. it is 5:00 a.m. in washington here are the five big things you need to know a mega milestone for your money. wall street's bull run becomes officially thelongest on record could it all come to an end after michael cohen takes a plea deal and implicates the president in a pre-presidency payoff we're live in d.c. with the latest. the president doubling down on auto tariffs against the european union facebook purging hundreds of fake accounts linked to iran and russia. and if you want some ideas on this weapons, don't wodnesday

we got them. anoth it's wednesday, august 22nd. "worldwide exchange" begins right now. good morning i'm brian sullivan welcome to "worldwide exchange." welcome to some uncharted territory for you and your money and maybe for america politically as well. today officially marks the first day of the second stage of the longest bull remembun in u.s. history. the s&p has been rising for 3,453 days, it's up a cool 323% in that time it all comes off the march 2009 financial crisis lows. every day, every week, every month we rise from here simply adds to the wealth record books. the question this morning is will we keep rising from here? the political turmoil temperature in d.c. is going

from hot to boiling hot. futures are slightly weaker this morning on that news all of that because michael cohen pleading guilty yesterday to eight criminal charges and a statement that seemed to implicate the then candidate donald trump and the payoff of two women ahead of the election. at nearly the same time a separate jury finding the president's former campaign chief, paul manafort, guilty of fraud. let's get to eamon javers for more on both of these developing stories. >> reporter: good morning. it was a damaging day for the trump presidency yesterday as his former attorney and his former campaign manager faced guilty situations. the former attorney pleading guilty in new york state the former campaign manager found guilty by a jury on eight of 18 downs downs in counts in

virginia the case was summed up yesterday. >> we are a nation of laws and the essence of this case is about is justice and that is an equal playing field for all persons in the eyes of the law and that is a lesson that mr. cohen learned today. it is a harsh one for him. >> here's what cohen pled guilty to yesterday the most important one of these is the bottom of the chart there, the campaign finance violations the guilty plea suggests that michael cohen paid a woman $130,000 at the direction of a candidate for president, that is president trump. that was a campaign finance violation because it was done to impact the u.s. presidential election he's also pleading guilty to tax

evasion and bank fraud charges as well a damaging day for michael cohen. the implication there that the president was involved in this crime is damaging to the white house. it's something the white house will have to deal with politically in the days and weeks to come. paul manafort, look at the situation there, pleading guilty -- sorry, before that, let's look at the lanny davis tweet. lanny davis put out this statement yesterday. he said today cohen stood up and testified under oath that donald trump directed him to commit a crime by making payments to two women for the principle purpose of influencing an election if those payments were a crime for michael cohen, why wouldn't they be a crime for donald trump? that's going to be a question as we say that the white house will have to answer in the coming days and weeks pull back that chart of paul manafort, we'll look at his situation. he's guilty on eight counts. the jury deadlocked on ten

counts more than half of the counts the jury was deadlocked on there's tax fraud here failure to file a foreign bank account report when you have offshore bank entities you have to disclose those to the irs and pay taxes on them. they're saying he did not do that bank fraud related to a citizen's bank loan and bank fraud related to a bank of california loan for $1 million in both of those cases prosecutors allege that paul manafort in essence lied on his loan applications, produced false documents and got those loans under false pretenses. so a damaging day here for the trump presidency rudy giuliani put out a statement. he said there is no allegation of wrong doing against the president in the gogovernment's charges against mr. cohen. it's clear that as the prosecutor noted mr. cohen's actions reflect a pattern of lies and dishonesty over a

significant period of time president trump says he feels bad for both men but said there was no evidence of collusion with the russians in any of this yesterday. the president continuing to call the special investigation here a witch hunt, saying there's nothing to it. he himself has done nothing wrong. >> no doubt this will increase calls for impeachment from the left on the right they'll work to minimize the damage and say this was all pre-presidency and there's nothing that can be done there's going to be a lot of debate, discussion and questions today what do chlt today. what do we know about the actual next steps what can we expect today and the next couple of days? >> we don't know much. the special counsel's office is operating in deep secrecy. they don't really leak this michael cohen situation caught a lot of people off guard. the white house may not have been expecting it. when you look at what lann yshg

davis is signaling, i think he's signaling that there is more here the documentswe saw yesterday were silent on the question of whether or not michael cohen was cooperating with prosecutors but clearly he's turned over a lot of information they got a lot of information as you look at him there walking into the fbi field office in manhattan yesterday. the question that the white house has to be deeply concerned about now is what does michael cohen know and what can he prove about any of the president's activities during the campaign or during the presidency does that go to collusion? that's the damaging question we don't have an answer for it. >> eamon javers, thank you very much. let's bring in equity strategist at miller tabeck. it will be a dramatic day. futures are down, fairly subdued. the "washington post" may have summed up why we're not seeing a

reaction the headline today is cohen's claim about trump may spark calls for impeachment but is unlikely to lead to charges. i'm not going to ask you to be a political or legal analyst, do you think that's the reason, the fact that it is nearly impossible to indict a sitting president for anything, that's fairly well settled law, you think that's a reason why we are not seeing the futures move more >> yes, i do it's one of two reasons. the one thing i guess that stands out is that we already knew he paid off these women you know, it's not new news. but as eamon just mentioned, what more does he know and what more does he have? that's the concern down the road the second part of it is that we have seen a lot of other big things happen in the marketplace over the last year, whether it has to do with the trade situation, turkey, venezuela, et cetera we have come in and the stock market -- the s&p has been down

30 points or more and by the end of the day it's unchanged. so people are saying instead of the first reaction being to sell, my first reaction will be to step back so i think that that has a bigger impact. we had all these other instances where new news, whether it's on the political front or the trade front, they have not had an impact on the markets. so people want to wait and see how this plays out >> i saw some knee jerk reaction and schools of thoughts last night which suggests a different tact, perhaps this will dominate the president's time so much that we won't get these incendiary tweets and incendiary comments because it will be occupying his time and maybe the market can just be the market. any thought to that from you do you think that's a possibility? could this just ratchet up the rhetoric >> it is like anything else. going back to the boy who cried wolf, when you react so many

times, you say the heck with it. there's some validity to that. the president will be harping on these other political situations the one thing on the opposite side of that argument is that he's going to have to do some things to deflect the attention of this whole thing. he may come harder on certain issues like trade and others to really firm up his base and things like that there's two sides to that story. we know how much he likes to deflect attention away from him and away from the negative aspects of his presidency or anything else about him. >> if the market can shake this off, how are we looking technically? i think you might have heard a bit on this network yesterday about this new record for the s&p 500. the mid caps, many of the small caps is this the top? is the technical setup still strong >> well, it looks pretty good. the biggest concern is will it be a doubletop that's exactly what we got back in 2000 and in 2007. the market rallied to a new

high, corrected 10%, rallied back to the old high, tested it and failed rolled back over that's what we've seen this time a rally to a new high, 10% correction, back to the old high one thing that i thought was good -- or two things. transportation index making a new high yesterday that's positive. but i also liked the small cap stocks you look at the russell 2000, it broke an ascending triangle formation to a new high. it's a slight break. if that can get upside follow through, it could be the kind of thing that gives more momentum going forward. when the small caps do well, the rest of the market tends to do well also. matt, thank you very much. now to your top corporate story. facebook pulling down hundreds of fake accounts linked to russia and iran. arjun kharpal is live in washington with more on this story. >> well in all facebook pulled down about 652 pages on instagram and facebook regarding

groups that they said are displaying inauthentic behavior on the platform. a large actor behind this was the iranian government so what kind of things were these actors up to they found a number of accounts linked to iranian state-backed media posting pictures and fake news stories on facebook they also found some actors were carrying out cyberattacks, trying to hack the accounts of some of these facebook and instagram users this was not just users in the u.s., but in asia and europe. some of these accounts have been around since 2011. that was one criticism that these platforms faced about not identifying these earlier. they found influence on russian interference, around syria and ukraine. all in all about 1 million accounts were subscribed to these fake accounts. it seems to be a widespread crackdown. twitter saying it's cracking down and removing some pages

that it found to be influenced by national governments. overall the social media platforms have faced heavy criticism in the way they dealt with interference from outside actors, now they're trying to show to the market that they can be proactive and deal with some of these huge problems facing their platforms. >> arjun kharpal, thank you very much so much more ahead on this busy wednesday the u.s./china trade talks kick off in d.c. today. we're heading live to china for reaction and finding out how much power china may have in these negotiations. as wehit new records everywhere, one of america's top performing fund managers is here about how he's making money now. futures down about 70 poin otsn the dow. we are back after this xfinity mobile is a new wireless network

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responding that much renault is tractually higher. the michael cohen and paul manafort news will get the headlines today. do not lose sight of something else important from d.c., the start of potentially contentious trade talks between the united states and china which kick off in washington. let's get to eunice yoon in china with more on that side >> thank you very much i'm at the perfect place to talk to you about trade today i'm at a chinese factory that exports primarily to the united states starting today in washington the chinese vice commerce minister will meet with u.s. officials to try to break the impasse on the ongoing trade dispute with the united states. the foreign ministry said they hope for a good outcome. this factory makes candle holders and lights the owner said his expectations are low for the talks, but that

he also is very hopeful that there will be some sort of break through. the reason is because this company is being slammed by tariffs. he said a couple weeks ago he got a letter from his biggest customer, which is a u.s. retailer, they said that they needed to split the 10% tariffs that they're going to see on his products he said that this will be very difficult for him to absorb. he said that already he is seeing his labor costs as well as raw material costs rise 15% from last year so because of that he is trying to look at a new direction he's reorienting his business away from the united states. he said he will be shrinking his valium volumes, dropping low margin products also. so we're seeing exporters feeling the pinch as the trump administration had expected. but also some concern about what the costs will be for the u.s.

consumer because the people here say they can't pick up more costs. >> eunice yoon, appreciate it. thank you very much. let's bring in gordon chang, he's a columnist at the daily beast and he joins us now on set. here's the question. how much leverage do you believe china has entering these negotiations >> quite little. last year 88.8% of chinese overall trade surplus rated to sales in the united states >> we have the buying power. >> we have the buying power. last year china's surplus against us was 375$375.6 billion this means that we have the power. also we have the much bigger economy. last year our economy was over 19 trillion. china says its economy was over 12 trillion. right now we have an economy in

reality growing faster than theirs, 4.1% in q2 theirs probably about 3% >> do you think the communist party, which has rallied around president xi we have a bunch of yes men in beijing. do you think they've been taken aback by the united states aggressive stance? >> they were in the beginning they looked at donald trump and thought clearly they could manipulate him and control him. i think they were dazed by the tariffs and other things that trump has been talking about right now the problem inside of beijing is that xi jinping has lost -- there's been an erosion of authority though he is still extremely powerful for xi jinping to get that authority back, he has to actually win the trade war, which means he will demonstrate more political will because he doesn't have the leverage. >> don't you have to define winning first?

what would winning be for china? >> i think winning would be an elimination of all section 301 tariffs, under section 301 ability of 1974 had for intellectual property theft. he would like to see trump go away if he were to do that -- >> he wants to allow chinese companies to steal our and other intellectual property unfettered >> each year china steals somewhere in the neighborhood of hundreds of billions of dollars, and there's the forced taking, which is probably a violation of world trade organization obligations that china has you look at xi jinping over the last five years, he's closed off the chinese economy to foreigners he expects us to open ours this is unsustainable. >> how does this end >> i would love to be able to answer that. >> how about a best guest? >> it will go on for a long time trump sees this as he has the leverage the chinese see this as an existential fight, they see it

as dominance for the 21st century. both of these guys are right >> do we get something done? >> you can get something done. we had a minor trade deal last year with the chinese, that 100-day action plan. it didn't last you can have a deal but it won't be sustainable just because of the way everything is lining up. >> appreciate your insight, gordon we'll see you again. the story not going away gordon chang, thank you. in other trade news, the u.s. reportedly nearing a big break through in nafta negotiations, at least with mexico that could pave the way for canada to rejoin talks as well politico says the trump administration could announce a handshake deal with mexico as early as tomorrow. still to come on "worldwide exchange," is the record run running out of steam we're debating what's next for this unprecedented bull market later on, a viral video alert. the wild home run that has the entire internet buzzing. the details when we come back.

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the bull market charges on but is the party coming to an end today? because of a one-two punch for president trump, his former fixer taking a plea deal, his former campaign chief found guilty of fraud. and you'll hear from one small cap fund manager who is posting mega returns his secret to success and stock picks for you as the second half of "worldwide exchange" kicks off. ♪ good morning welcome back i'm brian sullivan good wednesday thanks for joining us. it's a big money day for you and your money today officially marks the second leg, the new start of the longest bull run in american history. the s&p 500 has now been in a bull market for 3,453 days in that time it's up a cool 323%

from its financial crisis lows in march 2009. we'll get more on the markets and your money in a minute we have to lead with this. as markets here hit new records, futures are under pressure dow futures down 60 points this as president trump's former lawyer pleads guilty to eight criminal charges and a jury separately finding the president's former campaign chief guilty of fraud. eamon javers is back with us on this story that will rock d.c. and all of america today >> let's walk through some of the charges and allegations in what was a damaging day for the trump presidency starting with the president's former attorney, michael cohen, who pled guilty in manhattan here's a summary of what he pled guilty to yesterday. tax evasion, bank fraud, and then the important one here in terms of the is the cpresidency

is campaign finance violations related to payments to women also paul manafort yesterday being found guilty by a jury on eight of 18 downs. that includes tax fraud from 2010 to 2014, failure to file a foreign bank account report, the f-bars that you have to file if you are offshore assets. you have to disclose those to the irs. he did not do that, and bank fraud related to citizens bank and bank of california in terms of applying for loans without the proper documentation a tough day for the president's former campaign manager as well-being found guilty there on 8 of 18 counts the president landing in west virginia last night addressing some of this with reporters and giving a sense of his reaction to all of this against two of his top stormer aides. >> doesn't involve me, but i still feel it's a sad thing that

happened this has nothing to do with russian collusion. this started as russian collusion. this has absolutely nothing to do with that this is a witch hunt and it's a disgrace this has nothing to do with looking for russians involved in our campaign there were none. i feel badly for paul manafort had nothing to do with russian collusion. we continue the witch hunt >> the president expressing his sympathy for both of his former allies politically and legally also saying this had doing in with russian collusion distancing himself from the crimes here that were pled guilty to and found guilty yesterday. the question is now what happens next lanny davis suggested last night that michael cohen has more information he would like to provide to the special counsel and investigators generally. some of that information may go to the question of computer hacking, whether or not the

president knew about that hacking before it happened and what the president's state of mind around all of that was. we may not be done with damaging allegations from michael cohen that impact the presidency >> a lot of speculation as to what is next, but do we have facts on what the next steps here, if any, will be for either of these gentlemen and the president? >> we don't. what we saw yesterday with police report was his lawyer, kevin downing, he came out and said he will consider his options here and figure out what he needs to do it's an interesting split decision in the paul manafort case, the jury was deadlocked on ten counts so not clear whether mros cupror will go back and try to recharge those charges or if they got enough with the eight downs that were found guilty yesterday. we'll see what they decide there. on michael cohen, i think you're looking at ongoing cooperation we did not get a document which said he is cooperating, but his lawyer said on television he's willing to talk and tell prosecutors everything he knows.

>> when you stare at potential jail time at some point, you may cooperate. let's bring in sam stovall from cfra. this will matter politically it will matter for america it will matter in the headlines for a long time.quity market, will it matter i don't think so looking back to 1998, the market declined more on long-term capital woes and hit new highs during the clinton impeach he impeachment hearings. i think most estimates are calling for maybe the democrats regaining control of the house, but the senate is adding a seat in the senate. >> some people compare this to the '70s back then the market fell over that year and a half time

period from a markets perspective, any comparison >> i don't think so. the real question is not about politics, it's about recession what is going to drive this -- the u.s. and the global into recession. if there's no connection, then the market continues to focus on fundamentals >> let's talk about that many different indexes are hitting records. people can quibble about the exact dates, one part, three parts. either way, it's been a heck of a bull run, 323% gain off the financial crisis lows. how much more gas is left in the tank >> i think there's more gas. we have never fallen into a bear market in the last 60 years when we had interest rates this low normally we had to have the rate of inflation above the market by about 2.7% we're nowhere near that now. with earnings growth, gdp expectations, it looks like we

have life. >> sam, sit tight. i want to go to mike santoli when the markets are down, we try to find what things might be good we want to find the opposite story. things are arguably good maybe it's sanguine or smart to figure out what may be the worry points here. what could derail this >> yeah. that's basically the exercise that makes sense to go through now. i see the atmospheric conditions for eventually this market being near a top you talk about meteorology not every tropical depression becomes a tropical storm, only some of those become hurricanes, only some of those hurricanes make landfall. so right now are things too good unemployment at 4%, consumer confidence at lofty levels these are starting points for when a cycle turns it doesn't mean it can't get better or stay good. it just means every single time

you look back at a period when a bull market ended, a lot of that stuff was lining up in that fashion. the market is not cheap. it's gotten cheaper because it's extraordinary boost to corporate earnings the median stock is still relatively richly priced almost more expensive than it's been most of the past four decades. it's not as if there are huge pockets of cheap equities out there, which means you're vulnerable to rates going up, and credit conditions weakening. also you will start hearing people say is this a double top? almost every bull market if you look at 2000, 2007, you had a major momentum high like we had in january and then a grinding approach to that old high and you didn't get through it or got close. that's the technical braack drop so the weight of the evidence does not point to an imminent end to the bull market but these

are out there on the landscape to keep an eye out for >> i love what mike did there. the weather analogy was good there's a lot of things brewing. you don't know how they'll end up we could point to the politics we could point to peak earnings. talk turmoil in turkey whatever it is, ultimately the market is showing no signs of slowing down on any of this. >> a lot of the information he mentioned is more of a coincidence indicator. at the top you will hear the word boom over and over and over again. maybe we look at it from the reverse perspective. rather when will everything end, how quickly do we break even if we should fall into a decline. on average we have gotten back to break even after a pullback in two months. >> how does that stack up historically >> is historically >> that's fast >> yes >> what you're saying, some people are driving, it's early f we have that 5% to 10% blip,

when we have gotten them, we've recovered that and more in 60 days >> exactly to add to that we have had 21 corrections, declines of 10% to 20% and -- >> since 2009. >> since world war ii. >> wow i was going to say that seemed like a lot >> 21 since world war ii we've gotten back to break even in an average of four months basically what the market tells you is maybe you're best to sit tight. continue to have your investment philosophy, risk tolerance in your overall allocation, when we do hit a speed bump, don't worry about it more times than not we get back quicker. >> with all due respect. a lot of viewers probably remember the '770 '70s opec, oil was in the news. the term was squat the dow ended the '70s up one

point. if we look at it, not to throw water on it, but at some point when you make this much money and you have these gains, isn't it smart to take profit? greed is not always good >> that's right. but also back in 1970s we had inflation that was in double digits we had interest rates that were approaching 20%. today we have -- >> the job market stunk. >> we have cpi at 2.4. ten-year note at 3%, or 2.8. conditions are unlike the 1970s. we don't have disco anymore. >> not yet don't you worry when we get to a point which almost seems euphoric >> absolutely. i like to say that bull markets are like incandescent light bulbs, they glow the brightest before they go out i don't see that now i see people discounting this.

this continues to be an unloved bull market. valuations are high. even when they are inflation adjusted it makes the market top heavy and vulnerable to negative unanticipated news, but unanticipated news is hard to anticipate >> are you worried about the market structure at all? i seem to be the only one talking about this, about etfs, everyone owning the same 5, 10 stocks the rally has been broad based, but 5 or 6 stocks seem to be so important to everybody we never had that. i wonder where that will go. how will this play out if everyone decides the f.a.n.g. stocks are not worth their money anymore. >> you just said that we have an awful lot of breadth we have large, mid, small caps, nasdaq hitting all-time highs. >> on the institutional side, the retail side i don't know if that's true. >> well, i think of the breadth

we're looking at, because of the coordinated all-time highs that ends up being a signal of confirmation that there is more upside potential we had the nifty fifty in the 1970s. like tech and telecoms in the 2000s, we have a broad diversification within the 500 with a majority of these sectors. >> i remember worldcom, global crossing hopefully that's not the case now. appreciate your insight. thank you very much. we're talking sofas, jeans, st"star wars." the stocks to watch are coming your way small caps with big returns are o inureat the street series. stick around best price

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happy anniversary dinner, darlin'. can this much love be cleaned by a little bit of dawn ultra? oh yeah one bottle has the grease cleaning power of three bottles of this other liquid. a drop of dawn and grease is gone. welcome back we have a news alert on this wednesday morning. the u.s. geological survey reporting a 6.5 earthquake hitting about 185 miles west of bandon, oregon that's on the coast. this just happened 6.5 magnitude is a big earthquake offshore. that's all the details we have now. we'll follow this story and bring you developments as they come in. big-money stock stories

involve sofas, jooep jeans and . la-z-boy shares are soaring today. better than expected first quarter revenue, same-store sales and retail up 3%. urban outfitters also in the news second quarter results topping forecasts. shares are up 4.5% jeans are hot again. double digit growth across all brands thanks to fewer promotions and rounding out the triple play, zynga signing a multi-year licensing deal with disney to produce a new "star wars" mobile game zynga shares up 9% check this out antehony rizzo turned a slip up into a dinger. he was batting in the sixth inning when he fell over swinging at the first pitch. even on his knee he made good

contact. he sent the ball over the right field wall they call that a home run. the home run was not enough. thecubs lost to the tigers 2-1 on deck, your beat the street series continues. one small cap fund manager who is posting big-time returns. up nearly 29% this year. his eaids and pick just for you on "wex.

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coast of oregon just minutes ago. switching gears, as we continue our week-long beat the street series where we profile some of the top performing fund managers today it's jeff james. he runs the treehouse small cap fund, it's up 27% this year. we spoke with james earlier and we asked about his secrets to success, how he's managing to beat the street. here's what he told us >> i think the environment for small caps is still quite good earnings growth has been strong. small caps have a more domestic focus in terms of u.s. centric -- u.s. economic environment. economic growth has been accelerating in the u.s. on the back of tax cuts, deregulation the outlook for earnings is good it's less exposed to some of the tariff issues and the economic mixed results and slowdown overseas >> with so much attention focused by investors and by

members of the media on the f.a.n.g. stocks, a few other big cap tech stocks does it make it easier or more difficult to find these underloved names that you're successfully finding? we have a rigorous process geared towards finding stocks with the correct fundamentals. we're looking for stocks that are going through rapid change, that are going through growth inflections, that have a high likelihood of success in terms of beating estimates, taking market share in strong industries we are finding a broad number of ideas. >> you look at some of these names. tactile, a top holding for you how did you come across this company? how much research do you do to say this is a company worth owning how much time does that take >> it takes quite a bit of time. we have a broad team of analysts that do an excellent job looking

at companies with certain characteristics relative to our philosophy looking for companies with accelerating results, taking market share it's comparing the actual results and meeting with management teams and comparing that back to our investment philosophy once we find companies that have certain characteristics, we can find companies like tactile and others that are outperforming or have the characteristics to outperform >> talk to us about tactile. not a name i'm familiar with what made this company so attractive to you? >> we owned the stock since its ipo. looking through fundamentals, meeting with the company multiple times, it has certain characteristic characteristics. they are a medical device company that focuses on treating patients with lymphodema

it what date ta suppohawhat dah. since its ipo it's been outgrowing the market, taking market share and exceeding expectations it's a matter of looking for the right characteristics and buying the stock in a timely way. >> another one under $5 billion market cap that has been a powerhouse for your fund, in innogen. how did you find them and why do you like them? we are lo >> innogen is also a medical device stock it was a top holding for us since 2016 they make a poc, a portable oxygen concentrator. it provides oxygen therapy for

patients with chronic respiratory conditions it's a lightweight portable device that has taken market share from the clunky oxygen tanks that has long been used by patients it's seen accelerating results revenue growth from 17% to 51% year after year. they have been growing and taking market share because they provide a superior kout comoutc, better quality of life for patients there's a number of reasons why they've been growing so rapidly. one is the very rapid growth of the sales force, but that's not been a hit to their profitability. operating leverage and profitability has expanded dramatically consensus expectations is $2.11 for this calendar year estimates for this year debuted at $1. so there's been earnings revisions of more than 100%. the last june quarter they had

nearly a 20% revenue surprise. the outlook for them remains strong >> that was jeff james coming up tomorrow we'll hear from another small cap fund manager, how he's beating the street and more picks ahead tomorrow. let's wrap it up with your morning rbi. today it's about hedge funds and how they're doing with your money. the answer is not good according to goldman sachs the average stock hedge fund has returned a negative 1% this year you heard that right the average return is negative even as the markets hit all-time highs. much of that because facebook has done a face plant. let's make it more random and interesting, at an average return of minus 1% this year, all those nufunds that charged u all those fees would have ed be

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good morning today officially marks the longest bull run in u.s. history assuming we get back to new highs. equity futures are under pressure on political uncertainty. we'll talk about the fallout from michael cohen's plea deal straight ahead. lowe's and target set to report this hour we'll bring you those numbers and an exclusive interview with the target ceo brian cornell. and facebook cracking down on fake accounts and pages in what is being described as an iranian propaganda network it's wednesday, august 22, 2018,

"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 at the nasdaq market site in times square our guest host this morning, michelle girard from natwest markets. as becky mentioned, today marks the longest bull run in u.s. history. the s&p 500 has now been in a bull market for a record 3,453 days it is up 323% from the march 2009 low barring a 20% decline today we will continue that bull market run. >> 20% decline before we close today. >> exactly the january high -- >> not in the book