Exchange right here on cnbc good morning, im dominic chu. Your stock of the morning, a name you probably all know and even use, amazon. Com climbing to a new record high of above 3,000 per share you can see here in the early trade, 3046 is the last trade for amazon were off about one third of 1 in the premarket. That is just one stock that you need to watch today. But in a bit well go over more. But we start with how you and your money and the Global Markets are setting their day up stock futures indicating with a should be a lower open at in stage right now. If the futures moves holds, the dow jones would be down about 247 and the nasdaq down about 40 but remember, we had strong gains in yesterdays session and that saw the dow jump over 450 points and the s p post its fifth straight positive session. And the nasdaqs run continues jumping more than 2 to hit another alltime high this has been a strong trade throughout the course of the year especially since the covid19 market lows that we saw back in the third week of march. Taking a look at the bond market as well, were seeing yields pull back a little year. Ten year bench mark note yields about 67 basis points. And two year note yields 16 basis points and by the way, the long bond the 30 year just about 1. 42 at this stage right now lets go worldwide karen has a look at the overseas action and it was very much a mixed picture in asia and red in europe right now good morning. Im swamped in red as the markets reverse here and you can see just how negative we are as we are tracking the lows of the session. We have fairly significant falls for the uk, france and germany and what weve had today, very has meant a significant change for 2020 were now expecting a c ing con of 8. 7 . And next year, it will be smaller than anticipated at 6. 3 and now just 6. 1 . And so disappointing as investors look at the reopening of the economies and how it is impacted with fresh close suures 1. 3 coming off germany. Italian market down about a third of a percent and keep in mind we were expecting significant contractions in some of these markets. France, italitaly, spain shouldl about 10 . And on bmw, initial signs of recovery particularly out of the Chinese Market that is encouraging. Back to you. Thank you very much and lets get a look at some of the other top stories. The Trump Administration has disclosed the recipients which got loans under the Paycheck Protection Program the ppp. The disclosure comes amid demands from Congressional Democrats for more transparency around that program. Notable recipients include transportation secretary elaine chows family business, a Trucking Company cofounded by agricultural secretary sonny perd perdue and also ruby tuesday, pf changs and tgi fridays. And you can see the full list of recipients at cnbc. Com and meanwhile dr. Fauci says that the u. S. Is still knee deep in the first wave of the coronavirus. Speaking yesterday, fauci was blunt on the current state of the outbreak in this country calling it not good. He added that the u. S. Will know by the end of the year or beginning of 2021 whether a vaccine is safe and effective. And amid that spike in coronavirus cases, atlanta fed president rafaels abo bostic sas that the u. S. Economy is in danger of stalling he says the data has shown a leveling off of Economic Activity citing business openings and mobility as well. Turning back to the markets, stock futures are lower this morning following yesterdays strong start to the new trading week and while the markets rally continues to roll despite various headwinds, your next guest says that the s p 500 faces the potential to retest its late march lows. That is not a good sign. Joining me now is rob morgan, rob, i mean it is jarring. It was such a bad time march 23rd at the lows how is it possible that we test it again well, dom, thanks for having me on this morning yes, in my notes to you i did mention that we possibly could retest the march 23rd low of 2237 but the farther away that we get from that, and were about three or four months away from that, it becomes less likely and on balance, i am very optimistic and positive on stocks right now but i think that it is good to remind clients that retesting lows in a market rally is always a possibility. Lets say it is a possibility. What exactly would have to stack up, what kinds of events would have to happen because there has to be a lot of them for us to really go back that low to the depths of that kind of markets that we saw during the height of a pandemic. I mean, it seems as that they would have to get a massive resurgence and huge economic shutdown, both things by the way that, yes, are a possibility but most experts believe will not happen well, yeah, and i would tend to agree with you. We are in were in a very strong economic recovery right now even though the atlanta fed president said were seeing some leveling out the administration has vowed that we wont have a second shutdown so i would say to abc yonswer yr question, what factors need to stack up, the administration would need to go back against their vow not for a second economic shutdown. And also the fed has vowed that they will print money until they achieve their dual mandate you know, full employment, 2 inflaigs. We inflation. Were a long way from that so perhaps there would be a catastrophic event that would cause the fed to renege on that. I cant information pr sforesee be i feel as though were all keenly aware in the world of Financial News and surely on wall street as well all of the criticisms of the fed and its policies that somehow down the line well have some massive amount of financial kind of chaos because of what is going on right now and that may very well be a possibility. But were nowhere near the inflation levels that the fed would get scared about we are certainly not near full employment right now account fed just keep doing what it is doing with that kind of leash and latitude because we dont have any threats of having any of those real bounds tested anytime soon. Yeah, absolutely. Certainly for the short term and the intermediate term, you know. For the longer term, the fed Balance Sheet keeps expanding. It will probably get up to 8, 9, 10 trillion that is certainly a possibility. And that is a big Balance Sheet. And in the long term, that would have to they would have to start to unwind that but that is way down the road. The stock Market Investors typically their view isnt that far down the road. So lets come back into like the next 12 to 18 months because were looking for ideas here what exactly then should investors be doing given the fact that the fed is kind of in play the real ramifications dont happen until, you know, years maybe even a decade from now. How exactly do you position begin that kind of environment well, i think broadly speaking, dom, you know, invest doors should contin investors should keep market weight stocks. If they had sold out, they would ploenl want to get back to whatever their Asset Allocation is for stocks. And then a little bit more in the weeds, since the fed bias will be to print money, that will nudge the dollar down and help large cap Growth Stocks versus Small Cap Value stocks. And as far as sectors go, the s p sectors look attractive right now. Consumer diskregcretionardiscre, telecoms, they look attractive and there is earnings visibility there. All right rob morgan, thank you for your thoughts appreciate it. Thanks a lot. And when we come back on the show, the u. S. Looks to crack down on chinese social media apps the new comments from this countrys top diplomats. And yes earnings season is upon us. The tough expectations if there could even be expectations and massive pay day for one of the nfls top quarterbacks. Patrick mahomes signs the most lucrative contract in history. The number if you havent seen it is mind boggling. Well tell you what it is later on you say that customers make their own rules. Lets talk data. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad . Your wireless your rules. Only with Xfinity Mobile. Now thats simple easy awesome. Switch and save up to 400 a year on your wireless bill. Plus get 200 off a new Samsung Galaxy s20 ultra. Some cloudy skies over hong kong, that is the image youre seeing where it is just around well call it 5 13 p. M. Local time there lets get a check on some of the other top stocks on the move so far today. Samsung says that its Second Quarter profit likely rose 23 growth is being driven by demand for memory chips used in pcs and servers as the Pandemic Forces more people to work from home. In april, samsung projected profits to fall due to lower sales of smartphones, tvs and other products and sun run is buying vivid solar for 1. 5 billion the Company Specialized in solar panels for residential use are and vivid shareholders will receive roughly half a sun run share for each share that they currently own. And sirieairius xm is repory close to a deal to buy stitcher. They have a Premium Service for 4. 99 per month that lets listeners listen to podcasts bought advertisements. Now to a developing story and continued tense relations between the u. S. And china secretary of state mike pompeo says that the u. S. Is looking at banning tiktok and other chinese social media pompeo making those remarks in an interview just yesterday adding that the Trump Administration has been and will continue scrutinizing Chinese Technology firms the secretary citing past efforts against huawei and is zte. Tiktok was not immediately available for comment. And tiktok announced that it will seize operations in hong kong amid chinas very controversial new National Security law there tiktok joining the likes of facebook, google and twitter which have said that they will no longer process hong kongs government requests for user data and your mieunice has that situ. It has decided that it is leaving the Hong Kong Market all toe together and it did tell us that in lights of recent events, they decided to stop operations in hong kong. Now, tiktok is in a precarious and challenging situation because of its close ties to china. And unlike facebook or twitter, which could always just walk away from hong kong because they dont have any close ties to china, tiktoks parent is based here in beijing. A Company Called bite dance. And tiktok has come under tremendous pressure from congress and as well as secretary of state mike pompeo and been warned or at least threatened that it could actually have its business disrupted in the United States ditching hong kong in some respects would help eliminate a vulnerability for tiktok i think that this really highlights some of the concerns that businesses have here as u. S. china tensions continue to grow in fact u. S. Business groups sent a letter to the Trump Administration urging them to continue to follow through with their pledges on the u. S. china phase one trade deal and in fact one businessman that i was talking to said that he is concerned that this is just turning in to a u. S. china death spiral especially over hong kong so i mean, the hong kong situation has become so complex now that it is drawing in companies and perhaps making them take a stand. This is technology were talking about right now. Is there any other indication, near or talk abo fear or talk about whether businesses other than technology will now start to take a stand with regard to their operations in hong kong as well i think that hong kong is a massive Financial Services center within east asia. There is a lot of traffic and commerce that goes through there. What exactly is the overall implication if hong kong continues on this path that is what everyone is asking right now and in terms of it touching other industries, would he have already seen it. For example in the financial industry when hsbc and Standard Charter had come out saying that they were in favor of the National Security law, well, the uk government has actually admonished hsbc for that stance. It is something that the lot of people are wondering which side they should come out on or if they should come out openly in favor or against this National Security law all together. And what does that mean for their business and the Chinese Foreign ministry weighed in today saying again that only a very few number of people would be affected by this National Security law. And in hong kong itself, carrie lam the chief executive said that nobody has to worry as long as they dont creditsoss a red e of course we dont knowwhere that red line is i was just going to say, what are the red lines and who makes them that is the big controversy. Thank you very much. Still on deck, activists look to flex their economic muscle at the checkout counter and send a message on racial equality in this country new details at the new process is coming up lets get a check on the other top headlines. Frances has the latest yeah, we start off thorn with customer delaying the third phase of its reopening process as cases of coronavirus surge and the states governor says that he is erring on the side of caution. And stage three was set to begin july 20th. And the mayor of atlanta announced that she has tested positive for covid19. Bottoms says she does not have any symptoms and has been diligent about wearing a mask and washing her hands. Patrick mahomes will be staying in super storm of staying in kansas city after signings richest contract in sports history, a ten year deal worth just over half a billion dollars. And including 140 million guaranteed in case of injury the contract keeps him in kansas city for the next 12 seasons the 24yearold helped deliver the chiefs first super bowl in 50 years he was the 2018 league mvp he is living his best life right now. And ill say he deserves the money and i say that as a 49ers fan having watched him dismantle our defense in basically a quarter in the super bowl to win it after we had a ten point lead so you had to bring that up. Frances. I blamg yo i blame you. His fans have to be so happy. Thank you so much still ahead here, a very difficult Employment Outlook as this country as others fight to restart their economies. The new numbers out this morning. And much more ahead. When you say what youre in the mood for, the xfinity voiceremote will find exactly that. Happy stuff. If the groups happy, im happy. You can even say a famous movie quote and it will know the right movie. Circle of trust, greg. Relax the needles are jumping. You can learn something new any time. Education. And if youre not sure what youre looking for, say. Surprise me. Just ask what can i say . To find more of what you love with the xfinity voice remote. You see there, futures pointing to a pull back this morning after another strong rally on wall street to kick off the week the big test for markets right now. Coronavirus data, the ability of states to reopen. Economic names and, yes, earnings season right around the corner as well plus Facebook Ceo Mark Zuckerberg set to meet with civil Rights Groups leading an ad boycott of the social media giant, all these stories and more straight ahead. It is tuesday, july 7, 2020. You are watching Worldwide Exchange on cnbc. Welcome back to the show im dominic chu in for Brian Sullivan here is how your money and investments look as we are halfway through the 5 00 a. M. Eastern time hour. Stock futures as we said pointing to a lower open at this stage. We are near the lows of the session. The dow is implied lower by nearly 300 points, the s p would open lower by about 29 points and the nasdaq down by around 55 and this comes after a very strong session that saw the dow jump more than 450 points yesterday and the s p did notch its fifth straight positive session. By the way, the nasdaq, it continues its wild up side run jumping more than 2 yesterday to hit a new alltime high as you can see there. Meanwhile you have oil prices this morning showing some signs of at least a bit of a pullback as well. West texas intermediate down a bit. And brent crude 42. 53 the last trade there. And new data on global unemployment and the people most vulnerable as communities everywhere attempt to recover from the impact of the pandemic. And ylan mui is joining us with the numbers. What do you know when unemployment around the world . They are projecting a rise in unemployment even under their most optimistic scenario assuming that the virus is under relative control, the eoyd is projecting 9. 4 , but if a second wave of the virus is unleashed, the jobless rate could hit 12. 6 . Now, those numbers look even worse in the u. S the best case by the oecd is a 10. 4 Unemployment Rate in the Fourth Quarter in the u. S. And that would rise to 16. 9 if there is a resurgence of covid and the secretarygeneral is warning that the virus is taking a big actual on those most vulnerable he says countries need to do everything that they can to avoid the jobs crisis from turning into a social crisis so the eocd points out that it is harder for poor people to shelter at home. High income employees are 50 more likely to be able to work from home while low income employees were twice as likely to have to stop working alltogether