the record rally rolls on as we wrap up the third quarter what's in store for q4 we break out the year-end playbook. frankly inadequate that's what one top lawmaker is calling the twitter response to the russia probe. and remember this? [ bleep ] you! [ bleep ] kathy! you're not our [ bleep ] neighbor >> the kb homes ceo addressing his kathy griffin meltdown on the company's earnings call. we'll tell you what he said. it's friday, september 29, 2017,

"worldwide exchange" begins right now. ♪ good morning happy friday welcome to "worldwide exchange" on cnbc. i'm sara eisen >> i'm wilfred frost very good morning to you from me as well. happy friday indeed. let's get to the global market picture. coming off a day of slight gains. as we stand before today's moves for the week, we are looking at slight gains as well the nasdaq the leader up 0.4%. healthcare down about a half percent. the s&p and dow are up just slightly for the week as a whole. as you can see, we're expecting slight gains for the nasdaq, slight declines for the s&p and the dow as well. the rise in yields has been global, it's been pronounced, but it has just cooled off a bit in the last day or two, certainly higher than where we were about a week or so ago. 2.31 on the ten-year

today is the last trading day of the third quarter. stocks have been on a strong run. the dow is up 4% during the last three months the s&p 500 up 3%. the nasdaq is up 5%. as for sectors, tech, energy and materials led the way. consumer staples, real estate and consumer discretionary lagging as we go into the final day. >> another strongquarter what stands out to me is the haven't action in days which has seen the dow transports and the russell 2000, two key domestic indicators, the russell 2000 in particular, at intraday record highs. tells you there's strength, optimism behind the tax reform package. we don't have all the details yet. there will be haggling over some of the specifics and the politics on the pay-fors russell 2000, taxes, that's ban strong gainer.

also strength overseas european stocks have been higher every quarter of this year the dax is set for about a 5% gain >> i agree in the last week or so, the point jim cramer has been making is banks are picking up the pace again. a bullish factor for the economy as a whole as opposed to being one or two f.a.n.g.-type stocks lifting the indices. >> it's been a feature of the interest rate move the yields jumping the dollar heading for the first positive month in several. asian stocks overnight, south korea was strong finishing up a percent japan's nikkei closed flat hong kong and shanghai gaining the chinese stock market, main market closing higher. early action in europe sort of mixed picture. the dax is up. france is flat the ftse 100 up more than half a

percent. will we follow in europe's footsteps? that's been one pattern. >> we saw the eurozone cpi number at 1.6% slightly above the forecast of 1.5% comes off the become of all of the individual countries cp irks so far this morning. oil prices, which were down about a percent or so yesterday, they're up nearly 2% for the week, which is why the energy sector has been the best performer on the s&p up about 0.3% for wti. in and around the $52 barrel level. dollar board for you it was down slightly, but week to date the dollar index coming into today up about a percent. it's gained the most against the euro about 1.5% against the euro, the least against the yen for the dollar this week it is a stronger week for the dollar, slightly higher against the yen, weaker against the

euro, the pound slipping a half percent. mark carney made it clear that they would hike in november, but he said it would likely be a one-off as opposed to the start of a new trend uk gdp 1.5%, not the expectation of 1.7%. gold prices, flat yesterday. broadly flat today the price of gold 1,290. >> wti up 9% for the month this was a quietly strong month and quarter, up 11% for the quarter this was oil's best month since april 2016 didn't hurt when it came to rising stocks. we've seen that sort of correlation before >> i still think if you step back to the last three, four months and look at commodities as a whole, the rise from may to today, way more pronounced for things like it, copper, aluminum than oil net-net, demand for all of those brody affected by the same

factors. supply in oil more pronounced. yes, better than it could have been, but clearly more bullish for some of those metals >> to the wall street agenda we wrap up the trading week with a trio of economic reports august personal income and spending numbers out at 8:30 a.m. that's followed by september chicago pmi at 9:45. consumer sentiment at 10:00. heavy morning for economic data. we'll hear from philly fed president, patrick harker. new this morning, uber says its ceo will head to london to meet with the city's transportation commissioner. the two will discuss london's decision to strip uber of its operating license. news of the meeting comes less than 24 hours after theresa may called london's decision disproportionate the power of transport for london sits with the london mayor. that's one of the few powers the london mayor has >> we never talked about this

decision what do you think? >> i think it's short-sighted to close business for such a major employer >> i think that's the obvious criticism. 3.5 million customers, 45,000 delivers affected by this the key thing to know is that they have not revoked the license just decided not to renew it clearly the operating -- they can operate in the meantime. there are rules in place, and transports for london say they are not complying with those rules. what rules are they not kol plyiply i complying with >> i doesn't know the exact rules to hold a license, but the point being if now we get to a point where they address those issues, uber comes back, gets their license renewed, from a consumer point of view you have the same service with fractional yeah safer drivers and better background checks. and sadiq khan, the london

mayor, can look good from this >> if he can get them to comply. >> the loser is uber they have to add a fraction of extra costs to comply with the rules. the drivers get better wage guarantees and the consumers get drivers who had -- >> it will be interesting to see how open london and the uk will be to working with uber. they have to send a message to business they're open after brexit and welcoming a tech hot disruptor company. >> if the result is no uber in london in six months time, this would seem short-sighted as things are moving around, if they can sort it out, change the rules, change how they're complying with the rules t could work out. in washington the focus is on tax reform. president trump and republican lawmak law maek makers will continue tl their plan to overhaul the tax code the president will address the national association of manufacturing this morning complete coverage throughout the day on cnbc. out of washington, senate

democratic leader chuck schumer says democrats and republicans are on the verge of a deal to sure up the health insurance exchanges. the agreement would fund obamacare insurance subsidies and offer some certainty to health insurance markets twitter telling congress that it suspended 200 accounts linked to russia as lawmakers probe meddling in the 2016 election the top democrat on the senate intelligence committee says he's not happy with twitter's response here's what senator mark warner told reporters after that hearing yesterday. >> the presentation that the twitter team made to the senate intel staff today was deeply disappointing. their response was frankly inadequate on almost every level. >> let's bring in recode's tony rahm who has been all over this tech story welcome. good morning to you. what about twitter have to say

to those senators to evoke that kind of response >> good morning. thanks for having me twitter is just the latest tech giant that's been dragged to capitol hill to talk about potential russian interference in the 2016 election the ways in which drkremlin-bacd agents may have used social networks to stir unrest. so twitter's presentation was with the 200 accounts that you mentioned. it found about 200 accounts on its platform that were suspicious, tied to russia its investigation came as a result of some work facebook had done previously. facebook found about 470 accounts that purchased about 3,000 advertisements meant to stir social and political unrest some of those same accounts on facebook were the same accounts on twitter when twitter presented that to the house and senate intelligence committees it was smacked down by the likes of senator warner who suggested the company that have done more

research and a much more exhaustive search for records. twitter will continue to face those questions. members of the committee will ask for more records because they're so unsatisfied with what they received this week. >> when we talk about the potential rules that may or may not have been broken here, is it less clear if any rules have been broken by twitterver eter s facebook it's different to accept money across accounts, versus retweeting are there rules being broken there? >> for better or worse misinformation is not a crime. you can spread information that is not accurate on places like twitter and you can't get in trouble for it where you start to cross the line is when foreign powers or agents are spending money on election year communications,

political advertisements in a lead up to an election one thing that twitter pointed out in its blog post shortly after meeting with house and senate investigators is this fact that the 200 accounts that it had suspended or taken action against, none had been registered advertisers on the twitter platform they didn't buy the 3,000 ads that some of those same accounts had purchased on facebook. so we're talking about a different matter entirely. from the perspective of senator warner and others, misinformation is just as big of a problem. it shows the extent to which kremlin-backed forces may have tried to stir unrest >> may be easier to be anonymous on twitterverses facebook. what will happen next? >> the house and senate committees are not done. they already announced two hearings the house intel jligence commite will hold a hearing in october, and the senate intelligence committee eyed november 1st.

these will be open hearings, sort of a rarity you can expect tough questions from warner and others who want to know why tech companies didn't do more to track this sort of thing and combat this sort of thing from russian agents, especially looking towards the 2018 midterms. >> we'll see if they introduce legislation, regulation. could be just the beginning. tony romm, recode's policy senior editor. shares of kb homes are moving higher after the company beat on the top and bottom line. the company's ceo addressed that tirade he went on against hi neighbor, kathy griffin. here's what jeff mezger said on the earnings call. >> i want to touch on a personal matter that occurred at my residence two weekends ago that has made the news and which no doubt has come to your attention. i regretted the incident immediately, and i have apologized for it sincerely. the board of directors has

already taken action as the company has disclosed, and i and the kb home team are fully focused on leading this company into the future. >> shares are up 2.5%. no need for the bleep machine on the earnings call. >> yeah. a little more reserved >> tyson foods getting a nice pop after the company upped guidance for the year. tyson also announcing 450 job cuts the company says most of those cut also happen at its corporate offices. shares jumped 6% whole foods says it was hit by a data breach payment information was compromised at its tap rooms and full service restaurants whole foods says these venues use a different point of sale system than the main checkout system which was not effected. shares in amazon up a half percent. volkswagen says it will take a $3 billion hit in the third

quarter due to ongoing costs from the emissions scandal vw says it program to buy back or retrofit diesel engines is proving more expensive than expected shares down 1.5%. shares of roku had a blockbuster debut yesterday. the company surging 67% in its first day of trading at the nasdaq it's higher in the premarket at least for the first 24 hours a successful ipo. starbucks is closing all of its online stores this weekend starting october 1st the company will sell online merchandise through amazon and other third party vepd ndors. prem meetitheresa may meeti leaders in estonia a full report coming up. first check out the best and worst performing dow components. boeing at the top of the list, up almost 30% for the quarter. the big loser, nike.

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brunsden "the financial times. i wanted to start with the tallout from angela merkel's failure to win a resounding re-election victory. clearly mr. macron has a reform agenda for the eu. does the weakness that merkel has in forming a coalition make that harder or easier? >> it's an interesting one eu leaders are gathering in es tonya. the meeting was meant to discuss digital issues, the digital economy. it still is. that's on the agenda today but the dinner they had last night, for the first time we had mrs. merkel coming back to talk with other eu counterparts after the election results we were waiting to see how this would play out would she appear diminished by the result she gave a press conference where basically she made clear her determination to be forward

with european integration, in lock step with emanuel macron. it was for a moment like the election result had not happened yet. we were all expecting suddenly there would be movement from the germans and a willingness to discuss reform we were wondering if that would happen after the election. the message from her yesterday was full steam ahead >> is this an awkward position for theresa may, to attend high profile meetings of european leaders now that she's negotiating divorce talks? >> yes one thing about yesterday, the dinner was to discuss the future of the european union. this was conceived in that spirit for the first time theresa may was there. the previous meetings, they were eu 27 meetings without the britts so in bratislava last year and

here theresa may was here. and participated in the dinner to discuss the future of european projects. brexit was just eluded to. >> must be strange >> jim, thank you very much for joining us >> pleasure. still ahead, amazon makes a big bet on football. but did it pay off new numbers about the protests and the impact its having on viewership

amazon streaming its first nfl game last night. prime members could see the packers top the bears 35-14. amazon produced a pregame show hosted by tiki barber and australian chef curtisstone. we have a success for amazon i guess we don't know yet. >> you don't know based on the numbers, but also if it's the first game and they had this big lightning delay, that was 45 minutes. you will lose a lot of people. >> h45 minutes >> yeah, there was lightning -- >> it wasn't an amazon thing >> was a god and weather thing >> how does amazon monetize this hopefully driving prime members but are they heavy on the advertising? >> the pregame show, a lot of

the purpose was simply here is how you can buy amazon products to help you enjoy all kinds of things in your life like watching football. this is a way to set people up to sit in front of the amazon ecosystem and buy things what do we know after the controversy that unfolded this weekend and continued into the week >> there's a new poll out yesterday from seton hall university it suggested 29% of americans were watching less football this year 47% of those people said it was because of the players protesting the national anthem you put that together, that's like saying 14% of americans have cut back on watching because of the protests. at first balance that might make sense because of the president's tweets shaming the nfl and saying ratings are way down. but it may not be the whole truth. the real data says the total reach of the nfl last week was down 5% versus last year and this year it has seen other

big factors like cord cutting, and hurricane irma wiping out a lot of people being able to watch games. the large gap between polls and reality could suggest people are lying to pollsters people say what they think a pollster wants to hear, but they do something else in reality it's even been cited as one reason why trump did better in the election last year than the polls suggested. another effect going on now, while the number of people watching is relatively steady, the average person spends less time watching. so cord cutting will not stop. we know more online services are airing games like amazon so you put it together, that trend suggests ratings will keep declining regardless of protests that's for football and for all of television. so it also means you can't take stock in what the poll results say, humans like to say one thing and do something else. that's what's going on >> but the president can say it. >> the president can say whatever he wants.

twitter won't block his tweets he's good to go. >> it's interesting, stepping away from the president thing, we're seeing a decline in numbers of viewers for what is probably the most prized piece of content it's live and exclusive at a time when still you're seeing the new competition enter, amazon and twitter entering that space. it's a double lose-lose. >> what's happening is all tv ratings are going down a lot nfl tv ratings are going down single digits. relative to the universe they're in, they're doing well and better than what the rest of the options are. it's still the number one show on television, but if it's on amazon, the amazon number is a tiny fraction of what the tv number is. >> eric, thanks for joining us still to come, anywhere on atrth in less than an hour th's elon musk's mission more when we come back

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closing out q3 stocks pointing to a mixed open as traders gear up for the final trading day of the quarter what's in store for q4 the year-end playbook coming up. crisis in puerto rico, we're live on the island as recovery efforts continue. and elon musk says you will soon be able to fly anywhere on earth in less than an hour more on his big plans coming up. it's friday, september 29, 2017, you're watching 1/4 white sox"we exchange" on cnbc.

welcome back to "worldwide exchange" on a friday on cnbc. i'm sara eisen >> i'm wilfred frost good morning and happy friday to you from me as well. >> let's check in on the global markets. wrapping up what is another positive quarter, month and week for u.s. stocks. futures are mixed. dow futures down 14. s&p futures down 2 nasdaq futures are up higher nasdaq the big effort winner for the quarter, not for the month ten-year treasury note yield the trend of higher yields has been the story over the past few weeks. the ten-year yield above 2.31. historically low but way off the lows of just 2%. today is the last trading day of the third quarter. stocks have been on a strong run. here's the tally the dow is up 4% during the last three months s&p is up 3% the nasdaq, the big winner up

5% as for the sectors, technology, energy and materials leading the way. consumer staples, real estate and consumer discretionary lagged a big part of that story is 9 pfrs ga9% gain in wti. technology the stand out you can point to earnings there. >> absolutely. let's look at asian equities, they have been under pressure. hong kong down a percent and a half for the week. recovered about a half percent today. the nikkei, slight loser today, down 3 basis points. european trade coming off the back of eurozone inflation numbers which were fractiony better than expected uk gdp worse than expected markets slightly positive for the week but ending on mixed territory. the broader market, let's show you oil wti back above $50 a barrel.

51.48. down fractionally this morning brent is a bit higher, 57.49 nat gas is flat. as for the u.s. dollar, has it found a bottom this is the first positive month for the dollar in many it's not doing much this morning. the euro is firmer, 118. the dollar is firmer against the yen, 112.49. the pound is weaker against the dollar, got that economic news, half percent the story has been of a stronger dollar that has put pressure on gold prices which are set to finish the month lower. gold prices this morning, up about 2 bucks. they weaker for the month. down 2.5 prgs. the other thing from the uk, comments from juncker. we're continuing to follow the latest developments out of puerto rico. the island is short on fuel, food and medicine following hurricane irma and has transformed into a cash-only

economy. contessa brewer is live in puerto rico with the latest. good morning >> reporter: in this tourist area there are four atms within a block of each other. only this one is working, which meant long lines outside during the open curfew hours yesterday. the santander atm looks like it was damaged in the hurricane there are atms in this cvs pharmacy behind me and in the walgreens drugstore, both of those have no money. the atms are not up and running but there's power from generators to both of these stores, and they're accepting credit cards that's a rarity. throughout much of puerto rico generator power is fueling the economy. the fuel is not easily accessible cash is king it pays for food and water to gasoline. and the lines can last for a full day or more just to get gas. people showed up at this station at 1:00 a.m. waited and waited

just for a fuel tanker to arrive to deliver gasoline. that finally happened. we watched it. at 5:00 p.m. that happened i talked to a funeral director waiting, he said he was empty. his hearst, he needed to fill it because he had 16 bodies to take care of. he said what happens if i can't get the gas? what happens to these bodies the gas is in such high demand we saw police guarding gas stations and law enforce leading fuel trucks. fema is now working with d.o.d. and local agencies and the governor to make sure fuel delivery is a priority we heard from secretary mnuchin yesterday at the treasury, they're grappling with this issue of the desperate need for cash here. he says two giant cash deliveries were made to the island he said if people have money in

the bank they have to be prepared to stand in long lines to get it and then stand in more long lines to fuel up their cars to get where they need to go >> i don't want to make it too political, the humanitarian crisis here is dire. that's front and center. but the president has received some criticism for coming a bii, letting vessels bring in supplies what is the feeling on the ground with president trump set to visit the island on tuesday >> i can only tell you in my little slice of the world what i'm hearing. from executives down to the people who are living in this area and people we saw dire need yesterday outside of this main little tourist and commerce mecca in san juan, the feeling is they have been forgotten by the federal government general honore, he said where he is he handled katrina, maybe she

handle the operations and recovery efforts here. why are we not seeing army, federal government trucks in here to get fuel where it needs to go, and make sure there's cash and that people have access to food and water. >> so many problems. contessa brewer, thank you very much for the update. switching to today's wall street agenda. we wrap up the trading week with a trio of economic reports august personal income and spending numbers out at 8:30 a.m. that's followed by september chicago pmi at 9:45. consumer sentiment at 10:00. we'll hear from philly fed president, patrick harker. he's speaking at a fintech conference midmorning. a major announce the by spacex and tlaesla ceo elon musk he plans to colonize mars. morgan brennan has more. >> elon musk took the stage at a

big space conference and laid out plans to take humans to the moon, to mars and around the earth for faster transport he's look doing this with a new rocket he's planning to start building it first half of next year. he called it the bfr -- the middle world you can't say >> big something rocket. he is looking to build this next year he outlined the slimmer, sleeker, shorter rocket that will be redundant to be used in these missions to cut down on costs. here's the crazy part. he's looking to start using this rocket which has not been built yet to bring cargo to mars in 2022 and humans to mars in 2024. >> i'm more interested in the fact that this will be used for -- >> i volunteer you go to mars first. >> that was not said with positivity i'm more interested in new york

to london in 29 minutes, and new york to shanghai in an hour. >> this almost makes the hyperloop look slow. to use this bfr, this big rocket, to basically shuttle people around the world, anywhere in the world in under 60 minutes and his whole game plan here is to get the cost of doing that down to be comparable with a full fare economy airline flight >> which is -- he said 6 to 9 months when they'll start building it. but no timeline of when we can shoot back and forth to london in 29 minutes. >> where we can be sort of semi earth bound no timeline on that. most of this presentation focused on mars. mars has been the big focus at the conference lockheed martin also unveiled their own martian plans yesterday. >> there we go >> morgan, thank you >> it's all much closer than we realize. >> awesome if it happens time for top trending

stories. beyonce released new music for a good cause the singer dropping her first single since giving birth in june to twins. the proceeds of the track will benefit puerto rico and the caribbean islands following hurricane maria as well as mexico >> that is the song in the background the remix. spotify's latest play list wants to take users back in time the streaming giant unveiling your time capsule, a play list made up of songs that you probably liked when you were a teenager it's vasible available -- >> your also play all these british obscure boy bands. >> i'm not sure they would make it work for me >> it's not in the catalog >> maybe with all this modern day data they have, they should

know >> it's all about the ret troshgs what ro. >> google looking to take on amazon in the smart screen market google is developing a table top smart screen for video calling and more it would compete with the echo show device no word on the cost or when this might become available amazon will have some tough competition between apple and google when it comes to your home something big is brewing at the disney channel the network announcing plans to remake the cult classic film hocus-pocus. variety reports the reboot will feature a new cast and director. it is said to be a new iteration. it look s terrifying >> it is scary >> freaky. >> really freaky but really

good one of the best. >> "toy story. >> that's little kids. this is teenage kids >> it didn't look -- maybe i'll watch the remake. coming up, living large. that's how one op-ed writer is referring to president trump's cabinet. today's must reads are next. i've got a must-read today very niche about -- >> it's from "the financial times. >> about european soccer it's really good as we gear up to the final trading day of the quarter a look at winners and losers in the s&p. we're back in a couple mutines jimmy's gotten used to his whole room smelling like sweaty odors.

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welcome back to "worldwide exchange" on a friday. i'm safer sar wira eisen time for some must-read stories. my pick in the "washington post." trump's cabinet loves living large. not really an opinion here, just summarizing all of the private jet behavior, let's call it, or private jet chartering from some cabinet mrebembers previous hhs secretaries have flown commercial i don't think it should be mandatory for cabinet officials -- i think it should be mandatory for cabinet officials to squeeze themselves into coach as members of congress often do when flying back and forth business class when available would seem appropriate but chartering a jet for a non-urgent hop to nashville is beyond the pale, given that

price seems to have personal reasons for making that trip he says his son lives there, has an apartment there i don't know if it's breakingal rules, but clearly optically it's not good using thousands and thousands of dollars to charter these flights. >> private plane, no way ridiculous >> right >> i think everyone is on the same side of that. >> absolutely. secretary price will be paying back >> which is an expensive mistake. my pick is in "the financial times. more than a football club, why barca is a force in catalan nationalism. this weekend there is a legal referendum taking place in catalonia where, of course, the catalans want to break away and have independence from spain it's not a referendum that's recognized by the madrid government an interesting thing that the president did comment on this week in his press conference with mariano rajoy this take is on what the forces

for nationalism are in catalonia and the impact that barcelona as a soccer club has on that. well worth the read. even though it's soccer, i think you'll like it get this stat, guess how many social media followers barcelona has? 150 million which is more than all of the teams in the nfl combined shows how big a sport soccer is versus american football, if joe is watching. just the power of barcelona and what it means for the region >> how will this vote good >> hard to say it's likely pointing to voting for independence if it's not high turnout, they'll have an issue trying to convince anyone to listen to it. the madrid government says they will not listen to it and there could be clashing th ines this f

they try to shut things down still ahead, it's been a record third quarter the dow, nasdaq and s&p 500 hitting new highs. will that rally roll on? as we head to break, here's the national weather forecast from bill karins good friday morning to you only one concern heading into the weekend. we will be watching florida, some tropical rain a 40% chance that this will become a tropical system, regardless not a big huge storm. just some rip currents, gusty winds, beach erosion the rest of the country has a fantastic weekend. we will watch today shower activity in seattle. look at the northeast, beautiful. central plains, oklahoma, no problems in much of texas. heading to the weekend, saturday we track wet weather out of the rockies into the central plains. tropical rain in florida on saturday on sunday, the northern plains

have some rain you want to talk about a gorgeous weekend forecast from texas up through the northeast, ndu should enjoy a beautiful suay that's your business travel forecast more "worldwide exchange" when we come backep shopp this is a skyscraper whose elevators use iot data and ai to help thousands get to work safely and efficiently. this is not the cloud you know. this is the ibm cloud. the ibm cloud is the cloud for enterprise. yours. the ibm cloud is the cloud for enterprise. whuuuuuat?rtgage offer from the bank today. you never just get one offer. go to lendingtree.com and shop multiple loan offers for free! free? yeah. could save thousands. you should probably buy me dinner. no. go to lendingtree.com for a new home loan or refinance. receive up to five free offers and choose the loan that's right for you.

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we're approaching the top of the hour the team is getting ready for "squawk box. andrew ross sorkin has more on what's coming up >> we have dan gilbert for three hours as our guest host. we'll talk detroit, cabs, quicken loans, so much also get his take on what is going on in washington ed rendell will be joining us. the mayor of detroit will be coming up. patrick mchenry will talk tax reform a very big show ahead. >> looking forward to it i wonder how many social media followers the cavs have. barcelona soccer club, 140 million. >> they're still working on

that. >> we achieved a great amount. >> andrew, you can fire back saying you have way more twitter followers than wilfred next time >> i wasn't criticizing andrew feisty this morning. here's a check of futures. a strong one for stocks. at least the quarter mixed futures action this morning. little action. dow futures down 12. s&p down 1 let's bring in scott clemens story of the quarter is another stand-out one for technology not so much lately for the month and the week, but for the quarter as a whole, the nasdaq up 5%. >> we got a bit of sector rotation in september but not enough to derail it from the top of leaderboard a lot of that has been driven by strong earnings. we're on the verge of getting more evidence of that, when the third quarter earnings report

kicks in in a couple weeks time. that's a fundamental driver of markets. that's the next data point on the calendar to figure out whether or not there's still fuel in the tank of this market. >> what is the big loser that we can take from that >> there's been concern about disruption in the retail sector. i think that's overplaced. if you look at the gdp data, consumer continues to be the heartbeat of this economy. we'll get more data on that today. personal income and sentiment, that will tell us about the ability to spend money that's an important driver of consumer stocks. i think that's still in good shape. >> the market as a whole, the bear also come on this network, we heard this countless times, they say the market is fully valued there's not a catalyst to take it up higher here we are again wrapping another 3%, 5% quarter on the major averages it keeps climbing higher

is that the very veiling sentiment again? does that pave the way for more gains? >> it does i've been in this business long enough to be a simple minded analyst of what makes things work at the end of the day the market is a weighing mechanism. the fundamentals drive the market it's easy to get wrapped up in the headlines, will the tax package pass or not. at the end of the day it's about prorp cat ea corporate earnings we have come through four quarters of corporate earnings driven by the top line as long as that's the case, there's fuel in the tank >> driven by earnings, but big one-off macro factors can always have an impacts. we'll see the end of the fed balance sheet -- >> the beginning of the end. >> we'll see the tapering. is that something that markets need to be aware of? do you think no? >> here's the short answer to the question i think it's important to make a distinction between those things that threaten to impair

sentiment and price and that could be anything on any given day of the week. and those things that threaten to impair value. that's more of the earnings story. as to the fed, the fed has been so transparent about what they intend to do, the pace they intend to do it, it falls under the category of the most anticipated risk being least dangerous. the fed has taken pains to say the reason they feel comfortable beginning to shrink the balance sheet and continuing to raise interest rates is heightened confidence about the pace of economic activity. >> if earnings is -- which clearly it is, the most fundamental factor driving this market, tax reform should be important. you have ceos out there, including james gormman saying 5% tax rate would lead to a 20%

boost so we're talking about a significant boost here >> i don't think tax reform is baked into the market. it's so widely talked about, i think there's still enough healthy skepticism on wall street as to the possibility of tax reform and what shape it will take, if it were to come through, i think it would be a positive surprise. >> i think you're in the majority which is a good thing for the market >> for which sectors >> it has a bigger impact on smaller capitalization stocks than larger capitalization stocks >> they soared to a record here. starting to percolate. >> everything has soared to a record here. it's a good crowd to be in more of those companies. smaller companies that have a greater exposure to the domestic tax scheme than international tax schemes. >> thank you very much for joining us >> any time. >> scott clemens 20 seconds left. key things to watch. >> the economic data front and center scott mentioned personal income

and spending, consumer sentiment. what's going on with the u.s. consum consumer. >> i think the story of the week is the rising yields keep an eye on that that's it for "worldwide exchange. "squawk box" is up next. 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.

good morning the record rally rolls on. we'll tell you what to expect from the fourth quarter as we close out the third. is that really happening september. a senator blasting twitter over the social media company's role in russian election meddling we'll show you what he said. and one of andrew's favorite on-demand apps just got bought by ikea. it's friday, september 29th. tomorrow is the last day of the month. "squawk box" begins right now. ♪

live from new york where business never sleeps, this is "squawk box. good orning. welcome to "squawk box" on cnbc. we are live from thenasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. today is the last trading day of the third quarter. stocks have been on a strong run. the dow up 4% in the last three months s&p 500 is up by 3%. the nasdaq is the big winner, up by 5%. stocks are on track to finish in the green in september for the first time since 2013. tech, energy, materials leading the way. consumer staples, real estate and consumer discretionary lagged even though you're talking about real estate and consumer discretionary being flat, those are the lagging sectors. a look at futures a mixed picture with the dow indicated down by 12