Good morning a very warm welcome to Worldwide Exchange on cnbc im wilfred frost. Lets check in on the Global Market picture and futures this morning are looking at a positive open. We are higher in the premarket coming off a day where we did see gains for the dow and the s p. But we closed well off the days highs, both indices coming into today down about 1 week to date yesterday the nasdaq was lower fourth negative session in a row. But only slightly lower. Such that week to date its down just 0. 4 . Today, as you can see, up significantly. The dow is up 187 points s p up 16. Nasdaq up 45 points. Coming into today all 11 sectors of the s p are Lower Consumer staple is the worst performer, down 3 we saw yields rise at the start of the week and pull back, but today tenyear above 2. 9 . We spiked at the start of the week and just have come back a bit. Asian equities, its been a negative week overall, just seeing a bounce today. Up about half a percent or so for shanghai but hong kong and
Russell 2000 up by. 78 . West texas at 53. 13 up 1. 48 or nearly 3 . The 10year note theres the yield at 2. 28 . The price is lower, the yield a little bit higher. Mandy drury today on the floor of the nyse with bob pisani. Seems like this has been where all the actions been this week, ty. Seemed like the likely place to come down to. Bob, fantastic job yesterday covering the big event. But in terms of todays action, we opened up with big volume. 249 to the up side. Why are we losing steam here . I think there is some realization that greece is still very iffy and china, the gains yesterday, theres a lot of companies that respect even trading there. Some people are saying we dont know whats going on in china. The bottom line is were keying off of greece and china. We did have very smooth opening at the New York Stock Exchange. The nyse said that outage was caused by a Software Rollout that caused Communications Issues between customers. Talk about that later. But it was a strong open a
At its slowest pace since 2012. The financing terry saying it is trending down the territories budget today. The local economy is laden with the risk. The government is protecting 2016 gdp growth between 1 ansd 2 . Questec look at the markets, hong kong and china currently closed for lunch. Heres how they were trading, were seeing the global rally were resuming a selloff picture for tokyo and mumbai. Time now for bloomberg west. Emily another suitor for yahoo. Appears in the form of time inc. Where does bill gates and stand on apple and encryption. We asked for the microsoft cofounder to clarify reports that he is on the side of the fbi. The market selloff is dragging fintech down with it. We check in what is happening to funding and evaluations. Emily one day after apple called on congress to take up the matter of encryption and privacy the senate has proposed a measure that would make it illegal for apple or any u. S. Tech company to refuse government orders for access to encrypted d
Have pulled out. 1015 years ago, it was much bigger than that. Ericsson, etc. We are the size of market cap and growth and people were read about us with juniper and others and yet will pulled away from them as well. It isnt that cisco i am talking about is how fast his industry is changing. Out of the big six ip players three of us will not be relevant to our customers. You can say that as the Silicon Valley stuff where you move fast. If you look in this role, only 1 3 of you will be relevant in 20 years. When you look at uber and what they did to the taxi industry and amazon with the challenges of walmart. You will see those types of transformation coming everywhere in the world. The nice thing about cisco, if we lead the transformation, we will be in the center of it. Connecting what would be 500 billion devices. People get excited and they feel threatened about it. By some equipment. Buy some equipment. Some businesses today, our technology businesses. The decisions about what the
If you get a chance, you can watch it all again. I do very much encourage dennis will be leading the interview but this is very much a participatory event. We will have plenty of time for westerns afterword so please be ready for questions after that so please be ready. Thank you all for being here. I will hand it over to dennis. It is a comparable time today in new york. Lets get right to it. You recently predicted that perhaps over the next 10 years some of the Biggest Technology companies will not be around. Tell us about who they are, when they are going to go down. [laughter] go right to it. Talk to us about that. It is a very real observation. If you look at hightech industry, if i were to take a step back my competitors from 15 years ago, not one of them exist s. Such as . Synoptics, cabletron, they have pulled out. 1015 years ago, it was much bigger than that. Ericsson, etc. They should have crushed us and yet we are the size of market cap and growth and people were read about