lucky number 7 the dow backing its seventh straight record close. can it go for 8? we have your friday market setup. jobs, jobs, jobs we're counting down to the july employment report that comes out later this morning. and hefty profits, shares of weight watchers are soaring on earnings we're digging inside those numbers and more it's friday, august 4, 2017. "worldwide exchange" begins right now. ♪ >> good morning. welcome to "worldwide exchange." happy friday i'm sara eisen

>> tgif for sure i'm dominic chu in for wilfred frost. we're starting your weekend off from time flies called "are we there yet. >> never heard of this >> not just there yet. a few hours from now you're talking jobs. >> jobs and then quitting time after this friday is said and done ahead of the big jobs report we are seeing some stability in terms of the futures market. the s&p implied to open by 3 to 4 points fractional gains the dow jones by 35 points the nasdaq by 6 1/2. as for the ten-year note yield, we've been highlighting it all week because of the numerous jobs related reports coming out. 2.23%. so we have seen a bit of weakness, about 3 or 4 basis points over the course of the last week or so ahead of the big jobs day when the data comes out, we'll watch for that currency, all of those playing into the big reaction we

sometimes get. >> as for the asian session overnight, let's show you how it shook out. we saw some losses in japan. the nikkei lower by 0.4% hong kong positive shanghai comp lower by 0.3 the south korean index up 0.3. mixed picture there over in asia as for europe, european indices, despite volatility through the week are flat for the week the dax is unchanged this morning to positive. it's been teeing off a lot lately off the stronger euro, which hurts german exporters the weak spot in europe is italy, down 0.25%. talking about the stock market reactionmueller headlines. the "journal" reported that mueller has empanelled a grand ju jury that sent a jolt through the markets. you saw it in the intraday s&p

chart, saw it in the dollar chart, ticked lower. euro reached a new high. it's the headlines, a combination of the algorithms and everything like that, but we're in unchartered territory in terms of political risk and uncertainty here >> but the words grand jury together implies something specific grand juries are empanelled as prosecutorial tools, they decide whether to bring charges against somebody >> that a market risk? >> could be. if you're talking about algorithmic trading, headlines, when you say grand jury or empanelled, the idea is that they will find somebody alleged by guilty-ish enough to bring charges or say the charges are to the warranted there could be a binary outcome. >> the risk factor of that, a little elevated. the dow closed higher by 10 points i would hardly call it a record

high the russell 2000, the nasdaq, all weaker for the week and for the day. even the s&p closed lower. >> we will talk about transports, too. a lot of market reaction here. let's talk about the broader markets. oil is a trade that we've been focusing on. wti crude off by 0.2%. 48.69 there. ice brent crude, 51.65 off by 0.69% we are seeing some dollar weakness, that's a theme we've been talking about euro, 1.1883 dollar/yen showing some signs of strength, 110.03 pound sterling, 1.3147 interesting to see green across the board there. as for the gold trade, we have been seen around the 1270-ish mark during the course of the past week.

1275.40. the wall street agenda is focused on the labor market. the july jobs report is out at 8:30 a.m. eastern time non-farm payrolls expected to rise 180,000 versus 222,000, a blow out in june the unemployment rate is expected to tick lower to 4.3% in july. also looking at wages, followed by the fed and wall street, forecast to rise by 0.3% full coverage of the july jobs report right here on cnbc. >> it is our story now, in earnings, rbs reporting a huge beat. the uk bank says net profits for the quarter more than tripled expectations, coming in at 8$894 million, despite the beat rbs says it is still on track for a tenth straight year without an actual annual profit the bank's cfo telling cnbc part of that has to do with the 5$5.5

billion fine u.s. regulators slapped on the bank last month shares of rbs are up 3%. they put a contingency plan in there about a passporting plan with brexit. >> there are some signs of movement in the banking sector after governor carney sounded the alarm on the macro economic data turning weaker on uncertainty about brexit, making plans, what the relationship will look like, that's come into focus. we have a huge interview on tap for next week. wilfred will be sitting down with jamie dimon that's tuesday at 11:30 a.m. eastern. shares of weight watchers are soaring on on dowdy has the. >> shares of weight watchers are soaring on results the diet firm posting earnings of 67 cents a share, 16 cents

above street estimates revenue at 3$342 million, compared with the 330 million estimates. subscribers up 20% year over year this after mindy grossman joined mid quarter. she pointed to oprah winfrey for the growth >> there's no doubt that the weight watchers long-term collaboration with oprah winfrey accelerated the company's progress since 2015 with high awareness of her success and happiness with the program sparking interest and excitement i'm personally looking forward to partnering with her as we transform the brand and business >> grossman takes the helm at a good time. the stock tripled this year and is up about 13% in early trading. coming up in the next half hour, if you're not on a diet, sink your teeth into shares of shake

shack. we have the juicy details coming up >> i will watch you make that turn >> they were both good, too. >> really good mindy grossman does know a good thing about the son suptsuna coe ceo of home shopping network viacom's third quarterly results beat forecasts the company crediting a small jump in sales to pay tv providers like netflix the stock has been hit pretty much all year. shares of yelp are surging after the online review site postedbetter than expected second quarter results and uped the full year outlook. grubhub earned 26 cents a share last quarter, down 3 cents from a year ago grubhub says active diners grew 25% in the second quarter.

the co-founder and ceo, mautd maloney, will be on "squawk box" later this morning gopro reporting a smaller than expected loss in the second quarter. the company says it generated most of its revenue outside the u.s. with sales of higher priced cameras, such as the hero 5 black. shares up by 13% nick woodman will be on "squawk alley" at 11:00 a.m. eastern tile. blizzard with better than expected results the call of duty provider is sasa - and kraft heinz says cost cuts offset weak demand in north america. i like hot dogs. >> still little sales growth for the big package food companies craft heinz looked better than

others kellogg had a good quarter still struggling >> they had been for a while general mills -- >> the whole grocery sector is challenged. japanese automakers, toyota and mazda are teaming up to build a 1$1.6 billion assembly plant in the united states this is all part of a new joint venture between the two companies. the location has not been picked yet, but it is expected to have capacity to build 300,000 cars a year and employ 4,000 workers. the company is hoping to open the plant in 2021. toyota reporting a rise in quarterly northwest profit, despicembe net profit and raised its full year guidance more trouble for uber. the "wall street journal" reports that the firm knowingly rented defective cars to drivers in singapore internal documents show the

singapore unit bought more than 1,000 recalled honda suvs. the journal says management was aware of the recall. in a statement uber acknowledged it could have done more but declined to say what managers knew uber says it has fixed the problem and has hired experts to respond to any safety recall issues up next, we're counting down to the jobs report you'll hear from a man who has his thumb on the pulse of the u.s. labor market. he'll tell us where the jobs actually are as we head out to another break here, check out u.s. futures. we can see just a bit of stability there, relatively flat across the board for the major u.s. ones. "worldwide exchange" will be right back hey, i've got the trend analysis.

hey. hi. hi. you guys going to the company picnic this weekend? picnics are delightful. oh, wish we could. but we're stuck here catching up on claims. but we just compared historical claims to coverages. but we have those new audits. my natural language api can help us score those by noon. great. see you guys there. we would not miss it. watson, you gotta learn how to take a hint. i love to learn.

that's why at comcast we're hcontinuing to make4/7. our services more reliable than ever. like technology that can update itself. an advanced fiber-network infrustructure. new, more reliable equipment for your home.

and a new culture built around customer service. it all adds up to our most reliable network ever. one that keeps you connected to what matters most. welcome back to "worldwide exchange." if you're heading into working let's get you up to speed on the market action. a little stability ahead of the big jobs report. the s&p futures indicating a cash open of up about 4 points the dow jones opening up by 30 points and the nasdaq up by 5 points. oil trade, weakness there. weaker today, about $48.74 here the last trade off by a half percent. ice brent crude, $51.71. >> it's jobs friday, so three hours from now we'll get the latest snapshot on the market.

let's go to the front lines of the labor force and find out who is hiring, who is not and where the jobs are opening up. jeff zwelling is with us from zip recruiter. >> happy to be here. >> which sector has the biggest jobs openings now? >> sales continues to be a great opportunity for jobs seekers, especially entry level as the turnover is high in sales, there's a lot of opportunities healthcare, despite the debate and the confusion from obamacare, we're seeing high demand and in the last month zip recruiter saw an increase in jobs in healthcare by over 3%. technology is a big area there's no surprise there's a technology boom going on what's interesting is the jobs are in autonomous vehicles, robotics and ai. interestingly enough and timely given the hbo hack, there's a lot of hires in cybersecurity. >> i was going to say, your

company focuses on matching employers with employees so as we talk about the number of jobs openings out there, where are we actually seeing jobs getting filled? where are people converting those into actual hires? >> we're seeing a lot in retail, despite the decline in the retail environment over 4 million jobs are in retail still it's one of the largest sectors. because again there's a large turnover, we still see a lot of jobs filling there, as well as healthcare in addition, insurance and financial services >> some of the jobs you mentioned for the openings, robotics and ai, these high quality, probably high paying jobs do people have the skills to actually apply for them and get them i'm wondering how severe that labor shortage is that we hear about from executives. >> the labor shortage is skewed towards high skilled jobs. the ones that you would -- the skills you would need to get those jobs what we have not seen is the same type of labor

shortage in entry level positions. >> so retail, restaurants, that sort of thing. >> exactly >> is there a hot spot fwee gra geographically certain parts of the continental u.s., maybe beyond, that are hiring more? we knew in the oil boom, the dakotas were doing great is there someplace in the u.s. now that people could find more opportunities as opposed to others >> it depends on the industry. the biggest difference is there's a mismatch between the skills needed in some areas, and the job seekers available in those areas. but specifically i wouldn't say there's a geography hurting anymore. are wages broadly going up >> wages are going up for high skill and mid skill workers, for entry level workers they're staerg staggered. >> jeff, thank you for coming in and checking in with us.

>> absolutely. thank you very much. >> all right up next, the russia investigation heats up as congress leaves town we're in washington with the latest first as we head to break, here's today's national weather forecast from bonnie schneider good morning today we're watching out for a threat of severe weather in parts of the great lakes and even into areas towards the northeast. 19 million people at risk, if you're traveling to pittsburgh, watch out for strong storms. as we go through the next 24, 48 hours, the front that's impacting that area is moving to the east we'll get drier, cooler air behind it. looking ahead to the forecast today, still hot in dallas with a high of 94 also hot in the northwest. that heat continues for seattle and portland no big changes getting cooler, notice the cool spot on the map, chicago that's a good business travel

destination. that is a look at your business travelers focarest more "worldwide exchange" when we come back a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley

welcome back futures pointing to a higher start for wall street. this ahead of the k 30 a.m. jobs report comes off of another record close for the dow, but just barely, the s&p and nasdaq

closed lower yesterday the s&p's flat for the week. the nasdaq is down a half percent. as for the currency action, whether we can see some clues for this market, the euro is strong again, 118.80 charging back towards the 119 level. we did get there this week it's hovering near a 2 1/2 year high the dollar is firmer against the yen. dollar strength against the yen and weakness against the euro. 110.08 that pair tends to move the most after the jobs report. also tracks the treasury trade, if yields move higher, dollar/yen could move higher as for oil prices, wanted to show you that, too pulling back off of last week's highs. wti, 4 8.66. brent crude oil, 51.62 new overnight, a massive fire broke out in a high rise building in dubai.

it was a dramatic scene as flames and smoke engulfed the 86-story residential tower it stands more than 1,000 feet tall the building was evacuated, no injuries have been reported this is not the first incident. back in 2015 the same building was also damaged by fire glad everyone was safe >> dramatic scene. president trump talking up the record rally at his own rally last night this as congress leaves town for the summer and the russia investigation heats up tracie potts covers it all for us from washington, d.c. >> by heating up we're talking about a new grand jury, the "wall street journal" is reporting that robert mueller, the special counsel in charge of the russian investigation, has empanelled a new grand jury in washington, blocks from his office, to take a broader look at the possible connection

between the campaign and russian officials, including possibly the president's own actions. we're seen grand juries before in this case target individuals this one appears to be broader last night in west virginia the president held a rally he spent a lot of time talking about this russia investigation. >> the rush ssia story is a totl fabrication. it's just an excuse for the greatest loss in the history of american politics. that's all it is >> congress is on break right now. they will come back and deal with big things like tax reform and the debt ceiling we understand they're trying to put together legislation that would prevented the president from firing mueller or doing anything to stop his investigation. >> wait, congress is on break? i thought they were going to stay until they could get some work done? >> yeah, they couldn't get the work done. >> that's it they're going on vacation?

doesn't leave many legislative days >> right 12 >> they have a budget to deal with, and end of fiscal year is in september as well >> right >> they have to prevented a government shutdown. >> sounds like a long time, end of september, prevent the government shutdown, deal with the budget bills, try to get tax reform done. the debt ceiling will have to be dealt with within the next month to prevent a default there when they get back, after you take out days off, they have 12 legislative days to get this stuff done not a lot of time. the idea of postponing the break was to try to get something done on healthcare and that fell apart. >> so, they go on break, yes, but i wand to go back want to go this russia thing. is there a risk of a grand jury doing something? what's the sense there >> the sense from legal experts is that a grand jury would not indict a president we have a completely separate

president pro social security f process if robert mueller deems the president did anything against the law that would be handled in impeachment proceedings. there's not a lot of thought that a grand jury would indict a sitting president. but this is a really big investigative tool keep in mind, they can get witnesses, call in witnesses and get their hands on documents, business records, notes, a lot of things that could give robert mueller and his team some sense of what may have been going on during the campaign. >> do we know about the president's agenda is he going away on vacation, too? golfing? >> we know he's going away to new jersey this weekend. he's going up to his resort there. he's got an event here and then heading off for the weekend. i don't think he'll be taking off several weeks like congress is with all of this sitting in their laps as soon as they get back >> tracie potts out of washington, thank you very much for that update. up next, why former white

house press secretary sean spicer might not be waltzing into a new job after all the top trending stories are straight ahead. as we head out, another check on u.s. equity futures which are looking quite strong dow futures up 38 coming off of another record close just barely in yesterday's session we have the s&p and nasdaq up this morning as well something we did not see yesterday. stick around ♪ ♪ ♪ for your heart... your joints...

or your digestion... so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally found in jellyfish, prevagen is now the number one selling brain health supplement in drug stores nationwide. prevagen. the name to remember.

racking up records the dow posts its seventh straight record close. will today make eight? we'll set you up for the trading day of the week. jobs in america. the crucial july employment report is on deck. we'll talk expectations with an expert plus will sean spicer waltz his way out of the white house everyone wants to know how the outgoing press secretary responded to an offerer to appear on "dancing with the stars. it's friday, august 4, 2017, you're watching "worldwide exchange" on cnbc. ♪ >> good morning. >> lady gaga >> not new music, but always a good one for friday. welcome to "worldwide exchange" on cnbc. i'm sara eisen >> i'm dominic chu in for wilfred frost. it's a great way to kind of kick things off on a friday, just dance. >> happy jobs day. let's check in on global markets, we're playing it for

sean spicer, who won't be dancing sadly. futures indicating a higher start. s&p up 4.5 dow futures up 45. nasdaq futures are up 9 points reversing some declines we saw in yesterday's session for the nasdaq and s&p the russell 2000 index of small caps lower by 1% it's been the dow that's been the stand-out. it's a price-weighted index. closed at an eighth straight high yesterday that would make 32 record closes for 2017 ten-year treasury yield, the bopd m bond market has been stuck around the 2.30 level. we'll see where that goes after jobs look for wages, look for improvement on the sector breakdown when it comes to where the jobs are being added we'll see if treasury yields tick higher on the sign of an

ill proving economy. >> we've been waiting for wages for such a long time they've been moving, but there hasn't been anything dramatic. we have not seen the wage inflation pick up. >> especially because economists say we're at the end of the cycle. unemployment rate at 4.3% that could be close to full employment so people looking for jobs are getting them, why isn't the labor market tighter so people have to be getting paid more from companies to get these jobs >> and that entry level stuff we talked about with zip recruiter. >> high-skilled labor are getting the wage gains restaurant, retail, getting the jobs, but not so much the wage gains. >> let's look at asia overnight. we saw a mixed market. ne the nikkei off 0.3%.

the hang seng up 0.12% in europe, the dax is up by 0.25%. the cac in france, up by 0.2%. the ftse 100, up 0.1%. financial and insurance companies in focus in the european trade oil prices are under pressure again this morning. down about 0.75% on wti. 48.63. brent crude, 51.64, also off 0.75%. as for the u.s. dollar, continuing the trade of the week, which is strong euro, weak dollar 11 1.1881 the u.s. yen, 110.10 the pound inching higher, 1.3145 some thought they were moving

closer to raising interest rates. gold prices this morning, flat 1,275.20 some strategists, some more bearish types are noticing the strength in gold this year >> right >> with the stock market rally happening simultaneously whether that's a warning sign. >> we were wondering the same thing last year in the beginning of the year. but we've seen this bear market for the u.s. dollar. gold moves on the flip side of that the wall street agenda is focused on the labor market. the july jobs report is out at 8:30 a.m. eastern time non-farm payrolls expected to rise 180,000 versus 222,000 in june the unemployment rate is expected to tick lower to 4.3% in july. average hourly earnings closely watched by the fed, forecast to rise 0.3%. full coverage of the july jobs report throughout the day on cnbc. let's bring in chris

sacarell frishgs cosacare sacarelli from cornerstone financial. >> good morning. >> what are you seeing in terms of signs of divergence between the major indices, the russell has been weak and the nasdaq has been weak the last few sessions with the dow notching new highs. what does that tell us >> you're seeing that technology story that's been so strong all year long is starting to fade. that's why the nasdaq is coming off its highs. the dow is a price-weighted index. some larger components, the largest technology company in the world, we know which one that is, and a large industrial company that makes airplanes, those two dow components moved the dow higher, that is explaining some of the divergence the main story is some of these large companies are continuing to do well the russell 2000 and other small

caps not doing as well this year there's been a real divergence for that for the entire year >> chris, your clients, where are their big effort concerngeg? what are the number one or two issues they come to you with >> people say how long can they last they see the dow making new records, s&p making new records. while being invested you're happy to see money continuing to grow, the higher things go, the more the stories talk about how we're hitting new highs, that makes people worry, can it go higher that's the number one concern. number two concern is just what's happening in the world -- the world is changing. we have new leadership in the white house. there's plenty of stories coming out of washington. there's a lot of concerns about politics and geopolitics, whether that's north korea or russia that's very much on peoples minds. probably number one and number

two. >> what is the setup for the jobs report? how sensitive is this market going to be to the jobs number, the wage number what it could mean for the federal reserve and maybe even for fiscal policy >> sure. in general every jobs number is important. you wanted to see a good trend you need a big miss to have a disappointment or a big positive surprise, which may get people thinking the federal reserve may move more quickly. if you get that really big positive surprise in the jobs number, it's possible you see the dollar get stronger. you see interest rates move higher but i'm not expecting a really big move either negative or positive just because it's going to have to be an outsized move the consensus is the fed will take a pause in september, potentially talk about reducing the balance sheet and not hiking rates until december given we have another five months to go to the next rate hike, i think the market will

not be moving as much unless something drastic happens to change that consensus forecast >> chris, thank you very much for joining us i would also note that some of the economic data this week has come in very light thinking yesterday about the services number. >> a number of misses this week. >> personal income and spending, construction spending all relatively weak. let's see if jobs continues to be an anomaly. shake shack serving up an earnings beat but not well in burger land. let's get to landon dowdy. weight watchers last hour, shake shack this hour. >> now it's time to indulge. we got the diet out of the way shake shack shares are on the move after same-store sales or what they saeam shack sales fell the main reason is weather especially the east coast where rain was an issue.

they're expecting a 2% to 3% decrease in comps for full year. one bright spot is the mobile app. the firm rolled it out in march and says they are still working to make it better. it seems like it is working. the average check is higher on the app. the fast casual burger chain says it plans to grow the largest region, new york city, adding two locations as well as expand its international presence look at the stock, shares are trading 0.2% higher. back over to you other stocks to watch, weight watchers posting earnings on revenue that easl easily beat estimates. mindy grossman attributed the beat to oprah winfrey's participation in the company kragrubhub earned 26 cents share last quarter, down 3 cents

from a year ago. grubhub says active diners grew 25% in the second quarter. the stock is getting slammed this morning the co-founder and ceo, matt maloney, will be on "squawk box" later this morning etsy is swinging to a profit in the last quarter. they were able to cut costs which helped bolster results activision blizzard reporting better than expected second quarter results, but the call of duty publisher is giving full year guidance below wall street estimates and viacom's third quarter results beating forecasts. the company credits a strong jump in sales to pay tv affiliates and streaming providers like netflix, but the stock is big after they said those sales will likely dip in the low single digits this quarter. shares off by 8% time for some top trending stories it looks like sean spice

ser hangi spicer is hanging up his chancing shoes before putting them on. he reportedly turned down "dancing with the stars's" envit to be a contestant he says he will have an overwhelming number of commitments to attend to >> i would -- i never really watched "dancing with the stars. >> me neither, but how great would that be. >> i would watch if sean spicer would be there justin bieber is breaking into the fashion business. the pop star is teaming up with hanes and his stylist to bring his favorite classic white t-shirt to the masses. the line includes seven white tees for men and women including justin's favorite super long style. all retailing for $30. >> it does look good on him. kind of get it >> i don't -- i don't have the body he has. so i don't know if i could pill off the look

>> i think you can >> i don't think i tried. the summer heat has nothing on this ice cream. japanese scientists have found an organic way to make ice cream that does not melt it was completely by accident. researchers were experimenting with the liquid extracteded from strawberries that makes it difficult for water and oil separate which leads to the miracle non-melting ice cream. >> i'm skeptical >> it seems not natural. ice cream should melt. you should eat it before it does. cheese comes in wheels, costco is selling a 72 pound wheel of parmesan for 900 bucks. it's aged for two years, imported from italy and described as extravagant the big cheese can make more than 2,000 servings of macaroni and cheese >> that's probably not what

people use it for. >> that's probably not what kraft can'ts to wants to hear. i go to costco probably once every week woto two weeks to bu big things, but nevbig cheese >> you went to chef school >> parmesan is used in cooking, but maybe restaurants buy that big wheel of cheese. people don't >> you can make it look pretty >> yes, you could. now to sports, major money moving around in the world of soccer neymar has become the world's most expensive player ever completing a blockbuster transfer from barcelona to paris st. germain. the price tag, 222 million euros. that's more than 2$260 million more than double the previous transfer record of 1$116 million

set last year. neymar, who could make his debut tomorrow with paris st. germain is set to get paid upwards of 6 $36 million a year >> that seems high >> it is high. >> the league allows that? >> there's no salary cap >> that's the difference >> there are large transfer fees. coming up, the case for john kelly. why bill clinton's former chief of staff says he may be able to save the white house and he gives a few pointed tips stay tuned, you're watching "worldwide exchange" on cnbc (bell ringing) - [narrator] introducing a breakthrough in hearing aid technology. presenting the all-new eargo plus. the world's smallest, most comfortable rechargeable hearing aid

designed with patented flexi fibers so there're suspended completely inside the ear canal and so small that they're virtually invisible. the kind of invisibility hearing aid wearers have been looking for, if you could look for invisibility that is, which you can't, or i guess you can but you won't find it, well, 'cause it's invisible. you know, anyway. the point is, most people probably won't even know you're wearing them and they're so comfortable you might forget you're wearing them yourself. eargo plus is also rechargeable so there's no need to replace batteries because there's nothing more frustrating than those tiny hearing aid batteries, or there probably is but we just can't think of it right now. and our advanced noise reduction technology reduces background noise. don't wait, call or go online now to get your free sample pair today and try the hearing aid pc magazine calls, tiny, comfortable and nearly invisible. eargo, hear life to the fullest.

welcome back to "worldwide exchange." i'm for our morning must-reads my pick is in the "washington post" titled the single biggest act of political bravery in the trump era. that sound you hear is the wall of elected republican support for president trump beginning to crack. he goes on to say no major elected republican provided a comprehensive critique of trumpism now jeff flake's new book is a white hot indictment of republican cowardice in the face of hostile ideological takeover it was admire rablt able to be for equn

1964, courageous and visionary in 1948. flake's party is different but his role comparable. >> a lot of people are watching this rift developing between congress and the president he's gone after congress in a series of tweets this week on russia, failing to pass obamacare. >> jeff flake from arizona weighing in on that particular issue. my pick is in the "washington post," how john kelly can fix the white house. i picked it because it comes from leon panetta, among his many roles inside washington was the chief of staff under bill clinton. he also served as cia director he goes through a list of pointers modestly admits there was infighting to tackle when he came in as chief of staff. he said there has to be one

person in the white house willing to look the president in the eye and tell him the truth to tell him when he's wrong. and when he's about to make a mistake that has to be the chief of staff staff members by their nature are hesitant to challenge the president for fear of owe phoneds hiphoned offending him, but it's a disservice to the president not to make him aware of the problems he confront as a result of a particular decision no president likes to be told he's wrong. this resonated with me as president trump has been called out and criticized for some of his tweets, and for some responses in russia. all sorts of other issues. let's see if general kelly can get discipline. >> >> president trupresident trf emphases and positive momentum behind military members serving

around him whether or not this particular military alum succeeds in that role may tell us how the white house is functioning >> joe scarborough telling ivanka and jared come back to new york, because it's not a normal functioning experienced white house with them there. sort of sitting in for g20 meetings fts that . >> that's also in the "washington post." still to come, just under three hours to go before the july jobs report is released stay tuned "worlddexcng wl wi ehae"ilbe right backthe big mic data came. thank you. you can do that kind of analysis? yeah, watson. i can quickly analyze millions of clinical and scientific reports to help you tailor treatment options

for the patient's genomic profile. you can do that? even way out here? yes. even way out here. one laugh, and hello so i tried always discreet. i didn't think protection this thin could work. but the super absorbent core turns liquid to gel. snap! so it's out of sight... ...and out of mind. always discreet. for bladder leaks.

welcome back to "worldwide exchange." i'm sara eisen along with dominic chu. futures pointing to a higher start for wall street. dow futures up about 38 points after an eighth record --

seventh record close >> eighth positive day >> yes >> it only took ten points for the dow. mostly unh, a few key members driving that index higher. the s&p did close lower, so did the nasdaq the nasdaq is down a half percent for the week going into today. we'll see if today changes anything small caps also worth watching they have been a weaker link lately a lot of people say that's a sign of concern for the market and tracked the dollar a bit lower. just on that growth trade in the united states. the russell 2000 down a half percent. ten-year treasury note, prejobs check on that one. we are seeing ten-year yields stuck. they go from 2.20 to 2.30, back and forth. >> 2.23 the last trade >> a bit of selling with yields ticking higher watch wages today.

less than three hours away from the big jobs report forecast calls for an increase of 180,000 non-farm payrolls, ahead of that report futures relatively stable. joining us is john silvia. this jobs report is the most important one since the last one. what do we look for? >> i think you got it right. we're steady looking for 185,000. that's consistent with the labor force growth unemployment rate at 4.5, 4.25 area surprisingly you have a steady employment outlook going forward. >> is it consistent with the rest of the economic data which this week, john, has not been all that great yesterday services, ism was bad. the components within there did not look strong. construction spending, personal income, these have all been data

misses and surprisingly week at a time when we expect another rebound in the third quarter >> the employment numbers have been much stronger than what would be consistent with population growth, also the gdp numbers. and as a result of that, we seem to be hiring a lot of people, but productivity stays fairly low. productivity being low is consistent with low wage growth or slow wage growth. those two numbers have to go together it's not so much wages with unemployment, but wages with the productivity number. you are right. the job numbers are strong relative to the rest of the economy. >> john, the bond markets are not predicting much inflation at all over the course of the next ten years. what kind of economic picture is this is the fed clear for rate rises or are they necessary at this point? >> they're clear for december, but i suspect as time moves on there 2018 we won't see as many

fed funds rate increases as is implied in the dot plot. we just don't have the inflation. another point to make, that average is less than 2% since 1994 for over 20 years we have not had 2% inflation it will be hard to get that number above it. what do y >> what do you expect for wages? >> for us, it's 2.4% you had that discussion earlier this morning wages have to be consistent with productivity and inflation you don't have a lot of inflation, you don't have a lot of productivity, so wages are low. looking at wages relative to the unemployment rate has not been an effective forecasting tool. >> so you expect more of that dynamic, not such strong wages but better job gains thank you. >> you got it. >> chart of the week

>> transportation stocks >> mine is apple with a strong quarter and strong sckarto mket action to help the dow drive past 22,000. they're experts in things you haven't heard of - researchers of technologies that one day, you will. some call them the best of the best. some call them veterans. we call them our team.

that's why at comcast we're continuing to make4/7. our services more reliable than ever. like technology that can update itself. an advanced fiber-network infrustructure. new, more reliable equipment for your home. and a new culture built around customer service. it all adds up to our most reliable network ever. one that keeps you connected to what matters most.

the rally rolls on the dow logging a seventh straight close and futures pointing higher at the open. delivery deal. yelp selling its food operating business to grubhub. yelp stock is soaring. it is jobs friday. we'll bet you ready for the number of the morning. it's friday, august 4, 2017. sq"squawk box" begins right now. ♪ live from new york where business never sleeps, this is "squawk box. good morning, everybody.

welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with andrew ross sorkin and melissa lee. joe is off today it's jobs friday emphases on friday the july employment report is out at 8:30 a.m. eastern time. we're looking for non-farm payrolls forecast to rise by 180,000. that compares to the 222,000 gains that we saw back in june that number was much stronger than anybody had anticipated the unemployment rate is expected to tick down to 4.3% in july compared to the 4.4% number we got last month. u.s. equity futures, things are in the green the dow is indicated to open up 33 points after closing at yet another record yesterday we're looking at eight days in a row of gains for the dow s&p futures are indicated up by 4 points this comes after the s&p saw its biggest declin