it is 5:00 a.m here's your top five at 5:00 president trump slamming the federal receive saying he's not thrilled f thrilled at jay powell for raising rates. the epa rolling back major environmental regulations on coal plants. microsoft out with a big warning about russian hackers ahead of the november election. and beating the street our series continues you'll hear from one fund manager crushing the competition thanks to his big bets on streaming video, tax returns and energy drinks.

it's tuesday morning, august 21st "worldwide exchange" begins right now. ♪ good morning welcome from wherever in the world you may be watching. good morning i'm brian sullivan it's another big green on the screen kind of day nearly everything we track closely just for you in the morning is higher today. not a lot but rising nonetheless. dow futures up 48 points the market looks to make it seven up weeks out of the past eight. long way to go, but still we're on the right track tomorrow may be the unofficial celebration to mark the longest bull market ever for the s&p 500. a lot of people talk about the dates, but it's been a heck of the run nonetheless. the rbi will give you an interesting view on that bull

run. china is rebounding on that trade talk optimism. the u.s. and china scheduled so sit down and talk about trade later this week. the shanghai rising 1.3% the main european indexes, nothing huge here. the dax and cac 40 are up about a half percent as always we try to focus on one big number every day today it is the u.s. dollar. it took a leg lower against the euro that after president trump knocking jay powell for raising rates saying he's not thrilled let's get now to susan mcginness live in washington with more on the president's story. >> the president telling reuters last night that he is not thrilled as we can tell with

jerome powell's decision to raise interest rates he said he will continue to criticize him if rates go up further. he said the fed should be more accommodating, do what's good for the country and i should be given help by the fed. the fed is meeting in a few weeks and expected to raise rates again. we should expect to hear from the president more about that then and president trump is taking aim at social media companies like twitter and facebook saying it's dangerous for these companies to self-regulate this is interesting relation to this record bull market that's happening, if the market doesn't have a huge drop today, a lot of the credit goes to the tech companies like facebook, netflix. facebook with a 350% gain since it went public in 2012 >> susan mcginnis, thank you

very much. let's get more to the president's comments and everything happening now, joining us now is art hogan. unconventional president, art, doing something rather unconventional, going after the fed. the market reacting a bit to the news, particularly on the dollar side what do you make of this there's not thrilled and then there's "i'm not thrilled. >> yeah. i don't know why we get surprised when something unusual comes out of the president's mouth. we should be well practiced in all of this. at the end of the day the fed and the president are leaning against a stronger economy and one is trying to normalize policy rates, one is trying to get a more equal playing field on trade unfortunately those things are not necessarily working in conjunction. so the president looks at this as saying the fed is working against what i'm trying to do. i'm ftrying to reduce taxes and regulation here is the fed raising rates,

when actually the fed is trying to get to a neutral rate so that if we roll over in the economy in 2020 that they'll have something to give back it's got to be amusing for the fed and frustrating for the president at the same time i don't know why this surprises us >> it should not it's been almost two years now a year and a half since the inauguration, nearly daily or weekly we have something that surprises us here's the ultimate question, do you believe -- does anyone on your desk believe that the federal reserve chairman will change their policy stance and maybe keep rates lower for longer because they don't want the presidential heat? that's the reason we care about the comment. >> right that's a great question. i don't think that's the case. i think it works the other direction. this is a fed that wants to show it's independence and will probably push them over the edge in december. september is a lock.

december is the 50/50 shot, and they may well continue to normalize regardless of what's going on in the yield curve and emerging markets, turkey, or if italy proposes a budgetand things look dicey on the continent. to me this is the equal but opposite reaction that you get from a fed that wants to show its independence if i was the president, i would just back off, let them do what they're going to do and perhaps they might be more gradual if they didn't hear about it all the time >> people get confused with the word federal in federal reserve. the federal reserve has nothing to do with the u.s. government it means it's part of the federalist society that we live in it has no say or sway up the federal government other than to have fed governors appointed >> they probably didn't teach that class at wharton. so what happens is you have a president that knows he nominated somebody and thinks that he should have some sort of rein over that, this is a body

that's been independent for the entirety of its existence. presidents in the past have gone after the fed, but you have to go back to eisenhower and regan to a certain extent. think about the other countries that have control over central banks like turkey, that doesn't seem to be going well, or china. you could question that's the direction we want to go in i think we want a free and independent federal reserve. i think we'll continue to have one. but it's amusing to hear how th administration feels about monetary policy when it's been gradual and just trying to get to a normal level. >> art hogan up in boston. you guys know something about federalism up in boston. have a great day the coal companies, their value may rise after the epa signed a plan to ease regulations on coal plants the new proposal would scrap many federal environmental restriction the leaving a majority of the regulation up to

the individual states. the full plan is expected to be unveiled officially within the next coming days not many stocks left to follow maybe cloud, peak energy and cld. a big warning ahead of the november elections out of microsoft. landon has more on that developing story >> good morning. microsoft says it has uncovered new attempts by hackers targeting u.s. political groups ahead of the midterm elections the company says the incidents are attached to a hacking group out of russia. the two groups affected say their global work has made them previous targets there's no evidence that the hackers were successful on getting anyone to click on the fake websites, but if they had they could have tried to trick

members of political campaigns with phishing attacks or stealing sensitive information brad smith said dempsey requires vigilance and at times action by citizens to protect and maintain it microsoft is expanding support for election security for a free service for candidates at all levels it will detect potential attracts and try to educate. we are just getting started on "worldwide exchange." on deck your big retail detail, another big batch of retailers reporting results today. what stores are crushing it and what stores are being crushed? we'll find out. and later on, your special beat the street series rolls on. another top fund manager coming out and betting big on streaming video and energy drinks. l s ysalhike to success when we roll on. his man to take a bite of turkey.

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hertz. the company says its cfo resigned to pursue other opportunities. come kennedy has been in the role since 2013. shares of hertz down 3.5%. shares of nordson are down by 8%. it's a maker of adhesives. third quarter earnings in line with forecasts a few other big names reporting results this morning including kohl's, tj maxx and urban outfitters let's get more from mary epner thanks for joining us. >> thank you >> as viewers on the east coast know, it's rained pretty much every day since memorial day >> yes >> every time you go by a mall it's packed. i think people are just bored. should we anticipate a strong back to school shopping season >> so far in the checks we've

done it is very strong number one, the inventory levels left over from spring and summer are in good shape for the most part for most retailers. if you recall we had a gold spring up until the end of may at which time it switched to rain so i was concerned about that. but they seem to have cleared them out we had some good back to school checks on the west coast and the south coast. >> i normally hate weather retailers love to use ware eatha the excuse it was too hot too cold this reason they may have a reason >> it's usually the fallback i know you don't like it. >> it's easy it's a lazy excuse >> it is >> but this year it has been bizarre. >> yes >> you wonder how it will play out. >> as of right now some people have been skittish on retail the past couple of weeks, particularly with earnings the early checks look good i look at the luxury level, which dictates what's going on also in the back to school

checks, we've seen good things going on at macy's, tj maxx, urban, some ones that you just highlighted as you opened. >> i'm glad you mentioned macy's by all accounts the read on macy's quarter was solid the past looking numbers were good forward looking guidance seemed good the market crushed the stock. it's come back a bit the last couple of days does that make you nervous about other reactions we could have? >> no, for the macy's thing the reason i'm more positive is i've been saying it's product, product, product the top five brands, two of the top five brands they have are really trending now, meaning ralph lauren and tommy hilfigehr that makes me more positive about macy's if macy's has done well, should we expect the sort of mini macy's, kohl's, to do well as

well >> yes but not because they're a mini macy's -- >> any probably wouldn't like my reference. >> i'm positive on kohl's going through to holiday as of right now. i like the product mix they're emphasizing some areas they have not before, digital is good and their inventory levels appear to be good. >> tj maxx, tjx, one of the most incredible business stories over the last decade. made investors a ton of money. >> yes >> particularly through homegoods. do they continue to outperform >> absolutely. another one for the teen and millennial customer. one of their first choices when we talked to them is they're shopping at tj maxx. they all -- >> really? >> yes >> i thought tj maxx more of the off-price maybe slightly older, looking for the bargain with the brand name it's millennials >> as of about 18 months ago when we started doing checks, the customer was saying she

proudly goes to tj maxx because she likes the ability of putting her outfit together without somebody dictating it to her it's about putting together the outfit of the day. #outfitoftheday. >> you just copyrighted their new motto. >> tj maxx, we won't tell you what to wear >> sis lyiomething like that but customers love it. they do it at a great price, it's not like forever 21, but it's solid and a top choice. >> mary liking kohl's, liking tjx, says macy's is pretty good. we'll see you after the back to school season. >> thank you very much. still ahead, business in the fast lane. how indy car is surging and driving big money growth later on, dethroning the king o pop. one band, they're named after giant bird, they just overtook michael jackson for the number one album of all time.

can you guess who it is? it's not the hawks or the falcons. we're back after this.

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inflation nightmare. he announced a massive devaluation of the bolivar, and wanted to peg it to the petro, the state-run currentry. it seems like the last desperate acts of dictator will any of this work? >> good morning. i don't think this will work when you're in a country with hyper inflation, what you need to make measures to work is credibility. that's one thing maduro doesn't have he promised the right thing. he promised to cut the deficit to zero and start monetary financing, which is what is causing hyper inflation. he didn't explain how he would do that. i very much doubt that he will achieve it i think everyone else is just as skeptic as i am.

>> we saw mexico do this a number of years ago, not to this extent, they came out with the peso and the new peso. that was a much smaller exchange percent. will this at all stem the hyper inflation in venezuela that has a loaf of bread costing literally 80,000 bolivars? >> the thing with the exchange rate depreciation, maduro said the old exchange rate would have a positive effect for some like oil producers whose production costs will be reduced via this deval wa devaluation. devaluation will not stop the hyper deflation, but the

reduction in the deficit he anoupsed a steerries of measures including a v.a.t. hike he also announced a huge increase in mip mum wage of more than 3,300%. so the measures are contradictory. he is also promising the private sector that the public sector will take all the wage bill for three months the one measure that could bring the deficit down is cutting subsidies on fuel prices at the moment those subsidies are $7 billion a year. he said he was not in a rush to reduce the subsidy, that he would do it in two years and replace the subsidy with direct transfers to people so they could afford fuel. so it's really -- nobody

believes he will reduce the deficit and stop printing money. all we know, hyper inflation will continue for now. it's actually likely to accelerate substantially >> bad news. tens of thousands of venezuelans look to flee the country and get stopped at the borders we'll see you again, carlos, on a story that's not going away. let's check the other headlines. phillip mena has more from new york good morning authorities in california may now investigate claims that an actress sexually assaulted a young actor while he was under age, this after a report that she gleed ed agreed to make a payment to the actor after he threat threatened to sigh she was a leading voice of the me too movement. the death toll in italy has reached ten after a flash flood swamped a gorge of hikers.

heavy rains caused a white water stream to swell catapulting them out of the gorge 23 people were rescued six were transported to hospital including a 10-year-old boy. some in this world play it safe, others are born to be wild the motorcycle wheelie world championship was held in the uk. and bubba meyers beat out the competition, flying down the track on one wheel for more than a half mile. he topped out at 207 miles per hour how about that >> wow 207 miles per hour on a motorcycle is one thing. 207miles per hour on a unicycle is another thing the one sport on the track that has seen huge growth. we're talking about indy car we sat down yesterday with the chief marketing officer at holman motorsports we asked about what is driving

indy car's big growth lately >> obviously headwinds in sports headwinds in motorsport. we've been defying those trends by showing growth in the last four years or more it's thanks to a new management team with a committed plan that is deliberate, purposeful and has shown consistent growth each year >> what does that mean for the sport. you have road course races, long beach grand prix, small tracks, then you have the indy 500 what's a good mix for the sport? how will it evolve will it evolve in a big way or continue to evolve slowly changing tracks here and there >> ours has been one more of consistency. a good balanced season for us is a 3rd street, a third oval that challenges drivers to be their best >> how do you sell the series to the uninitiated or the casual

fan or company that thinks maybe their logo would look good on that car or the series >> a lot of ways you have consumer companies and then b-to-b. so access and ability to allow their partners to attract and have an unprecedented experience with the sport is there. you've been to a race. you know how close you can get to the drivers it's like being on the 50-yard line with brady before they flip the coin >> he also said they're waiting on more information on the condition of robert wikins who had that horrible wreck on sunday that he was awake and would have surgery last night you can see more of that interview at cnbc.com. still to come, sounding off. president trump taking aim at everything from the fed to china and social media regulation. more on that next.

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president trump upset at the fed saying he's not thrilled with jay powell. we'll dive into the president's market moving remarks. beating the street, your special guest a fund manager who is up just 25% this year we'll give you the stocks that helped him with that run. uncaged. one of america's favorite snacks got a makeover people are going wild. all the details as "worldwide exchange" is freed out of its cage after this.

♪ if you think the politically correct movement may have gone a touch too far, wait until you hear that story about animal crackers yes. animal crackers. that's coming up by the way, good morning thanks for being with us i'm brian sullivan there's a lot to get to this morning including animal crackers first a check on the top headlines. landon is back with those. let's check the headlines, microsoft with a big warning the company says it uncovered new attempts by hackers targeting political groups ahead of the midterms elections. microsoft said it discovered six domain names with ties to the russian government. coal stocks could be on the move today after the epa signed a document easing regulations.

and hertz is down more than 3% after its cfo is resigning to pursue other opportunities thomas kennedy has been in that role since 2013. back over to you >> thank you very much. we have breaking earnings news right now from toll brothers they reported a sizable earnings beat earnings per share coming in at 1.26 the estimate was 1.03. revenue also coming in at 1.$1. billion, topping the estimate by 10 million bucks units, the value of every unit going up, contract prices, 877,000. toll brothers generally is a luxury home builder, more expensive. about $4,000 a unit less than that as well so the very early read on a stock that is down 27% this year coming in with numbers that are solid. the market reacting favorably. potentially they sold it off too much, toll brothers on the early read up 7%

i'm sure we'll get more on toll brothers as the morning goes on. here's how the macro money markets and investments look now. stock futures are up 50 on the dow, nasdaq and s&p 500 are up as well. trying to make it seven of the last eight weeks to the upside for the dow. your top story this morning, president trump sounding off on the fed saying he's not thrilled with jay powell. he also took aim at china and the eurozone over their currencies let's get to eamon javers live in washington with more on just another story that continues to amaze. >> that's right. this came in an interview the president did yesterday with reuters. it was a wide-ranging interview covering topics around the world. he focused in on the fed here. i'm told by sarah huckabee sanders that the president was not senisending a drieliberate l

but that not thrilled quote he used, he said he was not thrilled with jay powell for raising rates. he said the fed should be more accommodating and he said i should be given help by the federal reserve. he said he'll continue to criticize the fed if it continues to raise rates he also talked about twitter and facebook he said it's dangerous when companies like twitter and facebook self-regulate on their platforms. he also said china is manipulating its currency, and so is the eu there is jerome powell and president trump back in happier days the question is how will jerome powell respond to the comments is the president trying to send signals to the fed asking them to curtail their rate-raising instincts here, given the heat of the economy the president wants it to be hotter the fed has some reservations about that the old traditional klee slclic

that it's the fed's job to pull the punch bowl away from the party. you get the sense this is a president who does not look at the traditional deference that presidents have shown to the federal reserve as anything he needs to abide by. it's not something he sees as a relic of washington. this president came to be a disruptor and he's willing to disrupt that relationship with the fed chair as well. >> it's important to note, so people may get confused, the federal reserve has nothing almost to do with the federal government it was a unit or whatever you want to call it created by the banks over 100 years ago besides nominating the fed chief, the federal government has almost no power over the federal reserve. >> that's right.

it's that nomination of the fed chair that gives the president the power over the direction of the fed over the long run in general terms. the president doesn't have access to the looefevers of powr inside the fed that would be frustrating for president trump who wants to make sure the economy is roaring in the exact way he wants to make sure it's doing so this president looks at that deference that previous presidents have shown towards federal reserve chiefs and says that's not for me. he treats his attorney general in a way we have not seen a president treat his attorney general before now those comments are critical of the fed chief >> he can fire sessions, right he cannot fire jay powell. the highest court has protected the fed chair's job from executive branch influence the question is how does jay powell take this if he is sitting at the fed watching the president make these comments, is this just something he brushes off

is this something he takes to heart? does he feel the political system is responding to the fed's actions here and demanding some redress of grievances the president feels that he's going into these midterm elections in the fall. he wants the economy to be humming. he is worried the fed will damage that recovery and cause problems in the overall economic picture by raising rates this is a president who has said publicly he's a low interest rate guy he's a president who appears by all accounts to want a weaker dollar as opposed to a stronger dollar he wants what he wants he has said that publicly. we've seen presidents in the past fight with a fed chief. that's not anything new. >> eamon javers laying it out clearly, thanks.

switching gears to the macro market because we are coming up on a major milestone for you and your money. tomorrow officially marks the longest bull run in u.s. history. but could the record rally soon be over? you woke up, you're in a good mood, beautiful day. glass half empty, dom chu has more on why everything is terrible >> every viewer knows i'm a glass half full guy. but we've spoken so much about the bull case for the market, corporate profit growth, the effects of fiscal stimulus like the tax cut, but it wouldn't be a market if everyone agreed on everything david rosenberg is one of those who doesn't think things are quite as rosy. he's looking at five reasons the bull market may be ending soon he says the labor market hit a wall with regard to the lack of skilled labor left in the work force. lots of jobs openings. second, get ready for higher prices wages will rise.

tariffs will increase costs and a firmer fed policy stance is in play >> we think. >> third a slowing growth of the money supply rosenberg is looking at the real growth rates of mfshchecking act growth, cash growth, savings account growth he says the rates are consistent with an economy that's downsh t downshifting to lower growth rates. fourth, a peak in the housing market fifth, the appearance of a peaking in the credit cycle. some cracks evolving in the investment grade bond universe. those are what he's highlighting as signs the market could be over >> all those things are true as always beautiful graphic. however we have a shrinking stock market more money going into fewer stocks buybacks have been massive

toll brothers bought back 300,000 additional shares. every company is buying back stocks the u.s. is a safe haven >> it is a relative safe haven looking around the world, we heard the norway sovereign wealth fund eked out a gain. >> i was not up on my norway sovereign wealth fund news >> a lot of it was driven by the u.s. stock market. >> they're doing well? norway owes us a thanks? >> yes >> dom chu, thank you very much. let's bring in jurrien timmer i know you're more on the currency/macro side. you heard dom's excellent wall of worry you are worried? >> not yet we are in the twilight zone of the business cycle kind of beyond mid cycle, which is the goldilocks period where

growth is good the fed is not a problem we're not quite yet but approaching late cycle, which is still not a terrible time in the market it's not the down cycle. late cycle you see profit margins starting to contract a bit. and typically that's when the fed is raising rates as it is doing now. the market tends to get more headwinds in terms of pe compression, tightening liquidity conditions, and also a firming dollar we are getting into that tie light zone here, but i don't see, neither do my colleagues at fidelity, see much of a risk of recession in the u.s earnings growth looks like it's peaking here, but it's peaking at 23% a good number. so earnings do look like they're peaking. the pe ratio has come down 3 points since january it's around 16.5% times forward

earnings there's not a lot not to like about the market, but there's cross currents here keeping the markets in check in this trading range. >> one question here, what exactly is worrying you about the markets? there's got to be something that could derail the whole thing >> we have issues in meaning markets. turkey on its own we don't think is a systemic issue. it's not contagious, not unless they impose capital controls china is slowing it's caught in this monetary policy vice, if you will if you have a country and your currency is tied to another country, you're importing that country's monetary policy. but in terms of u.s. fed tightening, but it's doing so at a time when china's economy is slowing.

so china needs to ease, it has been easing, that knocked its currency way down. china is always a systemic issue if it gets too bad two and a half years ago we had another em cycle china saw capital flight it had to deprecate currency we're not seeing that now. the fx reserves are in check here that's on the radar. trade, geopolitics are always issues but ultimately the risk is, i'm not saying this is an imminent risk, but what could ultimately derail this bull market is what derails pretty much every bull market eventually, that's inflation. if inflation gets well past the fed's 2% target, and it forces the fed to go much further than the market is pricing in, the market is pricing in three more hikes over the next two-years, that's it sh, if the fed is ford to go far beyond that, you get

to the yield curve inversion playbook by 2021 you could be looking at recession. at this point there's no signs of that. that's one thing i would be looking at in terms of the typical economic cycle >> that's out there. dom chu, thank you very much jurrien timmer, thank you very much up next, one rock group dethroned the king of pop for having the best-selling album. we'll tell who it is. and going wild one of america's most iconic snacks it getting a makeup if you think the pc movement has gone too far, this sryto will make your day. kayak searches hundreds of travel and airline sites to find the best flight for me. so i'm more than confident. how's your family? kayak. search one and done.

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so i used crest. crest 3d white removes 95% of surface stains in just 3 days, for a whiter smile that will win them over. look for a one dollar coupon in this sunday's paper. . welcome back ak 5:46 on the east coast. it's time for trending stories landon has some of the stories including this animal cracker thing. just blowing my brains >> it's crazy. take it easy, i have some music news trending today. the eegagles greatest hits albu has surpassed "thriller" as the best selling album of all time it is 38 times platinum. "thriller" is 33 times platinum.

>> you know what is the third bestselling album? eagles hotel california. there's no eagles in their name. it's just eagles, no the you want to be starting something? >> just beat it. speaking of animals, sorry, after more than a century behind bars, the beasts on the box of animal crackers will be uncaged. peta called on nabisco for a package redesign the cookie company obliged showing the animals walking rather than cooped up in cages >> now you can eat free-range crackers you don't have to worry about that giraffe you just bit the neck off of to be caged up that zebra, her baby in the

right-hand corner, they're roping the zf vsavannahs of mom, only to be devoured by cracker wolves >> get back in your cage, please >> okay. on deck, we'll continue our series beat the street we'll hear from a fund manager who is posting staggering returns. this fund is up 33% over the past year. his big bets on tax returns, yiergy drinks and the crown are pang off stick around we'll be right back.

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of three bottles of this other liquid. a drop of dawn and grease is gone. time for beat the street today we're speaking with doug foreman. his fund is up 25% this year we spoke earlier with doug about how he is managing to beat the street

>> we're quality investors, we're bottom-up oriented a lot of businesses we're in have done well the markets rewarded them with an increase in stock price we have been overweight some areas like technology, which have done very well over the last 12 months, despite the fact that some stocks are struggling a bit here short-term. >> are you surprised by the performance? up 33% over 12 months? >> i've been doing this a long time i'm never quite sure when the market also pay for the fundamentals that companies are delivering over the long run, the businesses we own have been doing well, for a very long time and continue to do well. so never sure when you will get paid for that progress we hang tight and hopefully the market rewards us. >> do you think the market is? are we paying for fundamentals do fundamentals matter

>> fundamentals definitely matter the market, every day that goes by, if the company comes in short of expectations, the market punishes is when companies exceed expectations, the market rewards it that's not new >> what is interesting about you're fund is that you have some smaller lesser known picks that we'll get to. but you also have ridden the netflix wave next one netflix one of these companies well loved are you still a big believer in netflix? are you still a big holder in netflix? >> we still hold the stock we bought it several years ago when it was a mid cap stock, in the mid cap strategy we don't line up quickly to sell a stock once it leaves the mid cap index.

i still feel a lot of large cap managers don't believe in netflix. so we continue to hold it. at some point we will take it out of the portfolio >> if you're a smaller mid cap portfolio manager, you bought it smaller. it's not a small company anymore. how long you are allowed to hold these bigger stocks? do you hang on to the big ones or say guess what, this is not what we do we have to rotate back out >> we rotate back out, but we take our time in doing that. we're not slaves to a market cap, 30 billion, 40 billion, 50 or 100 billion it's a case by case basis. netflix got to the market cap it's gotten to fairly quickly. the business and subscriber growth has been way above what people would have expected two, three years ago. that's why the stock has done so well so we're not in a great hurry, but we try to recycle.

all our new purchases are in the mid cap range. >> we had pepsi buying soda stream energy drinks have been hot. you have been an owner of monster. what has been attractive about the energy drink space >> monster and red bull still dominate the category. monster is taking market share they're doing very well domestically in a category that a lot of soft drinks are not growing at all or very little. the energy drink category is a fast growing category out there. monster has a unique opportunity to expand its business overseas, which it's doing with coca-cola's help coke bought a stake in the company four, five years ago so they're using coke's distribution model to expand their brand overseas they have a long way to go to become a much larger company >> one of my favorite things about this series, avlar, who

are they and what makes them attractive to you? >> they're an ipo and a relatively young company they have pretty tremendous potential over time. they do sales tax software if you're a small or medium-sized business selling online, selling in 50 different states, you have 50 different tax jurjurisdictions, there's 80,000 tax jurisdictions in the u.s. alone, and it's incredibly difficult to determine that when you sell online. they have a clear lead in the space it reminds us of the payroll space 2030 yea, 30 yearo where no company will attempt to do this on their own, they hire a third party, and they are an

attractive company in this space. >> doug foreman there. the series ctiesonnu tomorrow. your rbi will be online. "squawk box" is next

good morning president trump renewing his attack on the fed saying he's not thrilled with jay powell for raising rates. microsoft says it has uncovered some new russian hacking attempts targeting conservative organizations ahead of the november elections. that sounds good and toll brothers posting a big earnings beat in the last half hour. we'll show you how the stock is reacting and get you ready for two big retail reports coming

before the opening bell. it's tuesday, august 21, 2018. "squawk box" begins right now. ♪ live from new york where business never sleeps, this is "squawk box. all right. good morning welcome to "squawk box" on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. we did see the markets higher yesterday. they gave up some gains after some of what joe mentioned, those comments about jay powell and the fed. we'll talk more about that in a bit. this morning green arrows once again. dow futures indicated up by 63 points s&p is about 0.6% off a record close. dow down by 3% nasdaq off by 1 is.4%. let's look a