i'm jon fortt with morgan brennan and sara eisen carl's got the morning off the art of the deal.cks up for a second day on renewed optimism for u.s./china trade talks. at the g-7 meeting in france, president trump told reporters that china will come to the negotiating table, whether it likes it or not. >> i'm not sure they have a choice and i don't say that as a threat i don't think they have a choice in the meantime, the united states, which has never collected ten cents from china, will, in a fairly short period of time, be over $100 billion in tariffs. so, i think they want to make a deal, very badly >> those tariffs, of course, not coming directly from china joining us now, scott clemens, brown brothers, harryman, ceo of private wealth management. also with us, mark mahaney, managing director and lead internet analyst guys, good morning >> good morning. >> scott, you're optimistic about a trade deal and about the economy in general, because of consumer spending. >> well, i just -- it's good to remind one's self what the underlying fundamental drivers of this economy are. trad

brennan and jon fortt at post 9 of the new york stock exchange stocks are down again. f.a.a.n.g. names getting hit especially hard. facebook, amazon, and alphabet all in the red joining us to talk about is mark mchaney as well as krish sancar of keown mark, we've had you on coming out of the earnings season talking about this reacceleration in revenue on some of the big names. if trade really starts to take a larger part of the conversation, what's the likelihood that that re-acceleration was a one-off? >> i think with some of these companies, there probably was a one-offish element to it some of them had easing comps. and with google, the issue -- the surprise wasn't the q2 re-acceleration, it's the question of what caused the ad growth to decelerate so quickly in q1. the q2 results were back to norm if trade becomes a bigger issue, the question is, which of these companies has material exposure to china and for long-term bad, but near-term good, most of these companies don't have exposure to china, with the exception of amazon, which as a retailer and a distributor has a lot of

jon fortt, back to you >> rick santelli, i'll take it thank you. we've got much more ahead on today's rally as major averages continue to surge. the dow is up 419 points, reclaiming all of yesterday's losses the s&p and nasdaq are both up 1.5% or more right now as well we're ckn montba ia me devices are like doorways that could allow hackers into your home. and like all doors, they're safer when locked. that's why you need xfinity xfi. with the xfi gateway, devices connected to your homes wifi are protected. which helps keep people outside from accessing your passwords, credit cards and cameras. and people inside from accidentally visiting sites that aren't secure. and if someone trys we'll let you know. xfi advanced security. if it's connected, it's protected. call, click, or visit a store today. >>> let's get back to sue herrera now for an update on what's happening at the hong kong airport sue? >> jon, you can see as we look at this live picture that the protesters are staying put they've disrupted one of the world's busiest airports for the sec

we'll go back to jon fortt and the gang thank you, steve >> pleasure. >> good monday morning welcome to "squawk alley." i'm jon fortt with morgan brennan and david faber live from post 9 live at the new york stock exchange carl has the morning off and we have to begin with this sell-off stocks are falling across the globe, as china devalues its currency and trade tensions swell. tech names are among the hardest hit. apple, facebook, ibm, netflix, all down more than 3%. the dow is down 550 points at this hour. the s&p down more than 2%. bob pisani joins us here on set to break down today's action bob? >> so the thing all the traders are trying to figure out, is there another may that leads to a better outlook in june so remember what happened in may? we had new tariffs put on, 10% to 25% china retaliated we had the huawei ban come in. we had a little conflict with mexico, as well. but the bottom line is we dropped about 6% the s&p is eerily similar to what's happening in the beginning of august. oil dropped 15 or 16% for the whole month. bond yields hit the lowest since 2017 we were a

i am jon fortt with morgan brennan and sara eisen, carl has the morning off.es that song. >> i just think you could be a little more upbeat everyone's so down anyway about the markets. >> the major indices are feeling more upbeat than they were at the open we're going to start with the selloff for the dow. it started off falling nearly 600 points at its low this morning. it's well off that now, cut that in half. it's now down about 300 points big tech names like apple and intel have been hit especially hard this week joining us now, elevation partners cofounder, early facebook and google investors roger mcnamee. >> how are you >> pretty good. >> i can't figure out what to feel about this tech selloff is it really a selloff microsoft's market cap is still over a trillion dollars. yes, apple's off 10% from the high, but it's got all this china exposure, so is it really that bad >> no, jon, i don't think it is. i think the market is showing you it wants to buy stocks, and it's being hit repeatedly with political issues and foreign policy issues that really justif

perspective, we don't see any violence over the next few hours >> eamon, thanks >>> let's send it over to jon fortting up on "squawk alley." jon? >> well, with trade tensions, fears after global slowdown, what does the rest of the second half hold for tech we'll dig in when it comes to internet chips and more, coming up on "squawk alley. moving is hard. no kidding. but moving your internet and tv? that's easy. easy?! easy? easy. because now xfinity lets you transfer your service online in just about a minute with a few simple steps. really? really. that was easy. yup. plus, with two-hour appointment windows, it's all on your schedule. awesome. now all you have to do is move...that thing. [ sigh ] introducing an easier way to move with xfinity. it's just another way we're working to make your life simple, easy, awesome. go to xfinity.com/moving to get started. >>> a record high percentage of small business owners saying that changes in the trade policy will have a negative effect on them our kate rogers joins us now with the details kate >> hi, melissa, that's right well, trade policy certainly on t

down almost 3%, trading just below $57 a barrel >> okay, let's send it over to jon fortt now so we canoming up on "squawk alley. jon? >> well, zynga has hit a new 52-week high today after a big earnings beat. people are playing a lot more games than expected. so where's the next leg of growth come from for zynga what does it say about the smartphone ecosystem that is coming up on squawk al leal with xfinity mobile you can bring in your own phone, switch wireless carriers and save hundreds of dollars. it's pretty much the easiest way to save since sliced bread. sure is. because savings is as savings does. and sometimes you've just got to stop and smell the savings. i'm sorry, i think you mean roses. oh right. you need to stop and smell the roses of savings. bring in your own phone, switch to xfinity mobile and save hundreds of dollars a year. now that's simple, easy, awesome. get $100 back when you bring in an eligible phone. click, call, or visit a store today. . >>> in case you missed it yesterday on the "closing bell," it was the haircut heard around the nyc floor. sara administered

. >> all right thank you for that, rick let's head over to jon fortt with a look what's coming up on contessa. there's indications facebook changing the way it does business in light of pressure. so what does that mean for digital ad market, m and achlt we'll get into that on "squawk alley. or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade. i went straight to ctca. after my mastectomy, i felt like part of my identity was being taken away. my team made me feel whole again. cancer treatment centers of america. appointments available now. >>> scotts miracle grow, shares hit an all year high last year sales in their cannabis business almost doubled after favorable changes to some laws shares up again today after the u.s. said it would delay some of its planned tariffs on china joining us this morning is miracle-gro's chairman and ceo what's changed is it just cannabis or is there something else going on? >> you know, it's one of those years where everything is going right. i think the consumer is willing to reach into their wa

now time to send it over to jon fortt so we can get a look at what's coming up on "squawk alley." >>wo significant stock moves, both called out trade tensions, macro uncertainty, hp enterprises up about 3%, autodesk is down about 10 we've got both ceos and insights into what this means for the markets coming up on "squawk alley. memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. whlet's do it.? ♪ come on. this summer, add a new member to the family. hurry in and lease the glc 300 suv for just $419 a month with credit toward your first month's payment at the mercedes-benz summer event. going on now. they give us excellent customer otservice, every time.e. our 18 year old was in an accident. usaa took care of her car rental, and getting her car towed. all i had to take care of was making sure that my daughter was ok. if i met another veteran, and they were with another insurance company, i would tell them, you need to join usaa because they have better rates, and better service. we're the gomez family... we're the ri

jon fortt has the report for us. >> applied has reported and it is a beat on top and bottom line and a positive guide this is important because applied materials is a bell worth weather for semiconductors and also displays. reported revenue of $3.56 billion versus $3.52 billion expected nongaap eps of 74 cents and then for the current quarter fiscal q4 they are expecting $3.68 billion in revenue plus or minus $150 million the street was looking for $3.64 million and they're also projecting 72 to 80 cents of nongaap eps versus 75 cents expected so the midpoint is 76 a little better than the street was looking forch that is why you see the stock up nearly 3% after hours so far >> jon fortt, thanks for breaking down the numbers. stephanie, what do you think. >> it is depending on guidance on display and member. we are waiting for them to say when are we at the bottom point? when are we at the trough. we're getting close. lam was conservative but there were some light at the end of the tunnel comments so we'll see what applied has to say tonight. >> and now up 44% year-to-date as well. >

i'm carl quintanilla with morgan brennan and jon fortt at post 9 of the new york stock exchange obviously rebound from yesterday's sell-off the dow is up 265. best day here since about the middle of june for the s&p all sectors higher for july, boosted by names like twitter and micron on the past month the fed's rate cut and earnings at qualcomm, though, top of mind for investors as we go into the first trading day of august. still, our next guest says, remain overweight in tech until the next bear market jim paulison joins us along with our own mike santoli good morning, guys good to see you. >> good morning, carl. >> jim, you've been pretty constructive here. obviously, you're not thrown by numbers like what ism gave us today. >> i actually think the data has by and large here been pretty good for the united states, carl you know, personal consumption, real personal consumption growth in the first six months of this year was up over 4% annualized pace it's just bizarre to be talking about a weak economy with one of the strongest six-month consumption periods of the entire recovery overa

i am jon fortt with morgan brennan and wilfred frost here at post 9, new york stock exchange carl has the morning off and we are going to begin, of course, with the markets stocks coming off their worst day of the year after the dow posted its sixth largest point drop ever. but back in the green this morning with names like apple and boeing leading major indices higher so what should investors make of yesterday's dive, today's rebound? joining us now to discuss is ubs global equities strategy keith parker and cantor fitzgerald global markets strategist, peter caccini. peter, you think the s&p could drop a lot from here you have a 2500 target on the s&p for year end if not yesterday, what takes us there? >> well, you know, to put it in context, end of last year, i thought we were well oversold. recession fears were overdone at the end of the year. our narrative has been a tale of two halves rally first half, sell-off second half. why? china trade and optics around it were a big reason for rally in the first half alongside the fed pivot towards a more dovish stance i think the fed, shor

street, "squawk alley" is live ♪ ♪ ♪ >>> good wednesday morning, welcome to "squawk alley," i'm jon forttsara eisen and leslie picker live from here at the new york stock exchange. carl and morgan have the morning off. left me all alone, but i got a good pair. >> not all alone >> well, i was all alone until you guys showed up >> we're going to start off with the markets. volatility heating up. we've seen a big rebound in stocks this morning, though the yield curve is sending its strongest signal yet to the markets of recession inverlt verting to the worst levels since 2007 here is ubs global wealth management head of trading strategies ian, the move in bond yields, at this point what's driving it because some of the fundamental data later, consumer confidence yesterday has been a little better and yet we continue to see these new lows on treasury yields. >> frankly there seems to be a race to zero in the global sovereign debt market, whether it's driven by the fed or the ecb or what's going on in japan. the fact of the matter is u.s. treasuries yielding even now north of 2% end up being a

welcome to "squawk alley" with morgan brennan and jon fortt at post 9 of the new york stock exchangeiously watching these markets here dow is down 331 after yesterday, deep in the red. the dow, the s&p, and the nasdaq are all on pace for their worst week of 2019 tech names getting hit pretty hard, apple, alphabet, facebook, intel all down around 2%, guys this is a period in which trade concerns might result in selling that's a little more indiscriminate than we've seen in recent months >> and among the tech names, a look at cisco that's down closer to 4%. some other cloud names not doing so well. you see, dell is down more than that you know, network appliance -- well, that one has its own issues but certainly, hp down 5.5 a lot of these trade issues rippling through not just the names that have higher valuations or have high flyers, but some of these core enterprise tech names, vm is another onedown almost 8% in this trade >> if you look at all the major averages, we're now lower not only for the week, for the quarter, but also over the last three months utilities and real estate ar

i am jon fortt with morgan brennan and wilfred frost here at post 9, new york stock exchange carl has the morning off and we are going to begin, of course, with the markets stocks coming off their worst day of the year after the dow posted its sixth largest point drop ever. but back in the green this morning with names like apple and boeing leading major indices higher so what should investors make of yesterday's dive, today's rebound? joining us now to discuss is ubs global equities strategy keith parker and cantor fitzgerald global markets strategist, peter caccini. peter, you think the s&p could drop a lot from here you have a 2500 target on the s&p for

i'm jon fortt with leslie picker and wilfred frost here at post 9 of the new york stock exchange carl morgan have the morning off. and we're going to begin with tech bracing for tariffs now just days away from going into effect on september 1st trade tensions between the u.s. and china not slowing down, as "the wall street journal" reports that u.s. prosecutors investigate new allegations of technology theft against huawei. acme capital's heene nada and kevin dilanian, of course, both join us here at post 9 happy pre-labor day weekend. >> good morning. >> heenne, you were a pro-tough stance gen china when it comes to ips and other things. when it comes to these tariffs, september 1st, december 15th, are you pro this approach? does it depend if it gets near-term results? >> i think the tariffs are going to do some harm in the near-term. i think you'll see pricing increases in the u.s i think you'll see trade tensions worldwide globally. but i think the longer term impact is actually much more detrimental to china than it is to us. what's happening is tech companies are moving their sup

jon fortt has the morning off.arkets have lost some gains as all eyes are turning to jackson hole steve liesman is there as the fed's two-day annual economic symposium kicks off. hey, steve >> hey, carl this is from our icon. but the september fed fund futures has now flipped from a small probability of a 50 basis point cut in september to a small probability that the fed remains on old just to be clear, a 98% probability that the fed does cut by a quarter, but it was like a 2% probability of a fed now it's a 2% cut that the fed remains on hold in september maybe some of that coming from the sort of hawkish talk or less dovish talk we've gotten from two federal reserve officials here in jackson hole so far. i say "so far," because there's a lot yet to come. i'll get to that in a second before we get to that, i want to show all of this sort of emphasizes the challenge of federal reserve chairman jay powell who has a market screaming for rate cuts, which it has been for the last couple of months, a president screamin

i'm jon fortt alongside courtney reagan and wilfred frost live from post 9 at the new york stock exchangearl and morgan have the morning off. stocks in the green red higher by tech this morning the nasdaq is on pace for its largest weekly gain in more than ten weeks. but with today's move to the upside in a sector largely exposed to china and ahead of another round of expected tariffs in just a few days, where should investors be looking for protection joining us now to discuss, oak mark fund portfolio manager bill nygren and nsz capital cofounder, bill slingerlen brad, you have some thoughts specifically around where is a good place to put money at this point. specifically as it relates to regulation coming down the pike and semiconductors give us a sense, start with semis. >> sure. so you know, we think there's no more interesting spot in the tech sector today than in the semiconductor segment, particularly for long-term focused investors. we know there's a lot of noise and a lot of volatility around the trade war and the trade talks that are going on now. we think ultimately, we're ent

jon fortt has the morning off.are announcing two new acquisitions and at the bottom of the hour, imf chief economist live from jackson hole to talk about the remarkable morning we've had with chair powell, china tariffs and a lot more >> remarkable, to say the least. but we begin in washington with president trump tweeting about jerome powell again following the fed chair's comments the last hour. >> morgan, the president continues to tweet in realtime i'm reading some of these tweets for the very first time. i can tell you, just a second ago, i was in the west wing and saw peter navarro and robert lighthizer, just standing just outside of the oval office, presumably set to go in and meet with the president to talk about this chinese retaliation this morning. they didn't talk to me, so i don't know exactly what they're up to there, but they are within feet of the oval office as of a couple of seconds ago. so the president tweeting, within the past couple of seconds about china, responding here, saying, our country

i'm carl quintanilla with morgan brennan and jon fortt at post 9 of the new york stock exchange the dow is coming off the worst day of the year. the fourth largest point drop ever interest rate concerns, trade tensions, and global concerns are worrying for everyone. >> not good you have me on >> i disagree! >> okay. don't backtrack. so we've got a rally, but it's pretty darned tentative, let me look at it i look at some internal numbers. very high put/call ratios. investors are definitely buying a lot more put and calls than normal that's usually a good sign usually a sign of short-term bottoms. we don't know for sure the yield curve is not inverted today, but we're also not getting much of a rally in yields at all, which is what we need obviously, we move in relation to the yields and if we can get them moving up, it will be better it's very difficult to have an opinion on the market. tremendous market confusion. i called people the last few days and they said, bob, give me an opinion are we going to have troops in hong kong or not going to have troops in hong kong? is there going to b

jon fortt has the morning off.cing two new acquisitions and at the bottom of the hour, imf chief economist live from jackson hole to talk about the remarkable morning we've had with chair powell, china tariffs and a lot more >> remarkable, to say the least. but we begin i

let's send it over to jon fortt. >> commerce is in the spotlight.ique look at that ipo back in april. e-commerce company, just had earnings, the stock is tanking it's down 13.5%. we're going to look at gbalol e-commerce plus and minus coming on "squawk alley." zs r eve. >>> the number of 401(k) millionaires hitting a record high with 196 million investors reaching $1 million in their accounts surpassing the previous record pretty good number i wonder what the holdings are in a lot of thoes accounts. >> more workers are contributing, which are also sort of -- >> wonder what that is as a percentage of overall fidelity accoun accounts >> sarah, it's a big closing bell coming up for any number of reasons. tell us about it. >> we've got some incredible guests today after the fed minutes which are out at 2:00 p.m. could give us a clue as to what the fed is going to do next ken rogaff of harvard university will be joining us at 4:00 p.m. eastern. we'll ask him about the chance of a recession he sees a 40% chance in the next few years. >> we'll find out why

let me send it over to jon fortt with a look at what's coming up on "squawk alley" and know we're goingbe talking about markets and a lot more, jon. >> yes indeed. the dow did touch that 500 point while rick was talking also going to talk about wework, its parent we company filing that prospectus unlike anything we've seen out of tech in a while, what it mhteafoig mn r the overall market on "squawk alley" coming up but we're also a company that controls hiv, fights cancer, repairs shattered bones, relieves depression, restores heart rhythms, helps you back from strokes, and keeps you healthy your whole life. from the day you're born we never stop taking care of you. >>> you'll notice here we're not far from session lows. dow's up 480 -- down 480, the ten-year now below 16. we're getting used to new levels, when they cross those levels you see the eyebrows go up. >> bank stocks leading the declines today you've got bank of america, citi, jpmorgan all dropping significantly on this news about the inverted yield curve that makes their profitability shrink, at least in the near-term. it's n

i'm jon fortt with leslie picker an

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i'm jon fortt alongside courtney reagan and wilfred frost live from post 9 at the new york stock exchangeave the morning off. stocks in the green red higher by tech this morning the nasdaq i

i'm carl quintanilla with morgan brennan and jon fortt at post 9 of the new york stock exchange the dow the worst day of the year. the fourth largest point drop ever interest rate concerns, trade tensions, and global concerns are worrying for everyone. >> not good you have me on >> i disagree! >> okay. don't backtrack. so we've got a rally, but it's pretty darned tentative, let me look at it i look at some internal numbers. very high put/call ratios. investors are definitely buying a lot more put and calls than normal that's usually a good sign usually a sign of short-term bottoms. we don't know for sure the yield curve is not inverted today, but we're also not getting much of a rally in yields at all, which is what we need obviously, we move in relation to the yields and if

time to send it over to jon fortt with a look at what's coming up on "squawk alley." >> the overall marketing, but you know what looks good? survey monkey, it is up some 10, eh, 11%. we'll have the ceo, zander luery talking about eain arngsnd this economy is drawing so much attention in silicon valley these days that's coming up on squa"squawk alle alle alley"traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- justou improve your skills. boom! mad skills. education to take your trading to the next level. only with td ameritrade. [what about him? let's do it. [ sniffing ] come on. this summer, add a new member to the family. hurry into the mercedes-benz summer event today for exceptional offers. lease the glc 300 suv for just $419 a month at the mercedes-benz summer event. going on now. let's cowboy up! exhilarating speed. woo! precision control. woo! maximum reliability. access denied. [ repeats ] access denied. if it's not xfinity xfi, it's not good enough. for wifi with super powers, get xfi