mike santoli is here to break down the crucial moments of the trading day, plus steve kovach on appleia boorstin on netflix. what a nice rally, and the small caps we highlighted earlier soaring more than 3.75%. they say the best rallies always happen in the middle of a bear market. >> that's true we can't declare that this is anything but one of those again, but it shows you how tightly wound the markets were coming into the week in mid june, you had intense moves higher, all kind of lining up that something had to give. today is a buying frenzy in bonds, obviously touched off with the bank of england yields coming crashing down, essentially kind of puts everything in reverse, frees up the sim and allows the oversold market to have a lift. going toward where we fell out of bed late last week. >> but for how long is the request he rich just said, to still put a band-aid, but what happens when this program expires in about a month. you're still dealing with a fiscal policy that woke up the bond vigilantes in the uk and makes it hard for the central bank to fight inflation. >> we absolut

steve kovach is at apple headquarters in coupertino, and tim higgins from "wall street journal. steve, you kick it off what can we expect are there going to be any surprises? >> reporter: yeah, brian, this is apple's first iphone event in person since the pandemic began. in fact tim cook came out to welcome everyone back to the steve jobs theater behind me they built this theater just for events like today. finally get to use it again. four new iphone models, two regular models, two of the pro models with more advanced features, and we're expecting a price increase we already know from tim cook himself demand for iphones are strong, can it remain that strong on top of that, new apple watches, including one that's set to be called the apple iwatch pro, which is more durable design, catering more to athletes and more people serious about their physical fitness airpods pro, with noise cancelling, but a rumored iphone subscription program, you pay one feet, and you gut a new phone every year how it's priced will be of interest to investors. >> any possibility we get a flying car a tv

steve kovach is with us. he has more. than half the show at apple yesterday suspect on the apple watch and airpods. that's because even though the ipod account for most of it, the hardware and accessories is where the growth is happening. on the watch side, not a lot of new there, at least for the regular series 8 model announced yesterday. the only significant new feature is a temperature sensor for monitoring ovulation cycles. it won't do much else. you can't take a temperature to see if you have a fever, for example. and it's the same device it has been for the last couple of years. the watch has a lot of room to go tim cook said last year three out of every four watch buyers are buying the watch for the first time remember, there are over 1 billion iphoners out there, so th there's a lot of room to go. there's a kid' watch, and the cheaper model has some of the base-level features most people want there's that $800 apple ultra-watch, which is a new category, going after fitness trackers like garmin and more improvement

on news from the boe, apple down 3.5% weighing on the broader market all morning let's get to steve kovach after bloomberg told suppliers to slow it by 6 million units. steve, break it down because, yes, this is kind of a trimming of a more production, keeps it in line but the story here is apple is very, very good, very efficient at figuring out what -- how many units to make and if it's out of line that could mean a lot more pain in other parts of the company, other parts of corporate america. >> yeah, exactly, dee. there's a lot of nuance to the bloomberg report it's saying apple is dropping plans to increase iphone 14 production on top of those original expectations it had before the launch so it's sounding like apple saw signs demand would be better than originally expected but extra demand faltered during the first couple of weeks after the 14 line launched but this report also backs up what we've heard over the last few weeks, that those iphone pro models are selling better than expected which will help boost iphone revenues those start at 1 is,000 bucks apiece and the 14 plus goes

it is best in its class camera >> better in lower light and camera steve kovach, thank you.s the product rollout begins, in china, scalpers are already at it. official pre-orders for the iphone 14 start this friday. in china, unofficial sellers have already been taking orders. some are seeing higher demand than for the iphone 13 cnbc's eunice yoon, bureau chief for us there, reports on the china gray market for iphone products >> reporter: this market is in beijing's silicon valley people come here first he has been selling iphones for 12 years the gray market seller says his orders for the iphone 14 are double when the 13 launched. most in demanded the 14 pro max with 256 storage in purple. he is in touch with scalpers who will wait in line from early morning. he is offering up to $150 for every phone they bring back. he plans to charge $450 over the retail price a profit for him of $300 per phone. in the past, buying an iphone was about bragging rights. now it is more performance he says for the 14, the faster a 16 chip say selling point along with 5g. although huawei roll

steve kovach with a market flash. fedex released earnings.hey were expecting them after the bell looks like shares are up about 2% here. mostly on this new headline we got most of these results early but the new headline saying 2023 will consist of 350 million to $500 million in cost savings that seems to be what shares are reacting to. we will expect to get a call or earnings call from fedex after the bell today where we will get more details on this but for now i'll send it back to tyler and seema. >> waiting for those comments from the ceo up now but still down 26% this month. >>> let's pivot and the fed's rate hikes are spelling trouble for asian economies. japan overnight intervening in the market to defend the yen many countries looking to china for support. the wisdom tree emerging market etf has seen $2 billion in outflows over the past four weeks. what does it mean? let's bring in jeremy schwartz jeremy, appreciate you joining us today japan intervening first time in 24 months since the aftermath of the asian financial crisis could w

our technology correspondent steve kovach was at the unveiling and with this live from apple headquarters what stood out to you in the announcement? >> reporter: you actually said it. just like you and me and everyone at home, apple feels inflation, too. people are walking into the event inking that the prices were going to increase on the iphones. in fact, they kept them stable. that is a good sign that apple is really seeing the demand strong for iphones and it tells a good story about the consumer, as we face a looming recession. >> they unveiled new safety features. some were surprising. >> reporter: yeah, the new iphone 14 line is able to talk to satellites in outer space and it can help you find a satellite signal, so if you are stuck in a remote area and in an emergency, you will be able to contact emergency services and send them your location. this is something that has been talk about and the holy grail for a lot of smart phone companies and apple is the first to do it in a significant way. >> it's the geewhiz that gets you like, that's new. is there any of that? >> reporter: a

start next month in delaware and scheduled to last just five days cnbc's technology correspondent steve kovachs with us. what's with the last minute change >> reporter: it's a little confusing right now, but it was due to personal reasons. the twitter ceo was also supposed to do his deposition with musk's side of the lawyers, as well, so none of that happened today, but this is really setting the stage, shep, for that trial, this is where they can under oath depose musk and for the first time, really get him to tell the truth about his claims >> but you wonder what twitter's lawyers think they're going to get out of him he has a combative streak. >> reporter: yes, this might surprise you, but this is not his first lawsuit, nor is it his first deposition and he's done things like insult the people talking about him, making fun of their child support and, you know, so -- there are lots of ways he could try to anger the lawyers from twitter without actually answering their questions. >> a couple of weeks ago, the h twitter without answering the questions. >> the twitter whistleblower, twitter whi

. >> steve kovach, thank you so much. >>> a cnbc news investigation, uber drivers that are used as unfittingg mules. hear from the drivers themselves, and coer ancnsbout the lack of screening with the package delivery service uber connect. >>> investigating what happened to an innocent three-year-old boy, why a relative would have allegedly pushed him into lake michigan, and the new charges that are now being considered. ...replaced the windshield... and installed new wipers. that's service on her time. >> grandkid: here you go! >> tech: wow, thank you! >> customer and grandkids: bye! >> tech: bye! don't wait, schedule now. >> singers: ♪ safelite repair, safelite replace. ♪ >>> a three-year-old boy has died after his on pushed him into lake michigan. it happened last monday in chicago, but officials say that the boy died at a hospital early yesterday. this is 34-year-old victoria marino, last week, cops charged her with attempted first-degree murder and aggravated battery of a child, and according to prosecutors a week ago today, she stole the keys to the family car. she took her nephew and

steve kovach is covering mega caps, julia boorstin watching the social names >> mega cap tech is having a rough day. apple is off over 5%, erasing yesterday's gains. yesterday it was up over 3% with analysts chattering this week about early iphone 14 sales data showing more people choosing the expensive pro models over the regular 14 over to microsoft, down 4.5%. amazon 6% down alphabet around 5% down. julia will tell you about another mega cap pretty soon that's faring even worse, sara. >> we'll get right to that, steve. thank you. julia boorstin on the social stocks not faring much better. >> yeah. in fact social media names, most of them are falling even more than the nasdaq has suffered today. meta shares, they are off the most, down nearly 9% snap shares are down nearly 7% pinterest faring a bit better. those shares down about 4% but there is one outlier in the social space here. it is twitter. that stockes up about 1% this after the whistleblower didn't say anything about bots, which are the crux of elon musk's argument that he shouldn't have to follow through on his deal to buy t

steve kovach is here and has moreon what's happening.he chengdu lockdown where they do produce some of theipad issues, too. foxconn operates there, so you have to add that to the list >> that's another headwind, becky. this is going to be apple's first in-person launch event since the pandemic this launch is coming, what cook called a quote, cocktail of headwinds. inflation, foreign exchange, all that, supply chain snarls in china. you know the picture we've been talking about this the last few months. but still demand for the iphone is strong and apple reportedly shifting some production of this new iphone to india earlier than it usually does. that's going help with the supply chain issues. four new iphone models, the so-called regular iphone will get the big max size for the first time, and they'll squish the facial recognition sensors to a smaller cutout. and the new apple watch reported to have a new design, the first major redesign a lot of them are calling it the apple watch pro for extreme athletes also, ios 16, lots of new featu