Stocks Continue Thursday’s Selloff, Intel Tumbles, Goldman Settles 1MDB Case, Verizon CEO On His Company’s Results

The “Squawk on the Street” team discusses the continued selloff after yesterday’s losses. Tensions continuing to ramp up as China orders the closure of a U.S. consulate in Chengdu, a retaliation move after Washington shut the Chinese consulate in Houston earlier this week. Shares of Intel getting hammered after saying its next-generation chips will come out 6 months later than expected. The company did report earnings that were 12 cents above estimates, while its revenue also came in above forecasts. On the flip side, rival AMD, getting a boost because it already has a “7nm” chip on the market. Plus, Goldman Sachs reaching a $3.9 billion dollar settlement with the Malaysian government over its multi-billion dollar 1MDB scandal. The CEO of Verizon, Hans Vestberg, joins the “Squawk on the Street” team to discuss his company’s results after beating on both the top and bottom line. Vestberg also commenting on the negative impact from COVID-19, ad spending revenues and the road ahead.