it's 5:00 a.m. here are the five most important things you need to know right now. trade tensions taking center stage. america weighing a new round of sanctions against china. the activist battle at campbell soup coming to a boil. we are just a few hours away from today's big jobs number the key number inside of it that you need to watch. and whiskey, weed and samurai swords elon musk speaking out on a podcast. let's just say things got interesting. it's friday, september 7th

"worldwide exchange" begins right now. ♪ all right. good morning welcome from wherever in the world that you may be watching i'm brian sullivan happy friday as we call it on this schedule, we don't have to set the alarm tomorrow day here's how the markets are setting up dow futures are down little changed it is early. thinly traded. japan is the big loser concern that donald trump may turn his trade attention to japan. the "wall street journal" late yesterday coming out suggesting that the president may look to japan as maybe the next target in his trade negotiations or discussions. that has the nikkei down 0.8%. shanghai rebounded fractionally. keep an eye on what might remain the big story in the markets for

your money that's the emerging markets etf, the eem. it's a proxy for asia really there's a number of them out there. it's about 20% down from the high that puts it in a bear market. as always we present you the one number, the one big number somebody comes up to you and says gina sanchez, what's the one big number i need to watch today? 192,000. that's wall street's estimate for how many jobs the u.s. economy added last month we will get the exact number along with the unemployment report and everything inside of it from the labor department in three hours from now joining us now is gina sanchez, cnbc contributor what is that number? 192. >> right >> that's the median >> that's the median there's a few out there

expecting it will come in lower. >> there are some probably higher, thus the median. >> thus. >> this is a number that's not really affected markets much we know the economy is strong. the number matters more -- correct me if i'm wrong -- from an inflation perspective whether or not it will change the fed's thinking so what are you watching for today? >> we're watching a few things the 192, whether that comes in at 176 or 200, that's neither here nor there we don't agree the economy is necessarily strong we're at 3.8% unemployment, we're only at 2.7% wanl growth if you go back ten years, if you go back to 2008, we should be at 3.5% wage growth >> do you think it's coming? i understand the argument. you're right the data shows people are not getting paid as much maybe as they should given the tightness of the labor market. at the same time maybe it's just lagging. >> i don't think it's coming i think the markets have

changed. the gig economy changed a lot of things if you don't see that 3.5% wage growth coming, then what we've seen in terms of growth in the united states really has been a function of tax stimulus and not necessarily actual fundamental growt growth >> is that a bad thing >> it's a short-term thing so tax stimulus brought down tax revenues dramatically. if you look at the tax revenue numbers they dropped 33% by government tax receipts on corporations while individuals paid 7% more that's further dampening of consumption. >> i understand the argument but i'm going to the -- in my mind, which is just a bad, dangerous place, i have this picture of a pinata. somebody hits it, all the candy falls out. at some point the parents say we have to clean up that pinata, but all the kids are eating the

candy and don't care about the cleanup. right now, there's a lot of candy out there. >> let me liken it to a drug hit. you will have a hangover at some point. the way stimulus works is if you don't keep stimulating, you get to the other side of it. >> can't we enjoy the high while it lasts >> fine. enjoy the high i'm simply saying in 12 months time, quite frankly in six months time we will look at slower earnings, the other side. >> okay. what are we looking to do now with our money gina sanchez is a smart person we believe what she's saying the markets keep grinding higher it's like a weird push and pull whe between what we think and feel >> there's a bunch of canaries in the coal mine the market has been becoming more defensive so we actually say look, if you are long the u.s., you probably want to stay long the u.s.

if you look at the trade tensions, it's been hurting emerging markets now this take with japan, that's not good the u.s. is the place to be. but you start shifting into value stocks shift into robust defensive stocks we've seen staples doing well. utilities came from out of nowhere. those are the canaries in the coal mine that tell us in three months time we'll have a different conversation >> quietly half the f.a.n.g.s are rolling over in a bad way. facebook has been okay, netflix has not been good. >> apple is like the value stock of tech. >> it's like a utility for technology this is a utility. we would rather not have energy or heat than not have our phone. >> exactly >> a well-known hedge fund manager is taking aim at campbell's soup, he wants to replace everything leslie picker joins us with the story that's sure to get some

attention. >> we've seen barely any proxy fights, we come back from summer -- >> i just said to myself, self, where are all the proxy fights >> apparently they've been working themselves out in august now we should have a jam pack end of the year. third point is looking to replace the entire board at campbells soup that's according to a report last night in the "wall street journal. news of this fight could be announce the as soon as today. third point has been pushing for a sale of the company. sources told the "journal" if the full slate got elected all options to improve shareholder value would be on the table. not necessarily a sale the fact they have historically been pushing for a sale could be a challenge specifically if they need to receive support from the descendants of the founder, which own a whopping 40% of the shares that's the key point to this fight. third point has teamed up with one of those descendants, george strawbridge, together the firm

and strawbridge own about 8% of campbells shares campbells has slumped almost 20% this year and announced plans to sell two business units, but third point didn't think that plan went far enough to improve shareholder value. an outright proxy fight is unique for third point which has not launched one in five years i reached out to the firm and sources close to them for comment. waiting to hear back nonetheless this is an important step in the evolution for campbells and in the evolution for activism as a whole because targeting these family-owned businesses is just not common in that world >> i'm thinking about how loeb's previous battles went. he went after lowe's, yahoo! campbell is a relatively small target they're a huge company but from an equity perspective they're not that big i wonder if dan is tamping down

expectations >> you know, they have about a $12 billion market cap >> he went after sony. >> he doesn't back down from a fight. that's why people continue to invest with him. so i don't know. i don't know in terms of market cap where this fits in to his strategy it is interesting from a mathematical perspective if you have a family that owns 40%. family members for any company historically are hesitant to sell the company usually they try to exhaust all options before doing that. he must believe he can turn some of them to his side, win support in order to win a proxy fight. replacing the entire board is no easy task in any company, let alone a family-run business. >> the only company in camden, new jersey let's hope whatever happens it turns out okay >> it could be a soupy situation. >> the story will get chunky the head of comcast, brian

roberts, says he is disappointed with the reaction to his decision to walk away for bidding from parts of 21st century fox. here's what he said to jim cramer on "mad money" last night. >> that's one of my disappointments this year, is that fox and sky, driven by rupert murdoch's decision to sell the company, not our desire to change who we are, why wouldn't we look at it we found it was undervalued. we put in a price, disney offered more and we walked away. people took that and made a narrative that said we didn't love our core business when in fact our core business is having a renaissance. >> now, roberts also touched on the company's next steps and where he is looking for new opportunities. for more on jim's interview in philadelphia, that was ahead of the win by jim's eagles last night, head to cnbc.com. just annoyed that jim did not wear the eagles jacket

check it out on his twitter feed on deck, bitcoin or bust the crypto collapse continuing this morning we'll dig in more on what is a big-time tumble ahead. and elon musk speaking out on a podcast and what he reveals about himself is sure to be talking point number one for tesla shareholders today it's the story that's going to give erydy avebo buzz. barely enough time for this man to take a bite of turkey. but for cyber criminals it's plenty of time to launch thousands of attacks. luckily security analysts and watson are on his side. spotting threats faster and protecting his data with the most securely encrypted main frame in the world. it's a smart way to eat lunch in peace. sweet, oblivious peace. it's a smart way to eat lunch in peace. hey, what are you guys doing here?

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welcome back happy friday now to an interview that is sure to draw a lot of attention today for a variety of reasons tesla's elon musk appearing on the joe roggin podcast let's say that things got interesting. watch this exchange as joe roggin lights up what he says is a joint. >> so is that a joint? or is that a cigar >> no. >> okay. it's maruyama inside of a tobacco -- >> like part tobacco, part -- >> you ever had that >> i think i tried one once. >> come on, man. you probably can't because of stockholders, right? >> it's legal, right >> how does that work. do people get upset at you because you do certain things? it's tobacco and maruyama in there. that's all it is.

>> let's bring in dom chu. technically not a joint. i guess they would call that a blunt. >> i'm not fully aware terminology-wise >> if you're on the radio, elon musk took a hit from what is basically a maruyaijuana joint it's like taking a sip of wine >> or a sip of whiskey which they also did in that podcast. this gives us a look at elon musk after dark. >> he was clothed. >> he was clothed. he was in a more casual setting. joe roggin does have a way of bringing out that real person in people so this interview was one that was interesting, like you said, for a variety of reasons but they talked about everything we know what elon musk's views

are on things like artificial intelligence they talked about it we know what his views are about the kinds of things he's trying to do. his visions. they talked about those things one thing that they really talked about was this idea that in the "new york times" interview, this is the first time he appeared in public in an interview setting since that "new york times" interview amid that whole public/private do i take tesla private he said running a car company is extremely difficult. they spoke about this. they spoke about the idea that ford and tesla are similar on at least one count. >> spacex is no walk in the park a car company, it's very difficult to keep a car company alive. it's very difficult. there's only two car companies in the history of american car companies that have not gone bankrupt, that's ford and tesla. >> all right

so you can kind of see him he's a little bit more open and emotional, speaking frankly about it he talks about the trials and tribulations of the car company. he also says running a car company as a startup electric vehicle, he doesn't understand how anyone else can do it now. whiskey, weed and at one point a samurai sword did come out >> sounds like the making of a good country music song. whiskey, weed and a samurai sword. >> or a quinton tarantino movie. >> what was the sword reference to >> what happened was about 54, 53 minutes into the interview -- >> roggin has these two-hour interviews >> he does his set is a table full of stuff. tchotchkes, trinket. >> pot >> one was a large survival knife. >> oh. >> so elon musk keyed on it. and then joe says if you like

that, i have a samurai sword at the end of the table over there, that's a real one from the 1500s samurai sword. he talks about the lineage, the history of the sword that's why the samurai sword came up. after the whiskey, before the pot, the samurai sword >> you remember who jimmy kane was? >> i do. >> a lot will be made about this smoking pot thing. pot is mostly legal in california >> sure. >> whatever your views on marijuana are, the guy that used to run bear stearns, jimmy kane, very famously came out all the time and said i smoke pot. i like to smoke pot. here's a wall street ceo, pre-crisis, saying i like to smoke pot. musk will take heat for that because of the way tesla has been in the fire >> it will be an interesting view from investors to look at this interview and say whether or not you still feel as though

this is the man you want running the company that are you a public shareholder of. this is not to say elon musk is not a brilliant man. we know he is. >> maybe too smart the reason the whole twitter fiasco hit a head and he is facing subpoenas from the s.e.c., he made off the cuff comments that got him in trouble. you wonder if this particular interview, which i loved because i got to know elon musk better as a person, whether or not it does call into question whether he should be the ceo or executive of a publicly traded company. that's the reason why it will be scrutinized. >> tesla stock down 1.4% maybe there is negative reaction to that. unlike bear stearns pre-crisis, this company is the target of a short seller >> if you are a true tesla accolite, i don't think there was anything here that changed

your mind. >> interesting stuff where is your sword? >> i don't have a sword. >> "worldwide exchange," survival knife >> yes >> for those early mornings, just to get you going. bitcoin is not bouncing back today. the price of it and other cryptos falling yesterday on a report that goldman sachs was shelving plans for a crypto trading desk speaking at the tech crunch disrupt conference yesterday, foldman goldman's cfo knocked down that report saying there was never a timeline for any kind of effort. >> when we began talking about exploring digital assets, we knew since the beginning, which was always the case for us, that it would be an exploration evolving over time we have a commodities business we've been in the commodities markets for a long time. bitcoin, some think of it as a currency it has more properties as a commodity. >> let's talk more about the

crypto space, currencies and what's happening with emerging markets with steven innis. thank you very much for joining us from singapore. we know it's getting on on a friday evening there what do you make of -- not a collapse, but with ether down 80% from its highs in december, it's hard to find other words that seem to fit what's going on? >> it's a bit of carnage out there on the street. it's driven on the back of the goldman sachs comments i think the depth of the market is thin. i think the retail community who are investing primarily in cryptocurrencies are looking for that under belly support from wall street's big banks and big global trading banks without that element in the market the market remains thinly traded even when we went out to the chicago board of exchange, that was supposed to be a highlight but the volumes have not picked up i think this is because of a

couple factors one, regulatory oversight. and also the second factor that is in there is the intense scrutiny over fraudulent activity that happens in the underbellies of that market which is keeping people on the sidelines. >> yeah. do you think that bitcoin and the other cryptos will have a difficult time until we get institutional support, either in the way of a goldman sachs trading desk or an etf that is approved by the u.s. scc >> i think approval on the etf scale would be dynamic for the market that would ensure there's a regulatory oversight investors will look at it more carefully. if you look at the crypto houses, they're not exchanges, this is just to lure people in it gets worrisome when you start hearing of billion dollar frauds

going through the companies. peoples cash is in danger. this is another issue that investors are dealing with >> steven innis joining us from singapore, appreciate your insight. thank you very much. still ahead, mattel's big move the toymaker launching a new division and it might surprise you. that story coming up [ phone rings ] /* the college visit? you remembered. it's good. does it make the short list? you remembered that too. yeah, i'm afraid so. knowing what's important to you... it's okay. this is what we've been planning for. thanks, bye. that's what's important to us. it's why 7 million investors work with edward jones. that's confident. but it's not kayak confident.

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welcome back let's check the top stories outside the world of money and business including more on the kavanaugh confirmation and remembering the bandit phillip mena has more. today is day four in the bitter confirmation battle for supreme court nominee brett kavanaugh. this morning the senate judiciary committee will question witnesses about the judge's record day three's marathon session ended just before midnight new jersey senator cory booker stole the spotlight releasing dozens of confidential documents on kavanaugh that drew the ire of republicans who called it irresponsible. firefighters in northern california continue to battle the massive delta fire which tripled in size in hours the fire forced authorities to issue evacuation orders and shut down several roads six fires are burning in the state. altogether they cover 500,000 acres of land.

remembering a hollywood legend burt reynolds passed away at the age of 82 with his family by his side he's survived by his son at one point reynolds was hollywood's top grossing star for every year from 1978 to 1982 with classics like deliverance, smoky and the bandit and boogie nights also an underrated late-night talk show guest. the guy was a legend in so many ways nobody had more fun than he did. for a number of years everybody wanted to be burt reynolds we all should be wearing that mustache in tribute today. i want to see that monday, we'll go to the halloween store. >> right on. on deck, think everybody is negative in the media all the time don't worry. it's friday morning. we have the top four reasons the american economy is in better odape than you think go news, america stick around

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beyond clumsy dial-ins and pins. to one-touch conference calls. ♪ ♪ beyond low-res surveillance video. to images so sharp, they can help protect your business. ♪ ♪ comcast business. the company that delivers unrelenting speed in more places. is also the company that's redefining what a provider provides. comcast business. beyond fast. jobs in america. just how strong the american job market is. we'll find out and wonder if the president is going to tweet about it speaking of jobs, what retail and mark twain have in common speaking out and lighting up elon musk making headlines at a podcast overnight and it may be making news that tesla shareholders don't want to see it's september 7th, you're watching "worldwide exchange" on

cnbc ♪ welcome back it's 5:30. good morning, america. let's get a check on some of the top headlines. your executive recap with leslie picker what do we need to know. >> executive recap >> you know why? >> people are just waking up >> a lot of ceos watch this show >> we have an important job. >> elon lmusk going on the joe roggin podcast overnight he spoke about the boring company, artificial intelligence and what he likes to do in his spare time notably musk and roggin began drinking whiskey about 30 minutes into the interview later brought out a samurai sword and eventually smoked a joint. third point is planning on

launching a proxy fight to oust campbell's entire board. this after the fund was underwhelmed by campbell's plan to sell two business units the hedge fund believes a fresh slate of directors would put all options for campbell's back on the table. and shares of iag are being hit in london. the airline ceo says they notified all affected customers following a data breach of its website and mobile app financial data was stolen from potentially thousands of customers who booked flights online in recent weeks >> ouch. another blow for the airline stocks leslie, thank you very much for that executive recap branded that right now >> blow it up. >> did you do that story yesterday that airplane trays, where you put your laptop, they're dirtier than the airport toilets. that story came out yesterday. somebody swabbed the plastic

bins, and they have more germs than the toilet seats. >> i bet that's true and the dryers that dry your hands, they never clean the filters. >> so they're blowing the dirt on your hands. >> you just need walking purell when you go to these places. >> there are generic versions of tha that >> here's how your money and investments look it's friday. welcome. good afternoon good morning good evening stock futures are not giving us help about which way stocks will go today 24 points down that can turn around like that in the bond market, a bond market that has -- people are still buying treasuries. a lot of that buying from japan. dumping european debt. so buyers are coming in. the economy is strong. but the bond market may not be

reflecting that or demand for u.s. treasuries. ten-year yield at 2.88%. no sign of that inverted yield curve yet. let's check everything else out there. the price of oil not changing too much 67.87 per barrel of oil. up just about 0.1% euro/dollar at 1me.16. and bitcoin, the price of bitcoin continues to slide came back a bit yesterday, but a lot of the cryptos were down 5%, 6%, 7% bitcoin above 6,000, but it's been a tough go. a lot of bitcoin investors have been frustrated by the lack of return in bitcoin. still ahead, we have a meeting of the minds some ochtd biggest na efof the

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counting down to the august jobs number. dominic chu is back with what we can expect

listen, we know the economy is good the question is how good >> it's good enough. maybe the markets have been weak over the past four, five days, but looking at how we're shaping, 3%, 4% away from record highs at this point. as we watch the trading action develop this morning, it's going to be about whether or not this number will do anything to break us out of this range that we're seeing the dow jones indicated down 24 points the s&p down about 3 that's something where we are saying maybe traders are jockeying for position or holding steady ahead of that big jobs report. looking at the treasury market side of things, that's another thing we want to watch we've seen that flattening yield curve. the idea that ten-year note yields and two-year note yields are converging that has expanded a bit over the course of the last couple of days that may be another good indicator. the other thing is we talked about this idea that technology has been a real source of weakness in the past four, five

trading days only because it's been a source of strength. consumer discretionary and technology are neck to neck in terms of year to date returns. whether or not we see weakness in those areas of the market will tell us whether or not this situation may be unraveling. that's one of the keys semiconductors, social media stocks now they are the ones showing weakness >> for the first time ever last month or two months ago the bureau of labor statistics reported more open jobs than people looking for jobs. >> right >> theoretically there's a job plus one for everybody who wants one in this country. >> the whole point in what we've been talking about and what many folks have been prognosticating for quite some time, there's a massive skills gap in the country. there are more open jobs than americans to fill them those jobs are skilled pieces. i may not have the ability to fill that job. >> you have the ability to do whatever you want. >> no.

no >> don't let anyone like leslie picker tell you you can't do something. you're a good man. >> yes i will be that guy >> let's bring in seth carpenter, dom, please stick around you heard our conversation i argue there's a skills gap but also a geography gap so if you live in the upper midwest where things have been more difficult, there's a job for you in fphoenix or huntsville, alabama, but you don't have the ability to get there. do you expect jobs to slow down simply because -- not because the economy is weakening but because we're running out of people >> that's not our forecast we would expect if there was drastic shortage you would see more pressure on wages, which is one thing employers could do is pay more, and they could go to competitors if one firm needs

workers, they could hire them from competitors we expect there to be more upward pressure over time on wages if that shortage is the case >> seth, it's dominic here as we talk about the idea that maybe wages could go higher at one point what we have seen develop so far is this idea that the average work week is getting longer we're seeing -- the signs are there. we're working early hours now. you're working early morning >> not enough economists in the world. >> nbc universal, cnbc, comcast, they're all extracting more hours out of me and my colleagues is that something we can view as a positive sign that wage gains are then ahead of us because we're being asked now, existing labor force, to work longer hours. >> yeah. we don't think that wage inflation will rocket and take off. but we do think the fundamental economy is strong.

we think we'll keep adding jobs. for today's job market report we expect a strong 237,000 jobs >> wow >> we have a strong fundamental view of the economy at the moment that's worth revisiting. in addition to that, probably a couple of technical factors last month made things soft that we're expecting a bounce back for. i will say going forward, one thing that we're worried about that might make all of this discussion about whether or not there's enough workers perhaps a bit moot is the escalating trade war. we think we'll see the next round of tariffs on another 200 billion of chinese goods get announced in the next several days if they have the economic effect we think they will that could lead to a pothole in the fourth quarter. >> gdp for example will slow down from the 4 something we saw in the second quarter, we have an estimate of 3% in the third quarter and slow down in the

fourth quarter job creation will be like 1/50,000 per month in the fourth quarter. i don't want to get all mathy at this hour. let's call it 25% on 200 billion, 50 billion, so altogether if the price of gas rose 75 cents a gallon, wouldn't that be more of a net negative impact on the economy than these tariffs? >> sure. >> i'm not minimizing the tariffs, but if you do the math, reduce the number down to the worst case scenario, divide that by the number of working households in this country, the numbers are not big. >> i don't disagree. but what we do know about the economy is part of the strength in the economy now is manufacturing. a lot of those firms are brand-new. and all of the data will tell you a large fraction, 10%, 20% of new firms fail in the first

year because they hit a cost shock they're not anticipating and don't have a capital buffer. these tariffs will be a cost shock. so a bunch of new firms, the ones creating these new jobs, if they hit this and do not absorb it and go out of business, that's a non-linear effected on the economy. >> we try to quantify sentiment, it's soft economic data. isn't that the reason why economists and folks like you tend to look at the knock-on effects of tariffs it's not just the direct dollar amount but the sentiment on capital expenditures that will have thatripple effect >> i think that has to be part oftchit businesses invest when demand for goods and services is in demand now and in the future if that's called into question they tend to be more cautious. in addition to that these effects where one part of a supply chain gets disrupted is not a question as to whether or

not the dollar amount is large relative to the economy. take for instance back in may when ford had one of its auto suppliers get disrupted. there was one part, i think it was an air conditioning part, a small part of an f-150 pickup, across several assembly plants for f-150 production was shut down >> they shut it down for weeks because of this tiny part. >> if you did the math, the same way you could think about the tariffs -- >> it's an outsized impact >> exactly >> so the numbers may not be that big i know you've been on "squawk box" many times, you can roll on anything i want to bring in leslie picker last week you were out there in my country talking about my favorite topic, oil. the reason i want to bring up oil is the permian shale boom has not only been important from an energy perspective but also

from a jobs perspective. that's where a lot of growth -- mcdonald's in midlands, texas pays $21 an hour to start. those are real numbers when you were out there was there discussion or sign about tariffs or lack of people? >> we were profiling a company called plains all american >> big pipeline company. >> think ordered steel pipe from greece back in december, well before the tariffs were even a point of discussion. then by the time they got shipped to the u.s., once they reached u.s. shores, they were subject to a $40 million tariff >> they're fighting. they don't want to pay it. >> they don't want to pay it >> they say it's already here. >> we ordered it before the tariffs were a thing contracts that were ordered before tariffs were put in place should be exempted the commerce department said no way. we received objections from five

steel manufacturers who say they can make this stuff. why are you going to greece? right now the pipes are here they are stuck paying that $40 million -- unless they work something out with the commerce department that project, which is infrastructure that would get the oil from the permian basin to corpus christi, that's going as expected. they did say all this uncertainty surrounding the tariffs could impact future tariffs. there is already a bottleneck getting oil from the permian to elsewhere. so what is it this mean for energy independence? what does this mean for the ability of the energy industry to continue growing at the pace it's growing >> to tie the texas-sized bow on all of that, this has had an impact on the job market if that does slow, would you have to reset and ratchet down

your expectations? energy has been a massive part of this. >> absolutely. as early as last year, before lots of people were talking about it, we were banging the drum that the energy sector was a massive part of the investment spending in the united states and adding jobs. if there's a hit to the energy sector we think that will be bad. also it fis baties back to the r example. my brother-in-law runs an excavation and concrete company in north dakota and has to pay extra for rebar after those steel tariffs came in. at the same time he's paying more for labor because the north dakota oil fields are drawing away -- >> they're stealing his people >> exactly the two things are coming together we're worried about what it means for fourth quarter growth. >> keep an eye on the oil boom as well. if that rolls over, the whole thing might change >> big discussion there on an important topic. let's find out what's coming up on "squawk box."

you might talk about this monthly jobs number thing? just guessing. >> i forgot we were talking about that until just a bit ago, i was thinking it was thursday >> bite your tongue. >> is jobs friday. we will talk about that. we also got -- before we get the jobs report at 8:30, at 7:30 we'll hear from the boston fed president, eric rosengren. he will talk to steve liesman and let us know what he sees in the economy right now. also this morning we'll talk to sal kahn, we'll talk to him about education, back to school and what is happening to people going online to the kahn academy. and kevin brady will talk to us about taxes 2.0 we'll get the chance to ask him if he wrote the op-ed, since everybody else is saying they

didn't write it. and we have scott gottlieb, the head of the fda, the commissioner there, dr. scott gottli gottlieb he threw out an interesting statement at a conference that kicked things into a fury when it comes to almond milk, soy milk, he said as far as he knows almonds don't lactate that has all kinds of people in the industry worried about what will happen he said they will be looking to modernize standards for when you can call milk milk if it doesn't lactate, is it milk >> with representative brady, on a serious note, maybe -- i would love to hear his views on if he thinks the oil thing is slowing down houston is his district. it's still an oil town >> i know. the tides rise and dip along with oil and everything that happens. you want me to ask him if he's seeing a slowdown? >> yeah. if things are good or not. >> okay. will do. >> your requestis my command

>> on this jobs thursday thank you. we'll be right back with your morning rbi and compare retail to mark twain in only a way our twisted brains can do it what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods?

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guaranteed, for as low as $39.99. shipsticks.com saves you time and money. make it simple. make it ship sticks. some of the biggest minds in the market are meeting today in lake cuomo, italy. steve sedgwick joins us from there. steve? >> i'm sorry, sully, that i'm in this shot, because it's beautiful. i had an amazing conversation with the former italian prime minister, he says if we're not careful we do not want to repeat the mistakes of 100 years ago, but what about the mistakes of ten years ago? what will be the lead for the next crisis? i just spoke to one of the great minds here, neil furgeson from sanford, head of the hoover institute. he's been saying the next

financial crisis will not be based in u.s., it will not be about mortgage-backed securities, it will be about china. let's listen in. >> if one is looking for trouble on a large scale in the world economy, it's not italy you need to worry about it may be china which has had a disastrous stock market performance this year. the currency has been under pressure it's clear the peoples bank of china doesn't want to do a devaluation. look at the debt levels in china. look at strain that the system is coming under because of this breakdown of the u.s./china relationshi relationship >> all right i think we might have lost steve sedgwick there in lake cuomo, italy. a lot of attention placed on the italian bond market. i know it seems wonky, but remember when people were talking about greece years ago,

nobody was paying attention until they did seriously, if you have never been to lake cuomo, it may be the most beautiful place in the world. let's check the markets and your money. dow futures down about 50 points they lost a bit of steam it is jobs friday. the monthly payroll number is out at 8:30 a.m. eastern time. 192,000 is the median forecast you heard seth carpenter say he's at 237,000. he's way above that. you can play the guessing game the exact number doesn't matter. it is good for guessing the number games it is the long-term trend that matters. long-term trend for interest rates has been flat. benchmark ten-year note at 2.88%. we've been waiting for this so-called inverted yield curve it has not happened. in the energy markets, price of oil little changed the iran sanctions starting to take hold. some talk about production slowdowns that we hit in the

permian basin. if we start to see less oil on the market but global demand strong, less of something, more demand what does that mean? prices may go up now for your friday rbi. today we have a special jobs friday version you have no doubt heard much about the death of retail. maybe like mark twain said rumors of its death have been greatly exaggerated. the number of retail workers right now is at an all-time high there are nearly 16 million workers in retail. about 15.9 million that's up 2 million from the heyday of retail back in the late 1990s yes, a lot of store closings, but did you know there's still nearly 4 million retail stores in america more now than five years ago as for the so-called retail killer, amazon.com, did you know that amazon is still only about 7% of total u.s. retail sales?

retail sales alive and well. retailers alive and well hopefully random and interesting as we trtoy be. have a great weekend "squawk box" is next with tough food, your dentures may slip and fall. new fixodent ultra-max hold gives you the strongest hold ever to lock your dentures. so now you can eat tough food without worry. fixodent and forget it.

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good morning they come fast and furious jobs fridays we'll get you ready for today's big employment report and the highlights the industries that are struggling to find skilled workers in the u.s you'll be surprised. there's quite a few. the activist battle over campbell's soup is boiling over. dan loeb reportedly wants to replace the whole board. and the tesla ceo did a 2 1/2 hour interview on the joe roggin podcast last night.

we'll show you the highlights including whiskey, weed, and a samurai sword. september 7, 2018. "squawk box" begins now. dan loeb reportedly wants to ♪ good morning, everybody. welcome to "squawk box" live from the nasdaq market site in times square i'm becky quick along with joe kernen and andrew ross sorkin. dow futures indicated down by 40 points the dow has been up the last two sessions the s&p 500 and nasdaq both closed down. this morning red arrows there. the s&p 500 indicated down another 5 points the nasdaq looks like it would open down by 19 points if you look at