it is 5:00 a.m. here at cnbc global headquarters. here is your "five@5." the dow doing something for the first time since 2017 and futures higher in the pre-market. is the rally at risk the stocks could start a major inflection point to derail the tech run up. and in washington, president biden pushing for a.i. safeguards who has the biggest players in the space signing on. china tries to boost the consumer sector.

hear from the former chair of morgan stanley asia. and why steve cohen is shifting away from the major league team to pet food. it is friday, july 21st, 2023. you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." i'm frank holland. thank you for starting your day with us. let's kickoff with the check of the stock futures. pre-market stock futures in the green across the board nasdaq doing the best so far in the pre-market stocks are coming off a mixed session. nasdaq post the biggest one-day drop in four months p on the back of weak results from tesla and netflix. sharing 60 points off the index by the close with the biggest one-day drop since january reversal in the pre-market tesla shares up 1.5%

different story for the dow insulated by big tech coming off .50% gain for the ninth positive session in the row and longest win streak since 2017. turning attention to washington breaking news from the white house. we have eamon javers with more on the story good morning >> reporter: good morning, frank. the white house says president biden will be convening seven a.i. companies at the white house today. those include big names like amazon, google, meta, microsoft and open a.i. to announce the administration has secured voluntary commitments from the companies to help move toward what they are calling safe, secure and transparent development of a.i. technology the white house says those commitments from the companies include internal and external security testing of a.i. systems before release and sharing information across industry and with government's civil society

and academia and safeguards for p p pro propietary and mechanisms to identify with a watermark system so people can tell the image comes from a.i the intention is the white house wants to ensure the safety of the a.i. and wants to make sure innovations are made here in the united states. that will require delicate balancing of priorities. among the executives expected at the white house today are brad smith, president of microsoft, kent walker, president of google, nick clegg greg brockman and adam selipsky. we expect to see president biden making remarks on a.i. to outline the agreement.

that's expected to take place in the roosevelt room at the white house at 1:30 p.m. today back to you, frank. >> eamon, great reporting. heavy hitters signing on the agreement. are there voluntary guidelines they agreed to here? >> reporter: all of it is voluntary. you are looking at a deal with the a.i. companies and administration clearly a lot of work has gone into this behind the scenes to come up with a regulatory framework that is not really regulatory that the companies agreed to do this. you can look at this as a first step in terms of the government and the companies doing this delicate dance of how do we regulate this incredibly powerful technology? the apocalyptic predictions going wrong if a.i. goes out of

control. the terminator scenario. all sorts of things the white house was laying out on the conference call for reporters for civil society and politics and business and presence of fraud and misinformation in the politics all of that is the stuff the folks at the white house are thinking about and the folks at the companies are thinking about that, too. frank. >> a lot of developments people are awaiting the announcement from president biden at 1:30. eamon javers, thank you. we will have more about this coming up this hour with the ceo of zebra technologies. turning our attention back to tech. nasdaq and nasdaq 100 are underperforming this week after rising 41% year to date. we're approaching what could be a major inflection point to the markets. the nasdaq 100 special re-balance will take place before the opening bell on monday this re-balance is designed to

address the overconcentration of the magnificent seven stocks the stocks like nvidia and microsoft which make up 55% of the nasdaq 100 after the re-balance, it is under 44% for the index. after the shift, apple is the most popular stock moving microsoft back to second place and microsoft and nvidia will fall by 3% and google drops by 2% according to nasdaq, here are notable names could see weight increase starbucks, mondelez and booking holdings and gilead and automatic data we will continue to watch that today and impact on the market let's talk more about the shuffle with ben eamons at newedge wealth good morning, ben. >> good morning, frank >> give us a sense of the

re-balance do you see this with an impact on the year to date rally and tech sector? >> it would not be per se, but if you re-balance the flows with the tech stocks, that will impact the performance of the stocks for the interim obviously, if there is any earnings coming out, it will effect the stocks which is a focus next week. i think if you think about the balance, it is a technical feature. the index funds is where you see the impact >> a lot of people are talking about the broadening of the market we mentioned some of the stocks there we listed last which will see a bigger concentration or weighting on the nasdaq 100. does this widening of the market mean investors will continue to put money in the nasdaq 100 or qqq with less of a focus on a.i. >> it probably will.

it is tultimately about the bigger trend it is still a big rating that is an ongoing theme if you think of the broadening of the market, you think of the factors playing a role with energy and commodities as one example. i think the fundamentals are driving the market action. >> you look at the moves with the dollar action. the dollar down 2% month to date how does that instruct your philosophy >> that is interesting with the strong u.s. economy. it is driven by the euro and sterling a weaker dollar environment is good for commodities and risk assets it does support it >> earnings season i have to ask about financials big banks and regional banks you are looking at the technicals more than the actual reports. the kre is trading above the 50-day moving average, but below

the 200 day. >> foinally support in the 50-dy moving average there are a lot of results in the reemgionals and recovery of the deposits i got back 15% from where with we are currently. >> are you a buyer of financials until they hit the 200 day >> we are involved in financials we stayed more on the big financials you can think about the re regionals. >> ben emons, thank you for coming in the studio thanks time for the check on the top corporate stories withes he - with silvana henao silvana. >> good morning, frank looking to chatgpt, the google

founder is getting back to work. he has been visiting alphabet's hq in recent months and up to four times a week to work with researchers to develop the upcoming a.i. offering according to the report, brin is convening weekly discussions on a.i. with employees has taken a lead role in new hires for the project. bankrupt crypto currency ftx is suing sam bankman-fried and two others this is in an effort to clawback $1 billion ftx claims misappropriated in the months leading up to the collapse last year this is taking aim at a string of share wawards and real estate that the company says should be

reversed under bankruptcy law. and mets owner and investor steve cohen is looking to extend past flushing hmeadows. his asset management firm says he has taken a 5.8% stake in chewy. this coming after the company posted a surprise profit last quarter and forecast full year sales of $11.15 billion and $11.35 billion, frank. >> very interesting story. silvana, chewy shares are up in the pre-market. more coming up and including the one word investors have to know today. first, the exclusive with zebratechnologies and the new a.i. alliance with the white house. and some calling it a lost decade for china we speak with stephen roach.

then miecrosoft's anti-trust oubles are not over in europe. we have a very busy hour when "worldwide exchange" returns stay with us ets bold new thinki. ♪♪ partnering to unlock new ideas, to create new legacies, to transform a company, industry, economy, generation. because grit and vision working in lockstep puts you on the path to your full potential. old school grit. new world ideas. morgan stanley.

welcome back to "worldwide exchange." wall street trying to finish the week in the green with the futures up in the pre-market let's see if europe is doing the same with joumanna bercetche in the london newsroom with the early trade. joum joumanna, good morning >> frank, we are leaning green

after a soggy start to the session today. for the most part, indices are trading in the positive. ftse 100 with the focus up 5 basis points we had stronger than expected retail sales in june we are keeping a close eye on the elections which occurred overnight with the defeat of two of three seats for the conservative party something to watch there you can see ibex in focus up 5 points in spain. general elections coming up on sunday which could see a changeover from the left to the right. something to watch there the cac 40 in france up .30% the spot of red on the board today is in germany. the dax is down .30% that is namely on back of one stock and that is s.a.p. the software company paired back the revenue guidance after missing second quarter earnings forecast the group said it will strengthen the push into generative a.i. after announcing it will invest in three major

artificial intelligence companies. despite that, the stock is down 4.2% the worst performer in the se sector frank. >> thank you, joumanna it has been the biggest issue in every boardroom 79% of corporates see a.i. as critical to the success in the next two years with the increased amount believing strategic planning and execution could be automated this as a wave of companies hop on the a.i. bandwagon with healthcare companies and my next guest. bill burning of zebra technology with customers including cvs, walgreens and lowe's bill, thank you for being here. >> frank, good morning >> bill, your company is increasing use of a.i. for a range of customers in retail and

logistics and healthcare cvs and walgreens are just two how do you look at the announcement by the white house today? >> we have been using the a.i. technologies for some time across almost 50 applications. leveraging a.i. and everything from navigation withi within autonomous robots and allowing it to use character recognition and machine vision and product recognition. lots of traditional uses of a.i. used for some time now we continue to invest in product solutions to allow commercial to digitalize generative a.i. adds another dimension to that. allowing you to create and look at unstructured data and look at and generate working systems to

the frontline workers. we think of empowering the frontline of businesses of what zebra does generative a.i. assists the worker and take the most experienced worker with the experience and knowledge they have and give it to a broader work force across the business of the. >> you really are for -- business >> you are really focused on a.i. the biden administration is focused on the safeguards. for your business, not just consumer facing, but still worried there may be some risk when it comes to using a.i. in the business and customer data >> i think individual customers will use the broader models. you know, but protect their data that is really important it is important that ultimately our customers say how do i ledge m -- leverage models of a.i. and how do i continue to monitor my

data with a.i. that is how customers are seeing it a broad set of knowledge from the model, but using it specific to their work force to take information and data and leverage that with the broader model and create things like sentence structure and leverage those techniques specific to their data and their data is protected is important to our customers >> let's focus customers leveraging your a.i. capabilities what do you see with a.i. and logistics and retail we have a strike with u.p.s. coming up. it will raise the cost of logistics. are customers using a.i. to reduce costs and speed up inventory management what is the number one request for customers? >> i think overall our customers would say i want to digitalize

the environment. automation means character recognition. reading a label and digitalizing that it means autonomous mobile robots to learn the environment and be able to navigate. it means to do product inspection quickly and able to look at defects and figure out and learn and train the model quickly. all of those are a.i. techniques product recognition. being able to recognize a product and do things like self checkout easily. recognize fruits and vegetables and make the checkout more effective for customers. all of the simple use cases we think about with generative a.i. getting hype today >> i know you made your a.i. announcement i want to focus on the analog side of the business inventory destocking you have insight into the

inventory situation. are customers building up inventory or still kaeeping it lean >> you are seeing the overall lead times with all kinds of goods and services coming down and being available. i think, you know, our customers had a lot of inventory on order and now they are trying to figure oit out now it is on making sure they have the right levels of inventory. things of track and trace. visibility across the supply chain is where zebra helps out not justinside the retail stor and inventory there, but the distribution center and inventory of things shipped and on the way is it shipped from the manufacturer whether is what is the condition of the goods? that is important to the customer it is finding the right

inventory level. >> bill burns, thank you for being here we appreciate it >> thanks, frank. coming up on "worldwide exchange," demand destruction and price erosion. the big money movers and what is turning out to be a very sour we f tekorhe shippers. we are back right after this [phone: starting route.] >> announcer: tech drivers is brought to you by workday. the finance system for the changing world of modern work... [phone: turn left.] ...you need more than technology. you need cdw. [phone: you have arrived.] so we'll implement cloud based microsoft modern work solutions like microsoft 365, teams and azure, so your teams can collaborate with zero trust security anywhere. [phone: destination ahead.] microsoft makes modern work possible. cdw makes it powerful.

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and stay on top of the market. e*trade from morgan stanley. welcome back to "worldwide

exchange." time for the "big money movers." shares of csx falling off after missing onexpectations the ceo saying container shipping is challenging. tumbling 10% year over year. the one csx team is building momentum with the merchandise and coal business demonstrating volume gains shares of csx down 5%. and scholastic beats by $100 million. it expects fiscal 2024 revenue growth between 3% and 5% and is driving growth impact. shares of scholastic up more than 8% in pre-market. back to transports knight swift shares missing on the revenue and weak forward guidance the company citing a difficult

environment with soft demand and pricing pressure in the environment with miles per track down 3%. shares down 3% let's get a check of the headlines outside the world of business with frances rivera in new york >> good morning, frank a former appointee in was convicted of seven felonies. obstruction of the official proceeding and assaulting, resisting or impeding officers the conviction came from the trump appointee trevor mccfadde. hackers with chinese connections broke into the emails of the american ambassador to china. also hacked is assistant secretary for east asia.

it is not clear what, if any information was stolen the dan snyder era is over for the commanders the nfl team owners approved the sale of the team for $6 billion. the league released details from a second outside investigation which found snyder had sexually harassed a former team employee and the team withheld revenue it should have shared with other teams. snyder agreed to pay a $60 million fine the new owners are a private equity investor which includes magic johnson. frank. >> that is a welcome change. frances rivera, thank you. this week marks the debut for two blockbusters set to shakeup the weak summer box office as strikes threaten to derail the industry. we have julia boorstin with

more >> reporter: expectation force the debut of "barbie" from mattel and warner bros. has continue to rise the film is expected to bring in $100 million from the domestic debut which is more than "oppenheimer." "barbie" is getting positive reviews from rotten tomatoes is generated to bring in returns on $145 million budget. the actors strike is underway and "barbie" has the advantage with the big stars promoted the film before the shutdown and pulled stars off red carpets this could be the beginning of the wave of films based on mattel toys. mattel has a dozen other films in development morgan stanley saying we believe that ramping film supply

with healthy demand can drive box office to pre-pandemic levels overnight warner bros. discovery should benefit along with mattel. mattel reports on the 26th and warner bros. on august 3rd frank. >> thanks to julia for that. this could be an exciting weekend for movie lovers straight ahead, shopping hours for light sensitive and amc. it backtracks on special seat pricing. we will have more on the top trending stories if you haven't already, follow our podcast on apple or spotify or other podcast apps. more on "worldwide exchange" coming up after this break what if buildings could tell you how they could be more efficient? i'm listening. well, with ibm, you can use software

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it is 5:30 a.m. here in the new york city area still a lot ahead on "worldwide exchange." tech trying to catch up with the dow set to extend the longest win streak in years. futures in the green. beijing tries to boost the consumer sector. and a sigh of relief sending the truth social stock soaring it is friday, july 21st. you are watching "worldwide exchange" here on cnbc welcome back to "worldwide

exchange." i'm frank holland. let's start with this half hour with the check on the stock futures. the dow set to extend the longest win streak since 2017. we are taking a look at the bond market we start with the 10-year treasury 3.84 rising 10 basis appointments f - points from yesterday. we want to look at energy. specifically oil looking at wti trading at $76.54. brent crude at 8$80.50 natural gas up .30%. turning back to tech nasdaq is under performing after rising 40% this year you are taking a look here at the white line and orange line nasdaq and nasdaq 100 falling below the other indices. we are approaching the major inflection point for the markets and year to date rally with the

nasdaq 100 special rebalance which will take place before the opening bell on monday the last time this occurred was 2011 it is designed to address the overconcentration of the magnificent seven stocks a.i. stocks like nvidia and microsoft to power the first half rally and now have a more than 55% weighting in the nasdaq 100. after that rebalance, they will account for just under 44% of the index. another shift with apple being the most heavily weight in the nasdaq moving microsoft to second place microsoft and nvidia will see weightings fall 3% and google falling 2% according to nasdaq, here are the names increasing starbucks and booking and agiled with and adp and the sector nomics.

we have dom chu with the look at the sectornomics. >> frank, overall, materials make up 2.5% of the s&p 500. that makes it in the same range of utilities those three combined, they make up less than 10% of the index. materials are getting a lot of attention these days not just because of the semiconductor business and high tech and high-end materials, but inflation reduction act and things with regard to infrastructure investment. if you look at the year to date basis, look at martin marietta and ecolab and nucor up 30% and 27% best performers on the year to date basis for the worst performers, look at transportation.

namely westrock and amcor. they make packaging materials. corrugated cardboard fmc and iff down 21% p frank, materials, overall, hasn't been a gros performance. they have been around the infrastructure type plays. frank, back to you >> dom, you mentioned some of the areas -- thank you very much time for the check on the top corporate stories with silvana henao. silvana. >> frank, good morning less than two months after the 11th hour deal to avoid a u.s. government default, the biden administration is tasking a working group to explore all legal and policy options to avoid future debt limit crisis among the members of the debt ceiling working group are

national economic council d director brainard and merrick garland. no republican officials were named to the group u.s. transportation secretary buttigieg says his department says his department is investigating why delta airlines allowed passengers to remain on board the plane four hours during the extreme heat event in vegas on monday buttigieg calling this infuriating and shocking delta is reviewing the event which sent several passengers and flight attendant to a local hospital and shares of digital world are surging ahead of the open. the s.e.c. says it settled fraud charges with the company and ordering it to pay an $18 million fee in the event it executes a final merger to take trump media public if the merger is not completed

by january 1st,2025, the s.e.c. will agree to forego the penalty. >> a lot of political developments in d.c. this is another development. silvana, thank you. coming up here on "worldwide exchange," former morgan stanley asia chair stephen roach is here on if china is seeing a lost year in stocks. we begin with walmart offering what it calls sensory friendly shopping hours. the company says most of the stores will dim lights and have static images every saturday between 8:00 a.m. and 10:00 a.m. to create a calmer store environment. you might have a thing in common with former president obama with the taste in music. he is sharing the latest playlist for the summer. latest picks include snooze and

"only have eyes for you" and tracks from bob dylan and aretha franklin just in time for "barbiheimer." amc is dropping the price for premium seats and those in the front row. more on "worldwide exchange" comi coming up after this break >> announcer: sectornomics is sponsored by spdr.

welcome back time for the "morning call sheet. piper sandler downgrading carvana. higher valuation will provide a longer term outlook. taking a look at shares of car sd carvana down .50% in pre-market. and evercore downgrading sirius radio following the 42% move to the upside on what was no news update sirius is the most expensive stock in the u.s. and cable universe with secular concerns about long-term growth popped yesterday down this morning. down 9%. it is time for the "global briefing." swiss mining giant raising the

guidance to $4 billion which is up from $3.2 billion glencore said the first few months of the russian invasion and now they normalized. >> this as price pressures in the country of japan start to broaden p with the drag from energy prices. >> chinese authorities boosting sales of automobiles and electronics with the goal of shoring up the slowing economy the weak economic data wayingw weighing on the recovery and the busted property boom negative sentiment extending to equities as more investors weigh

risk and reward of the chinese stock market the wall street journal characterizing this as a lost decade in china. joining me is stephen roach who is a senior fellow at yale law school he has an op-ed in the financial times. stephen, good morning. thank you for being here >> thank you, frank. good to see you. >> we will touch on the op-ed in a minute first, the wall street article do you believe this is a lost decade in china on the weak economic data? >> the lost decade image you paint is another way of asking if china is going to be following the model and trajectory of japan, which lost three decades, not just one. there are a lot of ch

characteristics in china which are similar and reminisce dnt o what we saw in japan with the aging of the population and productivity problems. the support to state-owned enterprises and the debt intensive growth missing in the comparison, in my view, is the stage set by the massive sugar high equity bubble in japan in the late 1980s that when it burst, it went straight down for several years and languished there china has certainly had some frothy periods in equities nothing like that of japan >> this year, we have seen ups and downs with equities bouncing off economic data. back to the economic data.

in q2, we saw less than 1% growth compared to q1 in china that weighed on investors' minds. the country not recovering from covid as people expected we mentioned shrinking work force and deflation. >> this is one quarter which is significant and indicative of the growth problems that may be ahead. the government is trying to figure out what type of stimulus, if any, is required in response the jury is out on how much china is going to provide some support to the economy the odds of a large package, i think, are diminishing that has investors concerned on

a near-term basis which is the focus. >> in your op-ed, you say you need to rethink the relationship and create a new dynamic the visits from blinken and yellen were symbolic and not meaningful. >> what yellen and kerry set was endless rounds for future exec discussions. that is not the framework we need to break out of the downward spiral. i propose a new framework and setting up a permanent organization that i call a u.s./china secretariat it operating on a full-time basis in the neutral jurisdiction of switzerland or

singapore staffed equally by american and chinese professionals. call them technocrats if you want they focus on all aspects of the relationship with economics and trade and technology and innovation and human rights and climate change and global health as well as cyber they have a dispute resolution capability they propose a joint collaborative effort to develop policies it beats this tired, endless approach to diplomacy which paid enormous dividends 52 years ago as henry kissinger who went to china demonstrated >> we are seeing the dynamics with the two countries now stephen roach, i appreciate you being here thank you for your time.

coming up on "worldwide exchange," the one word every investor needs to know today and why it may be time for a summer b tik correcon bopisani has the latest. much more after this break ♪ to help you see untapped possibilities and relentlessly work with you to make them real. ♪ 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. 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.

welcome back time for the "wex wrap-up. the ftc withdraws the case against microsoft with the activation deal. the white house says president biden will meet with a.i. companies including amazon and meta and microsoft to announce voluntary commitments to move to a safe and secure development of a.i. technology. shares of intuitive surgical sinking. overall, the company beat wall

street ex-tpectations in the second quarter shares are down in the pre-market. and looking to chatgpt, sergio brin has been visiting alphabet's hq with frequently in recent months as it pushing ahead for the upcoming a.i. product. ftx is suing founder sam bankman-fried and three others for $1 billion the new york mets owner steve cohen's hedge fund is taking a stake in chewy. chewy is up .30% this morning. the markets with healthy gains this year with the nasdaq struggle yesterday stocks could be in for a summer swoon the next two months. bob pisani says that is not necessarily a bad thing. not in the long run.

>> time for a summer correction after the days with the market leadership of consumer discretionary is looking tired two problems seasonality and valuation. the broad market drifts low from july to october. since 1950, this is the third worst month for the s&p. september is the worst month the other problem is valuations. bulls are saying it is due for a pause. they may get their wish. amazon and salesforce and meta all down this week it may be due to the nasdaq 100 rebalance which takes place at the close today. they will see weighing in the nasdaq 100 reduced argument the bulls have against weakness and tech overvaluation is the broaden the rally out

good news. health care has been very strong recently led by united health and johnson & johnson and abbott the banks have been rallying especially good news back to you, frank. >> thank you, bob. let's get more from our chief market strategist at hightower michael, good morning. >> good morning, frank how are you? >> i'm great what is your take on what mr. pisani said? possibility of a summer correction coming up do you see a similar set up? >> sure. you know, it is easier this summer ever others we're up 20% on the s&p in six and a half months. when you go up that hard and long, you will have a pullback we have fed and other things going on right now we have the teamster strike in the works. lots of things could trigger bad

feelings >> michael, with that in mind, what is your wex word of the day? >> my wex word of the day is wolf not the wolf of wall street. the wolf that mighti be at our door i might agree with mr. pisani. the boy who cried wolf we cried recession for two years and bears have been out there and nobody predicted a 20% rally in the first six months of the year just because of the wolf hasn't shown up and we are all sick of hearing about the recession doesn't mean it is still not going to happen and we're not going to have some slowdown. the word is wolf are you are sick of him, but he could still show up. >> you are here to give us a play i know you are looking at transports and the teamsters strike right now, dow is sitting close to a 52-week high.

>> frank, this is something i do not typically do when i'm on television and talk about something i think i might do here i might trim my fedex position i've owned fedex for a long time it worked out very, very well. i had it in long position and capital gains in it. it is up 15% in the past month month. according to my discipline, when things are overvalued, you trim. according to my discipline, i haven't done it yet or made the decision to do it yet, but i'm thinking about it. do i wait until they announce the strike and wait until it goes up higher it is a matter of discipline my discipline only part of the discipline, frank, means i'm looking at disney. that stock is down netflix yesterday with the sub v

base base >> michael farr, great to see you. that does it for us on "worldwide exchange. "squawk box is coming up nt.ex enjoy your weekend ea o-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. only at vanguard, you're more than just an investor, you're an owner. and stay on top of the market. our financial planning tools and advice can help you prepare for today's longer retirement. hi mom. that's the value of ownership.

good morning the rally, at least in the dow, rolling on as it hits another 52-week high posting the longest winning streak since 2017. everybody's happy on the floor "barbieheimer" is opening hot. can those two movies save the box office and tech leaders heading to d.c. for a rally

more on that story ahead it is friday, july 21st. "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc losing my voice. we are live from the nasdaq market site in tiemes square i'm becky quick with joe kernen and andrew ross sorkin it is friday a bit of relief. green arrows across the board. dow up 51 points s&p up 11. nasdaq up close to 60. nasdaq was down yesterday. the s&p closed lower, but basically flat the dow was the winner again it notched another day of gains bringing the winning streak to nine days. joe mentioned the longest since september of 2017.