Hitting issues that matter to the markets and your money and were always trying to make you money here on cnbc. That goes for the next generation of investors as well. Thats why we will reveal the highest paying College Majors on this wednesday july 31st as Worldwide Exchange begins right now. Good morning, good afternoon, good evening and welcome from wherever in the world you may be watching. Welcome to Worldwide Exchange. Im Brian Sullivan we are calling this the stock of the day. It is apple. Results quieting the critics apple stock right now up nearly 4. 5 the headline is this, yes. Iphone sales are slowing but one other part of the business is beginning to shine. What that is and more on apple and the big move in a moment happy fed day. In nine hours the Federal Reserve is expected by pretty much everybody to cut rates for the first time in 11 years that cut will likely be by a quarter percentage point, which would take the official base borrowing rate down to just over 2 ahead of that stock futures are on the move higher dow right now up 71 points as well theres two questions, really only two that matter to your money. Number one, how much of the rate cut is priced into stocks . If the fed shocks everybody and doesnt cut, then what happens most feel the bond market priced this move in weve seen bonds move the last couple of months, but the last couple of weeks they have remained steady. A lot of red in the asian markets. He t the nikkei down almost another percent. In hong kong, trading was cut short not due to protests but an impending Tropical Storm markets were suspended for the second half of the day the Mainland China market did trade and it fell. In europe, more of a mixed trade. Some major markets like the dax making fractional gains. The ftse down about three quarters of a percent. Speaking of europe we have got breaking news to lead the show from the continent. Lets find out how much the pan european economy may have slowed down willem marxhas some breaking numbers. Some Growth Numbers inflation is slowing sharply that number down to 1. 1 back in july july down from 1. 3 in june. We do have the lowest unemployment figures for the eurozone in 11 years weve seen, of course, some weak data out of germany, especially when it comes to manufacturing and sentiment in some of the big manufacturing economies in europe of course the case for the ecb at some point to make those cuts that were talked about in its meeting last week growing stronger and stronger, especially if we see the fed taking action later this evenin evening. All right, willem marx, thank you very much. As we are set to kick off the final trading day of july, wall streets attention is turning to the Federal Reserve its not only invests who are paying attention one President Trump has been sounding off on the fed and chairman powell for months the last few days have been particularly intense frankly if we ever got Interest Rates down to where they should be, if they werent raised so fast, you would see another probably 10,000 poen p on the dow the we would have done better had we have a Federal Reserve that didnt raise Interest Rates too quickly. The fed acted too soon they acted too soon and too violently. We had nine increases. I believe its nine increases, a couple under her, and a lot under powell im not a fan. The fed moves, in my opinion, far too early and far too severely it puts me at somewhat of a disadvantage fortunately ive made the economy so strong that nothing will stop us all right so will all this political pressure all but ensure a rate cut . Joining us is the chief economist from rsmu. S. 10,000 points on the dow if we continue to cut rates . That seems a little aggressive with all due respect to the office just a little bit were setting ourselves up to win today. Yeah. Well roughly call it 50 . Did you see that as a viable scenario thats not in touch with any empirical reality im acquainted with well get a 25 basis cut today we are. Yes you said it matteroffactly. We priced it in were not quite berniesque about it, but i think we will see the end of quantitative tightening, which i dont think the markets fully priced in. Explain that. What do you mean the end of quantitative tightening. The reduction in the pace of Balance Sheet dedreduction will zero so it will be static for a good period of time until its necessary for the fed to purchase assets, which one would think will be in a year or two for now, well stop. That will help with liquidity conditions specialists in the market have been complaining about liquidity conditions well see that end well see how the market responds the president saying i was right when they raised rates and the market went haywire, we dropped 18 . Do you feel this is a one and done cut to sort of reverse december or is this the begipg nning of t cut, cut we feel two cuts. One today and one in september were likely to see the rollover in the slowdown from european manufacturing. The yield curve reset so low that the models at the fed change and they do feel they have to end up cutting to provide cushion against the global headwinds which as we just saw from willem in europe are mounting Goldman Sachs argued in a note a couple weeks ago that we dont need to pay as much attention to manufacturing data as we used to and maybe a cut is not warranted. We disagree with that while manufacturing is 11 pr of the economy, it supports a broad away of service jobs when we see deceleration linked to auto production and aerospace manufacturing, those impact broad parts of the economy they cause variation quarter to quarter in gross domestic product. Look at dow futures, theyre up 77 points thats a plain grilled chicken sandwich not much to get excited about. If were getting a cut today, why isnt the equity market reacting more strongly where is that 10,000 point rally . I think its been priced in over the past month since mr. Powell told us the bond market certainly has. Sure. And thats the market i watch most closely if he talks dovish today and explains why theyre stopping Balance Sheet reduction, you can probably see that. Its not the cut but what they say yes super dovish powell means maybe another leg in equities . The whole point is to push people into risk assets. I think theyll accomplish their objective this afternoon good stuff, joe thank you very much. Do not miss a Worldwide Exchange exclusive tomorrow morning. William poole will be on hell talk about all things powell, trump, the fed hell react to what the fed does today. 5 30 a. M. Tomorrow. Now to your top corporate story. Apple. That stock gaining nearly 4. 5 in the premarket sales of the iphone did slow a bit, but dom chu, the market liked other parts of those numbers. Good morning good morning. Apple earnings and revenues did top estimates in the latest quarter, but the big story out of the company is a shift away from one product in particular that is driving the results. Were talking iphone sales they fell to less than half of apples quarterly revenue for the first time in seven yearing. On the Earnings Call tim cook described the change as a success in diversification whats more, we had double digit Services Revenue growth in all five of our geographic segments we surpassed 420 million paid subscriptions to services across our platform and we remain on track to double our fiscal year 16 Services Revenue in 2020 as tim cook said, that decline in iphone sales wrauf s offset by growth were talking about ipads, mac computers, and that Services Business which includes the app store and apple pay. As for fears for the u. S. china trade war, investors were relieved to hear Greater China sales dipped only slightly that was a change from earlier in the year when the company saw a pretty big drop. Apple shares, brian, as a result, up about 4 . 9 that means just about every bit of the dows premarket gain anticipated for the opening bell is just apple stock alone. Back over to you its a price weighted index so you get a big priced stock like apple making a big move, then the dow is higher well see you in a few minutes. We are just getting started. On deck, one top fund manager who is excited for one apple product yet to reach the hands of consumers heres a hint, its not a new iphone plus your money, your vote the issues that matter to your portfolio taking center stage in detroit last night candidates started to get testy. And later the fed is about to break a record thats extended nearly 4,000 days what is that record . Well show you and tell you coming up. Fifty years ago, humanity went to a place it had never been. A place without rivals, hostilities, or cultural differences. The eagle has landed that place wasnt 240,000 miles away, one small step for man for a few moments, it was right here at home, one giant leap for mankind over 4,000 people from ibm helped apollo 11 get us there, today, we are ready to take the next giant leap, wherever it may lead. The fox theater in detroit, the scene of last nights debate well have more on the highlights and maybe the low lights in a moment we are setting up your day, stock futures are higher, but dom chu, you just heard him point out that 63 points of that 77 points in stock futures are one name, and that is apple. A price weighted index, when you have a heavily priced stock move up, that will drag the index up. Dow futures, theyre higher, but apple almost entirely all that gain that stock is up 4. 5 . Bonds are not doing anything benchmark tenyear yield at 2. 05 . Night one of round two of the democratic president ial debates in the books with issues that matter to your money taking center stage particularly healthcare. Some tough records from a number of candidates. Tracie potts is joining us live from washington, d. C. With more. Good morning. Not only tough words, but there was some clear distinctions between these democrats, the progressives and the moderates clearly there were candidates who had different beliefs, not only about healthcare but even immigratio immigration. Your time is up. Reporter Bernie Sanders came out swinging defending his Signature Health plan medicare for all. You dont know that i do know it. I wrote the damn bill. Reporter but middle of the road democrats argued against getting rid of all private insurance. Will turn off eninvoindepend voters. Owe popponents challenged n ideas like the green new deal. That will be a disaster at the ball loss box. Reporter free college. They would pay for wall street kids, wealthy kids to go to College ReporterPete Buttigieg is backing a ban on assault weapons. High school is hard enough without worrying about whether you will get shot. Reporter candidates split on free healthcare for immigrants you are playing into Donald Trumps hands. Reporter and reducing penalties for illegally crossing the border if you want to come into the country you should ring the doorbell. Reporter they agree on two things, calling out racism we need to call out White Supremacy for what it is, domestic terrorism. Reporter and beating donald trump. Now one word you did not hear in that debate at all, but you hear it a lot in washington, impeachment. They didnt talk about that. Well see if it comes up tonight with ten more candidates including that highly anticipated rematch of joe biden and Kamala Harris. Tonight could be more fireworks. We look forward to seeing you tomorrow morning on it still on deck, planes, chips and cell phones. The stocks not named apple that you need to care about today and later, snapchat getting cocky. Why snap is throwing shade at instagram and it has all to do with your friends, or at least the people you think are your ies. Frnd stocks to watch today, airbus reporting better than expected Second Quarter profit helped bay switch y a switch to more efficient single aisle jets but airbus is warning of delivery challenges in the second half of the year, especially if the u. S. Imposes tariffs on planes. Airbus stock is up over 1 samsung Second Quarter profit fell 56 , a glut of memory chips continues to weigh on prices. The Company Warning that japans curbs on some tech imports from south korea is blurring its outlook for the rest of the year shares are down 2. 5 and amd could be your disaster that stock down 5 right now Second Quarter earnings were in line with estimates and sales did beat, but the companys Third Quarter outlook hit by chips used in gaming consoles. Still to come, rising tensions in the Korean Peninsula overnight. What north korea did that make tick off the white house. And you can call it base brawl. The reds and pirates going at it last night, punches thrown well show you a big benchesclearing battle when we come back. Welcome back happy wednesday. Stock futures are up right now, just about 75 points most of that is apple. Still well take it. Were in the green lets check on the other top headlines, including more on that massive baseball brawl last night. Phillip mena has more on that. Good morning good morning denuclearization thrown into disarray after north korea fired two shortrange Ballistic Missiles off its eastern coast its the second Missile Launch in less than a week. Kim jongun sending a warning to south korea and washington over plans for joint military exercises next month u. S. Officials say the missiles did not appear to pose a threat to the u. S. Or allies. A delta pilot has been arrested for alleged i will showing up to an airport under the influence. The pilot was taken into custody at the minneapolis airport before his morning flight to san diego. The Officials Say that as the pilot was entering a security checkpoint tsa officers thought they detected alcohol on his breath the pilot was given a field sobriety test and failed delta says its alcohol policy is among the strictest in the industry and heres that brawl we were talking about an epic one breaking out at the reds pirates games tempers flaring during the ninth inning amir garrett pounced on kyle crick after hearing some chirping from their dugout the fists started flying garrett and crick were both ejected along with a couple of teammates. Puig, number 66 there, it turns out he was traded at that exact moment hes still fighting on behalf of his teammates. You know, the two bottom dwellers in the a. L. Central, theyre frustrated being under. 500 they have to fight for something. The most exciting reds game in a long time. Thank you. Coming up, analysis on apple that you will not find anywhere else take this for example, apple wearables, home and accessories business brought in 221 billion in revenue last year that is more than the annual sales of 379 companies in the s p 500 including whirlpool, marriott and mcdonalds much more exclusive takeaways on apple in a moment. And later on what voithree things have in common. Its your morning rbi. At the Alzheimers Association walk to end alzheimers, we carry flowers that signify why we want to end the disease. And we walk so that one day, there will be a white flower for alzheimers first survivor. Join the fight at alz. Org walk. Think you need to pay prestige prices for better skin results . Try Olay Regenerist. The rich, hydrating cream is formulated with vitamin b3 and peptides to plump skin cells, brighten, and visibly smooth wrinkles. In fact, just 1 jar has the hydrating power of 5 jars of the prestige cream. For visible results without prestige prices, try Olay Regenerist with a money back guarantee. And complete your routine with the olay eye collection. Brand power. Helping you buy better. Apple beats the street even as iphone sales decline. Shares are jumping 4. 5 . It is decision day the Federal Reserve widely expected to cut rates for the first time in a decade will it matter to your investments . Your money, your vote. Democratic president ial hopefuls squaring off in detroit last night. The American Business and the economy front and center its wednesday, july 31st. Youre watching Worldwide Exchange on cnbc. On this schedule we are working 5 00 to 9 00 welcome back thanks for being with us its just about 5 30 im Brian Sullivan stock futures are higher now m we have about a 75 point pop in the dow futures, but as dom chu pointed out, most of that is apple, accounting for about 63 of those 75 points all this as we are less than nine hours away from that Federal Reserve decision and what could be the first rate cut since the crisis now, that may not sound like a lot, lets put this into perspecti perspective. It seems impossible to believe but its been more than a decade since the Federal Reserve cut rates. Thats nearly 4,000 days if that seems like a long time, it is. Our friends at spoke Investment Group put out a note that its been 3,878 days since the last cut. Long time. Why do you care . Because this is actually the second longest stretch ever without a rate cut to find a longer period where the fed did not slice rates, you have to go back to potsy and ralph mouth, in the 1950s. The fed went more than 4,000 days without a rate cut. Hard to believe, this record streak here not quite where we were in the 50s kin