Business it could be a 1 billion transaction. And theres one tech giant thats outspending the pack amid heightened regulatory scrutiny cnbc crunched the numbers. Well bring you those details ahead on lobbying spending. And changes at the top as the uk looks to choose its kn new Prime Minister, what does it mean for investors we go live to london its tuesday, july 23rd. Worldwide exchange begins right now. Good morning im dominic chu. This is a live shot of our nations capitol where just hours ago the white house and congressional leaders averted a potential Government Shutdown and default on our debt reaching a twoyear deal to lift the debt ceiling and raise federal spending levels. President trump tweeting the news late last night calling it a real compromise, much more on that big deal coming up. Heres how your money and the Global Markets are setting the day up ahead the dow will open higher as investors away results from a slew of companies. The s p by 8 points, the dow jones, 82. Cocacola, biogen, lockheed martin, United Technologies among the Many Companies reporting results later on today. You can see one of the busiest days of earnings so far. The bond market is moving just slightly here with tenyear note yields around 2. 06 a hair higher on tenyear note yields twoyear note yields, 1. 833 as well lets go worldwide in the asian trade. We did see a move higher there as well. The nikkei in japan up bay full percent. The shanghai composite up about a half of a percent. That green theme is playing out in european trading as well. Some strong gains there. The german dax up by 1 . The cac in france a half percent. The ftse 100 up about three quarters of a percent. Joining me now is bill stone, chief Investment Officer at avalon advisers. As we talk about the general sense of positivity, near record highs for our markets. A general sense of upswing for many parts of the world, does that mean the markets can take another leg higher i think they can. Sentiment is not overly bullish. We could say theres a lot of doubters out there i watch the amount of money market assets. We hit new record highs out there for that, too theres plenty of fuel there its a tug of war between some of the slowing Economic Data versus global central banks, well see who wins so, among that environment with global central banks, they are dealing at this point with the idea that theres a slowdown in the economy perhaps not recessionary, global purchasing manager indices, many measures of service industries, all showing some signs of slowing down take us through how that sets markets up at it stage are they all dependent on Central Bank Intervention because of the slowing pmi levels were seeing around the world . Id say theyre a bit more well focus on the u. S. A bit. Certainly a bit more dependent on the central bank. You wont see the market pretty much at highs with this kind of set up in terms of a slowing economy unless you thought that the fed was going to, you know, reflate it again when you look back at history, theres a good reason for the market to think that if it playing out as the market seems to be sniffing out, we probably have more upside here we have big comments coming up from the European Central bank and the fed as well first of all, the expectations are there will be a general easing buy sis any kind of expectation that things could go wrong if they say the wrong thing . What exactly could be the down side what do these central bankers have to avoid doing to scare the market markets . I think in the u. S. They have to be careful not to i guess allow expectations to get too far or too many cuts youre walking this tightrope, if you signal too many cuts, the markets say this thing is really going downhill we will go into recession. Theres no one that can save it. Then i think you see the market have the difficulty. If you walk the line of two to three cuts here, its these insurance cuts, its okay. Thats why you have seen at times the fed trying to they did it last week trying towalk back getting too exuberant around the number of cuts. Thats a positive. The ecb is tougher on thursday they will signal draghi does surprise people, so im keeping myself ready that they do pull the trigger on thursday and do easing, but easing is coming they already announced if things dont get better, they wo ease with where theyre data is at, theyll ease if its not this time, its september. Bill stone, thank you very much thank you. Major m a news to get to in the technology industry. This has to do with mobile, mobile, mobile it certainly does good morning apple is reportedly in advanced talks to buy intels smartphone modem chip business. It includes a portfolio of products and staff worth at least 1 billion while the price is not high, the transaction would be strategically important. It gives apple access to the work and talent behind intels push to create chips for 5g Wireless Technology saving years of development on its own. For intel it would shed a business that dragged on the bottom line. The journal says the companies have been talking for about a year they started last summer when int intels ceo resigned and then talks broke down in apple when apple reached a deal with qualcomm shares of both companies are higher this morning. Qualcomm is down more than 2 in the premarket. New numbers this morning on which tech giant is the top spender when it comes to washington lobbying efforts. Cnbc produce errs in washingtond San Francisco crunched the numbers to reveal facebook led the field in the Second Quarter spending for lobbyists with more than 4 4. 1 billion that money was spent amid heightened scrutiny on capitol hill around the announcement of its libra currency much more on these findings coming up this morning President Trump yesterday agreed at a meeting with the heads of top u. S. Technology companies to make timely decisions on requests to allow u. S. Companies to do business with Chinese Telecom company huawei, currently blacklisted by the u. S. Government. Even as the ceos requested timely licensing decisions from commerce, the white house said the executives also expressed strong support for National Security restrictions on purchases and sales to huawei. When we come back, the latest on the rising mideast tensions and the possible impacted on global oil supplies. We go live to where it all started. Thats coming up next. And it is decision day in the United Kingdom as parliament looks to choose its next Prime Minister to replace outgoing Prime Minister theresa may we go live to london for the latest. And later on, forget face app, theres a new selfie morphing photo app topping the trending charts a busy hour still ahead when Worldwide Exchange returns. You should be mad at airports. Excuse me, where is gate 87 . You should be mad at nonseasoned travelers. And they took my toothpaste away. And you should be mad at people who take unnecessary risks. How dare you, hes my emotional support snake. But youre not mad, because you have e trade, whose tech helps you understand the risk and reward potential on an options trade its a paste. Its not liquid or a gel. And even explore whatif scenarios. Wheres gate 87 . Dont get mad. Get e trade and start trading today. Tell him were flexible. Dont worry. My dutch is ok. Just ok . in dutch tell him we need this merger. in dutch its happening. just ok is not ok. Especially when it comes to your network. At t is americas best Wireless Network according to americas biggest test. Now with 5g evolution. The first step to 5g. More for your thing. Thats our thing. Here, hello starts with hi mple. How can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone [ camera clicking ] wifi up there . Ahhh. Sure, why not . Howd he get out . a camera might figure it out. That was easy glad i could help. At xfinity, were here to make life simple. Easy. Awesome. So come ask, shop, discover at your xfinity store today. 5 12 a. M. Eastern time thats a live shot of new york city and times square. Its a wet one out there today hope youre safe if youre traveling into work or around the tristate area were tracking the continued fallout from the iranian seizure of the uk oil tanker as the United Kingdom weighs potential retaliatory efforts. Investors weigh potential supply shocks wti crude is flat. Ice Brent Futures flat as well hadley gamble is live in the city where the ship started its fateful journey. What can you tell us about the latest there u. S. Secretary of state mike pompeo weighed in on this saying the United Kingdom is responsible for the safety of their open ships in the persian gulf you have heard from our reporting the move for the United States to push forward with the idea of an International Coalition that would protect shipping lanes, at the same times it seems as if when the uk needs the u. S. To step up, the United States is content to let them deal with this on their own. Lets listen in to what jeremy hunt had to say. Under international law, iran had no right to obstruct the ships passage let alone board her. It was therefore an act of state piracy which the house will have no hesitation in condemning. Even more worryingly, this incident was a flagrant breach of the principal of free navigation on which the Global Trading system and the World Economy ultimately depends the foreign secretary there with tough word force tehran, calling this an act of International Piracy of the seas at the same time its been four days since this incident took place, just a few miles from where im standing if seems as if the United Kingdom is hand strung as to what to do next. Theresa may is preparing to step down, and she will be followed by a new Prime Minister. It is all depend dentent on who will be. All eyes are on Boris Johnson. We know the uk has a contentious relationship with iran and whats happening. What can you tell us about the Regional Response from elsewhere in the middle east to this development and crisis that will be interesting to watch. At the end of the day what we heard in the past from Boris Johnson, who seems to be the favorite to be the next Prime Minister, he said he will not be drawn into open conflict with iran, but those comments came before the incident of this ship its interesting when you look at whats happening in the gcc countries, we heard some tough words from the foreign minister of saudi arabia condemning these actions, but nothing from the uae government and the omanis who often have been the lifeline between the United States and iran in terms of continuing that conversation, the forever rin minuign ministee headed to tehran to continue talks. To london now where the final countdown is on for the uk to choose its next Prime Minister the announcement is expected to happen in less than two hours time willem marx joins us from 10 downing street the expectation, the polls, everything suggests it will be Boris Johnson, but we just heard from jeremy hunt is there a chance he has a shot at this . S this still theres still a chance. Nobody knows until they open the envelope, 150,000 members selecting the new party leader and the new Prime Minister its like a primary without a gem el general election. Critics will hold on to, as they focus on brexit, the defining issue over the past two years and will continue to be for the months ahead. Whoever takes over as new Prime Minister will have a number of challenges around that theyll have a divided conservative party we had members of theresa mays outgoing cabinet saying they will resign rather than serve under Boris Johnson. The conservatives have a tiny, very slim majority inside the house of commons a few hundred yards from where im standing. That will make it difficult for whoever ends up as leader to get their version of brexit through. Managing the relationship, as hadley was talking about there, between the u. S. And the uk as well as the british relationship with europe as brexit becomes more and more contentious. What can a new Prime Minister do exactly in the next few weeks . Could we get the brexit ways back on track . We know Boris Johnson may be favors more of the hard line brexit side of things, jeremy hunt is seen to be more leaning towards the remaining side of things what exactly will the new Prime Minister face in the next few weeks . You remember when this extension was given to the uk, an extra six months to figure out what they wanted you the of brexit at the time european leaders said we hope you dont waste this time. We had 3 1 2 months since that extension was offered and no real change in the british position because of the uncertainty about leadership Boris Johnson said october 31st, the uk will lead europe, do or die, come what may essentially saying hes prepared to take the uk out of the European Union without a deal. In the weeks ahead the parliament here is going on its summer vacation. There will be no chance trying to get any kind of change deal through parliament to at least september, a lot of european officials and leaders will be on vacation there will be a challenge as we get closer to that end of october, halloween deadline to get everything in place. Willem marx with the latest there on the Prime Minister elections. Thanks for that. Later on we will talk about what it means for invest all over the world, the brexit situation. Coming up, new outrage over a facebook design flaw that potentially put thousands of kids in danger those details when Worldwide Exchange returns after this my digestive system used to make me feel sluggish but now, i take metamucil every day. It traps and removes the waste that weighs me down, so i feel lighter. Try metamucil, and begin to feel what lighter feels like. We all feel, we all love, we all cry. Its part of being human. Sonoma county declared a homeless emergency in 2018. You have to know the individuals youre serving to understand their needs. Working with ibm watson we can bring together data spread across dozens of departments. That gives us a fuller view of the people we serve. Dear tech, dear tech, we need to look after everyone in our community. And we want to help our fellow human beings. Welcome back to Worldwide Exchange. Ubs reporting better than expected Second Quarter profits. The bank seeing gains in its advisory business. Ubss ceo telling cnbc the uturn in Interest Rates in the United States has created pressure those shares up 1. 5 in european trading. Shares of whirlpool are lower bess pdespite lifting its guidance for the year. The company said it sold fewer appliances in north america but at higher profits. It is trying to offset higher production costs and the impact of tariffs on steel and aluminum. And Arcadia Pharmaceuticals tumbling today, down about 16 premarket. The biotech drugmaker says its treatment for schizophrenia did not pass a latestage clinical trial. Still to come on the show lets make a deal President Trump and congressional leaders announcing a deal to avert a potential Government Shutdown, but the clock is ticking to get it to the president s desk we go live to washington, d. C. For the latest. And later on, the two names that could break out to new highs sooner rather than later, its our mornings twin technical calls, those stocks that youre seeing there coming up when Worldwide Exchange returns after this new align whole food probiotic. A 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. Crisis averted thats a live shot of our Nations Capital President Trump and congressional leaders announcing an agreement on a two overbudget deal tracie potts joins us from washington with the latest nobody really got what they wanted out of this which means its a good deal, right . Exactly if both sides got something and both had to give up something to get there. There were a couple parts of this deal, and its a deal at this point, not a done dell, but President Trump and congressional leaders have agreed to this deal. It suspends the debt ceiling through july of 2021 it also raises Discretionary Spending in fiscal year 2020 and this is important because democrats have long said they want to see equal increases with domestic spending, with middle class priorities, health, financial, the Opioid Crisis and other things that we see with defense. So they will see significant increases there. Thats something that democrats got out of this, but also raising that debt ceiling, essentially, dom, americas credit line or credit card was about to max out again and they have agreed to raise that debt ceiling so we can continue to borrow more money, which is not a longterm solution, but it is certainly a solution when youre facing hitting that debt ceiling soon so, of all of the things that democrats disagree on with republicans here and vice versa, this seems to be something they have been able to work out, at least with the leadership of the two parties in the white house credit card limit increased tracie potts, thank you very much when we come back, oil markets on edge as invests weigh a possible supply shock from the recent den shun tensions in th east where do we go from here we check in with helima croft when Worldwide Exchange returns. Did you know you can save money by using dish soap to clean grease on more than dishes . Try dawn ultra. Dawn is for more than just dishes. 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New this morning, the uk ready to usher in a new Prime Minister the likely name his brexit plan and the reaction in the currency markets, thats coming up straight ahead a developing story, apple reportedly in advanced talks to buy intels smartphone chip business and last week the app everyone was talking about aged you. But today another one is set to make your face a work of art the story you have to see to believe. Its coming up on the show its tuesday, july 23, 2019, youre watching Worldwide Exchange on cnbc. Welcome back to the show thanks for being with us on cnbc lets check on the other top headlines. Frances rivera is live in the new york newsroom with the latest good morning good morning. We started wi with severe storm sweeping the nation. Parts of eureka, missouri were under water leaving many cars stranded and in the east coast, we had torrential rain in new york city even making its way into the subway check out the long island expressway, traffic brought to a standstill for about an hour the flash flooding turned roads into rivers across new york and new jersey. After 15 hours of largely peaceful protests in puerto rico, chaos broke out. Police fired tear gas. The governor is still refusing to step down an alarming new study, researchers say millions of people who take lowdose aspirin without a doctors recommendation or supervision should stop. Some 29 Million People ages 40 or older were taking the drug daily in 2017 despite having no known history of Heart Disease or stroke. Experts say taking aspirin daily could have dangerous side effects such as bleeding in the brain. Those are your headlines all right thank you very much for those. We appreciate it we are halfway through the 5 00 a. M. Hour in new york. Right now if these gains hold into the opening bell, we could see the dow open up by 86 points the s p up by 8 points the nasdaq up by 25. Were seeing whats happening with the bond market a slight uptick to yields across many parts of the curve. Tenyear benchmark u. S. Treasury note yield, 2. 059 the twoyear treasury note wealweal yield, 1. 833 . Were following a developing story out of the middle east oil prices edging slightly lower at this stage, but overall the tensions between the u. S. And iran are ire following the seizure of a british tanker in the strait of hormuz that after the uk stopped an iranian tanker weeks ago after an alleged sanctions violation joining me now is helima croft, aas soon cnbc contributor we are not Prices Higher given all this tension around iran and the strait of hormuz youre right. Its been a very muted price response its amazing last week, we sold off after pompeo said iran would be willing to talk about their missile program, the iranians were out minutes later saying no we are not and now whats happening in the strait of hormuz, and yet oil is still moving theres a view that u. S. American Energy Dominance means we could have these disruptions. I think well get a test case for that theory. I see no offramp to this crisis were in a cycle of escalation as long as the u. S. Continues the sanctions pressure on iran the iranian government continues to say we wont negotiate until we get sanctions relief. This has been a vicious process in past years, yet the path of least resistance for now seems to be to the down side what would need to happen in the middle east hypothetically from a tension scenario to get a marked response higher in crude oil prices i think what the market is looking for is a physical disruption of supply lets say we have a tanker thats sunk. That will wake the market up i also think if we start to see attacks on Energy Infrastructure that disrupt supply. More pipeline attacks, a major Energy Target hit. What could bring us to the brink of war is a different set of stories. I think if we had u. S. Troops in iraq come under fire from shiite militias linked to iran, thats a catalyst for conflict. If we have a situation where the iranians decide theyll kick start the nuclear restart, essentially start enriching at levels close to weapons grade in terms of uranium, all of those things are red lines for the United States. A major attack on a u. S. Ally in the region that results in multiple casualties, another thing is thats a red line for the u. S. Theres a different red line for oil and a different red line for military conflict. Other places in the middle east are impacted by whats going on now the responses so far have been cookie cutter. Standard responses to the tensions what exactly where would you expect the hot bed to be if there was to be a real issue around irans actions . Which member of the middle east would most likely respond alying themselves with the United States or which ally would come under attack if the u. S. Would have to go and assist . The allies to watch for is anything involving israel obviously. The israelis have been relatively quiet up until now. If we had something involving israel, watch the situation on the border in syria, for example. Watch the situation in lebanon again, the other theater to watch is what happens in iraq. We have thousands of u. S. Military personnel in iraq, they are serving in close proximity to the shiite militias if we have an attack on u. S. Personnel there, thats a Major Incident that could bring us to war. We have already drawn down our embassy in baghdad so i think those are the hot spots to watch that could bring us much closer to the brink of a war. Again, the market is very focused just on the oil supply story and not really focusing on the bigger security picture. They kind of think of it as background noise, not realizing how close we are to the precipice of a major conflict. Helima croft, thank you very much for those insights. Coming up, well have more on this developing story out of the middle east throughout the course of the day. And among our special guests later on, dont miss retired army general david petraeus, live on the halftime report, thats 12 00 p. M. Eastern time today, a great interview, a mustsee about whats happening now with the middle east and Everything Else out there. Were a little more than an hour away from learning who will be the next leader of the United Kingdom. The conservative party will announce the winner of its vote by its 160,000 members that person, Boris Johnson or jeremy hunt, will be declared leader of the party and named Prime Minister replacing theresa may. But no matter who wins, does the uk market still lose because neither man can avoid a messy brexit scenario . Lets bring in david miller for this the investing angle is key here. People seem to shun the United Kingdom for whats happening with brexit uncertainty. Does that persis latter part of the second half of this year brexit is serious its getting serious its had a lull and is warming up now thats not the same as making the uk uninvestable. Todays announcement, whoever wins, everything will change and nothing will change. The nothing that will change is the state of the uk finances, the state of the negotiations with the eu. There are plenty of things that can be done from now on. With one new leader in charge we will start to see that sort of stage where promises mi s hit reality. At that point well see movement it doesnt make the uk a bad place, and we had three years to get ready for brexit markets discount the event ahead of this and theres clear signals coming through is there anything is there any such thing as a Nodeal Brexit no matter what the uk will have to figure out what to do with certain key business and Industry Groups with the european block what exactly does that mean if theres a Nodeal Brexit Financial Markets are telling us that there will be some sort of deal. The basis of that deal is the fact that this is a parliamentary democracy that has been tested over centuries and precedents exist, conventions exist. What we know about brexit and what will happen now, is that this is unprecedented. So markets are taking the view that parliamentary democracy in the uk is Strong Enough to sort out an answer. It just doesnt know what quite that answer is thats why the pound is at a 27month low thats why the uk equity market is at a threepoint discount to the rest of the world. Investment managers around the world are underinvested in the uk, as am i, quite a reasonable position to be in and to take ahead of all this. That doesnt mean that doesnt generate attractive areas. I wouldnt be at all surprised to see International Investors with a bit more certainty w some progress looking at their underweight uk position and starting to work out whether they dont need to now reverse those. Lets take this conversation across the atlantic. U. S. Investors, uk investors, do they need to fear anything that can happen between a possible negotiation on trade terms birat rally between President Trump here and whoever the Prime Minister is in the uk with regard to the u. S. uk trading relationship i dont think they should fear it. Weve been living with this uncertainty. I would put it in those terms rather than fear so we will deal with whatever comes out of all of this in terms of trade relationships undoubtedly. Theres too much at stake for decisions not to be made, for compromises to be reached. I think in the very shortterm the transition of power from theresa may to Boris Johnson as the favorite, but whoever is going to be the next Prime Minister, will lead to political fallout in the uk, and if that isnt smooth, it depends on how you define smooth, this may have an effect on sterling. That bothers, i think, me more than what deals may be done in the future and there are plenty of permutations on that side as well david miller, thanks for those thoughts appreciate it. Coming up, facebook under fire again this time kids are caught in the crossfire. The glitch you need to know about coming up next plus a billboard record set by mariah carey nearly a quarter century ago, its set to fall. The down low on the details coming up after this applebees all you can eat is back. Now thats eatin good in the neighborhood. Some big news from mr. Clean. Stop struggling to clean tough messes with sprays. Try new clean freak it has three times the cleaning power of the leading spray to dissolve kitchen grease on contact. And its great for bathrooms just keep pumping the power nozzle to release a continuous burst of mist and make quick work of big jobs. It even works on stainless steel. It cuts through 100 of dirt, grease and grime. Available with easytoswap refills. To get three times the cleaning power, try new clean freak from mr. Clean. A number of Big Technology stories this morning so we asked Elizabeth Schulze to join us for a game of rapid fire elizabeth, the wall street journal saying apple is in advanced talks to buy intels modem chip business. This could be a big deal this could be a big move fo apple shifting some of that production inhouse when it comes to the 5g chips. Apple is the only smartphone maker that has not introduced a 5g smartphone. This could be a signal that they want to take a step forward on that qualcomm shares are down this would not be good news for qualm after they reached that multiyear Licensing Agreement earlier this year. A potential 1 billion deal there. Speaking of 5g, we cant talk about 5g witho jouout talking a huawei a number of tech ceos meeting with trump to talk about when they can sell stuff to huawei. Thats right. A handful of chips makers and ceos yesterday at the white house, goggles ceo at the white house yesterday. Ultimately what they wanted to talk about is this huawei entity list and the idea they can speed up the Licensing Agreements with huawei we heard from these companies they want to continue to be able to do business with huawei and it seems like its generally heading in that direction. But a lot of questions still about this ban and how it will play out in the longer term. Weve seen signs that huawei has had to cut back u. S. Operations, were closely watching Global Operations and smartphone sauls to see if this u. S. Ban is having an impact on other prar s parts of the world, too. Thats not the only lobbying going on in washington, d. C. We know Technology Companies spend billions, now we know who the biggest spender on lobbying efforts is in washington, d. C. , right . Thats right. So this is data compiled by our teams in washington and San Francisco, showing facebook is the number one spender on lobbying, at least in the Second Quarter. Probably not surprising given all these privacy concerns weve had with facebook. And we know this likely fine is coming from the ftc for Facebook Facebook has had its share of scrutiny you can see alphabet was up on that list. Amazon is up on that list. Ultimately the general sense is how the regulatory scrutiny will play out on capitol hill and those agencies looking closely at these companies. You mentioned the ftc and facebook, there could be a mu i multibillion dollar fine coming up there whats the latest . Were been waiting for this fine they disclosed in their Earnings Report last quarter they expected a fine of up to 5 billion from the ftc related to that Consent Decree facebook reached in 22001 00 0 11 facebook is reporting earnings tomorrow after the bell, it would be surprising if we didnt hear something before that we know that 5 billion fine ha been pretty much baked into the expectations for facebook. The question is what kind of fin fines or further scrutiny could it face now and going forward. Elizabeth schulze live in london with her take on all things technology. Appreciate it. Thanks for playing rapid fire today. Lets find out what else will be on your radar today. Time for the top trending stories. We are talking a lot about facebook why not continue. But yet another privacy problem. Theyre apologizing to parents a glitch in the messenger kids app allowed children to bypass parental controls. The app is supposed to allow children to chat with people only preapproved by parents, but the restrictions did not apply to group chats do you use the group chat function i dont even use facebook i dont. Are you happier for it, you think . Yes im an instagram person to be fair do you like this song . I do if you feel like you cant escape this song lately, youre right old town road reached 16 straight weeks on top of the billboard charts that topped a record set by mariah carey and boyz ii men, and matched by december desposito in 2017. Im not a huge fan of this song. Its apparently when he added billy ray sirius cyrus that the song took off. The song is eh fair enough so theres a new photo transformation app thats going viral. This one wont make you feel old, but it may make you feel like a work of art we plugged doms photo into ai portraits. Com designed by ibm services the cite transforms you into a renaissance painting this is not fair. If youre doing it to me, we should do it to you as well. Thank you. Thats not nearly as flattering i dont know. They both look very renaissanceesque. Im glad i live now and not during the renaissance are you not going to return the favor and call me a renaissance woman . We all know youre a renaissance woman. I had to work hard for that compliment thank you very much for those trending stories coming up, do you want to know where stocks are headed from here . Well turn to the charts for the answers. Plus did you buy something on amazon prime day based on an online recommendation . If so, youre not alone, but well tell you why one Consumer Group warns there could be a problem with that. Stay tuned youre watching Worldwide Exchange on cnbc. Time for your executive recap. The headlines you need in 60 seconds. President trump an congressional leaders reached a deal on the debt limit and spending caps. The agreement would extend the treasurys Borrowing Authority through july of 2021 it averted a government default that could have happened later on this year the house and Senate Must Pass the measure before it can be signed into law. The uk is getting ready to welcome a new Prime Minister the countrys ruling party is expected to announce today that either Boris Johnson or jeremy hunt will succeed theresa may. Johnson right now is the polled favorite. He supports a Nodeal Brexit which mean s he could pull the k out of the European Union without a deal and a consumer watchdog is calling on the ftc to investigate amazon over undisclosed paid endorsements on prime day. People could review a product on amazon and receive a commission on sales a group called Public Citizen said endorsers are essentially getting paid for positive reviews which requires some disclosure back to the markets in the United States. Were turning to the charts to tell us the story of where we are and where we could be going. Joining me now is Craig Johnson. So good to have you in studio. We have a dell straiter for you. With the s p 500, were near record highs here. Where do we go from here we made it through the floods to get here today with all the rains in new york. We had broken out to new highs here sitting here at 2985, as we had broken out, were running into interesting challenges number one, were not seeing as many new highs as were seeing new lows starting to happen. Last week, we did see a or this week, we saw a sell signal and were seeing thats a measure of relative strength or momentum and we define it as waning momentum in the market between mac d and rsi. As we look at the overall market, this will be the key line in the sand for this market about 2,950, 2,940 any break back below that level will suggest to us were seeing a setup in the market that could be similar to what weve seen in the fall from my perspective, we have to be more cautious in here with this waning momentum i think this market will set up for a correction dom, let me add how deep would that go if it happens . We could correct back to the 200day moving day average, so 2,778. So a meaningful correction i would add to this discussion n terms of the overall s p 500, you are not seeing as many mid and small cap stocks participating in the advance some say thats not a problem. I think thats a concern i wantbreadth. We had seen this in the fall, we saw this happening in january of 2018 we did see a correction. All right lets talk about a couple stocks in particular. First of all, a couple breakouts. Youre saying now this stock could be poised we put it as a mystery chart before these are shares of akamai coming up. Take us through where we think we go with akamai. The longerterm uptrend remains intact ive been watching this base thats been forming in here. Now were starting to break out to new highs as we break out to new highs on akamai, i would say this stock has upside to about the 100 level. Again, constructive chart, clearly a key player for the overall content delivery on the internet akamai is one the other mystery chart here is und under armour i would look at this entire price action through here as kind of one dig consolidatibig. Its finally starting to work, and were putting in higher highs and higher lows that weve been having in here. So this is a took that could move up into the mid 30s fairly easily its not a loved stock at this point in time, all i continued to hear about is challenges with under armour, but they seem to be on the mend i can see that price action happening in the chart through the price action over the last several months all right Craig Johnson with the master of the telestrator here going on. Appreciate it. Under armour and akamai your two stocks to watch. That is it it fdoes it for Worldwide Exchange. Squawk box is comingup crisis averted President Trump and congressional leaders announcing an agreement on a twoyear budget deal to lift the debt ceiling and raise spending levels, but crisis averted theres big numbers were talking about adding to the deficit. Another big day for earnings well hear from three dow components before the opening bell, cocacola, travelers and utx. Thestant reactio is straight ahead. And the next Prime Minister is set to be revealed in about 45 minutes well take you live to london for the announcement its tuesday, july 23, 2019, squawk box begins right now. Live from new york where business never sleeps, this is squawk box. Good morning welcome to squawk box here on cnbc were live from the Nasdaq Market site in times square. Im Andrew Ross Sorkin along with joe kernen and melissa lee. Becky quick is off today take a quick look at u. S. Equity futures ahead of the market open still 3 1 2 hours away right now the dow would open up about 86 points higher nasdaq opening about 27, 28 points higher. The s p 500 looking to open higher as well lets show you whats going on overnight in asia. We have a strong picture, pretty much across the board there. The nikkei, the hang seng, and the shanghai all up. Check out
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