European equities, up by 8 slaegts 10 off a percent we had pretty Good Movement over it had it last 24 hours because off powells testimony 1. 60 we were over 190 10year note, 2. 056 if youre planning your day its time for the crosswalk flan aer for try to pace yourself and this is right at the it very beginning of your day because youd do vp oorks and later in your day, im watching washington do the same stang and hell not see you. How were going to get numbers from Delta Airlines. After the close. You also have to be aware of ho, thats right im eves dropping youre down to five, are you not . As sooner as the numbers are out, ill give you a free cnbc envelope did you see that engine yesterday with video kw the thingroiding around in the it did. I just saw people complaining they didnt feel like they andaus compensated enough for it sglrts then you would do if you saw that it fer and if you saw nangen come across on a flight i would mang. Ohow would you notify somebody theres not enough money and someone decided to take a video to him, and his spirs. We have a developing story this morning in the middle oos they say five armed boats believed to belong to the Iranian Nuclear guard unsuccessfully but were stopped. No shots were fired but they say the Royal Navy Ship did have its sons trained during the Exchange Iran says the parole boats were carrying out noormal dude aides. They separate the it persian golf and gulf of iran. Another developing story that could Impact Oil Prices around the world with. A major storm praimpt prompting Oil Refineries aroubd the world. As the storm bears down and residents of central louisiana and upper dx dx coastline scrambling to prepare. They say it would be a hurricane by study frrtsz new lay revamped levy system stux watch this morning under pressure after anrgts mezzing earnings refort severance and others, including all that earnings before cash. Abalists had expecteded it long time ceo was pushed out and he managed to get four new drektszerred dhoo court. The comp an is reviewing its store plans. Cut costs and changes the organizational structure you dont down heading off from behind no, i want him to keep the beb hind, just stack a aemp beds lets say youre driving by, theres a gear theres the girl bp bedroom, bathroom, and beyond thats long though. The activists wanted to sl the other devisions perhaps Christmas Tree shops er i dont know. The markets pricing it. Lockheed martin will keep its plant open they reeval krauted plansz to close the plant. They originally kept the craft closed and tweeting both thank you to lock heed martin one of of the truly great companies. They have 165 work withers and shares of nintendo they anounched the release of the switch light it would be volable aluable. Go to break early and save time for our crypto interview coming up. Im leaning heavily on you i defer to people who actually know nings you had a bitcoin buzz when i was in diapers this is not a bit coin company, really the first registered sale black stock. Bloc stack. I know just enough to be dangerous. I do actually understand but why would you want to pay for developing an application on the decentralized network with the token . Because if you inivist in developing the network there are nets you dont have any ownership staik stake in the company and it will be enhanced by the build up of the net wk but now this quarter a plus regulation, regulation. Its like the fledge llg umpuns youed this. They spent a lot of money trying to get the fcc to do it. Hes going to be onset oh, really . Oh, yeah. Have you seen it i have. I think that can cut both ways because they do an amazing job ridic between the line and parody we cant share that one coming up well show you what fed chair powell said yesterday that got stocks higher and tack a loosz amthe president owners get ready 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. You need decision tech. Mno kidding. Rd. But moving your internet and tv . Thats easy. Easy . easy . Easy. Because now xfinity lets you transfer your Service Online in just about a minute with a few simple steps. Really . Really. That was easy. Yup. Plus, with twohour appointment windows, its all on your schedule. Awesome. Now all you have to do is move. That thing. [ sigh ] introducing an easier way to move with xfinity. Its just another way were working to make your life simple, easy, awesome. Go to xfinity. Com moving to get started. Federal Jerome Powell giving a signal of possible cuts. In light of increased uncertainties, we would closely moner itter the implications of incomeling information but the Economic Outlook and would act as appropriate to maintain the expangsz they saw a case for a somewhat more Monetary Policy had strengthen pd. Forerse based on incoming data and other developments, it appears uncertainties about trade ngz its continue to weigh on the u. S. Economic outlook. Joining us to talk more about the economy, ed campbell, managing director at q and a at this point, given all the uncerternitiess that he see aptly listed in yerts testimony, what can they cut to the rally . Well, i think its more about sentiment and the markets got what they wanted to hear yesterday but i do thing at this point weve got an lot up front. Its been a pretty exhilarating first half plus for equiaties. So in order to fuel the next leg, we need a turn around in the growth data and we rr not eseeing that as of yet you can see the case being made either way. Even though chair powell wept out of hiss way t it seems to highlight the negative he certainly didnt seem like an optimistic guy yesterday. Uncertainties have come back over the lagsz six weeks er the point is chair powell had all the time and power in the world yesterday to walk back Market Pricing for a rate cut and he can did not do that and ignoring his messaging we do it at our own peril. He said effectively to look through the strong jobs data he got. And powell essentially said i dont care if thatser a frame frk todays inflation data manages a lot. Based on what powell said yesterday, i dont think ill move the dial at all what are we looking at in term its of of how we characterize this great action theyre talking about it being preventative it seems focussed on trying toing uninvert the curve, sitting above 2 the restf of the world is below that. Its an easing cycle or a preventive measure . Its like you said. More about kicking insurance against the it down side risks if yok look at the feds base kats, you would say this cut is not needed its really insurance against the down side risk you mention the inverted yield curve. Thats the one thing flashing red on peoples dash bords. But erwoo rr were going to get employment claims. If you look at how yield spreads and other riliable indicators, their are not flashing the same alarming signal whats your outlook for the year in term tofz the markets i would imagine 25 basis points isnt enough to be an insurance cut in a recession i dont know if you think its more off affnoivl . We think this is another growth slow down dwroob think the economy will eventually rebound in terms of our investment strategy, were right around neutral in terms of the majort classes. If we look at our Market Sentiment indicator, indicator exuberance at this point we need digest the move so far were coshing but not bearish. I think central bank pivot that we see is going to earn it round the it growth data and the tool. So were coshing right now but i dont think weve seen the cycle highs in terms off assets. When did you go neutral before the bounce back. We did look press mg to the down draft in may but weve missed some of the bounce back weve seen since then. Is it priced for continued slow down. How do you play that in my view you have to pick one of two camps are we in the 1990s or are we heading towards an easing cycle . Heading back to zero because were heading towards a 2020 recession and the idea were going to cut three or four times in the middle is probably not accurate this is a 1990s situation. An insurance cut but from a bugger perspectiveb im totally happy being a little short coming to the nktst couple of months mot just a july point what does that do to you . There is a great expectation hell come with an actual rate cut. Lets expand the lens and realize almost every Global Central Bank is easing it means Global Growth is going to get supportive. Maybe not when employment is so close, but we will see some stabilization and if woo have flomtsz easing if you believe what frances is tell itting us, then you should not be neutral. You should not fight the feds, plural i thij tratser are right. I guess what weir are looking at is markets look a little over bought and we need a digestion phase. Based object our market sector indicating zub rnsz. Itsinatesting because if you lookality some of the short term tactical stuff it look thal way doesnt seem as though the world has bought into this if the Global Growth is bottoming at the same time the fed gives inthat markets, that same time you come out of the flat period it all plays together every strategist said this is one and done flarts rr all the bang were go tag get for our buck the easiest trade is always the wrong one. And thinking this is go tag last and everybodys got a 2950 upper end but by definition they are theyre all 3,000 max. The wilson guy on your shoulder every week im watching hes a bear no kidding. And 93 this year about half a year to go the markets probably in decent shape until joe starts shaving everybody. No one remembers. They Say Something else its like oh, that sounds good, jeff. And for years theyre wrong and then good morning, jeff cline. We appreciate it this is a great story can coming up. I looked ahead weve got the it results of a new Job Satisfaction survey and people dont care about sorry. What they said was more important than salary. Millennials. Theyre living in the basement anyway big tech under fire. Wore rr going to give you gax. I tumble for you i tumble for you i tumble for you culture club time for had it executive edge workers value strong Workplace Culture above salary the study by jobs website, glass door asked them to rank their priorities for a satisfying career 65 said strong work plas culture was more important than salary and millennials viewed that number higher hundred u. S 55 rank culture as the highest priority is it like you got to be green or Renewable Energy in your space or a vibe. Is it a vibe . Hows our culture here is it lacking . Its empowering to employees. You made the point. So mad men, bad. But in the show orrer the office was probably bad workplace. I think what theyre talking about is lots of feedback. How can you get better when youre part ooff a team, lots of things he that make you feel like youre working towards something larger than just a product. I hate feedback when management weighs in. That was a great job you did. I get that from my viewer millennials dont feel as if as the aif theres a tremendous difference. Which is ironic given the tightness of the laborer and so therefore if yourer choosing among the jobs, if its roughly the same money as we were talking about before theyre not as young as you might think. Theyre up to 40 so you got to wonder about the younger ones it sounds good. You want the money. Culture again what do you want to it do . And someone says i want to change the world and they all laugh. Thats not the way it is anymore. Thats an antiquated that was early 80s regans call do you think this sounds to me like you need a little maturing i got kids to put through School Vacations i want to take taxes i want to pay and i need how long do you think this is going to last . Till they hit 45. All right i like this story too because were going to hit you where it hurts. If anyone ever wants one in this country, we might put a tarifff on it. Hes ordering his top trade officials to investigate including alphabet, apple, facebook and amazon. Says the investigation into the attacks, which he says unfairly targets u. S. Companies could result in tariffs on french cars the wine. The wine got me that scared me a little bit although we have great california wine. France would apply a 3 tax on revenues that Tech Companies reap from france a French Finance Ministry official says the attacks are compliant with agreements and its inappropriate to use trade instruments in retaliation i guess uhhuh. Get me one of those recently. I know. They made a convertible i thought those were made in kujo sound, washington . Anchor said that once. Coming up new numbers on ventur ventur venturer investors at a record rate and sounding off on the first regulated token sale the ceo blocks that. Well join in just a few minute. And a 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 using feedback to innovate. To introducing products faster. To managing website inventory. And network bandwidth. Giving you a nice big edge over your competition. Thats the power of edgetoedge intelligence. Or trips to mars. 4. 95. Delivery drones or the latest phones. 4. 95. No matter what you trade, at fidelity its just 4. 95 per online u. S. Equity trade. Welcome back youre watching squawk box live from times square lately ive been good morning u. S. Equity futureses are indicated higher after the turn around yesterday which reversed loss began on friday after figured it out then powell alaid erpoos that rate cuts were off the table maybe theyre back on now. Thats all that really matters brings the dou up about 50 points, nasdaq 20. S p briefly he had the hat definitely. A little early but theyre there. It was a record Second Quarter and the qtipo had exit value the reports says venturer investorser felt good to open and they include uberer, pinterest and they had been keeping companies private. Uber accounted for 49 of the total exit value speaking of ipos Cyber Security firm mcafee is planning to return theyre meeting with bankers to discuss a listing as soon as this year. Its owned by private equity firms along with intel and its interesting because the crowd strike, another ipo high and putensh ittal sumantic deal i guess you have to question is mcafee a more mature business its a bit of a cash cow business and asia business. B this could raise nearly 9 billion. Er could be the largest ipo this year issall retdy over prescribed friendship coming up were going to it tell you about a major milestone for block chain in the sec plus were awaiting results from Delta Airlines and well have an interview with the ceo of delta carvana is six years old this year and is the Fastest Growing place to buy a car in the nation. Its because we have thousands of people working hard to make our customers experiences the best. Its because we have tens of thousands of cars ready to be delivered to your doorstep. And its why hundreds of thousands of happy customers have ditched the dealership and bought their car online, earning us an average 4. 7 stars in the process. So if you didnt know about us before, you do now. Were carvana, and we want to give you the car buying experience you deserve. But prevagen helps your brain with an ingredient originally discovered. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm memory. Prevagen. Healthier brain. Better life. Virgin galactic is planning to go public it started as a joy ride and then became a necessity. Everything from Space Tourism to hopefully hypersonicb air travel im really looking forward to going. We are watching the price of bit coin and yesterday was above 13,000 comments from the fed chairman about maybe libra or facebook that seemed to derail some ohof recent rally crypto occurrency fell following that comment about faulks plan to launch that currency, libra we did actually have a meeting with representatives of facebook couple of months before everything libra raises many serious concerns regarding Money Laundering and these should be th thoroughly and publicly addressed before proceeding. Bitcoin had recent laclimbed down its up more than 200 meanwhile, a milestone of sorts for cryptorelated companies and block start ups. Well hold the first token sale this morning they cleared the 28 Million Offering under a regulation a plus which is an alternative to an ipo co founder and ceo who also consults on sillicon valley as well that was fine i have not seen that. You can talk to mike about that. Agon im not in sillicon valley at 11 00 a. M. , people could buy digital toekens. People call it quote on quote the minia ipo. Imagine the it wild west equities markets before the 1933 securities regulations and this is kind of like how the crypto omarkets are right now and what we have done by working with the regulators is we work with them to define a Legal Framework. What exactly in this case with block stack what does my digital token give me the it right to do . Why is it worth something to me . Basically rilts used as fuel to resist different types off assets orrer running smart contracts, you need this to execute them let me try to explain with an analogy. Imagine we discovered manhattan. And a single company, lets call them facebook epds up getting all property and everyone can live there for free. But they dont have a stake in the success oof whatever is happening and in the block stacks case, every user has property rights, their own piece of land, own their own information and everyone has a financial up side. Theres no company in the middle so you built a decentralized network. Open source code. It basically came out of research we escientists who built Core Technology as open source soft ware and people can run it to basically be part of this network. Our company doesnt control this network. And you would pay for doing that wit