in some cases they compete against shopify.mazon directly and the gathering of information and advertising, google definitely will be providing some of those services to shopify and their customers. kriti: the canadian e-commerce firm will cut about 10% of its workforce. its expansion did not pay off. david, thank you for joining us. walk us how we got to the point of widespread layoffs. david: we saw how shopify's stock rose rapidly over the pandemic. it was a pandemic darling. when you're sitting at home and nothing much to do, shopify was one of those companies that a lot a lot of consumers to start their own companies online. with that e-commerce boom, they doubled their workforce from 2019 from 5000 to 10,000 bc today. they are reducing that by 1000, impacting folks in recruiting, support and sales. the company's founder and ceo saying in a memo to the company's staff we made a bet this would be a permanent shift to e-commerce. the bet did not pay off and he will own up to that. jon: it is interesting to hear you say that,

you are seeing brands like gold's ym come onto shopify. operational discipline in our dna, and we remain focused on helping merchants. in terms of where we are right now, shopify is 10% of all u.s. sales. it did outpace the rest of the market in this quarter, and it will continue over the broader market for the rest of the year. it was up 11%, year on year. that represents a three-year tagger of 50%. that is a three-year tagger at 53%. i think our business model has built-in buffers to weather the storm, and we have more than $5 billion in cash on our balance sheet. we are in a good position, but it has been a hard day for us. >> let's say things get a little better next year, at this time. is there something that has changed besides this, because i know you have been able to take losses, absorb losses -- was this going to become a bigger black hole each quarter? otherwise, things are so good. why let anybody go? >> look. the reality is that we bet that e-commerce was going to be a much larger part of the greater retail mix. we knew that i

this is a big day for shopify.rprise based on what other tech companies have done we've seen some layoffs, but the ceo coming out with a statement this morning essentially saying we got it wrong when it came to e-commerce we're back at pre-covid levels it's not the push ahead they thought. they talked about this is going to pull five years of e-commerce spending forward he said, you know, we were overly ambitious he took responsibility and said, guys, they got it being were we'll have to scale back in terms of hiring and then laying off about 10% of the workforce and then the big things to watch as far as earnings now the e-commerce mix howie is veer is that? where are we on e-commerce spending and shopify is a great belle weather and commerce could have big implications for paypals of the world we'll be watching that pretty closely, the gmv, gross merchandise volume that really shows the overall platform and kind of how big -- how big it is, how much it's growing. is inflation also a part that have will people mov

shopify down about 16.t everything to do with inflation, and we're going to see how that affects other stocks with people spending so much on. do not tell that to the kardashians. instagram pushed out an update, testing features that makes it more similar to tiktok short-form videos, suggested posts to users are pushing back. kim kardashian and kylie jenner sharing a petition, make instagram instagram again, stop trying to be tiktok. i just want to see cute photos of my friends. guys, remember the time snapchat saw almost $1 billion off its market cap when jenner criticized the app's redesign. that was back in 2018. not hurting them much. they've got a lot of other things to worry about. >> we'll talk meta later on in the week meantime, close to session lows. let's get to the judge and the ha half >> welcome, everybody, to the halftime report. less than three hours until microsoft and alphabet report their earnings the stock hanging on every word. so, of course, is your money the investment committee debate

shopify is cutting jobs as well.hat does the future hold for e-commerce and a potential recession? this is bloomberg. ♪ emily: could walmart's surprise cut to its profit outlook signal doom to e-commerce? john edwards joins us to talk about the state of the e-commerce industry. we see shopify cutting 10,000 jobs. how does this all add up to you? jon: shopify was interesting. they made a big bet that the shift to e-commerce during the pandemic was going to be long-lasting and accelerate faster than anyone had expected before covid. that bet turned out to be completely wrong. they thought that people were not going to go back to in person shopping at the pace that they did. people have flocked back to stores. that led to shopify having to cut a bunch of jobs. emily: what does what were seeing indicate about amazon results we expect later this week? john: that will be interesting to watch in light of what we heard from walmart. what walmart is saying is not that spending overall is slowing down but the mix is shifting i

shopify now cutting jobs as well.hat does the future hold for e-commerce and a potential recession? we will talk about all of that and more next, this is bloomberg. ♪ >> can walmart surprise posco to its profit spell doom for e-commerce? this is all due to the rising cost of food and gas. john edwards joined is not to talk about the state of the e-commerce industry and on top of these numbers from walmart, we see shopify cutting 10,000 jobs. this is that has been riding high over the past couple of years. >> shopify made a big bet that the big shift to e-commerce that we saw during the height of the pandemic is going to be long-lasting and in fact it accelerates faster than anybody had expected before covid. that bet turned out to be completely wrong. they thought people were not going to go back to in person shopping at the pace that they did but people have flocked back to stores and so that led to shopify having to cut a bunch of jobs. >> what does this indicate about amazon results we are expecting later this week

shopify made a mistake.elt that somewhat like amazon that there would be a permanent blip up in ecommerce and they were wrong. now i like their humility, and they come out to say, hey, we totally screwed up, and they do layoff people, but it is interesting to see that when they have in the email or the mail to people, everyone, they show you that things have reverted to where they were. so you have the line that is up, and then a spike, and now it is back to where it would have been had the trend line kept even, but they did not think that the trend line was up, and that is very, very important, and a big miss, and a very big miss. and a tough thing for a company who does a good job. >> yes. 10% layoffs across all units, and we will talk about it more after the bell here, and let's get the opening bell here on cnbc, and opening up is the 10-year anniversary here with lehigh anniversary partnership. >> dwre, it was a beautiful quarter, and the execution was perfect, and it was a marvelous team, and i have kno

shopify 10%.slowing down or freezing, that's a real tell google has tremendous visibility into the global economy. they may know the global economy better than anybody. so when they slow down their hiring and they do it twice in a relatively short period of time, we should all step back. hopefully this isn't -- i don't think there's anything permanent going on here and i don't think there are necessarily company specific issues. by the way, if you want to be defensive about this, you still have with google a 7% free cash flow yield it trades at 15 times gaap earnings you still have 17 times gaap earnings, you have cloud computing and i haven't seen any evidence there's a slowdown in spending for cloud computing so this will stock will hold better than others but i am fearful that estimates come down, the first thing stocks will get cut. >> that is some pretty bearish talk from you, mark. thank you very much. we'll see what we get after the bell. >>> two minutes to go in the strag trading day, step

it is dragging down amazon and shopify.announced a 10% drop in their workforce today, they are cutting about 1000 jobs due to the environment they are facing. that is weighing down the stocks across the board. walmart talked about the idea that in consumers are faced with inflation, their energy bills are going up. it takes more to cool their homes in the summer as hot as this one. they are spending more on things they absolutely need to spend money on, they are spending less on things they may want. things like clothing, electronics. all the things we are seeing so much inventory retailers have, they have to mark that down in order to work that inventory down. energy issues, higher costs people are facing is the story in europe, as well. one that could get worse instead of better. you have bloomberg reporting today the kremlin is going to keep the squeeze on gas flowing from russia to europe, planning to reduce its flow from nord stream one into germany by 20% capacity. as a result, we are seeing natural gas benchmark pric

based in canada, shopify is an e-commerce service that allows merchants to quickly build and customizendemic-fueled explosion of online sales appears to be cooling off. >>> twitter sets a date even if elon musk doesn't show up and doesn't call back. september 13th is when its shareholders will vote on the company's pending buyout by the tesla ceo for $44 billion. that's despite twitter's ongoing legal battle over the deal. the case is going to go to a five-day trial in october. >>> he's 92, and he's still a force to be reckoned with. nasa memorabilia from the career of buzz aldrin sells for more than $8 million at auction including his moon landing hich million. the sotheby's auction included that jacket during the "apollo 11" mission to the moon in 1969 and his presidential medal of freedom. aldrin in a statement saying the time felt right to share these items with the world. >>> that is your cbs "money watch" report for this wednesday morning. i'm matt pieper, cbs news, new york. >>> the newest forever stamp from the u.s. postal service is out of this world. the agency said it will f

then, there was shopify which reports tomorrow. shares dropped more than 14% ahead of the result after they said it would lay off 10% of the global workforce. which sparks your interest? karen? >> ups sparks my interest. i liked what they had to say. it is a fantastic job. they want to make more revenue per package. they have done a great job. it is a little bit of an embarrassment. they don't run as good as the ship, hopefully that will change. i liked with ups have to say. >> guy? >> everyone expects that will happen. they are trading less than five times revenue. if you have a huge buy-in day for the first time in a long time, shopify below 30 could be really interesting for a longside trade. >> it is well above where the street is. either someone is way off or on the street side. the most important thing, i think they have given an indication of peak supply disruption. they secured all of the ev supplies they need for batteries after 2025. i thought this was a good report. >> ge -- it has been trapped below its 50 day moving av

. >>> shopify says it is cutting 10% of its workforce. that's more than one thousand employees will be laid off according to an internal memo. the company is based in canada, but their u.s. offices are here in san francisco. it's unclear how many people in the bay area will actually be losing their jobs. the ceo said the company bet big on online shopping during the pandemic, but it didn't grow as much as they were hoping. shopify's stock has fallen more than 80% below its 52-week high. >>> so what does it take to get a ceo of a major company to respond to your complaint in less than 24 hours? well, it helps to be and have a 600 million followers on that ceo's social media platform. kpix 5's andria borba is live in the newsroom to explain the instagram fallout. andria? >> we're talking about the ceo of instagram here. he released a two-minute video today prompted in part by complaints insta super users kylie jenner and kim kardashian posted. and the reason comes down to cold hard cash. two separate but identical gramm stories from sisters

flyers which have gotten absolutely slammed in the bear market is up 5% thanks to coin base, unity and shopify all up double digits right now coming up on the show two key players in the battle over funding for semiconductors, we will speak exclusively to micron ceo who has been in washington this week as we speak meeting with lawmakers about the needs for chips act funding in order to compete in the global market. commercial secretary gina raimondo with the latest on where things stand in the bill's passage. mixed action the major averages still on pace for a strong week. can we trust this rally? i think we're going to have two people on different sides. tom, you are bullish you see it as sustainable? >> i think the second half of this year has a lot of tail winds building a lot of the inflationary pressures that made investors think it was quite sticky are rolling over, some of the foods and even some of the things pointing to housing. that means inflation risk is declining and that allows not only the fed to be less aggressive but p/e to he can panned and earnings haven't been as terrible a

emily: certainly big news about shopify's layoffs. i want to tell you about the call with tim cook.he highlights he said, they expect revenue to continue to accelerate in the september quarter despite softness in some areas. they say they saw significant improvement in the month of june for supply and demand in china. this i thought was interesting when it came to spending and hiring plans which bloomberg has reported that they plan to slow hiring and spending next year. they said they believe in investing through downturns and continue to be "deliberate" about their decisions. what is your take away? tom: for apple, the question has been for a while how serious are they about getting into electronic vehicles? and what do they want to do in the metaverse? so i interpret your comments on tim cook on deliberate investment spend, thinking about a future product roadmap. to what extent do they plan to get into electronic vehicles, augmented reality, virtual reality. we know that they are in cycle for the next generation iphone and other devices. but where do they want to expand and how

with amazon in a downward forecast, considering the sharp reaction, shopify shares down. the slot for online businesses, this was one of the most expansionary companies over the past couple of years. for them to come out and give their reducing 10% of their staff highlights the moment that we are in and to david's good point, how many other companies are right behind it in the wake of the pandemic? tom: it is a cloud-based commerce platform. i have no idea what that is. lisa, basically, it is a pandemic stock. lisa: amazon is going to be considered one of those also. how many are there comprised of a pretty significant portion of the overall index in the economy? the questions that people start to talk about, what is the recession, does employment have to participate, what happens when the fed tightens? these are the questions being embedded into these earnings reports as companies come out with less conviction around staffing. tom: we will have our special coverage tomorrow. mcdonald out with a headline right now, inflation pressures impacting margins for the rest of the

shopify brought down by netflix. google brought down by snap.l, you know, snap, can we just -- stab a fork in it. netflix is obviously kind of for the moment wavered, and netflix brought down disney. now everyone is cutting numbers. by charitable trust owns disney. i hate mickey and minnie i throw darts at them every night. isn't that one cheap what does its take to make that franchise cheap if travel is so strong >> i mean, evercorps cuts it, but they cut live nation, fox, warner to 25 from 40 >> yeah. i think that warner's balance sheet is awful no one -- no one put the wood to paramount today? >> i think they include -- >> i wanted to be sure there was nothing positive about paramount. it's important even though they had a great schedule, it's important every single day some companies are not getting any breaks paypal >> we haven't talked about elliott yet. >> look, i have no idea what elliott wants to do. >> the journal doesn't know the size of the stake. >> no. when i look at it, here are some things they could think about. tremendous custo

shopify plans to cut 10% of its workers shopify, its business boomed during the pandemic as businessesp those online stores, but that is certainly cooled off and online shopping has slowed down . shopify stock down about 15% as we take a live look at the numbers, they are headed down as well. the dow jones down about a half of a percent almost 200 points there. walmart microsoft apple. a lot of those companies are part of the dow jones and the s and p. 500 down one full percentage point. the nasdaq down one in three quarters of a percentage 30.200 points as well for the nasdaq. the federal reserve begins a two day policy meeting today and is expected to raise interest rates again by three quarters of a percentage point that will be announced tomorrow. now the fed has already raised rates as we know three times this year, economists say. more needs to be done, though to rein in that 40 year high in inflation. financial analysts doubt the fed will go as far as raising rates by a full percentage point. but again, we'll see tomorrow the fed is projected to raise rates again when it meets i

and then more on tech's biggest moves today outside the mega caps, spotify, subscription games, shopify's weak outlook. that's all coming up >>> today's results from alphabet and microsoft both stocks trading higher investors pointing to strength in their core franchises and the low expectations going into the quarter. look how much they're trading higher more than 4% each, 4% from microsoft, more than 5% from alphabet nothing like the disappointments like snap last week. pretty strong forecast from microsoft. looking ahead, an upbeat tone on both calls despite calling out the macro uncertainty and currency headwinds that said, how good were these quarters really? both companies missed estimates. these are high-growth stocks with slowing growth. microsoft talked about weakness in gaming. alphabet saw weaknesses in youtube particularly both missed estimates within their cloud businesses dee, currency has got something to do with this on both counts when it comes to microsoft, the core cloud business did grow, meeting expectations what's weird about this to me is not that the stocks are hig

shopify ceo sighting a downswing in online spending.e many others in this industry, shopify has been an under performer this year, down more than 80% off its november record highs. right now, we have traded, roughly kelly, 15 million shares of stock way above the average trading day for good reason. i will send things back over to you. >> it is like a good market today. don, thank you very much. >>> kelly, good afternoon. here is a cnbc news update this hour. a bipartisan bill to boost u.s. competitiveness with china has cleared a key senate vote, setting it up for a final passage in the chamber in the coming days. >>> a short time ago, a live debate between the two conservative party leaders who are competing to be the country's next prime minister was interrupted by a loud noise, as foreign minister liz truss was speaking about vladimir putin. the feed was cut off, and after several minutes they found out that the moderator of the debate had fainted. that in the uk. >>> the biden administration designing a new website to keep american

despite high demand, supply chain kinks are forcing gm to ship fewer vehicles shopify cutting 10% of its workforce. now the federal reserve is poised to raise interest rates yet again tomorrow what's the risk that by raising rates again, the fed could push the economy into recession? >> there is definitely a risk that these rate hikes could result in a recession. the fed is raising rates more quickly than it has in a long time >> reporter: this is not just a u.s. problem. the imf is warning the world may be teetering on the edge of recession. lester >> tom costello, thank you. >>> up next tonight, long overdue honors for a 102-year-old world war ii veteran >>> nearly 80 years after the end of world war ii, an american hero and her battalion are finally receiving a long overdue salute. here's blayne alexander. >> reporter: at 102 years old, miss davis ha certainly held a lot of titles, but perhaps none harder earned than u.s. soldier. she proudly served in the 6888 central post directory battalion or the 6 triple 8 at more than 800 women strong, they were the only all black, all femal

start with the bad news, shopify, remember the bad news they reported a net loss i'm giving you thexact numbers of one point to billion dollars in the quarter from a profit of $879 billion a year ago that is a year ago. the forecast awful for the second half of the year, management is calling this a transition year from the big e-commerce pull forward that we saw during the pandemic and yesterday we told you they cut 10% of their staff. stuart: they are victims of a slowing economy and consumers from buying stuff, that is the problem. >> it might be the only negative big earnings report will think of this morning. most are positive are being interpreted as positive. stuart: what about boeing i saw them report this morning. >> quarterly numbers missed, you are correct. here's a but a step to the goal of positive free cash flow for this year end they also said we're in the final stages of getting a dreamliner that is stuck in hangers for over a year now back because of all of the delays and issues with the jets, there's also no drama in the report and no drama as a catalyst than the 7

shopify laying off 10% of their staff, most of them will be gone. shopify is down 15%.nce in america. byron donald is on the committee that will grill the gun manufacturers, and is a republican. congressman, would you support lawsuits that impose liability on gun makers? >> i would not. it is a terrible idea. the democrats are appear worrying about things the american people are not focused on, they don't want to talk inflation or gas prices are energy, they don't want to talk about the border, they don't want to talk about foreign policy, those are things on the minds of the american voter, they want to focus on their liberal base to come out and vote because the midterms are coming and they are cruising for a bruising. stuart: would you change any existing gun laws at all? >> no. if we examine the mass shootings of the united states the gun laws currently exist in these proposals wouldn't stop the shootings, not one proposal would have stopped what has occurred. the issue is not the ability of americans to acquire firearms. we have more firearms in the world, if ameri

shopify came out yesterday and said they were planning to cut 10% of their staff, about 1000 people.es and have-nots. also looking at some of the other companies going to reporting including facebook, meta. jonathan: why don't you like it so much? lisa: up 2.4%. i don't fit we should look at the tick by tick movements but what has been priced in already? down 50% year to date, so 2.4 percent is not really significant. but does this indicate at the bottom is in? amazon shares up 1.4%. apple shares up 0.8%. how much do we see the resilience in the physical goods at a time when apple is cutting pricing? tom: we did this earlier on china. apple on china will be a complete mystery. lisa: and how much does this replicate what we are seeing elsewhere or is this just a china story? tom: bowing out with earnings. no idea what they are other than i cannot afford a plane ticket. they are all about free cash flow. i remind campers, boeing is down 63%. it is not airbus, to say the least. right now we will go to yield. bob miller is the head of fixed income at blackrock. you are the perfect want t

shopify is cutting about 10% of its workforce, eliminating about a thousand jobs.t effected roles are in recruiting, support and sales. in a memo posted on the website, the ceo acknowledged the company's rapid expansion coming out of the pandemic did not pay off. david: i just realized that last story was celine dior. [laughter] seems like i'm the only one who got that. yvonne: that is a dry joke. david: let's move things along. we talked about semis with beth kindig. down 1%. tsmc, fractional losses. some movers in hong kong, here we go. short seller, blue orca, some allegations there. the company is saying it is reviewing allegations and considering action to protect the interest of shareholders. do we have that? thank you. 11% down. yvonne: perhaps a bit of disappointment on what prices are. down 14%, session lows for that stock. certainly alibaba, yeah, that optimism yesterday is gone today. new worries on europe's energy crunch, as russian and insiders tell us the gas crunch will continue. details just ahead. this is bloomberg. ♪ this is xfinity rewards. our w

shopify also down almost 5% after citigroup cut their price target for the shares.here is a big distinction between those that can raise prices and those that can't. those that can include coca-cola and mcdonald's. coca-cola shares up nearly 1% after reporting earnings here than expected. they have a pretty bleak outlook because of the health care unit, at least for now. i do wonder, some of the margin pressures, i wonder when that is going to come back into play. tom: there's no other way to put it. i want to do one total return here. this is a good lead-in. in the last 10 years, mcdonald's is up 14% per year, where walmart underperforms by 600 basis points, up 8% per year. every stock is about the same and every sector is not the same. i'm going to go out on a limb and say sector analysis and sector choice in the next 12 months is absolutely critical. which sectors will win? >> it is a big change to the last cycle. i think most psychos went up together. i think you had a good return. i think we all know the market is incredibly bearish, especially industrials. you

business, placate the third party user base and maybe protect the flank from this different model that shopify is pushing as they try to build out their logistics capability >> a great question and you're looking for a win-win aggregate extraction let's think about aws. it's ago reg -- aggregation of t of service so people can run their applications then you take the example you're giving which is the third party marketplace, there is an aggregation of financial services capabilities and customers, and that's the other side of the case, do you aggregate a customer so that i, as a small business, can get incredible new access to hundreds of millions of customers on the platform. how you do that fairly, how you do that without, you know, kind of catching the eye of regulators, and more importantly, sustaining that group of customers, in this case, the small businesses, is the balancing act, but it comes to this combination of having good aggregation and abstractio that reduces the restrictions, so that whoever it is, aws or the seller's marketplace is going to win for the long term >> the journa

so there has been changes to online sales momentum, whether it is etsy on the positive side , or shopifyut what is your take away from what online retail will be like for the rest of this year? >> i think there are different aspects to it. there is a lot more channels, so can you shop mobile, can you pick up in the store? this is excellent. i think a return to office has also brought in the need to shop in store. again, the multichannel really makes a difference with online. they need to prioritize what they are spending, and it is going to depend on the categories you are offering. obviously we are in a very high place from last year, so that will make a difference. if you have too much inventory from those categories that are no longer movies, that is where we are seeing heavier promotio . target and walmart have been trying to move through that. but that is where the difference lies. again, we feel strongly about online. we think it is better over the years, but it does come down to the multichannel, and is a convenient? everything is being married together. >> sum it all up for us wi

woods and you see twilio and spotify and all of your favorite names from ka cathie woods roku and shopifyy've all been rallying and buying growth for later in the year why is there this big divergence kelly was talking about? health care is just getting clobbered today. united health is the main reason, look at that, 15 points. do the math on this, folks 15 points, you're talking about 100 points in the dow. all sectors of sub sectors of the health care group are trading down today and the same with consumer staples which have been acting rather poorly as growth and technology has had its day. kellogg, colgate and the favorite name is smucker with the high-beta consumer staple name all moving to the down side a lot of hope about growth later on in the year >> that's a very interesting tilt, bob, thank you let's look at the bond market and rick santelli tracking the action in the nyse people are raving about the 20-year auction, rick. >> they are and they should, but do remember the reason it's the highest yield on the curve is it's not the most popular, most highly traded maturity on the

its earnings report makes it an outlier in the retail and e-commerce space this past week we saw shopify walmart feeling the effects of the consumer demand slowdown and the normalization of rapid growth to prepandemic levels we will see this afternoon how amazon is holding up against these head winds i guess the question is, guys, it feels like amazon has already had a handle on a lot of these issues for a quarter already they have been subleasing millions of square feet of warehouse space, thinning out their warehouse workforce. so will it be in a better position was it enough? >> i'm not sure there's much of a read-through to amazon from etsy in the sense etsy was able to raise the prices on some merchants and that sort of helped things. we'll see if merchants expect them to deliver a little bit more in services to make that worth it also, carl, when it comes to costs, there are some things amazon will have to deal with when it comes to speed of delivery they have transportation costs, fuel costs we sort of have a signal from microsoft on how the cloud will be but overall when you've g

it was such a contrast to wal- mart and shopify and meta in terms of advertising. the cfo said that there has been no slow down in demand. in fact it increased and in stock items returned to prepandemic levels. he also said that they slowed their 22 and 23 operation expansion plans so they are now bet america line with demand. that's speaking to that over capacity issue. he noted that amazon's type of advertising preforms well in a recession. certainly we saw that in the past quarter. advertising growth was 21% year afteryear. he said that would have been higher but prime day was moved to q3. one maybe worrying thing is that he said that his commenting inflation. he said he sees the pressure remaining and becoming stronger in the 3rd quarter. >> thank you. let's trade amazon here and both the highlighted it in terms of the contrast to wal mart. here is the same question guys. is amazon the barometer or the exception? >> exception for sure because -- i don't think it's necessarily a barometer but they are running better they decided this would be a quarter where the

my pick for going forward is -- in that category would be somebody like shopify. >> interesting martin, i understand what you're saying, there's a lot of opportunity in this market in the case of sequsequoia, the became an ira at what it looks like in the moment to be not a great time if they sold out of big stakes in doordash and unity, their returns would be a lot higher than they are now. how much weight should the average retail investor put into what vcs are going in public markets? >> i think retail investors should see vcs in the public markets as a negative thing because that's not the vc's primary job. i think they should focus on what the professional retail investors or professional stock investors are doing. >> martin, it's great to have you on, thank you for your insights on this topic we've been talking a lot about. >> thanks for having me. >>> despite consumer slowdown fear, chip design company arm still expanding. ceo rene haas will join us when we come back don't go away. when traders tell us how to make thinkorswim® even better, we listen. like jack. he wanted a strea

comply with the january 6 committee's requests >>> and youtube announcing that it is partnering with shopifying its website. the company said it is planning to expand shopping features to its live shorts and long form video. tonight on the news, federal agencies are expecting an executive order declaring a climate emergency as soon as tomorrow we'll have the latest at 7:00 p.m. eastern >>> still ahead, fuel costs, labor costs, subscriber growth, three key things to watch on these three stocks and that is not all investors are looking for. we'll get you ready in earnings exchange next. ♪ in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance. cla - cpas, consultants, and wealth advisors. we'll get you there. meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it'

both by signing new merchants, growing within our existing partners and through our partners like shopify. and so our growth that's been going really, really well is probably not indicative of consumer shopping. i think as inflation we just heard another concerning report goes up, the demand for buy now, pay later actually increases because your ability to buy goes down as prices go up and your salary isn't keeping up. affirm will help you manage your cash flow more over weeks and months so the demand is actually increasing among consumers. >> isn't that sort of a double-edged sword if people are increasing their use of it might find themselves in more financial trouble and in more debt than they might know just because it is so accessible, these services >> i would argue that credit cards are infinitely more accessible what we have to offer is a much more intelligent alternative our particular interpretation is extra responsible. we don't benefit when consumers are late because we don't charge late fees and don't compounding past the number that we advertise at the moment of purchase so

off this week every mega cap name you can think of along with smaller but not small names, nxpi, shopify, nearly a third of the s&p, 40% of the dow will be reporting results. dom chu joins us with thebreak down i'm rested and ready, it's going to be a big one. >> it's going to be the super bowl like you said this is going to be what constitutes the biggest influence on where we could see markets going with regard to the fundamental side of that equation, charts aside, macro economic conditions aside. for the s&p 500 the make or break is not at all -- at all dramatic i mean, this is true because if you look at the s&p as we stand right now since the highs earlier this year we are down roughly 18% during that time span since those record highs but that bounce that we've seen in just the last few weeks or so has added back roughly 9% of the overall market so are we setting up for possibly a decent-sized bounce given more fundamental catalysts in the form of earnings reports? if you look at the reason why it's so important it's because for market cap weighted indices and this is in huge here

. >> yes speaking of the ad market, i think it's interesting shopify has been up all week, up sharplyrt of that perhaps due to that announcement of a deal with youtube for shopability. all these strategies for monetizing content whether you're netflix talking about it, whether you're snap talking about it elon musk has ideas. >> all of these players are focused on e-commerce and a big advantage for them there >> the e-commerce players speaking of health with the big amazon purchase that we talked about of one medical that will do it for us on "tech check. >>> welcome to "the halftime report." i'm scott wapner the surging nasdaq ahead of earnings reports next week and why some are saying stocks are not just having a bear bounce. we'll see if the investment committee agrees with that joining me for the hour brenda, jason, josh brown right here on set is jim lebenthal a check of the markets today it is the nasdaq that's green up by nearly 50 points there trying to get to a half of a percent gain pushing ever so closer to 12,000 on the nasdaq the dow is a touch n

he did raise the price of quest pretty significantly i don't know, you might be able to get a shopifythey reported horrible numbers it could go higher but the long knives are out for meta, and i wish it were coming in at 150. the long knives were out even one minute before microsoft on the threat work. that's always unfortunate. >> by the way -- >> i don't want to bet against mark >> we had rich greenfield on before he likes spotify you like spotify >> spotify numbers are great the only problem, you're getting a much better company for the same price pre-c pre-cash flow numbers are the same, they had much better numbers than anybody thought maybe they have less competition than people realize. i think that's the, the big change here is that maybe spotify is now alone they are paying a lot, maybe too much, for talent, which is why, remember, they're not making any money, but boy, they're signing up i don't know whether people are willing to give them that credit because they're still in a position where they're not make ago ton makeing a ton of money got to give them that credit >> to

shopify is laying off 10% of its workforce. so the real big deal, though, obviously is the fed tomorrow. it's probably a 3/4-point increase in interest rates for the second straight month. again, largest in quite a long time. and then the guidance that the fed gives tomorrow is going to be increasingly important. are they going to stay as on strict a course of interest rate hikes beyond tomorrow as they have been over the last several weeks. even though we're seeing signs and we'll see them on thursday when that gdp report comes out that the economy is slowing in a very noticeable and measurable fashion. >> ron insana, stephanie ruhle, thank you both very much. appreciate it. next up, what brittney griner's defense team is arguing in russian court today, hours before the wnba star is expected to take the stand. plus inside the sprint on capitol hill to pass bills on same-sex marriage, drug pricing, computer chips and more, all before senators leave town. democratic senator patty murray will join us live after the break. murray

shopify is a key example.'re seeing right now. maria: the number two jobs, phlebotomist, growing demand. >> well, that's according to our friends at linkedin. maria: just pointing it out. >> heres' the point. there's a lot of opportunity. you see this list on the screen. what does that show you? it shows you that there's still a lot of jobs as i started off with our conversation, sharing those numbers. so there's still opportunity across the board. you just have to go look for it. maria: absolutely. great to talk with you, ken. thanks so much. ken coleman joining us. thanks for the advice. >> thanks for having me. maria: coming up, no more joe, a new poll reveals how many americans don't want president biden on the 2024 ticket. wait until you see the numbers and the numbers in the democrat ranks. the hot topic buzz is coming up. ♪ if you shop at walmart, you get it. ♪ you know how to spend a little less to get a little more to make life a little better. ♪ . maria: welcome back, time for "hot topic buzz," presi

everybody made too much of everything shopify hired too many people. amazon, you're going to see a big slimdown by jassy. facebook, metaverse, hired too many people. alphabet is slowing hiring this makes a lot of sense. >> you think it's because employment lags? continuing claims this morning were down. >> well, i think that what you'll get is initially they're still hiring slowly, and then they will be just laying off i look at meta, facebook, we don't care -- obviously we want revenue growth and we don't care what it costs. we don't want down revenue growth and try to make the number through savings but that said, they have to right the ship there that's where we're going to see the big layoffs. now, i think that mark zuckerberg actually is building -- he's got a big position for reels and reels doesn't make as much money but i do point out that when you get the end demand for a lot of things that have been really great not be that great, you're just not used to seeing it in silicon valley they're the headquarters for recession, not the banks brian,

i think shopify has a chance to say positive things in a negative environment. >> not a great day for some of the software names, relatively speaking. we got strength and energy this morning. but the the dow is back in the green. >> a flat opening. oil up, dollar down a little bit. take a look at the sectors. they are going for commodities again. this may have to do with the china news. metals and mining are leading the s&p. energy up with oil up as well. consumer staples last. tech is on the flat side. you see the names. these are the leaders of the s&p. all materials. all up about 2%. if you're trying to figure out what the consumer is doing by looking at travel stocks, forget about it. it is head spinning. these stocks were down two weeks ago, they went way up, and now they are back down again. a complete round-trip on all these names. the airlines as well as the cruise lines. as for the earnings season, where 20% of the way through. i think it is fair, not great. not as many companies are beating and not beating by as much as they used to. remember last year, we were beating by 10

i'm carl quintanilla with jim cramer, and we are coming to you on words that shopify is down, and nowg the other retailers with it.

you've had absolute carnage in software stocks so stocks like shopify or adobe, those are good placesdo it in any of the software stocks right now. in addition, if you're more worried about persistent inflation, pricing power is where it's at so you have companies like coca-cola or united healthcare, companies that can pass along increased costs to consumers and be able to maintain margin. those are the places take you should pay attention to as you're trying to make your bets for the next half. you can't find a better time. i think if you look at the put call ratios on the index that were below one, 0.91, the lowest in over a year. there's probably a little contrarian play that even though there's been carnage in the first half, there's opportunity for investors to pick up what could be a much better second half if we get some of the data to come in where inflation is starting to break and the central banks don't have to raise interest rates as aggressively as they have been throughout the last couple of months. dagen: if you think there's a he rebound in the making, jamie, are you b

amazon did it, shop pie, google upcoming -- shopify. interest somehow, and as you know, stocks usually rally into the split. gamestop is down 20, so i wouldn't say it's underperforming, it's pretty much in line with the with the broader market performance. it'll happen at the close of july 18th, you'll get 3 additional shares for every gamestop. stock, and trading starts on july the 2nd. -- july 22nd. i also want to bring up chip makers. nvidia and the like all upped today because of samsung actually putting in numbers that weren't as bad as expected. the chip sector is such a big chunk of the s&p. stuart: i was trying to show that i've still got plenty of energy. susan: by the way, did you know that there is an available job over across the pond. stuart: there is, indeed. but having renounced my british citizenship, i don't think i'm eligible any longer. i can't be the president of the united states either because i wasn't born here. i've gotta go. we'll see you later. [laughter] the top brass at the fbi and mi-5, britain's intelligenc

appleby and called the one hundred 30 stock by goldman sachs and shopify, $30 stock after the 10 to 1oking at $95 a barrel, that would be the lowest we've seen for west texas the first week of april, that demand for higher interest rates filtering through the economy. stuart: a movement on some markets. susan: is that enough to get interest rates cut for next year? that is up for debate. stuart: fox's peter doocy pressed press secretary karine jean-pierre on why the white house blames high gas prices on everyone but themselves. come on in, tell me more about this. ashley: peter doocy did his very best to get an explanation. watch this exchange. >> when you look at the crude oil and when you look at wholesale oil prices as well, they declined 15%. retail gas prices have only declined 3% over the same time period, everyone along the chain, along that production chain line, doing what is possible, their part in bringing the costs for the american people. ashley: not really sure i follow that but they are saying everyone along the chain is now to blame. don't forget liberal jeff bezos bla

. >> you are seeing a series this week shopify announced cutting 10% global workforce twitter said significantly everyone knows that i think you see prudent ahead in terms of companies i do think a bifurcation what is happening in tech stocks enterprise holing up well cloudy, cybersecurity, digital advertising snapchat -- friday 13th episode but, better than expected google as well as facebook. >> intel down 11% worku down 22% i know you think cloud skooib are best subsectors of tech what happened with intel? >> intel is a horror show continues, call it a mt. everest to get back to growth they are behind the eight ball you will get amd -- i think that is going to continue to be a massive struggling, this was called a kitchen sink quarter but i think this is really just the start of what is going to be dark days ahead for intel. maria: all right, so you would sell it at 35 and change then? >> i am not i i don't know the need to touch intel here say cheap, cheap and two dollars gates cup of coffee i would rather stick to what i believe pocket that continue to work in this environment the problem i