it is 5:00 a.m. here at cnbc global head quarters and here is your "five@5." we begin with the stock riding its longest win streak in two years with futures pointing to more gains ahead. and investors and what could be goldman's worst quarter in years. and it's just banking. tesla and netflix getting set to report we reveal the number one metric you need to know for each coming up. plus, tracking a wild move in microsoft shares as it looks to monetize its a.i. initiatives. and later in the show, why

shares of carvana are selling off in ar very big way it's wednesday, july 19th, 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. the dow is riding a seven-day win streak, its longest win streak since march of 2021 right now we're seeing futures at the highs this morning. just about an hour ago, these futures were flat. now it looks like they would open up about 18 points higher the s&p up fractionally higher it's not just the blue chips small caps and blue chips also riding high, all this as investors brace for another bit of earnings. they're still expecting goldman's worst quarters in

years despite stock moves from bank of america, morgan stanley and charles swab yesterday on the heels of impressive earnings you're seeing big jumps. morgan stanley, up 6.5%. schwab, the biggainer. we're also looking at the bond market ticking to the downside. let's look at the benchmark, about four or five basis points lower. the two years i've mentioned, 30 basis points lower than the july high just over 5% yield, so we continue to watch that action. we're looking at energy. we're seeing a bit of movement we're seeing the u.s. benchmark up half a percent. 70 cents brent crude, basically 8 1/4 gnarl gas, very slight move to the downside now we're turning from the markets to washington and breaking news from one of the country's top regulators our eamon javers joins us with

much more. good morning. >> good morning. the ftc and department of justice are issuing more draft guidance on corporate console diggs. under the framework the agencies will use 13 criteria to evaluate those so-called horizontal mergers in which companies in the same interest are merging and vertical movers in which the companies in the supply chain are merging. one, mergers should not significantly increase concentrations in highly concentrated markets midtermers should not eliminate competition in increased firms they should not risk coordination and they should not eliminate potential entrance in a concentrated market and mergers should not substantially lessen competition by creating a firm that controls products or services that its rivals may use to compete those are some of the 13 bullet points here.

the proposed new language updates existing guidance that was last changed in 2020 for the vertical mergers and in 2010 for the horizontal mergers officials briefing reporters on the changing yesterday saying they highlight the theories. that approach was blasted as harassment of big business by republicans on capitol hill last week congressman kevin kylie, a republican from california grilled ftc chair lina khan on a federal judge's adverse ruling in the microsoft/activision case to emphasize the point. >> why should americans have faith in your judgment when this biden appointed judge says you are so far off the mark? >> our complaint lays out the staff's view of what this merger would result in and why that would be a law violation. >> now, the saying in washington, frank, is personnel is policy, and by selecting lina khan as ftc chair, president

biden has decided they want the agency to take this much more aggressive approach. >> the guideline is interesting when it comes to vertical and horizontal mergers will this have an impact on the mergers? >> i don't think so. these are going to take a while to get into place. they're draft guidelines for while, and what that means is there's a common period in the typical bureaucratic rollout process. there's going to be a lot of time in real time where these are actually in place. what it does is puts a marker down and gives you a sense of where the ftc and doj are going in terms of ftc enforcement and the consolidation enforcement. we'll have to see how it plays out. there's another presidential election coming up in 2024 if a new administration comes in with a new view on this, they could change the guidelines once

again. be sure to catch ftc chair lina khan and antitrust chief jonathan kanter this morning. let's get a check of our top earnings stories silvana henao is with us >> american airlines pilots is warning its contracts are in jeopardy they're going to vote on a four-year contract which includes a 4% pay increase and other benefits but reuters reports in a memo the union says the proposed pay rate and quality of life terms pales in comparison with united's tentative deal. a spokesman said the company will work with the union to make sure the pilots are taken care of shares of carvana are tumbling after the auto online

ret retailer tumbles they're supposed to post a second quarter loss. shares have rallied more than 6%% th 600% this year and microsoft shares are trading at a record-high the move coming after the company announced pricing for its new a.i. subscription service. it will cost an extra $30 per month and could increase prices for enterprise customers by as much as 83%, frank. >> big move for microsoft yesterday, up over half a percent this morning silvana, we'll see you later in the show. turning back to earnings, and it's not just the banks. looking to tesla and netflix when they report after the market closed today. we're joining by arjun kharpal

good morning always great to kick things off with you. >> you have to look at the big figure they're expected to come in at 1.77 million versus a subscriber loss in the same quarter last year this could be the highest ad figure since the year 20 it comes as netflix has been delivering the one-two punch first the password-sharing crackdown and secondly the new ad-supported tier. they estimate 100 million households share passwords currently and they expect 50% of those to create their own accounts where do they go they have the new 6$6.99 a mont plan we'll be hearing from management how that's going and what demand is like. the big question is what kind of

cannibalization is this causing from users for their higher priced subscription tiers as well that's a key question. regardless, the market is getting very, very bull, on netflix and stocks are up 61% this year, and so there's going to be a lot of expectation going into this and they're going to have beat this for this to continue. >> i want to turn to tesla tesla shares up more than 70% this year but down in the red in the premarket. and, look, this is an interesting company given the fact it has run up so much and expectations are high. but it's clearly an indication for musk ite going be that gross margin figure, which the market is accepting at 17.5% that's a drop from the previous quarter and from a year ago as well that's because tesla and elon musk's strategy of chasing market share at the expense of margin elon musk has signaled that.

it's been cutting prices and it seems to be working. the company delivered a record of more than 466,000 cars in the second quarter as well that's thanks to the global prices in key markets like china. so far they're happy they know that margins and profit will be under pressure in the near term. the question is for how long and i think that's what they're going to be asking on the call how long do the price cuts continue when will they begin to ramp up the prices again. >> a lot to watch there. a lot more to come on "worldwide exchange" including that one word that investors have to note today first a closer look at some of the technical indicator asnd why they're pointing to possible gains again. and goldman is due for a surprise today later the summer of work condition tent are continuing to simmer and why thingins canada are not getting any better

a busy hour ahead when "worldwide exchange" continues stay with us siness grade internet, nationwide. (vo) make the switch. it's your business. it's your verizon. what if buildings could tell you how they could be more efficient? i'm listening. well, with ibm, you can use software to help you connect and analyze data— from hvacs to elevators to lights. what if we use ai-driven insights to pinpoint inefficiency? yep. and act on it. saving energy, money... ... and emissions. yup. that's a big one. now you've built something better for everyone. that's the sustainability solution ibm and a global real estate company created. what will you create? ibm. let's create.

exchange." stocks look like they're going to make it eight in a row on wall street. let's see if europe is doing the same we check in with arabile gumede with your early morning trade. good morning, arabile. >> good morning, frank we've been focusing on the market print really a lot has shifted because of the cpi print if we take a look at what this

market is pacing toward right now, you're seeing pretty much a green board across these numbers here the ftse 100 with a gain the key element to look out for has been that inflation print. 7.9% is the number to have come out from the headline number off the back of the anticipation it does point toward perhaps a breather, but it is four times more than the bink of england would have wanted, and so, too, 6.% has fallen unfortunately that data is still larger than the april number of 6.8% still a big headache for the fed -- the bank of england, should i say, and they'll still be looking at that thinking should i still incur another hike the question is it 25 basis points or 50 basis point that is still the question at

hand that's the big data point we've been focusing on still a general sense of positivity across the european markets. >> arabile gumede line in our newsroom. back in the u.s., the dow coming off a seventh straight positive session that's the longest index since march of 2021. our bob pisani with how the firm bull market may well be on its way. >> the dow jones industrial average closed at a 52-week high dow theorists who believe that a new hike in one index must be confirmed by a new high in another see this as another sign we're in an up market. that may be true, but the dow theory was formulated over 100 years when when the u.s. was an industrial economy it's no longer an industrial economy. it's a service economy there have been plans to formulate a new theory one is looking at the nasdaq composite versus the old theory.

the theory is that if both are in up trends, then the market is strong that's the case for both the s&p 500 and nasdaq that also closed at new highs here's another sign of the bullish upshift. sell in may, go away that's often been a reliable indicator. not so far this year the s&p 500 up 9% since may 1st. for jeff hirsh who's been watching these types of things for decades, there's one unmistakable message in all of these indicators all of this is a confirmation we're in a bull market he told me back to you. >> let's talk about whether these are truly bullish signals. jay wood is the chief global strategist thank you for being here

good morning i've got to note, me, you, and bob pa pisani, all philly guys is that deaf nikolai a technical sipe in your mind we're on a 100% bullish trend >> yes the dow theory is old school i believe strongly in it the things that make and the things that take it's changed over time we're about 5.5%, 6% off of all-time heise the dow and the transports, this is the leadership you want obviously tech has been the story. but now the broadening continues and when you see the dow and the transports start to lead like this, yeah, we're in a secular bull market. we're over 25% off of the lows now. this is very bullish. >> all right let's switch over to tech just a bit.

we got some earnings after the bell, netflix is one of them this is actually a very volatile mega cap stock on average it moves to the you up side or downside. on earnings, what are you expecting from this report >> there are a lot of things you want to see how the new subs go and the crackdown i know in my house i'm getting texts from my kids having issues sharing passwords with their college friends. the stock is up over 185% in the last 52 weeks. it's up 60% year to date, and we are starting to fill a gap from a technical point of view that i was surprised to see in price action yesterday the stock was up 5% the day before the fireworks are going to be there. let's see if the writers strike and actors strike continues to go on. it looks like 500 is just a stone's throw from here, but 11% to the downside. that may be a good buying

opportunity because it will still be a strong uptrend and you have a 50-day moving average as well. >> look at the bank earnings they beat expectations admittedly those were considerably lowered expectations what's your view on financials not just the earnings but the regional banks >> it's good to see it come back to life. jpmorgan, the class of them all. they told us an interesting story. i looked at pnc bank pnc bank from a technical point of view that is correct 130 level where it basically closed is that inflection point where if you're going to get into the stock, the rich reward is there. we saw it in reverse we saw it with comerica and the banking index, the bkx and the kre also finally breaking out. they're starting to see higher lows, and that bad news in pnc, the stock opened lower, reversed, and closed higher. that price action is telling me

maybe the worst is over. >> if you want to put money in the financials, would it be the regionals? >> long term, the jpmorgans of the world. right now the regionals are giving you a good opportunity. >> jay wood, it's great to see you. coming up here on world wide exchange, getting rewarded in a bigger way after top end and bottom line beats. can goldman sachs make it three and surpass what's very low bar results? we'll return with much more after this break

welcome back to "worldwide exchange." i'm frances rivera with your latest headlines trump is involved in a new investigation. he was told by counsel jack smith he's the target in a grand jury investigation in the efforts to overturn the presidential 2020 election a target in a criminal investigation is someone prosecutors has committed a crime and may have to come in to testify. he gave him four days before the grand jury and predicted he would be arrested and indicted. blisters heat continues across much of the country phoenix was engulfed in height bringing with it 110-plus degrees, shattering a record and no signs of letting up across the south with a record

challenge from california to southern florida. lotto fever is little new highs. there's a billion reasons to pick up a powerball ticket for tonight's drying it's now over a billion dollars. the largest payout in the game's history. nobody hit the mega millions that jackpot is now a whopping $720 million i've got bragging rights when it comes to the mega millions 4 bucks, it's what i won. >> i'm sure people are hoping to win anything. >> four more bucks than i had before i'll take it. >> great to see you as always. investors bracing for bank earnings when goldman sachs reports. they're expected to post some of the weakest results of some of ceo david solomon's revenue. heading for a 25% drop year over year this after big beats from bank of america and morgan stanley

yesterday. bang of america's bottom line getting a boost from higher interest rates, morgan stanley tipping its hat to record sales and its wealth management division with james gorman, morgan stanley ceo saying the worst is over. >> i think we bottomed how much we improve from that is unknown. next year, definitely a pickup i'm seeing with the conv conversations i'm having, we just felt like april was week, and the first half of may also weak then it picks up in june we're off the bottom. >> all right joining me now is the managing director at piper sandler. good morning that ing you for being here. >> good morning, frank thank you for having me. >> pick it up where james gorman led off. the worst is over. they're guiding for a 25%

decline. do you believe that the worst is what we're going to see in this quarter in its own upside for goldman and big investment banks? >> i think that's a fair assessment to me from what i'm seeing, it feels like maybe we need to get to 24 before we see a real pickup in activity especially in the financial space where we, you know, spend most of our type it looks like we're going to neat to get into that time period where rates suggest and multiple deals can be more where they used to be. i think we need that move into 2024 we need more normalization. >> when you say you need to see rates adjust, exactly what does that mean? >> i think, you know, in the financial space, if we can see rates move lower or stabilize, we can understand how it can work from a financial -- for a bank in particular, and, again, just that stabilization, just

knowing where we're supposed to be, three, six months from fwhould give people a peace of mind. >> how many more basis points lower? >> how much lower do we need to get for it to be stabilized in your mind? >> we need the fed to decrease rates. i'd like to see a 100 basis points decline some steepening of the curve, i think, would help. obviously tin vertin, the inver curve remains. >> with so many people taking their money to chase higher yields, what have you seen so far? >> yeah. it ee been negative. there was a fear of negativity could persist. what we've seen so far through

this earnings season is, yes, there is pressure on funding, but the actual balance that seems to have stabilized which gives banks a good central place to be to kind of continue to earn and grow over time, just not as much as we would like and not as much as they've earned 12 months ago. are you expecting a lot of write-offs when it comes to commercial real estate loans that's a lot of what they're looking at in the goldman report as well. >> we haven't seen many cracks yet on the credit side that's kind of this overhang headwind we continue to face when we speak with investors that there's this fear of what's looping in the back half of the year now it's 2024. there seems to be this never-ending fear. we're not seeing it yet. one or two loans, maybe an office loan here and there nothing more systemic that causes us to think a credit crunch is imminent. >> a lot to watch. it's always great to have you here. straight ahead on "worldwide exchange," shares of netflix are

sitting at fresh one-year highs. why its password-sharing crackdown could be enough to kehema t all-time highs. much more "worldwide exchange" after this break you should get a second opinion from innovation refunds at no upfront cost. sometimes you need a second opinion. all these walls gotta go! ah ah ah! i'd love a second opinion. take the first step to see if your small business qualifies. we're carvana take the first step to see we created a brand new way for you to sell your car go to carvana answer a few questions and our techno wizardry calculates your car's value and gives you a real offer in seconds

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sit just after 5:30 a.m. here in the new york city area here's what's on deck. stoxx looking to keep the gains going with the longest win streak in two years. futures are higher ahead of the open. earnings, with netflix set

to report as the streaming giant and hollywood faces headwinds via strikes. >> and tesla set to report it's wednesday, july 19th. you're watching "worldwide exchange" right here on cnbc welcome back to "worldwide exchange." i'm frank holland. let's pick up a check. the dow riding a seven-day win streak, the longest since 2021 take a look at the futures the s&p and dow fractionally higher when we're talking about this rally on the markets, it's not just the dow the nasdaq riding a win streak of its own up six days in a row. the index is up more than 37% year to date you're seeing that big upswing

right here in the premarket -- excuse me -- yesterday finishing up three-quarters of a percent microsoft coming off a 4% gain yesterday on news it will monetize its a.i. offerings that added 80 points to tin dex alone. time for this morning's top morning stories. silvana henao is here with those. the strike at canada's west coast post is back on as dockworkers head back to the picket line. the workers yesterday rejecting a tentative four-year wage deal struck with their employers last week the union says workers rejected the agreement because they felt that the terms of the deal would not protect their jobs. at&t saying it does not plan to immediately remove cables from lake tahoe it has previously agreed to remove as it awaits further analysis on their impact shares of the tech giant hit their lowest lows in 30 yeecs

following a "wall street journal" report that at&t and other telecome companies have left toxic cables on poles, buried under water and under the ground they say it differs dramatically from the expert. at&t shares are higher ahead of the open. shares of jb hunt also popping in the premarket after inish falling on disappointing quarter will i results the company's revenues and analysts missing expectations. the decline in revenue was primarily deliveren by a drop in revenue. frank. >> you don't often see that kind of a turnaround in exports have to wonder how much u.p.s. and others are factors. netflix and tesla, shares are higher with netflix up 60% and tesla up more than 135%. we've got the setup for both

stocks for you rocket capital research analyst is with us the investors are paying close attention to three story lines the rollout of the subscription tier and the password sharing crackdown is attributed to the growth and also the hollywood wrooters and actors strikes. what do you see is the biggest factor of the three we just named? >> my expectation for this quarter is just to break even in north american subscriber result what's important is what happened in the last quarter of netflix and what will happen in 2023

they've reached a mature point of reaching subscribers, and their pivot over the last year was extremely improved >> so is password sharing or at least the crackdown of it and more people have having to sign up, is that more long-term or regulated support? >> it will have its biggest contribution to subscriber growth in the income statement over the next year and probably peak in the next three months. advertising is a longer benefit and they're very complementary because when you add a new subscriber, they're probably going to sign up for one of the value tiers that are supported by advertising, so they're increasing it. one of our big theems over the last year and probably for the foreseeable future is the transition from a purely

subscriber growth mod >> a bigger change i'll have to ask you about the big change the hollywood strikes, how does it impact? does it have any impact on the current quarter and what do you expect to hear when it comes to the call >> it won't affect anybody this quarter because their expenses and program were established months ago it will affect this fall a little bit of netflix, a lot bit at the broadcasters. the benefit that netflix has is a different programming model. first they program so that they produce a lot of their scripted content outside the u.s. and secondly they have a lot more on the shelf because they're in a longer production cycle than other companies. >> is there an understory that they're talking about and that you're keeping your eye on overall? >> the under the radar story is

the benefit of advertising a year ago the consensus was advertising. they launched the ad-supported tier but they advertised it in a walk-before-you-crawl manner the market's attention span hasn't focused on it now they're focused on par word sharing. next year we think the big driver is going to be advertising growth and that's just begun. >> peter supino, thank you very much. turning to tesla, investors are waiting for the long-awaited cyber truck and how it's impacted automotive growth margins. tesla will bring in about 29.4 billion revenue. rocket capitals craig irwin is standing by. thank you for being here what's at the top of your radar for this report? >> good morning, frank margins are everything, but it's

focused on this here everybody's saying this should be the trough point for the whole year. >> we're looking at it from a concept stkeptical point there's a lot of product coming to the market. i think they're going to be putting it in the borderer margin so, you know, that and combine that with other things like the cyber truck you mentioned, the india facility, you know, those will all be secondary. it's all going to be about the conversation about margins. >> so a lot of conversation about margins. we've often talked about that being a big issue for tesla. that margin has gone down in recent quarters. so when it comes to the cyber truck, very quickly, is this going to be a big growth driver for tesla in your opinion? >> a lot of people are optimistic about cyber truck

they look at the low end of suggested pricing and suggest that it's a two-wheel drive truck. i don't know how many are sold in america i think something close to zero. you saw a competitive product cut price by $10,000 cut to 50 from a base model. that's a four-wheel drive. i think also when you factor it's only a $100 deposit to go into the queue for cyber truck, i think some of the numbers on the reservation may be a little fluffy the driver trucks have got big expectations to be and i don't see it as compelling a product >> i've good to be honest. i don't know it looks a little strange to me. something that's definitely not strange, their charger business. are you expect a lot more commentation >> a lot of people are bullish about. again, when i talk to them,

tesla drivers say, man, i'm going to be upset when i have to sit on line to wait for my charger in my tesla and i have all these other brands in front of me. it's going to impact the tesla brand and are these other customers going to get access to the same pricing as tesla customers? quite possibly not if that's the case, you seal see this push business to the other networks out there like electrify america and e v go and others i am skeptical. >> you are skeptical you're skeptical on a lot of things people are bullish on one more question before i let you go there was a lot of talk this year about elon musk being distracted is that still the narrative and what are you expecting

are you expecting it >> i see elon musk tightly focused on the mission at hand, the fact that he showed up at beijing at exactly the right time, the fact that he spent time with modi to discuss tesla's entry to india he's spending the right amount of time at tesla he's an interesting guy himself, you know i don't hear that as a major complaint these days. >> tesla trading fractionally higher coming up here on "worldwide exchange," encouraging signs around inflation in the uk, what it could all mean for the looming rate decision for central bankers. we're going to talk a lot more about that when "worldwide exchange" returns.

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all right. welcome back to "worldwide exchange." time now for your morning policy we begin with jpmorgan ongreating cinemark and slashing its price market to $18, jp citing headwinds including a delay of the schedule because of

hollywood writers and actors striking jpmorgan taking an ax to its rating of joby taking a look at shares of joby this morning, down more than 8%. and wells fargo among the many firms taking a fresh look at microsoft after yesterday's a.i. subscription unveil, wells reiterating its rating take a look at shares of microsoft this morning, up almost 1%. and it's time now for your global briefing. we begin with inflation in the uk, 7.9% last month. the figure comes just about two weeks before the bank of england's next policy meeting with questions now around whether it will carry out an expected 50-point rate hike.

rio tinto talking about a slowdown and production problems iron orr we should be up shares of nissan jumping in overseas trading after a reuters report after japanese automaker and renault are set to make an announcement in the coming days on a restructured alliance they reported a 15% jump in the first half sales for its most recent quarter. coming up on "worldwide exchange," the one word every investor needs to know today plus fundstrat tom lee and what the firm is adding to its buy list t, cck haven't checked us out yehe us out on podcast or other podcast apps more "worldwide exchange" after this use a hybrid cloud solution to connect data across clouds,

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"worldwide exchange. look at the top left of your screen an inflation surprise. we're looking at hong kong trade dagg over there, new york, kind of nice day, 74 degrees. washington, dc, some movement there and mergers >> welcome back to "worldwide exchange." time for your "worldwide exchange" wrapup we start with carvana slightly lower after they announce plans two weeks ahead of the company's previous scheduled release shares down more than 7% in the premarket. reuters says american airlines pilots union has warned ratification of the new contract is in jeopardy the pilots are due to begin voting on a new four-year deal that provides a pay increase of more than 450%. the u.s. regulators are opening a safety investigation into a fatal tesla crash,

relying on the autopilot's functions. this as there's been three dozen open investigations since 2016. constellation brands adds new independent directors. shares of constellation up 3% in the market. shares of interactive brokers sliding after the brokers firm reporting earnings of $1.32 per share compared to the share the street was expecting. shares down 4.5%. and tiktok is launching a music-based streaming service in select countries after testing the product in indonesia and brazil earlier this month. we're getting you ready for a trading day ahead and another day of busy earnings netflix, tesla, i.b.m., and others housing starts and building

permits. also brian armstrong heads to capitol hill for a closed door meetings speaking of regulations be sure to catch the interviews with lina khan and jonathan canter on the agencies releasing new draft rules on the merger this morning around 8:30 a.m. eastern. the earnings expected to provide fresh fuel for the first time since march of 20201. they're hovers at the highest level. let's bring in tom lee he's a cnbc contributor. tom, good morning, thanks for being here. >> good morning. good to see you. >> we talked about dow theory earlier in the show. you were watching the whole thing. in all seriousness, so many of these indexes get 52-week highs including the dow, the dow

tranld ports, the s&p and the nasdaq what do you see going forward? >> well, i think investors are waking up to the notion that underlying specials have confirmed that if people were actually fully invested or partially invested, the number would have to be like 3 trillion or so, and i think the market itself has defied expectations because i think many are thinking a recession and new lows and sitting it out because they thought this was a concentrated market is kind of what's happening now i think it's a catch-up trade. >> does that change your s&p price target are you changing that at all >> i think that's a good level

because that represents not only exceeding where we were in january of 2022. that was the prior high, but i do think that that could end up being a lower side of what's achievable i think if earnings continue and they change its path, it's the start of a new bull market. >> what's your w.e.x. word of the day? >> the word of the day is dollar because last year the strong dollar was a headwind for earnings this year the dollar is weaker i think it's going to be adding to earnings. that's a big tail wind for earnings. >> we're showing the earnings right now. the dollar down 2.5% in july alone. with that in mind, a weaker dollar you're going the say is

helping earnings results long term you have what are called granny shots. basically these are strategic and tactical in the next six to 12 months. what are your granny shots for us today. >> well, we have what we call super grannies and we unveil them the third week of every wednesday, so that's today our super grannies are -- there's five names intuitive, surgical, meta, arista networks, and bookings. they're a core of our 35 stocks. myself and our technician mark newton believe they're going to be timely for the next four weeks. we identify these every wednesday. >> so it's a once a month-thing. would you advise your clients to put money into these things today? do you believe there's upside in the next four to six weeks you're talking about >> these are carefully screened for fundamental improvement.

tactical validity. mark newton believes these are positive turns points. our granny shots from last month, five out of five outperform the s&p in that one-month period, which is pretty impressive considering the market ran away so strong in the past month. >> with that in mind is there a stock you think would be a top pick on your list? >> i think if i was asking viewer as what could be timely, in ta'utive surgical does report on july 20th so i guess we'll find out tomorrow how earnings are. they do robotic surgery. >> okay. >> really quick. a quick take on financials, would you invest in financials right now? we're in the middle of earnings seasons. is there a positive upswing when it comes to those? >> financials is a group we

thought could break away q2, expectations are low they're really cheap hopefully they rally. >> tom lee, thk anyou for being here that does it for "worldwide exchange." "squawk box" is up next.

good morning, futures with more gains, the longest win streak since march of 2021. and big tech earnings on deck we're going to be hearing from tesla and netflix after the bell, everything you need to know ahead of the reports. and new rules. the ftc and doj updating merger guidelines that will have corporate america sitting up and taking a lot of notice it is wednesday, july 19th, 2023, and "squawk box" begins right now. ♪

good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site intimes square i'm becky quick along with andrew ross sorkin joe is out today we're here we're holding down the fort. let's take a look at equities. once again we've got green arrows across the board. dow up by 40 points, nasdaq by 27 and dow is up that's the longest winning streak since 2021. one dow component doing most of the heavy lifting there. microsoft, that stock surging to a record-high after announcing pricing for its new ai