tv Worldwide Exchange CNBC July 20, 2017 5:00am-6:00am EDT
good morning the record rally kicks into a higher gear as earnings and the economy take center stage. we have your trading day set up. breaking overnight, the branch of japan leaves reits unchanged but slashes the inflation outlook. we're live in tokyo with market reaction. and the congressional budget office is out with new numbers on repealing obamacare we're headed to washington for the latest on that and more. it's thursday, july 20, 2017 "worldwide exchange" begins now. ♪ >> good morning.
very warmwelcome to "worldwide exchange" on cnbc. i'm wilfred frost. >> i'm courtney reagan in for sara eisen it's throwback thursday, this week we're taking you back with the women on country music shania is back >> i do know shania. >> new album in september. new song out >> you might have to explain to me the other people. are you more excited about the theme of throwback thursday or the bank of japan decision >> i might have to lean into country. >> this is a business show >> it is the bank of japan is important. we'll talk about that. >> i know what sara eisen would have said. >> i know. >> the yen is moving she would have been pumped about that we're pumped about all of it >> let's look at where futures are. we had another record close yesterday on wall street across the board for the three major averages plus the russell 2000 today futures are indicated higher the dow would be higher by 13 points the nasdaq higher by 1 the s&p 500 higher by 1.
energy was the big leader yesterday. all 11 sectors were higher looking at the ten-year, things have been relatively quiet for the ten-year treasury yield. sitting at 2.268, exactly flat right now at this moment >> indeed. slipping back below 2.3% yesterday. breaking news out of asia, the bank of japan left rates unchanged but cut the inflation forecast that's seen the yen move by 0.3% you would have expected more of a move on this dovish statemen by the bank of japan whilst yields were slipping yesterday stateside, only a third of a percent move higher against the yen. we have higher markets across the board in aasia in europe the ecb will make a policy decision later today. the last time we heard from mario draghi, his comments thought as hawkish and sparked a
rally in bond yields he might want to step those comments back give than it pushed the euro higher this morning in anticipation of the ecb european markets are up -- not across the board italy and spain just turning red. in washington news, the congressional budget office releasing new numbers on overhauling obamacare. according to the nonpartisan group, repealing the law would reduce the deficit by 4$470 billion. the number of uninsured would increase by 32 million, and premiums would double by 2026. the white house responding to the new numbers telling cnbc it continues to believe the cbo's methodology is flawed. senator john mccain has been diagnosed with a brain tumor, that's according to his office sarah is live in washington with more details >> reporter: good morning. according to doctors at the mayo clinic where he's being treated.
senator john mccain has been diagnosed with gleoblastoma, an aggressive type of brain tumor the same type that struck ted kennedy. the announcement comes after mccain had surgery last week to remove a blood clot above his left eye is he recovering remarkably well from that surgery and that his underlying health is surgery mccain is considering treatment options which include chemotherapy and radiation the news has drawn support from both sides of the aisle. presidents current and former speaking out thoughts and prayers from the white house, and former president barack obama who ran against mccain in 2008 sent out a tweet saying john mccain is an american hero and one of the bravest fighters i know. cancer doesn't know what it's up
against. back to you guys >> thank you very much for that report. president trump is blasting jeff sessions. in an interview with the "new york times," the president said he never would have appointed sessions as ag had he known sessions would recuse himself from the russia investigation. >> gets the job, right after he gets the job he recuses himself. >> is that a mistake >> sessions should have never recused himself. if he would, he should have told me before he took the job, i would have picked somebody else. >> he gave you no heads up at all? >> zero. >> so jeff sessions takes the job, gets into the job, recuses himself, i then have -- which frankly i think is very unfair to the president how do you take a job and then recuse yourself?
if he would have recused himself before the job, i would have said thanks, jeff, i won't pick you. it's extremely unfair. that's a mild word so he reucuses himself. i end up with a second man who is a deputy. >> president trump also appeared to threaten robert mueller suggesting he had damaging information on the former fbi director. making headlines out of washington, the senate judiciary committee listed donald trump jr. and paul manafort as witnesses at a hearing set for wednesday. the panel is investigating alleged russia ties to the trump campaign the president's eldest son and his former campaign manager have not confirmed they will attend the hearing. trump's senior adviser and son-in-law, jared kushner, will speak to the senate intelligence committee in a closed door session on monday. shares of t-mobile are
moving higher after a blowout earnings report. landon dowdy has more details on that >> reporter: shares of t-mobile moving higher after exceeding wall street's expectations the firm posting earnings of 67 cents a share compared to 38 cents the street forecast. t-mobile getting a boost as customers flock to the wireless provider in the quarter adding 1.3 million new customers. mobile carriers have been in fierce competition over the past year as consumers pushed trends like unlimited data plans, the end of contract commitments. ceo john ledger addressed that on the earnings call last night. >> it seems like at&t is focuse on big time m&a and losing a couple thousand people this quarter and next quarter sprint has been giving away
phone service for free, like literally, giving it away. >> shares of t-mobile are up more than 3% in early trading. also on a programming note, legere will be on "the closing bell" later today at 4:00 p.m. eastern. >> thank you very much for that. he also changed something else, it wasn't just a simple earnings release, at the moment the company released the numbers, he tweeted out a video of himself explaining the key things to watch. >> he's not a ceo that hides from media or speaking out we always know exactly where john legere stands >> he will tell us where he stands he will express more today on "closing bell. >> unilever posting better than. the ceo spoke about the results on cnbc this morning
>> a combination of our strong top line growth and the work we're doing behind the organizational chains, connected for growth which we already announced for mixed company, more agile, closer to the markets, better in innovation, and you see these effects coming through. we feel confident to say we will at least improve the operating margins as a result for the whole year by 100 basis points >> i like the back drop of that, don't you? >> the products? >> yes better than just a board saying -- stating the company's name i'm sure it's the wallpaper of his offices. unilever shares up 0.6% in london trade. qualcomm warning q4 profit also come in below analyst estimates. the patent battle with apple is taking a toll on its licensing business shares of american express are trading lower. the company's profit declining 33% in the last quarter. results were hurt by higher expenses as the card company spent heavily on customer awards
ahead tough competition. the sapphire card and others giving american express rewards a run for its money. kinder morgan reporting innings in line with expectations the company announcing a $2 billion share buyback program. shares are higher by 6%. alcoa shares are slipping. the company is trimming its earnings outlook warning it expects an increase in input costs. unite the rentals reported better than expected earnings. the company is also raising guidance the street likes it. shares up by almost 4% for united rentals canadian utility company hydro one is buying its rival avista for 5$5.3 billion in an all-cash deal. it's up some 18% jana partners cashed out of its position in whole foods after the grocer agreed to be
bought by amazon this according to a regulatory filing jana made a profit of about 300 million on that particular investment shares of nike getting a pop. morgan stanley upgrading the stock to overweight from equal weight the analyst predicts nike will rise -- sales will rise in the next few months thanks to new hot sneaker offerings. turning to today's agenda, get ready for a flood of earnings reports, abbott labs, travelers, union pacific, bank of new york melon and blackstone those are some companies report bridgette opening bell then we will hear from ebay and microsoft after the close. still ahead, the kuroda pop. asian stocks rally after the bank kicuts its inflation forecast. and alphabet wants some intel on uber, and they are going to court to get it we'll explain when "worldwide exchange" returns. in the meantime, a little carrie underwood to start your morning.
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wyogig-speed internet.me? you know what's not awesome? when only certain people can get it. let's fix that. let's give this guy gig- really? and these kids. and these guys. him. ah. oh hello- that lady. these houses! yes, yes and yes. and don't forget about them. uh huh. sure. still yes! you can get it too. welcome to the party. introducing gig-speed internet from xfinity. finally, gig for your neighborhood too. welcome back to "worldwide exchange." let's get you up to speed on market action. u.s. equity futures are mixed this morning essentially flat all sectors of the s&p were higher yesterday led up by energy, 1.4% the s&p was up a half percent. nasdaq up 0.6. the dow gained about 0.3%. european trade today is
largely positive it comes off a decent day yesterday. the cac was the out-performer. this morning mops of the major markets are slightly positive. up about 0.3% or so earlier when they come -- maybe 0.4% now. about that in europe let's look at asia, we have that ready. we see the nikkei moving higher by 0.6% in light of that softer yen, we will talk about that now ac joining us is robert harding from "the financial times. some up the key changes, no rate change but a change in the forecast >> that's about the size of it no move on policy, the big news is they delayed the time frame for getting to the 2% inflation target yet again now talking late 2019, 2020 before we get there. that basically implies policy will stay ultra loose for even
longer >> clearly there's a need to do this whachl this what are the bits that are worrying the bank of japan >> it's all about inflation. the economy is doing well. growth data is good. employment is strong unemployment rate is down to 2.8% nothing wrong on the real side of the economy but inflation just remains persistently weak. it's running between 0% and 0.5% on a year-on-year basis. the doj is off the target, and that looks like it continues that's why they have been forced to revise down the inflaetion outlook. >> typically this level of dovishness, we would have expected a bigger move in the yen. i guess give than we're seeing yields slip on the u.s. side, that's why we're seeing a 0.3% move >> i think it was pretty well baked into the market. no one has been expecting any move from the boj for the
foreseeable future even though it's dovish, it is continuing to be dovish rather than a big change. >> so, does this now mean that japan of the major global central banks is the most dovish out there, give than we have the ecb coming up? what do you expect from them today? and relative to those hawkish comments from mario draghi in portugal a few weeks back. >> divergence is a big theme for the japanese company the more the fed and ecb tighten policy, the bigger the grab with japan because japan caps yields at zero. that will put further pressure on the yen it helps japan the more europe and the u.s. tighten what to expect from mario draghi i don't have particular ensight. but i think the weakness of inflation in japan, in the u.s., globally has to give them cause for concern about moving
aggressively towards tightening. it's a global phenomenon this weakness in inflation. >> robin, thank you very much for joining us robin harding, financi inghardi. still ahead, one tech giant worn out from wearables. first, here is today's national weather forecast from bill karins good thursday morning to you. the heat is the story. we're at the peak of the heat wave st. louis, omaha, kansas city, wichita and even philadelphia under heat warnings. heat advisories from bothen south to philadelphia and washington, d.c. just about everyone is in the heat wave. some of the hottest temperatures in the midwest once again. omaha feeling bike 1like 110 dallas, 107. new york city peak out at 100. d.c. on friday, feeling like 103. little rock, 105
the yen, higher for the dollar after the bank of japan did not change interest rates but lowered the inflation forecast moving forward that move has helped asian equities higher. a bit of a move in the pound and the euro so the dollar a little bit higher as it was yesterday, but not meaningfully compared to the dollar weakness in the last couple of weeks. let's look at oil prices, wti up 1.5% as u.s. fuel stocks dipped more than expected this morning pretty much flat. 47.06, recovered from the lows at the 43s, 44s from a few weeks ago. yesterday that move higher in oil moved the s&p higher, the best performing sector up 1.4% all sectors were positive yesterday. a broad rally. industrials were the worst a lot of focus on tech the tech sector passed its y2k prior peak this morning less excitement, a
bit of positivity in the futures market but nothing really to talk of. >> we have a bunch of tech headlines. alphabet is asking a judge to force uber to turn over the letter asking travis calkalanict resign re/code says it may help uber know what it knew about thousands of files allegedly stolen by a former google engineer in the letter the share holders blamed kalanick for putting the company at risk. they cite uber's trade dispute with waymo and in a filing yesterday uber said the letter is not rel vach relevant and briefly mentions the lawsuit. a lot of lawyers working on a lot of things. a little more trouble for a company and a former ceo >> i wonder where they are in terms of a search for a full
time ceo i kind of -- that information leaking out has died down. >> it has. all of these folks were named, nope, nope, nope so who is left i don't think we know yet. facebook confirmed its working on a subscription feature to let publishers charge for stories on the site. the pay wall was first reported by the "wall street journal" last month it will be available through the instant articles starting in october. the pay wall would likely kick in after a user reads ten articles a month facebook argued story posted through instant articles led to greater engagement from reareds but some publishers are not convinced due to lack of specific data. i wonder if that cuts down on the fake news, worries if you're paying -- >> this is something across twit their needs to be sorted out it's infuriating when someone tweets an article, talking it up, you click on it, you don't
have a subscription to that service. facebook was trying to get around that and forced the times who have fire walls to say you can just post it straight on facebook it's worth it, you will get greater exposure you need a middleground. i hope they can figure that out. there's so much posting of arts cal articles, you can't read half of them. 21st century fox has written a letter on buying sky the letter argued that the uk's creative industry would be strengthened by the deal no real move in sky share prices this morning on the back of the letter it's an ongoing issue to see whether fox has to go through a full antitrust review or not to buy sky. intel asked a group of people working on fitness trackers and health related
wearable devices the company laid off 80% of the team that made the basis smart watch and eliminated the division entirely. intel slowly has been de-emphasizing its wearables business since making a big push in 2014. the new technologies group is reportedly focused on augmented reality. shares of intel are unchanged. not totally surprising how many smart watch companies can you -- someone will have to dominate even apple's adoption has not been -- >> not huge. >> yeah. >> either way, they deemphasized it since 2014 well, because i had not even heard of the basis smart watch. >> they really filtered that right out of the headlines. l3 technologies says its ceo will retire at end of the year he will be replaced by the coo he played a key role in the formation of l3 which makes communications systems for the aerospace industry
earnings, energy and the ecb your trading day set up straight ahead. the congressional budget office crunching new numbers on repealing obamacare. we're headed live to the nation's capitol. and will they let the juice loose. we'll tell you why o.j. simpson is trending today. i got it right on the fourth attempt. it's thursday, july 20, 2017 you're watching "worldwide exchange" on cnbc. ♪ good morning welcome to "worldwide exchange" on cnbc. i'm wilfred frost. >> i'm courtney reagan in for sara eisen it's throwback thursday. we're taking you back with the women of country music this is reba my favorite interview of all time after i interviewed her, she walked out and i cried >> you held it together until the end. you can hear us on the radio, too.
sirius xm 112, i think >> very fancy. let's check on the global markets this morning look at futures. slightly higher when we started the show following on yesterday's record closes for all three major indices, including the russell 20 2000, slightly higher, only marginally before the market opens in about four hours. the dow jones indicated higher by 22 points the nasdaq higher by 4 in this case by pure point standards and otherwise dow jones average would be indicated higher than the nasdaq if we can look at the ten-year note sitting firm around 1.2.26 this as the healthcare debate rages on in washington as wilfred says, bang-on unchanged. >> really bang-on. >> 0.00. >> 2.26 it moved 2.27 the bank of japan left rates
unchanged. that has seen reaction in the yen down about 0.4% against the u.s. dollar. perhaps you would have seen more of a reaction if you did not see u.s. yields slip yesterday the yen is weaker this morning that spurred the nikkei higher looking at asian equities, up about 0.6%, the nikkei in terms of european trade, we will get the ecb decision later today. no change in decision expected all eyes on mario draghi's commentary a few weeks ago in sintra, he was determined to be hawkish. that spurred the euro higher to various highs, we'll see if he tries to walk that back. markets higher in anticipation of dovish comments from mario draghi as we check in on the broader markets, look at wti crude as well as brent crude things are relatively flat we're above $47 a barrel for
wti. yesterday we saw the price of crude gain 1.6%. this was after we got the report from the government showing that we had actually a bit of a pull back in crude supply stocks, though still at elevated levels. we had that nice move yesterday. holding on to those gains yesterday but not moving much higher beyond that gold prices relatively flat ahead of the ecb discussion that will come later today. yesterday prices for gold gained ever so slightly, still enough to log four straight sessions of gains. prices down ever so slightly in washington news, the congressional budget office releasing new numbers on overhauling obamacare. kayla tausche joins us live from washington with the details. good morning >> good morning. the numbers that the cbo put out yesterday concern a stand-alone repeal of the affordable care act. roughly the same as what the senate voted on in 2015. the cbo scores roughly the same
as well. the deficit would be reduced over the next ten years by 4$473 billion. that's largely because the government would be no longer paying to expand medicaid. the number of uninsured people over the next ten years would rise by 32 million people with insurance would see premiums nearly double over that time the white house told cnbc we continue to believe cbo's methodology is flawed. needless to say the white house is continuing its full-court press. the president hosting 49 republican senators at the white house yesterday to continue that conversation about what he wants to do. he wants to repeal and replace it though that is an opportunity that has the odds stacked against it currently the president told the "new york times" later after that meeting it is a brutal process later in the evening administration officials went to capitol hill for a marathon meeting, about three hours, they were talking to more republicans trying to figure out what would bring them to the table.
the discussion took a somber turn with an announcement by the office of senator john mccain of arizona who had an unexpected surgery last week to remove a blood clot from above his left eye. but his office disclosed that it had turned into a brain cancer diagnosis saying the senator and his family are reviewing further treatment options with his mayo clinic care team treatment options may include a combination of chemotherapy and radiation. the senator's doctors say he is recovering from his surgery amazingly well and his underlying health is excellent his colleagues in the senate and house on both sides of the aisle called him a hero, a legend, and a worthy opponent of this fight. the president praising him as well, but senator bob corker telling reuters after that meeting with administration officials, obviously our thoughts are with senator mccain, but obviously the math on this law, too, will be more difficult. >> indeed, also some lovely
comments from past presidents coming out as well in support of mccain and his family. in terms of the other story, learning about the requests from members of the trump campaign to appear in front of the senate intelligence committee next week have they already agreed to do so or who has and who hasn't >> it appears that paul manafort, who was the chair of the trump campaign for several months in 2016 agreed to speak with the committee donald trump jr. also appears to have agreed to speak to the committee. we're waiting on a disclosure o appear the question is whether these are open sessions. if it is an open session, likely the conversation will not touch on anything classified, though there have been some commentators retired lawmakers and prosecutes who have said it would be in their best interest
not to do so in an open session. but we'll have to wait and see how this is structured for next week >> as ever, thank you very much. kayla tausche live for us in washington turning to today's wall street agenda another flood of earnings reports it will be a big day today abbott labs, travelers, union pacific, bank of new york melon and blackstone those are some companies report bridgette opening bell then we will hear from ebay and microsoft after the close. other stocks to watch today. shares of easyjet dropping in european trading today the low-cost airline beat estimates on most measures, but it cautions that it expects to see continued unit revenue pressure shares down 5.5% for easyjet. publics reporting better than expected results. the ad firm seeing improvement in north american businesses and s.a.p. earnings coming in below expectations. among the reasons, rising costs in cloud services business
competition is heavy there shares down about 0.6% more stocks to watch, shares of t-mobile are moving higher. the company beat on the top and bottom lines t-mobile reporting a big jump in new subscribers. it's up 3.3% you will hear from the ceo on "closing bell." unilever posting better-than-expected earnings lifting the full year margin target after a big improvement in the first half. the ceo spoke about the results this morning on cnbc europe. >> a combination of our strong top line growth and the enormous work we're doing behind the organizational chains called connected for growth which we announced last fall makes the company more agile, better in innovation and you see these effects coming through we feel confident that we'll improve our operating margins as a result for the whole year by
100 basis points >> trying to look behind him, some mayo, hair products, some air fresheners very nice. unilever shares for you up about 0.6% in london trade united rentals reporting better th better than ex pekt-than-expect. it's up 3.6% now time for top trending stories. got to make sure you know what to talk about today. the bey hive is not happy. fans of beyonce in an uproar after seeing a tweet featuring the singer's new madame tussauds's max fix fans criticizing the lighter skin and lack of curves, comparing it to lindsay low hahn >> looks a bit like shakira. >> something looks off there's some lindsay lohan resemblance. i do see it now. >> doesn't she has straight hair at moment? >> it's a little different every time you see her
it's part of the persona >> the one we saw eventually with the children was straight >> was it? >> i don't know. maybe i didn't pay enough attention. the names of the children are? >> sir and -- >> sir and -- >> what is it. >> sir is the confusing one. >> they said sir carter. carter, i believe is the last name so it's sir and -- >> we'll see we won't see either way madame tussaudses needs to update. >> yeah. >> you know what they do when they finish the wax work >> no. >> they offer it to the person at a high coast. if not, they melt it down. it's a weird thing to buy. >> yeah. what do you do with it dust it. the creators of "game of thrones" has something new up their sleeves. they are teaming up once again to write and produce a new
series "confederate. the drama takes place in an alternate time where the south succeeds there the union sounds good. a great story line not a real story line it can provide the "game of thrones" writers with all sorts of opportunities to create another epic >> has me thinking >> will you watch that or "game of thrones"? >> that or "game of thrones" i don't know i couldn't get past the first episode. it bothered me >> try again no one tell me what's happening i'm waiting until the end of the series snap is making it easier to get your hands on spectacles the snapping shades are available to purchase on amazon. of course they re. at first customers could only buy spectacles with an interactive vending machine called a snap bot. i don't think these are take
off. >> i mean -- >> it's a bit backwards, like the idea of having to wear a specific branded glass to only use one camera for that app. get with the times the interaction, you can't use it on other devices. >> are you taking pictures of people all the time? are they always wondering what you're doing >> probably. o.j. simpson could soon be a free man the former nfl star has a parole hearing this afternoon in nevada he's been behind bars for nine year foors botched rob by attempt at a vegas hotel at his last parole hearing he was deemed a low risk. that could help the 70-year-old win parole today if that happens, he could be out of jail as soon as october >> we've been following this closely in america for many years. i think the parole hearing is at 1:00 normally it takes three weeks to
make a decision, but because of the high profile of this, they could make the decision today. >> nine years is a lot for the crime. >> the speculation is maybe he's not serving time for that crime. >> which is terrible >> the parole board is not supposed to consider the past charges against him because he was acquitted. >> exactly >> you're innocent until proven guilty separate cases >> it is supposed to be that way. >> on that level, nine years is a lot. >> you're ready for o.j. to be done >> i'm just saying >> okay. fair enough. coming up, while karl rove is comparing the republican party to a made for tv drama. and another check of the futures, indicated higher. we just lost a kutouch of steam from 20 minutes ago. "worldwide exchange" will be right back
welcome back to "worldwide exchange." i'm wilfred frost along with courtney reagan. time for our must-read stories my pick is in the "wall street journal. is the republican congress hopeless karl rove writing as an optimist and only an optimist can view the situation this way, i'm hoping this plays out like a made for tv drama. the protagonist appears near certain death at the commercial break but it saved when everyone returns with popcorn after the
final geico advert it's a good read he's critical of the republicans for not achieving much, but hopeful that it comes around and comes back together. made for tv drama. i suppose donald trump would hope this particular episode is not reality tv and will get to conclusi conclusion >> truth is stranger than fiction. you can't write this stuff miraculous time we're living through in washington. my pick is in the "wall street journal. a bad gop dream. it explains the ten state attorney generals have written to jeff sessions requesting an end to an obama program called deferred action for childhood arrivals, it allows children of illegal immigrants to remain in the u.s. as long as they're lawful sit zicitizens it says trump has been measurable and charitable to this group, calling them amazing
kids the editorial argues that republican state top politicians should not be pushing to deport this group the average dreamer is 22, holds a job, many pay tuition for higher education more than 15% are seeking an advanced degree. citing a kato analysis, it says deporting the dreamers would cost nearly $60 billion to the u.s. economy and even more to the u.s. economy the cost of granting daca status is de minimis. applicants pay processing fees and ineligible for food stamps or medicaid. these people came over seeking a better life f they add to the country as a whole, perhaps let this one go. that's what this editorial argues as well that the republican senator is
barking up a tree with the president that is not in favor of that. >> we're approaching the top of the hour the team is getting ready for "squawk box. becky quick has a look at what's coming up. >> good morning. a lot of things happening with the markets. new highs once again for the dow, s&p 500, the nasdaq, the russell 2,000, and we'll talk about that with market guests including rick reider, juryiwe lot of earnings, travelers is expected near the top of the hour hearing from abbott abs, bank of new york, melon, blackstone, sherwin-williams, union pacific. our guest host is arthur brooks, president of the american enterprise institute we'll talk through the washington agenda with him how this comes back to affect the economy and in turn stocks
he'll be joined by peter orzack, you've been hearing about a lot on the washington agenda on that we have some politicians to talk through some of the issues do either of you know what eq is >> like emotional intelligence >> very good emotional intelligence >> i would not have gotten that. >> it's been out there for 20 years or so. it's starting to come to the forefront where people think it's not just your matters but also your emotional intelligence like sensitivity >> yes, are you empathetic do you understand yourself and your feelings? can you be a good manager by understanding those people new ways to try to measure this. we'll sit down with steven stein, the ceo of multi health systems, he's a clinical psychologist who measures these things he made joe, andrew and i take a test >> oh. >> about a 20-minute test in the
last week, he's been grading them >> oh. >> sending us back some of our own levels of emotional intelligence >> i know who i think will do worst. >> i will read you three pieces. he rated each of us. i will give you one bit from each of us you can figure out who's who one challenge for one of us is your biggest challenge is flexibility, you tend to be set in your ways, you seem to like routine, you're not likely to be the first one to try new things. another one. another challenge for somebody else, you are not the best in dealing with stressful situations and a third challenge for one of us, your biggest challenge is assertiveness. you could be speaking up much more than you do stick around he will be here. he will be here for the grading -- >> the first one was joe >> you'll have to find out >> great stuff "squawk box" in about eight or nine minutes time. still here on "worldwide exchange," wlle' get you set up
for the trading day ahead. i hired some help. he really knows his wine. this is the new guy? hello, my name is watson. you know wine, huh? i know that you should check vineyard block 12. block 12? my analysis of satellite imagery shows it would benefit from decreased irrigation. i was wondering about that. easy boy. nice doggy. what do you think? not bad. what do you think? what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley
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welcome back to "worldwide exchange." i'm wilfred frost along with courtney reagan. u.s. futures at this hour pointing slightly higher after a day of record closes joining us now is bill stone from pnc asset management. good morning to you. thank you very much for joining us >> good morning. >> is this the story of earnings that that is supporting the market in light of political pressures? >> yes, i think you have earnings, certainly not as good as the first quarter by by the time you're done with the second quarter, you may get into the high single digits in terms of earnings growth that's part of it. the other side is we saw that more hawkishness out of some central banks starting late june that drove global interest rates higher i think you're seeing that move back a little bit towards the dove side.
first with yellen and her congressional testimony. overnight we had kuroda which everybody assumed would stay dovish they had no choice in that matter but also talking down inflation expectations which says they will stay that way and we'll see what draghi says later today. >> i was going to ask about draghi i understand you're overweight international with a focus on europe what is it you are expecting or hoping to hear from the ecb and mario draghi after those hawkish comments at the end of june? >> i think he'll try to walk the line in terms of saying the economy is doing better but still we don't have the inflation stability that we're looking for. i think -- i'm hoping he walks that line in terms of saying we'll stay accommodative for quite some time and remove the asset purchases slowly over time i think that is probably what most of the market expects i think that would remain
helpful. >> bill, you're you're weigovert financials what do you think? >> the global center banks, money banks with trading, on the whole it's good. and if you believe you'll get another hike out of the fed at the end of the year, things are, i think, supportive and a decent economy that drives some loan growth, it's still a good place to be. >> bill, 30 seconds. too late to buy technology here? >> i don't think so still looking at earnings growth rate in the double digits i know they've had a nice run. where else are you getting top line growth in a lot of cases and really nice bottom line growth this is the productivity tool we have i think that's where the innovation comes from. there's -- while it will be volatile, it's attractive. >> thanks for joining us >> thank you >> things to watch today, we've seen a move in the yen, keep an
eye on the euro in lights of the ecb. lots of earnings to come as well that's it for "worldwide exchange." "squawk box" comes next. or your digestion... so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally found in jellyfish, prevagen is now the number one selling brain health supplement in drug stores nationwide. prevagen. the name to remember.
stocks again climbing to new highs as the rally rolls on. we'll get you ready for a busy day of earns and economic news >> t-mobile shares are rising after the company added more than 1 million new customers and posted earnings that shattered expectations. and new this morning, president trump had some harsh words for attorney general jeff sessions his comments straight ahead. it's thursday, july 20, 2017, "squawk box" begins right now. live from new york where
business never sleeps, this is "squawk box. >> good morning. welcome to "squawk box" on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. if you look at the u.s. equity futures, they are indicated up once again even though the s&p, dow and nasdaq closed at record levels once again yesterday. the russell 2000 closed at a record high. the s&p 500 information technology index which we never talk about, is worth talking about today. yesterday it closed at the highest level it's closed at in 17 years you have to go all the way back to march of 2000 with technology crash, the tech bubble bursting. we have finally made it through the tech crash of 2000 overnight in asia, the nikkei closed higher. up by 0.6% the hang seng up