SQUAWK BOX, WEDNESDAY 22ND JULY, 2020

A change in tone…President Trump warns that the Coronavirus outbreak will get worse before getting better as the U.S. logs more than 1,000 daily deaths for the first time in more than a month. U.S. stocks dip on the warning, taking down the Nasdaq as well after it hit another record high while precious metals rally with gold reaching a peak not seen since 2011. On a visit to the UK, U.S. Secretary of State Mike Pompeo urges the world to stand up to China over its response to the Covid-19 pandemic as the DoJ says that Chinese hackers have attempted to steal vaccine research. And Snap shares tumble in after-hours trading as user growth slows and losses deepen.