Taking to twitter to slam the currency and Facebooks Libra in the process and the president is not alone. The billionaire investor mark cuban citing with trump calling Facebooks Libra a big mistake its friday july 12th and Worldwide Exchange begins right now. This is a live shot right here on your screen. Tropical storm barry hovering off the coast of new orleans the city has already seen record rainfall in recent weeks and the storm could make landfall as soon as saturday well have the latest coming up. This is a serious threat but first lets take a look at whats going on in the markets 27,000 and beyond. Get your rally caps a record rally underway on wall street. The dow closing above that milestone 27,000 for the First Time Ever. Taking a look at futures right now, dow jones is poised to open by 85 points higher and the nasdaq indicating a higher open by 23 points take a look at the bond market of course we watch this very closely also as a proxy for what the market is thinking about the federal reserve. We saw some movement here. The yield on the ten year has moved higher lets take a check on what happened around the world, perhaps while you were sleeping if youre joining us here early in the United States in asia, green arrows across the board. You can see the shanghai composite up south korea higher as well as japan too. Lets take a look at the action in europe. At least at the early going. We have some hours left to go there but right now green arrows across the board higher by. 5 and you can see that italy is higher by. 2 but that had been earlier in the week when you were looking at the country by country market. Joining me now, the Senior Investment strategist at b and p Asset Management were getting ready to kick off earnings here in the United States early next week and theres been some concern about whats going to happen and what the guidance may tell us despite the fact that its hitting record highs whats the disconnect. Its exactly that the fundamental disconnect is what you have potentially between the bond market and equity market. If you have treasury yields around 2 . A bit below. Some people interpret that as a signal of a more significant slow down in u. S. Economic growth which is incompatible with the s p about 3,000 so thats the fundamental question we have to ask ourselves. Our view is that low treasury yields is more a reflection of the new policy of the fed to be cutting rates as opposed to hiking them. So we dont see it as a recession signal but theres a question of which of those is actually right and hopefully well get clarification on that as earnings season starts to come in. You mention bond yields right now. Ten year above 2 sitting at 2. 136 or so. Is that a sign that you think the dollar may continue to strengthen from here what does that mean for some of the International Companies were getting ready to hear from its been recently stron against the euro thats something that we need to keep in the back of our minds. We do have strong domestic demand within the u. S. And that should help domestic Oriented Companies but sales are not only important for a lot of u. S. Companies, thats where a lot of the growth is coming from. So you have to wonder what the impact thats going to have. It was so interesting when we first started hearing policy makers talk about the idea of different tariffs. Many companies didnt know what to do with that. Some were afraid to touch the issue at all but now it seems like more and more Corporate Executives are blaming everything on that theyre saying look we cant plan for Business Investment if we dont know whats going to happen with the cost of doing business because of these tariffs. Is that sort of something prudent for companies to do to be honest about the uncertainty or does it give them some wiggle room to put up some results that are less than stellar . Probably both you always look for the most convenient excuse if youre earnings are going to disappoint but its a valid consideration not only as we try to see what the tariffs with china are likely to do with sales for u. S. Companies but we have the ever evolving threat of potential tariffs against europe could it be france could it be germany . Something around russia. A never changing palate of potential threats which is as you point out, makes it quite difficult for ceos to plan for investment. The fed seems to be suggesting here at least what we heard from j. Powell the last several days on capitol hill that we are going to get this Interest Rate cut. Is that something that almost gives us a little bit too much more security. I agree its more likely that we do get 25 basis points now given that growth or the payrolls figure was etter. Thats going to be important it focuses more on low inflation as a justification for cutting rates well thats actually quite benign so either way we do get the 25 basis point cut the implications for the market are going to depend much more on the language. A lot of cross currents the fed is watching and we are too thank you for being here and helping us watch those today well, let the bitcoin bashing begin. Here we go. A lot of people are going to have reaction to this. Its a big one. Its a big one. The president took to twitter in a series of posts to say hes not a fan of bitcoin and other cryptocurrencies he says theyre not money and their value is highly volatile and based on thin air and they can result in unlawful behavior. Also taking aim at Facebooks Libra saying it will have little standing or depend bability. And suggesting that they may need a banking charter and be subject to regulation. Im not a big fan of what theyre doing there. I think its a big mistake not so much because of what will happen here in the United States but what will happen globally. Theres going to be some spot in some african country that is upset that they cant control their currency anymore thats where real problems start to happen. I think theyre way ahead on that but its only in the talking stage right now so well see what happens. President trump also tweeting dependable and reliable dollar should be the only real currency in the usa calling it the most dominant currency worldwide saying it will always stay that way. Bitcoin is up 2 this morning. Its unclear why the president took last night to speak out on bitcoin but yesterday they did have the White House Social Media summit so maybe his comments toward Facebooks Libra not such a surprise but folks that are bullish on bitcoin are very bullish on bitcoin and very passionate about it so im sure well hear a lot about it. Its a divisive issue and the folks that speak out against it also perhaps, they dont understand it that well. None of us really understand it super well is it an asset class or currency the president is trying to point it as a currency at least as far as saying it shouldnt be a currency and its interesting that President Trump talks about the dollar so much many president dont so perhaps he thinks it is a threat to the almighty dollar. Its something that well discuss for weeks and years to come i got to start understanding bitcoin. Boeing 737 jet Program Manager is retiring after nearly a year on the job and 37 34 years with the company. This as boeing continues to deal with the fall out of the jet which has been grounded since march. Boeing is working to get the planes recertified and ready to fly. Shares are down nearly 5 since the 737 max was grounded by the faa back on march 13th relatively flat at this point in the morning. When we come back, were tracking Tropical Storm barry as it barrels toward the gulf coast and refiners brace for the worst. The latest is coming up next then this mornings biggest loser, the stock set to open down more than 16 well reveal the name to watch were days away from amazons latest prime day the fiskfth. We tell you what investors should be watching a very by urusho still ahead when Worldwide Exchange returns. , and that for me is what teamwork is all about. You cant do everything yourself. You need someone to guide you and help you make those tough decisions, thats Morgan Stanley. Theyre industry leaders, but the most important thing is they want to do it the right way. Im really excited to be part of the Morgan Stanley team. Im justin rose. We are Morgan Stanley. Na blend of quality probiotics. And fermented whole food botanicals, expertly curated to naturally support your gut health every day. Go with align whole food blend. From the pros in digestive health. Welcome back were following a developing story out of the gulf coast. Tropical storm barry barrelling toward new orleans as the city braces for record flooding bill karins has the latest. Good friday morning to you. Happy to report that barry has not gotten much better organized. Its still a very meandering storm thats disorganized. Were not going to see this storm rapidly intensifying or anything else like this but what well be watching is the storm slowly drifting toward areas in louisiana. That slow drift is going to allow pretty epic rainfall totals and thats our biggest fear with the storm right now. Winds are only 50 Miles Per Hour with this path slowly heading up toward central louisiana its going to be between now and saturday evening just to get into central louisiana so the slow moving will put the heavy rain in the eastern portion of the storm and we expect epic rainfall totals toward new orleans, baton rouge and right up the Mississippi River basin as the storm winds itself down over the weekend so you dont need a hurricane to get crazy rainfall totals. Isolated amounts up to 20 inches widespread flash flooding and river flooding and well still watch new orleans slowly as of now its supposed to stay below the levies but just barely by a foot or so. That will be a story that were watching as we go throughout saturday. Just a foot below thats something to watch. Oil producers in the gulf preparing for the worst as barry hovers just off the coast slashing output by more than 1 Million Barrels per say. Thats about 53 of the regions production watching Energy Prices right now, you can see wti and brent crude are higher by about. 8 just below 61 barrel but also checking in at prices at the pump today you are seeing 2. 78 per gallon as an average thats up 2 cents for yesterday and up 6 cents from a month ago. Those prices can change rapidly and well continue to watch that still on tech, the fed to open down some 17 and later the record rally rolls on. Stocks set to open at fresh records but is there still room to buy Worldwide Exchange is back right after this you should be mad at forced camaraderie. And you should be mad at tech that makes things worse. But youre not mad, because you have e trade, whos tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. Dont get mad. Get e trades simplified technical analysis. Theres brushing and theres oralb power brushing. Oralb just cleans better. Its the one inspired by dentists. With the round brush head. Oralbs gentle rounded brush head removes more plaque along the gumline. For cleaner teeth and healthier gums. Oralb. Brush like a pro. A very cloudy morning there. Cant even see the top of the Empire State Building in new york lets get a check on the stocks today shares of illumina are sliding after they cut revenue outlook for the Second Quarter blaming problems in its direct to consumer business and lower sales of some products its reducing its revenue forecast for the year. Look at that, shares down 10 for three months 16 today. Daimler issuing a product warning. It expects to swing to a loss in the Second Quarter citing higher costs relating to the global recall of takata air bags shares down by more than a percent at this point but 18 in three months and shareholders will vote on the planned 38 billion share in august. Its expected shareholders will approve that deal but the price angered several investors saying carl icahn that called for a special board meeting. Straight ahead, anyone listening . Google claimed defense after new outrage services over its google home assistant. Youll want to hear this story then a dramatic drug bust. Incredible video you havtoe see. This is the teaser here. Worldwide exchange is back after this dear tech, lets talk. We have a pretty good relationship. Youve done a lot of good for the world. But i feel like you have the potential to do so much more. Can we build ai without bias . How do we bake security into everything we do . We need tech that helps people understand each other. That understands my business. Weve got some work to do. And we need your help. We need your support. Lets expect more from technology. Lets put smart to work. My dbut now, i take used tometamucil every day. Sh it traps and removes the waste that weighs me down, so i feel lighter. Try metamucil, and begin to feel what lighter feels like. Hey i live on my own now ive got xfinity, because i like to live life in the fast lane. Unlike my parents. You rambling about xfinity again . Youre so cute when you get excited. Anyways. Ive got their app right here, i can troubleshoot. I can schedule a time for them to call me back, its great you have our number programmed in . Ya i dont even know your phone anymore. Excuse me . what . I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. Welcome back to Worldwide Exchange another quick check on the futures. Did dow jones higher by 87 . S p 500 higher by 8. 5 and we saw new record closes for the dow and the s p on thursday. Well in political news President Trump is hitting the road today. Hes headed to the midwest in milwaukee and cleveland. Sarah is live in washington with more good morning. Good morning, courtney. The president calling off his Citizenship Question fight that saw the census turned into a political weapon President Trump backing off his bid to put a Citizenship Question on the 2020 census. The case is already in three Federal District courts that have been, to be totally honest, extremely unfriendly to us. Instead issuing aing an exece order to comply records from existing databases. Knowing this is vital to formulating sound public policy, we will leave no stone unturned. This as the president prepares for mass deportation rates this weekend in at least ten major u. S. Cities prompting o o outrage across the country several arrested in buffalo. Advocates speaking out in chicago. In d. C. , republicans supportive. People. Gone through the process and lost their case to me is not cruel, its reinforcing the rule of law. Democrats furious. It means moms, dads, families being torn apart its disgusting. It has nothing to do with the security and safety of the United States. New moves from the president prompting new ripples of fear across immigrant communities. And the raids will reportedly target some 2,000 people previously ordered deported but some immigrants that just happened to be at the scene could be included as well. Courtney. Thank you, sarah. An interesting turn of events there for that question on that census the white house trade adviser Peter Navarro will be traveling with the president to the midwest today too. Well hear from him coming up on squawk box make sure to tune in for that. Lets get a check in on this mornings other headlines. Francis rivera is in new york with the latest. Good friday morning to you. Breaking news overnight. R. Kelly has been arrested on federal sex crime charges in both new york and chicago. The 52yearold was taken into custody Homeland Security investigation agents and nypd detectives thats according to two Law Enforcement officials. Further details on the case are expected to be announced later today. In february police announced he was charged with multiple criminal counts of sex abuse of several underage victims in which he pleaded not guilty. R. Kelly denied the allegations. Check out this moment caught on video in north korcarolina, thats a kfc restaurant blowing up an employee smelled gas when closing up a fire marshall hasnt determined the cause of the blast. No one was injured but almost all the neighboring businesses were damaged and the chicken fried extra, extra crispy. The u. S. Coast guard released dramatic video of a drug bust at sea the high speed chase took place at International Waters in the eastern pacific ocean. You can see her jump on the moving sub marine and pounding on the hatch there were 5 suspected smugglingers and 70,000 pounds of cocaine the street value is 232 million. If youd have told me that was footage from an action flick i would have believed you but its the real deal. How brave is that marine . Holy cow he doesnt know necessarily whats inside there. Im sure theres guns and ammunition what a video thats the video of the day. 232 million incredible. Its pretty compelling. Thank you so much francis. Still ahead, bashing bitcoin, President Trump taking aim at the cryptocurrency in a series of tweets overnight. Tropical storm barry closes in on the louisiana cstoa the impact on the Energy Market. Worldwide exchange returns. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm memory. Prevagen. Healthier brain. Better life. Take prilosec otc and take control of heartburn. So you dont have to stash antacids here. Here. Or, here. Kick your antacid habit with prilosec otc. One pill a day, 24 hours, zero heartburn. Three major stories front and center in your money this friday oil on the move as that storm in the gulf continues to gather strength number two President Trump bashing bitcoin in a series of tweets overnight these big stories ahead. Its friday july 12th and youre watching Worldwide Exchange on cnbc good morning and welcome to Worldwide Exchange im courtney reagan. Developing story out of the gulf of mexico. Oil prices moving higher as Tropical Storm barry picks up strength preparations are on the way along the louisiana coast. Lets get to wendy live for us in new orleans this morning. Wendy, what is the latest . Courtney, good morning to you. Were starting to feel the outerbands of this slow moving storm. We had rain and a lot of winds picking up as this storm creeps itself way crawls its way up on to the louisiana coast and its going to be a rain maker no matter what and its going to bring that rain to an area that doesnt need it at all these coastal communities and new orleans proper are bracing for what could be the first hurricane of the season. They are expecting in some areas to get 20 inches of rain in the next couple of days. If it becomes a hurricane, though, it will be the first time a hurricane has made landfall here in louisiana while the Mississippi River is at flood stage. Right now its 8 feet above normal and barry could drive it to its highest level since 1950. The area was already put to the test this week when a sudden deluge of rain dropped a good 7 inches of rain in a good 1. 5 hour period. That put the city on alert as barry was forming in the gulf. Now they have been told to shelter in place here in new orleans and they are expecting for it to make landfall sometime tomorrow morning thats the latest here live in new orleans. Courtney, back to you. Thank you very much, wendy. Please stay safe down there in new orleans. Tropical storm barry is having a big impact on the Energy Market as well. More than 53 of gulf output is now off line as that storm, barry, approaches. Lets bring in kyle cooper who is a consultant for energy group. When you look at the price of wti, were getting closer to 61 but not a huge spike why not if 53 of output is already off line at this point i think its primarily because at the same time youre reducing a lot of demand for crude as the refineries are possibly shutdown. Whats most bullish for this scenario is probably gasoline and diesel as people evacuate and move out of the storms way and at the same time, the refineries are producing less. So that makes sense and then we have to think about the other geo political cross currents earlier this week we heard ability whats going on near the straight with a British Oil Tanker being con fronted by the ir iranian ships. How is that playing into the price of wti. Absolutely. The geo political events had a huge factor. As long as lets not forget the stock market is at all time highs as well. Theres been a very strong directional correlation between wti and equities all yearlong so all the factors play in. One other thing id like to point out is that in terms of storm impact now natural Gas Production is actually near all time lows in the gulf of mexico and while all the old production stories have primarily been focused on the on shore production, gulf of Mexico Oil Production is actually near all time highs so the impact across the Energy Complex is actually very much different in terms of how it impacts the actual physical module. Okay. That seems to make sense right now as we are showing the storms projected path, it doesnt look like its getting too close to houston but thats another key area and thats where you are. If the storm path shifts, does that change anything with the oil and Energy Complex from the physical side not a lot but obviously the farther w west it goes the more demand it impacts. Over 6 million residents in the houston area many of those may be fleaing also theres a huge refining complex really all the way along the gulf coast in houston its a huge area so a storm that came closer to houston would impact more on shore. We talk a lot about what happens in local areas when we have these storms hitting and there can be areas of demand spikes when you have residence denl den residence dents trying to fp are we seeing more of that when were talking about gasoline i dont think there will be any severe physical shortages across the country and it will only be a day or two to replenish supplies but if youre in a place that does run out due to various concerns and logistics, thats a problem but i dont think theyll be widespread luckily the storm does not look to be very intense but as a reporter from new orleans was saying there is a lot of rain and louisiana is already indated with a lot of water so they cant take a lot of extra rain and thats by far the biggest problem. That does bring up a good point because of the rainfall. Bill karins earlier was saying it doesnt have to be a super organized storm to drop a lot of rain if new orleans gets 20 inches thats a lot you could have local areas of flooding so then what happens to the flooding areas if theyre cutoff from replenishing the gasoline supplies thats by far the biggest concern. With all the midwest rain all summer, the Mississippi River is already at high levels new orleans is not very well prepared right now to take extra rain because of all the rain thats happened previously so that is obviously alocal concern. As anybody that lives on the gulf coast knows and as you just mentioned a few days ago, new orleans got hit with 7 inches real quickly these storms actually slow moving and disorganized sometimes bring about the most rape because theyre kind of slow moving. Theyre just firing up thunderstorms and dropping a lot of water because they dont really move that fast. Interesting a lot of things to consider here and hopefully everyone in the path of the storm stays safe thats the most important thing. Thank you for joining us this morning. Thank you so much. Lets turn back to the markets now if we can. Its setting up to be another record setting day futures higher and this after the dow closed above 27,000 for the First Time Ever. We stayed relatively around the same levels for most of the morning here the Dow Jones Industrials indicated to open higher at 91 at this point. S p 500 to tack on 8 points and the nasdaq higher by 24. Lets talk more about this historic run joining me now is the founder and ceo of Strategic Wealth partners thanks for being here. My big question of the day is as im looking toward next week and the beginning of the earnings season we have seen all of these warnings from companies. Cautious tones from ceos but the markets are at record highs. What is the disconnect and should investors be concerned about that the disconnect right now is trade and its having a Significant Impact on the tone of the ceos on their conference calls. These earnings calls are going to be more important than a 25 basis point fed rate cut which is what has been driving the market over the course of the last few weeks when you Pay Attention to what youre hearing on the calls, ceo confidence has been trading down it didnt sound all that hot last earnings season and without confidence they cant execute on their plans so what we need to hear out of these calls is some commentary on the trade war. Is the impact getting worse or is it maybe more manageable than initially expected and the most important thing we need to hear out of these calls is we need to hear a positive tone shift from the ceos and beyond that, obviously good results and get strong guidance because if this quarter is weaker in line, i doubt the market advances from here. Most of the games this year have come from multiple expansion and sentiment begins to sour and i dont see that continuing. If that theory plays out and if the market doesnt have much more room to run from here, are there alternatives to u. S. Equities where would you be looking theres no alternatives theres no better alternative. Equities look really cheap relative to bonds. So the equity risk premium is over 300 when thats been the case in the past, forward 12 month s p 500 returns have been over 12 so its really the ideal situation for generating returns what you need to do is you need to be selective. So you need to identify companies where you love their longterm growth story maybe you dont own some of them because theyre too expensive so you sit there and you wait for an expectations miss as long as their longterm growth story doesnt change, youre going to get the pull back you have been waiting for youll get your opportunity to get in an example of one we have been waiting to get into that we dont own yet is lulu. We love the company andthe execution and the growth story we love the brand loyalty but its been expensive. If we can see an expectations miss from a company like that, we would be hopping in. Got it. Thank you so much. Lululemon is one well watch for you now. Indicated about flat open at this point. President trump bashing bitcoin and taking aim at facebooks Digital Currency libra in a series of tweets overnight. He says theyre not money and their value is highly volatile and based on thin air and they can facilitate unlawful behavior including drugs and other illegal activity take a look, also taking aim at Facebooks Libra project saying it will have little standing and depend bltand also frances finance minister all voiced concerns and so has mark cuban speaking out in an interview take a listen. Im not a big fan of what theyre doing there. Its a big mistake not so much because of what will happen here in the United States but globally theres going to be some dead spot in some african country that gets really upset that they cant control their currency anymore and thats where real problems start to happen so im not a big fan of what theyre doing but its only in the talking stage right now so well see what happens also President Trump tweeting dependable and reliable dollar should be the only real currency in the usa saying it will quote always stay that way the coin investors shrugging off the president s comment. Bitcoin is up more than 2 this morning. Good summary of all the action thank you. Still ahead, the countdown is on days away from amazons biggest shopping event of the year setting you up with a prime day primer straight ahead and later why twitter users are all atwitter, stay with us Worldwide Exchange will be right back er. in dutch its happening. just ok is not ok. Especially when it comes to your network. 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Welcome back amazon kbegearing up for prime y it kicks off on monday the twoday event is expected to be a big revenue generator for amazon it could bring in just under 6 billion. Its gone up over time but also gotten longer. Competitors are not content giving up the shopping spotlight. You have brands like ebay, target, walmart, best buy, macys all hosting competing sales of some sort and you can call it a prime day halo effect because last year u. S. Retailers with more than a billion dollars in sales saw the average sales jump 54 compared to an average july tuesday some Industry Experts say this years surge could be as high as 79 so theres a piece of the pie perhaps for others too joining me now is the ceo and also former vice chairman at target thank you for being here with us today. Good morning. Amazon keeps lengthening this event. So now were at 48 hours but they also started to focus a little bit more on profitability. Does that look different this year for prime day are prices going to be as low for shoppers as we have seen before i think theyll be just as low. Theyre just sharing some of the pain with the vendor so theyre requiring those selling on amazon to take some of the discounts in their profitability. But theyre paying a lot more attention to making money as you have noticed in their results and they are finally making money on their retail. Also a lot of it has shifted to marketplace sales which is now 2thirds or more so if youre a brand and available on amazon on any other given day whats your risk reward when trying to consider how you participate in prime day . You want to be apart of it but you have to protect your own margins too. Especially if amazon is asking you more than in the past. Its a little bit like black friday the whole thing is like black friday black friday was originally a few hours and then all day friday and now its two days, both thursday and friday now amazon started as one day and expanded to a day and a half and now its two days and not only that but theyre starting the deals early so you can get some prime day deals today black friday has never been a big money maker. Neither is prime day a big money maker. Its a recruitment vehicle recruitment to get people to sign up for prime. A lot of what they feature will be alexa enabled devices and get you hooked on that and other services a really interesting question is whether these sales are incremental though the 6 billion is a lot of money by any measure thats about what jcpenney does in half the year and theyll do that in just two days so its a lot of money, some of that is sucked in from other periods and being pulled forward. That happens any time theres a big sale if youre out there, you dont get them. Its interesting the halo effect from some of the other retailers. I think consumers are smart. They may not necessarily buy right away they check around and see what the other prices are so you have to play here, right . You have to at least try. Absolutely no choice. This is in the middle of july. This is normally a dead period for retailers and retailers have tried for decades to do something about how slow sales are during this period you may have seen them try christmas in july sales. Thats nothing new but most havent contributed much to an overall change in the marketplace. Prime day has stuck and its become really big and kind of put everything in the short period of time you have to participate and for consumers it is a good deal and a good time to buy at all retailers and not just amazon. Its an interesting point you made earlier that part of this is a retention vehicle for amazons prime day and also to try to get new prime members we dont know exactly how much u. S. Households they have. How many more are out there that could pay 119 a year for this service . Great questions if they have 60 to 100 million acounts already that is most of the population or a lot of it. Theyre also trying to deepen the relationships this year. So its not just getting you to sign up for prime. Theyll give you 10 off for using this for using the app for the first time 10 off for using the Notification Service for the first time they try to get you to try all the other parts of the rapidly growing amazon omni verse by using prime day to lure you into that just the difference in someone who is prime and not prime is a huge increase in the sales they get from those customers add to it those that are alexa enabled and those that arent. Its about getting you to use it its likely to be another big prime day. Thank you. My pleasure. Time for this mornings top trending stories what have we got today imagine a world where twitter is down. It happened yesterday. And the worst part is that nobody could tweet about it. So twitter suffered a complete global outage for about an hour late yesterday and even when it was restored many users experienced limited functionality. Blaming it on an internal configuration change. I must have been sleeping during this. Maybe it was good. Maybe we all took a break from our devices for that moment. Went outside talked to each other. Enjoyed life. But this is a problem in all seriousness, people do rely on these services they use them as news feeds. The president got back on twitter and posted about crypto currency so clearly service was restored google, are you listening . If you have a google home, the answer is yes. Google defending now its practice of letting human employees listen into conversations between its google asis tansistant devices users. Human workers review conversations to help improve the ai accuracy across multiple languages. This cant be a surprise. I would hope not. We know this has to happen. Its just about how comfortable we are with knowing that someone is listening to our conversation its a trade off. You put one of these in your home you have to know someone is going to hear it. People are listening then do they have a responsibility to do something if they overhear something that, if youre in a dangerous situation, theres so many sort of thats an important point i havent thought about that that opens up a whole other can of worms file this under the what were they thinking category the ceo of Deutsche Bank had to reprimand executives because they were having custom suits tailored inside the London Office the same day they announced the massive lay offs they cost upward of 1,800 he called the conduct disrespectful and not in keeping with our values. Thats a bad look. Especially for the finance and banking industry. Tone deaf. You could say that maybe those appointments were scheduled but its still tone deaf. Not a good look. Thats your trending. I like those trending stories today. On deck to 27,000 and beyond the dow set to open at new all time highs as wall streets n ile u ally rolls on wheryo castl find big money opportunity when Worldwide Exchange returns hey im bill slowsky jr. , i live on my own now ive got xfinity, because i like to live life in the fast lane. Unlike my parents. You rambling about xfinity again . Youre so cute when you get excited. Anyways. Ive got their app right here, i can troubleshoot. I can schedule a time for them to call me back, its great you have our number programmed in . Ya i dont even know your phone anymore. Excuse me . what . I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. Welcome back to Worldwide Exchange were making history on wall street stocks said to open at new all time highs after the dow closed about 27,000 for the First Time Ever lets talk more about this record run joining me now. It feels like to me she got all jazzed up by jay powell during his testimony on capitol hill, right . He took us there i think whats going on here is the data has continued to outperform the data has been good over the last few weeks and you combine that with a fed thats bound and determined to cut rates at the july meeting 50 basis points. The data is so good. The fed right now is not really operating off of the data theyre operating off of their instinct or their gut. And theyre worried about a downturn in the second half. They want to go enough to offset that risk. The Risk Management of the first order. Theyre supposed to be data dependent, no . They are 100 coming into this weeks testimony we get a little nervous. Were getting a little bit nervous about our call because the data continued to jump over every bar we set for it and then jay came out and it was super clear he is still ready to go. He still sees the uncertainties and Global Growth weighing on the u. S. Outlook in the second half how much of the global uncertainties are a result of the trade tensions between the us. And china . Thats one of the big differences between us and the fed. The fed doesnt see any physical problems from the tariffs. They still think the tariffs were really small so they look at those we see huge effects in q4 and q1 so with that big downturn in activity, we think thats a lot of whats dragging on the 12 month averages if you talk a lot about the weakness in q1 itself we think that is directly tariff related. We think were already on the other side of that shot but the feds just kind of internalizing that. So the fed meeting is july 31st so were mid july. We still have some time. Any chance that things could change. Time but the days are ticking by so you saw the speeches yesterday, right so yesterday morning we got a cpi that surprised everybody, pretty strong number jon williams comes out later in the day. Still the same determination and concerns about Business Investment the one last thing that could offset the fed is well get a whole series of regional fed surveys coming at the end of the month but i dont think theyre really data dependent at the moment. He is trying to be insistent that he is not being influenced by the administration or the president directly. Thats what he has been very vocal in asking for. I dont think thats what is driving the fed here back to december, the president was also very vocal at that time about what the fed should do and the fed just hiked rates right into that. They thought the economy was great. Their words at the time. So i dont think its politics i think its just their fears on the outlook. What do you think the biggest risk is right now . So the biggest risk is obviously the economy itself we see a lot of strength we see a lot of rebound in that growth should that fizzle out a lot of fears of recession could manifest. I hope we dont have a recession but recessions happen all the time well its almost time for Worldwide Exchange to be over. Quick check on futures we are higher and Oil Prices Also ticking slightly higher as we continue to watch the storm in the gulf of mexico. Happy friday, everyone squawk box begins right now. Good morning, a record setting week on wall street could get better after the dow closed at about 27,000 at the First Time Ever and bashing bitcoin and other crypto, President Trump taking to twitter to slam the crypto currency and Facebooks Libra in the process. Plus new numbers confirm the record breaking numbers for squawk box im sorry, for Stranger Things season 3 we are going to tell you what the successful franchise means for the stock. Its friday, july 12th thats right 2019 well show you that a little bit later. Squawk box begins right now. Live from new york where business never sleeps, this is squawk box good morning becky and andrew are off today joining us for the next few hours, guy adami all unbelievable things. All unbelievable into a perfect, perfect storm of sunshine. I dont know i would not bring that right into it then. Its funny that you men
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