jon fortt at the new york stock exchange dow is up 103.&p 500 hits another record high the dow was up more than 150 points before pulling back nasdaq though flat to lower as shares of alphabet weigh on that index. the google parent warning that ad growth on mobile and youtube is going to cost more going forward. nasdaq is coming off a record high though. so any gain today would be yet another record high. jon, it does paint a picture of the challenges even for giants in tech as they try to monetize consumers looking increasingly on their phones. >> 23% constant growth is amazing, first of all, for alphabet, google it's been two years since they made that shift to the alphabet model. so there's that. but also in this quarter there's this sense of margin erosion that tends to happen from established tech players and the thing that is fascinating to me about this is the whole point of android, i thought, was supposed to be to control traffic acquisition costs. it's a portal directly into google similar to the way that the search bars and gmai

here with me at post nine none eisen and jon fortt is at one market in san francisco.y, busy news day. >> got some breaking news actually out of the federal reserve. let's get to the elon moy. >> they expect to reduce its balance sheet sometime this year, and it said monetary policy remains accommodative no new hints on its plans for interest rates going forward however, this report does point out that inflation has softened some in recent months, and the fed also said that low-wage growth remains a concern this report was put together before the june jobs number came out this morning now, this is a 59-page monetary policy report that fed chair janet yellen will deliver to congress when she testifies on capitol hill next week one thing that it points out is the role of monetary policy rules and the fed's decision-making process. that has been a flashpoint among the fed and republican lawmakers. the fed says in its report that the u.s. economy is highly complex and rules by their nature do not capture that complexity so the fed arguing there for more discretion in its m

i'm with jon fortt and sarah eyesen business insider hedgery blodget.t is a tale of two social networks twitter shares dropping as they added zero new users and then there is facebook hitting all time highs joining the half a trillion dollar club. the company blowing past estimates thanks to surging mobile ads on the news feed platforms. the company is now turning attention to monday he tiesing messenger and what's app. >> we're starting to put some ads in the product just to see the basic parameters on how that performs, how people like the ads or don't how they work for businesses and just try to get an understanding of that. so we're starting to run that across the world >> all this, of course, is the market is hitting record highs the nasdaq is on pace for its best month in about a year due in large part to the tech names. on facebook itself, let's start there. we've been talking about monetizing the acquisitions for years. it is finally happening? >> it's incredible that it really isn't happening at scale yet. they're just starting with instagram.

sinai hospital >> let's get to our jon fortt, shall we, beginning with some big job cuts over at microsoft jon is in san francisco. jon? >> reporter: yeah, kelly, microsoft set to cut thousands of jobs as it focuses its efforts on the cloud, reorganizes its sales operation around that. it's going to be less than 10% of its overall sales force of just under 50,000 people, but can't get a lot more specific than that. also, some corporate functions connected to sales now, most of these jobs are going to be overseas more than 75% of them. this reorganization, think of it in terms of a different way to approach selling cloud to the enterprise, to finance, to health care. lots of different specific industries microsoft trying to have subject matter experts who really know these industries go in and have a simpler sales process more tailored to that industry's specific needs that an effort to keep the cloud sales going momentum-wise and amazon has been out in front as far as the cloud trend goes. microsoft is known as the number two. they, of course, want to close that gap guys >> shares lower to

jon fortt is back.ar sarah eisen at the new york stock exchange the dow setting up an all time high a seventh straight gain for boeing the other major averages are lower. the market is on base to conclude best month since february financials are the strongest group in today's mixed trading you're watching media m & a. we'll talk to the ceos of the companies later. boeing is helping out the dow. we're 100 points from 22,000. >> best month for stocks dow and s&p 500 since february best for nasdaq since january. other big milestones, crude oil up is 8% that really helped fuel some gains on wall street dollar is set for the worst month since back in january. losing another 2.5%. how does it all add up well, earnings are doing better. and that's certainly help stocks commodities are doing better copper made two new two year highs to day and the federal reserve is taking its slow and easy the question is do all the factors continue >> going forward, there are wobbles in technology. >> that's what i was going

mcdonald'soakbrook, ills and "squawk alley" is live ♪ ♪ >>> good wednesday morning i'm carl quintanilla with jon fortt sara eisen we have jason calacanis with his new book entitled "angel." nasdaq hits another record high. we're trying for back-to-back days of record gains index is coming off the 43rd record close of the year one standout is going to be amd soaring after beating estimates in the recent quarter issuing strong guidance. that stock is on track for the best day since june 21st the best day in weeks here after an amazing run already. >> yeah. first of all, thank you for having me. from what you have seen so far, i think 20% of the s&p is already seeing strong numbers out there. from the internet point of view what we're seeing, which is very strong demand that continues secular shifts, offline advertising coming online, you saw that in google's numbers they are expecting that in facebook's numbers it is strong numbers from advertising driving the demand. >> this is what we call jason, the sweet spot of the secular trends we have been talking about for most years >> i think it is fine to su

jon fortt, back to you. >> thank you, rick santelli."squawk" after this >>> welcome back survey monkey delivering customer opinions to companies as leverage for future actions zander lurey joins us now. good morning. >> good morning. thanks for having me. >> explain what you're going to be able to accomplish with this new what you call a people-driven platform, trying to get businesses information about why things are happening the way that they are happening. kind of walk us through quickly how that will work >> sure. thanks for having me it's to help turn the voices of people into actionable data. it's difficult to discern the why and the stakes have never been higher. on social media, people are talking about our companies and our data and we very much believe it's the curious executives asking questions and executing and turning startups into fortune 500 companies and it's the other companies who are not listening that are failing faster than ever survey monkey has been a leader for 18 years we've led the enterprise and we're evolvi

we're at post 9 of the new york stock exchange jon fortt is off today ed lee joins us. lot to get to tech took a item thbl morning. the nasdaq continues to slide amid that selloff that began in yesterday's session. the index set multiple record highs earlier in the week, mike. as we know, we hit critical levels on market cap on unit performance. >> nasdaq getting 28 year today. we were talking about jeff bezos being the richest man alive. i think also a couple other things working against tech which is this month the market has been inclined to sell the winners. the year to date winners are the worst performers this year and then earnings season, you've had to have absolutely across the board blowout numbers to get rewarded on the first day. so you saw alphabet. you had a little pullback on generally good numbers amazon the same effect i think all that is causing people to wonder whether it's time to take some chips away from tech. >> i think, especially looking at amazon, i mean, it's been great growth stock it always trades at a super high multiple people take some pr

and thanks to jon fortt, i actually have seen that planet i had to buy a dvd player to watch them, but did see them >> i am eternally grateful the problem they're going to have here is the 47-year-old dads hogging all of the stations throughout and the kids who want to get in. >> yeah, taking unilateral control. >> right there's no room for the kids here sorry. >> they need to make another one for the kids >> is 14 acres enough for something like this? skb >> i mean, the entire state would not be enough, but the danger of it is turning into a big comic-con. disney is brilliant at this kind of thing it's highly anticipated. my kids will be going several times once i check it out and make sure it's okay. >> and i wonder if this is going to have a separate ticket or if the in addition of this is going to increase ticket price s overall. >> ticket prices have been getting more expensive, although gas prices have been pretty stable, so getting there by car that be relatively easy. really quickly before we go, dow is up 15 points. we're watching the bid in some bank names coming off the lows

. >> thank you >> leslie picker now let's send it over to jon fortt in san francisco with a look at what'soming up on "squawk alley. >> jon >> good morning, a little bit of a low battery reading on tesla it's getting a low bid we'll take a look at that. also, qualcomm counterpunching yet again in this ongoing legal feud with apple over who really deserves credit for the smartphone revolution. finally when is a startup pivoting when is it dying digging into the story of jawbone. all that and more coming up on "squawk alley. >>> let's get to rick santelli at the cme group with the sfely exchange good morning again, rick good morning, carl you know, it's fascinating to watch when data is released and see immediate reactions in the marketplace and it's equally fascinating to watch what happens when the soup simmers a little bit what i found, and this shouldn't be something all of you viewers and listeners haven't seen or heard before, and that is that actual fundamentals seem to be a back channel, so to speak, in certain markets at various times. you could make the claim about the equity marke

jon fortt at the new york stock exchange dow is up 103.00 hits another record high the dow was up more than 150

. >> jon fortt did that interview and he's with us right now she said initially she was not zboing tosay anything about it but then this happens. >> initially i was going to keep it quiet but then this individual decided to call my board members up saying that i am being unresponsive and if was not challenging. at that time, i decided to be completely honest with my board, i showed my boss the text message, how do you want me to respond onto this? >> pretty remarkable she wanted to shine light on this and part of it is katrina lake and another high profile start up who suffered some harassments but had to sign a non disclosure agreement about it in order to continue with her investment >> katrina is by all accounts the most successful female entrepreneur in the united states right now the most successful bc back female entrepreneur. she's inspirational and a brilliant woman. you know the way i look at this is when vc invests in founders especially prior to a series feed, you are investing not just in a company, you are invest in in a person. katrina is the key man and if you are inves

. >> let's get over to jon fortt with a look at what's coming oup "squawk alley. >> no more coweringalking about ipos. blue apron, snap doesn't look good up there right now but tune in. roku may be the next to jump in. we'll assess the prospects and reomg up on "squawk alley. (baby crying) (slow jazz music) ♪ fly me to the moon test. (bell ring) >>> this year's four worst performing etfs have something in common. we'll tell what you that is and whether it's time to buy them. we'll have more ""squawk on the street"" next. >>> $130 million, that's the number, the record number of lobsters that were caught last year but with the extra lobster now the industry needs to find more lobster consumers. our contessa brewer is in maine with more on that storey good morning, contessa >> did you say the tails the tails, right that's what you said okay so here's the deal chinese customers are loving the lobster in part because in chinese the name means dragon. and when they're cooked they're the lucky color red. and they, in fact, even resemble somewhat the mythical creature the industry is really

david, back to you >> all right, thank you, rick santelli let's send i >>> let's send it over to jon forttok at what's coming up on "squawk alley." >> what's a retailer to do for the slow period between dads and grads and back to school invent a holiday the newspaper industry looking to train anti-trust regulators on facebook and google and away from themselves. we'll dig into whether that might work and it's the ninth anniversary of the app store really changed everything when wel lles to software diriti'lte you why all that coming up on "squawk alley. the power of a low volatility investing approach. the power of smart beta. power your client's portfolio with powershares. before investing, consider the fund's investment objectives, risks, charges and expenses. call 800-983-0903 for the prospectus containing this information. read it carefully. distributed by invesco distributors inc. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. >>> welcome back cnbc kicking off its 11th

. >>> netflix shares up 7%, always a big mover on earings next to me for reaction is cnn jon fortt alongith danny hughes and mike nakani also here, the ceo and founder out in san francisco. jon forth, what do you think >> reporter: potentially a game-changing quarter in that q2 is supposed to be the snoozer. a year ago this was the big disappointment quarter when it came to subscribers. this is just at blowout. over a million net adds domestically when the street was expecting half that and really strong international numbers as well it's interesting the way netflix draws comparisons between it and other video-on-demand players. in this letter saying the competition is always intense. the silver lining of the market is vast and diverse. youtube is earning a billion hours a day of consumers' times. we're getting a billion a week, but, i mean, of course, netflix has a different kind of premium content, and they say that's hock there's lots of room in this space for lots of different players and lots of room for netflix to move higher. >> i can remember a past letter where he said sleep was

i'm with jon fortt and sarah eyesen business insider hedgery blodget. a tale of two social networks twitter shares dropping as they added zero new users and then there is facebook hitting all time highs joining the half a trillion dollar club. the company blowing past