Better than sxiktestimates. Road map begins with slowdown concern, tariffs and decelerating Global Growth weighing on the economy in q2. Top white house economic adviser larry kudlow will join us first on cnbc. We have investors buoyed this morning by strong earnings from tech giants such as alphabet, twitter, and intel all of those stocks pointing to a higher open. And starbucks rallying as well as sales surge. The coffee retailer raising its outlook. Kevin johnson joins us first on cnbc this hour futures are higher on those upbeat earnings. Gdp did slow to 2. 1, but beat expectations earnings big picture today googles parent beating big on both the top and the bottom lines. Twitter also beat the street, reporting 139 million monetizable daily users, more than the street had been looking for. Biggest number in about two years. Amazon did miss on earnings, revenue was ahead. First time in five quarters that amazon did not post a record profit, taking a hit from shipping costs the thesi
Platform. Some republicans on the Committee Also skeptical of facebook plans. The chairman of the committee saying he applauds facebook for trying to utilize their platform to serve underserved communities in the Digital Currency platform. The bottom line comes following a host of different hearings scheduled for this week. David marcus will testify before the House Financial Services committee tomorrow. Lets not forget Steven Mnuchin yesterday at the white house raising concerns the administration has with regards to the Digital Currency field. David before that we had chair powell from the fed raising concerns last week. ,f you were mr. Marcus listening to everything you are hearing from the senate, would you walk away having a better sense of what congress once from him . Kevin that is a great question. The short answer would be no. In talking with the Internet Community and the lobbying groups in washington, d. C. , as sympathizerschain who believe this is the future, they make tha
Were getting closer. It moved up a little since we spoke a few minutes ago, so we reindicated the range, 33 to 36. And its about 10 to 15 million shares in that range that are paring off and it narrowed to 3 from 4. So i think its shaping up and we dont as we said before, we dont know how much is actually going to be sold right now, but 10 to 15 is not a shockingly large number. Its a well, it depends on how you look at it in the context of the number of shares that are eligible to sell, its about, you know, in the 10 range. But thats fairly typical, 10 for an ipo, and this is not an ipo, its a direct listing. Whats amazing to me, it doesnt matter, direct listing, ipo, whatever you want to call it, this year ipos are tending to price toward the high end and open above this is happening here if we take 33 to 36, pick a number 34 if it might open, thats 30 over the Reference Price average ipo in my experience, maybe would open 10 higher on a good day weve seen ipos routinely opening 20 h
Growth as solid and said that the labor market continues to strengthen but the fed pointed out that wage growth has remained moderate and that inflation has been below the feds 2 goal this year. In the report, the fed said that it remains firmly committed to its inflation objective. Here at home, the fed is still forecasting more moderate growth during the Second Quarter and that the slowdown in business fixed indepth could be persistent internationally, the fed said that growth has stabilized during the first half of the year, albeit at a restrained pace it also said that International Financial conditions were supported by accommodative communications by major Central Banks. Now, as you said, this all comes from the feds semiannual report to congress fed chair jay powell will be testifying on the hill next week there was a special section in this report on trade the fed found that tariffs lowered u. S. Imports by about 70 billion. It also said that higher tariffs are having a materia
Just how high can the great firewall in china really go . But first, to our top story, the u. S. Government is increasing its scrutiny of big Tech Companies. On top of the department of justice and federal trade commission dividing oversight for possible probes into google, facebook, apple, and amazon, the house judiciary says it will spearhead its own investigation into possible antitrust practices. House lawmakers plan to hold hearings on the matter, a move endorsed by House Majority leader nancy pelosi, who had this warning. Unwarranted, concentrated power in the hands of a few is dangerous to democracy, especially when digital platforms control content. The era of selfregulation is over. Joining me to discuss is our bloomberg tech correspondent. What is the latest Development Today in all of these potential or actual investigations . The only sort of publicly confirmed new investigation is the one you mentioned coming out of congress. The doj and ftc have not even confirmed reporti