.i. hype is keeping that stock higher than tsmc >> kristina partsinevelos, thank you. great stuff. time to turn to d.c. and washington following the beijing lead with regulation emily wilkens is joining me with that story >> reporter: frank, behind closed doors, kevin mccarthy wanted to figure out a.i it is a working group with five democrats and four republicans mccarthy hopes this is the start of a.i. policy that both sides of the aisle can agree on. >> i'm trying to watch the individuals i brought together republicans and democrats who i watched inside the briefings care about this and have great

knowledge. we devised a plan to bring a foundation legislation that can build on it self >> reporter: democratic congress member don beyer said they are not likely to pass bills once they pass the technology this group hasn't discussed legislation yet, but there are bipartisan bills on a.i. which have been introduced in the last few months they include potential fines for models that collect personal data and prepare for workers who might lose their jobs to a.i. and prevent a.i. from launching nuclear weapons. they are looking at legislation and membership in the working group is not final next meeting has not been set. members tell me they are planning to take this forward and the speaker's support of the effort is giving it momentum for now, the group under the radar nature can help the

gri gridlock. >> the third point is important. not launch nuclear weapons having the house speaker support is very important. does that momentum make a big push for the senate? >> reporter: the senate is looking at bipartisan legislation. they held the first briefing this week on national security and a.i. they have another briefing coming up later this month to look at the future of a.i. you know, the house and senate do their own thing eventually, i'm sure if they produce legislation, we will see that come together >> emily wilkins first time on "worldwide exchange." welcome to cnbc. >> thank you, frank. coming up on "worldwide exchange," a bullish outlook on china. our next guest says don't believe the hype on the optimistic oloutok on the prospects for the country. more on "worldwide exchange" after this break

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welcome back to "worldwide exchange." time for the morning call sheet where we look at the upgrades and downgrades jpmorgan chase downgrading at&t moving from overweight to neutral. tutting the price target from $22 to $17 a share jpm citing growth drivers for the outlook. look at shares of at&t down 1.5%.

ubs upgrading the microsoft price target moving from neutral to buy and from $345 to $400 per share. ubs citing stabilization and cloud spending and a.i. as near-term catalyst shares of microsoft up 1% this morning. and morgan stanley names sands the top pick in gaming the stock is the best way to play the macao trade shares up 1% time for the "global briefing." conversations dominating trading desks around the world australian appointing the first central bank governor. bloomberg reporting francois-henri pinault is in talks to buy caa talent agency

it could fetch a valuation of $7 bil billion. and a boost of trading on the back of beijing a.i. regulations. rules stress the network security and data regulation as the a.i. industry grows. let's stick with china wall street changing its tune despite the weak economic data credit suisse saying it is oversold and adding it is opt mission -- optimistic on the trade. we saw speculation that beijing sector crackdown is nearing the end. yesterday, secretary of state blinken met with another top chinese diplomat in indonesia. another sign of thawing relations. joining me on the cnbc news line

is shehzad qazi. he testified on capitol hill on the growing peril for american companies in china good to see you. good morning >> good morning, frank. >> let's start off with testimony last night what did you talk to the house about and the perils for american companies in china? a lot of american companies do business in china. >> that is the key risk that i focused on is the fact that china has become an information desert over the years, a lot of data censorship the rules are the data and what with companies can access of the th -- access it is truly an economic picture there which is rough and there is a number of research produced by the investment banks which

doesn't give an honest look of what is going on in china. this year alone is how this group puts out very bad research and dishonest research >> interesting as we look at the research coming out. i want to ask you, are we seeing signs the chinese regulatory crackdown is coming to an end? ispivot? >> this is a pause rules and regulations in china are evolving which means there are potentially more pitfalls ahead and more risks ahead it is too early to say it is over >> if this is a pause, what does it mean for the short-term for the companies? a lot of different things going in china and the u.s. is trying to regulate the information in china through chips and cloud

and a.i. >> short-term, everybody likes it long run, you know, the risk, i think has not gone away. if anything, the geopolitical risk means china will retaliate as well. investors have to be cautious arm and more and more sophisticated with risk assessment >> you are saying a lot of propaganda with investigating in chinese companies. what is the one metric to get past of the propaganda that investors can look to coming up in the future? >> i think the first thing is we need to get away from the gdp targets that you deal with in the beginning of the year. they need to have independent data to understand the economics of the country and the various

sectors of the country that is what i would push to do. >> all right shehzad qazi looking forward to seeing you next time in the studio. >> thank you coming up on "worldwide exchange," the one word that every investor needs to know today. markets are looking to cap off the strong week. isffany mcghee's stock pick for th year. we will tell you what it is after this break stay with us for fu generat . ♪ welcome to a new era of flight.

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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. we are taking a look at live shots from around the world. you are watching "worldwide exchange." london, hong kong, new york and washington, d.c. we talked about the testimony on a.i. yesterday time for the "wex wrap-up. we start with the shares of roivant. it is in talks to sell a drug

for stomach diseases in the deal worth $$7 billion the uk competition regulators extending the deadline for the microsoft appeal relating to the $$69 billion bid for activision working to extend the m massive gains for ripple labs and crypto token the investors are pinning hopes the rulings will weaken it's s.e.c. case against coinbase. facebook threads is seeing a dropoff since the launch with users spending less than 50% time on the app than a week ago. and hollywood actors are joining the writers in the first joint strike in more than 60 years. it represents 100,000 film and

tv actors. and elon musk is holding a discussion today at 4:00 p.m. on the newest venture and chatgpt challenger x a.i gearing up to key pieces of data to watch today. import prices and a preliminary look at consumer sentiment earnings from jpmorgan chase and citigroup and wells fargo and blackrock out before the opening bell we have are a number of catalysts for the markets today with the s&p hovering at the 4,500 mark for the first time in a year for more if the markets grind higher and the trading day ahead, we have tiffany mcghee with pivotal advisers great to see you >> hi, frank. >> tiffany, can the markets grieb grind higher we have so much conflict data. rate hikes and inflation still relatively high.

why do the markets continue to move higher? >> well, listen, right now, there is euphoria in the markets with the decrease in inflation we expect the fed is likely near the end of the tightening campaign the reality is we don't know we think about the fact the fed has the mandate and the wage growth is strong 4.4% right now it probably needs to be closer to 3.5% in order to support the fed's 2.2% inflation target. >> so with some of that mystery around the market, as you describe right now, what is the "wex word of the day" today? >> my wex word of the day is chillax. listen, why this euphoria continues or whether the fed decides to continue hiking, chillax, right

have a plan. work your strategy it will be good. >> you are saying to chillax we have investors watching i don't think everybody wants to chillax. do you have any picks? places you would put money today? >> of course listen, i really like the mid category the mid growth tech category there is so much talk. you always talk about large-cap growth and tech. mid-tech is interesting right now. you look at the valuations, they are below historic revlevels the performance is really wide it is easy to spot the individual opportunities >> tiffany, i need to cut you off. stick with us. we have an earnings alert for you now. united health out with results bertha coombs has the numbers. >> frank, united health beating on the top and bottom line

$6.14 per share. up 13 % from a year ago. better than the estimate of 5.99 $92.9 billion in revenue up 16% above the $91 the$91 billion ese raising the estimate is $24 a share on the adjusted basis. they warpned a month ago at the goldman sachs conference that they see more activity more hip replacements and knee replacements and the medical costs would be at high end they were in line with what they warned for united health care side and insurance side. revenues beat as welcoming in at $17.2 billion. that is up 13% the costs were in line with the high end they were saying.

their membership was a little bit stronger than the street was looking for. commercial was lighter it was in medicare and medicaid which was higher interesting to hear is medicaid was a lot higher than a lot of folks were looking at in bispit of the fact we saw the end of the public health emergency. on the services side optum. up 25% revenue the optum health side with the doctors and home care and surgical centers was up 33%. that is where they saw the boost making up medical cost optum rx was up 15%. overall, fairly good number that they are coming in and you see the stock moving higher. this should bode well for other players like humana that they are possible able to handle the

surge. >> bertha coombs, thank you. tiffany, coming back to you. the trading day ahead. can you give us a quick reaction to unh results and the increase when it comes to full year eps guidance >> absolutely. listen, you know, we expect this out of the healthcare industry be bertha is right. this is the sign of things to come in the health care space. we are inn pvested in the companies. this expectexpected. >> one thing i want to hit on is data from bank of america today. u.s. treasuries at $8.7 billion inflows. the one-year yield of 5.3% would you put money in treasuries today quickly. >> absolutely, i would this window is not going to last forever. >> all right clear cut answer tiffany mcghee, thank you.

quick check of futures before we toss to "squawk box. we saw all three majors flat higher/lower throughout the morning. something we will continue to watch. that will do it on "worldwide exchange." we have "squawk box" coming up next thanks for watching. i think about 12 above the dow is up four straight days of gains prior to that now the attention turns to my favorite thing in the world. net interest income and charge offs three of them today. jpmorgan chase, wells fargo and citigroup on deck with the

interesting and compelling earnings hollywood going dark actors joining writers on strike what it means for the biggest streamers and studios. and the ftc is making another move to block the microsoft activision merger. the latest on the court ruling and appeal it is friday, july 14th, 2023. you know melissa lee could not stay away. "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc live from the nasdaq market site in sometimes square i'm melissa lee happy to be back alongside joe kernen >> i knew you would be