it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5. we begin with gearing up for the final trading day of july with stocks on track for the longest monthly win streak since 2021. futures are searching for gains. wall street bracing for the busiest week of the earnings season we talk stocks taking center stage and the names on your radar. in china, a batch of weak economic data and beijing scrambles to head off inflation. a developing story as the country's largest trucking

company is hitting the brakes on operations. and later in the show, the city of san francisco has a problem with the x logo from elon musk. it is monday, july 31st, 2023. you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." i'm frank holland. we kickoff with breaking news from europe. we go to tatianajulianna tatelb the london newsroom. >> frank, good to see you. fresh numbers from eurozone with the gdp. the first estimate flash q2 has come in stronger than expected 0.3% q on q growth over expectation of 0.2% growth the year on year surpassed to

0.6% against the expectations of 0.5% why is this notable? of late, industrial growth was weaker than the data stateside there was momentum building in the manufacturing sector that the economy is struggling. the gdp figures are better than expected and it will come as a surprise to investors. the caveat is the pmi which continues to show weakness in the eurozone the overall take away here is growth in the second quarter in the eurozone is better than expected and in positive territory. we got eurozone equities this morning trading mixed. off to a muted start after the jam packed earnings. the stateside data releases coming in focus.

the key here is the eurozone has pulled out of the dip with higher growth than expected. will this continue to come through with forward looking indi indicators it retmains to be seen frank. >> julianna tatelbaum live in the london newsroom. thank you. turning back to the u.s. u.s. stock futures are muted so far. fractionally higher across the board. a boost after the eurozone gdp reading. this as we get set for the nasdaq and s&p on pace for five months of gains. for the month, dow is up 3%. the s&p is up almost 3%. the nasdaq is up a tick be llow 4% positive for the markets for the month. let's look at the indices. blue chips and boeing and 3m and

intel. on the other side, verizon, merck and honeywell. those are the laggards we are looking at comerica and keycorp with gains zions is up. a bit of a mixed bag with july laggards equifax with a dip to the down side this morning, we are looking at the bond market. a tick down in yields after the better than expected pce report. the 10-year is below 4%. last week, it topped 4%. right now, it is two points below the basis point. we are also looking at the energy market. oil is up 14% this month on pace for the best month since january of 2022 when it gained

17%. you see crude up in the pre market again, up 14% for the month of july. time for the check of the corporate stories with bertha coombs bertha, good morning >> good morning, frank minneapolis fed reserve neel kashkari striking an optimistic tone for a soft landing for the economy. speaking to "face the nation," kashkari said the u.s. economy is making a ing surprisingly go progress >> we don't want to declare victory. we are staying on the progress if we need to raise rates further from here, we will do so we will let the data guide us. >> kashkari adds returning to pre-pandemic levels of inflation is absolutely achievable

walmart is increasing its stake in indian ecommerce company flipkart it centers around walmart buying out the company and it would value the indian company at $35 billion which is down from $38 billion two years ago. meantime, the city of san francisco is taking issue with elon musk's decision to put a giant x atop the building that formerly had the twitter logo along its side since friday, neighbors have been complaining about the structure. some are calling it a hazard it is held in place by a series of sand bags of at the same time, the documents

reviewed by the wall street journal and it has been denied entry into the building on two occasions. file that in the x files, frank. >> that is good, betrtha turning attention now back to the markets investors may not be ready to flip the calendar over s&p and nasdaq are on pace for five straight months of gains and dow up for the fourth times in last five months. it is the busiest week of the season apple and amazon reporting on thursday let's bring in a member of the cnbc financial council ivory johnson. >> good to see you, frank. >> i want to run down the earnings data. earnings are more than 6% lower year over year what does that tell you about the quality of the rally we have

seen so far? what insight does that give you for the second half? >> a disconnect with the earnings the stock prices are not meaningful to me if i said i could run a 10-minute mile and did it in 9 minutes, that means i walk fast. when you look at the other data, it is not really good. some of that can be associated with the 401(k) flows. 38% to the s&p 500 right now with seven stocks. when people put money into the 401(k), that is con secentratedn that is the rally of the seven stocks the question is how sustainable is this? if you are a younger investor, you are not worried about what will happen in the next six months or a year fidelity said you should be concerned of reversion and the

data reflected in the stock prices >> i know you have been bullish on short-term treasuries i want to bounce something off you. the fed's senior loan officer sur tvey is out this afternoon. the banks were hesitant to loan money. do you believe the fed will see this as having the same i mpact as a hike? >> i'm not sure i follow the fed when i make projections of what the market will do if you think about it, consumer credit card delinquencies are the highest since the global financial crisis the two-year average of foref foreclosures go parabolic. don't forget, you mention oil prices are going up. commodities index. up 10% since june.

that means the fed may continue to raise rates into the economic slowdown. >> interesting take there. you don't have faith in the rally continue iningi -- conting in the second half do you feel confident where you put money now? >> the japan economy is a place to be. i don't think there is any reason to be upset with singles and and doubles. that speaks towhere we are wit respect to the market. i think singles and doubles for people closer to retirement is a good move. good to be defensive risk tends to happen in clusters i would avoid the drawdown and try to get nice and slow and

steady returns. >> do you feel the same with short-term treasuries? >> sure. you can get 5% in the money market fund with no volatility that is a great place to be right now. if you have 40% stocks and 10% or 15% in defensive like gold and in money market finunds, yo are still doing well >> ivory johnson, great to see you. thank you for being here. >> you're welcome. more to come on "worldwide exchange," including the one word investors have to know today. first, another wave of weak economic data from china this morning doing little to slow down investor enthusiasm for the tech stocks. developing story on the eminent collapse of the largest trucking company in the country. details on yellow carbon monoxide -- yellow coming up. and we crunch the numbers on

crime and more missouri is struggling with the quality of health care and natural disasters. tep it here for the other names inhe group when "worldwide exchange" returns. stay with us >> announcer: this cnbc program is sponsored by ibm. ibm. let's create to help you connect and analyze data— from hvacs to elevators to lights. what if we use ai-driven insights to pinpoint inefficiency? yep. and act on it. saving energy, money... ... and emissions. yup. that's a big one. now you've built something better for everyone. that's the sustainability solution ibm and a global real estate company created. what will you create? ibm. let's create.

welcome back to "worldwide exchange."

batch of disappointing economic data from china as beijing looks to grease the traction for the latest we have eunice yoon with more on the story in beijing eu eunice >> reporter: frank, the latest information is the policymakers need to do more to stimulate the economy. the official manufacturing pmi at 49.3% for july. the fourth straight month where we have seen a contraction also, services and construction sectors are in contraction that suggests that we could see further downward pressure into the third quarter. what also worried many people here was a decline in new orders for exports, frank, which suggests that global demanded for chinese goods may not really be there and will continue to be weak >> eunice, what does this mean

for the beijing efforts to prop up the economy and measures? >> reporter: the chinese economic planner today vowed that beijing would unlock chinese spending power it is something they have been trying to do for many years, but the government today unveiled 20 new measures which they said would help with consumption. focusing on car sales and building out faster ev infrastructure and also stabilizing housing by offering up more affordable rentals focusing on dining out and tourism. cutting fees and offering more credit finally, the rural areas in focus where they try to unlock the potential there. things we heard before and one of the criticisms there were not a lot of specifics beijing would rollout more

housing support, but not a lot of detail. of course, there wasn't direct fiscal support mentioned for consumers or companies the focus of these measures were more on the supply side rather than demand. that is one of the criticisms and concerns among investors as well as economists of the measures >> all right eunice yoon, live in beijing thank you very much. the string of disappointing economic data not doing too much the hang seng is up again this morning. the k-web is up after notching the best puerterformance since january. joining me now is brendan ahern from crane shares. brendan, great to have you here. >> likewise. thank you for having me. >> i want to highlight on what

eunice was an talktalking about. the chinese internet stocks. if you use kweb as a proxy, however of that is investor confidence and how much is on hopes of stimulus? >> the economic data is backward looking. eunice said the government is pivoting to supportive policies. it is early in the trend i think u.s. investors are very much underweight in non-u.s. equities these are driven by u.s. and economic policies of the this is a reaction to the undersold and

increasingly up trend. >> brendan, what are the green shoots you are seeing that gives investors confidence we hear about the slowdown and high unemployment among young chinese people what are the green shoots you are seeing >> the u.s. and china political relationship has kept investors on the sidelines blinken and yellen and kissenger in china recently. you heard the volkswagen deal and that an doesn't happen without government policy support. you are seeing the ndrc outline as eunice point out the 20 measures to support domestic con

s concon -- consumption. they have a very inexpensive comparison from q2 last year for the ndrc any optimism is fueling the rally. >> i want to look ahead to a company reporting tomorrow yum whine. pizza hut and kfc and taco bell is growing there what is this report? what does this tell us about the overall economic climate >> this is is part of the domestic story eunice said the global economy slows and that is showing the pivot. yum china has done well. to your point, it puts your finger on the pulse of the

chinese consumer we are looking at a year over year comparison when china was in the shanghai lockdown a positive on the company going into the earnings season much like the other companies within kweb. >> same-store sales growth we head a lot of reports that unlike here in the u.s., the chinese consumer is not willing to spend and not willing to spend on credit. >> you are seeing the scar tissue the consumer is coming back at a very slow and incremental pace you are looking at double digit year ofver year comparisons wit the shanghai lockdown. investors are focused on the q&a where they talk about the forecast and if things are improv improving. we focus on domestic consumption

and travel that should be a positive for yum china. >> more and more people are saying the call has more weight than maybe the numbers with the guidance brendan ahern, thank you. getting the band back together bob iger is filling old ranks with familiar names. and the top states to retire continues with number three. west virginia may seem like an odd choice for the top three, but the state boasts the best affordability based on low ccost offingiv ling -- cost of living and less tax burden. keep it here for the top two next shown to improve joint comfort in 7 days, with significant improvement over time. ( ♪♪ )

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welcome back yel yellow, the oldest trucking company in america, is shutting down it is halting operations according to the letter to the employees. it has been pursuing a cost cutting plan to manage the debt load yellow has been stalled by a standoff with the teamsters union. a failure would put 30,000 jobs and 22,000 teamsters at risk

shares of yellow have been in free-fall mode and trade at 77 cents a share. it is important for the u.s. supply chain this could mark the biggest trucking collapse, but the impact to the supply chain will be mixed many will still search for capacity which should be a tailwind for rates which increases the availability of drivers for publicly traded trucking companies this is a story we will continue to watch. time for a check on the headlines with nbc's frances rivera in new york with latest good morning >> good morning, frank we start with the war in ukraine. it has spilled over into russia of the officials in moscow say they shot down three ukrainian drones targeting the capital one crashed into the skyscraper

housing government offices one person was injured the russian defense minister accused it of a territory attack ukraine has taken responsibility for the drones before the high navy day in st. petersburg. and the scorching temperatures in phoenix hit over 110 degrees for 30 straight days the previous record set in 1974. the heat is fuelling the wildfires in california and crossed into nevada. as of sunday night, there was no containment. a summer of record temperatures and the $1 billion mark for mega millions the prize jumped from $940

million after friday's drawing and no winner ticket the next drawing is tomorrow at 11:00 p.m. for a monday morning, frank, back to you. >> i have to get out there and play frances rivera, thank you. straight ahead on "worldwide exchange," getting set for amazon and apple with the bag evi -- biggest week of earnings season dan ives is in the house. and the top two states to retire in is delaware. bank rate says light tax burden helps its case at number two we have more "worldwide exchange" after the break and the top state for retirees coming up after this like dynamig and risk-reward analysis help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley.

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it is 5:30 a.m. in the new york city area there is more ahead on "worldwide exchange. looking to keep the red hot run going. ing sug-- tech earnings. apple and amazon on the docket fueling what our next guest calls a new tech bull p mmarket two former executives helping bob iger's path forward. it is monday, july 31st.

you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange." i'm frank holland. let's pick up with the check on the u.s. stock futures bit of a muted start the nasdaq down fractionally it was up fractionally a moment ago. the markets ar ss are gearing ur the final trading day in july. s&p and nasdaq up this month 3% and h4% the dow is up more than 3% out performing that group is the russell small caps and transports small caps up 5% this month. on pace for the second straight month of gains we talk about the rally broaden broadening out transports are up 7% in july and

on track for the second straight month of gains you see a very decided uptrend right now. finishing strong on friday the yellow bankruptcy news we start with the 10-year treasury which is a tick below 4% on friday, it topped 4%. 4.01%. we are seeing it tick down slightly we also want to talk energy. oil is up 14% this month and on pace for the best month since january of 2022. right now, wti crude is up .25%. let's check on the top corporate stories now with bertha coombs bertha, good morning frank, good morning. new details about the s.e.c.

legal action against coinbase. brian armstrong telling the financial times that the agency asked the crypto platform to halt trading of all cryptos other than bitcoin prior to suing the exchange last month for failing to register as a broker the zs.e.c. said it did not mak formal requests to de-list crypto assets. the government is searching for hidden chinese malware in defense systems that could impact military operations according to the new york sometimes which says government officials believe the computer code had been hidden in had networks controlling power grids and communication systems and water supplies two former disney executives are returning to the company to work with ceo bob iger according to the reports, kevin

mayer and tom staggs have been brought on to deal with the legacy television business including espn frank. >> bertha, thank you very much turning attention back to the markets. gearing up this week with the focus on two tech titans apple and amazon reporting after the close on thursday this week investors paying attention to revenue growth and outlook for artificial intelligence following relatively strong reports from alphabet and microsoft and meta last week for more, let'sbring in dan ives, managing director at w wedbush. i want to start off with apple you focus on china we have talked about a slowdown in china some data coming in soft earlier in the show. what is china's slowdown mean for apple?

a company which focusing on china for growth. >> cupertino, the heart and lungs is apple for china china's story, we see an uptick happening. 300 bips of market share from the iphone you see a slowdown, but in terms of cook and kcupertino, that is an uptick. >> it is interesting they are gaining market share with iphones iphones are higher priced point p and in china, a lot of lower price points what is pushing this market share? >> you are seeing a push on asp. you are seeing -- >> average selling price. >> average selling price upper and middle income in china wanting that iphone. that is where the shares come in and the software they introduce is the flex the muscle moment.

>> i want to talk about amazon now with the hyper scale of business google cloud reported that increase in business meta in the year of efficiency with a.i. with staff and data centers. what do you expect with amazon with a.i. and also cloud growth? >> no doubt they are behind the 8-ball if you look at what microsoft has done and google which was on display and for andy jassy, this is an issue. there were issues with cloud this will be a beat with despite the bears coming out of of hibernation noticed. t -- mode.

you will see the bears smiling this shows big tech earnings with an uptick. >> what is the amazon report telling us about big tech? they have a diversified business 23 not only the cloud business, but ad business. we are with all waiting to hear the next development with a.i. specifically with amazon, what will it tell us about big tech and the potential of the rally >> stronger and getting stronger our opinion is the new tech bull market is under way. despite many yelling fire in a crowded theater. what you will see is numbers move up, especially in 2024 and cost cutting and rip the band-aid off you will see with a.i., we are in a fourth industrial revolution this is an a.i. gold rush starting out not just palantir and others,

but this is just starting to get out the popcorn for big tech. >> you are in front of me. you call palantir the messi of soccer they told us the leader in a.i they are working with the government we know they are gaining customers. what welse >> it is not just the government side, but commercial success that is the golden jewel for them parlaying the success in the 202 area code and more on the enterprise is where the gold rush is. they are the best pure play a.i. name out there which is why they are the messi of a.i this fourth industrial revolution means they are a big player. >> we are showing the palantir chart right now. we showed a wall of the

magnificent seven. which one of those, if you had to pick one, is the most likely to cooldown in the second half you have to pick one of the magnificent seven you are less bullish on >> if you look at amazon, my view of where they are in the cloud against nadella and redmond, the bears going in that hibernation mode >> dan ives. great to see you coming up here on "worldwide exchange," we have the morning call sheet and one firm pumping the brakes on the stock which is up over 8800% this year. as we head to break, the top stories "barbenheimer" bonanza

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welcome back to "worldwide exchange." we start with the downgrade to carvana. jefferies cuts shares rating

goldman sachs boosting chevron to a buy after the strong performance, the company is facing an inflection point and free cash flow from operations overseas and in the u.s shares up almost 1.5%. and we just hit the stock a moment ago piper sandler raising target on apple ahead of earnings to 220 per share. apple is well positioned and the chinese consumer shares are well positioned shares up in the pre-market. it is time for the "global briefing." the european economy showing growth after months of stagnation second quarter gdp rising better than expected. .30% data showed inflation continues to fall. pearson saying the forecast after the first pre-tax profit

revenue rose and they cited performance ando outlook and shares of heineken sinking after the forecast on weakening consumption. operating profit slumped in the first half and beer volume dropped as pricing increase by 13%. shares of heineken in the red as well. coming up on "worldwide exchange," the one word every investor needs to know today and stocks looking to close out the sizzling july. our next guest says what we need to keep it going. if you missed "worldwide exchange," check us out on apple or other podcast apps. stay with us

welcome back we have live shots from around the world this morning up on the top left is the new

york city skyline right there with the sun just coming up. we have hong kong and washington, d.c. and london. it is the start of the day here on the east coast. you are seeing the sun beginning to come up in d.c. trading is well under way in london with the better than expected gdp welcome back to "worldwide exchange." we start with the wrap up. the chinese economy is contracting. the government laying out steps to boost consumption, but stopped short of detailing the direct support. and walmart boosts stake in flipkart for $1.4 billion. if confirmed, the indian company would be valued at $35 billion. and yellow is shutting down. the trucking company has sent

notices to customers and employees saying it is halting operations failure at yellow would put 30,000 jobs at risk. the federal government is looking to boost the fuel economy of new vehicles proposing a hike of 18% by the 2032 model year. vehicles would average more than 43 miles per gallon. and toyota will catch up to tesla and byd and nio which is dominating the ev landscape in the largest auto market. and the city of san francisco is taking issue with elon musk and the decision of the x antop the giant building neighbors are complaining about the lights of the structure. the city has been trying to get inspectors in the building since friday and they claim they have not been allowed in. taking a look at the week in

and the second quarter earnings with one-third of the s&p reporting headlined by apple and amazon wednesday's private pay roll dat and the rate decision by the uk central bank on thursday the dow and s&p up 3% and nasdaq adding 4%. the gains adding to the impressive run so far this year. keeping momentum to be a tough task for the final months of 2023 bob pisani has more. >> what is the driver for stocks in the market needs to pull off a neat hat trick to advance. it is a remarkable receseven mos the s&p is up 19% this year and hasn't seen a 1% down day in two months it has closed higher for five consecutive months the market has been driven up by

the soft landing thesis which is lower inflation, slower and stable job growth and key rates. now is the hard part the market will have to deliver on the two main themes it has to pull off the perfect slowdown in the economy and has to engineer a ramp up in earnings the good news is earnings likely bottomed in the second quarter the market is anticipating earnings to ramp up in the third quarter. earnings are expected to be up in 2024. the bulls have to pull this off at the same time the market is entering the worst time of year. august to october. you need a soft landing with the rise in earnings and the market at the seasonally worst time of year this would be a neat hat trick

back to you, frank. >> that was bob pisani joining me now is david katz >> great to be here. >> bob laid out the path for the bull run to keep going in the markets. how do you see this set up we have been talking about it earlier this morning earnings coming in 6% lower year over year. >> basically, it is the expectation. earnings are coming in better than typical running about 81% better than expectations we think that will continue and if that is the case and inflation stays lower and the fed does no more or one more and stocks go higher, it is not a straight line. you had seven great months expect volatility. expect a pullback. it doesn't mean a bear market,

but we would buy into weakness. >> as are you expecting some type of a pullback, what is the "wex word of the day" for you? >> the word of the day is breather you had a lot of news on corporate side not a lot going on today happily the market will sit tight and set the tone for the next week or two. >> we like to get actionable calls for today. i know you are looking at a basket of stocks which underperformed in the first half of the year, david one is medtronics. why are you bullish on this name >> we think things that led in the first seven months of the year will slowdown lagging like health care will lead in the back five months

medt medtronic has not done a lot in the last few years a lot of procedures are going up they will finally beat and maybe raise with a good price. >> give us a sense of other picks and i want to ask you of the pullback why invest in underperforming names? >> we think if you look at the market over the next 6 to 12 months, it will have a upside. going into 2023, we thought technology which was a dog last year, would have a great bounce. other places will have leadership if the market slows down, it will cause rotation. the best valuations will lead. l3 and harris has not done a lot, but the stock is good the valuation. we like the defense contractors.

they pulled back last few weeks. we think l3 harris is doing well >> you are seeing a pullback you gave us a chart which was the index return of the magnificent seven. i have to ask and we talk about it here on cnbc. you are a buyer into weakness. are you a buyer in weakness with the magnificent seven? >> we own a few, but expectations are lower for the last half of the year. you will have rotation a lot of good businesses out there. since june 1st, the broader market has been doing better than the magnificent seven the small and midcaps are doing we are don't chase what has worked. try to go to what is going to

work on a go forward basis. >> david katz, thanks that's it for us "squawk box" is next will you pause it real quick? (mumbles) just sold the car to carvana. what? all i had to do was answer a couple questions and got a real offer in seconds. then, they just picked up the car and paid me right on the spot. sell your car at carvana dot com today. so, you've got the power of xfinity at home. now take it outside with xfinity mobile. like speed? it's the fastest mobile service around. with the best price for two lines of unlimited. only $30 bucks a line per month. that's hundreds in savings a year when you wave bye to the other guys. save hundreds a year over t-mobile, at&t and verizon.

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good morning stock futures flat as we prepare for the final day of trading in july a busy week of earnings. and yellow shutting down operation. this is a 99-year old company expected to file for bankruptcy. the latest on that story. and company formerly known as twitter facing backlash with the "x" sign and the city of san francisco is opening an invest

investigation. it is monday, july 31st, 2023 and "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick with andrew ross sorkin joe is out today it's a monday morning. let's look at where the u.s. equity futures stand at this hour mixed picture. dow futures are up 21 points s&p is flat. nasdaq is off 15 points. we are to the end of july and here is where the averages stand as we close out the month. s&p and nasdaq on pace for the fifth straight month of gains. up 3% and 4% respectively for the month. dow is also up by more than 3% this month just check that out. that imo