a great interview with the ceo of amazon, andy jassy, going from a big bank take to a big tech take. take a listen. >> i don't think any of us believe we're out of the woods with the economy as i said, i think there's a lot of uncertainty and i don't think anybody knows what the next several months will be like. like everybody, we have a plan and we had a plan the last few years, too things changed >> bryn, back over to you. you talked about possible versus probable it seems like andy jassy is saying it's very probable that we have something close to a hard landing >> i mean, think about the infrastructure that andy jassy runs and so i think that's just being a smart ceo. you're not going to lean in early because there's such a complexity to the business i think amazon, what i thought was interesting from the interview, is that he's not saying -- he's not going the mark zuckerberg route saying this is a year of efficiency we're business as usual. we will continue to deliver with aws, continue to deliver for the consumer, and i said this all along, i visited the amazon warehouses thre

but again, andy jassy, his tenure has been marked by cost cutting.ery different than the bezos era of spending at all costs to grow and enter new businesses. >> going to be fascinating if and when they turn on the jets again. deirdre, great look at the hollywood portion, though. deirdre bosa when we come back, jetblue's founder and former ceo david neeleman is joining us, now running breeze airways we'll talk about who's to blame for some of these persistent flight delays and cancellations, the airlines or the faa? we'll discuss it >>> and speaking of weather delays, the nathan's hot dog contest had to be pushed back several hours yesterday as storms rolled through coney island, but it wasn't enough to top stop joey chestnut from capturing another title. he'll join us in just a few minutes. don't go away. somebody would ask her something and she would just walk right past them. she didn't know they were talking to her. i just could not hear. i was hesitant to get the hearing aids because of my short hair. but nobody even sees them. our nearly invisib

. >>> plus, amazon ceo andy jassy weighs in on a.i. and everything in the economy. >>> and the second half for the economy and the legacy big three. it is friday, july 7th, 2023 you are watching "worldwide exchange" here on cnbc >>> good morning welcome to "worldwide exchange." thank you for starting your day with us. i'm hollafrank holland. let's look to the third straight day of losses with the dow and s&p with the worst sessions since may. futures are in the red across the board. however, off their lows of earlier this morning nasdaq is hardest hit down almost .25%. the bond market has a lot of movement yields moving higher on the heels of the adp private payroll report with the 10-year treasury back above 4% for the first tim sign may and the 2-year treasury is hovering highest in 16 years at 4.982% we are looking at the energy markets with a move higher wti unchanged at the moment. now just about $72. brent crude at $62 this is pressure on the fears of rate hikes in the u.s. all this as investors await the june jobs report due out

and we have a can't miss azoman interview with andy jassy.e right back you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire somebody would ask her something and she would just walk right past them. she didn't know they were talking to her. i just could not hear. i was hesitant to get the hearing aids because of my short hair. but nobody even sees them. our nearly invisible hearing aids are just one reason we've been the brand leader for over 75 years. when i finally could hear for the first time, i started crying. i could hear everything. call 1-800-miracle and schedule your free hearing evaluation today. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. >>> we are now in the closing bell market zone we're here to break down t

finishing the day lower and, of course, we will have more from that amazing interview with amazon ceo andy jassy tomorrow that's going to do it for us at "overtime. "fast money" begins right now. >>> right now, rattled by rates. stocking struggling as bond yields spike and as we count down to the jobs report tomorrow should investors fear markets will wilt under the blistering move in bonds? >>> plus, the billionaire battle r r royale meta's new social media app threads racking up millions of u users in a single day. >>> and later, new york city delivering bad news to a host of gig economy stocks we'll have the latest on youber door dash and manufacture. i'm melissa lee, this is "fast money. we start off with the unrelenting rise in rates. the two-year yield jumping another seven basis points today, rising above 5% for the first time since march and its peak for the session, it was at its highest level in over 16 years longer term treasuries followed suit with the ten-year crossing back above 4%. the move coming after much stronger than expected private payroll report raised expectations for mor

so we're not at the turning point, we are incredibly close >> this i think is a big deal for jassy. is that? >> i mean, you know, he inherited a very tough situation. you know, after covid, the company had uploaded the structure, they had overhired, overcorrected for covid in anticipation of more waves and they have to right size the business and the fulfillment network. and you know, he had some degree of religion around the cost structure. so it's been a tough situation, and the stock has not performed, as well. it's well under where it was when he took the helm at amazon when bezos left. so i think he needs that redemption in order to say that he successfully has taken it to the next level >> what does he -- i'm sure jassy, when he is getting pitched, i doubt they're starting with the retail business they're probably talking cloud or ai. maybe i'm wrnong. what do you think needs to happen with the retail business and how does prime day fit into that >> ultimately, it's about how do i get products to customers as fast as possible that's the whole point of the implementation around

jon's interview with amazon ceo andy jassy tomorrow. that's going to do it for us at "overtime. "fast money" begins right now. >>> right now on "fast," heating up will the surge in the ten-year to almost 4% be a warning sign that this red hot summer rally is about to get cooled off big time >>> plus, throwing in the towel. goldman sachs ditching its sell rating on netflix. this after the stock has rallied close to 130% since goldman made that call. the next move for all the streamers straight ahead. >>> and later, a buzz kill on coinbase and meta's new social media brawl with elon musk and twitter. i'm melissa lee, this is "fast money," we're live at the nasdaq market site. we start off with what might be a major warning sign for the markets the yield on the ten-year treasury touching its highest level since the collapse of silicon valley bank rates just a few basis points shy of 4%. the two-year getting within a stone's throw of 5%. the yield had fallen below 3.6% in late march. does a steady climb higher threaten the market's recent run? and will it put a cap on how much highe

>> the next segment is jassy sounds sound means it's going to be a sot bite from andy jassy we're not back to playing music. i'm looking at my side shot. i've gone gray i've never liked i got a haircut yesterday. normally i would go and they cut off all the gray and people accuse me of using grecian it is not working anymore. >> i can tell you about a k colorist >> how long does that take >> a long time >> this is 11 minutes. this one looks like it took 11 minutes. >>> amazon's ceo andy jassy challenging the notion that amazon's fallen behind in a.i. in our interview with jon fortt, he highlights the cloud business to benefit from new a.i. applications run the sot. >> all of the teams are investing the customer experience with generative a.i we are building the applications the overwhelming majority of the applications will be built by other companies and we are optimistic people will build them on top of aws >> he is hoping for new age smooth jazz. some something. >> i could whistle for you. >> don't do that that's jarring take five. andy jassy states the environment is the hype cycl

i sat down with amazon ceo andy jassy yesterday. he described the road forward as still uncertain for the economy despite the sticky labor market and the big hire for equities early in the year. take a listen. >> i do not think any of us believe we are out of the woods with the economy. i believe there is a lot of uncertainty and nobody knows what the next several months are going to be like. like everybody, we have got a plan. and we had a plan the last few years, too. but things changed. we spent a lot of time as a company -- we continue to spend time looking hard at all of our businesses and trying to be lean as we can be on costs while making sure we preserve the key investments that can immediately change customer experiences in the customary long-term. i think so far we did a pretty good job of that. >> ben evans, senior portfolio manager and head of fixed income and david katz. ben, you're here with me on set on a friday evening. i appreciate that. so this jobs number, not that you do not care, david -- we care about you s we

ton of people from amazon into logistics and warehouses that said you know amazon ceo is now andy jassy longtime amazonian and and you know i have some reporting in the book where he looks at wal-mart and he thinks they're sort of, you know, in some ways as big and big and bad as amazon and he can understand he's talking to his internal why is the government not focused their scrutiny on walmart they're you know they have more revenue than us they have more physical market share than us. and so there there is that point and begrudging respect. but, you know, there's also this this this real thing that are they are still a core enemy of ours. and not understanding why they don't get no longer get the level of scrutiny that amazon's now facing. yeah. so maybe we move on to amazon's side of the story and i really liked your intro where you talk about your brief encounter with jeff bezos and you know, you ask about his outfit, his answer was very interesting that, you know, it kind of captures what amazon is trying to do in the retail world, basically applying new on, you know, in a very ol

it's rival amazon it's a major player in china competing with alibaba in that market, we had andy jassy last night say you know, the chines cloud provider, they're actually really good. he says their ai capabilitie are sort of on par with th american ones. take a listen to what he had t say. >> there are some verycompanies companies, or chinese companies. >> so, contessa and tyler, that's a big vote of confidence from the largest cloud player in the world. he's directly referencing alibaba because that's the biggest chinese player globally. some optimism there, but could be calculated on andy jassy's part we had reports that the biden administration is looking at restricting chinese companies' access to american cloud players like amazon and microsoft. i don't think he wants this to happen so he's essentially saying, it wouldn't make that much of a difference because alibaba and some of the other players have the same capabilities >> so it would require amazon and microsoft to ask permission before assisting chinese customers. is the converse also true? in other words, would american co

alone and we're expecting it to exceed that this year. >> speaking about the broader environment, jassy fortt that consumers are buying, but are price conscious. they're trading down, bargain hunting, which could incentivize shoppers or keep them from spending on a day like prime day. still elevated inflation and weakening economy new analysis of buying trends points out that shoppers are trading down to private label products which the firm says is, quote, proof that amazon is not engaging in anti-competitive practices on an absolute basis this, of course, references that ftc lawsuit that alleges amazon uses deceptive practices relating to signups making it hard to cancel so at least d.a. davidson says there's evidence that is not true we will see what happens with the buying trends it's 48 hours in 24 countries, lot of shopping left to go. >> it's so huge, and yet it feels like, i don't know, your sense of it, it's not the biggest mover for amazon's stock lately or for the analysts on amazon we had mark mahaney on last year, because of aws and the shift towards a.i. how is the street

. >> when you criticize jassy on spend, they don't come back and tell you that you're wrong they come we're going to take action, and then they do i think jassy is saying, listen, i finally got my arms around it. i've got a great cfo, and i am going to find where we're spending too much. i'm going to kill projects that's one of the reasons the stock is so good jassy is a vicious competitor. i find him funny, by the way he's a humorous competitor he's not like zuckerberg, who's not humorous he's just not. he's not a -- you know, he's not a world championship funny man >> yeah, yeah. there's also this "journal" piece about the united states preparing to block china's use of microsoft cloud products, aws. >> there's gina raimondo again she looks at where they can get the edge over us, and she says, we're not going to have it >> she's aon the tape this week saying, please stop decoupling >> she says, we just gave billions of dollars in handouts to tech companies, and you're not allowed to sell it to china. get serious. you lost that market if it's by china, for china, which is the nike wa

bit marginally, but to mike's broader point about macro uncertainty, that was a large theme for andy jassyesterday talking about how europe may be doing better than they assumed but certainly the overall picture globally >> i don't think any of us believe we're out of the woods with the economy i think there's a lot of uncertainty, and i don't think anybody knows what the next several months are going to be like, and like everybody, we've got a plan, and you know, we had a plan the last few years too, and things changed >> pretty interesting series of questions about a.i. and chips and getting revved up to compete with nvidia. a consumer that's cautious and also not just taking a look at costs in the media division but across all their different silos. >> it was a really great interview that jon fortt did there, talking about a whole host of issues he asked him again, of course, whether he would be interested in spinning off aws. he said they could be talking about that what they're 80 and the answer would sfil be likely the same they have no plans to do something like that any time soon,

and wile andy jassy told cnbc last week that prime day is a driver for new member signups, amazon u.simating 167 million americans are prime members, down slightly from 170 million a year ago the research group thinks the go goal of prime day is now to get prime members to sell in new categories, specifically apparel and grocery. while it estimates about 73% of americans have access to a prime account for this area's deals, that's the lowest level in five years. that coupled with consumers dealing with inflation could soften sales >> it's troubling with high inflation and when you can come up with a value, last year prime members c'ested over $1 p 7 billion on prime day alone and we're expecting to exceed that this year. >> amazon ceo andy jassy says consumers are buying, but a price conscious, trading down and bargain hunting, which could help or hurt sales, depending on how you look at it >> i think the notion of saturation is interesting, particularly when they've put on fees for delivery for groceries and whether or not they would develop over kinds of revenue. >> and i think the

behind the 8-ball if you look at what microsoft has done and google which was on display and for andy jassy is an issue. there were issues with cloud this will be a beat with despite the bears coming out of of hibernation noticed. t -- mode. you will see the bears smiling this shows big tech earnings with an uptick. >> what is the amazon report telling us about big tech? they have a diversified business 23 not only the cloud business, but ad business. we are with all waiting to hear the next development with a.i. specifically with amazon, what will it tell us about big tech and the potential of the rally >> stronger and getting stronger our opinion is the new tech bull market is under way. despite many yelling fire in a crowded theater. what you will see is numbers move up, especially in 2024 and cost cutting and rip the band-aid off you will see with a.i., we are in a fourth industrial revolution this is an a.i. gold rush starting out not just palantir and others, but this is just starting to get out the popcorn for big tech. >> you are in front of me. you call palantir the messi of soccer

jassy said consumers are buying but are price conscious trading down and bargain hunting which coulddepending on how you look at it. if we're living in an era of high inflation and you are offering me a discount, perhaps it incentivize me to buy because i'm living in an era of high flation and everything costs more, maybe that's not enough to get me to buy something more discretionary we'll see. >> do other retailers get a benefit on prime day a lot have jumped on the bandwagon with discounts >> absolutely. adobe is predicting about $13 billion will be spent across u.s. retail on these two days. so yes, there is some bump to other retailers. though most estimate it's not nearly what amazon is going to pull in. it's more incremental. we know consumers are smart, right. they know they can often buy products that are the same or at least very similar on different websites with dynamic pricing and price analysis tools that help you track where prices move i think a lot of consumers do price check, particularly on higher value items before they go to checkout there is some benefit in play

. $8 billion of sale notis in thes andy jassy said consumers are trading down and bargain hunting. >>e want customers in an uncertain economy where they are aware of price where they extend their dollar to have a broad assortment of items they can buy at deeply discounted prices. that's what we are hopeful they get in prime day >> let's talk more about prime day and state of the consumer with stacey widlitz. >> good morning, frank >> let's talk about the prime day. we are here and people are looking for discounts. we know there is a bump of revenue for prime day and competitors with similar deals what does it mean for the profit for the quarter and margin for the quarter? >> really, you know, it is cyber summer deals it is prime day. we have seen this last year and we had two prime days last year. one in october as well expect the same this year. i think the big deal is that this is not only about selling stuff, but more about subscriptions. really, amazon wants you to sign on to become a prime member and have loyalty all year long same for walmart with the half off deal for their mem

it's done well year to date, still lagged the apples and the microsoft i think it's like what is andy jassy doing on spending? that's what everybody wants to hear as an amazon shareholder. i think you'll have two different reports, two different outcomes investors, shareholders want to see that next week will be a super bowl week for the companies i agree with bill, going forward it's nice to see health care getting some life. look at abbvie these are cash flow juggernauts. i think you'll get broadening out of sectors >> next week, jimmy, why we've been putting money in this particular part of the market for the better part -- the first six months of the year >> yes and no. you know i don't contradict myself, at least not on purpose. it will be fine, these numbers the share price reaction is probably going to be muted because of how much has been brought forward in these names >> was it muted in meta? was it muted in meta >> meta was up 80% year to date, which is the point i'm trying to make. >> my point is that the share gains weren't muted despite it was up already year to date. >> i see

a year ago, i think we're in a stable but low growth environment today >> we had amazon's ceo andy jassyn the network last week making the case for amazon's potential in a.i. and making the case that amazon's custom chips price value wise are just as good as nvidia is that true from your perspective? you're not going to have the same kind of access to amazon's chips that you might to the likes of the nvidia, amd, intel? how much of an advantage do those companies have and how does that put you in position with paper space to really make progress >> well, again, i think we're -- first of all, we think this is a massive market the cloud infrastructure market itself is north of 100 billion just for the asset b and developer part of the market that we play in. that's obviously a different market than those of aws and others but the aggregate amount of money spent to transform the economy through cloud is big and ai is going to be added to that so i think this is a big sand box, big ocean for all of us to play in. i think our end of the market, i think your point, whether we need this extra s

now, jon fortt had an excellent interview with andy jassy, and the subtext is, what's jassy doing onf it's not going to get better with amazon web services but no one 's saying the time i right to buy gm, but i think gm might be cheap >> why >> because i think the wrong part of the company is doing well international combustion engine. >> we got some target increases after the sales numbers last week and now these reports about supply of double evs it's the i.c.e. cars that are hard to get. >> the mach-e from ford did not do as well as we thought, but the traditional f-150, just try to get one, david. you'd you'have to go to a deale ask a truck person, and then you say, 150 and by the way, david, never say 350. you say, super duty. those who say 350 are novices and it is dreadful >> i'll keep that in mind when i go truck shopping. >> you're right about the analyst commentary, though, today. citi, we cut u.s. to neutral >> what did you read >> stifel, going to flatline bernstein, struggle to recommend tech in the second half. i guess kostin is the best thing we got going today, which

. >>> don't miss an interview with andy jassy sitting down with our jon fortt today at 4:00 p.m. eastern. speaking of big tech, you just sold oracle. why did you decide to trim your position >> i bought it with a technical breakout that happened i did not sell the top i'm comfortable where i got out of it. i don't see a reason oracle can't make its way higher. i have other positions in my own portfolio that have almost doubled this year. in order to keep holding on to those, you have to take risk off somewhere else it's not a negative oracle call. i have a double in shake shack, almost a double in uber. you can't maintain full positions in stocks if you're not derisking somewhere. oracle it is >> sarat, you trimmed your position in oracle people see it trading at 21 times forward earnings what made you make a similar decision to josh >> we bought the stock when it was 11 times earnings. so earnings haven't increased that much. the multiple has expanded. really taking some profits, risk management what i don't want to be doing is owning certain stocks when the execution is still t

in focus for the kickoff of prime day tomorrow, persistently high inflation, and amazon's ceo, andy jassynbc last week. noting that consumers have become price conscious. and that was the impetus for the deeply discounted events. everything from consumer electronics, home items, apparel toys and more and what started as a purely made up, amazon specific creation eight years ago to get ahead of holiday shopping and shipping, it's become a sale extravaganza for the retail industry. target is launching its own full week of sales, what it calls target circle week. walmart has walmart plus week which will expand several days. retailers like best buy like black friday in july, and retailers u cutting prices as much as 50%. all of this as a strength that the u.s. consumer has shown signs of waning, specifically when it comes to goods and apparel. that's a dynamic that's affected retailers, a build up in inventories, spurred sales by brands this year, even ahead of this summer time sales blitz that is kicking off with amazon tomorrow. >> a little treat. that's how i justify chocolate every day, r

but then the likes of amazon, i talk to andy jassy, he said we have a.i. chips that are homegrown and we believe the value of those is going to be. might not perform on par with nvidia and horsepower always, but we think price, you know, for the money, what we can deliver is good. intel is going to try to make a similar argument, but they have to be able to deliver the chips in volume and they have to work. we'll see sooner than some investors might think. >> jon, thank you. jon fortt. >>> after the break, we'll trade the technicals with jeff de graaf. a look at what the charts are tell ing us about the recent bul rally and one sector to avoid. >>> we'll keep an eye on the auto sector, particularly ford, which had good earnings, upbeat guidance but the stock is lower because of concerns of slower than expected ev adoption. elsewhere chinese ev maker xpeng jumping and an upgrade on jeffries ♪♪ at morgan stanley, old school hard work meets bold new thinking. ♪♪ at 87 years old, we still see the world with the wonder of new eyes, helping you discover untapped

. >>> by the way, don't miss amazon's ceo andy jassy on ""closing bell"" at 4:00 p.m. eastern. >>> coming up, top states and the culture wars many of the most controversial states at the forefront of social debates are still leading the way in terms of business friendliness those details are next. >>> plus, the energy sector, the worst performer today. we'll take a look at names ats thmaetlor.we th inext good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back. lily! welcome to our third bark-ery. oh, i can tell business is going through the “woof”. but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right wireless plan for you. so, you can stay connected to all your

other folks, maybe saying that nvidia has a potential monopoly, which i think is up for debate >> andy jassy is even going out. >> right we have the jolt report tomorrow, and the start of a new trading month. that's going to do it for us here at "overtime. >> "fast money" starts now >>> right now on "fast," the s&p and nasdaq riding five-month wink w winning streaks into august. the rally moves beyond just the biggest of the big tech names. is this a sign the market can keep grinding higher we'll debate that. >>> plus a cooling chinese economy not slowing down chinese stocks the etf that tracks internet names up 19% in july and the large cap etf up close to 12% so, does this beijing balance have legs? we'll break that down. >>> and later, inside sofi's monster monday, the ripple effect, and the options action of starbucks earnings. i'm melissa lee, this is "fast money. on the desk tonight, tim see your, dan nathan, guy academy and julie beiel. yes, the megacaps, the ai-focussed semis, but there have pockets of strength you might not have noticed media names also on the move paramount, netfli

it's interesting that when andy jassy was speaking last week on our air that they've become so much moreuld be an interesting surprise and it's the ai proposition and most of that will be seen in aws and it's cloud business and it has e-commerce. >> i don't know which is the worst business, streaming or internet retail, but there are also a lot of other retailers, a target, for instance, who copied the concept. so the consumer is not dumb. they know that amazon has to make it more compelling for the consumer and the less interested investors are. >> think about it, too there are other platforms that aren't even american we talked about teamu that offered such basement bargain prices and that's an everyday prime day. they spent so much money to capture the american consumer that they've taken the gleam off of prime day, also >> do you think teamu is the old remodel of go steal the whole market and raise prices or is it more of an h&m where it will be cheap and high turnover and that kind of thing. >> that's a good question because they're manufacturing and they're getting a lot of the pro

. >> andy jassy at amazon would beg to differ. he made the case to us just a couple of weeks ago.re could be an argument out there that microsoft was first out with the a.i. wow, challenging google in search and since there, we heard from alphabet from google and we heard from amazon. they're making the argument that they're going to do just as well in a.i does that have the risk of taking some air out of microsoft sales valuation wise if they do, in fact produce? >> that was a great interview, by the way thanks for doing that. we think basically the problem with amazon and google to a degree is they've been making their own chips and they're somewhat competing with nvidia and they did not optimize the cloud structure like microsoft has. a.i. has the large language model at this point and this is where all a.i. innovation is occurring as we speak and the more usage you get the more reinforced learning you get and it basically becomes a positive, virtuous cycle it's going to be very, very difficult for others to catch up to microsoft at this point because they're also applying it t

amazon shares climbing today following our own jon fortt's wide-ranging interview yesterday with andy jassyn "closing bell" overtime here's what he had to say about the future of aws and amazon's position in the a.i. race. >> what is the possibility, the likelihood that you're going to spin out aws from amazon >> we don't have any intention or plan to do so we've invested over the last few years in our own customized training chips and inference chips, which will have much better price performance than you find anywhere else we're on the second versions of those chips and we're quite optimistic that a lot of the machine learning training and inference will be done on aws chips. >> let's bring in needham's laura martin interesting, their takeaway from my perspective from that interview was a lot of more of the same, business as usual, we're going to keep doing what we have been doing, both in a.i., we've been in there, it's going to take hold pretty soon, but also in terms of the structure of the company, no spinning out of aws and kind of blocking and tackling on the retail side and general

. >>> don't miss andy jassy on "closing bell. is more than a trading platform.s an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade ♪♪♪ there's no going back. you founded your kayak company because you love the ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are

. >>> and coming, amazon ceo andy jassy wants his hollywood studio explain its big spending and rein in a bit and get the best of "squawk box" in our daily podcast, follow our squawk pod oyon ur favorite podcast app and listen anytime stay tuned lets her choose exactly what goes in it. now she gets to pick only the perks she wants and saves on every one. and with an incredible new iphone on us, no wonder sadie is celebrating. introducing myplan. get exactly what you want. only pay for what you need. act now and get iphone 14 pro on us when you switch. it's your verizon. >>> coming up, from strikes to the struggling summer box office, a number of issues to talk about when it comes to hollywood. that's next. >>> and at the top of the hour, ironside's microeconomics director of research barry knapp will join us with his reaction to the fed minutes and what it means for the markets. "squawk box" will be right back. ♪♪ at morgan stanley, old school hard work meets bold new thinking. ♪♪ at 87 years old, we still see the world with the wonder of new eyes, helping you discover untapped possi

. >> david, you hear about amazon and the idea that jassy's getting religion and they don't want to spendhere was an amazon conference that i did not get invited to. >> i don't get invited to anything i literally get invited to nothing. you know that. >> you really do >> i had to fly to sun valley. i couldn't even get in apple has things -- they have things where they give you the vision pro and let you try it on i never get invited to that stuff. >> i don't get invited >> i didn't know about the amazon thing that i wasn't invited to >> let's talk about honeywell down eight this quarter was quite good, but it's the first quarter people did not like the fact he kept the numbers the same. travel trust owned it for a long time when the stock is at $195, you're going to start buying it. pretty simple. it wasn't that bad a quarter, and yet, people are just freaking out, because people don't understand how to trade. >> every quarter that's -- every time the stock is down, and it's -- you say it's not a bad quarter. you're like, you got anything bad to say about anything? give me something. >> e

break later today do not miss a major cnbc exclusive as jon fortt sits down with amazon's chief andy jassyttle headquarters at 4:00 p.m. eastern time stay with us new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. >>> indexes hovering near their lows of the morning. see 480-point loss on the dow. the nasdaq is leading to the downside, down 1.4%. s&p below the 4400 mark, back to levels seen in june, down 1.25%. the move in yields is driving things the 10-year has popped above 4 to 407, back to before the march svb failure. the volatile index popping a multiweek high as we have the jobs number tomorrow got people clinching up. >> meantime meta shares defying the broader market up 1% as the twitter competitor threads boasts more than 10 million users in the first seven hours the verge co-founder editor in chief joins us with his early take it sounds like your argument is, nice start

. >> it's more of a may jassy com, do you know anything of course we're doing badly.o you want that apple, tim cook comes out and says, we stopped selling the 14. >> it's all been a hallucination, they could say. >> it's based on interest rates. when interest rates peaked, everyone fell. enterprise software, you want to go mongodb i'll go toe-to-toe with you. these companies, has anyone noticed these companies have all doubled? david? mongodb. >> mongodb >> it's on fire. >> all i ever think about is "blazing saddles" when you say mongo to me. i'm sorry. i can't help it. >> do you know if you were running "jeopardy!" all the questions would be about aaron rodgers. >> by the way, that should have been me asking that question what can i tell you? life's not fair always you got to live with it. >> schadenfreude there >> i was proud of you. there. >> you look so great how many years ago was that? >> i think that was three years ago. >> was it really >> at this point >> you crushed it. what would you have used would you have made mine a daily double >> i would have known --

don't see what alphabet -- my travel trust owns it but i don't see any acceleration amazon's up to jassyuse if they don't start getting a return in growth to amazon web services, then the stock is too high these guys, doing their own thing, doing it well >> they certainly are. >> services -- adq has done some remarkable things here >> they added a quarter of its market value over the last year. we got an opening bell five minutes from now stay with us all-day energy starts with clean hydration. lmnt. more electrolytes. zero sugar. you feel the difference when you get it right. stay salty. ♪♪ at morgan stanley, old school hard work meets bold new thinking. ♪♪ 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. >> announcer: the opening bell is brought to you by nuveen, a leader in income, alternatives, and responsible investing. >>> all right, welcome back. we get an opening bell in two minutes