it is 5:00 a.m. at cnbc be global headquarters. here is your "five@5." downgrade day two. after the bad showing on the fitch cut, the globe is awash i red ink again. what jamie dimon told us in an interview coming up. and earnings in high gear today with apple and amazon

af reporting after the close today. and the one central bank cutting interest rates despite inflation. this as we an wait the latest fm the bank of england. first, amd and qualcomm coming up short and giving investors new reasons to worry it is thursday, august 3rd you are watching "worldwide exchange" here on cnbc good morning welcome to the show. i'm dom chu in for frank holland. let's check in on stock futures. losing steam we are sitting at or near session lows for the futures market s&p is implied lower by 15 points dow jones industrial average lower by 100 nasdaq down by 60. you can see a sharp leg lower

right around when europe just started trading and it has been drifting lower since here. we currently stand at 4,520 for the s&p. this was all after a rough day for wall street on the heels of the fitch downgrade. nasdaq posting the worst day since february right now, .50% to the downside. s&p down 1%. some conviction in the move lower based on volume. by the close yesterday, spy closed at 1.933million shares which is below 71 million. that is a huge amount of volume. similar for the qqq. tracking 20 million more shares yesterday than its average over that time span checking the bond market

yeel yields across the board highest since november of last year. the 10-year treasury yield is below 4.15 the 2-year treasury is 4.2 in energy, oil prices contributing to the story. you think some of the downdraft and some would be under pressure they are to the downside today wti hovering at $80. that is off .25% similar for brent crude which is $82.96 red arrows here at home. let's check out overseas with arabile gumede in lundondon and sherry in asia

arabile, is it red to start the day? >> two hours after the opening bell here and down we go pressure seen from s&p 500 in trade in the u.s. and that trade followed to the european picture. 1.5% down for the ftse 100 same for the ftse mib in india it had been the story of chips much like qualcomm, infineon has brought out numbers and saying that demand outlook is not looking too good for the business they he ave gone down. that share price down 10% today. another european chipmaker going down 3% for ami. the sentiment held the same then negative across the board. a lot of sectors holding down negative counters. tech stock leading the downturn. that is followed by autos and resources which are around 1.5%

weaker today even the banking stocks which bucked the trend in the early morning trade. it is negative it is still earnings that we are following and that bank of england decision later today 25-basis point hike anticipated, but 50 basis is still in play. dom. >> arabile, thank you for the update turning to the action in asia. sherry chang with the latest in hong kong. good evening, sherry >> good morning, dom we saw some pairing back earlier losses in japan and china. showing some -- bucking the trend after the behavior with the selloff. closing higher by 0.9% for the day. we have another uscheck on the chinese economy.

coming in with 54.1. that is an expansion for the seventh straight month on the currency board, the yuan strengthening against the u.s. dollar for the most part, it was the dollar strength on the currency board. in japan, nikkei 225 was the standout down 1.6% we are waiting for the market reaction for nintendo earnings we talked about the 50% year beat when it comes to revenue. it was about the "zelda" boosting sales for the switch and then the "super mario "movie helping the numbers. it has closed flat in tokyo trade. dom. >> chery, thank you.

tech is closing down 2% wit the pre-market trade the qqq with the nasdaq 100 is down 2% for the week so far. arjun kharpal joins us with the tech story arjun, it was a tough day and tech was at the tip of the spear. does it have legs to the downside >> dom, good morning tech is getting hit with a double whammy. fitch had the downgrade and the run-up in tech and if that can continue for the rest of the year there was an excuse here for profit taking. earnings have been a mixed picture. meta and alphabet did well and concern with microsoft and broader chip sector with a load of attention for qualcomm guidance which missed expectation. we have gone from a chip shortage to a chip glut and weak

demand for the end products like smartphones and laptops. companies have too much inventory, i.e., too many chips. many signalled the second half of the year will see recovery, but qualcomm guidance has dlthrn that into doubt. the overall economy is an issue as well. >> arjun, you led me to it it is the main event as we gear up for amazon and apple after the closing bell today the stocks make up a large portion of the s&p and more on the nasdaq 100 what exactly are we going to expect after the closing bell from those stocks? >> for apple, the market is not expecting huge things. the thing to watch is the iphone numbers. analysts expecting revenue to fall 1.7% year on year to $39.9

billion. they will focus on a few key ar areas as well as the numbers in china. the market is weak in china, but apple is holding steady. for amazon, the aws cloud figure as well which is key after microsoft and google posted 20% plus growth for their cl cloud divisions, what will they come up with amazon has wasrned that customer are spending in cloud. the key for the giants is the forward guidance as it has been this whole tech earnings season. how does the rest of the year look and will they pick up the

pace those are the questions, dom >> arjun with the latest on apparle and amazon and tech downgrade. thank you. let's get a look at the top corporate stories with silvana henao. silvana. >> dom, good morning shares of ab-in-bev rising after the second quarter profit miss of 14% the sales have been falling since april over a social media marketing trcontroversy for the bud light products apple says it wrapped up $10 billion in deposits for the high-yield savings accounts after launching with goldman sachs. this report is that goldman sachs is considering exiting the

partnership with american express to take over. and novo and lilly is facing lawsuits over ozempic and mounjaro a case from a 44-year-old woman who suffered severe vomiting after taking the drug. there are other clients with the same allegations novo said it is not aware of the lawsuit, but notes that gastro issues is a known risk for people with diabetes, dom. thank you. more to come here on "worldwide exchange," and the one word investors have to know today, but first, fitch makes the case

in the u.s. downgrade in the exclusive interview where jamie dimon is taking it with a grain of salt. and keeping a hawkish tone we look to the bank of england as it is set to release the latest policy decision. and later on, robinhood not we rewarded after the quarterly trade. we have more after this break. ss both large and small, communities and the people who live and work there grow and thrive. we're proud to call these places home too. they're where we put down roots, and where together, we work to help move everyone's financial goals forward. pnc bank. 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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even qt elements and secondly, and more importantly for us, concentrate on the debt ceiling and debt ceiling debate. the fact the government haven't been able to come up with meaningful long-term solutions to deal with fiscal issues >> it doesn't matter that much the markets decide, not the ratings, to make the decisions number two, they point out the debt ceiling crisis and things likes that number three, the american public, this is the most processed nation on the planet there are countries rated higher than us at aaa, but they live under the enterprise american military system. that is ridiculous

>> so, that was richard francis from fitch on cnbc talking about the strip of the aaa rating and then jpmorgan chase's ceo jamie dimon saying he disagrees with the decision and the market is not taking the fitch downgrade. the s&p with the worst day since april. bond yields with the 10- 20- and 30-year bonds hitting the lowest level since last november. let's talk to janet and joanna ladies, thank you for being here maybe janet, we start with a bigger picture here with you i'm curious how much you think this downgrade has to do with the severity of the drop we saw

yesterday or was it just a reason for people to hit the sell button because it has been a great run in 2023? >> good morning. thanks for having me that is the reason the rally this year is pretty significant. it is driven by with the tech sector and the variations hold high we will fall compared to the bond yields. that is one of the reasons for investors to take something off the table. especially with the labor markets yesterday which suggest the fed has to keep rates higher for longer. >> higher for longer is the overall theme and what we are prepared for joanna, if you look at the fixed income markets and how it reacted so far, it is interesting. if there is a downdraft ahead and the conventional wisdom is u.s. treasury bonds and those

that market is the place people go for safety, where is the disconnect and why are rates heading as high as they are if the prospects for the economy and safety overall are in question >> i think what with we are seeing even with yesterday and the other parts of the year is this seems like a familiar story. markets are reacting to an event. we had so many events in 2023 from bank failures to debt crisis what we have seen is the resiliency of the u.s. economy and the stress is putting rates at historical highs. we are nearing the end of the fed rate hiking cycle. it is very clear and we take a little bit of a view and we don't see the recession happening in 2023. that is consensus across many other banks and other views in the market what is important for people to focus on is we are starting to

see a shift in flows moving away from the short side to cash. people have been parking cash and also considering credit and other risk factors i think some are rede ready to t back in. we see reaction to the downgrade with the results yesterday, but these results can changes quickly. economic resiliency and corporate fundamental strength and structure change in rates. >> joanna, you mentioned the flows and where you see the action i like to follow-up on that, if i could. if you look at the rates picture right now, it sets a scene are you seeing anything with high yield or municipals

where do you see straight duration on the u.s. treasury side of things or are there opportunities elsewhere? >> we see people move out on the curve in treasuries to set up for 2024 in the trades people anticipate rates going down some time in 2024 the other thing which is compelling is everybody got 2023 wrong. on the equity side or fixedexcet it was hard to put that money into the market. if you consider the quecredit i high yields, you are looking at

returns up to 8% the ccc side of high yields has outperformed by 11%. people are gauging if the economy is going to take a turn and they want to get back into the risk sector. this is higher up in the cap t - capital structure. >> janet, i'll give the last word to you. over the course of the last year, we spent a lot of time talking about the anticipated recession. one that will not come to fruition, at least at face value, is there a threat to see one in the next six months because it catches people off guard. >> you can look at the soft landin landing. we know the labor market is lagging. there are a number of indicators

that suggest that with contraction in pmi the inversion of the yield curve which is intense and we can't ignore the signals that the market is telling us i think we are still relatively cautious in terms of the risk factor i think that would be monetary policy remaining high and conditions higher for longer as we await this to happen. >> janet and joanna, thank you very much. ahead on "worldwide exchange," getting set for the biggest day of earnings. how the two top sector analysts are trading apple and amazon l t te. theap alofhat coming up when we return after this break. i'm a veteran of 23 years. i served three overseas tours.

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to guide you through a changing world. ♪ welcome back to "worldwide exchange." i'm jessica leyton here are the headlines former president trump will be arraigned on criminal charges going the indictment from the grand jury on the attempt to overturn the 2020 election in several posts on social media, trump questioned why prosecutors did not bring the

charges after the events of january 6th over two and a half years ago. an con now to a tragic discovery in the rio grande a lifeless body found stuck in the buoys that authorities put in the river the cause of death is not known. we know that mexico has de denounced texas for the placement of the barriers and the justice department is forcing texas to remove it robert downey jr. is handing the keys to his car collection "ironman" is giving away six vintage cars away. you don't have to drop a dime to enter, but you can donate to his foundation for more entries.

the sweepstakes opens next year. dom, back to you >> jessica, thank you very much. time now for the "big money movers." qualcomm reporting fourth quarter guidance below expectations earnings did beat with the slump in the smartphone sales and slowing chinese economy weighing on the chipmaker analysts expecting shipments of new devices to decline further this year. clorox is offering a full year line of cost cutting. the company calling the consumer resilient as it adapts to higher prices and water filters with the projections of the mild 2024 recession. and robinhood reporting a

boost in the interest income with the higher rates and profitability for the first time since the ipo. the focus for investors is the transaction-based revenue decline of 5% as well as the drop of monthly active users to 10.8 million 1 million viewer compared to the previous quarter. straight ahead on the show, waiting on amazon and why my next guest is keenly focused on profit margins and comments around artificial intelligence we'll be back after this break ya go! that's what i'm talkin' about! (josh allen) is this your plan to watch the game today? (hero fan) uh, yea. i have to watch my neighbors' nfl sunday ticket. (josh allen) it's not your best plan. but you know what is? myplan from verizon. switch now and they'll give you nfl sunday ticket from youtubetv, on them. (hero fan) this plan is amazing! (josh allen) another amazing plan, backing away from here very slowly. (fan #1) that was josh allen. (fan #2) mmhm. (vo) for a limited time get nfl sunday ticket from youtubetv on us. a $449 value. plus, get a free samsung galaxy s23. only on verizon.

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it is 5:30 a.m. in new york. there is still more ahead on "worldwide exchange. here's what's on deck. investors continue to digest the long-term impact of the fitch u.s. downgrade wall street gearing up for earnings from apple and amazon set to report results. the one big number you need to watch from those stocks coming up. and forget hiking. the one major central bank actually cutting interest rates despite surging inflation. it's thursday, august 3rd, 2023. you are watch wing "worldwide exchange" here on cnbc welcome back to the show

i'm dom chu in for frank holland. let's check on the u.s. stock futures. we are just hovering above the session lows s&p implied lower 13 points. dow implied lower by 83. fr fractional losses. taking a closer look at the pre-market action in the past six hours. s&p 500 was stable around 1:00 a.m. eastern time. we have been trending lower since europe got going we are hovering above the session lows s&p at 4,525 in the bond market, yields on the rise 10-year treasury is 4.145% 2-year treasury is 4.19% the 30-year bond is 4.25%. higher in yields lower in bond price.

turning to earnings. apple shares as you see as we get ready for the third quarter results, apple is down 1.3%. the company is preparing to report third quarter results after the close. the first time since surpassing the $1 trillion market cap the stock is a winner up 50% with iphone demand in china which is a focus for investors our steve kovach has the market set up for you >> apple expected to deliver its third quarter in a row of declining year over year sales today. as sentiment in the u.s. economy improves, some are optimistic for the second half of the year for apple. outlook from apple on the quarter and any hints executives provide that demand for iphones is recovering. morgan stanley is writing that

the firm expecting to get guidance above the consensus which is thanks to stable iphone sales. dom, back to you >> joining me to discuss is daniel flax from newburger daniel, iphone is the biggest money part of the apple business according to steve, but service on the growth engine what are you watching? >> dom, great to be with you we're focused on the continuation of the ability to execute on the iphone products we are seeing the base continue to grow. we are looking ahead to iphone 15 and the new cycle for the fall which helps reaccelerates growth late this year and into 2024 the other key thing is as we he are talking about services which

helps to diversify the revenue stream we continue to like the name here even in the face of a challenging environment. >> the iphone has always been a focus because of the sheer numbers around it. it makes a huge bulk of revenue and regards to profits you mentioned the upgrade cycle. i wonder how much this quarter is about the anticipation of that and whether or not we see the iphone numbers play into the future outlook for apple is one where people say iphones are still the driving force behind the company. >> we're going to see a weaker period i expect iphone growth to remain muted given the compares s muted given the compars and macro environment and end of the iphone 14 cycle. we need to look at customer

satisfaction for the device which remains high they are infusing and improving technology with the camera if they continue to do that, they will attract new users and they continue to get existing users to upgrade devices again, the environment remains difficult. >> okay. i hesitate to bring this up because it takes a lot to move the needle at a company like apple with the $3 trillion market cap we have seen headlines with regard to the initial artificial intelligence ambitions for a company like apple joining many mega tech companies in the industry gearing up for that what exactly could apple say on the a.i. front that would mean anything to an analyst covering it >> if we step back and look at the artificial intelligence

which has been under way for years and infusing machine learning into the company. i don't expect a groundbreaking announcement this evening or in the months ahead around a.i. i think they will continue to use artificial intelligence to refine the product experience and really drive the differentiated experience and continuation of integrating hardware and software and services to delight users and provide the secure experience. i expect more artificial intelligence to get infused into devices, but it is really a part of the greater story >> daniel flax of neuburger. thank you very much. sticking with earnings, amazon is reporting after the clo closing bell with weall street

looking for the aws unit diedre bosa has more on that story. >> reporter: amazon is in so many businesses and the second quarter results is on spending in particular, growth is looking to support the opportunities with artificial intelligence amazon ad business could benefit from a.i. investment and profitability is top of mind the company hit record deliveries while cutting costs investors want to know if the efficiency can continue for the year dom, back to you. >> let's bring in scott mishkin. scott, deidra laid it out for us it is about cloud computing and

we have seen a bit of weakness on the mega cap companies with large cloudy v divisions what are you looking for here? >> amazon is still big here. we saw slowdown in aws last quarter and we think it will slowdown this quarter. we saw a large margin contraction which we are expecting this quarter a.i. is the topic of the last few months obviously amazon is a big player that way we do think we will hear what they are doing with a.i. >> only because you brought it up, i didn't have to, you brought up a.i i wonder amazon is one of the companies in tech that was early in that a.i. trade, so to speak, with you know what i'm talking

about. i don't want to say it with amazon, with artificial intelligence, what could they say that gets you excited or gets you a little less excited about the a.i. amazon story? >> it is aws and bringing a.i. to the customers in a way that is workable. you know, the education program designed for customers and how to best use a.i. i think they can talk about penetration and what they are doing for the customers of they have a large consumer base using the cloud. marry that with the a.i things are slowing down. it veal i about the future >> now we have taken care of business with the buzz words,

amazon is a large retailer and exposed to the consumer here and around the world what exactly can it tell us about the consumer picture and profit margins for amazon? >> i think there are two things going on number one is they are trying to get more profitable. we think that is happening the delivery speeds are coming down that means market share in the future these are all good things. they are part of the u.s. economy. we see the goods in the economy slowing. there is lot of extra buying during the pandemic. that will run through the numbers. it is more about the future. the future is speed. the future is margin that means market share. we think amazon will take market share the next few years as they automate and bring costs down and drive volumes. we just looked at what they are

doing with bosch lo and behold, amazon is cheapest by far as they are running a big sale we will see more from amazon and the competitor walmart doing the same thing automating and driving down costs at facilities and you see two companies eat a lot of share in the u.s it is a negative for a lot of retailers. that's the story of amazon andy jassy wants to do that. drive down costs and drive down the delivery times and take a lot of market share. we think they will do it we will think walmart will do it it is a problem for a lot of people >> all right scott mushkin, thank you very much see you soon coming up on the show, the bank of england is set to release the latest policy decision in less than two hours from now joumanna bercetche has a preview and why the street is stil split on what to expect out of the boe.

welcome back to "worldwide exchange." time for the morning call sheet. citi is downgrading roku from neutral to buy it believes this is priced into the market roku shares down p1.5%

deutsche bank is downgrading qualcomm to hold the bank said the slowdown could lead to questions rather than just cyclical ones qualcomm down 9% and b is downgrading etsy. bernstein was hoping to return to growth, but does not feel reassured. bernstein says it is hard to add to growth and reaccelerating etsy shares down 9% as well. time now for the global briefing brazil slashing the interest rate by .50% for the first time in three years taking many economists by surprise here and kicking off an

easing campaign. good economic news from china. edging higher in july after a five-month low in june the purchasing index is now 54.1 and marks the seventh straight month of expansion the bank of england setting the interest rate decision at 7:00 a.m. eastern time today joumanna bercetche is at the bank of england and filed this report >> reporter: the bank of england is expected to hike by 25-basis points today the market is split on whether they will go for a 25 or a 50-basis point hike. there is a 30% chance of the 50-basis point hike priced into the market the last interest rate move means we have seen a surprise to the downside on the cpi headline number coming at 7.9%.

this is the first downward surprise since january with analysts thinking this time around they will go for a lower increment on the hikes of 25 points core services is running strong with inflation and that is why the pressure is on the bank of england. another thing to watch is the qt envelope there could be an increase of that envelope up from 80 or 90 that is something to watch >> thank you very much, joumanna bercetche. ahead on the show, one word every investor needs to know, but a bonus round of big money movers p paypal beating forecasts the stock is under pressure by 8.5% shares of ev go with a

quarterly loss more customers are using the charging network shares up 14%. ab in-bev reporting a drop in the quarterly forecast due to the drop in sales of the bud light brand. despite that, shares are positive today you see that is up 3.5%. keep it here 'lha me tethbrk. i was having relationship issues with my old bank.

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welcome back to "worldwide exchange." time for the "wex wrap-up. apple has $10 billion in customer deposits for the

savings accounts meta able to launch ray ban smart glasses this fall. and microsoft is liked to hackers behind the phishing attacks. and juul is looking to raise $1 billion in new funding. shares of etsy are sinking after the sales outlook for the quarter are down. and tom brady is the minority owner of the english football club and set to become the chairman of the advisory board. from football to futbol. you see the s&p is down 1.3% from yesterday's close the futures market right now indicating an 81-point drop.

the s&p is down 12 points. the nasdaq down is down 87 let's bring in the financing partner at ubs ali, great to have you on this morning. i wonder if we go through the market narrative that we saw yesterday and should we be concerned with the weakness? >> this is interesting after the string of upgrading after the fundamental excitement about earnings and going past the trough and into what looks like a more favorable earnings cycle in comps i think what happened yesterday was a little bit of the one-two punch where not only did we have the fitch downgrade highlighting something, but we all know and is in the back of our minds is

u.s. citizens and investors will have the second punch with janet yellen talking about the issuance there is reason to be concerned. really a bully optimism in the narrative around fitch, but in the positioning in the market. for the first time in a few years, you know, hedge fund managers are all-in with fomo and the market momentum and forced to cover shorts of the it -- shorts of the a.i. trade we are priced with august being a volatile month with no fed meetings for a while other than jackson hole we will see volatility which is okay in the market >> so volatility is okay we just are not used to it,

alli we have not seen it in a long time that brings us to your "word of the day," alli. what is it >> precarious. i think in terms of the fight for perfection and i use a lot of of illiterations the rate cake is baked we are done and we will stay here for a little bit. that will capitulate we will start to see the other side peak rates are behind us the consumer can remain an resilient. as much as we keep talking about the consumer resiliency

narrative, the long effects of interest rate policies will catch up and you are starting to see headline stories like people are not interested in paying back student loans we had soft ism manufacturing numbers yesterday. you can't avoid recession forever. we can kick it down the road and make it potentially like the earnings recession >> alli, we have a few moments left what are your favorite parts of the market with the narrative? >> you have to go with the things that haven't worked well, but should go with the defensives if you believe what i said and you are investing in equities, you have to believe the rate cake is baked in and lock in one-to-five-year in bonds and un underperforming in growth, you have to get there. you have to go where the money

hasn't been and cash in on the crisis >> alli mccarthy, thank you. th ds fatoeitor us on "worldwide exchange. "squawk box" is coming up next meets bold new thinking. ♪♪ at 87 years old, we still see the world with the wonder of new eyes, helping you discover untapped possibilities and relentlessly working with you to make them real. old school grit. new world ideas. morgan stanley.

good morning stocks pull back after fitch downgraded the u.s. credit rating we're an hour away from the latest interest rate decision from the bank of england investors are split on how much of a hike the central bank will announce. plus, ab-inbev reporting a drop in profits since the b backlash against bud light

it is thursday, august 3rd, 2023 and "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick and andrew ross sorkin with jon fortt. joe is off today let's look at what is happening with the u.s. equities at this hour you will see red arrows again this morning this follows on yesterday's red arrows dow futures off 62 s&p futures down 10. the nasdaq down 42 stocks pulled back yesterday following the fitch downgrade of the u.s. debt. dow down 348 points. that is 1% s&p down 1.4%. in fact,