Market thats coming up plus earnings showing no sips of slowing down we get much more ahead on the show. And later were going to check the pulse of the consumer. We speak exclusively with the restaurant chain first watch and get his take its wednesday, august 2nd, and youre watching Worldwide Exchange right here on cnbc good morning welcome to Worldwide Exchange. Im frank holland. Lets get you ready to starture day. Were going to kick it off with a check of the u. S. Stock futures. We saw the highest close since february of 2022 as we mentioned following the downgrading by fitch, were seeing the future. The dow would open up more than 200 points lower the nasdaq and s p 1 lower, the nasdaq down more than 1. 25 . All have been losing steam throughout the morning were also checking the market on the heels of that downgrade first, s p futures, we just showed you the chart were going to move to the yields yeeds back above 10 a couple of basis points lower than yesterday as we always mentio
Yesterday, but again we were talking about Massive Gains not just through the month of july but year to date as well well continue to keep an eye on this if youre watching treasury yields, this is where you would anticipate seeing moves if there were a downgrade if people were afraid of rushing into this. But it turns out u. S. Treasuries are still a safe haven and why the yields are still a bit lower. The 2year note trading at 4. 86 . Of course, all that related to what were seeing. Talk about the downgrade because it is our top story. Theyre citing what theyre calling an erosion of governance Emily Wilkins joining us now good morning to you. Good morning, andrew. Yes, shocking news yesterday at least for some of those in the Biden Administration seeing that downgrade in the u. S. Credit ratings from a aaa to a aplus this is only the second time the u. S. Credit rating has been downgraded like this treasury secretary janet yellen is quickly depending the Biden Administration she says
Ed we will continue with earnings coverage as amazons results show a boost in its cloud. Caroline one year since elon musk took over the Company Formerly known as twitter, he plans to take on the likes of youtube, linkedin, and push in payments more. We will discuss that and more. Lets check in on what is a rally to finish up the week. We are seeing a rally across stocks and bonds. Which are usually at odds. Inflationary pressures building from a macro perspective. Consumers anticipated to see more inflation. Says the university of michigan numbers. And the all important pce number coming in strong. Check on top. Does it have to do with earnings . Nasdaq at 1. 2 , but down for the week. Two year yield pulling in a little bit more. More flat, but above the 5 level. Is there a risk aversion towards the weekend amid ongoing geopolitical concerns, particularly the middle east. Commercial off by a quarter of a percent despite the inflation gauge. Bitcoin has been on a tear. Up some 14 . Is
10year yield at 4. 47. A lot of questions where the movement will be next and if we have seen the height of rates or not. Thats been a big question part of it weighing on the broader markets yesterday. Meanwhile, boeings slide after the cfo spoke yesterday and said the company would burn through cash this year the delivery of planes will not increase from the First Quarter to the Second Quarter as they deal with tproduction challenge. The price of ethereum pulling back after the runup this week. The si. E. C. Approved the rule change to pave the way for etfs that buy and hold ether. Specifically, the s. E. C. Order approves applications from various exchange to list eight ether funds. The order does not approve the funds or set a date for the etfs to start trading issuers are awaiting approval from the s. E. C. For the funds and it is unclear how long the process will take. This has been the week this was a buy the rumor and maybe not sell the news. Thats most of it ethereum is down 2
Nice to open up the windows yesterday i agree. And it looks nice today. Theres very little fog though. Only a few patches of it. So were clear. Ready to go. Santa rosa airport. But i dont think downtown does. Has a slight northerly breeze, which is why there are 55 but upper 40s low 50s. And were all set for what looks to be a sunny day, but cool and cooler, i should say. And breezy with temperatures 60, 70, 80. Have that north wind holds in santa rosa. Will get to 80s of a dozen and turns southerly. Theyll probably be about 77. All right. Sals here. Anything are quiet . Its mostly quiet. However for steve, we have a yeah. However, we have a pretty serious crash out there right now on 580, heading over to harbor way, we do have a fatal accident involving a pedestrian, and we do have some video taken a little earlier of the scene. This happened at about 130 in the morning, and at one point they did block all the lanes. But then a little bit later, they did open some lanes. Now this happ