intel shares gut punched today down another 5%. citigroup saying their bear case is taking shape earlier than they thought it is our call of the day. you know, dan, 41 buck, intel shares have wiped out five years of returns the last time we saw this kind of price, october 2017 >> it's pretty fascinating even with amd's decline since its highs about six months or so ago. these companies are literally matched up at market cap, about 165 billion each i think that press fascinating i think people who follow this industry for a very long time are going be surprised to see the flipping we've been talking about a lot of these mega cap names and specifically more cyclical areas of the supply chain as it relates to semiconductors. you said it before you saw a lot of oems double ordering chips and all the shortages throughout the pandemic and really, it felt like if they were still doing this late last year, early this year. they're probably doing it wrong, if you will. intel one of the weakest links they've been losing market share to amd a

we were just talking about intel. apple actually bought intel's failed 5g modem business back in 2019 for a billion dollars set up an office in qualcomm's own backyard in san diego to develop their own 5g modem with the hope when their deal with qualcomm ends in 2024 or so, they'll use their own homegrown chips. now, if they're having trouble making that in time, they'll have to go right back to qualcomm after this deal ends and qualcomm will have all the power at the negotiating table and can make more money per device that apple sells. >> mike santoli, what does this really mean from an investor perspective. people are used to an integration story with apple at the same time, though, perhaps it shows if there's something to this, there are still moats in technology. >> it's interesting. the apple investor base seems leak they're happy with the less detail, the better just produce the cash flow, share it with us in terms of dividends and buybacks be predictable make sure the upgrade cycle is clicking the way it shoul

intel's ceo on cnbc this week. >> the credit of delaying a ceremonial announcement. you know, this sucks >> reporter: at issue? the delay in congress passing the chips act, including $52 billion in aid to the u.s. semiconductor industry intel also standing to pick up $2 billion in incentives from ohio. >> is is it right for a company that made $20 billion in profits last year to be holding everyone hostage over incentives? >> i don't think they are holding anybody hostage. when we won, they told us we're coming but all the way through, they told us if the chip acts pass, we will accelerate extremely fast >> reporter: indeed, intel says it is still committed to this site in ohio but the chips act is the difference between a $20 billion investment over several years and a hundred billion dollars much faster. >> they i don't think wanted to be in a position where they would say to congress we're breaking ground and congress still hadn't passed the chip act. >> reporter: another wrinkle ohio has with unof the nation's strictest abortion bans. a dewine priority now in eff

and intel, specifically, does that get your more optimistic? >> nope. we've been writing about this. it's not going the work no matter how much money you put it in you might as well light that money on fire. >> that was under very different management though, chris do you think pat is able to do this better than his predecessors >> yeah. i'm a big believer in pat and the rest of the management team from pat, cfo and on down. the problem is you need some taiwan semi folk and hire a couple of michael jordans out of taiwan semi and put them in charge then you need to fix your manufacturing. this is the biggest crisis intel has haed in history of the company. you need to fix manufacturing first and then go after foundry. it's almost impossible we think there's a very small chance >> okay. we'll see if they need to do it all at once or if they can slow down let's talk about what you like >> yeah. something i like >> pick one and talk about how much you like i and exactly why perhaps in contrast. >> when we pulled the plug earlier this week, we eleva

but that won't happen, intel is saying, if congress doesn't act. >> live with the latest on that intel story and business investment in america. and intel's ceo will be joining cnbc on tuesday from the aspen conference it's a must watch interview there. keep an eye out for that a lot to talk about with regard to that business investment picture. >>> much of the focus has been on rising interest rate. our next guest said the fed should be focused on reducing its balance sheet to help the economy. two stocks to weather this potential storm. let's bring in kevin maun. you just heard the report, kevin, there's a lot of angst out there right now about the future of the american economy and business investment in this country. there could be a storm coming. it might be the economic hurricane that jamie dimon referenced a few weeks back, do you feel the markets are prepared for this? >> dom, trying to navigate a soft landing is going to be nearly impossible as the federal reserve is raising interest rates into a slowing economy an economy that's going to meet the technical definition of reces

kristina, the intel ceo outlined a few reasons for the warning. what are they? >> there are some headwinds they are saying this is why this quarter will be tougher than we anticipated. the first is the shanghai closure. it will have a trickle effect. a second reason is a lot of companies are still struggling to get some of their components. we've had intel ceo on cnbc before warning that especially chip equipment makers are struggling and that will contribute to the supply crunch well into 2024 for that sector and the last one is a concerning one because it shows inventory levels are starting to come down and that's because of lower consumer demand. they're warning about these three things that contributed to the downgrade. the other point that struck me as significant was the cfo also said expect to have good cash flow once we have made the necessary investments over the next three years, which means of course they will be spending more cash in the rising rate environment, building their foundries in ohio just this july i spoke to a contact that said they will

meantime, follow shares of intel right now. they're falling more than 4% today. citi out with a negative note. say our bear case taking shape even earlier than we thought the company was talking down their business, that's what they point to at a conference yesterday. intel management mentioned circumstances are worse than expected during the quarter, you have reduced inventory level, customers, delays in normalization post covid among other things pete, you own the stock. you've been willing to put up with an awful lot when it comes to this. >> way too much. >> what point do you say i'm done >> you know what, that point almost came couple weeks ago when i was buying nvidia, i was considering, get out of intel once and for all and jump to nvidia instead, i bought nvidia and hung onto intel, mistake on my part it has been a consistent mistake on my part one thing working in my favor, scott, i have been collecting dividend, owned it five or six years, collecting dividend and selling calls against it that worked in my favor because the stock is going nowhere for the

intel where three insiders bought stock recently like the ceo. home depot which speaks for itself morgan stanley and interim ceo of starbucks paying $15 million on his own stocks. this may be a tip of the iceberg. what's the significance of insider buying to you as someone trying to figure out what stock to buy sometimes it confirms what you know i like home depot and the rest morgan stanley is a key holding for my chair itible trust. sen teen is tougher. they lost the ceo with a huge heart helping the disadvantaged. where it matters are the cases where it changes your mind for example, these purchases made me more positive about intel and starbucks. insiders can't sell for six months after they buy it without giving up the gains. you know they can't take advantage of something near term but a commitment down the road so what could the three insiders see at intel i think enamored of the work by the ceo since he himself is a buyer. i found him an evangelist. not just designing can chips but making them here and spearheading a move to open factorie

i know you have stake in intel what's your take on this news? >> just to be clear, i don't have a stake in intel. but i am overweight semiconductors in general. to answer your question, frank, i don't like reading this announcement one wonders is this just kind of politics at play here or is this a cover story that intel is trying to back down on what is the largest investment thus far in the u.s. in the semiconductor space. so it is troubling however if there's anything that congress can do that is worthwhile and good, it would be to pass the chips act. i can't handicap whether that will happen or not because there's a lot of other things that congress wants to pass that would not be as positive and you can't tell if this is going to get caught up in that mael maelstrom. but the right thing to do would be for congress to pass the chips act for this plant and others to be built and to help supremacy return to the u.s. in terms of manufacturing >> maelstrom, don't hear that often on cnbc. thanks for that. josh, over to you. we were listening to f

and it's not just intel. global foundries just sent me a statement that they are concerned stating for global foundries the passing of chips funding would affect the rate and pace at which we invest in expanding our u.s. manufacturing capacity globalfoundries just opened a new fab in singapore so the pressure is on or as globalfound rries ceo said, congress, it's go time, especially as congress breaks for recess. >>> semi conductors are a notable laggard, even though there's a 1% gain for the nasdaq also a quick programming note, next week i'll cover the aspen ideas festival and we'll speak with ceo pat gelsinger on tuesday right here on "closing bell." for now more on the chips act let's bring in pimco's head of public policy. libby, what is the status of this legislation there's so many different forms and names it's hard to keep track. >> there are lots of different forms and names, sara, that's right, and good afternoon. as the previous reporter just said, the chips act was passed in a broader bill called

is down is because intel closed their 5g chips that they were going to compete qualcomm on they shut down that entire team and system, they were doing it for ten years, and apple bought that entire team and all the ip and everything that goes behind it, so you will actually see one day where your iphone won't actually have a snap drive and chip from qualcomm in there to talk to the internet. that's pretty interesting in how they are so enclosed, but they want to play well with others; right? when we talked about the gaming before, all that revenue was generated not because they make their own games, it is because of the app store. you were talking about revolutionizing products. just think about that blackberry was before the iphone. same with palm pilots, even. so what's interesting is they are taking over fitness now too. they're going to have on-device fitness tracking for ios, so you donn need to buy a watch. [inaudible] -- and fitness space for their ios. i think that's understated those as well. >> liz: john, so much was made right off the top about this lock screen and the cha

intel itself gave up why is it such a challenge if neither intel nor apple can crack it >> exactly and in 2019, when the agreement between the two companies, qualcomm shares went up quite a bit. they're uniquely positioned to be the only company that can do that right now apple is hoping they can at least match them and if this report is true, it's good news for qualcomm don't you love 5g history? >> i do now. coming up the pro shares etf is up 1% in june, which remarkable because it's going to snap a losing streak. we'll name names that could be plucked from the clearance rack. and paycheck on pace for the worst quarter since the pandemic we've got the good, bad and the ugly in today's earnings exchange and here's a look at oil with wti nearing $110 a barrel. already up 4% since yesterday. did you know your health has more to do with your zip code than your genetic code? that doesn't seem fair. we agree. but where you live determines access to doctors, green spaces and fresh food. that's why we grow our own. smart. we don't think it's right that some people are healthier than others j

part of it is the transition away from intel. that allows them to do things the intel macs couldn't do before quarter over quarter in the mac business it may not seem like the most exciting thing but it's a huge part of apple's business now >> we'll let you get in and do your thing thanks very much so, let's stick with apple and really dig into the stock. because it has not fallen too far from the market tree and we don't mean that in a good way. check out this, dare we say, random but interesting nugget. they've underperformed the s&p 500 past five days, month, and year that courtesy of our friends despite head winds, the next guest naming his out perform rating ever core isi fundamental research analyst what are you listening and looking for from the conference today? >> for us, it's going to be incremental software updates is there one more thing they anonsed? anything on nfl sunday night ticket and i think generally expecting a lot of software updates. but the one more thing would be the rbr and -- >> does it move -- i want t

so many years intel was the gold standard now it's quite the opposite. you mentioned as an aside there, anything that touches the cell phone is -- is -- i don't know what your word was, but not good why is that? why is that? >> smartphones are weak. they've been weak, especially in android smartphones in china have been very, very weak. they don't even weaker recently because of the some of the covid lockdowns. anything that -- >> and obviously apple is using more of its own chips in lots of things, i assume, including -- >> apple is okay the apple units look all right we can argue about intelization of silica, it's a controversy, but it's probably already in the number. >>> i'm inferring that the great sell-off of semis is in the seventh inning or later? >> i hope so i hope that. the issue is, usually when numbers start to come down, you problem is you always get that period of a double whammy. after numbers start coming down, but if you could be perfect and anticipate the -- before it hits bottom, that tends to be the best but investors want to see cut

., down 24%, amex down 18% in june and intel losing 15% this month. let's trade these names with matt nailey. let's start with dow, inc., what do you think >> one of the things about this stock, it's down 25% and rightly so their input costs are going up so that is a concern but just because a stock goes down 25% doesn't make it cheap all the time but in this case it does it's trading just under seven times earnings it's got a big fat dividend yield of 5.4% so i think it's a stock you can nibble on here they also have plenty of cash flow the dividend is very safe. this is one i want to buy, not aggressively you may have a more aggressive entry point if we get a big washout later in the year but it will pay you to wait while we go through this with the markets. >> so where are you on american express right now? >> american express i'm a little worried about because we see the consumers pulled in their horns. we see the connections on websites and travel websites have come down quite a bit hits on places like open table for restaurants, that's come down

straka silicon wafer company that supplies companies like intel. i am talking to the commerce secretary to get a read on what the government is doing she helped get that here. then fedex supplied after earnings. what was behind that. will continue? right now, the numbers. i don't know. this is the stock of a company makes things and those stuff. we will find out more with the ceo. stay with kramer. a jelly bean that's good for you? try nature's bounty jelly bean vitamins. good-for-you nutrients in a tastier-for-you form. more sweet dreams. more flavorful immune support. get more with nature's bounty jelly beans. never be afraid of your strength, because your body is capable of amazing things. own your strength, and see how far it takes you. tonal. be your strongest. my minions will save me. own your strength, and s[ speaking minion ] you. unless they screw everything up. hello. at xfinity, we're constantly innovating. and we're working 24/7 to connect you to more of what you love. we're bringing you the nation's largest gig speed network. available

intel says it may have to scale back plans to build the domestic semiconductor manufacturing plant in ohio. a congressional backlog in the chip has been installed in congress since last summer and is an essential part of intel plans to help offset gusts of the new plan in part of ending backups in the u.s. from everything from vehicle powering systems to iphones. chipotle is the latest company to face unionization. workers are petitioning the federal labor board for a union election practices the first u.s. chipotle store to unionization. amazon, starbucks have all faith similar efforts recently the guys back to you. >> interesting to see from factories now to unionization. thank you so much. lovely in plainfield. coming up. the push to get a woman's pro soccer league here in the bay soccer league here in the bay illinois is in the middle. and what do you find in the middle? ♪♪ the meeting point of humanity and history. ♪♪ it's itectural revolution. ♪♪ in the middle of the rainbow. ♪♪ woohoo! we're flying through the middle of everything! welcome to the middle of every

intel. >> liz: you have intel on there. intel is down about 20% year to date, 20, 23 percent. but amd, one of its big competitors is down 43%. so i see what you are saying where it is sort of the less worse picture. bob, where do you see some unravelling here? we know crypto is -- bitcoin is having its worst week since march of 2020. again, that week during the lockdown. do you worry that too many people who have had their feet stuck or at least dipping their toes in crypto have really started only the beginning of what could be much more pain? >> i don't think crypto bottoms until nasdaq does, and that's -- we're not there yet in my view, liz. crypto has brought in a lot of speculators, some who made a bunch of money and sadly some who have lost a lot of money. we still don't know a lot about crypto. the government hasn't said how they are going to regulate it. to me it is still a speculation. doesn't mean you can't make money, but you better be a good trader in this environment. >> liz: well, on a someday where we've got -- on a day where we've got some green on the screen.

executives at a bank of america conference during which the chief financial officer of intel, david zinsner said the macro picture is "at this point much worse than what we had anticipated coming into the quarter." he cited a slowing china reopening after its latest covid lockdown plus supply chain and inventory issues. so citi analyst promptly cut quarterly profit and revenue estimates on intel saying he expects the company to pre- announce negatively and/or miss q 2 guidance, smbc securities america chimed in by cutting the chipmakers price target and earnings estimates. the price of honesty. all right shares of roku blasting higher by nearly 10% after a report that chatter is swirling around a potential take over by netflix. business insider says employees at the tv streaming service hub are suddenly speculating about a tie-up after roku reportedly closed the window on when employees could sell their vested stock grants. netflix said recently it will transition from subscription- only model to offer a less expensive ad-supported tier and the streams wiffed on quarterly subscripti

. >> what's next, it has to be intel. >> certainly larger than intel they're going to buy intel if they keep going. >> that's my point. >> you're right. carl, there's some technology that can be a winner here because they lower the price of your business and some technology is a winner because it's, again, cyber security against the cyber bad guys i had cloud strike last night, the growth area in technology is trying to stop the bad guys from shutting down your product line or leaking information you don't want to read we didn't talk about coin base, by the way and possible regulation, which i think what happened of these cryptos. but what is amazing is george came out and said once again, there is a desk for if you decide to break into someone's account and they pay ethereum to you. the people at -- the bad guys have kind of like a bank and you can choose ethereum, you can choose whether you want to pay with bitcoin they offer a service as high level as some of the outfits that we talk about the bad guys do. amazing mp >> right. before we move on from big cap tech we talked about the m

intel down 5%. that's weighing on the dow amd and micron down 2% to 3% as well, ty >> think that, kelly one of the biggest questions facing investors right now is where are we in the cycle. our next guest has a framework to identify that and what's ahead and how to invest. he calls the framework hope. it stands for this, housing, orders, profit and employment, and it shows the timing of when key economic data points slow as the fed tightens, and this is the year tightening catches up to profits let's bring in michael ca cantorwitz with piper sandler. we just showed that graphic, and i guess what this term lat does tell me that there is a recurring pattern that affects -- that maps the economic cycle that begins with the decline in housing and a decline in orders and a decline in profits and a decline in employment do i have it basically right >> that's right, and it simply spells out hope, and it always starts with an increase in interest rates and inflation, oil prices, food prices, things we're se

, because their roadmap is delayed i spent a lot of time with pat g gelsinger, the ceo of intel. he seemed to disagree. there seem to be data points that indicate you are well ahead. just using those, tell me where you think you are versus them. no hyperbole, but just point-blank, speed effectiveness. what the customer wants. >> well, we are laser focused on technology leadership. i mean, we must, that is sort of our foundation i would say today we have the best products in the market. >> nvidia. >> best performance. power efficiency sustainability is a big thing. best security. so we are laser focused on continuing we continue to do that we talked about our long-term roadmaps everybody likes to know what you're doing over the next few years. we are on track for our next generation that's launching later this year and we talked about what's in the hopper >> we're in favor on "mad money" of companies not valued too high, that make products that do something we all need. that have return capital that is most certainly you the return of capital is extraordinary here can that continu

intel at levels not seen since 2017 are they worth buying or steer clear. let's look at matt maylee. first up is dish and if i'm understanding you right, you see some technical temptations here but fundamentally as a long-term play, you don't like it. >> yeah, tyler, and by the way, happy father's day this weekend. >> thank you. >> but dish is on a technical basis. >> the stock is oversold and it looks like it is hitting a double bottom here but i think the fundamental -- so it could be a very short-term bounce but the back drop is to dicey for me right now we have a situation where their revenue has been down, the big thing is their subscriber growth is down. and there is a fierce competition for subscribers right now for paid tv is a very mature industry. but the one thing too is that the government, one of the things that has done well in the last several years, has been broadening the broadband around the country. therefore people aren't going for dishes much. they could use their computers to get -- to get they want netflix or whatever else and that is

. >> intel that's what you own. >> looks like i lost the coin toss with jenny on this one. listen, intel has slightly outperformed the semi index but it's still getting brutalized year to date ity a lot of that has to do with execution. a lot has to do with the pc market kind of melting down. but when we look at it from a fundamental score standpoint intel is pretty consistently at the top of the list. you could say that's the definition of a bear trap but the reality of it is that we do think there are at these price levels some protections in this -- in owning this name and it's a modest position for us. it's cheap relative to the sector at 9 and change times, so anyway we're not always going to get it right based on the fundamentals and this is one we clearly got wrong. >> josh, you own nvidia. >> yeah. >> i own that too. >> well, too late. you already lost your chance >> well, look, listen, nvidia, ink vidia is high octane it always has been and always will be. this is a stock that, you know, if you blindfolded pe and told me how much the semis would be down year to dat

greg julie, this happened within walking distance of some of the biggest names in tech companies like intel and cisco. while it is still under investigation, police have given some insight. about what happened. at around one a.m. sunday morning after getting reports of gunfire. san jose police responded to crescent village apartments near cisco way in river oaks parkway, a woman at the complex who didn't want to be identified. said she was watching a movie when she heard something unusual, but i thought it was knocking or like fireworks because this is a pretty safe neighborhood. so i didn't expect it to be a shooting. after arriving on the scene, police found three people had been shot and killed just outside the building. two men and a woman, one gunshot each in the middle of the night with little information. some residents were on edge. we don't know if shooter still out there, you know. like we don't know if he's going to like. come up. we don't know if it was a random robbery. we don't know if it was targeted. obviously it's a very scary thing. after preliminary investigation, police

we had the focus -- morning out from intel. local media reporting samsung is cutting production in india, brazil, it vietnam. the korean won under the watch, we are seeing weakness, merrick security sink the biggest driver is global uncertainty. turning onto westerly, asx 200, staggered start, a few minutes to come online. inflation fears a major factor of markets this morning, the australian government saying inflation could breed 6% or possibly beyond that as well. aussie and kiwi bonds 11 up to treasury yields, kiwi added 10 year high. shery: our next guest says is your growth prospects are better than those of the west end is increasing exposure into the region. let's bring in the head of research jim mccafferty. you are still downgrading korea to neutral. is that you do with external exposure? what exactly do you mean? >> i am in singapore right now it we have been hosting our annual conference. we have had analysts, corporates , so we are in quite a good position to determine what is going on. economics is one thing and s

the actual market matters less than how much share they can take from intel. i seen them as well positioned to they are a beneficiary of some of these larger trends. in fact, like the growth in a.i., where there's support in nvidia, so i certainly think there are share gainers keen to outperform, even in a market downturn. >> you mentioned nvidia. i just wonder how that is looking at this point in terms of this big reckoning, down more than 50% from the highs. the valuation really starts to look more reasonable compared to how towering -- but so much focus on price cuts in some product areas, and maybe just a loss of momentum in some of the key end markets. what is your take currently? >> i think it's still well positioned where they have been short product. i think they're still short product. that the getting to be about half the revenues. the big concern right now is gaming it's not so much the price cuts. those cuts are at -- rather, it's simply volume the currency demand falling off, and they're combining to determine how much of the product was gaming i

intel shares got by 5.3% after this morning, the lowest since october 2017. let's flip the board and see how this is plain through to asian chipmakers. this is aggressive, analysts had thought that earlier projections in april were pretty strong. morgan stanley with a target of $460. interestingly we had csmc's general shareholder meeting where the chairman indicated revenue is increasing 30% in 2022, as they continue on aggressive capex spend. >> ok, let's take a look at some other key things we are watching out for today. at 12:30 p.m. u.k. time, the ecb unveils its latest rate decision at a press conference with president christine lagarde. at 1:30 p.m. we get data from the u.s. including initial jobless claims. later today, the bank of canada gives an assessment of risks and vulnerabilities in their financial system. the united nations food outlook is also released, salient to what is happening in russia and ukraine. the house january 6 committee meeting on u.s. capitol rides gets underway. we dive into the markets with the deputy cio of jameson cootes. >

intel has its campus coming to ohio. will the commerce department work directly with chipmakers to strike deals like this? sec. raimondo: absolutely. if the chips act is passed. this bill would send $52 billion to us in the commerce department to incentivize these companies to expand in the u.s.. i am in constant contact with these companies, doing everything i can to encourage them now to expand and do the deals as you say. we cannot compete. as good as they are and as much as they want to be in the united states, we cannot compete with other countries that have incentives on the table. that is why i cannot say it enough. congress needs to act with urgency. by the way, this is a huge national security issue. every piece of military equipment u.s. is sending to ukraine is loaded with chips. the ukrainian replenishment effort by the national defense contractors requires more chips. right now we are buying them all from taiwan. the stakes are high and we do not have time to wait. anna: i note -- alix: i know you are focuse

to pick up the phone they're beating intel at their own game dlould be an innovation perspective and i think that is just giving them more and also in the margin perspective that is another talent. they in the rearview mirror. >> interintel is barely moeing,t is it a game changer in your view it is a big part of that silky smooth experience, but thinner, lighter, and faster will not be enough of a selling point. >> can i tell you what i'm most excited about? i feel like this is a big deal maybe not in terms of selling product, but the ability to retract and edit text messages on imessage. especially the retracting one if someone has not read it. i feel like that can save some problematic moments. >> i think it is important and i think maybe musk is listening in twitter in terms of that ad. >> i don't know what maybe since we have you we can ask what you think is happening there, but now he is really threatening through a finaling to provide this deal. i know you're not a lawyer >> our view is he is trying to walk away from the deal. he got cold feet i think this is cascading into a w

i love you louis but mentioned intel agency involved in this, do we really believe that cia vote switched like on twitter? every conspiracy theory has been debunked but it's hard to do the research to find it. >> 1/6 committee debunking conspiracy theories, part of the mission too? >> i think so, going to offer unvarnished account of what happened and who caused it. you hear in that audio there the frustration and really the makings, don, of the breakup between a handful of house republicans and the bulk of the gop caucus. people like kinzinger and fred upton, who chose to retire, have no time at all for the conspiracymongering fringe in their conference but have lived with these members for years and years. even before the election, putting up with that kind of totally unfounded speculation about the cia being involved in overturning the election, that's what radicalized people and prompts him to wind up where he is tomorrow, on the 1/6 committee, installed by speaker nancy pelosi, someone he didn't have relationship with before that, to put it mildly. >> this is also the day before the

reaching its target is not yet clear who was behind the assaults. hundreds of people had processed that intel aviv against israel's continued occupation of the west bank processes, carried banners and science marking 55 years in israel. took control of the west bank also the 6 day war in 1900. 67. some demonstrators waved palestinian flags, us health officials have recommended cope in 19 vaccination made by by and take pfizer and turner for children as young as 6 months. this was the last group without access to the shots. the government is gearing up for the role as early next week with millions of doses ordered for distribution. colombian select a new president on sunday and the polarizing choices between left is to form a gorilla 5. petra and business magnets full of hernandez has been compared to donald trump. both men on nick and nick in the poles and french birches also go to the post late as a day in the 2nd and final round of parliamentary elections pulse suggest president manuel macros allies will emerge. the biggest party in the new national assembly pass a predicted strong showing

intel saying the current quarter not looking as great as expected. the energy sector, the only sector that stayed in the green for today. we continue to see the rally and wti prices in the asian session above $122 per barrel at the moment. we saw data out today that showed u.s. stockpiles falling. we're watching volatility in the treasury space. 10 year yields about the 3% level. take a look at this chart because every time we get to this level this bottom panel shows you how much pressure and volatility we have on stock markets. the big question is will we continue to see a sustained rally in the treasury space given recession risks or could we see also this selloff continue because of inflation expectations not to mention with worries about what the federal reserve will do. annabelle: yields in focus. seeing the new zealand 10-year hit a seven-year high. they start to sell debt it bought during is quantitive using program. a lot of concerns about hi-lo -- about high oil prices. risk-off trading in asia. new zealand coming off line and australian fu

. >> i promise you this -- when i am speaker, he will not be on the intel committee anymore. you know what else? eric swalwell outcome either. i don't know if this is a high bar but these relations with a chinese spy, he shouldn't be allowed to be on intel committee. we are going to raise the bar. >> we may remember that eric swalwell sent shock waves through washington when it was reported he had a personal relationship with a suspected chinese spy. republicans immediately demanded speaker pelosi remove him from his committee assignment. and also going after condiment adam schiff after one of his former staffers allowed late-night comedian stephen colbert's crew to trespass on capitol hill. he also played a big role in president trump's impeachment trial. >> joey: supreme court justice stephen breyer set to officially retire at noon eastern time today after announcing his intent to step down in january. he reflects on his time on the court in a letter to president biden saying, "it has been my great honor to preside as a judge and effort to maintain our constitution and the

education systems. elections are due to be held in 2 years time. hundreds of people have protested intel of eve against israel's occupation of the west bank. protesters carried banners and signs marking 55 years since israel took control of the territory after the 6 day war. in 1967, some demonstrators waved palestinian facts. colombians are preparing to elect a new president, the polarizing choices between left as former gorilla fighter, gustavo petro, and business magnet for their vote. and other it has been compared to donald trump, both manner, neck and neck. in the poles, north, east india and neighboring bangladesh have been hit by heavier than usual monsoon rains, causing widespread flooding. at least 9 people have been killed and 2000000 left homeless in the indian state of sam experts say floods following seasonal rains are increasing due to climate change. devastating floods unleashed by monsoon storms. millions of people in bangladesh and india saw their homes submerged under water. the floods have killed dozens in both countries. families are mourning the death of their loved

plus, two former intel officials who dubbedded the hunter biden laptop scandal as, quote, russian disinformation are in the names, what a new report reveals about james clapper and leon panetta and whether they were compromised by their friends in silicon valley. we're taking it on with tomi lahren. and governor asa hutchinson, why he says law and order on the border is being replaced by criminal cartels. i'm david asman in for mac donald. "the evening edit" starts right now. ♪ ♪ david: we bin with a look at your money. markets endinged to in the green. the dow finishing over 400 points higher to shake off early weakness. this as the white house is playing the blame game on a number of economic crises. president biden now says he was not aware of the severity of the baby formula shortage until april, but manufacturing executives sounded the alarm to retail theres two months earlier. americans continuing to feel the historic pain at the pump. the national average for gas prices hitting fresh new records today, $4.71 a gallon. while the administration faces increased pressure at home over fuel

about the impact of inflation on consumer spend and that flows through a large sector of the market. >> intel and uber among richard kramer's picks thank you. >>> on deck for the new trading week you can see the market pound laying out the market going forward for the week "worldwide exchange" is back after this ♪♪ you know real chili never has beans. you know which pizza is eaten with a fork and a knife... and which one is definitely not. you know a cappuccino is for the morning and an espresso is for the afternoon. you know how to answer "sparking or still" in over 12 different languages. you'll try anything that's not currently alive... unless of course it's highly recommended. the delta skymiles® american express card. if you travel, you know. >>> welcome back futures indicating a sharp selloff at opening bell. dow implied lower 2% s&p down 2.5%. nasdaq down by 3%. let's bring in sylvia jablonski and tiffany mcghee both cnbc contributors ladies, thank you. sylvia, you have and run etf products where are people putting their money or are they pulling it out? >> good morning, dom great

side side of your screen like markets, like pcs and hand sets citi lowered their sales estimate for intel due to weakening pc demand. and it's not all peachy for the chip supply chain. you have micro chip ceo who said they would prioritize equipment manufacturers over other customers, whereas intel's ceo told cnbc he thinks the shortage will extend into next year because of the impact on equipment, not chips so many are still concerned about the supply shortage in chip making equipment, even if these makers get the chips, they're still facing issues getting other materials and labor to build the chip making machines so i guess we can't win it all, right john >> i guess part of what you're saying there is there's a difference in process technology whether you're doing the cutting edge manufacturing that goes into smartphones and pcs or the older stuff that goes into cars and appliances >> which is why there's a discrepancy, so for the lagging, which you're referring to the auto sector, there's even concerns that eventually in the near-term there may be a backlog or, sorry, an over increase

i love you, but you mentioned a comment about an intel agency being involved in this. do we really believe the cia vote twitch like we have seen on twitter. every conspiracy theory i have research has been debunked but it's hard to do the research the find it's debunked. >> will the 1/6 committee debunk some of these th theortheories? >> yeah. i think you hear in that audio that the frustration and really the makings, don, of the break up between a handful of house republicans and the bulk of the gop caucus. people like kinsinger and cheney and a few others like fred upton who chose to retire. have no time for the conspiracy mongering fringe in their conference but who have lived with these members for years and years and years and even before the election for putting up with that kind of totally unfounded speculation about the cia being involved in over turning the election. i think that's what radicalizes people like kinsinger and promises them to wind up where he will be tomorrow on the 1/6 committee installed there by speaker nancy pelosi. somebody he did not have

. >> a promise you this, when i'm speaker, he will not be on the intel committee anymore. and you know what else? eric swalwell outcome either. i don't know if this is a high bar but if you have relations with a chinese spy you shouldn't be allowed to be on the intel committee. they are going to raise the bar. >> carley: you may remember congressman eric swalwell sent shock waves throughout when it was reported he had a relationship. they removed him from his committee assignments and also going after adam schiff after one of the democrats' former staffers allowed late-night comedian stephen colbert's crew to trespass on capitol hill. of course also playing a role in the impeachment trial. oh, boy. hundreds of flights already canceled just in time for the holiday weekend. what fun! washington the stepping on to find out what's going on with the airline. >> joey: and how about this for the fourth of july? 40,000 national guard troops could lose their jobs over the vaccine mandate. congressman wants to stop that from happening, next. ♪ ♪ there's a reason comcast business

intel preannounced six weeks later as well. stocks, it will be a ugly earning season. maria: really important commentary from you both. thomas hoenig, dan niles, we so appreciate you joining me this morning. looks like we all need to do belt-tightening, thank you so much, gentlemen. russia's rhetoric is heating up. what is joe biden's plan to response of vladmir putin's nuclear threat? house intelligence committee ranking member, congressman mike turner, with breaking news on intelligence behind new threats and warning he sent to president and warning he sent to president biden on atttttttttt ♪♪ i got into debt in college and, no matter how much i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right. i have patients coming in and they say they feel little twinges. patients should act now to prevent sensitivity in the future. i would definitely recommend the new sensodyne nourish to my patients. sensodyne nourish has a bio-a

intel preannounced six weeks later as well. stocks, it will be a ugly earning season. maria: really important commentary from you both. thomas hoenig, dan niles, we so appreciate you joining me this morning. looks like we all need to do belt-tightening, thank you so much, gentlemen. russia's rhetoric is heating up. what is joe biden's plan to response of vladmir putin's nuclear threat? house intelligence committee ranking member, congressman mike turner, with breaking news on intelligence behind new threats and warning he sent to president biden on attack on u.s. soil after this. meet ron. that man is always on. and he's on it with jardiance for type 2 diabetes. his underhand sky serve? on fire. his grilling game? on point. and his a1c? ron is on it. with the once-daily pill, jardiance. jardiance not only lowers a1c... it goes beyond to reduce the risk of cardiovascular death for adults with type 2 diabetes and known heart disease. and jardiance may help you lose some weight. jardiance may cause serious side effects, including ketoacidosis that may be fatal, dehydratio

intel preannounced six weeks later as well. stocks, it will be a ugly earning season. maria: really important commentary from you both. thomas hoenig, dan niles, we so appreciate you joining me this morning. looks like we all need to do belt-tightening, thank you so much, gentlemen. russia's rhetoric is heating up. what is joe biden's plan to response of vladmir putin's nuclear threat? house intelligence committee ranking member, congressman mike turner, with breaking news on intelligence behind new threats and warning he sent to president biden on attackk >> tech: cracked windshield? make it easy and schedule with safelite, because you can track us and see exactly when we'll be there. >> woman: i have a few more minutes. let's go! >> tech vo: that's service that fits your schedule. go to safelite.com. >> singers: ♪ safelite repair, safelite replace. ♪ ♪ ♪ ♪i'm so defensive,♪ ♪i got bongos thumping in my chest♪ ♪and something tells me they don't beat me♪ ♪ ♪ ♪he'd better not take the ring from me.♪ migraine hits hard, so u hit back with ubre

jack: let's pivot to semiconductors, intel delayed a ceremonial groundbreaking of a plan in albany, ohio. hoping congress will pass of this bill that will fund the semiconductor industry. where does it stand? >> this is likely to be signed into law whether it is at the end of the summer or fall or lame-duck session of congress between the election and the end of the year, it is likely to pass, just going through the nauseating machinations and taking too long but bottom line, we will see a signing ceremony in the not too distant future. jack: the biggest news out of washington, the supreme court, overturning roe v wade, does that change the calculus at all, they are losing big, does this motivate the blue base? >> it is an open question about the political impact. if there's any issue that could galvanize democratic voters who might have been on the sidelines otherwise this could be one of them. it is looming large for voters, gas and groceries, economic problems but this could be the one issue that suburban women out to vote and particularly in battleground states where they have gubern

intel is adding 20,000 new jobs making computer chips. so, lots on his trip to the moon. i know -- you know. >> are you going to saudi arabia? lex i am not sure that i am going. i have no direct plans of the moment, but let me tell you that i have been engaged with trying to work with how we bring more stability and peace to the middle east. and there is a possibility that i will be going to meet with both israelis and the other countries at the time and i would inspect saudi arabia to be included if i did go, but i have no direct plans at the moment. look, i'm not going to change my view on human rights. as president of united states, i'm going to try to bring peace of -- peace if i can. and that's what i'm going to try to do. >> [indiscernible] >> we are getting way ahead of ourselves here. i want to see that we diminish the likelihood the continuation of the wars between the -- israel and the arab nations. >> is opec doing enough on oil production? >> what i recently read i was talking to my team and they acknowledge that there is an oil shortage. they made an announce

particularly dropped and intel was $44 a few days ago and now look at that $34 and we're talking about 15% or so declines in the last six, serve trading sessions and goldman sachs, another one and that was 320, goldman. just five days ago i did a story on that. so you see another 15 -- 12 or 13% decline. here's something remackable that you'll see at the open today, 30 to 1 declining in advancing stocks and you can go many, many years without seeing that advanced decline in balance today. even now, only about 3% of the s&p 500 is in the green. that's 13, 14, 15 stocks that are up mcdonald's, smucker, obviously coca-cola and the travelers is a broad line you can see s&p yoeths down 3% the s&p value down 3%. to be small cap down about 3 pes. s&p growth value down about 3% this is a graud takedown of the markets. >> all right, robert bob pisani investors are eagerly awaiting the fed's next rate hike on friday and there's a two to one chance that the bank will raise interest rates by half a percentage point, but the potential for a three-quarter move is rising and our next guest ceassees t

ornato had talked about intelligence reports, coming in and saying we had intel reports saying there could potentially be violence on the 6th. remember tony mentioning knives, guns, in the form of pistols and rifles. bear spray, body armor, spears and flagpoles. spears were one item, flag poles were one item, tony, then relayed something to the effect of "and these effing people fastening spears on to the end of flag poles". >> is it your understanding mr. ornato told the president about weapons on the rally of january 6th. >> that's what mr. ornato related to me. i was in the vicinity of a conversation where i overheard the president say i don't effing care if they have weapons, they're not here to hurt me, take the effing bags away, let the people march in. >> so, knowing they were armed, saying take away the mags and let them march on the capitol. in total, today's hearing actually revealed 15 warnings about potential violence at the capitol and they were blunt, like, this might, get, quote, real real bad. there were 14 more where that came from. hutchinson also described in never