Also we have some earnings. Chevron, exxon mobile, murk. U. S. Equity futures at this hour, little bit of a mixed picture. More the most part down. S p 500 down 2. 5 points. Nasdaq is looking up. Were going to talk about some of the tech earnings last night. Markets had trouble all week. Remember the herald ham remember during that convention. Right. Just about the trump rally. Just about seems like every day we went up. The more that comes out of phil philly, the more the market is running. Maybe its coincidence. There were earnings. They were good except for ford. Other real things that happened in the world. The greatest thing about the market. The dacaterpillar. You can come up with any explanation you like. Just not for nothing, but i dont know. What its worth, its raining out today. Maybe thats it. I dont want this tournament to get rained out today. Hate that when they have to play 36 holes on a saturday. Maybe not. Its early. People arent teeing off yet. Youre talking about the pga. Yes. Baltusrol. The tournament. Thats where were going to go for breakfast. Thats the perfect or is quinn slip. For people who dont know, the trendiest restaurant in soho. The tournament is at baltusrol. Thats a guys name who got murdered a long time ago. And you called it its whats on the brain. One of the kids is named dal fa sar. Have you ever been there . Yes, many times. Im trendy. Youre cool. I used to be i much less elite now. Im not sure why. Ive been trending down. Meanwhile we have other news moving the markets. The bank of japan easing Monetary Policy doubling purchases of etfs. That was seen as perhaps less of a passage than investors were expecting. They appear to bel disappointed. Many were looking for a little bit more stimulus in a post decision News Conference at the boj kovgovernor crow da told its meant to address uncertainties. Argues quantitative easing has not reached the limit and the boj has room to move Interest Rates even more negative if needed. Take a look what that has done to the yen. Currently surging at the bank of japan disappoints, but on the flip side with the yen, against the dollar, i guess its up about 1. 6 . The nikkei has now come into positive territory. It where i happ it went deep into negative territory. It is now up about half a percent. After the bell results from alphabet and amazon sending those shares higher for both companies. Lets start with amazon. The Worlds Largest only retailer reporting fifth straight quarterly profit. Results beating estimates on both the top and bottom line. The company seeing strong growth in Cloud Business and an increase for subscriptions for prime program. Here is cfo talking about prime day. Record day for amazon devices. It was a great day for Small Businesses and sellers. We saw great year improvement in their sales and more importantly a great day for customers. Globally say saved over double what they had saved in prime day 2015. The moving of the stock makes him the third richest person on that forbes list. Passing warren buffett. It collects precipitation. Will you explain not to me. I know this pretty well. The expert on the set though, squall alley over here. Squak alley. No pointing at me. As the expert. Dropbox, you can get a video on a dropbox. Think of any business that needs server space somewhere and Processing Power somewhere. So if you with a Dollar Shave Club and you have a website and youre processing off o this material, that would happen on aws so its an amazon service. So this has nothing to do with buying something and sending to the person from a warehouse. Amazon built the cloud for its own business. Was processing so much business it needed all these servers to store Customer Data and run it. Anybody who wants to use it can use it. They sell it as a service. You know who also does this, alibaba also offers cloud services. He does . It does. All good. Now lets talk about joes other favorite company. A misnamed company. Ac alphabet. People still say google. Yes. Mobile products came from cla 2 increase in revenues. Bottom lines easily beating estimates. Once again the primary driver was the increased use of mobile search by consumers. Benefitting from our ongoing efforts to enhance the mobile search experience. We also benefitted from solid growth and desk top and tab lets search as well continued strength in youtube and advertising. Were going to be breaking down all of these results from amazon and alphabet in just a couple of minutes. If you didnt stay up for last nights Democratic National convention in philadelphia, heres what you missed. Hillary clinton the first woman to lead a major Party President ial ticket accepted the nomination. During the acceptance speech she made a point to contrast with republican nominee, donald trump. Thats how were going to make sure this economy works for everyone, not just those at the top. Now, you didnt hear any of this, did you, from donald trump at his convention. He spoke for 70odd minutes, and i do mean odd. And he offered zero solutions, but we already know, he doesnt believe these things. No wonder he doesnt like talking about his plans. You might have noticed i love talking about mine. Well have more on the highlights from last night with john harwood coming up in just a few moments. Lets check on the markets this morning. They are indicated with a little bit of downward pressure today, the dow. Not the nasdaq though. This wroub the fourth straight day of gains for the nasdaq, which that is die verging from what weve seen in the major averages. Not a lot. In europe, not bad. You have some Bank Earnings pretty good over there. I think people were surprised by that. Suppress test come out later tonight. Not Deutsche Bank so much. No. That wasnt so good. Oil is getting closer and closer to a three handle. At least it was when i checked this morning. Its got. 86 cents to go. Then theyll roll it and it will get back above 40. The 10year treasury, were they hawkish comments. No. They were dumbish comments gwen. Ive decided from here on out, i will make a deal with the fed. Lets just not talk about it at all. When it happens, ill deal with it. When you finally do a quarter point, i think we can hanl it. Well be back at 1 . Most of ive been around a long time. Usually were 5, 6; 7 . The world is fine. Lets never ask again when theyre going to raise. Go ahead and surprise me some day. I dont even want to know youre meeting that day. Just go ahead and raise it. Ill deal with it. I dont need to adjust any positions. Im not out over my skis. Just do it. Lets never talk about it again. Do you think he will be here at 8 30 for you to tell him. Do you think i should tell him . Lets not even ever conjecture again. No more fed speak. No jackson hole. Just surprise me. Add on top o that. Once we get a 1 or above, then lets start an earnest debate. So important. Got to get out of our lives. Would you please. Back to top earning story. Google and amazon both trading higher. Join us now to break down the results. One of the monsters, gene monster. Senior Research Analyst at piper jeffrey. How many little monsters running around with mrs. Monster. Just one little one and her name is anya. Thats nine. How would. Six weeks old. Oh, gene. This we did not know. Congrats. No wonder you look, he does seem more. That apple thing probably didnt make you too happy, but having a baby, who cares at this point. So coming on tv at 5 00 a. M. Is nothing. Youve probably been up all night. No one told me about those first six weeks. You had no idea. You thought they came out in kinder garden. Thats what i was hoping in hindsight. If you want the give us a highlights of both report, you know, why dont we you know what, lets start alphabetically. How does that sound. Alphabet. Sounds great. So it was really acceleration i think from revenue was up 22 versus 18 last quarter. They had a disappointing march quarter so it was nice to see things rebounding here in the june quarter. I think one of the concerns investors are going to have is theyre starting to get difficult comps coming up here in the September Quarter. Theyve changed some add units. Increased the size of techs and i think that combination is going to be able to power them through. Talked a little bit about that. The take away here is search is doing well for google and got some reason to be optimistic about new ad formats. Should be positive for Revenue Growth. One other quick point for google thats worth mentioning is they mentioned 13 times Machine Learning, the term Machine Learning and i think thats something thats an overused term, but ultimately, i think this is going to have a profound impact in terms of how we use a lot of services and its pretty clear google is heavy on the gas when it comes to Machine Learning. The New York Times headline says google silences doubters. Have they given us enough of a runway to not be having the conversation about doubting them come next quarter. They i think they have. Ive covered google for a long time and theres always going be some doubters, but i think that at least for the next quarter they silenced the doubters. The other piece too is theres some room for them to increase their buy back or dividend after the report the September Quarter and so i think thats Something Else that should keep investors engaged here over the next three months. When you think about the advertising dollars that have moved, not just to google, but talked about facebook and video they picked up with this last week and Earnings Report. We keep thinking all this money is going to be coming out of tv, traditional tv. Do you think thats happened yet. It hasnt. If you look at the tv budgets, theyve been growing. Its a huge pool. I think google ultimately will benefit from that. It really hasnt started. Okay. Lets move on to amazon. T i felt was next in the alphabet. So the big take away here is that unit growth accelerated. It was 28 year for year. 27 in the march quarter. 22 a year ago. So small increases, but when you think of the magnitude about how big amazon its hard to move the needle at all. All those kmaents you had played about the prime day, that positive stuff impacts the September Quarter. It wasnt the june quarter. I think the equity take away leer is they are just putting a death grip on traditional retail. They have taken their same day prime now, same hour, same day service to 22 cities at the beginning of the year to 41. Thats taking away instrant gratification. And its starting to impact their numbers. So i think is a positive. One other just quick side point, the disappointment on the amazon call was their profitability guidance. They outlined that was going to be significantly blow where the street is. I would just mention in 18 of the last 20 kwaertds theyve beat their target. It may end up being in line. Second is they dramatically accelerated the opening of Fulfillment Centers in the Second Quarter. Theyre going to open 18 this year. Opened six a year ago. I think youre going to see this big investment phase. It doesnt change the broader Margin Expansion opportunity, but theyre kind of compressing into the September Quarter which is a good thing. Youve seen the dating game. You remember those old dating game. New dating game. Yes. Okay. Youve got amazon, google, and app apple. Who gets to a trillion dollars first as far as market cap . Still betting on apple. I would say apple is the best pick for the next 6 to 12 months. As far as a trillion, its probably amazon is unstoppable. Just to be clear, we dont do multiyear price targets, compliance just want to be clear on that. If you just look at where most positive on apple of those three, right now. If you look at a decade or two decade down the road, amazon is unstoppable. This is like what the people faced with who to pick. You just really made a case for all three. Apple near term. You didnt make a case for google, but ann did when she had a chance. I think i said apple or google and she said google. Apple and then second amazon. You dont think alphabet gets there. You would pick amazon if youre going to go that longterm road. Thats the one now. Theyve got the most to move. Okay, gene, thank you. You dont have a son. Are you going to have more . Its none of my business, but where did he go . He didnt want to answer the question. Dont name your kid eddy, i was going to say. Then it would be eddy monster. He probably has heard that from people before. I dont think so. I dont think other people would bring that up with him. Unless he was in like junior high. Then they mooigt haight have. Blake is a great name. Its a great name. Maybe scott. Those are perfect names. Really good names. Were going to talk about Hillary Clintons big night last evening. She was obviousf course the nom giving her acceptance speech. Now the real race beginning. The highlights well talk about next. Plus well check the leaderboard of the pga championship as the rain threatens the second round. Squawk returns on this rainy friday morning. Check out this day in history. For decades, investors have used a 60 40 stock and bond model, with little in alternatives. Yet alternatives can tap opportunities that traditional assets cant. And even though theyre called alternatives, theyre actually designed to help meet very traditional goals. Thats why invesco believes people should look past conventional models and make alternatives a core part of their portfolios. Translation . Goodbye 60 40, hello 50 30 20. Friday morning. New jersey meanwhile, which is a state next to new york, is getting the same type of weather thats going to impact play at the pga championship at baltusrol a golf club where it may be raining down there too. I have to tell you a story about who i was with ten, 12 years ago. Before the Martha Stuart ipo with her and sam. Together. Yes. After the first round, jimmy walker is in the lead after five under. Hes ahead of martin kaymer, ross fisher, mill yan know and grill low. I would try to b european. And hend rick citizenson. People were surprised he shot 65 yesterday. He was just looked like the same guy yesterday. Baltusrol held up really well against these guys. Wind picked up in the afternoon and things good even drier and nobody i think 68 might have been the best round, which would be two under. I told you yesterday, my daughter, shes got blisters and everything. They had these pairings before it started. Yesterday she had jimmy walker was her thing today. He hasnt been playing well at all and hes leading the tournament. Does she know golf well enough. She is exciting. She was throwing some terms around last night. It was cute. They were sort of mixed metaphor talking about being even par or under. We made sure when you put things up, red, was the number that means under. Its usually a bad thing if youre under red. Its a good thing here and you put up the black numbers when youre over par. She goes, i know that, but jimmy walker. Can you believe that. Its fun. Its going be much drier. The scoring might be better. Weather could get a little better. Pretty bad weather for philadelphia where Hillary Clinton had a big night last night. Chef gave her sepds speech at the dnc. John harwood joins us from philly. Pretty subdued introduction from her daughter chelsea. It was a subdued introduction. Look, she had a very difficult task last night. Shes not a natural public speak speaker. She went after her objectives in a workman like fashion. She sland hermotivations. She saluted her rival, Bernie Sanders. She reached beyond her own party. I will be a president for the republicans, the democrats, the striving, the successful, for those who vote for me and those who dont. For all americans together. Reporter now, one bottom line of this convention was trying to disqualify donald trump as a reasonable choice for president. She got some help earlier in the convention from people like former new york city mayor, mike bloombe bloomberg. Heres how she sought to discredit him. Imagine if you dare imagine, imagine him in the oval Office Facing a real crisis. A man you can bait with a tweet is not a man we can trust with nuclear weapons. Now, perhaps the most powerful single moment of the entire night or even the entire week came from this father of a fallen muslim soldier with the righteous anger of a parent. He ripped Donald Trumps proposal to ban the entry of muslims into the United States. Donald trump youre asking americans to trust you with their future. Let me ask you, have you even red the United States constitution . I will gladly lend you my copy. Reporter now, this was a brilliantly executed convention from start to finish. The question is how much does it or the previous convention in philadelphia, chexcuse me in cleveland, how does that affect the race. We have a very particularized country. Wall street journal poll before the convention, Hillary Clinton with a 5 lead. The lead we find in the next couple of weeks will tell us a lot about where we head going into the debates this fall. Thank you. Were going to continue the conversation this morning. Hillary clinton and tim kaine will hit the road today. Pennsylvania and ohio. Donald trump heads for california. For more on all this, lets bring in alexis johnson, democratic strategist, ron christ christie. Thank you both for being was. The question i wanted to start with is this. On the economy, they are going to hit the road and Start Talking about the economy. Hillary clinton saying last night in the first 100 days she plans to pend more money, what sounds like a massive stimulus passage. Unclear how shes going to do it. Do you have any details or sense of what shes planning to do . Reporter no. I think the big word