the rally rolls on stocks continuing to march higher as we await the jobs report a hurricane hit. harvey and irma will be the big forecuss focus of that september payrolls number. and following a developing story in the gulf as another storm takes aim. we have the latest on nate's path, friday, october 6, 2016, "worldwide exchange" begins now. ♪ good morning welcome to "worldwide exchange" on a friday on cnbc.

i'm sara eisen >> i'm dominic chu sitting in for wilfred frost. a lot of news to talk about today. >> another record high for stocks >> another day, another record high >> let's check in on the global markets. futures action for you, on this jobs day, as for futures we're seeing a mixed picture dow futures up 10 points s&p down 1 nasdaq futures are up 3. as for the ten-year treasury note yield, hovering around this 2.30 level on the ten-year we have moved higher, 2.37 there's been a series of good economic data thinking services, which is a broad swath of the u.s. economy the manufacturing number recently was the highest in years. all of that has driven money out of bonds and pushed yields higher >> we will talk about that in the context of the jobs report let's talk about the asian market the market in mainland china was closed today you can see the other major bourses out there, japan's nikkei up by a third of a percent.

the hang seng in hong kong, up by the same amount the kospi up bay full percent. as for what's happening in europe, we saw action with regard to the coattails and the catalonian referendum in spain check out what's happening the dax just about flat. the cac in france off by a quarter of a percent the ftse 100 up by 0.1%. as the european markets look to stabilize on this friday >> as for the broader market picture, oil prices this morning, show you where they stand. hovering around the $50 a barrel level still. that's where we've been all week 50.62. brent showing some strength, up 0.2%, 57.11. as for the currency, the u.s. dollar is not far from a three-month high this has been a change in dynamic. stocks going higher along with the u.s. dollar on better data and political concerns the euro 1.1696.

the dollar is firmer against the yen. bang-on flat at 113 as wilfred would say. the pound is weaker. it has been weak on the political uncertainties. 1.3078 gold has reacted negatively to the stronger u.s. dollar that continues. the u.s. jobs report will be the front and center focus of wall street today. the september jobs report is out at 8:30 a.m. eastern time. non-farm payrolls forecast to rise by 80,000 die to the impact of hurricanes harvey and irma. the unemployment rate is expected to hold steady at 4.4%. in addition to the jobs report, look for august wholesale trade at 10:00 a.m. eastern time and consumer credit at 3:00 p.m. we'll hear from several fed officials today plus steve liesman has an exclusive interview with dallas fed president rob kaplan he will join "squawk box" today

after that jobs report comes out at 8:30 a.m. eastern time. >> i don't think the jobs report is that big of a deal because of the hurricane impact a lot of people expecting that to actually dampen job creation. the expectation for 80,000 that tells you something is messy >> they already factored those numbers in but the real question is whether or not there is a bounce back trend overall next month >> sure. >> but as you said, another storm barrelling through the area >> it's a weak number, please just write it off as a hurricane impact costco reporting better than expected results the company beating on the top and bottom lines and sales topped forecast, but the stock down 2%. courtney reagan is here. >> costco has been a story that's been strong, but a couple nuances analysts are worried about. one is the membership renewal rate that's a big part of costco's

business model and the revenue stream and for the business, it's strong the business renewal rate is 94%. for the gold members, sort of your average member, that renewal rate is 89%. costco trying to explain it away saying we opened a number of new stores, you will pull in people this way it lowers the average per store. don't worry about it analysts are worried about it the valuation is quite high. it's been a winner in the space for a while. >> you mentioned new stores, but sales at existing stores maybe didn't meet certain analyst expectati expectations >> that's true the expectations have been high because they've been outperforming. it's interesting to see traffic is up in the stores. same-store sales numbers are strong if you look at just september, ex-fuel, it was the strongest result since april of 2015 there is a lot to like even if you point out some of those negatives. e-commerce is something that

costco needs to work on. it got better for september. they made some improvements to the website, making search better, adding merchandise it sounds simple those are some plycomplicated things to do online. they do have an impact >> i cover kroger, they get asked all the time about whole foods. does costco worry about it >> they talked about it and they talked about why they're still strong, they said we looked at prices, we're still lower than that they both have membership models and existed together for a long time we'll see what happens costco tries to explain it away as kroger does >> they all have to. >> courtney reagan, thank you. some of the stocks to watch today in addition to what's happening with costco, yum china's third quarter earnings missing forecasts. revenues did beat. same-store sales rose 6%

the fast food chain also the ceo who has led the company since the spinoff from yum brands total will be stepping down. he will be replaced by yum china's coo. disney and altice finalized a deal to keep espn and other channels in millions of households in the new york metro area disney threatened to pull from optimum cable services before the two sides reached an agreement. and calstrs says they will support the nomination of nelson peltz to procter & gamble's board. calstrs has been an investor with peltz's firm since 2011 another cincinnati company >> a big boost for peltz's effort. bayer halting a phase three

trial drug of xarelto. it showed it was no more effective than low-dose aspirin in preventing strokes in patients it has been approved for preventing strokes due to an irregular heartbeat. anyone anyonintendo is ramp duck shun of its switch game console due to strong demand it could ship up to 20 million units this year. general leak electric looking to shave did billion in costs by next year the move following the elimination of the ge jet fleet last month. we have a nobel peace prize winner the international campaign to abolish nuclear weapons winning the prize. that announcement just made in oslo. president trump offering a

cryptic message about the future during a photo-op with senior military leaders and spouses here's what the president said last night at the white house. >> you guys know what this represents >> tell us, sir. >> maybe it's the calm before the storm. >> what's the storm? >> could be the calm before the storm. >> what storm, mr. president >> you'll find out >> calm before the storm it's not exactly clear what the president meant by those comments nbc news has reached out to the white house for further clarification. >> what on earth could he be talking about? north korea? iran >> there's a lot of storms out there possibly brewing we're also following a developing story out of the gulf of mexico, where voluntary evacuations have been ordered for parts of louisiana as tropical storm nate takes aim. another one to watch let's get to bill karins with the latest on nate's path. >> hurricane center gave us their new update forecast has not changed that's bad news for the northern

gulf coast still a weak tropical storm. came off the coast of honduras we will watch it today heading towards cancun it goes over the gulf saturday the landfall timing has been moved up this storm will be flying. it moves quickly landfall sometime after midnight into early, early sunday morning. storm cone of uncertainty includes new orleans, biloxi and mobile hurricane center has it as a category 1 hurricane you expect minor roof damage and issues with storm surge. then we take what's left of that storm and rain and bring it up through tennessee and southern new england. as far as the watches go, these were not changed hurricane warnings later today the biggest concern is storm surge and the wind as we look for louisiana and mississippi, those are the target areas >> thank you, bill karins. coming up on "worldwide exchange," we're going global. imf director christine lagarde

making comments about global growth her latest outlook straight ahead. as we count down to the jobs report, we're looking at where the jobs are and how the blockchain technology could be the latest thing for t uhe.s. labor market stick around more "worldwide exchange" coming up i love you, basement guest bathroom. your privacy makes you my number 1 place to go number 2. i love you, but sometimes you stink.

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the u.s. markets down or up just slightly in the premarket that carries over into just these series of incremental record highs for the overall market the s&p showing up down by 1 point. the dow jones up by 9 points the nasdaq up as well. europe could help set the tone today for u.s. markets the dax just about flat. the ftse 100 flat as well. the cac in france down 0.2%. stability there, everyone watching what's happening in the aftermath of what will happen with the catalonian referendum back over to you the international monetary fund likely to upgrade its outlook for global growth when it releases its forecast for next week. that's according to christine regard i got a chance to sit down with the managing director of the imf and asked her how long she's expecting this global coordinated pick up in economic growth to last let's hope it lasts as long

as possible what we're certain of is that it's really taking roots, and it's not just a little short-lived cyclical moment we are seeing it coming from about 75% of gdp in other words, it's not one country leading the charge, it's not only the emerging market economies that used to be the case it's europe, it's the united states, it's japan, and it's china, of course and india plus a few other countries >> on that upgrade to global growth that she hinted about, i asked what makes her so optimistic now about what she's seeing down the road >> the sources of growth are comforting us in that direction. much more investment than we had seen before. it used to be very much driven by consumption, consumption, consumption. we're really seeing now investment in many corners we are optimistic that good

reforms in some countries will also push that momentum forward. we're clearly seeing a determination by the authorities in china to accompany the growth to stabilize it and accompany it there's clearly a revival in india. >> be sure to catch my entire interview today on "squawk on the street." i have covered the imf for the last, i don't know, ten years. this is the most optimistic i've heard them >> it's interesting that they're so robust about what's happening not just in the u.s. but globally >> they put out this economic forecast they do it every few months. it's been downgrade after downgrade after downgrade after the financial crisis, whether it's uncertainty around fiscal cliffs in the united states, the latest burst of the debt drama over the years concerns about china the collapse in the commodities. we've been through these

periods. it's led to a downgrade in growth here they is talking about how we're starting to see investment come off the sidelines, it's not just driven by consumption, giving props to the chinese leadership about controlling and managing their economy we talked a lot more about some of the risks that lie around the corner what she's most worried about. you'll hear that on "squawk on the street." and we talked about janet yellen who could be the next fed chair, what the challenge there will be we talked tax reform the imf has done a ton of work on fiscal policy she's calling for more structural fiscal policies in the u.s. and other countries, she goes through what she likes and doesn't like >> you spoke about financial crises there is a sense from the world bank and imf some governments are not doing as much to prevent the next financial crisis. there are certain things there i can't wait to see the full

content of the interview there will be so much to talk about. >> absolutely. the strong global economy that regard mentioned could be fuelling this global stock rally. look how things are stacking up this year for the major markets. the u.s. is up 14% china is up 29%. brazil up 28%. india up 19. south korea and mexico up double digits let's bring in "the financial times" new editor, peter spiegel. when we look at some of these markets, we talk about the strength in the u.s. maybe lost on some of the investors out there is this idea they can go anywhere around the world right now and find some kind of robust economy is that really the case? >> yeah. as sara mentioned this is years after europe was seen as the sick man in the global economy we have seen indications that

here in britain in particular and in the eurozone, which has been damaged for years because of the crisis, suddenly we're seeing the real economy grow i would say the one caveat, you know, we still are in the precipice of the end of the biggest experiment in monetary policy in human history. the great unwinding is about to begin. though a lot of this free money pushed into the economy the last four, five, six years is having real growth potential, we have to realize this is a major risk. i'm not sure the financial markets -- it sounds like even christine regard what weighed that in. we'll get the bank of england, the ecb and the fed, they're all either going to start unwinding qe or raising rates in concert with each other. that's going to have a huge impact on the ability of corporates and individuals to refinance, and actually continue with capital investment. so that is still n my mind, the

major hanging dark cloud out there. >> here's how she attacked this one. i'll give a bit away before the interview. what she would say is that there's still a lack of inflation in the global economy and central banks still need to be in easy policy mode, even if they are starting to think about normalization. the other point she made was whoever comes after janet yellen, whether it's janet yellen or one of the other contenders in the celebrity apprentice of the federal reserve chairmanship, that their biggest challenge is going to be communication. they will have to proceed with normalization, shrinking the balance sheet, raising interest rates. because gel hahn been janet yelo effective t hasn't disrupted markets. she laid down the policies pretty well, pretty far in advance and look at the market

>> christine legarde has been dovish for quite some time we will get a whole lot of people who we don't know who they are yet not only communication but policy will be a question mark in washington. we will also get a new ecb president. we have -- despite the u.s. and christine legarde have been pushing for soft money policies, draghi has been saying this is hurting german savers, going to lead to inflation. in britain as well, we're hearing noises they'll raise rates. though there's a lot of talk about smart money, you're getting hawked with the traction that could still be out there in the fourth quarter because we will see some of these banks communicating on this this month and in november and december >> the macro data points will be something to watch >> we've been warned that was quite a warning >> exactly right

thanks, peter spiegel. coming up next on this jobs friday, how blockchain technology could be the next big thing for jobs we're headed to the front lines. that's straight ahead. later, calling bull. the big hypocrisy at the wall street firm behind the fearless 'lrl statue. wel explain when "worldwide exchange" comes right back causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. the name to remember. okay, iunderwear that's'd say this, bactually pretty.er leak surprised? it's called always discreet boutique.

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september jobs report as we do every jobs friday, we're on a mission to find out where the jobs are today we're finding them in blockchain technology. kate rogers is here with more. >> good morning. ibm has a team of more than 1500 workers around the globe working on blockchain now and the company is looking to fill 1 50 more roles as it continues to expand in what some are calling a technology that could be as transformative as the internet itself ibm is betting big on the future of blockchain. the company is putting the technology to work in financial services, retail and transportation streamlining operations for customers >> when you think of making the complex very simple, that's what we look to do in both technology and business. >> reporter: in fact, clients are now coming to ibm to figure out how to implement blockchain. they're working with some of the leading food suppliers like walmart to help address food safety challenges. >> it's still a complex network

getting, let's say, a mango from the farm to the fork lots of exchanges in there that causes challenges and trouble with regard to food safety. >> reporter: ibm is looking to add more talent to its blockchain ranks and having a background in this technology is not social security sa not necessary. >> we look for people to look and think creatively and meeting the clients outcome with blockchain, not blockchain finding an answer within the client >> the company has training programs within ibm for those who express interest in pursuing a career in blockchain they also hiring more new colla workers who may be coming out of the military and training them in blockchain technology what are real world business

partnerships developing? >> i think it's interesting what ibm is doing with walmart. they gave that mango example, from farm to fork, it used to take hours to track that and now they can do it in six seconds because of blockchain. >> such an interesting, practical use. >> it has expanded far beyond the dark web >> up next a round up of the top stories, including theatt leson tropical storm nate. stick around, "worldwide exchange" will be right back

jobs, jobs, jobs, that's front and center on wall street today as we await the september jobs report. and the rally rolls on stocks sitting at record highs as we all await that important jobs report. we'll have your trading day set up straight ahead. and calling bull the wall street firm behind that fearless girl statue, they may not be practicing what it preaches we'll explain. it's friday, october 6, 2017, you're watching "worldwide exchange" on cnbc. welcome back to "worldwide exchange." i'm sara eisen

i'm sitting in for wilfred frost. let's check what's happening with global markets. we're holding stable here. a current trend that continues on today with the markets showing some marginal losses to start the day ahead of that big jobs report. the s&p looks like it will open down by a point. the dow down about ten 2.37% for the ten-year we've seen a trend for the last week and a half of rising rates. that jobs number and interest rates front and center. mainland china's market was closed today as for the rest of asia, green arrows across the board. the nikkei continues to surge higher it is liking that weaker japanese yen hong kong also continues to be a strong market in asia. as for the early action in europe, let's show you the trade

there. spain has been an underperformer on some of this political turmoil as catalonia plows ahead with its declaration of independence we'll see how that works out german dax is higher this morning. just barely. fractional moves france is down the pound is weak. so the ftse 100 goes higher off the weaker pound helping the exporters. >> relatively stable market there in europe. as for the bigger macro markets, the broader markets, check out what's happening sara said what's happening with currencies euros are losing strength against the u.s. dollar. 1.1698 is the last trade there dollar/yen at 113. pound sterling, 1.3065 u.s. dollar strength across the board for some major cross-currency pairs as for how that affects gold prices and dollar strength, you might see gold weakness and weakness in other commodities.

as for oil prices, certainly we've been seeing that $50 a barrel mark for west texas intermediate, 50.55 for the last trade. as for ice brent crude futures, that world benchmark, just about flat now $56.94 we are keeping our eye on energy prices as tropical storm nate closes in on the gulf of mexico voluntary evacuations have been ordered for parts of louisiana forecasters say the storm could strengthen into a hurricane before it makes landfall this weekend. >> the u.s. job market will be front and center for many investors and traders on wall street today the september jobs report is out at 8:30 a.m. eastern time. non-farm payrolls forecast to rise by 80,000 due to the impact of hurricanes harvey and irma. the unemployment rate is expected to hold steady at 4.4%. let's talk more about the big jobs report. joining us is david rosenberg,

chief economist and strategist over at gluskin shiff. are there things you're looking for to see if this economy is on track? >> i think this is one report where you probably don't want to pay much attention to the headline irma hit just as the survey week was taking hold. you know, we could get a very, very weak headline one forecaster is calling down 45,000 it could be a negative i would say look through it. look at the factors beneath the veneer that won't be influenced by the weather so, you know, you mentioned the unemployment rate. that's still very front and center as far as the fed is concerned because of their worries over the labor market being too tight. i think the biggest number is the wage number. when we got the august data last

month, it came at a plus 0.1 once again drove a hole in the view that we'll get wage inflation. if the number comes in 0.3 or higher today, that's going to be a validation for those still saying the phillips curve works and the only thing preventing the tight labor market feeding through into wages were lags today maybe the wage number, unemployment rate and work week. >> have you been surprised as someone who has been looking at some of the less robust pockets of the economy and warning that expansion has been coming to an end, have you been surprised to see the surge in manufacturing activity and services we got recently >> i was saying based on our research that we were 90% through the cycle. i was not saying that the end of the expansion was next month or next quarter, i was saying by the end of next year and to be treating this in your portfolios as late cycle.

look, the survey data, once again, like we saw after the election last year, the survey data are ripping to the high side the real side data are not doing as well. there's no question that the latest numbers on capitol goods ord verse improers have improve. we got soft consumer spending numbers, very soft real personal income numbers a lot of consumer spending growth was driven by credit and a draw down in the savings rate, not by organic income growth i would say look what's happening now, it's reflected in the markets. sentiment is improving you know, the trump reflation theme is back on since that blueprint came out a couple weeks ago. we have a situation now, as you saw with the auto sale numbers, there's a view the hurricanes, the rebuild and repair phase will be stimulative for growth over the near-term the view shifted that hurricanes are positive for growth.

the trump relation trade is back on the one area doing well and accelerating are the data coming out of asia and europe so i think all these things, you know, connected with the fed, increasing optimism that they'll hit inflation target, that the economy will do fine, that's showing up in sentiment numbers. >> is inflation really picking up sarah spoke about it with christine lagarde at the imf, it's ban concern, even though rates are rising, inflation expectations are not rising along with them. >> i would tend to agree with that the only areas of inflation that have shown pulse have been the commodity complex and oil coming back from egregiously low levels. my sense is when you look at the underlining numbers, even if you strip out the idiosyncratic developments, even as john williams of the san france f fed pointed out yesterday, the

dispersion indices are still trending lower underlying inflation is still trending lower but you see we don't have a fed that's data dependent anymore. the fed used to be data dependent. the fed is now forecast depe depende dependent. it's following the forecast that down the road we'll hit our inflation target down the road, the economy will be fine. i think we'll set ourselves up brilliantly for a policy misstep and the fed overdoing it on the tightening cycle in the next 12 months >> that's a big call we'll see what happens and who is leading that charge at the fed over the next 12 months stocks to watch today, costco's fourth quarter profit edged past forecasts helped by higher membership fees

yum china's third quarter earnings missing forecasts revenues did beat. same-store sales rose 6% the fast food chain also the ceo who has led the company since the spinoff from yum brands total will be stepping down. he will be replaced by yum china's coo. disney and altice finalized a deal to keep espn and other channels in millions of households in the new york metro area disney threatened to pull from optimum cable services before the two sides reached an agreement this past weekend. and we have a news alert, the nobel peace prize awarded to a nuclear anti-weapons group, the international campaign to abolish nuclear weapons taking home the prize some top trending stories now, cam nutdenewton apologizin remarks he made to a female reporter that were denounced as sexist the carolina panthers quarterback calling the words

extremely unacceptable and danone stopped a sponsorship with him if you have not heard the comments, here's a rundown he was asked bay fy a female reporter about the skill running past routes by some receivers. the reaction n newt newton smirked and said it's funny to hear a female talk about routes it's funny >> rather insensitive, certainly. >> did he realize he's on the microphone, he's a quarterback -- >> and always on the record with regard to those press conferences. a regrettable remarks. >> this is like 50 years ago >> he apologized you can only wonder how other sponsors are feeling certificate reason stick by him. >> under armour. >> danone pulling out. speaking thoof womenof that

related theme. harvey weinstein is taking action against the "new york times. he says he will sue the publication for $50 million after the times published a bombshell report claiming he subjected actresses and female staffers to decades of sexual harassment weinstein hired the attorney who brought down gawker after winning that 1$140 million verdict for hulk hogan but it's on the front pages of a lot of the new york tabloids certainly -- >> dihe has a fight ahead of hi. >> it's a hollywood story. you don't think that stuff happens a lot, but maybe it does half more often. these are allegations. some are calling bull on the wall street firm that introduced the world to the fearless girl statue, that amazing stature that stands in front of the bull on wall street state street sponsored it now it has to pay $5 million to settle

federal allegations that female executives were paid less than men in the same position the agreement following an audit in which investigators say the company discriminated against more than 300 female and 15 black senior level employees since 2010 those employees will be getting back pay with interest from the settlement fund. >> life is not without a sense of irony sometimes >> you wonder where these investigations came from, when they came to light clearly the statue makes a good point, you wonder how widespread this is across wall street and other businesses the gender pay gap is a real thing. >> it is a real thing. state street did say they disagree with the findings of the report but are willing to settle and cooperate that's their response to what's happening. now on to the sports world the baseball playoffs, the american league divisional series kicked off yesterday with a pair of games. first up, the houston astros took on the boston red sox, big

game houston clobbered boston 8-2 thanks to three home runs from the man they might call the mighty might, jose altuve is the shortest player at 5'5". he hit three homers in a single postseason game. the next game is the yankees versus the indians the indians shut down the yankees 4-0 on a strong performance from pitcher trevor bower who did not allow a hit until the sixth inning baseball front and center it is october. the patriots did eke out a win against the buccaneers last night. >> good thing you're here to update us on that. coming up, the tpp, member that moving full steam ahead without the u.s. it's going cost american exporters. we're talking about the transpacific trade partnership it's a must read next. as we head out, check out what's happening with the action

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welcome back to "worldwide exchange." i'm sara eisen here with dom chu. time for our must-reads. my pick in the "wall street journal," taking on the pacific trade partnership. while mr. trump is unlikely to have a free trade epiphany the

deal offers benefits to exporters that the u.s. will struggle to secure on a bilateral basis if the 11 remaining members hold out for u.s. return, it is possible that rational american self-interest will prevail over protectionist bluster. holding out hope that the u.s. steps back into this partnership. don't know how realistic that is it was one of the first moves the trump administration made pulling the u.s. out the surprise is that japan has taken on a leadership role in the region, gathering countries like vietnam, new zealand and australia to try to break down the tariffs and the restrictions on some of the trading back and forth it will boost a lot of their own economies to get this tariff-free trade. >> it also kind of -- we have to talk about what's happening with the second biggest economy in the world. how does everybody in that tpp agreement interact ultimately with china it will be the biggest trade force in that block. >> and china is not in it. >> china is not in the tpp

but it presents them with a stronger force against china and helps countries like canada who benefit more because the u.s. is out of it with this kind of asian trading. we'll see if it's back on the agenda for now the trump administration is looking for ways to revisit nafta and modernize that >> the op-ed i'm looking at is in the "usa today." after the las vegas massacre, the sound of silencers this is the editorial board at "usa today" writing gun laws in america are already so weak it must be tough to find ways to make them loser. but you have got to give gun lobbyists credit they have come up with new ideas and found allies in congress to promote them even as the nation mourns the 58 people mowed down at a music festival in las vegas. at the top, a push to make it easier to purchase gun s

silencers, and harder to restrict armor-piercing bullets. these ideas would at best place the convene yuns of gun owners over the safety of the public. but there is a sense that the national rifle association may be playing ball tactically speaking the front page of the post saying the nra wants to look at restricting rapid fire gun adapters, that bump stock. >> so dangerous. >> as this debate plays out, there's so many variables in there. >> it would be interesting if the nra does work with congress and tries to figure out which rules -- >> the nra is working now with the atf, not exactly congress yet. >> but they support members. we are approaching the top of the hour, the team is getting ready for "squawk box. joe kernen is in new york with a look at what's coming up >> 1997. it's a while so 20 years since the s&p closed

at six consecutive record highs. i remember before last thursday we were talking about a lot of strings of records just continues we'll get an important data point today. it will be clouded by the hurricanes, the jobs data. in an unusual -- not unusual, but something that we're pleased about, we will be able to talk to dallas fed president robert kaplan after the report comes out. so maybe we'll get insight into the fed's thinking, depending on how the report looks at that point. we also have kudlow versus fuhrman, which is always interesting. larry is funny, he goes i love you and respect -- then he lays into people. >> did he that to me, too we have a debate over gender pay gap. >> it's endearment >> i try to do that. just saying with all due respect doesn't always -- somehow

larry -- i love you, then boom you only hurt the ones you love. nelson peltz, extended interview in what is the most accrimoniou and longest running proxy fight ever that will come to some type of resolution on october 10th. >> tuesday >> i can't believe it's october. i can't believe it's 2017. i can't believe any of it. i can't believe it's the fall. i can't believe people are back to school. i just can't believe how quickly the years are going by, sarah. >> go to starbucks, it's pumpkin spice time your taste of fall >> i'll try that pumpkin spice. thank you. >> thank you very much the "squawk box" team is coming up next. up next on this show, the countdown is on to the big jobs report we'll talk expectations. that's all cinomg up next when "worldwide exchange" returns after this commercial break. i love you, couch.

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exchange." i'm sara eisen here with dom chu. 2 1/2 hours to go before we get the september jobs report. just a check on futures. dow futures are up again, up 10 points nasdaq up 9. s&p is flat. john manley joins us joe kernen was reflecting on the incredible string of record highs we've seen this year just when you think that stocks are fully valued, or the cycle looks to be coming to an end, we get another burst of strength. >> things are good earnings expectations are going up, the fed won't rein things in i've heard people wine about hit numbers for years. numbers are going up >> interesting in the point of these record streaks that we've seen, they're not like the dow is pumping up 300, 400 points a

day to set records it's moving higher by 20, 30, 50 points at a time some say this is not the market you buy low and sell high, you buy high and sell higher is that still the case >> it's late to buy low. >> i guess it is >> you buy high and sell higher. when the fundamentals are working in the right direction -- forget about the future, forget about thepast, look at present. is it a good environment the fed will not tighten the earnings are going up. >> that is tightening. >> the fed is raising rates, but not tightening tightening is when they try to restrain the economy do you think the chair of the fed wants to slow down the u.s. economy? i don't think so i think in the next year rates will go up but higher rates are a product of a better economy. they have less impact. so my wife and i bought our first house when the mortgage rate was 12% we thought it was cheap. it depends on the strength of the economy.

higher rates, i think, reflect a better economy >> what about the jobs report? are we likely to see a market reaction or is it just a write off? >> if i knew that, i would place my order now you never know what will happen. the trend is towards better employment the trend is towards a stronger economy. i'll play the trend. i think the numbers will be go >> looking at what's happening in the market, strengths weaknesses what do you see? >> strengths are earnings. valuations are not as cheap as they used to be. i know that. now finally valuations are high. >> what would you be looking for to tell you that things are not all good or this is beginning to be the top >> look for signs that the fed is getting ticked off. they're ready to pull in the reins hard number two, look for signs that earnings are not going up. look for the market to go flat for six months most times the market gives you six months to get out. >> six months of flatness before a downturn john manley, thank you

thank you, dom, for being here on a friday. that does it for us on "sawwi ehae. quk box" is coming up nextng 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.

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good morning the looming grocery wars costco posting a beat, but the stock is falling and analysts say they're worried about competition from, gee, i wonder who, amazon. nelson peltz getting support from a pension fund in his bid for a board seat at procter & gamble peltz will join us later this morning. and it's jobs friday you probably knew that we'll tell you what to expect from the september employment report and how it could impact the market's bull run. it is friday, october 6, 2017. "squawk box" begins right now.

♪ live from new york where business never sleeps, this is "squawk box. good morning, everybody. we're easing our way into friday welcome to "squawk box." this is cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen andrew ross sorkin is back been traveling all week. >> a lot of traveling, on the west coast, boston >> makes you appreciate being back it is jobs friday today. the september employment report is out at 8:30 a.m. eastern time non-farm payrolls are forecast to rise by 80,000. that's because of the impact of hurricanes harvey and irma the unemployment rate is expected to hold steady at 4.4%. u.s. equity futures, dow futures indicated up