Yellen speaks at 10 30 12 30. The best showing against the yen in a couple of years. China got an update but showing there might get you arrested. You see shipments suffering. The steepest decline in almost two years. And facebook also higher premarket. How the company is looking to crack into the Music Distribution business. First up stocks on track to open strong. We have this morning on the hopes of a new proposal in greece will end the impasse and result in a bailout deal as we get ready to wrap up a volatile week for the market and week with hacks and glitches. Its been a difficult to watch question now is what happens with this deal and even if it gets done sunday what happens then some. This deal is not as good. Merkel should hate this deal even more. The Greek Parliament the right in merkels party and the left of tsiprass party cant like this but maybe theyre not loud enough. The one thing i would point out. Yesterday i said i didnt like it. Now i said listen this rally, you know dismissing it the reason i was dismissing it was the dollar was going up very big. The dollar is lumtplummeting. The dollar has been the tell about whether things are going to go well over there or not and so this one seems for real to me. Youll see a lot of the european stocks up. Thats the dollar. And you saved a lot of people a lot of pain yesterday this time by telling them not to trust the rally and we came in 200 points. At the same time even if this is the deal, they still owe the money and gdp is still collapsing. If i were a member of the left part of the Left Wing Party that rules greece i would say we just voted against this. We basically said this is no go. But theyre really lording over the banking system. France has put a lot of pressure on germany but we dont know if merkel will fold. I dont want to sell this one. How about that . I dont want to sell it. Yesterday i said sell. Theres three tells. We have china and you tell that by caterpillar. And was apple start going down. Gm is going to be hurt. We watch those three. If they collapse in the first half hour the china thing is not real. I think it may be for real. For the u. S. Watch companies that are historically proned to the dollar. Lets look at honey well and General Electric and united lektology technologies. These are the ones im looking at. The stocks told you yesterday it was phony. The dollar told you yesterday it was phony. Im giving you a game plan of what will tell you if its real or not. A lot of the companies youre mentioning reporting next week. And pepsico was really good. It got hit anyway. Wall greens an upgrade today. Thank you. Thank you for that. Lets see what the picture looks like on the ground in athens. Lets go to greece and check in with our chief international correspondent. Good morning, michelle. Reporter hey there carl. The new proposal is in. It looks a lot like the old proposal. Tax hikes near capitulation when it comes to pensions. Theres a question of whether theres enough trust of the creditors to work out to a final deal. Why isnt there trust . Let me give you some of the phrasing from the proposal that was submitted last night which was in the proposal that they voted no on last week. Greece will supplement in full the 2010 pension reform law. Of course i dont recollect, you may notice its 2015. They never implemented the 2010 law. This government set to meet within the next couple of hours for debate. We expect a vote later today. A trusted analyst tell us the vote will go tsiprass way. Theres some suspicious of the finance minister of germany because yesterday he said yes, theyre right. Greeces debt not sustainable. Theres a clause in the bailout package, the esm function which says if a countrys debt isnt sustainable, they cant get a bailout. In the end its up to Angela Merkel and i want to end with this pretty funny cartoon on the front page of the newspaper here. Here are greeks dieing to go swimming in this empty pool and here is mario draug gi with a hose with a little bit of water. And theyre saying please fill up the pool. Obviously screaming for liquidity for the greek banks which now is the next step. Do they get any increased liquidity as a result of what they put on the table today. Back to you. Well come back to you later today. Obviously an eagle eye on the headlines and well wait to see if we hear from anybody from germany or the imf. And China Shanghai posting the biggest twoday gain since 2008. Chanos says the story is yet to play out. As long as china adds credit faster than growth, the real story is months and years ahead. The Prime Minister saying the economy is stabilizing for what thats worth. Hes been on that theme for a long time more focussed on the credit side as opposed to the equity markets. They are connected. Much of the chaer leading that went on over the last few months and the encouragement to get Retail Investors more involved was designed to deleverage companies by allowing them to access the equity markets with offerings that would allow them to take debt down on their Balance Sheets creating more liquiditity as well for them. That didnt go well for a while. They have turned the tide a bit. I think this is more important than greece. I know how to read the New York Times and theres a piece today by a friend. Its the best single piece about this i think. Which is called why chinas stock market bailout might work. As a person who worked in margin worked in the margin clerk at goldman, if you dont make people put up capital or youre suddenly told by the government that collateral is good, you dont call them and tell them you have to sell. You get bailed out by your government, you dont make anyone be forced to sell. You win. You keep stock prices up. This is a communist party with a Supreme Court that is told by the communist how to rule things where they have killed people Capital Punishment for basically what we would call missing quarter. Dont you give me that smerk. Let me finish my thought. Malicious short telling. The minister of public security. These are the people who created the reeducation program, if you remember reeducation. Im just saying that this is a different kind of situation. A lot of people saying you can get around shortselling. How about g f you go to jail if you short sale. But this was done under the guise of making it more transparent and allowing them to trade for freely and allowing foreigners to come in. Which hasnt happened. And wont for a long time at least. They got a second day here. A lot of business u. S. Managers came in and bought the shares not a shares. The Companies Listed in hong kong and here. They bought it. I pointed out a number of companies here are still scheduled to be pfsed in often cases theyre majority owners, damage damage dang, dang and they want to list them there where the valuations are higher. I was saying the ratios for 50. They went up overnight. Even chinese stocks that go lower might be cheaper. But the larger issue is what it did the apple yesterday and what it may have done to the 30years. The Chinese Government buys a lot of bonds. They need to start buying apple watches. That impacted the 30year it would seem or at least the auction people talked about it. The impact is being felt in our markets to a certain extent. Watch this interview this morning, the phil report about the slowing of auto sales. I am not denying anything you said. I am saying the idea that this is a communist country and they can look the other way on a margin call and that means you dont necessarily to have to sell. You have put up whatever you want as collateral. If you have a margin call in this country, its real. I am saying that if the chinese brokers are being told no more margin calls, those people arent going to sell. Chinese sales the forecast cut from seven to three. Well talk to jim stuart in the next hour. Promotion. And as far as apple goes theyre trying to respound from a fiveday losing streak. The stock is down from the all time high. That was back on april 28th. Ubs put out a note yesterday where they said slowing chinese economy is a risk for apple. However, the correlation between consumption and stock prices is am big use. We think apple is okay for now but were going to watch it closely. I still think you should own apple. My take is that we got a note this morning saying not to worry about apple sales. I didnt like that. I think as long as people are worried about apple sales, theres a chance theyll recover. This quarter will not include for the most part the crushing of the chinese market. I mean remember, in june things were still going strong. So you may be surprised at the numbers but if they give a guide down, the stock is sensing this. China was the big turn. Selling an awful lot of stuff in china. They delivered alpha. Its now their second biggest market. Im not denying it. People say i love apple. Im saying it matters. At the same time we got headlines that theyre adding suppliers for the new iphone run. The new ad for the iphone is out. Heres a look at that. This is an iphone. And it comes with something different. 99 of people who have an iphone love their iphone. If if its not an iphone its not an iphone. Could you make my mine do that . I got the target i got the walmart thing, and look at this. I can get walmarts ads. Look what you can do with that watch. I have no idea how to use the watch. Thats just another fallacy. Black hole on your wrist. Theres an undercover minion deluxe action figure at walmart. Com but i cant. Cant make the dancing dance. Let me see whats going on. Hard to sell a stock at 12 times, i think. A great value for Peanut Butter kelloggs poptarts. Nam ral and organic. When we come back facebook reportedly plans to play d. J. Also ahead nasdaqs rob graifeld. Big up side at the open. Well see if it lasts and watching for medheadlines out of brussels. Pictures getting ready to celebrate the u. S. Womens soccer team with a parade. When youre not confident you have complete visibility into your business, it can quickly become the only thing you think about. Thats where at t can help. At ts Innovative Solutions connect machines and people. To keep your internet of things insync, in realtime. Leaving you free to focus on what matters most. It took Serena Williams years to master the two handed backhand. But only one shot to master the chase mobile app. Technology designed for you. So you can easily master the way you bank. Facebook reportedly seeking licensing deals to insert music videos into users feed. The company has held preliminary talks to add a limited number of videos. Facebook would also share ad revenue with the labels. Theres a market that has been neglected for some time you might argue. Its funny. Facebook when it was at 88 you know 89, a lot of people got caught up and then it ran into the market buzz saw. Its funny that this announcement which i dont think is that needle moving is getting it going. A lot of people feel the higher multiple stocks are ready to come back. And i think that theyve been kept down by europe. Theyve been kept down by concerns that our market got too expensive. Watch facebook. That could be an interesting tell on this bit of news like google. And a little while to see the earnings. You continue to hear certainly in the circles in which i speak to people that they keep taking share in terms of the advertising market. You and i have talked about that a number of times. It works. Yeah. They are the goto when it comes to digital and increasing your exposure to digital if youre an advertiser advertiser. It will be very interesting to see. Theres only so much advertising but their slice seems to get bigger and bigger. They are such a huge component. You are so right. When i have ceos out from retail and restaurant they always say its funny. You put money with facebook and you get a terrific return. You never hear that. You never hear. Its like listen i have to have cbs, you hear that. But you hear i give a dollar to facebook and i get a bang for my buck. Theyre kind of amazed. You are debt right. Well see what it looks like for their numbers and with them the key is how much theyre spending as well. And investing. Its hard to remember the day where dm remember the call where they balked at buying on facebook because they didnt rust the roi a long time ago. If gm made a right move in the last couple of years, id like to see. I confuse my buick with my lek sis. Honestly. Well get the mad dash as we could want down to the opening bell. There are going to be fire works at the open. A lot more squawk on the street straight ahead. I built my business with passion. But i keep it growing by making every dollar count. Thats why i have the spark cash card from capital one. I earn unlimited 2 cash back on everything i buy for my studio. And that unlimited 2 cash back from spark means thousands of dollars each year going back into my business. Thats huge for my bottom line. Whats in your wallet . We have about eight minutes before the last trading session of what a volatile week weve had up and down. Well see where we end up. Youre laughing because we kid so often about the apple watch here. Ive made so many jokes but now its transformed. Now the apple watch is actually i cant take it anymore. There. Im one of the 3 Million People who buy but i cant take it. For seven minutes im going back to the bright look. There. Done. Thats quite a transition. Its a statement for seven minutes. This one doesnt tell me to stand. But it tells you the time. It does have the edge. Where do we want to go . I always think of your jeper day. What do you do in the event of nuclear war . Ive been reading. I think you go by bye netflix. A headline on this piece, netflix Second Quarter preview three months closer to the 100 billion bull case. Morgan stanley comes out. They are using a bull case price target of 940. And dont forget they have a stock split. So july 15th, the original programming up side and subscribers, do you remember when the stock was down here . I do. When it was right here. It was right here. Yeah. That was when i con bought and doubled down here. He got out. And everyone said it was time to sell. I dont know. For him it was because he had the greatest return on any, probably any of his investments. No one ever got hurt taking a profit. Ku cuda. I follow cuda on twitter but i dont necessarily want to buy the stock. Why . They had a billings short fall david, that was lets say raised eyebrows. Below double digit. You cant have that in a data storage protection name. It was disaitppointing. It could put pressure an a lot of companies that do data storage. You might say wait a minute, they said theyre going to make it up, not to worry. David, stop worrying. Okay. I was a little concerned. Now im not. If youre an investor there, youre probably not happy. Thats a nice time piece. If i got a text message, you id get it on my other watch . No but i think you would on your phone. We have the opening bell. A lot more on apple and a lot of other things to cover here as we wrap up an extraordinarily busy week on squawk on the street. Im here at the Td Ameritrade trader offices. Ahh. Steve, other than making me move stuff, what are you working on . Let me show you. Okay. Our thinkorswim Trading Platform aggregates all the options data you need in one place that lets you visualize that information for any options series. Okay, cool. Hang on a second. You can even see the anticipated range of a stock expecting earnings. Impressive. Whats up, tim . For all the confidence you need. Td ameritrade. You got this. Youre watching squawk on the street live from the Financial Capital of the world. The opening bell in just under 2 minutes as we have a greek proposal that has been received and signed by the eu. Now we await the reaction by folks other than the french. Calling it serious, incredible. The the measure is onpressure is on merkel. Will the iron chancellor not relent . How do we know id like to hear from the president saying you know what . Its time. But even look the deal isnt even that i understand why merkel would say its ridiculous but the pressure eastis really on merkel. Theyre breaking ranks. It raises a lot of questions about the telegraph having a piece out saying he never intended to win the referendum. A lot of wasted time and as a result the aid is its the locker you wait the bigger the aid has to be. The dollar is cig anysignifying to me the deal is done. Communist party maybe more powerful than we think. These are two things controlling the opening right now. The dow is down 181 points for the week. And for a while, the s p has been on track for its worst week since march but the future situation this morning obviously changes that. We will see where we end up at 4 00 eastern time. Heres the opening bell. And a look at the s p at the bottom of your screen. At the bottom of your screen horizon celebrating a spin off. And over at the nasdaq dhx media. A childrens programming media. We have breaking news on gm. Reporter this is a rather large recall announced by gm just a few minutes ago. The company recalling nearly 780,000 suvs most of them in the u. S. Were talking 2007 to 2012 chevy, buicks you have a power lift gate that may close on people and there have been 56 injuries reported. Gm recalling almost 780,000 in the u. S. Its only 780,000, gm. Is this the worst run Major Company . I listened to the great guys on on here and tell me to buy back. A lot of people saying how company it is. It is. You know whats incredible . It gets cheaper by the day. Cheaper all the time but one that doesnt is american airlines. This is the tell of the day. Aal. Capacity not increasing as much as doug parker indicated. This is an important story. I expected capacity to increase maybe 2 to 3 . Its 1 to 2 . That is the tale of the day. Maybe it was the messaging going on during your show that its now being investigated by the antitrust authorities. Not your show. But it was referenced in the wall street journal about that. That show did say heres the plan but the airline guys do not collude. There was a conference where they all went to but everybody has a conference. Thats what they do. They have conferences. And they do them in new orleans and stay at the great hotels and its fantastic. Cti has a conference. Do you think john legere coluds with dumb and dumber and the Yellow School bus . And pety. Which one is pety . Good