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Chip stock sell-off, Netflix earnings, Trump's approval rating and more in Morning Squawk 41%
By Alex Harring0%
7/17/2026, 12:35:44 PM
Topics: Stock Market, Investing, Technology Stocks, Earnings, Economic Outlook, Retail Crime, Regulation
Keywords: Investment Strategy, Economy, Markets, Business, Nasdaq Composite, Taiwan Semiconductor Manufacturing Co Ltd, Vaneck Semiconductor Etf, Alphabet Class A, Dow Jones Industrial Average, Netflix Inc, Advanced Micro Devices Inc, Donald Trump, Micron Technology Inc, Arm Holdings Plc, Lowes Companies Inc, Tjx Companies Inc, Ishares Semiconductor Etf, Invesco Qqq Trust, Technology Select Sector Spdr Fund, Unitedhealth Group Inc, Trump Media And Technology Group Equty Warrants Exp 25th Mar, Microsoft Corp, Karoline Leavitt, United States
BS Summary: This article contains 22 faulty reasoning types, including Appeal to Authority, Availability Heuristic, and Recency Bias, with Negativity Bias as the most egregious example at 19.6% saturation with 174 hits. Analysis detected 929 faulty-reasoning hits from 887 analyzed words, generating a BS Score of 45.5% and a BS Rank of 41% (13,027 of 21,887 articles). This article is better (less manipulative) than 59.50% of the article peer group.
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Happy Friday.
There are vastly different numbers floating around about the great wealth transfer.
CNBC's Robert Frank explains why the estimates can vary so widely.
Stock futures are sliding this morning following a down session yesterday.
Here are five key things investors need to know to start the trading day:
1.
Blown fuse
Nasdaq-100 futures dropped as much as 2% in premarket trading this morning as tech stocks continue to lead the market lower.
The VanEck Semiconductor ETF (SMH) has dropped nearly 7% this week, as of Thursday's close, putting it on track for one of its sharpest weekly declines in the past year.
Here's what to know:
* An increased spending forecast from Taiwan Semiconductor sparked a sell-off in the chip sector yesterday.
Chipmakers including Arm Holdings , Micron Technology and Advanced Micro Devices all lost more than 5% in Thursday's session.
* Tech's troubles weren't limited to hardware: Alphabet shares dropped 4% following a report that the Google parent is delaying the release of its artificial intelligence model.
* The blue-chip Dow Jones Industrial Average sidestepped some of the market turmoil, thanks in part to UnitedHealth's post-earnings gain.
* Still, all three major indexes are on track for negative weeks.
* Follow live market updates here.
2.
Net negative
Netflix 's second-quarter results were roughly in line with Wall Street's expectations, but disappointing earnings guidance from the streamer sent the stock down more than 11% in extended trading.
Netflix also said Thursday that it would reduce the frequency of its "What We Watched" engagement reports.
The metric has been in the spotlight following reports that viewership for the streamer's series drops after the first season.
Still, the company described engagement with its content as "healthy."
Netflix raised subscription prices earlier this year.
It said the results of those hikes were in line with its expectations and past raises.
3.
Pulse check
Americans are increasingly pessimistic about the economy, and they're blaming President Donald Trump, according to CNBC's latest All-America Economic Survey out this morning.
Roughly 60% of those surveyed said they had a bad view of the current state of the economy and the outlook for the future — the highest such reading since late 2023.
About the same percentage said they disapprove of how Trump has handled the economy.
The president's net approval rating stands at 40%, according to the poll.
The survey also found that voters would more likely support a democratic socialist candidate than a Trump-endorsed candidate or candidate tied to the Make America Great Again movement.
But socialism is still less popular than capitalism in the U.S., according to the poll.
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4.
Retail theft
The next wave of organized retail crime is upon us.
Police say that digital forms of theft such as tap-to-pay schemes and app fraud are allowing Chinese gangs to rake in as much as $1 billion a year.
Rather than steal from store shelves, the fraudsters are using stolen credit cards and digital payment systems to purchase gift cards.
Experts say the thieves target retailers because they don't have the same amount of security as banks, but their systems still house sensitive information.
While there's no clear data on how much retailers lose from this type of crime, CNBC found around a dozen criminal cases in the U.S. tied to digital forms of retail theft.
5.
Regulators and operators
Event contract exchanges have long been regulated by the Commodity Futures Trading Commission.
But legal experts are now expecting its sibling agency, the U.S.
Securities and Exchange Commission, to play a role in prediction market oversight as platforms such as Kalshi and Polymarket boom.
A Polymarket spokesperson told CNBC that it has engaged with both the CFTC and SEC on definitional frameworks for prediction market offerings.
Kalshi declined to comment.
Meanwhile, the CFTC is investigating Trump's longtime teleprompter operator after he allegedly made Kalshi bets on statements from the president.
White House Press Secretary Karoline Leavitt said Thursday that the teleprompter operator had been placed on unpaid leave.
The Daily Dividend
Here are some stories you might have missed this week:
* Elon Musk's Memphis AI empire is the epicenter of the data center backlash
* Trump doubles down on 2020 election claims in national address, alleging China meddling
* Microsoft's Nadella criticizes Anthropic's Fable for being 'editorially controlled'
* New York becomes first U.S. state to impose AI data center ban
* T. rex sells for $50 million, becoming the most expensive dinosaur fossil ever auctioned
* Why the housing market is hurting so much this summer
* Trump Media launches paid data service to help Wall Street track Trump's posts
—CNBC's Sean Conlon, Annika Kim Constantino, Lillian Rizzo, Gabrielle Fonrouge, Scott Zamost, Anna Gleason, Steve Liesman, Garrett Downs, Ananya Chetia and Davis Giangiulio contributed to this report.
Luke Fountain assisted in the production of this newsletter.
Josephine Rozzelle edited this edition.
Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.
Speakers
6speakers7.8%attributed speech818writer words
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100%flagged-word coveragePolymarket
22 attributed words32% of attributed speech71% writer coverage
Attribution is sentence-level. Pattern percentages are calculated only from words assigned to that voice.
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Analysis
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