let's ask tim seymour, a cnbc contributor. this is put into sharper relief given the potential trump administration could take -- do we say a tougher line on china? >> i think he can get tougher, especially in terms of tariffs and restrictions on semis. i think jd vance has proven to be a china hawk, even more so than what we're seeing here. piling on china has been an important thing. if you're investing in cline, when you add that to china has been piling on china themselves. not only from a macro perspective, think of all the tech-friend tli china plays you could have been investing in the epic of all epic tech rallies, mostly dead money, mostly value destruction. when you think about china and the new administration, i think the pressure will be there. if you're an investor, the good news is sentiment is so poor that you clearly are coming in. if you look at the kweb, i only a handful of names in the kweb but it had a 40% rally and now pulled back 20%. ultimately, i look at an alibaba, i'm less concerned about the china ma

tim seymour? >> mets look to sweep the yanks tonight. right, karen? >> yes, so, vix has just had an extraordinary run higher as the market has gone lower. if we see one more big prove tomorrow, i would look to buy some qs on that. >> steve? >> ethereum grayscale mini came out, that's the way i'm playing. >> guy? >> it is the mets world series after all. general dynamics, gd. >> thank you for watching "fast. "see you back here tomorrow at 5:00. >> my mission is simple. to make you money. i am here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. mad money starts now. >> hey, i am kramer. welcome to primerica. i am just trying to help you save some money. call me at one 807 43 cnbc

on the desk, tim seymour, not on the desk, home, but he's here in spirit, courtney garcia, carter worth and bonawyn eison live on set. we start with the great market rotation or is it the great market broadening? whatever it is, it is nice. small caps which have been a clear underperformer this year jumping again today, bringing their gains since monday to 6%. that's the russell 2000's best week since november. the rate sensitive real estate sector the only s&p 500 group still in the red for 2024. it led the index this week up more than 4%. 4.4% to be exact. and the dow just up single digits this year versus a 20 plus percent gain in the nasdaq. jumped 250 points today, hit its first intraday record in nearly two months. it wasn't just a laggards playing catch-up. big winners of the er fr year from arm holdings, they were able to recoup much of their losses suggesting that maybe thursday's pullback was a blip in the a.i.-led rally. so, is the rising tech tide now truly lifting all boats? courtney, you pointed out this phenomenon earlier today. >> yeah, i think the question was, when you

on the desk tonight -- tim seymour, karen finerman, dan nathan, and guy adami. we begin with a pivotal announcement out of the trump campaign this afternoon. former president donald trump announcing via truth social that senator j.d. vance will be his running mate. the decision coming just two days after a gunman attempted to assassinate mr. trump at a campaign event in butler, pennsylvania. eamon javers is live at the republican national convention in milwaukee with the very latest. eamon? >> reporter: hey there, melissa. j.d. vance has taken to the floor here in the arena to greet supporters, and do a victory lap of sorts. he's been working the floor, talking to delegates, shaking hands, and a broad, broad smile on his face, as they prepare to select him officially now on the floor of the convention as the nominee for vice president for the republican party. nbc news reporting that j.d. vance learned just about 20 minutes before he was selected as the vice presidential running mate that he would actually get the nod. he didn't have a whole lot of time to prepa

on the desk tonight -- tim seymour, dan nathan, guy adami, and danny moses. >>> markets seemingly takingngs in stride after president joe biden stepped aside as the democratic party's 2024 nominee and endorsed his vice president, kamala harris. the s&p 500 up more than a percent, snapping a three-day losing streak. why the tow gdow gained 128 points. the nasdaq up a percent and a high. so-called magnificent seven stocks heading up today's tech rebound. nvidia, microsoft, tell la, and alphabet shaking off, at least for now, recent rotation headwinds as earnings season heats up. two of those names, tesla and alphabet, release earnings tomorrow, the first of the mag seven to report. while analyst expect tesla earnings to drop 30% from a year ago, they are expecting alphabet to have grown profits by nearly 30%. shares are up 30% already this year, while tesla's are basically flat. so, can alphabet and other tech titans meet the high bar that has been set for second quarter results? and wasn't it a good thing to have that rotation last week, guy? take a little air out of this -- >> yeah, i th

on the desk, tim seymour, courtney garcia and mike khouw. we start off with the tech outage that sent shares of crowd strike plunging as much as 15%. a glitch in the rollout of a software update roiled operations across industries, airlines grounded or canceled flights, banks and health care services were disrupted and td broadcasts went offline. >> oh, my gosh. >> but seriously i.t. experts calling it the largest i.t. outage in history, cnbc's steve kovach has got the latest. hey, steve. >> here's where we're at so far. issue with cyber security firm crowdstrike pushes out that update and causing windows pcs to crash. this was not a hack and not a cyber attack. crowd un a fix has been deployed, and we've already seen many systems throughout the day start to recover. crowdstrike's ceo apologized for the outage earlier this morning on s on "squawk on the street." >> immaterial to apologize to every organization, group, and person who's been impacted by this. >> it's unclear when everything's going to come back on online. he's told us not ever

on the desk, tim seymour, and julie beal, we start off with what might be the most critical week forhe big tech trade this earnings season. microsoft, meta, apple and amazon headlining the calendar next week. $10 trillion worth of market cap on deck to report. the earnings come after the first two mag seven reports failed to impress investors. alphabet and tesla's numbers not only hit their stocks, but sent the entire market to their worst day in almost two years, raising the fears that the once red hot ai trade might be broken. so will next week's results confirm those fears or give investors the green light to go all in on the trade? bonawyn, how are you feeling going into next week? >> a little nervous as someone who is a tech investor. with that said, i really think there's a large difference between tesla and alphabet's earnings. tesla essentially missed on every metric. google essentially said, listen, we're going to continue and ramp up our capex spending and if you believe the ai narrative, you are to expect there to be accelerated capex spending. i don't think that necessari

on the desk tonight -- tim seymour, karen finerman, dan nathan, and bonawyn eison.sident biden, vermont senator bernie sanders out with a new attack on the high sticker price of glp-1 weight loss drugs, saying novo and lilly need to stop, quote, ripping off the american people. the pair calling the price of treatment unkons bly high compared to what patients in other countries pay. with u.s. list prices well above $1,000 for a month's supply of the injectables. if obesity drugs captured even half their market, they say, patients would pay more than what americans spent on all prescriptions in 2022. biden and sanders calling to extend medicare price negotiations to 50 drugs, up from the ten currently on the list. and also today, by the way, lilly's alzheimer's drug getting fda approval, expected to cost $32,000 for 12 months of treatment. so, with all this news, less than six months before the presidential election, should investors be bracing for more pressure on pharma? and that, of course, is what investors tend to think, that as we go into an election cycle, all

on the desk tonight -- tim seymour, karen finerman, dan nathan, and guy adami.start off with that huge slate of earnings. some big names on the move in the afterhours trade. we've got team coverage on all these names. kate rolgers with starbucks, julia boorstin is watching pinterest. but we start off with steve kovach, who hasall the details on microsoft's results. steve? >> yeah, mel. microsoft squeaked by with beats on the top and bottom lines, but disappointing growth in cloud, and a big jump in capex from last march quarter is weighing shares down. first, the ruments here, eps was a beat at $2.95. street was looking for $2.93. and revenue, aer have slight beat here, $64.7 billion, street was looking for $64.39 billion. and on azure cloud growth, this was a little bit of a deceleration, and the first miss since october of 2022, 29% versus 30.2% expected. meantime, azure a.i. services percentage of that revenue, it's 8%. that is up 7% last quarter and 6% the quarter before that. so, at least that part is growing. that final stat is really important one to watc

on the desk tonight or really not on the desk tonight, tim seymour, mike ko, and carter worth.'m here all by myself. is it something i said? i'm sorry. your stayed away. >> we'll get back to you in just a second. >> we're going to -- >> we'll settle it in just a moment. >>> we're going to start, however, with a big day for big tech. the old guard stocks staging a strong rally today with meta, alphabet, apple, microsoft, amazon, all, all of them clousing at all-time highs. the moves coming even as payroll growth slowed in june and the unemployment rate surprisingly rose hitting its highest level in two and a half years. one notable name not joining the party, however, today, nvidia, down nearly 2% today. it is still more than 10% off its record that it hit just about two weeks ago. so, what do you make of today's action? and did the jobs report do enough to boost hopes for rate cuts sometime later this year? tim, figure it all out for us. >> tyler, very, very sad, and i wish i was there holding your hand right now. >> me too. >> we're doing that tv -- yes, i know. it's amazing w

on the desk tonight -- tim seymour, karen finerman, dan nathan, and guy adami. and we start off with the chip stocks getting hammered. the vaneck semiconductor etf plunging 7% today. asml, applied materials, and advanced microdevices down double digits. taiwan semi among the laggards, as well. down 8%. the latest moves coming from both president biden and former president trump indicate that trade tensions with china will, in fact, ramp up going into the elections here. so, this coming from all sides, in terms of political parties, and that is having the impact on the chip sector. trump specifically questioning whether the u.s. would actually defend taiwan in the event of a chinese attack. so, really throwing some concern on this trade. the chip selloff driving the nasdaq to its worst one-day loss since december 2022. the tech heavy index dropping almost 3%. so, does today's action mark the end of the red-hot semi trade, no matter what the outcome of this election, guy? >> the end. well, last night, cq was here -- you were on a shoot -- >> on assignment. on assi

on the desk tonight -- tim seymour, karen finerman, dan nathan, and guy adami. we start off with apple, adding another 2% today to mark its seventh all-time high close in a row, that is its longest streak of record closes since 2012. even with these big gains, wall street remains optimistic on the stock. laura martin upping the firm's price target to 260 a share. she writes that the company's $110 billion stock buy-back is a near-term positive, while others are forking up that amount to play for gen a.i. in infrastructure. apple expects 10% growth in new iphone shipments this year on expectations that new a.i. features can boost demand. the company aiming to ship 90 million iphone 16 devices in the back half of 2024. with the stock trailing behindds bet on apple and other a.i. laggards? this is the whole dilemma. guy, what do you say? >> first of all, the work you've done this week is remarkable. you are the hardest working person at the network. you were at -- >> i have the next two days off. just kidding. >> i was going to say. incredible work by you. look, i