it is 5:00 a.m. in detroit unleash the bulls. why not. wall street pointing to another higher open following yesterday's rally. we'll find out what's driving the big u.s. turnaround. tesla's ceo elon musk says he has no plans to give up his role as chairman and ceo of t tesla. and the pentagon delaying a big military parade as costs go up. and bitcoin bouncing back this morning we'll get a crypto expert's take on this friday august 14th, as

"worldwide exchange" begins right now. how could we not kick it off with the queen of soul aretha franklin, rest if peace good morning, welcome from where ever in the world you are watching thanks for joining us. always nice to have good news on a friday heading into the summer weekend. guess what if you are short stocks i guess it's not good news, but if you're long equities it could be another good day big rally yesterday. stock futures indicating the dow may rise again futures up 53 points not a big jump we're not seeing a reversal that some people worried may happen today. the yield on the ten-year is down a skosh to 2.86%, ending another week below 3%. we'll get more on this in a second also on your friday score card,

oil is a bit higher but still down on the week big inventory build for oil lately oil prices are up 0.2% still 65.50. 1. 1.1395 bitcoin is up big, so bitcoin continuing that wild ride. all the major indexes in europe are rising. once again a different story in asia yes, japan, the nikkei was able to squeak out some gains, but the big story is the continued decimation of the chinese stock market the domestic shanghai and the shenzhen are down another 1% we're not showing the zeni st. petersbu shenzhen

there. like we do every day on "worldwide exchange," here's the one big number you need to watch. that's 29% that's how much the shenzhen index basically the nasdaq of china is now down from the january highs. let's bring in tim seymour. yesterday we talked about how tencent lost 175 billion in market value in a couple of months the shenzhen is down 30% what's happening with the chinese equity market being decimated? >> it's important to look at china from a market perspective and a macro perspective. the outflows in emerging markets have been extraordinary over the last 12 weeks. from a macro perspective i don't think the data is different or it's not that much weaker than we've seen on a relative basis the retail sales, fixed asset

investment we have a chunk of data over the last four, five days some of that is staggering retail sales were back to 2010 levels fixed asset investment is back to august of 1999. the story goes on. the economy is still growing 6.6% >> that's what's confusing to me yes the economy is slowing we get that. most countries would love 6.5, 6.3, 6% growth the equity market was either wildly overinflated a year ago or it is predicting somethin bad from the economy next year >> we've seen moments where the chinese stock market is a head fake for global markets and emerging markets. i will say this is a concern china is 40% of your index of em investors. if you're investing in an asset class on emerging markets,

emerging markets as an asset class have underperformed the s&p by 21% since april 1st that's -- doing em for 20 years, that's about as extreme of a move and as short of a move as we've seen in a long time. emerging markets are underperforming the s&p 500 by more than 20%. since april. >> go back two decades of you doing this, how commonplace is that kind of divergence? >> we have these moments where as an asset class you see em get oversold if it was six months ago we would be extolling the virtues of the global synchronized economy, how significant eps revisions upwards and emerging markets and how this is a positive thing i think chinese equities are attractive you talked about tencent, they had the double whammy of announcing earnings where they missed on the top line, guided

in on higher expenses. they have significant investment to be made in some platforms the chinese government is pointing out they'll lean heavily on gaming licenses and core businesses where tencent has been a major player. tencent is a crowded global trade in a global tech moment where people are looking for this growth. >> it's not a household name in the united states, but it's still a 4$400 billion company it's not the amazon of china, that's alibaba but maybe the facebook of china. >> they're facebook. >> is tencent systemically important to the chinese market? if tencent turns around, can it pull up the entire market? if you're a buyer of tencent, do you have to be a buyer of the overall chinese market >> if you're a buyer of tencent you're taking a view that the chinese tech global growth story is as alive as well as f.a.n.g.

is and your biggest issue is the chinese government is concerned about capital flows, and that tencent, alibaba, baidu could be collateral damage. the base business model is alive and well price to earnings growth is more significantly attractive >> so you would be a buyer of some of these chinese equities >> you could still see some weakness it's a difficult time. but yes, i would be a buyer. >> i know you have to get to the airport. you're heading up to toronto >> a lot going on up there we have a triple play of news on tesla. let's get to landon dowdy. >> lots of tesla talk today. the s.e.c. is pressing tesla's board for details on their communications with ceo elon musk the "wall street journal" says regulators want to know how much information he shared before tweeting last week about a potential deal to take tesla

private. sources say they're probing to see whether musk hurt short serls by driserl sellers by driving up the share price. tesla made 2700 model 3s in 2017, and that's well below what muskdicted when production began last july. and tesla could face sanctions if they lied about the cause of those delays and carl hanson was a former member of tesla's internal investigations team. his attorney says he is accusing the company of spying on workers at the giga factory and failing to act after learning a mexican drug cartel may have been dealing drugs at that plant. lots to talk about we'll watch that today >> landon, thank you very much.

today's must read. elon musk going on the record if an hour-long interview with the "new york times. musk telling the times this past year has been the most difficult and painful of my career he also gave more details on that tweet about taking the company private. musk said it was an attempt at being transparent. but he also admits that no one saw it, no one reviewed it before he posted on twitter. musk said he has no plans on giving up his role as chairman and ceo of the company he founded. he noted the 420 number was a reference to pot but he was not stoned when he sent out the tweet. he thought 419 may be bad karma. google employees demanding answers about the company's plans in china, this after reports surfaced that google is secretly building a censored version of its search engine for china. hundreds of employees sending a letter to google's ceo saying it

raises moral and ethical questions. google workers were told the company was not close to launching a search product in china, and it's unclear if it ever will. also door dash raising another 2$250 million in its latest round of funding. the foot delivery startup now valued at $4 billion that competeswith grubhub, seamless and uber eats it raised 9$978 million to date do not miss the ceo and co-founder on cnbc today at 8:30 a.m. eastern time. $4 billion to bring you food at your house we are just getting started on a busy friday how one of wall street's biggest stocks shot a warning call for bitcoin. shopping, gaming minbiakg g

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your big money stock stories include retail, smuemiconductor and more semiconductors. nordstrom raised their guidance. and app materials stock dow under 6% and nvidia reporting results that topped analysts estimates, however the chipmaker forecasting current quarter sales below forecast saying cryptocurrency fueled demand slowed down. nvidia falling 3.7% is nvidia's bitcoin warning a major red flag for bitcoin

investors? not today. bitcoin is up 3% it has been a wild ride lately let's get more on this story lou kerner joins us from crypto oracle nvidia, you want them or amd you buy their chips because you want to do that mining nvidia saying looks like fought chur demand is sl future demand is slowing down. does that worry you? >> it doesn't worry me demand for chips is a lagging indicator based on the price of bitcoin. we knew that the price of bitcoin went down, the fact we're seeing less demand for chips is what you would expect to see >> in many countries where energy costs are higher, ie south korea, it becomes unprofitable or less profitable to mine the coins. >> exactly at a higher price you're willing to put more chips to work to mine a bitcoin

at these prices it makes less sense to do that you always reference bitcoin to gold you note gold's market cap is $110 billion >> that's where bitcoin is today. >> 110 billion but gold is at 8 trillion? >> exactly >> i could make the argument you're doing it because you think bitcoin will go up to get closer to gold how do we know that gold won't come down and get closer to bitcoin? >> that could happen if you look at the arc of history, that is not what's happened gold has emerged as the global store value. it has held that position for a couple thousand years. that's an awesome run. we have something that functions much, much better. so we expect over time for some of the people using gold as a value to switch to bitcoin

>> we had brian kelly on the other day, he basically suggested that the nervous money is going out of bitcoin. the people who can't handle the swings are down. a bit of capitulation. do you agree with that >> yeah. brian is knee deep in bitcoin. he has his finger on the pulse of what's going on we think this is not something brand-new in terms of being different. we see any assets come junk bonds 40 years ago, it was extremely volatile like bitcoin today. a lot of people said it was a scam 40 years later it's the same as everything else. we think bitcoin is going along that same trajectory any new asset is extremely volatile people don't know how to price it >> for prices to go up you need

more aggressive buying by the existing buyers, they're willing to pay a higher price or you need new buyers. do you believe either of those things will happen >> the percentage of the people on the planet that own bitcoin rounds to zero >> it's so small >> a few million people own it, or 20 million people might own the currency >> population of turkey. >> yeah. so the game has not started. if you think back, people think there's tremendous parallels between what's going on today and the internet boom from '94 to 2000. >> 2000 to 2002 was not a good time for the internet boom >> but it was a great time if you were an investor to get in

and buy stocks in amazon, google >> if you had the guts, capital and the timeline >> exactly nobody said it was easy to be an investor >> well said we'll leave it there thank you very much. still ahead, much more on "worldwide exchange" including good news for home buyers. we'll give you upsides that are beginning to emerge in the real estate market. and going high-tech, here's the story of the day one university is rolling out a new policy for dorms it involves the amazon echo in your dorm room you'll have meing sothto say about this story that's coming up

it's been a hot town and the summer in the city has been crazy. more news out of washington today. the pentagon postponing a military parade originally scheduled for veterans day this year, but no more. >> the department of defense coming out saying this parade is now being delayed until at least 2019 they're exploring different dates to look at for next year the white house and the department of defense have been planning this parade they wanted to honor veterans and commemorate the centennial of the end of world war i. this was supposed to be november 10th and now looking at other dates. this is after defense officials came out and told nbc news that the estimate for the parade reached $92 million, far more

than when the president first started talking about this idea. then it was 8 million to $10 million. the american legion tweeted saying the legion appreciates what the president wants to do to show support for the troops, but until we have victory on the war on terror and bring all our military home, perhaps this money is better spent on troops and vets one senior u.s. official said there is really only one person that wants this parade, he's referring to president trump he got this idea watching bastille day parades in france and wanting to top that. that happened about a year ago supposed to be a lot of wheeled vehicles, big military show, aircraft, things of that like. the president shows no sign of abating. he does want this parade it looks like for now it will

just be postponed. >> postponed to 2019 thank you very much. let's check the other morning headlines including a gatecrasher. phillip mena has more on that. >> that's right. good morning she may be gone, but her soul is as bright as ever. at the age of 76, aretha franklin passed away at her home in detroit following a long battle with pancreatic cancer. tributes are touring in from across the country jurors this morning will continue weighing the fate of paul manafort. the jury did not reach a verdict in the first day of deliberations, but they did ask the court a set of questions including a request for the definition of reasonable doubt manafort is facing a slew of tax and branch fraud charges. and now the story we were talking about earlier.

australian police are searching for that guy he ran into trouble and a gate in a parking garage. he got clotheslined. he also managed to do damage to the barrier. he still got up and staggered away police released this video on facebook on the hopes of identifying him. they would also like to charge him with criminal damage >> i'm trying to understand -- first off, i think a couple of vbs, some australian lagers may have factored into that story. was that a dare? hey, i can knock this out. what was he trying to accomplish there? >> we were all looking for more context here he could have walked around the gate if he wanted to he wanted to run into that >> i will tell you why that guy is a hero. you know why >> please tell me. >> he didn't get in his car. he's leaving a car park and he's in no condition to drive

at least he's walking. silver linings all the way around >> me and bradley cooper, the silver linings playbook. >> all right up next, beware of the rally why one market process steers clear of yesterday's big run. and why the latest sports gear trend may make vegans happy. and later on, record breaking runs. the mets finally topping the sports headlines in a odgo way those stories ahead. to deliver their dreams they're handing us more than mail they're handing us their business and while we make more e-commerce deliveries to homes than anyone else in the country, we never forget... that your business is our business the united states postal service. priority: you ♪

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wall street looking to end the week on a high note. the bulls adding to yesterday's gains. good news in real estate the one piece of news you need to hear about. why things are starting to get better. and dots in the dorms. not the cappededndy. what one college is doing that has privacy advocates up in arms that's ahead as "worldwide exchange" rolls on ♪ welcome back thank you for being with us on cnbc happy friday we have a lot to get to. let's kick it off with landon and a check on the top headlines. >> here's what's leading cnbc.com elon musk says he has no plans to give up his role as chairman and ceo of tesla

musk sitting down in an hour-long interview saying this past year has been the most difficult and painful year of his career this comes after he posted a tweet last week saying he was taking tesla private, raising many questions google employees are demanding answers about the company's plans in china reports have said google is seeking to build a censored version of google for that nation but google's ceo said the tech giant was not close to launching a search product in china. and shares of nordstrom up 9% the company reporting better than expected results. same-store sales rose 4% it's raising its guidance for the year online sales rose 23%. now they account for a third of all total sales. >> the retail record run continues to roll on >> it's rolling. >> it is rolling here's how your money looks

right now. stock futures are looking good not great, but they're in the green. dow up 22 points nasdaq futures turning around. big rally yesterday. markets were up nicely nasdaq up more than 10% on the year here's the thing we had this big one over the last 12, 18 months, last couple of years how do you rotate your portfolio? if you made money and you're nervous what do you do let's bring in a guy who knows david katz, you're a fund manager. you want people to own stocks. you're not anti-the stoc the stk market, but you think we need to be in a shift from one type of stock to another >> we like stocks for the long-term. looking at the stock market in general, it does 9% to 11% what's happened in the last few years, the market has been dominated by growth stocks value which does well over a long period of time has done

poorly we think the market is close to rotating back to value if you're putting new money in, value is the place to go if you've had a lot of growth stocks, now is the time to get value. >> it is 5:po 30 on the east cot it's early we try to avoid terms like standard deviations, however one thing you look at says growth is a bit out of whack >> bloomberg looks at the price of the s&p 500 index and the value index. if you look at that over a long period of time, generally they're at 1.0 today it's at 2.5. it only gets that expensive about 2.5% of the time it's approaching where it was back in 1999 and 2000, that led to a good period for value we don't think growth will sustain up here. if you look at growth funs, they're up 40%, 50% in the last

two years. value funds are up 10%, 15%. we think growth does less good, value does better. >> either one of the two, either growth is completely overvalued and out of whack, or value is on the scrap heat where do you think that is >> somewhere in between. you can have an environment where growth does okay, but value does a lot better. >> get your pencils ready. give us some names >> we focus on good businesses that are very attractive evaluations. companies like schlumberger, they have really not done anything in the oil rally the last 6, 12 months. there's catch up there metlife is a financial, insurance company, sells at about 12 timing e ins earnings you can buy a lot of quality

businesses out there and not pay too much >> metlife metlife has a lot of good people, but these are insurance companies. that's almost the ultimate flight to safety i'm trying not to say the word boring >> it is boring but they've gotten their act together streamlining businesses. we think they can grow in the mid single digits, high single digits in terms of earnings. we think it has room for growth. >> these insurance companies need to have the capital, make sure you get the money and it's been difficult to get that done lately let's talk about comcast obviously our parent company here at nbc universal. why this name? >> comcast is a great long-term business >> thank you thank you. >> exactly it's been 12 to 15%. they've been off in the last year on fears that they would

overpay for fox. that is now off the table. >> you're glad we're not doing the deal >> we think you've been a good acquirer, but if you pay too much that's not good the fact you're not doing it takes uncertainty out of the way. you're a good business at an attractive price >> metlife, comcast, thanks. appreciate your views. >> thank you time for the other top trending stories including one anybody who has a college kid or if you're in college, you have got to hear this landon is back with those. >> we have to talk sneakers. reebok has released what it thinks could be the most environmentally friendly sneaker ever the soles are made from corn most sneesh most sneakers have plastic soles, but 7 5% of this shoe ar

bio-based. >> more and more people care about this issue >> like tom's. environmentally friendly and look cool. >> yesterday i bought chef jose andre olive oil because i know the good work he's doing in puerto rico feeding people you think i'll help out. if this works, could be good for reebok. chipotle will retrain all of its workers nationwide on food safety, this is after the latest high profile food safety incident at a restaurant in ohio tests revealed the outbreak was caused by food being left at an unsafe temperature these guys can't get a break we had the e. coli break in 2015, neurovirus last year they have some work cut out for them >> it's tough when you keep giting hit git i getting hit by various ailments.

power through it and be strong, chipotle brian, i know you have a lot to weigh in on this one. alexa, what time is the next big game students returning to st. louis university will have a new robotic roommate an amazon echo dot. the university is putting the device in each dorm room programmed to answer questions about schedules, campus questions and more do you have one of these >> i don't would you want an amazon echo dot? the younger kids view privacy differently than people my age. >> i'm younger than you. >> would you want it in your dorm room? >> i have one in my home >> which is kind of like a dorm room >> it started talking to me without me asking it anything. i unplugged it and hid it in the bottom of my closet. >> listen, i can understand it

people love it the alexa, i'm sure it's a fantastic device i get it it's like why not have a camera directly in your parents living room and a guy walking the halls with a set of keys with a big hook >> i don't want to know what goes on in your home now to the sports world. a pair of feats in major league baseball historic feats the mets good news. they set a franchise record last night. they scored 24 runs against the phillies their 20-run margin of victory was the biggest in franchise history. they lost 24-2 last month or something like that. in texas the rangers turned a triple play retiring all three base runners but not the batter. that's the first time this has happened in the makers in more than 100 years the rangers held on to win 8-6 that is what we should have done as our rbi

a baseball reference and it hasn't been done in 100 years. we have a good one coming up on weddings still to come, a housing pulse check things may be looking up in the real estate market and as we head out, a look at the pre-market dow winners and losers futures up but not by much ♪ that's confident.

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♪ there you go good morning, chicago. 4:41 out there home buyers, housing could turn out to be at a turning point diana olick has a story on how housing is moving back towards a buyers market. joining us now, though, mark fleming from first american. i want to talk about this and new homes built. first to diana olick's story, are we seeing movement in capitulation by stubborn sellers? >> i think the market is cooling a bit. more than half of the major markets we track have seen a slowdown in house price appreciation in the last couple of months. that's a good thing. it was probably going up too fast for the market and creating affordability problems it's good it's cooling down a

bit. >> cooling down is a good thing because mortgage rates have also gone up. does the price of the home matter at all? is it the fact it's $2,000 a month? is the monthly payment more important than the price >> right you're right people figure out how much they can afford to buy based on that monthly payment. with mortgage rates going up, housing prices going up, they can afford to buy less we did an analysis at the market level and found that the renters who earn about $135,000 in san francisco can afford to buy an $820,000 home. >> what? >> yeah. that's a lot, right? 20% of the homes in san francisco for sale are that price or less. >> first of all, 820,000 in san francisco gets you a refrigerator box we've shown tear-downs,

burned-out ohmhomes for 1.$1.2 million in san francisco it's all about the interest rates, right >> it gets to the point where we have not built enough homes. we talked about this last time i was on we have not built enough homes to keep up with the pace of demand you combine that with millennials who want to buy, and house prices have gone up quickly. maybe that affordability in places like san francisco is binding and lowing the market down >> that's been a big problem lack of new inventory, maybe not in san francisco, but everywhere else it's because the mom and pop home builders have not been able to get the capital are we finally starting to see that shift are smaller builders coming back in and building homes? >> they are getting capital and

they are recovering. but the bulk of housing still built today is done by the big builders, usually on the urban fringe with the big developments >> yeah. do you think that's a relationship to credit availability or the fact that housing is tight and people are willing to take a flyer in in my homes, spec neighborhoods are going up everywhere. these builders take a large financial risk >> that's true but if you look at what they sell it for, the economics of being able to tear down a row home in washington, d.c. and build a 1$1.2 billion replacement, that economics works. there's someone out there to buy it and it happens a lot. >> i want to ask about something else, the new tax law changes. i know in many areas, the mroou stat blue states are starting to see more for sale signs on the higher end because property

taxes, less deductible are you seeing that tax law impact the market at all >> you're right. is it impacting the market at large? no but certainly in those markets where you have high-priced homes that are concentrated on the two coasts, and in expensive metropolitan areas, there's a slowdown at the high end of the housing market for that reason >> do you think that will change is this an unfair knee jerk reaction people paniking about it do you think it's a structural shift? if your town depends on property tax revenue to fund schools that people move there for and prices come down, town revenues also go down >> structural shift, i don't know it's an adjustment to the market you could have sold your $2 million home before the tax changes for 2 million, now i

worth $1.8 million, it's still an expensive home either way >> thank you very much, mark see you soon let's find out what's coming up on "squawk box. becky quick is here now with that agenda. are you seeing more -- i see a lot of for sale signs in my neighborhood but nothing seems to be moving you talk to people and they say we're in a high property tax area i can't itemize it or deduct it, it's not worth it. i'm out. >> you have taxes for high-income individuals in the new york, new jersey, ket cut ar connecticut area, we were talking about people yesterday moving to florida with zero income tax we'll see what happens as we get closer to tax day and people see how that plays off are you a fan of darwin awards on twitter

>> i never want to see people get injured or hurt, but yes >> i looked up earlier, i was watching the show in the mirror with the hair dryer on, it looked like you were playing a darwin awards clip with that dude >> drunken australian guy, i assume he was drunk, trying to run through a parking garage gate i don't know if he was trying to prove he was a man, like the western australian bulldogs, running through. didn't work out well for him or the gate at least he didn't drive >> that's a good point i guess because he didn't make it to his car on the other side of that gate look sorry. >> oh, i'm coming. >> ah. >> ten cents off the meat buy at -- i can't do the accent. >> a couple things we have coming up. deere results. we'll analyze those and seeing

what happens as soon as those numbers hit the tape >> how did deere do? did they make more dough did they buck the trend? >> bad puns this early >> it's friday >> i can't even give it to you a couple of things the fbi has issued a warning to banks that we could be on the verge of what they're calling a global atm cash out. criminals have all of these cloned cards, apparently they could put them to use and take all the money out of atms on a sink kynchronized day. we have an internal hacking team, they go in and try to hack into systems and then tell people, tell companies where the weakens are as a result. we'll talk about that. and then straws. i'm borrowing andrew's he uses one of these every day this is not mine we will be talking today to rory laden who is the ceo of hoffmaster group

they just bought aardvark earlier this month aardvark is the only u.s. company that makes plastic straws we'll talk about alternative straws, plastic, paper and the ones that tiffany's is offering for 250 bucks. >> i heard a bartender complaining that they don't like paper straws in drinks because alcohol eats the straw >> i was trying. we're looking for the paper straws that are supposed to be here i will put it in my drink and see if it's good three hours later. >> i got word that that guy in australia was running because he heard joe kernen was giving out autographs >> you're stretching it this morning. have a good weekend. still ahead, betting on retail and your morning rbi. trk from farm, to pot, to jar, to table. and serve with confidence that it's safe. this is a diamond you can follow from mine to finger,

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yesterday's rally. stock futures were up. not the case now nasdaq futures turned around they're in the re. coming off a rally yesterday, could be an exciting friday. jay powell is headed to j l jackson hole, wyoming. the fed says the focus of his speech will be on monetary policy if a changing economy let's bring in brian milligan. he joins us now. how important -- good morning. happy friday how important is the federal reserve and interest rate increases now from a mutual fund manager's strategy perspective >> higher interest rates are something we'll deal with. the way we're dealing with it, there's potential for multiple contraction, but we're trying to own companies with strong, sustainable, competitive advantages so the earnings growth will offset that multiple

contraction. those companies will do just fine in a rising interest rate environment, companies that are highly leveraged, they'll be most vulnerable to higher interest rates >> walmart's numbers were out of this world nordstrom was good the consumer is firing on all cylind cylinders, but i wonder how exposed the consumer may be to higher rates cheap credit has been a powerful driver in this country >> it has. you've seen great retail numbers the last couple of weeks home depot earlier this week had comp store sales up 8.1% in the u.s. that was important there is the cfo mentioned that home equity values are up $73,000 per homeowner, up 120% since 2011. consumes who have homes are

feeling good about it. t tax cuts have been helping you've seen people talking about spending the tax cuts. across the board excellent growth >> let's talk about ideas. i know you have been on the tj maxx train for a while this was a $50 stock five years ago, now $90 how much more does a t.jx or a ross have to go. >> it's probably less than 20% of the overall department store channel. when you look at the business model for an off-priced retailer it's difficult for macy's to also run an off price. so what we like about tjx and

ro ross, it will be difficult for or companies to compete with them with tjx you have the international aspect of it and ross doesn't have as much presence in the midwest. the consumer is always looking for value. we see good growth in the channel. >> i know you own lowe's as well as oh ril'reilly auto parts have a great weekend thank you very much. >> thank you time for your morning rbi. if you're planning on getting married this weekend you're not alone. according to the website thenot, tomorrow, which is 8/18/18 is the busiest wedding day of the year the knot says nearly 30,000 couples have registered to get married tomorrow get those registers ready. we talked about consumer spending

don't be the person buying the cheapest gift. have fun be safe. we'll see you monday

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moose on the loose it says bulls, but bulls on the loose doesn't rhyme. we'll show you how futures are setting up after yesterday's big rally. we'll have that straight ahead elon musk speaks out we have highlights from a wide ranging and emotional interview from the times "new york times. and what to do if your child needed an epipen but couldn't get it that's the problem many parents face as they send their kids back to school we'll tell you what's behind the

shortage it's friday, august 17th "squawk box" begins right now. ♪ live from new york where business never sleeps, this is "squawk box. ♪ >> good morning. welcome to "squawk box" on cnbc. we're live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. let's look at u.s. equity futures on this friday morning yesterday the dow was up almost 40 points thanks mostly to walmart and help from boeing this morning ret arrows across the board. s&p is off by 2 points the nasdaq had a gain of