. >>> and later on, cathie wood admits defeat for one of her worst supported funds. you're watching "worldwide exchange" right here on cnbc >>> good morning and welcome to the show i am dominic chu here at cnbc global headquarters. brian sullivan, as you can see there is in longen held, germany, with a look at the energy prices and the possible gas cliff facing not only germany, but the entire continent as well. brian, you're wearing a hard hat. >> yeah. we're here at the foundry, a 60-year-end family foundry why are we here, dom we're here because we're going to do this all show long and awe all day long on cnbc, we're going to connect the dot tweens the energy crisis and nord stream pipelines and why u.s. markets care we're going to go from there to here, using this as the storytelling machine to get to why it matter os to the united states as well and i'm going to give you, dom, my friend, a hot take on this as everybody's waking up. i believe a little pressure test, which we'll talk about in a few minutes here, a little pressure test on the nord stream pipeline i

. >>> and cathie wood. >> netflix here is reed hastings offering his assessment on last night's earnings call. >> we're talking about losing 1 million instead of 2 million our excitement is tempered by, you know, the less bad result. you know, looking forward, streaming is working everywhere. you know, everyone is pouring in it's definitely the end of linear tv over the next five, ten years, so very bullish on streaming. >> he did say losing a million, jim, it's hard to call that a success but well set up for '23. >> i watched this stock in the morning where everyone said relief rally this was simply not only not a great quarter, but i think it was a recognition that they're talking about a lot of mixed messages we're going to use microsoft why? because we're going the use microsoft. we did "stranger things 4," and now you're kwgoing to watch something else it wasn't a reaffirmation of growth those looking for it were disappointed >> that's a great way to put it, jim. the couple calls i had this morning with people who don't want to own the stock, and i will point that out, not owners of

cathie woods' main flagship is way, way off of the lows in the way of june.sumer discretionary another growth sector as you heard just re recently that's helping today on top of that and the banks are doing a little bit better and not much of of a growth group meantime, see cathie woods and you see twilio and spotify and all of your favorite names from ka cathie woods roku and shopify they've all been rallying and buying growth for later in the year why is there this big divergence kelly was talking about? health care is just getting clobbered today. united health is the main reason, look at that, 15 points. do the math on this, folks 15 points, you're talking about 100 points in the dow. all sectors of sub sectors of the health care group are trading down today and the same with consumer staples which have been acting rather poorly as growth and technology has had its day. kellogg, colgate and the favorite name is smucker with the high-beta consumer staple name all moving to the down side a lot of hope about growth later on in the year >> that's a very inter

and now housing may be joining -- may be joining that list >> so, guys, cathie wood's argument playingn stanley is saying about amex and the high income consumer back to you. >> kate rooney kate, thanks i feel like, mike, we should disclose when cathie wood -- to her credit, she's been consistent she's bearish, she thinks we're in a recession and we're seeing disinflation that helps the ark innovation fund if we are in a low growth or no growth period, in a period where inflation is coming down or declining, that's really good for her stocks which have been crushed when it's going the other way. >> at least that's the type of backdrop in which those stocks could come to the fore the big picture view is that these massive waves of disruption arin parentally disinflationary and it's not going to be about the current economic cycle that's the reason that they perform right here when it comes to the financials, it is very interesting without a doubt, morgan stanley is correct if we get a recession and consumers are fully struggling the way they would in a normal recession, but we got upgra

first, we saw cathie wood selling some coinbase shares. there is a lot going on here.rs trying to interpret some mixed signals. what is your take on what is happening in cefi versus defi and where is this all headed? mary-catherine: thank you for having me. while we at uniswap believe in crypto broadly as an asset class underlying technology, uniswap in defi is about decentralized rails for financial activities. a centralized exchange as you know operates the same way that a traditional exchange does it, but with digital assets. that is a critical difference. it means they are taking buy and sell orders, managing risks, whereas in contrast uniswap is like self-executing code. you have the code at the core of email and applications like gmail on top of that help use those protocols. what we have seen in the past few months is risk management challenges at some of the centralized players that have struggled. and also some internal risk control challenges. in contrast, decentralized protocols don't ever touch customer money. they don't have customer accounts. that means t

i'll sit down with cathie wood tomorrow at 6:00 p.m.tern capping off a critical week of earnings we'll be right back. ♪ ♪ connecting to opportunity is just part of the hustle. ♪ ♪ opportunity is using data to create a competitive advantage. ♪ ♪ it's raising capital that helps companies change the world. it's making complicated financial concepts seem simple. opportunity is making the dream of home ownership a reality... ♪ ♪ ...writing new rules and redefining the game... ...and driving the world forward to a greener energy future. (applause) ♪ ♪ opportunity is setting a goal... ...and charting a course to get there. sometimes the only thing standing between you and opportunity... ...is someone who can make the connection. at ice, we connect people to opportunity. (ted) after talking and texting for years, we got married... for the family plan. (jane) and then we really expanded our family... for the wireless savings. (ted) it seemed like the responsible thing to do. (jane) and then, just yesterday, my sister told me about visible. (sist

cathie wood's ark fund higher. joe, you've been watching them, what's your take >> well, as i said before, the market has pivoted from focusing on pricing assets correlated to inflation to now pricing assets relative to an economic contraction and the potential for a recession, which i think is a 2022 conversation so, you know, you go back and you think about the post-world war ii recessions and there's been 12 of them. and i think the focus is on not so much price being your enemy but time being your enemy. think about the median decline in those 12 recessions 24%. well, we went down peak to trough 24.5% for the s&p on june 17th the average length of a recession, ten months. the longest being 18 months back in 2007. think about the multiple for the s&p. i heard josh mention that. it contracts by a median of 21% so we've done that so now if you look forward, you think to yourself, all right, if time is the enemy and we've endured much of the price damage and now we're thinking about an economic contraction, what co

kr cathie woods is up 30% and that's a hefty gain and the genomics and biotech etf is up, and the etf5.5% and a nice 5% gain and it indicates that stock selection does matter here more information is available on the ft wilshire etf hub. let's get to seema mody for the cnbc news update. >> kelly, good afternoon here is your cnbc news update at this hour. in a statement, president biden said he was stunned, outraged and deeply saddened by former japanese prime minister shinzo abe's assassination and telling reporters he does not believe it will have an effect on japan's security. >> i tried to put a call in to the present prime minister, and he was up very late there, and i'll be talking there in the morning. i do not believe it's likely to have, but i don't know yet, likely to have any profound, destabilizing impact on japanese security or japanese solidarity. >> incredibly sad news moving on here, the national institute of health is rolling out one of the largest studies in the world to understand long covid symptoms the study will cost over $1 billion and will follow 40,000 particip

it is a little more expensive than the market but compared to the cathie wood stocks and names in thet looks like a value stock. charles: i got to tell you, i love the way the software names are acting. i know you also like crowdstrike. i love the way those names are acting as well. david nelson, thanks a lot. folks we'll be right back. >> thank you. ♪ and doug. [power-drill noises] alright, limu, give me a socket wrench, pliers, and a phone open to libertymutual.com they customize your car insurance, ... oug sighs] limu, call a mechanic. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ researchers believe the first person to live to 150 has already been born. it could be you! wow. really? of course, you'll have to eat your greens, watch your stress, wear sunscreen... but to live to 150, we're developing solutions that help doctors listen to your heartbeat while they're miles away, or ai that knows what your body will do before you do. cool. introducing elevance health. where health can go. say goodbye to daily insulin injections. intomnipod is a tubeless,th. waterp

alix: cathie wood's is closing down one of her etf's and it focuses on companies that receive high scoresansparency. her management has pulled the plug on an etf. she is not alone. closures are also piling up after drawing billions of investors bracing for a recession. i would also argue that part of this is a tech thing. if you look at the members within the etf she had to close, it's spotify, net licks, nvidia. that's a similar theme. anna: absolutely, this was a confluence of two challenging themes, one with tech and one with etf's and transparency. a lot of investors do want to talk about this we are also still have the war and that changes people's perspective. alix: coming up, a quarter for twitter with that battle with elon musk and disappointing sales numbers. we will talk to an analyst is bullish on the stock coming up next. this is bloomberg. ♪ millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 i

cathie wood's ark fund is up 30% since the bottom five weeks ago.tionary, tech, these are all growthier parts doing well energy is down a bit, but it's rallied a bit this week. the bulls keep screaming, stop with the earnings apocalypse story, because technologyhad a big downturn they do have a point from peak to trough, from january to mid june, 31% their argument, that's enough to justify, you know, looking at whether or not there's a bottom. s&p only dropped 24% leslie and david, it's not clear whether this is actually the bottom, but a lot of these names actually did had a pretty severe downturn guys, back to you. >> and then of course next week we get meta, alphabet, microsoft, so it will be the next big tell for those tech stocks. >>> let's bring in david bait lynn, and ernesto ramos. thank you both for being here. david, let's start with you. given the back drop that bob pointed out, things are starting to look up, growth is starting to work again. is this a temporary phenomenon, or just back to 2020, 2021 again? >> it's way too early to say

that was a big cathie wood name. she's been terrible. >> okay. >> now, cvs is down a lot op walgreens has not made its move yet. one of the hidden things that people don't know is pilferage >> shrinkage that's why everything is under lock and key at cvs. >> it's easier to order from amazon and have it come to your house than it is to get someone at one of these drugstores to open -- you ever try to buy a razor blade? >> i can't buy ice cream behind lock and key. >> here's the strategy they let you steal one thing, but if you steal more than one thing they nail you. the fact that this is actually true is shocking you can steal one item you know what margins at these places are, how thin they are? >> i know. look at that >> there was a diversion in front of me at target where a guy was demanding -- >> i know. >> diversion so there could be a jailbreak of people stealing things >> left a mark >> i said to the clerk, i'm going to pay for this. and the clerk was puzzled. >> think about your "mad dash. that's what we have

funds controlled by arc's cathie wood dumping coinbase for the first time this year according to bloombergis the largest crypto skpaij. that's an s.e.c. investigation they sold over 1.4 million shares worth about $75 million as of yesterday's close. the firm's flag ark innovation sold shares. who knows how much the first, second, and fourth have. by the way, coinbase not reacting to that report. it's 5% to the upside, but we're going to watch coinbase on the ark investment news. >> the fed is announcing its decision today at 2:00 p.m. eastern time they will raise rates. the only question is by how much will it be the expected three quarters of a percentage point or will they go big, a full percent? inflation is at a 40-year high the question is will chairman powell at the federal reserve be forced to be more aggressive in terms of bringing down inflation? that's the question. let's get answers. joining us now, michelle happy fed day. >> happy fed day, brian. >> maybe next fed meeting -- do you think they go big? is there a possibility they go one full percent >> no. i have to say the marke

the guest is cathie wood at 6:00 p.m.tern time. >>> contestant has other top stories. >> reporter: the bike administration is apparently giving a yellow light on expanding second covid booster shots to americans. new formulations are coming in september. it is targeting a dominant some variant and the white house reportedly wants to wait for those who shot before urging people to get another booster. all adults are expected to be eligible and children may be eligible, as well. right now, only people 50 and older and immunocompromised people older than 12 are eligible for that second booster. >>> instacart is claiming to go public before the end of the year. instacart is considering after previously leaning toward going public. the company filed to go public earlier this year just as the market sale again. instacart bankers have also started to approach thinkers in the so-called testing waters. >>> twitter raising the price of the subscription service. that service allows subscribers to pay for features like the ability to

. >> arc invest cathie wood has said that we have commentsary coming out and inflation is running at fastest pace in 41 years, but what is going to be worse, professor, in your mind is it the inflation we have right now or the threat of deflation going forward? >> i think that what's happened now, what we've seen in the past is the pumping of the brakes, as i've said, which is slowing down the economy. i think the idea that because we've had bad inflation that necessarily implies bad policy or that we're in trouble is wrong. i think what we've had is's cooling down of the economy. if there's deflation that's happened in the next six months i don't think that will be detrimental to the economy at all. i think what will happen is we'll have a cooling down of the economy. remember, we have been spoiled with zero interest rates and open up your mailbox and there are checks to spend money on we've been a spoiled economy right now. we're moving back into pre-covid days where we have normal interest rates and normal gdp and everything is settling down. that's my view >> let me bring steve l

they are going for is a little more of the growthier part of the market and ark innovation, and cathie wooda good day and the retail on the strong retail sales numbers, good day and these are all growthy sectors of the market big-cap tech, good day overall a mixed week apple's up about 1% overall for the week, but that's up today. microsoft is still overall down for the week and they're mostly on the upside. nvidia up, google up and google has had a tough week alphabet down 6% for the week. elsewhere, another strong day. people are playing the travel and leisure play right now so we've got some of the casinos that are strong today. the airlines generally are up. hilton and some of the hotels also are having a strong day and they're among the biggest performer in the s&p 500 banks are having a good day because citigroup helped turn everything around, but don't kid yourself yesterday we were putting up 52-week lows for all of the money center banks and all of the big regional banks like pnc financial and we were at 52-week lows and so they're turning around a little bit and again, not a good

on top of it, there's not a bigger fan of roku than cathie wood with ark.target at $240. a lot of people are looking at a target of $150 i think there's going to be a rebound at one point. >> all right makes me nervous what about paramount, tom? >> yeah, so paramount, this is one of those stories where i don't think even tom cruise can win this battle. the most valuable part of the business at paramount is the nfl and march madness streaming deals. it's 75% off its high. it's got a good dividend, 3.8% and the single digit pe. although "tom gun maverick" should take them through the third quarter from a profitability standpoint, the news that the nfl has just announced they're going to launch their own streaming service, nfl plus, is probably of great concern to paramount because they depend tremendously on the nfl deal. i think it's a hold right now. >> well, disney is also a company that has an awful liot riding on the nfl as well through espn and college sports for that matter. >> you're right, tyler the big concern is espn plus has a price hike of 43%, a

the tech trade including an use interview with cathie wood, that's at 6:00 p.m. tonight. and "halftime" will be right back like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim® web. because platforms this innovative aren't just made for traders -they're made by them. thinkorswim® by td ameritrade ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq >>> welcome back to the halftime stocks are higher as we close out the last trading day of the month. consumer staples are the worst performing sector today. being led to the downside. jason sunshine, you own it >> yeah, p&g obviously, the staples have outperformed year-to-date but struggling this month with the growthed by we've seen what's been troubling is the

problem, when stocks go on sale, and they're good stocks, good stocks, jpmorgan, not talking about cathie wood talking about jpmorgan. when you think things go on sale for me, for any long-term investor like the banking industry, i think in a rising rate environment, banks end up doing well. i think this is a great opportunity. cheryl: banks usually make a little more money when interest rates are higher. dick bove doesn't quite agree with me on that. he used. fed funds futures after the cpi report yesterday they're pricing in a 85% chance of a full point rate hike this month. >> yeah. cheryl: do you have faith in the fed they can fix this? >> well, listen, i honestly think i'm in the larry kudlow camp. i think they should have raised by 100 basis points two months ago. i think they missed the opportunity. that puts them behind the eight ball after yesterday's ppi report, clearly inflation is not responding yet. i think they have to get more aggressive, 100 basis points in two weeks. now fed fund futures getting 75 in september. potentially talk may be intermeeting hike in august, right? that

i'm not going into the cathie woods names at all because they weren't in my portfolio to begin with sobe there now but where i'm getting more aggressive, look at more semiconductor names which have gotten absolutely slaughtered down 35% year-to-date. those are starting to lift their head up f, if we can manage the landing whether it be hard or soft i think opportunities like that. nvidia which is name everybody owns, i own it, i own it at higher prices but down here i saw it was kind of building a base around a level that it found some real resistance back in 2020. it fought, it fought and broke through and used that as long-term support where it found the support the other day. i'm back buying more nvidia down here because i think it is okay. charles: at the beginning of the year, a lot of folks, last year you were ahead of the crowd. you got out of growth, went into value. it was looking amazing, all of a sudden defensive sectors took over at the expense of everything. is there one sector you want to be in more than any other to hide out until the coast is clear? >> so, no, i guess w

energy stocks starting to get hit, money starts to rotate towards tech you saw arkk go green with cathie wood so maybe it's flowing into the hardest hit areas and then sectors like energy or oil take a little bit of a corrective phase and that helps. lauren: the first half, that's performer, energy, the worst performer as we're entering the second half. scott redler, thomas hayes, thank you so much for the time. >> thanks, lauren. lauren: american airlines take a look at the shares right now because they face some holiday weekend turbulence from a glitch in their pilot scheduling system that threatened to cancel thousands more flights. the stock is up 4.25%, so this error caused more than 12,000 flights to be dropped from pilot's schedules. it was quickly resolved. american airlines avoided mass cancellations, good thing, let's take a look at its competitors after the july 4 holiday. you can see it's a mixed bag. jetblue and southwest are lower but you do have american, united and delta, all higher. 4th of july holiday travelers face major headaches, with the cancellations, delays, lost bagga

how about cathie wood and ark? that is up 7%. i'm sorry this is is up 19%, folks. this is us why, these are huge, huge moves. we kind of talked about that. sarah, you actually told people if they felt good about these things they could actually go and buy them. the question though, does this kind of thing return? we know they will go up 24% every month from here on out but do you think the upside is still possible? >> i think that there is still upside if you feel comfortable about, you don't necessarily, you don't want the stocks to go back necessarily to their highs of last year which in a lot of cases especially my industry of tech is pure hubris. you always lecture me on when i come on here. these were companies value all out of whack with reality. i think now look for names that reflect reality. tesla had some dips but still an insanely overvalued company compared to its competitors like fords, asian carmakers that are churning out more and more electric cars that people want actually afford don't blow up. charles: nancy, you're advocate of buying you like to

it good discussion tonight don't miss the tech trade, hosted by our deirdre bosa featuring cathie wood and dan niles and more he was pretty negative on the names on monday shorting a bunch of them. didn't work out too well for him. look forward to hear from him later tonight at 6:00 p.m. on cnbc. >>> it is a strong week for tough but harder for retail after walmart and best buy, we'll discuss the landscape with the columbia sportswear. we have nearly every sector positive energy and consumer discretionary and industrials lead staples and health care are the two ones that are lower. we'll be right back on "closing bell" here on cnbc thanks for coming. now when it comes to a financial plan this broker is your man. let's open your binders to page 188... uh carl, are there different planning options in here? options? plans we can build on our own, or with help from a financial consultant? like schwab does. uhhh... could we adjust our plan... ...yeah, like if we buy a new house? mmmm... and our son just started working. oh! do you offer a complimentary retirement plan for him? as in free? j

. >>> tomorrow do not miss a cnbc special, "the tech trade" with cathie wood, tomorrow at 6:00 m.n bcpwe trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the market. (♪ ♪) how do we demonstrate our helunmovable strength?ades (eagle call) nope. how do we show that we'll stand tall through the storms? nah. (thunder) how do we make our clients feel secure and- ugh... not lions. (lion rumbles) we do it with our people. people who've been looking after people for over 170 years. >>> stocks holding on to strong gains as he head toward the close. the dow is up 342 points check out some of today's top search tickers on cnbc.com the 10-year yield right on top we're seeing treasuries rally today, a continuation of the post fed move with yi

cathie woods' ark funds have had a great one or two weeks they're up and that's an inflationary indicator that's moving to the down side as far as what else is moving, travel stocks having a tough time of it and think, we had the airlines reporting, but they've had a very nice run in the last couple of weeks. so that's not surprising, perhaps they're down today on their earnings report. travel, of course, we said carnival a billion dollars in new stock sales out there, and that was a little bit of a surprise to the market, i think, but again, both of the cruise lines have been doing very well, recently. as far as what's going on with energy stocks. i want to show you now, three up days and now a down day and the bears want that, because that's the indication that we'll have some kind of move in oil today oil's at $96 right now and the key also, kelly, mega-cap tech stocks holding up very well throughout the day back to you. >> big move lower in oil and we'll have that in a moment, bob, thanks. we saw yields drop significantly and then kind of stabilize rick santelli, what can you tell us

four horsemen of thepock lips, spacs, meme stocks, bitcoin, for lack of better way to put it the cathie woodk into what companies you want to own, what does the economy look like, where we're going from here. charles: always good to see you, thanks man. >> all right. charles: senator manchin put the kibosh on last efforts to "build back better." president biden trying to figure things out because the left is pushing him hard. maybe he takes matters into his own hand. the white house says he will take strong executive action on climate tomorrow. there are reports he will stop short of declaring a full climate emergency. heritage foundation genevieve wood. this is a game we're playing right now but i'm a little frustrated because the white house made these overtures saying we'll get around the supreme court, you know, their decisions. now they're making overtures saying we'll get around the rules of the senate. and i understand every administration has their agenda. they have their ideology but i'm worried about how far this president is going to go to get around the rules that make our republ

later this morning don't miss an exclusive with arc invest cathie wood joining us on our special "theh trade" hosted by deirdre bosa. box on yesterday. >> some unfortunate oneslately >> we'll see what her view is -- >> look it doesn't matter right because you have to have that long-term view i'm taking a 50-year horizon she bought a lot of roku region. that's worth asking. when i'm 110 i'm going to kill it you wait in my coffin i'm going to crush it. >> jim's 50-year price target. we're getting close to 4100. s&p up 25 points as we go to break, take a look at bond report again, the macro number is not that great pce year on year, 6.8. highest since '282 core 4.8 up from a prior 4.7. >> did three quarters. maybe he should have done 275. >> you got the two year back to 2.91 we're back in a minute. >>> the bond report is brought to you by -- dolly varden silver is advancing their high-grade undeveloped asset in bc's prolific golden triangle. the property includes two past producing mines, and over 135 million ounces of silver equivalent. dolly varden. do you have a life insurance policy

cathie wood has been on a tear, but not today.s, also well. >>> just running out of the steam. slightly, but not as bad as some people were afraid of. now going back to 2019 levels, and i want to highlight herkie's and pricing is the key -- and pricing up 9.5%. volume up 4.6% so where are we right now? look at this, the s&p is up 9% since the june 16th bottom ark innovation fund is um nicely since then consumer discretionaries is up we've had housing moving nicely. travel moving nicely tech has been up semis have been up as well it's the growthier parts of the market essentially moving nicely right now. q3, q4 earnings is where everything is focused. we're not seeing the earnings apocalypse that people were talking about. ed fed is hopeful they'll be done by the end of the year powell, of course, would not commit to anything like that they still have price hikes in 2023 but powell is getting the slowdown he wants right now. that may be one reason we're getting a relatively muted response to the markets today. carl, back to you. >>

♪ ♪ [ droning sound ] >>> cathie wood's ark innovations trying to bounce back both tesla and roku witheversion in ark's extra jects torrie >> they benefit from the etf structure. >>> the dominance in the ev market may be sliding a bit, phil >> maybe the first quarter basically in line with last year, but they won't be able to hold 74% of share forever. it says it's up 99% to more than 273,000 vehicles, and they are picking up ev market share hyundai doesn't get a lot of attention, but it's quietly picked up a share. california sells basically one of out of every three evs in this country, then florida, new york, essentially tied as the second and third, and texas coming in fourth the model y being built down there in austin is a big reason sales in texas have been shooting up. when you look at shares of tesla, keep in mind that the market share is expected to erode. it's also gaining in california and texas, and also want to talk about shares of general mothers and ev go. they have a partnership with flying j, huge areas for people to stop and get gas, not just strucker, but as well as

we are watching shares after cathie wood sark funds.ad of the machinery makers earnings next week. over in south korea, the government planning to exempt taxes on interest income and capital gains but not residents. foreign companies investment also and bonds and monetary stabilization. bonser also included in the proposal. also on the tax fund, top corporate tax reduction 22% from 25% could be underway. plus, major company earnings to keep an eye on industrial bank of korea said to report their second quarter financials today. haidi: let's get a quick check of the latest headlines. one of elon musk's top lieutenants is said to be under internal investigations or his role in a plan to get construction materials. he is the executive running texas tesla's factory. they said tesla plans to part ways with him in terms of the exit. some inquiries have already moved over the investigation. sam some electronics is spending on most $200 billion to add 11 more chip manufacturing plants in texas. the company revealed the plans to compete for a fi

now, it is interesting to think that shop gify, which i have on tonight -- >> cathie wood just boughtres >> sold coinbase that was smart we were waiting, wait a second, she bought shopify and it's down, but it looks like the chart of what happened with the pandemic the stock has been very much in keeping. some people telling me, listen, jim, it should never have been where it was, and i agree with that when i speak to farleigh tonight, they didn't whip out the small and medium-sized business cohort. they didn't. it's still thriving. i think a lot of people are really caught here, really caught, carl, because there's so much that is good. remember, al kelly -- visa represents a lot of the company, american express jim, they only represent the wealthy. no, the middle class and the wealthy. job not done because of that i guess. >> your point about the covid pull forward, the big head fake, the normalization, whether it's shopify -- spotify as well the guidance sort of mixed and they rer' dusing hiring by 20 v 25% in the back half >> spotify added millions of users, 5 million, ads still d

you don't want to miss a cnbc special, called the "tech trade", with cathie wood at 6:00 p.m.n tech land back after this. >>> welcome back to "squawk box," everybody. we do have some tech earnings out after the bell, and those stocks are on the move this morning. intel posting a surprise second quarter loss and intel cut its outlook for the full year blaming a rapid decline in economic activity the slump in purchases of pcs and delays a drop in total pc sales for the year, it's down by 11.25%. apple shares climbing on the back of better than expected results. this is enough for the street. the street liked what it saw the stock up by about 2.3% and then there are shares of amazon, which are surging on the back of its better than expected revenue in the second quarter and an optimistic outlook for the current quarter. the online sales pull back from pandemic highs, but it was much better than the street had been expecting. the ad business proving to be a real bright spot, too. and can you see that stock up by more than 11%, which is a huge move this is a company with a market c

. >>> we have not talked about this the entire show we're watching shares of coin base cathie woods droppingesterday. ark was the third biggest shareholder of coin base as of the end of june. you're looking at that stock now trading at 55.27, and it's just clear, i think, that you're going to see more and more investigations that if they're not into coin base itself in and around coin base and in and around these companies, crypto companies. >> the question is, were they allowing investors to sell to other securities, and as a result, would they have to go ahead. >> and are there going to be fines, how big would the fines be what happens lots of questions. >> i don't have any, but if i did have some that i bought at3 wouldn't you love it at 55 >> alice in wind wonderland, my friend my question is, at $11 billion, $12 billion, which is what the market cap is today, if you're a big financial player out there, wouldn't you want to call mr. armstrong and say you know what? you actually have an interesting business, we want to be in the crypto business longer term, i'll pay you double. pay you $2

power because they're the kind of junk that you and i have had to deal with for ages now because cathy woodeir value, it's interesting to me, but they have to make a lot of money and return capital i don'tthink it's micron there is a reason that stock rallied. it's just -- if sanjai is right, and i think he is, it is four more months of action. so i don't know. i listen to people and say over and over watch out we're in a recession because the ten and 30 year. it's easy to see maybe this recession is not a recession, maybe it is just a victory by the fed, and everybody says the fed is late. it doesn't matter when it does it we'll see friday if we think the final straw is harder to get a job and then you're really home free >> jim, thank you, we'll s yeeou in a few minutes >> thank you ♪ music ♪ ♪ dream, dream when you're feeling blue ♪ ♪ dream, dream ♪ accenture. let there be change. >>> a little more than half an hour 9 wall street futures right now are pointing to lower futures. we have joined now by the cofounder and cio at defiance. great to have you with us. the great pull back in the