Good morning im dominic chu in for Brian Sullivan heres how your money and the Global Markets are setting their day up with stock futures relatively muted you can see at the opening bell we could be up 35 points for the dow. S p 500 up roughly 8 points implied and the nasdaq up by about 52 thats if the futures moves hold before the opening bell for regular cash equities trading. This after the dow fell nearly 400 points yesterday the s p 500 shedding just over 1 there as well snapping its fiveday winning streak. You can see the movement throughout the course of the day. Falling off towards the closing bell. Turning now to the bond market the yield on the benchmark 10year note yield is slightly higher you can see 65 basis points or. 65 . 2year note,. 16 . 30year 1. 38 lets go worldwide karen cho is live on the Worldwide Market losses yesterday, losses on wall street. Roughly down. 2 of a percent the ftse has minimized the losses as you threw it over to me, we popped into the green briefly. The market with the stimulus methods going to be done by the german chancellor. Were expecting a relief package to help Energy Efficiency and its a green efficiency. Another component is cutting consumption taxes. Watching the markets very closely in the u. K we can show you something on the boards for the european markets. Weve got food and beverage at the top. More green by sector level that is up by. 5 of a percent. Industrials, watching that closely. Airbus workers striking today protesting against the 15,000 job cuts slated by someone next year the markets watching some of those protests but in terms of better performing parts of the market, technology is out in front. At the bottom, banks we saw a strong rally. That has been reversed as the european markets have been tossed out karen tso live in london. Thank you very much. Lets get more on your mornings top headlines. Cnbcs Frank Holland is here. Reporter good morning, dom the number of covid19 cases has officially topped 3 million. Texas reports more than 10,000 new virus cases. The recordbreaking daily surge comes as the state faces a growing outbreak which rivals a peak that new york state faced United Airlines is scaling back the flight schedule for august in a securities filing the company says it expects to fly 35 of what it flew last august. Thats down from last weeks 40 projection civil Rights Groups call facebook meeting disappoint being. They say they were unable to get commitments from Company Leaders on how they plan to combat hate speech facebook spokesperson said the meeting was an opportunity to reconfirm its commitment to combat hate on the services. All of that and facebook shares sit near alltime highs. Back to the markets now as questions about the economy reopening return amid those surging coronavirus cases frank just spoke of. Speaking with cnbc just yesterday cleveland Federal Reserve president Loretta Mester said this is leveling off in her region stressing we have a long way to go to get back to normal. I just think its going to be a long road back to where we were in february and i think, you know, thats why the fed has been saying were there with our tools and we anticipate having very common Monetary Policy for quite some time in the future. It will take a long time to work through this. For more now im joined by matt maley, managing director at miller tayback whats interesting here, matt, is Loretta Mester had her comments after Raphael Bostick theres problems brewing no question similar to what we saw in january and february i dont think well see a 35 pull back in the stock market but people were ignoring the pickup in the coronavirus back then and theyre doing the same thing now. The problem is people are so convinced that the feds going to push the stock market higher because of the liquidity, and i think theres a good chance that all they really want to do is provide a safety net below the market lets face it, for the first five or six years following the financial crisis, their goal was to push the market higher to help the economy because the market was very, very low. They didnt have to worry about creating a bubble. Now with the stock market at alltime highs, if they push it a whole lot higher, its going to create an even bigger bubble and cause bigger problems down the road some of the warnings theyre telling us is theyre doing things differently this time theyre more concerned about the credit markets than the stock market i dont think its a coincidence that theyve flattened out the rise in their balance sheet. The s p, the russell and other indexes are in a sideways range for five or six weeks now. Matt, that old saying about how markets can stay irrational longer than you can stay solvent, that kind of harkens to whats happening a little bit right now. Its not to say im making a call for anything over or under valued there have been tremendous moves. We bring up tesla. We show that chart its been a 45 degree up angle for many of the stocks it doesnt last though how do you know when things start to taper off its always hard to know the exact top. They can stay irrational longer than we can stay solvent no question that tesla is moving into bubble territory. That doesnt mean it wont eventually change the world. Amazon got caught in a bubble and the stock got absolutely creamed back in 2000 it went on to rally. It took many years to change the world and get those levels stocks only rally 45 in five or six days for three reasons number one, its because they just crashed tesla didnt crash before that 45 increase it was up 163 before that took place. The second way is theyre going to come up with a drug that will save the world from Something Like the coronavirus tesla is not going to do that. The third way is when it gets into a bubble. This stock is getting to a point where could it go to 2,000 i suppose so it could go to 1500. Its getting ripe for a significant pull back. It will happen a lot sooner than people think and investors need to be careful. Lets talk about your strategy given the market dynamics, the extreme up side, down side, sideways momentum if you want to call it that you bring up tesla what else in the market place are you either going into to buy or staying away from and getting out of and selling well, the one that looks the best is the biotech area the one thing is that we get you know, it is getting a little over budweiser shootout. I over bought. You want to be buying that group. I dont think when we come up with a virus the vaccine for the virus, thats not going to put an end to the great interest we have in what the biotech industry does. Its not just the coronavirus. We have cancer treatments. Mental health, which is becoming such an important issue. All of these drugs in these certain areas. Its going to take this group much higher over time. On a technical basis its broken out significantly above the 2015 alltime highs thats very bullish. On a technical basis, thats the area im looking at more than any others. Hes making the call. Matt maney likes biotechs. Thank you, don. When we come back on the show, yet another white house official takes aim at tiktok amid escalating tensions well go tochina with the latest gold gold hovering at the highest levels from a decade well talk to one expert on whether more up side can still be ahead several major movie chains taking legal action in their bid to reopen amid the surging coronavirus outbreak theyre taking legal action for sure very busy action for sure when Worldwide Exchange continues after this save hundreds on your wireless bill without even leaving your house. Just keep your phone and switch to Xfinity Mobile. You can get it by ordering a free sim card online. Once you activate, you only have to pay for the data you need, starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. 5g is now included with all new data options. Switch and save hundreds. Xfinity mobile. Exchange on cnbc. Lets take a look at stocks on the move shares of Amc Entertainment jumping on a wall street journal report that the Movie Theater owner is close a restructuring deal to avoid bankruptcy in the near term. Amcs bottom line has been crushed as it had to shut more than 1,000 theaters worldwide. The u. S. Locations are set to reopen on july 30th. Those shares up 10 premarket disney sticking to the plans to reopen the theme parks in orlando, florida, to a limited number of guests on saturday thats even as virus cases in florida have soared. It will help guests enjoy disney world, quote, unquote, responsibly. The shares up 1 4 of a percent levi strauss reporting a wider Second Quarter loss. The Company Warning businesses will be hit in the second half as well even as sales have improved at stores that have reopened levis plans to cut 700 nonretail jobs or about 15 of its corporate work force levi strauss ceo chip bergh will be in squawk on the street at 10 a. M. Eastern time must watch now to the latest developments surrounding tiktok. Vice president mike pence becoming the latest white house official to speak out against the chinese social media app amid continued tensions between the u. S. And china cnbcs argen joins us from guangjo, good morning, good afternoon, good evening, argen. Reporter good morning. The comments by mike pence come after mike pompeo said the government is looking at banning tiktok if they did, it would be a very big change of tactic from washington so far, yes, weve seen them go after Companies Like huawei, big Infrastructure Companies it would be almost a play out of chinas playbook to some extent because as you know, big u. S. Firms like google, facebook, twitter are actually blocked in the chinese mainland, but it is part of a bigger battle, the trade war between the u. S. And china. One of the things mike pence flagged up was he was concerned tiktok and others are a threat to the privacy and security of the country. That hits home to one of the big things washington is concerned about, that is the collection of data by chinese firms and whether they are sending that back to beijing or not and what beijing is doing with that data. Let me bring you some of the comments tick toik hktok has ma. We dont store data in china of american users were not sending any of that data back to beijing if beijing asked us for any of that data, we wouldnt give it to them. Its interesting from tiktok, they are owned by a beijing Company Called bytedata. They hired kevin mayer, an exdisney ceo. They are quitting the Hong Kong Market in light of recent events theyre doing all they can they can be trusted. Back to you. So, arjun, lets go through exactly i mean, first of all there is no exactly right now because this is all very much rhetoric on both sides were talking about a scenario where you could theoretically ban a certain application thats very popular, at least these days, and growing quickly among u. S. User base what exactly then is the narrative around the u. S. Employees or the u. S. People tied to tiktok with regard to the governments backlash there . How do they respond . Reporter yeah, its a difficult situation because theres a lot of questions about this firstly, what is the legal basis for blocking services . How do they implement that in india tiktok has been banned. It could have a big impact tiktok in particular has grown its presence in the International Markets and in particular in the u. S. The u. S. Is one of the most popular markets along with india. There could be ramifications for the employees and essentially if they shut it down, what does that mean for the data thats currently stored in the u. S. Will they delete that . Will they give guarantees to the u. S. Government that they will be deleting that data . There are so many questions about this and so many ramifications of it. Right now i think its a lot of rhetoric it would be a big step for the u. S. To block an Internet Services company for what weve seen from this administration, nothing is off the table. There is a good amount of saberrattling thank you very much for the latest on tiktok. The worlds most valuable unicorn may be headed for an ipo. Alibabas Financial Technology fin tech Business Plans to launch this year targeting a valuation of 200 billion. Hoping to sell 5 to 10 of its shares in what would be one of the worlds biggest offerings this year. This is one of the dominant mobile payments company. Sources say details have yet to be made. Information on the ipo plants are incorrect. Alibaba has not commented. What were showing you are shares of alibaba in u. S. Shares and hong kong as well. Stick on deck for the show, hotels making changes as trends among travelers shift due to the coronavirus pandemic our own seema mody breaks down what theyre doing to keep guests happy at hotels right here todays big number 88 . Thats how much capacity fell in United Airlines in the month of june over the prior year shares of unitedav he tumbled over 60 this year now is the time to support the places you love. Spend 10 dollars or more at a participating Small Business and get 5 dollars back, up to 10 times with american express. Enroll now at shopsmall. Com. If youve had the coronavirus, youve got a lot of fight in you. And youre in a special position to help us fight back. The plasma in your blood can literally save lives. But we need to act fast. Please donate plasma now. Please donate. Donate. Donate. Donate now. You fought for your life. Now lets take the fight to covid19. Go to the fight is in us dot org to find out how to donate. Welcome back what youre seeing is a live shot of times square in new york city mid town manhattan. Im not going to say it because you can see right now the streets are empty for probably a good reason. They have been for weeks now lets get a check on this mornings other top headlines. Nbcs Frances Rivera is not far from there in new york good morning, frances. Shes not its phillip. Its me today i blame our producers they told me it was going to be frances. Its good to see you, phillip. Reporter good to see you as well, dom. A health scare to tell you about for chief Justice John RobertsSupreme Court spokesman revealed the 65yearold was hospitalized after falling and injuring his head while out on a walk near his home the injury needed sutures. The chief justice stayed the night in hospital out of an abundance of caution he has suffered from seizures in the past doctors believe the fall was due to lightheadedness due to dehydration. New details in the Jeffrey Epstein case maxwell is demanding that the epstein estate pay for her legal fees epsteins lawyers reportedly filed a motion to dismiss. That case has been delayed until september. Finally on this tuesday, former president jimmy carter celebrated another milestone his 74th wedding anniversary jimmy and rows lynn carter have been married for 27,765 days making them the longest married president ial couple in american history. The carters grew up together in plains, georgia. They were married in 1946 right after jimmy graduated from the u. S. Naval Academy Carter is also our nations oldest living president. He is 95 years old now and still going strong. If they havent written a book yet, they should on how to make a marriage last 74 years. Amazing. Phillip, appreciate it. Still on deck for the show, s. W. Retail advisers stacey dlz he t wiitiserwi the change in the back to School SeasonWorldwide Exchange is back in just a minute. The number one brand to support silky hair, glowing skin, and healthy nails. Beauty comes naturally, only from natures bounty. Beauty comes naturally, i am totally blind. And non24 can throw my days and nights out of sync, keeping me from the things i love to do. Talk to your doctor, and call 8442142424. Save without even leaving your house. Just keep your phone and switch to Xfinity Mobile. You can get it by ordering a free sim card online. Once you activate, you only have to pay for the data you need, starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. 5g is now included with all new data options. Switch and save hundreds. Xfinity mobile. Welcome back, stocks are searching for a direction. The dow has now shifted into slightly negative territory. Implied open the s p down by 3 points and the nasdaq up by 18. Outside of stocks, gold quietly seeing its own win streak climbing to a nearly 10year high amid surging demand and the shifting landscape of retail as questions remain about students going back to school the positive signals the sector is seeing today. It is wednesday, july 8th. You are watching Worldwide Exchange on cnbc. Welcome back to the show im dominic chu in for Brian Sullivan today heres how your money and investments look right now as we are halfway through the 5 a. M. Eastern hour stock futures are relatively new swinging through modest gains and losses as things currently stand, the dow would open lower by implied 55 points. The s p off by 2 points and nasdaq marginally higher this after the dow fell 400 points breaking the twoday winning streak the s p 500 shedding just over 1 as well on that benchmark index. It snapped its fiveday winning streak. Turning now to the energy markets. We are seeing a bit of action in the oil prices you can see wti crude about 1 4 of a percent lower ice brent crude, 43. 03. 1 to the down side. Stocks in china continuing to see solid gains while markets overall in asia were generally mixe