This that sort of optimism helping things out the dow futures implied to open up about 118 points higher this comes after a decline for the markets yesterday. The dow was down about 180 points yesterday you saw bigger declines in percentage terms from the s p and the nasdaq with the s p down 1 , and the nasdaq down by 1. 5 . This morning green arrows across the board. Nasdaq indicated up by 67 points the s p indicated up by 14 if you want to look at the overseas markets in asia, you will see the nikkei was actually in a situation where we have green arrows this morning in europe, but the nikkei down by a half percentage point. Shanghai down by 0. 2 . Hang seng ended higher by just over a tenth of a percent. In europe there are green arrows across the board look and youll see right now the dax is up by 0. 6 . Its the biggest advancer of the major averages there everyone looking better this morning after though comments from mnuchin look at the treasury market. Tenyear note yielding just above 2 apple has confirmed to cnbc that it has purchased Autonomous Vehicle startup drive. Ai the Purchase Price not disclosed. The last time they raised money, the company was worth 77 or raised 77 million in venture funding. Reports say that the startup was in the process of shuttering its business in california just about two weeks ago, and apple stepped in to hire dozens of its engineers and purchase the startups cars and other assets apple currently testing lexus suvs in california they have safety Drivers Behind the wheel still. The larger context of the story is it is suggestive if you had any thought they werent getting into the Autonomous Vehicle space or whether they were scaling back, this is at least a signal from a relatively Secretive Company about what their next ventures and plans are. Then along similar lines, elon musk sent another companywide email and this was leaked as well interesting because talking about some record levels if certain conditions are met ceos rallying employees to work hard to hit the aggressive Vehicle Production and delivery goals for the Second Quarter and musk said tesla is on track to set an alltime vehicle delivery record, but it will be very close. He said getting the right vehicles to the right locations would be extremely important it bounced off the lows. It was about 178 in the first week of june remember that . Nice move from there. Its been a volatile situation. Separately, netflix will lose its number one show in 2021. Thats when its license for reruns of the office run out and the show will move to a new streaming service being launched by Nbc Universal the office accounted for 52 billion viewing minutes for netflix in 2018. The show was shopped to disney, apple and warner media warner media coming out with its own plans, and disney with the disney plus service before the rights were acquired in a deal other Popular Series could soon leave netflix for streaming services launched by their owe original Production Companies including friends. Team talked about friends. I thought that was number one. That sitcom would move to the warner media platform. The series was produced by warner brothers. You think of these svod platforms, or now avod platforms, you think its usually about the new programming you hear about, the new dramas, thats not what people watch why is it different than the situation in cable where these series really just stretched out cable and even in some cases broadcast. You have this huge Important Library that people will stick around to watch again and again. But they never used these types of shows oddly enough to market they use all the new shows to market netflix has their ad out here. Theyve marketing all these new shows. You will never see an ad for the office on the billboard. You dont have to that was the news i needed. 52 billion minutes worth they should do seconds to get into the trillions i think that would be 52 billion minutes. Divided by multiply i think it would be 3 trillion i get your point. Why not measure in hours or my point is to measure in seconds so you get to trillions. I would talk billions when you can talk trillions we learned that from him yes, Michael Meyers i think we did. From dr. Evil or the little person mini me. I would go with trillions. Coming up i had to work on that for a second. 6 times 52 billion would be 300 billion. So then ten on that, you get into the trillions yeah. Put a dollar sign in front of it or a bitcoin sign did you see bitcoin . 12,000 now 126r7b8g9 12,500. Deadwood is out now yeah. I tried to watch that other thing . What murder mystery . Terrible. Really bad really, really bad like a knockoff of i have not seen it. Watch it and tell me. Some people say its the worst thing, and other people seem to love it. I forced my family to love it they were throwing things at me. They were. The only thing good about it was the popcorn. We went to a dinner with friends, the whole table was split. Strange. Terrible. Doesnt have anything to do with nbc, right no. Terrible. Jay powell helping to drive wall street to the worst trading day of june. Well show you what he said and what it could mean for your money next heres the premarket winners and losers in the dow. Your daily dashboard from fidelity. A visual snapshot of your investments. Key portfolio events. All in one place. Because when its decision time. You need decision tech. Only from fidelity. We like drip coffee, layovers and waiting on hold. What we dont like is relying on fancy technology for help. Snail mail we were invited to a y2k party. Uh, didnt that happen, like, 20 years ago . Oh, look, karolyn, weve got a mathematician on our hands check it out now you can schedule a callback or reschedule an appointment, even on nights and weekends. Todays xfinity service. Simple. Easy. Awesome. Id rather not. Fed chief jay powell warning against policy bending to shortterm political interests heres what he said at an event at the council on Foreign Relations yesterday. This is a good time for consumers and spending data for consumers has been strong. Whats happened is youve seen weakness in manufacturing really around the world, and we can talk about that. Thats a story that were seeing consistently around the world. So were looking at the overall situation, and wanting to see more frankly some of these developments really happened in the second half of the last intermeeting period i think its important to not overreact in the shortterm to things which may turn out to be temporary or transient markets slid a little following powells comments with wall street logging its worst day of june. Basically said were still on track possibly to cut. I dont know i think it was more Consumer Confidence numbers yesterday which slid after some great months did you see what bullard said he will beehad been approached e white house to be moving to the fed board of governors some people said that caused concern. Were they looking at him as a replacement for powell people would love that. If it were interfering with powells term. For more on the fed and the markets, lets bring in Stephanie Lang from homric hsh g and kevin giddis stephanie, you seem a bit defensive not defensive, but you like the dividend plays. Is that a reflection of not being as bullish about the recent challenge to the new highs that weve seen with the markets . Do you think were getting close to full value . Well, we like the dividend plays because quality stocks in the longterm will do better, but given where fixed income rates have gone, we think investors will be clamoring for yield, and these dividend plays have some of the higher yields out there. In addition, just with all the volatility out there, we think that these types of names can provide Downside Protection to the market and so were big believers in dividend payers that can grow their dividends over time. Always or just in the Interest Rate environment were finding ourselves in now weve had this since postcrisis. You know, back then yields were going lower quite a bit. Weve backed off the higher dividend names for a while now were quite constructive on those names. Just given that yields are going quite lower again. No International Exposure minimizing International Exposure for what reason we still have some International Exposure weve been underweight really since last september what we were concerned about is that were in a global slowdown, it started last april or may, and its really gone prolonged we were thinking we might have seen a bottoming a couple months ago but with trump putting on the additional tariffs, were concerned that will be prolonged there. And we had quite a bit of negative momentum. You know, kevin, i really was not thinking i almost said jj we have kinnehan on. It fib shouanybody should be jjs you. Theres a movie, sorkin, chi chinatown . Yeah. Im comparing it to murder mystery. There was mystery. It was free you didnt pay anything for it which time . For murder mystery. You paid in the time it took to watch it. Want my time back does that make sense, jj, what stephanie said about the environment we find in fixed income are we headed lower from here . Yeah. I tend to agree with what stephanie said in a more traditional fixed income play, the reach for yield has been going on for some time and its not new its just enhanced now you have to look away from traditional treasuries, agencies, go on further into the Corporate Market that is probably a good market in the intermediate sector the taxfree market where youre getting 80 , 90 of yields. If you want to reach a bit to leveraged etfs and muny funds, that gives you more yield, but you also take on more leverage risk its the same theme but enhanced since raet rates have fallen qa bit. We talked many times about whether policymakers are ever completely separating themselves from what we all feel about things theyre still human. For him to say, you know, im not going to respond to this pli political stuff. I will do what i need to do. Hes not immune to reacting to the onslaught from President Trump. To me, it just seemed like he was sort of standing up for his independence and i may cut rates, but its not going to be because of political pressure. It will be because ive seen enough ef that t enough evidence that the economy is slow. Were you surprised by that not at all. I thought he was building consensus for the market and the fed. I was not surprised there with you was dissension this is kind of a slow mover on its way to july. And 25 basis points is probably pretty much in the books he just needs to build up to it. Kevin, you have ever really seen the fed anticipate correctly what the economy was going to do and preempt a weakening or an overheating . They have no idea usually. They missed the call for a lock time on inflation thats what hurts the fed more than Economic Growth theyre trying to sustain the economic recovery now and still try to hold out hope for inflation in the future. So i think that theyve missed that for a while thats why theyre in the boat theyre in now if theyll just focus on trying to keep the economy going, let the rest of it fall into line, they can react to it in time stephanie, well finish up. This is a fixed income question. How long do you think well be in this position im thinking of retired people, anybody trying to live on fixed income are we stuck here below 3 , 4 for the next decade . I think low rates are here to stay for quite awhile. You look at the 13 trillion in negative yields globally i think theres going to be further pressure on the short end with the fed cutting rates yes, its a tough spot for retirees thats why a lot of them are forced to go into riskier assets we could go into how many cents 13 trillion is could you guys do you know whats next . Gazillion no its not a gazillion im going with gazillion. Quadrillion someone say that to you no. Youre right. You think im that dumb no. I couldnt go up with it im not dumb. Im still going with gazillion where is gazillion . Is there a gazillion no. I think gazoo was a gazillion miles from earth kazoo was it kazoo . Well figure that out, stephanie. When you come back, will you do that for us . Do you have a calculator i can figure that out how many cents is that thats negative yields . I even like the two jakes, jj. I thought that was good. It got panned. That was the sequel to i like anything jack does dont you . Yeah. Hes insane kevin, thank you stephanie, thank you how about you, andrew . Did you love nicholson is he your favorite . How could you not i met him once. Did you really . Yeah. He was very nice was he really yeah. I told him he was the i was like i was like a dog did he know who you were . No idea no idea. He knows lauren. Lauren michael . Love lauren when we come back, well talk about two Big American Companies that are both moving on huaweirelated news well talk fedex and micron next welcome back its time for the executive edge fedex Fourth Quarter earnings and revenue beat forecasts the company is warning that u. S. china trade then shun tens quantitative ease profits in 2020 free smith says the companys lawsuit against the United States department of commerce is separate and distinct from recent shipping incidents involving huawei fedexs lawsuit said regulations requiring it to screen and block packages imposes an impossible burden smith said the lawsuit was about five new entities added to the u. S. Blacklist with opaque requirements and he said violations result in a fine of 250,000 per package at the time they had said in the lawsuit, theyre not a Law Enforcement agency, theyre a shipping Company Think about the number of pack canals and they have to sure. And being responsible for anything inside of it. I saw fred on the other night. He would never do anything that intentionally right and just being a suit against the United States, its he felt pushed into so onerous these requirements to expect the shipping agency knows everything in every single pack can package and where it goes. If fred smith goes that way, i would have to give the benefit of the doubt to fred smith they made a very good point, the lawyers did in the lawsuit, theyre not a federal Enforcement Agency they try to meet the standards and every requirement they can would we ever run brett baird tape they run stuff of us. They run squawk box stuff all the time. Were doing this as a fedex story, what does everyone think of the huawei story with these u. S. Tech companies that are micron and stuff. Still providing chips shares of micron are higher today. The chipmaker says it has resumed some shipments to huawei this after determining some products are not subject to the u. S. Export ban on that company. Microns Third Quarter results beating forecasts and it expects demand for chips to recover later on this year stock is up 10 yeah. Whats interesting is these companies are getting squeezed by governments on both sides the Chinese Government called all of these companies in and said i better make sure that you are not doing anything explicitly to us that is not absolutely required by the u. S. Government so i think theyre looking at parsing this carefully even our own administration is parsing this carefully to give the microns and the intels of the world leeway in terms of what were describing as american made. As were in the middle of trade talks, too exactly. We have more coming up on squawk box. Lets tell you whats coming up next well get you caught up on political head lines that could have an impact on the markets today and your money. And well bring you some new data on chinas economy as we get ready for this weekends big meeting between President Trump and president xi as we head to a break, look at yesterdays s p 500 winners and losers through the at t network, edgetoedge intelligence gives you the power to see every corner of your growing business. From managing inventory. To detecting and preventing threats. To scaling up your production. Giving you a nice big edge over your competition. Thats the power of edgetoedge intelligence. Welcome back to squawk box live from the Nasdaq Market site in times square. Good morning welcome back to squawk box on cnbc look at u. S. Equity futures at this hour. Were about three hours before the opening bell if it opened now, the dow would open 128 points higher nasdaq about 70 points higher. S p 500 up about 15 points time for our quick round up of the political headlines. Robert mueller will testify in an open session of the house judiciary and intelligence committees it will happen on july 17th. In may he said he didnt believe it was appropriate for him to speak further and he wouldnt go beyond what was in the report in future testimony to congress Stephanie Grisham will succeed Sarah Sanders as White House Press secretary. She was one of trumps First Campaign hires as a press aide in 2015. Tonight marks the first democratic debate of the 2020 president ial campaign. 10 of the 20 candidates who qualified will participate tonight including senator Elizabeth Warren, cory booker and amy klobuchar. Tomorrow we will do all of the highlights from the candidates economic plans, and we will see how different they all are all right. Coming up, futures jumping on secretary mnuchins comments on a u. S. china trade deal is 90 of the way done. How did chinas economy perform last quarter then later, our guest host for the next hour is Stephen Moore. Hell weigh in on the feds next move, the state of the economy and and crypto. Hes a bitcoin maven with bitcoin now at 12,500. Stay tuned youre watching