♪ it is 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." futures are higher as investors get ready for a critical week that could determine the direction of the markets and the economy, at least for the foreseeable future. it starts today with fed chairman jay powell speaking at jackson hole. wall street will be looking for any new signals on rate cuts as the u.s. economy hits a crossroads. stopped in his tracks. the canadian government orders its two largest rails back to the bargaining table. making it official.

kamala harris accepting her party's nomination as the crypto industry opens its walling et in a big, big way. and a successful state launch beaching up a launch for cava. investors are hungry for more as the shares take off. it's friday, august 23, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning. thanks for being with us. i'm frank holland. hope your day is getting off to a great start. let's get the trading day ready or get you ready for the trade day. we'll kick off the u.s. stock futures with all through indices coming off a negative session. take a look right now. in the grebe across the board, the s&p up 25 points and the dow looks like it will open 130 points higher and the nasdaq a similar story. all three solidly in the green. the markets are going to pull off a winning week. the dow on pace for a second positive week in a row and the nasdaq likely facing its fifth

negative week in a sick. the nasdaq fractionally lower but still in the red. we're also checking the bronze medal as we await chairman powell's jackson hole speech later this morning. a lot of anticipation. take a look at yields. the benchmark at 3.85%. important to note. this is still very close to the lows of the year. another thing to look at right here the 30-year. we've seen that tick up from its lows of earlier this month. about ten basis points. this is a read on inflation expectations and the two-year back above 4%, and we're also getting a check on oil with crude snapping its four-day losing streak. very solid in the oil market. wti up 1% and similar story for brent crude which had turned negative for the year. we were talking about that yesterday. a bit of a bounceback off of the lows this morning. that's the morning money setup. we'll get a check in asia and europe. our dan murphy is in our london newsroom. dan, happy friday. good to see you.

>> happy friday and good morning. let's take a live look at how wall street is setting up for the trading day ahead starting in asia. stocks across the region here as we pull out closing mixed. you can see stocks in mainland china, in particular up by.2% and the hang seng lower down by 0.16% and stocks in australia finishing on a flat line. the big focus has been in japan where we've seen the nikkei 225 closing up by .4% in the friday session. the nikkei and dollar/yen after ueda flagged a willingness to raise rates. core inflation accelerated for the third straight month so the nikkei tracking at a three-way high. in europe markets are trading mixed here. the smi is negative territory down by .2 and london's ftse up by.02% here so we're seeing gains across the board, and markets also set to close out what has been another positive week here for stocks.

in london in particular, stocks and the sterling getting a boost after this week's bullish pmis that showed uk business activity growing more than expected. frank, that's where we stand, and that is your friday setup. good morning. >> all right. dan. thank you very much. our dan murphy live in the london newsroom. time for a check on some of your morning's big money movers. we'll start off with something that investors are finding a little deliverance, at least if you're an investor in cava. jumping 10% after the casual chain reported earnings that more than doubled. guidance for the year says its new grilled steak dish is giving customers another reason to visit and then come back more often. don't miss the cava ceo in a first on cnbc interview today later on "squawk box." revenue beat becomes and the hr software maker announced a buyback. though forecasts for subscription revenue for this quarter, they are below estimates, but shares of workday

are up over 12%. and ross store second-quarter results beat expectations, beating guidance for the year. they cut prices on branded clothing and footwear is helping to boost revenues and transactions. investors, they are waiting pretty cautiously for the big event of this week. of course, that's fed chairman jay powell speaking at jackson hole at 10:00 a.m. eastern. they will be listening for further confirmation that the fed will start cutting interest rates in september. several fed officials alluding to a cut just yesterday, but also they are calling for a slow and methodical approach. the markets are now paring back the chance of a 50-basis point cut to 26% compared to a 38% just yesterday, again, after the fed officials came out and spoke. the odds for a quarter-point cut, however, are up now to 74%. let's bring in the chief executive officer at ubs global wealth management. good morning. it's been a while. good to see you. >> great to see you. >> you put out your monthly letter just yesterday, i

believe. in there you're expecting to see rate cuts and for investors it's time to put some cash to work if you have your cash on the shrine. how do they do it, and what would you suggest? >> yeah. well, i think one of the important things for people to realize is with the cash rates coming down, now is a great time to move which think towards a balanced portfolio. we see opportunities in investment grade, but also in stocks here, you know. i think we're in august. we have the u.s. election but typically when the fed is cutting rates, starts cutting rates and you're not in a recession, that is very good for stocks over the next year. >> by the way in your note you actually have some data on a balanced perle, 60/40 is a traditional one, 60 tox and 40 treasuries. always positive and other stats. don't have touch time to get into that right now. let's take a look at the dollar.

the dollar is falling about 3%, and in your mind you say that's something very important for investors but why? isn't a falling dollar good for u.s. stock investors? >> yeah. it can be good for investors. i think, you know, one of the factors is if the dollar is coming down. we're looking at some of the other currencies around the world that might be strong, and then it also gives us an opportunity to hedge some of the political risks that may be coming up with things like the swiss franc and gold that can be stronger. >> you think gold could be stronger. another interesting data point in your monthly note you is changed your outlook when it comes to the election. right nowy see a 40% chance of harris winning with a divided congress, a 10% chance of trump winning with a divided congress and you say investors may be too focused on the election but i do think we have to pay attention especially a day after the dnc ends. with this data in mind, is there

something thatshippers should do, to hedge or prepare for this outcome that you're now seeing? >> well, you know, if the summer taught us anything, i think it's the old thing vote at the ballot box, not with your portfolio given the switcheroo that we had. given the time we have it takes betting on the election off the table. the most important thing that we see in our forecast and, of course, how big it reflects reality is that the likeliest outcome is a divided outcome and that should prevent say major changes in things like tax policy. >> all right. mark, always great to see you again. your monthly letter out just a short time ago. thanks for the time and insight >> for more on what's driving the markets and the fed and the fed's jackson hole summit head over to cnbcpro.com/pro for insights and analysis.

a lot more to come on "worldwide exchange" including the one note that investors have to note and canadian government stepping in to get rail workers back on the job and billions flowing once again. and the crypto industry opening its wallet in a big way for the 2024 election. just how much the sector is pumping in to try to sway the outcome. and later we'll talk about how big of an impact a potential rate cut could have. a ryve busy hour still ahead when "worldwide exchange" is still ahead. don't go anywhere. (♪♪) sofi is helping me get my money right to achieve my ambitions. like a saving for a better swing.

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and welcome back to "worldwide exchange." let's get a check of our top stories. silvana hinnow is here with those. good morning. >> happy friday to you. workers at canadian national railway are set to return to work today hours after the canadian government moved to end an unprecedented rail stoppage. the union representing rail workers says the work stoppage at canadian pacific kansas city will continue unless canadian labor officials step in. those officials, the union and the company are all set to meet today. meanwhile, general motors cruise units striking a deal with unier to offer driverless rides. under the multi-year partnership cruise will give users the option to use its robo taxis as soon as next year. now the announce president comes as cruise works to revive its operations after an incident last october when a pedestrian was dragged by one of its

vehicles. and "the wall street journal" is reporting that skydance is accusing paramount of breaching the terms of its bid for the company with its recent decision to extend its go shop window to work with other bidders. that was extended to end wednesday but extended in the wake of a $6 billion bid from edmund broffman jr. paramount shouldn't have extended the window and it should stop negotiations with broffman, frank. >> a lot more to come when it comes to this story. >> absolutely. >> thanks so much. see you later in the show. turn our attention to the 2024 race. vice president harris officially accepting the democratic party's presidential nomination last night. harris using her speech vowing to unite the country and stressing that building the middle class will be a defining goal of her administration if she is elected.

>> i will bring together labor and workers and small business owners and entrepreneurs and americans companies to create jobs, to grow our economy and to lower the cost of everyday needs like health care and housing and groceries. we will provide access to capital for small business owners and entrepreneurs and founders. >> with the conventions now in the rear view mirror and harris and former president trump beginning that sprint to november, the crypto industry is flexing its financial might to have a real impact on the election. we have much on this story. great to have you are here. >> nearly half of all the corporate money is coming in the crypto industry accord toeing a new report from a non-public watchdog group. koch industries is second place

as sector heavyweights as coin base and ripple and ripple are giving tens of millions apiece to try to elect candidates friendly to the industry. most of that corporate money being raised is going to the popular and bipartisan pro-crypto super pac called fairshake, one of the top spending pacs this year. i spoke to get the for you largest donors and its two associated pacs. coin base was contributed $49 middle and a16z and ripple have given $47 million and jump crypto has put in $15 million, a total of $16 million with more than 90% coming directly from corporations. as to where the money is going, a filing with the federal election commission this week showed that in july fairshake dispersed $75 million and still

has 120 million still left to deploy until the november election. >> big question, where is all that money expected to go, and the money they spent so far, $75, is that having a real impact? >> they have committed $25 million to 18 house candidates in the general election, nine democrats, nine republicans and another $18 million going to three senate races, and what's interesting is so far to your second point this has really paid off, the strategy of putting money behind pro-crypto candidates. of the 42 primary races 36 of the candidates that had the pro-kp pro-crypto money behind won. the ads that put the money behind, it was the standard political jabs at the opposing candidate. it's not shintaro ishihara u of crypto situation voters, it's that had a handful of businesses are spending money that it's impossible to ignore them. >> $120 million left. great reporting as always.

>> thanks, frank. coming up on "worldwide exchange," details on how china is apparently skirting washington's chip rules and washington's chip rules and their attempts t today'o bypassallenge is to play 9 holes more on that story. stay with us. the middle of your bag. how does that sound? that sounds terrible. ♪♪ ♪♪ ♪♪ ♪♪

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salesforce at the top of the list up by 1.5%, intel up 1% and amazon up over half a percent. turning now to the mortgage market, mortgage rates are hovering at the lowest level in years with the average rate currently sitting at 6.5%, the lowest level since may of last year. as rates pull back data shows home sales rose for the first time in five months with a sly of home sales in july. with chair powell expected to cut rates a further cut could put more downward pressure on the cost of homes. let's bring in the lead analyst from logue housing wire. great to see you. >> good to be here. >> a year ago rates were almost a percent higher. does that have a real impact, 6.5%, and if so does it have a bigger impact on existing or new home sales? >> i believe it will have more of an impact on new home sales

because the builders can still pay down rates. i haven't seen anything to have sustained growth in the existing home sales market until we get rates below 6% and having it stay there, but the builders have shown that they can grow sales since the low is of 2022 because they live in a sub 6% mortgage market. we've got a little small bounce recently in the existing home sales market. purchase application has picked up just a tad, but nothing to get too excited. rates are still a little bit too high for the existing home sales to grow. >> seems like people really aren't getting excited. i was on the housing wire site. backwards looking. it shows mortgage applications town 10% ending on august 16. why is that? why are the applications down with rates down so significantly from just a year ago in >> you know. i would like to compare this period to the early 1980s when affordableability was a little bit worse back then, but mortgage rates wind 2.5% lower and stayed there. so for us to get sustained

growth, you know. mortgage rates probably have to be between 4% and 6% for a while and then since home sales are really at record lows we can grow sales from there. now the builders have shown us that you can grow sales in a sub 6% mortgage market. the existing home sales isn't there. they don't have that ability to push rates lower like the builders can. >> logan, of course, we were coming off the last night of the dnc. kamala harris speaking last night. something that has made headlines. a lot of people are talking about her plan for the $25,000 assistance when it comes to housing. i want to get your take on it. in your view does that have the potential at least to have a meaningful impact on the housing market, especially for newer buyers and younger buyers? >> you know the 2010 tax cut boosted home sales very briefly. it brought forward-looking demand in. it does have the potential to grow sales if mortgage rates keep on growing lower. both those two things together can grow sales. i do believe again the builders

will probably benefit more with that plan, and if you really want housing starts to grow, you'll need more new home sales, and that will assist with lower mortgage rates to boost sales up definitely for sure considering how low existing home sales are today. >> want to come full circle. we'll hear from jay powell later today speaking in jackson hole. what he says, does that actually influence the mortgage market? we talk a lot about rates and mortgages? how actually are they actually correlated or tied? >> well, you know, we've had a 1.5% move from the highs of last year. i think the mortgage market is really working off the labor market. if the labor market gets softer, definitely rates can go lower. what rate cuts can do is make the mortgage spreads better. we're about 75 basis points or 1% higher than what we would normally see mortgage rates. rate cuts and a more dovish feds can make the fed dovish overtime because that will get you in a sub 6% mortgage market world.

>> always love the hair and great shirt. thanks for the insight. as we head to break, check out shares of peloton coming off a 35% surge, yeah, a 35% surge, its biggest rally in nine quarters. however, shares right now right now down bomb 3%. fur haven't already, follow our podcast of the check us out on apple, spotify or the podcast apps. much more "worldwide exchange" coming up right after this.

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it is just about a:30 a.m. in new york. still a lot more ahead on "worldwide exchange." here is still what's on deck. futures are higher this morning ahead of a week that could go a long way in shaping the near term path for stocks and the economy. first up jowl. wall street wants confirmation. will he or won't he open the door to cutting rates next month, and by how much? and on the horizon, the next stress test for wall street, earnings from nvidia. can the $3 trillion embodiment of the entire a.i. craze deliver and maybe even reignite the mag 7 trade? it's friday, august 23, and you're watching "worldwide exchange" right here on cnbc. ♪ and welcome back to "worldwide exchange." i'm frank holland.

hope your morning is getting off to a good stop. we'll start the half hour with a check of u.s. futures. right now in the green across the board. the s&p looks like it will open up 25 points higher. the dow looks like it will open over 130 points higher. similar story for the nads being did a, up 122 points. right now we'll take a look at the biggest pre-market gainers for the nasdaq 100. take a look right here at the top of the list is workday, shares up 12%. ross stores in the number two spot, up a.% and moderna is up 1.5%. the markets looking to pull over a winning week. the doi and s&p on pace for a second positive week in a row but take a look. the nasdaq likely facing its fifth negative week in the last six. the nasdaq lower, close to flat but in the red. something to continue to watch throughout the show. we await chairman powell's speech later this morning. take a look at the benchmark, 3.85, close to the lows of this year. important to note, the two-year

yield just slightly back above 4% and yields ticking up on long bond on the 30-year. remember, this is a read on inflation expectations. we have seen this tick up in recent days. also getting a check on oil with crude snapping its four-day losing streak. take a look. big bounceback. wti up 1% and brent crude nearly up 1%. remember, we talked about this yesterday. brent crude actually turned negative for the year yesterday, so a big bounceback off of those lows. okay. that's your morning money setup and now a check of this morning's top stories. silvana hinnow is back. great to see you. >> good to see you. reuters is reporting that state-linked entities in china are using cloud services provided by amazon and others to access u.s. chips and a.i. tools, this despite the u.s. government restricting the export of high-end a.i. chips to china. reuters says accessing the chips or the a.i. models through the

cloud is not a violation of those rules. the fda has approved updated covid-19 vaccines from pfizer and moderna. the shot target newer versions of the disease, including the dominant kp2 variant. pfizer and moderna expect the vaccines to be available across the united states in just the coming days. and nasa says it could decide by tomorrow when boeing's starliner will come home from the international space station and whether its two astronauts will be on board. starliner has been at the space station since june 6 for what was supposed to be an eight-day stay, but the spacecraft's propulsion system partially failed on approach and is also suffering from several helium leaks. now if nasa decides against using starliner to get the astronauts back to earth, a backup plan is to ferry them home on the next spacex rocket

mission. fascinating stuff. >> this is literally rocket science. a lot of times people say it's not oct not rocket science, but this is octo-signs. investors preparing for the big speech by chairman powell who expected to give the latest update on the economic prognosis and when rate cuts could be coming, but the markets expect the central bank to begin easing policy next month with investors largely focusing on how big and for how long the fed will go with those cuts. for much more let's bring in the "new york times" federal reserve and economy reporter who was there at the jackson hole summit. good morning. always good to see are you? good morning. thanks for having me. >> let's start off. what are you expecting? big week for the markets. we have a lot of stuff going on obviously today, and a big day for economic reports. g dp next week and pce. how much do you expect chair powell to give us guidance on

what he's thinking for the september meeting? >> yeah. i think the big challenge for jay powell is there's a very important jobs report coming on september 6 which will give the fed officials a real clear leading on whether the pop-up in unemployment we saw in july that has them worried was a real thing or a one-time one-off situation that isn't going to repeat itself, so i think that that is just a critical piece of data. it's almost hard to exaggerate how big of a deal that is, and that means it's going to be very difficult for powell to really commit very firmly to anything today. i think he's clearly going to -- it's always a big speech and always a big theme-setting speech that he gives out here, but i think he wants to avoid saying we're definitely going 25 or we've definitely going 50 in september, and i think that that is probably where we are. it's going to be a good speech but not a firmly committing one. >> sounds like you're saying our expectations may be just a bit too high. some are waiting to hear what

he's saying to look for any clues. the jobs market isn't quite as strong as many of us thought it was. we saw the downward revision of over 800,000 jobs lower. that is backward looking but is that an important data point for them as they look to future decisions? >> yeah, i think it's probably rell rant so them, and i think it's relevant in the context of some of the other data we've gotten recently. we now know the jobs market wasn't kicking as strongly as it was earlier in the year and we know the unemployment rate seems to be moving up. if you look at the new york fed survey which just surveyed it's not a long dated one but it shows that household are reporting that their job prospects are souring pretty seriously. i think you take all that have together, and it definitely looks like a molt where you need to be cautious about the outlook for the job market, and that matters a lot because i think it's often, you know, sort of forgotten or overlooked that when we hit these turning points in the economy, the labor market is often the first thing to go. like it's consistently the case

that you have unemployment move up and the job markets slow down before you see retail slow, before you see the gdp and other sort of consumption-based metrics really start to take a crack, so i think they have got to pay a lot of attention to this stuff you. >> mentioned the jobs report coming up. again, we have pce next week and another cpi report. how important are those as the fed looks to make that september decision? >> i think they are probably important as confirming evidence, but i think that the reality is that at this point the fed is seeing basically what it wants to see when it comes to inflation. you know, i don't think that the bar is super high here. i think they need to see a continuation of what they have already been seeing. they need things to not sort of go crazy or break out the pattern that it's been recently, but in general like what the picture that they are looking at is one of inflation that is pretty steadily coming down of the things that are still holding inflation up, the pretty quirky things, the housing indicators that we love to talk

about which are very lacking so at this point they are feeling pretty good about inflation so it's just a matter of clearing that hurdle of continuing to be the kind of progress that we've been seeing. >> you know, previous weeks we've seen the markets kind of move when different fed officials come out and speak and here we'll hear from jay powell and hear what he has to say and later in the day we'll hear from aust ann goolsbee. steve liesman has this and next week we'll hear from raffaele bostic. how much weight should we put on the view of each of these fed officials as we go towards the that september meeting? >> you know, i think chair powell is the most important person in that room and his speech will set the agenda and dominate. big moments like this where you've got sort of a turning point and there's a difficult decision to make and it could be a close decision, you know, i think that it's entirely possible that the fed doesn't really knoll if they will go 25 basis points or 50 basis points in september. at that moment this can really

matter because i think it can be the case that they kind of have to make sure that everybody is on board in order to get a move through and so i think, that you know, particularly if some of the data comes in a little bit in the u.s. if they aren't super clear and those other voices are going to be really, really important. >> jeanna smilic, always great to see you. >> thank you. >> we'll have complete coverage of the jackson hole summit including chairman powell's speech at 10:00 a.m. eastern. our steve liesman speaks to reafial bostic and a conversation with austan goolgsbgo goolsbee coming up at 12:30%. goolsbee coming up at 12:30%. we are back in just a moment.

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let our expertise round out yours. all right. welcome back to "worldwide exchange." time now for a quick look at futures. s&p up 25 points and the dow looks like it will open up 137 points higher and the nasdaq up .75% as well. a look at s&p 500 gainers in the pre-market. ross stores up 5.5% following earnings. verisign is up by 2% and now it's time for the morning call.

piper sandler upgrades its outlook on chewy. j.p. upgrading its rating on washy parker. saying the top and bottom lines the next two years are too low given early signs the consumers will be upgrading their eyeglasses and jpmorgan downgrades peloton down to neutral. growth remains challengin and visibility is limited. the yen is rising today ahead of the bank of general signals they are ready to raise rates as growth and inflation remains on track and markets remain jittery which could affect the forecast. the raised its short-term policy rate for years in july. . a zeneca is reportedly threatening to move vaccine production from the uk to the u.s. as talks over state aid have falls. they could also shift manufacturing to india where it's produced vaccines in the past.

a company spokesperson has denied that report. and shares of nestle is lower following the abrupt departure of its ceo schneider. schneider is now being replaced by company veteran laurent freixe. coming up here on "worldwide exchange." a look at where markets move next. dan ives is standing by with the key numbers that you need to know ahead of the report. we're back ri

all right. you might think the final week of august would be relatively quiet as traders take the last vacation days before the end of summer. however, there's a huge potentially market dark moving event looming next week. that's nvidia earnings. some analysts are suggesting those results may even overshadow jay powell's speech today in jackson hole. it seems nvidia is under pressure every quarter to say that the a.i. hype is real. joining me now is dan ives, managing director of web bush. eps growth of 125%, investments um, astronomical. you're shaking your head and can this company meet expectations and can it exceed them or is

meeting them good enough for investors? >> meeting is not good enough but i believe this is going to be a drop the mic moment because it shows all the streaks are accelerating. every quarter they say prove, it prove it, prove it. this revolution is just starting and it all starts with nvidia. in my opinion it's the most important earnings not just the year but potentially many years in terms of what this represents in terms of tech. >> i've been asking a lot of people this. is it the earnings that matter or the guidance because the oaks pectations are lofting? they say they meet or beat when it comes to revenue and eps but the guidance isn't what people are expecting. what does it do to the stock and the markets? >> it's all about the guidance. we just got back from asia. all of our checks is showing that the street is still underestimating this acceleration because right now the only game in town is jensen, and really if you look at what invidya is doing, especially from chips coming forward, this

enterprise the man is just starting. in my opinion powell in jackson hole is so important. >> huge. >> but the market, what it's going to do for the rest of the year, and i could argue even into 2025, it starts with this nvidia earnings. i expect, get the popcorn ready. >> you say this every quarter, dan. >> but this -- this is going to be a show-shopper's showing where the revolution is going, and i think the skeptics can continue to be proven wrong. >> what about the questions, the air pocket between different iterations of their chips, some of their customers making their own chips and the fact that the a.i. enthusiasm seems to be dying down? you're not concerned about any of that? >> yeah. so it's hit on them. delayed for two or three months, i view that as sort of an asterix. in other words, this is not moving the needle in terms of a demand perspective. when you talk about a.i. in terms of some of the hype, look what we saw from the hyperscalers, amazon, google,

microsoft, this in terms of the use chases. know is showers the second and third and fourth derivatives are starting to play out. when i look at what the godfather of a.i. and nvidia are doing. we're talking about transformation. i believe a year from now this is a $4 trillion market cap along with apple and microsoft. >> you're saying jensen nvidia, not jenson wong anymore. you're making decisions. i want to get back to the note. according to your research for every dollar spent on nvidia chips it flows through from the rest of the tech sector from $8 to $10. what does that mean for some of the other stocks? >> that's the most important thing. remember, it's not just bin vidya. it's about the multiplier. it's about the revolution, the drill done dollars of cap "x." for every dollar spent on an nvidia chip, there's an eight to ten multiplier across the rest of the tech. that's why it's so important for what nvidia says for this bull market to continue. >> you're saying it's a broad

tailwind, a rising tide that lifts all boats, even in software because soft weigh seems to be under pressure, or at least it was and it seems like the money going to software is going to dhips. >> you'll hear from benioff and salazar, what are they focused on? a.i. look at mcdermott, it just started now. the software wave is a second derivative. nasdaq 20,000 next year and it continues because now the rest of this party -- it is only 9:00 p.m. in the a.i. party. >> that goes to when? >> and we believe it goes to 4:00 a.m. >> not to sunrise. >> 4:00 a.m. will there be time the mousse being stops, yeah, but right now next week it shows this party and the music continues to play on. >> i know tech is a warehouse. we'll show a chart. this is the mag 7 and equal weight which outperformed the mag 7. when it comes to the mag 7

trade, how does that compare? post-earnings up or down 10%? what do you think it does the mega cap/a.i. trade? >> i think this is just a start. look what happens in terms of the new iphone launched. the a.i. story will be led -- >> this is the broadening of the market. people are putting money in other places, especially cyclicals ahead of cuts. you're saying this report could actually change some of the flows? >> i think it do, and i think ultimately tech will lead the market higher from a large cap perspective. we look into year end and i think mag seven outperforms. look, many have been -- the bear is in hibernation mode. they have been negative on big tech for the last few years, but when it comes down to numbers, w when it comes down to the 1995, 1996 moment but not a 1999 bubble moment. >> dan ives, always great to

have you here. >> thank you. >> coming up here on "worldwide exchange," u.s. markets are overbought and the overseas stocks that she says are due for attention and if you haven't already follow our podcast. check us out on apple, spotify or the apps. much more coming up after this break.

welcome back to "worldwide exchange." time now for the wex wrap-up. workers at canadian national railway are set to work today after the canadian government moved to end an unprecedented rail stoppage. the union representing rail workers, canadian pacific, kansas city and canadian labor officials are all set to meet to end that stoppage. shares of uber are under some pressure after they struck a deal with gm's cruise unit to offer driverless rides. the multi-year partnership is slated to begin next year. paramount global shares are pulling back. skydance is accusing paramount of breaching its terms for the bid of the company with its recent decision to extend it's go shop window to exchange -- to engage with other bidders. shares of cava are jumping after the fast casual chain reported earnings more than double. the company also raised its guidance for the year. the ceo joined "squawk box" on a personal interview at 6:15 eastern. revenues moved higher and the

software-maker announced a $1 billion buyback and they are looking at their outlook for this year. here's what to watch today. new home sales data this morning. watching for earnings from buckle. also the fed's jackson hole summit, it continues. big event up today. chairman jay powell gives a speech at 10:00 a.m. eastern. also, we have a pair of first on cnbc interview. our steve liesman speaks with with raphael bostic and then austan goolsbee at 12:30. the dow yesterday was -- the s&p 28 points higher and the dow higher and we're also on a record watch. we'll see possible record highs for both the s&p and the dow. let's bring in the chief

executive officer of main street asset management and she joins us now on the cnbc "newsline." good morning. great to hear from you i should say. >> yeah. great to hear from you, frank >> i think we need to start off with jay powell speaking later today. what are your expectations for what he's going to say? also the market reaction? >> sure. i think we're going to hear much of what we've seen before. i'm not sure we're going to get any big surprises. i think the biggest jackson whole surprise we've seen this year is going to be a little less because they are a little unsure after that july unemployment report, and so i think they are going to be a little more cautious perhaps saying that they are going to do a cut okay, you know, making it more likely for september, but certainly not giving us any indication about the magnitude of the cut because i think just like your prior guest said,

we're really looking at that august job report that comes out the beginning of september. i think that's going to be the last critical point and information that they are going to be looking at before they give us any real indication. >> you know, erin, you're focusing a lot on jobs right now. i want to get your take on the downward revision of jobs, over 800,000 that we saw. what was your reaction to that? how do you think the fed is reading that? >> for me i think it was something that people were complaining and feeling. it really reaffirmed what people had been saying all along and while people are dismissing it and saying the fed may not look at it, i disagree on that point. think it is something that we look at because when we got that initial shock of the jobs report for july, there was a lot of dismissiveness and oh, it's just because of immigration, and they sort of poo-pooed it, and that's

why we saw the markets drop and rebounded immediately, so i think that this is just another crack that we're seeing. this causes a lot of concern for me, you know. how are we going to unwind all of the stimulus and are we already too late when it comes to creating negative unemployment or slowing unemployment? >> one more big question for you. >> sure. >> we've been talking about this earlier in the show. big week for the economy. jay powell this week and nvidia next week. a big take on how you see nvidia earnings playing out. we were talking about eps growth forecasted to be 120% higher. >> look, i think nvidia has a great track record of being able to beat the earnings. i think they will do well. i'm not sure they are going to be able to brave the remainder of the a.i. sector and nvidia is its own entity and being able to navigate the space. >> last but not least, give us your record of the day.

>> it's euroreversal, unwinding the cautionary fear that we're looking at if we do get poor unemployment so i'm liking at stable european companies that can do well that are low valuation, low risk and won't have as much of a turnaround if we see some disappointing reports come out and see the volatility that we saw in october. they are still favorable and will give you nice upside. >> all eyes on the u.s., specifically wyoming. you're looking over in europe. the idea is we're going to get rate cuts, possibly a quarter, maybe even 50 basis points. isn't that the time to put money in the u.s. market? why would you want to leave the u.s. as we go into a rate cut? >> well, because the a ecb already cut rates back in june so, look, they are looking to stimulate. it's not so much that i'm saying that europe is going to uth perform america. i'm saying the american markets are extraordinarily frothy, you know.

we've gotten back up to the high valuations, and we have a lot of risk if we don't perform to perfection, and i think there are enough cracks out there to say that this could be a disappointment and that we could see some downside. >> erin gibbs, great to see you. calling a defensive play. one more quick look at futures as we mentioned all morning long in the green across the board after seeing a bit of a pullback. that does it for us. "squawk box" starts right now. ♪ good morning. stock futures pointing to a higher open as the market awaits new comments from fed chair jay powell at jackson hole. vice president kamala harris formally accepting her party's nomination for president last night. we'll take you live to chicago. and shares of mediterranean restaurant chain cava are higher thanks in part to well-received pricier options including grilled steak. the ceo will join us this hour,

friday, august 23, 2024. "squawk box" begins right now. ♪ ♪ good friday morning and welcome to "squawk box" here on cnbc. we're live from the nakz market site in times site. i'm kelly evans along can joe kernen. becky and andrew are off today. >> that is green. >> it is brat green. >> it's a beautiful green. >> thank you. >> i already had an argument in makeup. >> over what color? >> is it kelly green? by definition today it's kelly green but is that the actual shade of green than kelly? >> this is more neon. like cnbc green. >> i think it's money green. >> money green. >> because we've got -- we'll talk about the guy who prints all the money. >> oh, we are. it's in honor of powell. >> did you think about any o