. >>> i'm michelle caruso-cabrera.oming up on the halftime report at noon, are investors in a trade trap held hostage by trade disputes how you did you protect yourself and your portfolio plus a big cut for a big name retailer and trard traders will weigh inh their strategy for the second half of the year halftime report starts at noon back to you. >> thank you, michelle trade fears continue to rattle investors. more and more companies speaking out. the chamber of commerce which is the big business lobby group saying this morning that tariffs will hurt american companies and consumers wallets. to griff us ive us a look at hoe will be impacted, we're joined by ryan peterson with a global freight company ever offering real time tracking of shipments. thanks for coming on so are you seeing any impact so is far from the tariffs that have been announced from the united states and other countries? >> so they haven't gone into effect yet, but companies are starting to plan for it and think about how do we run a supply chain i

michelle caruso-cabrera just got off the stage with steve bannon. what did he say? >> we talked about a number of topics and we talked about the midterms and talked about china and the president's performance with president putin in helsinki implicitly, steve bannon acknowledged it wasn't the president's finest performance ultimately he thought the president did fine >> the president's got a lot at stake in russia, vis-a-vis china. i think the president has done a terrific job particularly vis-a-vis all of the previous presidents, and i thought the press conference was fine. i would like to be a little stronger, maybe, about the meddling, but at the end of the day and the democrats will just have to embrace this, the m meddling is on the margins, just not that big a deal. >> we spent most of the discussion talking about china, and that's what he cares about the most, and he thinks that ultimately the u.s. is going to win. he thinks victory means that they're eventually going to end the policies or a lot of the policies that the president has found unacceptable the o

dell story, up almost 10% >> have been flying right on that big story >> with that, over to michelle caruso-cabrera with the half >> and welcome to the halftime report i'm michelle caruso-cabrera. stocks down today across the board as investors ask themselves are we in a trade trap with us today, joe terranova, jim, josh and steve weiss guys, thoughts on the first trading day of the second half of the year what do you think about second half >> not going so well so far. i don't know >> going to get better, worse? >> there's a few days left in the second half, so we can only hope >> it's gotten better over the first day. >> not so bad this hour. >> and the economic news continues to be good ism was strong it's the rest of the globe you have to worry about. mckau games and the chinese figures not as strong. u.s. remaining strong and what does that lead us for going forr ward this clearly is about amazon, microsoft, apple the big names. if you take those top six technology companies they've accounted for 84% of the overall gain in the s&p so far year to date >> yes, extremely narrow breath. jamie. >>

we'll debate that next first, michelle caruso-cabrera has a look at what's coming up "power lunch." >> 22 minutes. thank you, scott coming up here on "power lunch", one market watcher says the risk of recession for investors is rising and hooe going to tell us why he thinks that, plus, the cofounder of reddit will join us plus cord cutting appears to be b accelerating at aer pace than we thought and we'll tell you lfme rthe most at risk hatieport is back after this "power lunch" starts at the top of the hour, to stay tuned - i love my grandma. - anncr: as you grow older, your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life. when it might be time to buy or sell? with fidelity's real-time analytics, you

>> love you, lee >> hard to follow-up that touching moment, right we're going to try i'm michelle caruso cabrera. strong earnings fueling the bulls. the dow is up 25,000 nasdaq getting record highs. is a bigger break-out ahead, and is there still value in the market president trump tweeting up a storm saying tariffs are the greatest his comments come as the white house prepares for emergency aide for farmers, which are calming the escalating trade war. trump speaking right now that's a live picture. is the get tough approach working? call is it air bnb for your car. what's it going to mean for sales? power lunch starts right now >>> welcome to "power lunch. i'm melissa lee. nice rally this hour the dow and s&p 500 on pace for their biggest monthly gains since january. the nasdaq just turned negative, but did hit a record intraday high earlier today energy materials, the best performing sector. check out some etf's on the move right now. the xlk, which tracks technology hitting a new intraday all-time high the fxi, which tracks china on pace for its best day since march, and check this out. bitco

i'm michelle caruso-cabrera along with andrew ross sorkin and mike santoli u.s. equity futures a flat open. the s&p would open up by 2 the dow jones flat, and nasdaq up by 4. overnight in asia, big news out of the bank of japan policymakers kept their rates unchanged but signaled they would allow more flexibility when it comes to a key interest rate it would go to 0.2 rather than 0.1? >> bank of japan micromanaging >> that's the world we live in >>> japan's knnikkei closed flat shanghai composite was slightly higher last week there was all this speculation that pushed the ten-year u.s. yield higher as a result european equities at this hour ahead of the open are also flat across the board >> you said the u.s. open -- my brain was in another mode. >> i thought you were talking about golf >> that's the other one. >> that's over >> let's show you what's going on with treasury yields. ten-year yield at 2.947. yesterday got up to 2.97 moments it touched 3%. >>> apologize for my humor at this hour. here's what's on deck. the federal reserve kicking off a two-day policy

. >> nike is underperforming because of the monster run >> toss it over to michelle caruso-cabrera and mike. happy fourth >> time for the closing bell facebook falling the probe is is widening we've got a big investor >> i'm diana oleic in washington new numbers are pointing to a surge in demand. >> your prescriptions may get more pricey as pfizer raises prices on dozens of drugs. what's behind the move and the drugs impacted ahead >> and questions b about corruption and money laundering se senning shares of glencore crashing today we'll have the details closing bell starts now. >> welcome to the closing bell we're quoigoing to get to those stories in a moment. dow was up 137 points, finishing up about 27 points nasdaq is the underperforming today. negative territory >> upward drift yesterday. downward today kind of starting or ending where we started the week and yes, it feels like we're in california closing bell at noon >> in one hour 1:00 p.m. eastern time let's kick things off today. phil lebeau has the in your opinions hey, phil. >> it's a strong june when you look at the numbers

. >> michelle caruso-cabrera is with us. michele, what's also notable is the way in which various allegations made their way into answer, references to bill broward, dnc servers, george sore jobs how does that fit? >> not surprised he raised bill broward. he was one of the early investors in russia when they started to move towards a market economy. largest foreign investor at one point and then bill broward has long maintained and as a successful book out called "red notice" where he claims he was ripped off by government officials and then murdered his lawyer by not giving him medical treatment while he was in prison as a result, bill broward is the guy behind the law which has led to russians not being able to travel to the united states, using visas as a weapon and vladimir putin is consistently extremely angry about bill broward who is a uk citizen not an american citizen. i'm not surprised that he raised it he's been asked about it before and he made it clear how angry he is. he'll be on closing bell later today. one ob

michelle caruso-cabrera will be interviewing mike pompeo today in the 4:00 p.m. hour of close ing bell >>> rescue crews are trying to evacuate hundreds of tourists on an indonesian mountain an earthquake hit sunday and trirged labd slides. the 6.4 magnitude quake killed 16 people and it appears tesla is is in early talks to build its first european factory "the wall street journal" is reporting the electric automaker is meeting with germany and the netherlands. the journal cited officials close to the matter. you are up to date scott, back to you >> thank you very much sue herera you good got it jim, got it, too >> producer is talking in my ear. >> tyson foods, at&t, all ahead in the blitz first though, bill has a look at what's coming up i'm sorry, the pusaner is is >> jim does it >> coming up on "power lunch," the president will be holding a news conference with the prime minister of italy. they'll talk trade, tariff, immigration. that's at 2:00 eastern time. and as you've heard, cbs' board is meeting today to discuss allegations against the ceo. what could be

. >> you on track for its worst day ever >>> you bet we are michelle caruso-cabrera. facebook face plant. social media giant getting crushed on facebook's worst day ever how did the analysts miss this disaster why isn't it having a bigger effect on the overall market at these levels is it time to buy? >>> plus the treasury secretary telling cnbc this morning that the president is working to resolve a lot of trade issues. could the trade wars end before they ever get started. >> ceo of american airlines will join us shares are up despite worries about rising fuel prices "power lunch" starts right now >>> we begin with that jaw dropping plunge in shares of facebook, the stock at this hour still down just about 20% at its worst levels in the past 24 hours. investors saw over $150 billion of facebook's value literally wiped out. to put that in perspective that's more than the entire market cap of a host of blue chip giants, bigger than ibm, mcdonald's and nike. >> despite facebook's fall the dow is not missing a beat. not a part of the dow well can you make a case why wou

. >> that's steve bannon, former white house chief strategist speaking to michelle caruso-cabrera aftererence last week you can find the interview at cnbc.com with the president's tweeting this morning on trade and tariffs, the focus shifts back to industries like tech. caught in the cross fire with us now, larry havrty and ben, managing partner at msa capital, a beijing based d.c. firm. good morning to you. ben, you think that these tariffs are a sputnik moment but for china. that they're going to em bolden their stance toward wanting to do more domestic production. >> right when you squeeze people, they react quickly and in the case of china, we've seen when you squeeze industries, they look for self-sufficient s. we're on the way, manufacturing smart, robotics. bgi a few years ago in the gene sequencing place squeezed went out and built their own sequences machine. we think this will galvanize local governments as well as ak deem area then the private sector to invest in these areas. >> critics would argue they haven't built as much they've stolen it. >> there are legitimate issues t

i'm michelle caruso-cabrera along with andrew ross sorkin and mike santoli u.s. open. the s&p would open up by 2 the dow jones flat, and nasdaq up by 4. overnight in asia, big news out of the bank of japan policymakers kept their rates unchanged but signaled they would allow more flexibility when it comes to a key interest rate it would go to 0.2 rather than 0.1? >>

. >> going to be a busy afternoon, josh see you in a bit let's get to michelle caruso-cabrera for theopean close in a couple minutes. >> thank you very much, carl stocks closing higher to finish after a string of strong earnings reports, including upbeat results from credit suisse they're all finishing the month of july in positive territory, that breaks a two month losing streak you can see the performance of the euro stocks. not as good news on data front official figures show the eurozone economy grew 1.4%, slowest pace in three years, significant contrast to u.s. pace of 4.1% dollar stronger against the euro 1.17 is what it will cost you. european union negotiator softening his opposition to british prime minister theresa may plans for the london financial services industry. deutsch said they would move activity from london to frankfurt, concerns that it could erode london status as key financial hub. weak bond yields hitting a high after they still face a struggle after bailouts the imf recommended greece consider boosting capital and other discretionary spending to ensure sustai

. >> thanks for watching "power lunch" starts right now >> i'm michelle caruso cabrera u.s. and china looking to scale back their trade war that's the good news the bad news, major warning from wall street saying the stock market is headed for the biggest sell-off of the year just heard kevin o'leary talking about apple. it's getting ready to report earnings in just a few hours can it stop the tech wreck we'll get caught up in the recent fang meltdown >>> rising risks our cnbc special report on how severe weather is impacting america's real estate. today the growing crisis in one maryland town. "power lunch" starts right now >> welcome to "tower lunch." i'm tyler matheson the nasdaq the biggest gainer. almost up .9%. trying to snap a four-day losing streak haven't had one of those in several months april, if i recall gains being fuelled by a rebound in the fangz facebook and netflix, which have been battered lately seeing the biggest gains in that group at this hour of course, apple we mentioned at the moment a go if you want to include apple in the fangs illumina, and harri

first michelle caruso-cabrera has a look at what's coming up on "power lunch. >> coming up, the bears have a list of reasons why this market is getting ready for a breakdown. we'll walk you through them and debate if the bears are right or wrong. >>> and could the president's meeting with putd putin emboldee gop to fight back on parts of the agreement they don't agree with >>> and we just learned from kayla tausche president trump will speak at 2:00 he will discuss once again his trip to helsinki to meet vladimir putin all that coming up on "power lunch. "the half time report" is back after this well, it's earnings season once again. >>yeah. lot of tech companies are reporting today. and, how's it looking? >>i don't know. there's so many opinions out there, it's hard to make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry

. >>> and then later white house chief strategist steve bannon is going to sit down with michelle caruso-cabreraafternoon. "squawk allie" continues in a moment hello. let's go for a ride on a peloton. let's go grab a couple thousand friends and chase each other up a hill. let's go make a personal best, then beat it with your personal better than best. let's go bring the world's best instructors right to you. better yet, let's go bring the entire new york studio - live. let's go anytime, anywhere, with anyone who's willing. and let's go do it all right here. ready to go? peloton. >>> take a look at shares of twitter slumping after they raised their price target because of the recent run-up in the stock. it's currently down 3% still up 8% for the year ahead coming up, we'll have more from the delivering alpha conference. stay with us >>> a live shot of the white house with the president holding a cabinet meeting. we're expecting to get comments from the president as soon as we get them and we expect a press briefing at 2:00 p.m. with the press secretary. that would be the first since the helsinki

. >>> now over to michelle caruso-cabrera for a news update. >> here is what's happening at this hour's defense ministry broadcasting video showing what it says is a successful testing of modernized ballistic missile defense system the test a day after showed a series of videos showing a new generation of nuclear and conventional weapons. >>> russia's ambassador to the u.s. says the meeting between president trump and russian president putin was a pivotal event. also said there was concern among nato countries ahead of the meeting. he spoke at a round table discussion in moscow. >>> the wildfire known as ferguson fire has grown to 33 square miles most evacuations are lifted near the city of corona >>> and tense moments as a semi truck dangled from a bridge in florida. crews rushed to the scene, managing toget it back on the bridge in 90 minutes the driver made it safely out of the cab. cause of the accident is not known. back to "squawk alley. >> thank you, michelle. >>> coming up, a tale of two ceos mark zuckerberg raising eyebrows this week with comments that he made about how faceb

. >> you on track for its worst day ever >>> you bet we are michelle caruso-cabrera.. social media giant getting crushed on facebook's worst day ever how did the analysts miss this disaster why isn't it having a bigger effect on the overall market at these levels is it time to buy? >>> plus the treasury secretary telling cnbc this morning that the president is working to resolve a lot of trade issues. could the trade wars end before they ever get started. >> ceo of american airlines will join us shares are up despite worries about rising f

♪ >>> good morning, welcome to "squawk alley" i'm jon fortt with michelle caruso-cabrera and wilbur frostt the new york stock exchange we got a lot to get to morning, but we'll start with markets the markets giving up most of their early session gains. the dow was up about 182 points, now just barely above the flat line and joining us for more is kenny from o'neal securities and our own bob pisani good morning to both of you guys what's going on here the semis were up pretty strong at first i don't know why the semis would be higher. >> it was a broad market rally. europe was up. there was talk about concessions with trump created some excitement especially after what happened on tuesday the market was up and then hit it at the end of the day listen, it's a holiday, short week volumes are low. traders trading with trading market not a lot of institutional participation. in here it's just as back and forth trading. so there's no real rhyme or reason other than the always whether it's european tariffs or china tariffs it's going to be back and forth between the two headlines until really un

. >> thanks for watching "power lunch" starts right now >> i'm michelle caruso cabrera u.s.o scale back their trade war that's the good news the bad news, major warning from wall street saying the stock market is headed for the biggest sell-off of the year just heard kevin o'leary talking about apple. it's getting ready to report earnings in just a few hours can it stop the tech wreck we'll get caught up in the recent fang meltdown >>> rising risks our cnbc special report on how severe weather is impacting america's real estate. today the growing crisis in one maryland town. "power lunch" starts right now

steve bannon having a one-on-one interview with michelle caruso-cabrera let's look at the futures forjor markets there. the s&p 500 looking to open very slightly lower the dow jones looking to open higher the nasdaq after a strong day yesterday also looking to open slightly lower we look at the currency markets, we've been talking about cable the last few minutes you can see the pound is 0.7% weaker against the u.s. dollar the euro is also weaker against the u.s. dollar by 0.40 the ftse 100 is up 0.59% the xetra dax is up 0.69%. the cac 40 is up 0.40% the ftse mib is the single major market in europe down 0.10%. sticking in europe, strengthening the demand for swiss watches in asia and america boosted swatch's first half net profit by 67% the swiss company said it expected further growth in the second half of the year predicting more opportunity to expand market share. we are joined by the chief executive of swatch, nick hayek. i have to ask you, where do you see this opportunity for increased market share which territories? >> yes, hello, everybody this time you're late, cnbc. you ne

. >> i'm michelle caruso cabrera the president warns iran not to threaten the u.s., or there will bes this just trumpian saber-rattling, or should the markets be worried the fast and furious five. the fang stocks. there their. they've been a big driving force in the markets this year if you are looking to get in now, what name is your best bet? we are going to rank them. and the meat glut. yes, there is one. tariffs are in demand for u.s. meat around the globe while that may be great if you are on the atkins diet, it's not so great for the markets and farmers. "power lunch

. >> nike is underperforming because of the monster run >> toss it over to michelle caruso-cabrera andrth >> time for the closing bell facebook falling the probe is is widening we've got a big investor >> i'm diana oleic in washington new numbers are pointing to a surge in demand. >> your prescriptions may get more pricey as pfizer raises prices on dozens of drugs. what's behind the move and the drugs impacted a

. >> come back over here let's get to the headlines with michelle caruso-cabrera. >> thanks. here's what's happening. house minority leader nancy pelosi calling on president trump to apologize for his performance at his meeting with russian president vladimir putin on monday. >> on monday the entire world witnessed president trump cowher in the presence of putin i sadly besiege president trump to apologize to the american people for his disgraceful, damaging behavior with putin in helsinki. >>> the captain of the thai skokskok soccer team is back home from the hospital he said he was given injections and fell asleep before his rescue. >>> chance the rapper released four new songs for his fans, but in one of the songs he revealed he acquired chicagoist, the chicago news, food and cultural website. he said i boughe bought the site from nyc "power lunch" starts in 19 minutes. we'll have a piece of joe kernen's interview with president donald trump you don't want to miss it. don't move "the halftime report" is back after this ♪ that's confident. but it's not kayak confident. kaya

. >> thank you >>> coming up -- actually, let's get the headlines with michelle caruso cabrera. >> thenew york times" reporting president trump's long-time lawyer, michael cohen, secretly recorded a conversation with mr. trump two mons befo mor the presidential election. they discussed payments to a former playboy model who says she had an affair with the president. rudy giuliani, the president's personal lawyer, confirmed trump discussed the payments but claimed the payment was never made. >>> an official saying the dunk boat sinking has updated, 17 dead some passengers were critically injured. >>> a fire at a military depot in pennsylvania. one died and two others are hospitalized in critical but stable condition the explosion was thursday morning. >>> a four-mile iceberg broke away from a glacier in greenland. the time lapse video was shot on june 22nd. break took place over a space of about 20 minutes that's the cnbc news update this hour here's what's coming up. we'll talk more about president trump's interview. very busy today. doubling down on his tough talk on china with joe ke

from delivering alpha in new york city i've got some very special guests with me right now michelle caruso-cabrerang set for power lunch. we spent a lot of time talking about the view from some of these great investors that are here today on kind of where we are. i thought one of the best moments at least from a thought point of view came from your panel this morning with mary and mark mary talked about the message that faang's outperformance maybe isn't sending about where the overmarket is, whether it's overvalued or not. >> there's been so much focus on whether the breadth of the market is too narrow, with faang demonstrating such leadership and is that a signal we're at the peak of the leadership she said it's time to focus on -- there's a lot of other great companies out there that have been overshadowed and as a result are undervalued because so much money has been put into faang. i think lazry echoed that. >> the perception she said, melissa, the market is overvalued because this small number of stocks have had such a large gain. >> right. >> but the reality is, when you look at everything

. >> i mean, do you have a preference >> michelle caruso-cabrera. >> it's not a -- you go -- mr.orkin is okay >> is ross sorkin preferable >> no. but dr. sorkin or professor sorkin is nicer. >> when you call a bald guy curly or something >> first half of 2018 in the books. what is next for the retail sector >> it's been a strong first half for retail consumer confidence is strong, unemployment is low. the strong economic backdrop, one input for the outlook for retail going into the second half from the summer on is where you'll fine the three biggest shopping holidays of the year. amazon's prime day historically in july, we don't know when yet. but we think we might know black friday and cyber monday fall in november double digit growth across the board for those three shopping holidays analysts predict that prime day will play a big part in back to school sales for many parents. some wait until the fall either way, they predict the prolonged school shopping spending season, try to say that three times fast the cycle that began after last year's back to school season ended. next

. >>> i'm michelle caruso cabrera and here is the power lurchl men ewe. meets putin .the anticipated summit between the two leaders over appear lawmakers weighing in lots of congressional members on both sides are not happy with the president. we'll have the rivet straight ahead. >>> unhealthy pattern. despite rhetoric from capitol hill drug prices rise. why isn't is the industry bowing to the pressure and who is the biggest culprit? and sky high expectations netflix set to report earnings after the bell with stock un105% this year are they living up to the numbers wrb justify the rally or is it time to sell in power lunch starts right now >>> and well, everybody to power lunch. i'm tireman mathen glads you could join us. the dow the only index higher and it by a double 0 appear at 2503 see what eek out gain it would be the third straight day if it does the dow is up. but the s&p 500 down labts so is nasdaq and the russell 2000 down about .% appear energy and health care the lange ards within the dow, joon-pyo rg on sisco leading, the cater pillar and che

minutes away stay with us ♪ >>> good morning, welcome to "squawk alley" i'm jon fortt with michelle caruso-cabreraew york stock exchange we got a lot to get to morning, but we'll start with markets the markets giving up most of their early session gains. the dow was up about 182 points, now just barely above the flat line and joining us for more is kenny from o'neal securities and our own bob pisani good morning to both of you guys what's going on here the semis were up pretty strong at first i don't know why the semis would be higher. >> it was a broad market rally. europe was

michelle caruso-cabrera joining us with more on that particular war of words >> the president's tweetesponse to iran's president warning the united states not to incite iranians against their government san diego could lead to quote the mother of all wars. president trump not the only voice from the administration in the last 48 hours. secretary of state mike pompeo made a speech in california yesterday to the iranian community in which he described the regime as a mafia, a group of hypocritical holy men involved in criminal activity. as for the markets, the immediate concern is what an increase in tensions might move for oil markets. oil did move higher but then into negative territory the white house is pushing for all of iran's oil to come off the markets by november, snap back sanctions in other areas are expected in a couple weeks ta that means iranian government wouldn't be able to purchase u.s. dollars as one example. a key issue say whatever or not iran would shut the strait of hormuz in retaliation. military experts think if it happened, it would only be a matter of days wher

i'm michelle caruso cabrera, the dow is lower for the first time in six sections. off the session lows about 88 points but it was down 145 points earlier the nasdaq is on pace for the first back-to-back losses of july, lower by a little more than nine points oil is rallying. copper closing in on bear market territory. it's off by nearly 2% again today. check out the dollar it turned negative and has fallen to session lows against the major currencies probably because of the comments from donald trump we are talking about that more. snap-on is leading the s&p 500 shares tracking for best day since 2014 on the back of positive earnings. melissa. >> michelle, we begin with the comments from president trump on interest rates and his appointed fed chairman j. powell. >> i put a very good man in the fed. i don't necessarily agree with it, because he is raising interest rates i'm not saying i agree with it and i don't necessarily disagree i must tell you i don't. i'm not thrilled because, you know, we go up and every time we go up they want to raise rates again. i'm not h

. >>> i'm michelle caruso-cabrera, here's what's on the power wlunch menu, the president is meeting with jean-claude juncker trying to hammer out a trade deal they want a tariff on imported cars we will be live at the white house. plus the trade war fears are being felt gm is slashing its outlook because of rising steel and alluminum costs. inadvisors are hitting the brakes on the stock. >>> facebook stock is hitting an all time high. should you buy the stock ahead of the numbers "power lunch" starts right now we welcome you back to "power lunch" a mixed day the dow is in the red. we're off session lows you can blame boeing for the most part the s&p 500 and nasdaq are higher today marks exactly six months to the day the dow and s&p last set record highs it's been pretty much sideways since then we will check out free earnings movers this hour 3m and ups is higher polaris is taking a hit. we head to washington, we are live with the latest kayla. >> reporter: melissa, currently there is an extended bilateral meeting going on between the u.s. and the european union the treasury secretary fr

. >>> i'm michelle caruso cabrera. trade wars and the fed president trump weighing in on a host of hot button issues. and joe kernen's big interview with him we have the highlights. plus, is the u.s. actually making progress with mexico on a trade deal and when it comes to trump, trade and tweets, no other area of the american economy is more vulnerable than this we'll tell you which one it is wall street set for the biggest and most important week of the summer, your power lunch play book is on tap as the second hour of power lunch starts right now. >>> and welcome to power lunch i'm mels aire lee stocks racing earlier posting lossen and modest gains remarkably stable given the preponderate's comment tear about trade tariffs the fed you name it and a big week for earnings here. the dow up by 17 points. s&p up by 1. ntds higher by 13. looking at movers microsoft jp morgan goemds, right now they're leading the dow. sintis the uniform company leads the s&p 500 and nasdaq 100 tyler. >> welcome, everybody. i'm tyler mathis

. >> thank you melissa i'm michelle caruso cabrera. what's happening the ipo market had the busiest quarter since 507. 60 companies went public raising 13.1 billion mccould you gaming revenue grows 12.5% in june. the 23rd straight month of gains. the number coming in below analyst expectations sending shares lower and the u.s. box office made a record $3.3 billion in the second quarter that's up nearly 23% year over year and incredibles 2 and jurassic world, the big contributors. ladies and gentlemen. >> all right thank you very much president trump dealing with the reaction to the tariffs as countries around the world hit back at the u.s. with tariffs of their own and american made products amonafters is live with the details. >> the prrmts of the netherlands drove behind me a gave us a wave on into the kwhous to meet with president trump. we expect to see some video of that meeting we should hear from the president momentarily once that video plays out we might see him get questions on tariffs in the worldwide reaction to the adminis

. >> i'm michelle caruso cabrera the president warns iran not to threaten the u.s., or there will be consequences. is this just trumpian saber-rattling, or should the markets be worried the fast and furious five. the fang stocks. there their. they've been a big driving force in the markets this year if you are looking to get in now, what name is your best bet? we are going to rank them. and the meat glut. yes, there is one. tariffs are in demand for u.s. meat around the globe while that may be great if you are on the atkins diet, it's not so great for the markets and farmers. "power lunch" starts right now >> welcome to "power lunch." stocks higher with the nasdaq today leading the gains ahead of what will be a very big week for earnings particularly. the fang names financials and technology are your leaders today utilities and consumer staples are lagging. take a check on yields that are on the rise following a big move in japanese rates overnight. there was a reuters report saying that the bank of japan could scale back its stimulus, and that caused a spike in the yen and a spike i

i'm michelle caruso-cabrera. we begin with jay poulwell's testimony before congress. steve liesman is live in d.c. with all the highlights. hi, steve. >> hey, michelle -- best strategy for the fed to continue raising interest rates. he said wages were not rising fast enough yet to cause an inflation concern. >> i think gradually raising rates is the way for us to extend this expansion. nothing hurts working families and people at the margin of the labor markets more than a recession. >> powell said it was too soon for those tax cuts from last year to be raising wages right now, and the ultimate effects would be hard to gauge overall, though, he said the tax cuts have had a positive impact on the economy more worrisome, he said, are the administration's trade policies. >> i'm really firmly committed to staying in our lane and, you know, our lane is the economy. trade is really the business of congress and congress has delegated some of that to the executive branch, but nonetheless, it has significant effects on the economy, and i think when there are long run effects, w

welcome back to "squawk box" here on cnbc i'm andrew ross sorkin along with scott wapner and michelle caruso-cabreraet's look at what's going on at this hour. right now dow looks it would open up higher s&p looking to open up margely hi -- marginally higher. here's what's taking place overseas you're looking at red arrows across the board not terrible, but down nonetheless pretty much everywhere as we said on the banner right there the dow s&p 500 still on pace for their best month since january. >>> we're going to get a fresh read on the housing market this morning. the national association of realtors will release its june report on pending home sales that measures the home contracts signed but not yet closed. >>> dow component caterpillar expected to report its second quarter earnings bottom of the hour analysts believe they will report on revenue of $13.9 billion. we're going to have those numbers for you as soon as they're out. stock so far year to date higher by 25% >>> walmart is said to be exploring the subscription video streaming service. however the project is only in the exploratory stan

bannon made some headlines at the delivering alpha conference yesterday he sat down with michelle caruso-cabreraerviewed him. she joins us this morning with some highlights. >> we talked about putin, the president's performance in helsin helsinki, situation with immigration and then spent a lot of time on china he's a firm defender of the president and the position the president is taking on china when it comes to tariffs ultimately i asked what is victory? >> how it ends is in victory donald trump will not back off this the chinese are going to blink >> what is victory >> victory is when they give us full access to their markets and victory is when they stop -- remember, the warlordism in china and xi is under, i think, tremendous pressure is the state-owned industries main china 2025, they said it was to leapfrog us and converge on advanced chip design and robotics and artificial intelligence, eventually with genetics to converge on manufacturing. what the reality and what we saw with gte was -- zte, was to get off the west supply chain for components i think the number one thing you will see