welcome. you're watching worldwide exchange and here are your headlines from around the world. investors take a breather from the yoyo markets. oil also on the rebound climbing nearly 4%. the fed's william dudley fuels hope that september lift off is off the table as economists push out rate hike expectations to september. >> from my perspective at this moment the decision to begin the normalization process at the september fomc meeting seems less compelling to me than a few

weeks ago. >> it's not a market for the faint hearted even for some of the greats. bill ackman and bill gross suffering amid market swings. >> and case dismissed. they're clearing them of accusations of rigging markets for fast traders. welcome to the second hour of worldwide exchange. after five days of triple digit delines the dow surging 619 points. the s&p 500 up about 72 at 1940. the big out performer in terms of percentage terms was the nasdaq. still well above 5,000 but gaining 4% with tech and bio tech being the stand outs. here in europe reminding investors how much the reset in

the global growth picture can impact equity trade. we've seen a lot of volatility over the past couple of days. do you see a trend there? i think i do. xetra dax back above 1,000 and still in correctioner the moy t. about 14% from its recent highs. of course out of these four european markets germany has the highest exposure and makes about 10.5% of sales in the market. french markets with a gain of around 3%. italy in the green higher by 2.3 and we'll take a look at the ftse 100 thanks to the rebound and commodity prices today. not just oil but copper as well. that's helping the mining stocks out perform which have been trading at multiyear lows. ftse 100 higher by 130 points but of course the global market

picture improving in terms of overnight trade. chinese equity with their queues from wall street. up 5.3% on the day. this marks the biggest one day percentage gain since july 9th and the first positive session in six. why did markets rebound? let's get the word from eunice yoon that joins us live from beijing. over to you. >> thank you so much. we're definitely seeing a big recovery in the chinese markets but at the same time there's still quite a bit of fragility among investor sentiment. right now we're seeing the government really coming to the markets to try to after the market closed yesterday. the chinese central bank injecting $22 billion of liquidity into the banking system. earlier in the day the government announced restricting the index futures trading and also saying they're going to

step up efforts to investigate illegal trading and insider trader as well as rumor mongering. now this approach is just a continuation of what we've seen over the past couple of weeks and it's really unnerving a lot of investors here. today on social media there were -- most of the comments were a little skeptical about this rally saying that, yes, the market is up but it's probably just going to drop over the next couple of days and what we're seeing here as well is the government in pr overdrive. the chinese state media is full of editorials trying to convince people that there are many alarmist voices in the west. the people's daily which is one of the top newspapers today had an editorial saying that china is displaying rare courage to push ahead with economic reforms and that outciders don't fully understand this. the global times another

communi communist party paper said outciders don't understand the fact that china's economy is doing quite well. there's another article written that pointed to a researcher at the chinese central bank who they quoted as saying that the problems in the global market turmoil isn't so much because of the devaluations of the currency here but mainly because of the expectations of a change in policy at the u.s. federal reserve. so a lot of finger pointing going on right now and mainly china is -- in the state media there's a lot of deflection going on trying to say we're not to blame for the problems in the stock markets. >> very interesting. thank you for that report. now switching focus to the fed, the rational behind a september fed rate hike is now less compelling. that's the view if new york fed president william dudley that gave the sign that china growth

fears could delay lift off. the comments come as the top central bankers prepare to gather at the annual jackson hole conference in wyoming where steve filed this report. >> central bankers around the world ready to meet in the shadows of the mountains in jackson hole markets look more like this after five dpas of extreme volatility. that lead a leading fed official to suggest the odds of a september rate hike from the fed are eroding. >> from my perspective at this moment the decision to begin the september normalization process is less compelling than weeks ago but it could be more compelling by the time of the meeting. >> dudley who along with janet yellen is come noting to jackson hole said chinese economic weakness and the strength of the dollar and market gyrations combine to make the chance of a hike less likely in september but he wouldn't rule it out since it's still three week bs s

before the next meeting. >> we'll be very sensitive to what happens from the employment numbers a week from this coming friday and they'll probably get another decline in the unemployment rate. >> a new fed survey finds that wall street economists now expect a later first fed rate hike than they did previously. moving the expectation to december from september. but nearly 40% of the 26 surveyed still see the chance of a september hike. the irony is that u.s. data has been strong recently. just today the government reported that business investment in july rose the most in a year but the fed is cautious about recent developments. >> the slow down in china and the sharp fall in commodity prices are increasing the strains on many emerging market economies and this could lead to a slower global growth rate and less demand for u.s. goods and services. >> some thought the federal reserve would go for a hike in the mountains, solidifying the

case of the first rate hike but it looks more likely that the federal reserve at least for now is on hold. cnbc business news, jackson hole, wyoming. >> stay tuned to cnbc. steve will be speaking to kansas city fed president esther george. that interview coming up at 6:30 a.m. eastern. >> it's a big day for the u.s. at 8:30 we'll get a second estimate. second quarter gdp growth should be advised higher due to strong retail sales and other economic data in june. this is referencing the three months in ending in june. investors are now pointing to friday's michigan consumer sentiment number as a better gauge of the u.s. economy and a signal for when the fed will lift off following comments from fed's almowilliam dudley. martin, good morning to you.

what did you make of the rally yesterday? do you believe in it? or was it just a head fake? >> well it was good to see after such a brutal downturn in the last few days. i don't know if it's a head fake or not. now is the time to think about the broader principles of investing and one of the things that we know is to concentrate on the knowns and that is that there's bargains out there in the stock market and if you look at stocks as a surrogate yield instrument, in other words, where they're selling relative to their free cash flow there's still a lot of stocks and areas of the stock market that are quite expensive however there's increasingly a very large number of companies that you can buy on extremely attractive valuation levels. you have companies trading at, you know, 10%, 12, 13, 14%

yields if you invert their free cash flow as a percentage of their market caps. the economy is desen. it doesn't look like we're in for a recession and globally perhaps china is not experiencing it's moment but the world is going through this transition where commodity prices have -- might be in a new normal of being low like in the 1980s and if that's the case, then they're clearly going to be winners and losers and the volatility that we're seeing in the markets i think kind of reflect that. >> we have been seeing a bit of deleveraging value at risk selling earlier this week. does this mark a fundamental shift in how investors view the market? allocating more money in defensive sectors like telecom

and utilities versus exposure to tech and bio tech? >> there's certainly a rotation happening and and people are scared. there's a lot of fear and where people put their money, they move to the areas that have worked recently and those areas that have been brutally dealt with by the market. you have the big media company. some of which we own trading on a nearly 14% free cash flow yield have been in sort of a free fall because the narrative is companies like netflix are putting them out of business like amazon is doing to retailing. the reality is that content providers will still have customers that are going to want to utilize their services, their product. kids are still going to watch

sponge bob whether or not netflix controls the world. so i think that what investors are doing is one thing but i think it's creating opportunity for those that have a longer term perspective and one of the things that we know is that it's during extreme periods of fear and greed that investors make their biggest mistakes so it's really important for people to think what's the world going to look like in three years from now and what's the businesses i own going to look like two years from now and perhaps they should think about the fact that stocks historically have always been volatile at certain points. >> does seem to be the reset in the global growth picture that's top of mind, especially this week. watching the equity trade as well. martin, stick with us. we want to get everyone caught up on some of the other top story at this hour. bill ackman says his hedge fund is down for the year after the

recent market decline but in an investor letter ackman has not made changes to the funds holdings and lower commodity prices and weakness in china are not likely to have an impact. meanwhile, it suffered the second day of decline on tuesday wiping out gains for the year. the $1.5 billion fund is now behind 92% of its piers in the category. and coming up on worldwide exchange, monsanto gives up after syngenta rebuffs a higher offer from the giant. what the future looks like for syngenta and monsanto is coming up after this short commercial break chlts .

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welcome back. you're watching worldwide exchange and here are your headlines. u.s. futures pointing to a higher open as equities in asia and europe both post solid gains. oil also staging a big rebound. wti crude higher by almost 4% and the so-called flash boys case against barclays dark pool venue at this point is dismissed. the fda is expected to decide by the end of today

whether to improve the new cholesterol fighting drug repatha. they did express concerns. the application focuses largely on lowering bad cholesterol and not avoiding bad outcomes such as heart attacks. the fda approved a similar drug last month. let's take a look at shares of amgen. it's been a volatile ride for bio tech stocks this week but part of the rally yesterday, amgen see a gain of 6.7% and higher in today's trade as well. shares in syngenta higher after the stock tanked 18% yesterday. this following news that monsanto has dropped it's pursuit of the company following the board's unanimous rejection of an improved $47 billion offer. joining us now to discuss from boston is brett wong, senior research analyst. we appreciate you joining us so early in the morning.

what did you make of the news yesterday that monsanto is no longer pursuing syngenta? >> definitely a shock. i felt that monsanto would probably ride out the most recent bid. but ultimately i think it came down to them being unable to get to the table and both parties being fed one the attempts at negotiation so a surprise but i they it clearly for monsanto at least provided positive looks in terms of the corporate business and removing uncertainty around if the deal was ever going to happen and issuing their buy back again. >> there's really only six companies globally that dominate the agri commodity space.

is there any chance they'll look to buy another company if it's not syngenta. i don't think this is any end of monsanto's pursuit in the crop chemistry business. this wasn't the first time they went after a crop chemistry business and i don't think it will be the last. we have mentioned before and monsanto management talked about the idea that an acquisition would be an interesting fit. it would be a nice fit both for the product pipeline or portfolio as well as a fit within the company on a cultural standpoint. >> is there any chance that monsanto and syngenta will be able to rekindle the love and come to terms with one another? >> yeah, there's always that potential. there's always that potential.

i don't think that this will be the last time we hear of syngenta monsanto acquisition. they have been looking at them for a long time. so you it's the end. just maybe a near term blip in the relationship. >> thank you for getting up early with us. research analyst. still to come on worldwide exchange, hurricane katrina remains the costliest disaster in u.s. history. ten year afs the stos after the returns to new orleans to assess the recovery. that story coming up.

>> the ftse 100 up 133 points helped by the mining sector. the cac 40 helped by upbeat earnings up 3% in today's trade and the italian market also seeing some green, up better than 2.4%. a lot of economists pointing to the fact that feds bill dudly pointing to the fact that the september rate hike perhaps not as compelling as it was before

and pointing to a higher open. the dow up 215 points. nasdaq up 63. tech was the big leader yesterday finishing up 5.5%. it was tech's best day since march of 2009. but there is one tech stock spooking wall street and that is little apple. shares formed a death cross in yesterday's session. an indicator of a sell signal. it's off 20% from its record high hit back in april so the big question is can apple spoil this party on wall street? head to cnbc.com to read why some analysts are warning the bull market can't stay intact without the tech giant. you'll find that story in the prosection of our site. but we also have the chief investment officer and portfolio manager. what do you think? can this rally continue without apple which is the biggest company on the nasdaq?

>> well, apple added to the bull market. it certainly has a component of not only just the nasdaq index but also the s&p. clearly there are other companies that can pick up the slack. i don't own apple. i use their products and i often don't know why i don't own it but on many me tricks it's quite compelling if you strip out it's cash it's trading at ten times earnings and as benjamin graham said history shows that if you own a company at ten times earnings i'm not really prepared to answer specifically on apple. >> a lot of big tech names out performing yesterday helped by a

number of upgrades. goldman sachs upgraded google to buy. i also want to get your thoughts on bio tech playing a big role in yesterday's rally. etf finishing up by over 5%. that's the best day since the 9th of august 2011. would you be getting exposure to this sliver of the health care sector? and perhaps it could be rightfully so and maybe bio tech will be the narrative that carries this bull market higher. something as a value investor i don't participate in except to the extent that, you know, we own a couple of the big health care companies so it's such a rare area. i have a very good friend that

is actually an expert in the area and what works for one of the leading private equity firms in the space and they don't know who the winners and losers are going to be. it's an area with lot of risk. it's not dissimilar to the telecommunications and technology bubble of the late 1990s in terms of they're clearly going to be winners and it's going to be a winner take all environment but i'm not smart enough to know who those winners are going to be. >> a certainly interesting time in this market. thank you for getting up early with us. appreciate your market. coming up a silver lining for tiffany. analysts pray smooth executive changes ahead of earnings above the bell but the stock is down 20% year to date. should you be buying ahead of

today's earnings report? that's coming up next.

u.s. equities called higher following strong gains in europe and asia. oil also on the rebound. climbing nearly 4%. this as fed's william dudley

fuels hopes that a september lift off is off the table as economists pushed out rate hike expectations to december. >> from my perspective at this moment the decision to begin the normalization process at the september fomc meeting seems less compelling to me than a few weeks ago. >> it's not a market for the faint hearted even for the great investors out there. both suffering amid the extreme market swings. and case dismissed. a judge drops the flash boys lawsuit against barclays and major u.s. stock exchanges clearing them of accusations of rigging markets for fast traders. >> stocks ending just around session highs. rebounding from six consecutive days of declines. both the dow and s&p posting their biggest percentage gains in more than four years. the dow up by around 619 points

and here on thursday premarket trade suggesting we're in for another day of big gains. the dow up 212 points. nasdaq up 62. s&p 50 by around 23 points. energy stocks played a big role in providing that boost to u.s. stocks. tech and bio tech were also a stand out. here in europe interestingly enough taking their queues from asia and the positive session on wall street we're higher across the board. very close to session highs up 321 points. the ftse 100 see a gain of 2.3%. a lot of the mining stocks weighed on the u.s. stock index earlier this week. out performing one of the best performing sectors here in the u.s. we're seeing the french equity index up about 3%. this is because of positive earnings helping the index move higher. italian markets seeing green by 2.5%. how do you make money in these markets? here's what a couple of investors have been telling us

this morning. if you look at the change in direction of trade china is much more important than the u.s. or the euro area are. once we have a floor under china growth expectations and that will eventually happen but once we have that then that is undoubtedly the time to buy emerging markets. >> the commodity stocks will be the bounce backs obviously. we have a big move up in the shanghai composite. then you'll see these things bounce. however i'm not sure that's the area where the demand is. >> there's large parts of the market we wouldn't buy. we wouldn't be buying in the it and technology area. we woenuldn't be buying banks a there's consumer demand and auto, auto parts. probably consumer staples as well where there's value worth

buying now. >> all right. let's talk retail shall we? dollar strength and the slow down in china are exekted to weigh on tiffany when they report second quarter earnings before the bell but most analysts remain fairly optimistic forecasting a rise in earnings per share to 91 cents. joining us to discuss is the senior vice president at stevens inc. the stock is down about 20% year to date. do you think an upbeat erngs report can turn the stock around? >> i think since the last time that tiffany reported earnings the stock is down about 15%. s&p index is down about 8% over the same time period so it has underperformed the broader market but not dramatically. as we think about the second quarter earnings and how they shape up we expect earnings to be missed. on the positive side of the equation you have the benefit of

higher prices. and also easier compares in the revenue base in europe as well as japan from last year. we expect those to be up positively. on the flip side on the negative's column you have fx which is a dramatic head wind for the company and luxury sector as a whole. keep in mind that tiffany's results did slow down as a result of a fewer tourists in their u.s. markets. it accounts for about a quarter of their u.s. business so that has been under pressure since the holiday season. we're not expecting a turn around in the second quarter. at the same time you've seen this pull back in the global stock markets. keep in mind that a lot of tiffany's customers do keep their wealth in the stock market. this is an unknown risk we don't know about at this point. >> the recent devaluations in the yuan. will that result in future chinese tourists buying luxury goods from tiffany?

>> i certainly think that could play a role so you have this yuan devaluations to keep in mind and also keep in mind that the shanghai composite is down about 40% or so since the middle of june and many of these customers do keep their wealth in the stock market. we could see less of an appetite for luxury spending. >> although i believe only 10% of the global retail base is in china and perhaps the china worries are overdone here. when looking at this week, the market turmoil and turbulence we saw do you think this could impact consumer spending and how much money they're spending on luxury goods if at all? >> it can. at the end of the day it boils back to where the luxury customers keep their wealth which is the stock market. for tiffany in their second quarter result the domestic results should be fine. i'm not overly worried about that because the u.s. markets didn't pull back until after july which is when their second

quarter ended. it's the early third quarter that i'm a little bit more nervous about. >> and just lastly, what's your price target on tiffany? >> we have a $95 price target. that's based on a roughly 20 multiple on our 2016 eps of 479. it's about in line with the historical average. >> thank you for joining us here on worldwide exchange discussing luxury and tiffany earnings. now it may seem like a bright idea but one house in new jersey is causing an up roar. it might look normal during the day but this building dubbed the blue house is so bright that neighbors are complaining it can even be seen with their shades drawn. one resident said it even stopped him from being able to sell his house. how about that? kind of looks like a party house. coming up on worldwide exchange, case dismissed. a u.s. judge throws out the flash boys lawsuit.

more details coming up. don't go away. you're watching worldwide exchange. like your natural teeth. but, when you eat tough food, the denture moves. oh no! this shouldn't happen. try fixodent plus adhesives. their superior hold helps your denture work more like natural teeth. and you can eat even tough food. fixodent. strong more like natural teeth. fixodent and forget it.

president obama goes to new orleans to mark the 10th anniversary of hurricane katrina. the president will highlight the area's recovery from the storm. scott cohn who was in new

orleans just days after katrina ten years ago returns to assess what improvements have been made and what's lacking. >> see all of this behind me, pretty much none of it was here ten years ago. this is a system of pumps and flood gates where the 17th street canal meets lake pontchartrain. new orleans levies and flood walls failed in 50 places after hurricane katrina. that's the reason so much of the city flooded and why so many people died. since then the feds spent $14.5 billion to keep history from repeating itself. the greater new orleans hurricane and storm damage risk reduction system literally surrounds the metro area. it includes gates and pumps like the ones here at 17th street. pumps that can fill an olympic sized pool in three seconds. more than 100 miles of levies and flood walls strengthened and rebuilt and a massive barrier to keep out the surging gulf of

mexico. that piece alone is an engineering marvel. at a cost of more than a billion for that barrier alone. the army core of engineers says it's state of the art. >> we have many from around the world that come and see the systems and we consulted with them with the design and construction of those. we have become competitors with the dutch in doing this and we have learned a lot from them and now they are learning a lot from us. we continue to coordinate with them closely. >> but is it all enough? even a local flood control commissioner who is also an engineering expert isn't sure. >> most cities in europe have 500 to 1000 year protection. 100 year protection is considered pretty minimal for a major urban area in the developed world. >> experts agree if katrina hit today there would still be

flooding. just not the catastrophe we saw in 2005. at least that's the hope. moving on, barclays and a host of u.s. stock exchanges have one dismissal of a lawsuit. >> they have thrown out investor lawsuits against barclays and several exchanges over claims that the banks rigged it's trading venue to benefit high frequency traders. they were inspired by michael lewis's best selling book flash boys that was published last year. he claims high frequency traders have been able to gain an unfair advantage because of exchanges in dark pools or trading venues that allow investors to trade more anonymously allow them to capitalize on market data faster than others but the plaintiffs

complaint didn't meet the definition of manipulative acts. while michael lewis's book may highlight inequities in the financial system that issue isn't for courts to decide. they created an uneven playing field. barclays says it's pleased with the court's decision. it's a boost for the bank which is hit with several big legal settlements in recent years and may be more comfortable in taking a harder line with the new york attorney general. he sued the company over high frequency trading in it's dark pool last june. barclays was trying to have it dismissed but was denied. it's one of the largest dark pool operators in the u.s. they is come under increased scrutiny from regulators. earlier this month they agreed to a record fun of $20 million. back over to you.

thank you so much. moving on, move out siri. you've got some competition from facebook. say hello to m. the new digital assistant created by the social media giant. unlike siri, m does not have a voice. you communicate with it by text. it can also place orders on line, book hotels and appointments and get through customer service hotlines. all right former apple ceo john skully surprised a few people by unveiling a new range of android smartphones. they'll retail for under $200 and target younger people in emerging markets. the initial aim for the phone is to take market sharing countries such as china and india. so keep an eye on the release of these phones. before we head to break, here are your headlines, u.s. futures pointing to a higher open as equities in asia and europe post

solid gains. oil staging a rebound. wti crude higher by almost 4% and bill ackman and bill gross fall victim to the market volatility. now down for the year. you're watching cnbc. we're first in business worldwide. ♪ no student's ever been the king of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you the right gear. office depot officemax. gear up for school. gear up for great.

welcome back. it was a positive session for asia overnight. the shanghai composite up by 5.4% taking their queues from wall street. this marks it's biggest one day percentage gain since july 9th and the first positive session in 6 but it drove this rally in today's trade. let's get the word from eunice.

>> what a lot of people are talk about now in terms of what's driving the market is there's been quite a bit of suspicion that there's government buying in the market today. there's talk about how some traders are saying they saw large transactions in both the stock market as well as in the yuan and they suspect that could be government buying. mainly those transactions were in blue chip shares and people are also kind of talking right now in the market about how this could be because of a large milita military parade coming up next week and the government will want to make sure that the financial markets are stable ahead of that important event. the overall feeling though still is one of skepticism as to how long this rally is going to last. a lot of people have been talking about how they think the markets are just going to fall again. they're once again showing that the investor sentiment here is quite fragile. another interesting development has been the fact that the

authorities here have been on a drive to really convince people that things are not as bad as they seem. there were a couple of different state media reports of a very influential newspaper hearsaying china displayed rare courage in push ago head with economic reforms and that people outside don't understand this. a lot of the voices from the west have been too alarmist about china. another report by the global time which is is a communist party paper which also said that foreigners don't understand china fully and the fact that the chinese economy is still one of the fastest growing major economies in the world. the official state news agency also quoted a researcher at the chinese central bank saying that the main reason for the instability in the global markets is because of the

potential change of policy at the u.s. federal reserve. instead of the currency devaluations of the yuan. still overall, though, the government here is really pushing ahead with kind of a scatter shot approach in the way it's looking at this market and that hasn't done wonders here. >> they played a very active role this week in unveiling new steps and measures to stimulate the economy and curb the volatility in the stock market. any idea on what's left in their tool box? >> no, i think that's what is creating a lot of that uncertainty and hurting the credibility of the leadership here. they do have a lot of resources at its disposal. it can use some of the traditional methods of trying to boost compliments such as a cut

in the rrr. it can inject more cash into the system or it could use some of these more unorthodoxed and heavy handed tactics. the problem that they have there is there isn't a lot of consistency in the approach. that's raising questions about whether or not the government really knows what it's doing in trying to address these problems. >> definitely a lot of skepticism there. thank you for joining us here on worldwide exchange. we'll see you later. in the meantime european markets responding to the session in wall street as well as in asia. we're in rally mode here on thursday. the xetra dax up about 3%. french equity index up around 2.9%. many saying lower oil prices and ecb's monetary policy should be seen as big positives for the economy. despite the moves we're seeing today the xetra dax still in correction territory and the ftse 100 down about 7% so far this month. more economists are weighing in on when and if the fed may start

raising interest rates this year. in light of new york fed president bill dudley's comments september looks less compelling. steven stanley says he's still in the september camp but a fed move depends primarily on market behavior. he's pushing his forecast saying the fed prefers to air on the side of caution. we take a look at u.s. futures and we're called for a higher open. the dow gaining 600 points in yesterday's trade. the rebound could continue. the dow up 179 in premarket. s&p 500 higher by around 21. no longer in correction territory. nasdaq still in correction by higher by around 56 points after gaining better than 4% in yesterday's trade. what do you make of the action today? let's get the word from the chief market strategist at convergex. what did you make of the market yesterday? >> it was clearly a snap back

from oversold levels. it should be expected. valuation versus gotten at pretty reasonable levels and it felt like a natural snap back. >> the dollar interestingly enough weakening against a range of currencies. that due to uncertainty of whether the fed will raise rates in 2015. >> yes. it absolutely. is we have a situation where employment in the u.s. is quite good and so that does signal that the fed should be ready to raise rates. however, oil prices and inflation really signal some worries on that front and that combined with all the financial market volatility of the last week does put the fed i think in a difficult spot or makes it very difficult to raise rates in september. >> durable goods came in better than expected. encouraging housing data out of the u.s. as well. today we get a read on gdp.

could descent fundamentals keep stocks afloat? >> it's a great point. earnings are going to be okay for the third party and that should put a floor underneath stocks. that's probably true here. pix up against the traditional seasonal peak in october and we'll see where we are at that point. >> today we're looking at oil sharply higher by around 4% wti crude back above $40. how significant is it that wti crude is back above 40 psychologically for traders nicholas? >> yeah, it's very very important. we've got a short checklist of things that we think signal the bottom in stocks and getting wti crude back over 40 was top of that list. it feeds into this deflationary

angle. we begin to take threats off the table for the balance of the year and into next year. that's definitely a positive for stocks. >> do you think the current market turmoil is beginning to impact for riskier assets. >> there's a case by case basis. among our institutional clients we hear a lot of attention on u.s. stocks. that should stabilize for the year. >> thank you for joining us here on worldwide exchange. chief market strategist at convergex. stay tuned. senior economics reporter interview with kansas city fed president esther george is coming up at 6:30 a.m. eastern on squawk box. just off session highs but up by 2.8%. helped by the oil and gas sector. that does it for us here on

worldwide exchange. we'll see you tomorrow, next up is squawk box. like your natural teeth. but, when you eat tough food, the denture moves. oh no! this shouldn't happen. try fixodent plus adhesives. their superior hold helps your denture work more like natural teeth. and you can eat even tough food. fixodent. strong more like natural teeth. fixodent and forget it.

chinese stocks rally over 5% overnight. that was after wall street's biggest gain of 2011. global market turmoil now forcing some investors to choose between putting up more cash or selling securities that back their loans. we got it. and how many shopping days left until christmas. walmart is kicking off it's holiday push early with a little help from yoda. it's thursday, august 27th, 2015. and may the force be with you. squawk box begins right now. ♪

good morning and welcome to squawk box right here on cnbc. i'm andrew ross sorkin with joe and sarah. right to the markets u.s. equity futures pointing to a higher open on wall street today after that huge rally yesterday as stocks snapped a six day losing streak to end at highs on the session. the biggest percentage gains since november of 2011. the nasdaq had it's biggest day since august of that year. closing up 600 points. something we haven't seen since the fall of 2008 though. the percentage gains are a little bit different. check out the blue chip index's roller coast