it is 5:00 a.m. on cnbc, here's your top five at 5:00 do not call it a trade war that's what jamie dimon tells cnbc in an exclusive interview overnight. jugg egernaut walmart. wall street near an all-time high a make or break moment for brexit negotiators and forget about the crypto craze, the pot com bubble is the

new phrase "worldwide exchange" is getting all fired up ♪ fworningood morning i'm brian sullivan thanks for joining us. once again, look at that futures indicating a higher open for the markets and your money the dow is now up nearly 2% this month. remember history september historically the worst month of the year for stocks all of that with the dow up 25 despite a continued push liar by oil. crude continues to creep up. $71.50, supplies being drawn down that's one of your bigger movers today. first jamie dimon sitting down for an exclusive interview with cnbc overnight in india he was talking everything from trade tension with china to the

big rout in emerging markets leslie picker is breaking down all the dimon headlines. >> don't call it a trade war don't do it. that's the big headline from the jpmorgan chief here's what he said overnight. >> it's not a trade war. it's a trade skirmish. the american government, our president, is right to raise issues about china we would like to see a nafta deal done. the strategy about fixing it is different. it's unclear where we will get to if you look at tariffs on 200 billion, just make believe this all got passed to american consumers, they have to pay another $20 billion, it's a $20 trillion economy so the economic effect is not dramatic there is an effect on the psyche, the mind, it could become a trade war right now it's trade tit-for-tat. hopefully we'll get to >> dimon also talked about

global growth and said for the most part central banks are handling it the right way. >> going strong, we're raising rates, reversing qe. that's going to be fine. if it has to be reversed in a much faster way, if america has inflation, you can see central banks doing things we won't like but in and of itself, the world is growing, reversing qe is the right thing to do. >> and finally dimon talked about the big rout in markets. >> i'm not concerned put turkey and argentina aside where you have serious issues, the rest of the emerging markets are doing well america's gotten stronger. the dollar has gotten stronger that's good for the world. the world is growing so the emerging markets, it's more like teething pain. they're not all the same i don't think they should be called emerging markets anymore to tell you the truth. >> you can see more of dimon's

sitdown with cnbc on cnbc.com. >> we have to do it like this, don't call it a trade war. start off with that one. number two, i wonder if jamie dimon is watching "worldwide exchange." because a lot of guests have said, it's not a war it's a tussle. if it lasts for a while maybe we can upgrade it he sounds bullish. >> does it have to be declared a war? do the two sides have to do that >> like a real war what elevates it from a skirmish to the war >> our guests later today will say it's the length of this. i like the fact that dimon is talking about -- it's not 200 billion, it's a percent on 200 billion. i would say overall bullish comments >> very bullish. and very supportive comments, which is a contrast to his comments last week where he talked about how he could beat trump if he were to run for president and then quickly walking those comments back. this seemed more measured when

it came to policies that were being undertaken >> my guess is the reaction by his pr team was slightly less to this than last week. >> i would expect that >> we call that a firestorm. >> a skirmish? >> a pr tussle leslie picker, well see you in a bit. dimon not the only ceo out talking trade. jack ma also speaking out on the issue. the chinese billionaire is walking back his pledge to create 1 million u.s. jobs and blaming the trade fight. ma made his pledge to create more jobs in the united states after meeting president trump who was president-elect at the time ma saying this promise was on the basis of friendly china/u.s. cooperation and reasonable bilateral trade relations, but the current situation has already destroyed that basis he added this promise cannot be completed. could today be the day that we hit another record high on

the dow? stock futures indicating the dow will rise slightly at open the magic number for the dow is 26,616 so we have to rise about 0.8% today to break the record we set back on july 26th. you never know the ten-year yield down a bit, 3.06 european stocks following our lead and they are moving up generally. a couple of their markets like france also inching back towards new highs. joining us now is mark avalone, president of potomac wealth advisers are your clients -- i'm sure they love it they have 401(k)s, 529s, they want things to go up is anybody calling you and saying, mark, what the heck is going on how much longer can this last? >> you're right on point people are calling often the ghost of 2008 are still out there.

i don't think a week goes by without somebody telling me they're worried about a crash. that's totally rooted in emotion. when we look at the underlying fundamentals, we have almost 25% year over year s&p earnings. that's not a formula for a stock crash or correction. but the emotions are getting in tune with these headlines. the headlines are tariffs, trouble out of washington, the slowing emerging markets, argentina, it's turkey when you focus on those nerve rattling headlines, it takes away from what's really going on, the strong consumer, earnings, reasonable global growth so the underlying picture is strong i think investors need to focus on the economic data, the financial data, and not the headlines. >> do you agree with jamie dimon that whatever the impact is, there will be an impact, we talked about it from huntsville, alabama, industries will be hit. the overall economy is strong

enough for now any way to withstand any kind of bump in taxes due to tariffs the tariff really is just a tax. >> i think wall street is already voting on that certainly this tariff discussion has been covered widely. for the market to be creeping up while rhetoric has been increasing shows what jamie dimon is saying is true. it's a relatively small percentage of the economy. it's nerve-racking it will trickle through in ways we don't know yet, but the bottom line it's a $20 trillion economy. we don't think it alone is enough to bring it down. we think trade and tariff troubles in concert with a rapidly rising fed or maybe an event we have not seen yet could be a formula >> i guess -- sorry to cut you off. we have breaking news coming up in a second. if i had to take the other side, you just kind of said in some ways the bearish case could be we don't know. we ultimately can say it won't

matter, or it's only going to matter a little bit but we don't know in the end. that unknown may be the great variable of this market. >> i think that's a 2019 or 2020 discussion for now the momentum is on the side of the market the data is clear. keep your eye focused on earnings reports look at the strong jobs market, the consumer let the tariff talk subside a little i think as we approach the election we'll see calming of this down because the trump administration wants some victories before the midterms. i think that will be good for the markets. >> mark, it's a pleasure appreciate it. breaking news on the big battle for sky the fight between our parent and comcast and 21st century fox is going to auction a uk takeover panel will begin an auction tomorrow and end on saturday it will consist of a maximum of three rounds sky, big broadcaster in the uk,

going up for auction prum nominatrump nominatin nellie liang to the central bank board of governors cloud computing, furniture and marijuana are your big individual stock stories redhat reporting weaker than expected revenues for the latest quarter. shines also coming in light. shares down about 6% in the premarket. herman miller reporting a top line beat but a miss on the bottom line. company also offering a bit of bullish guidance for the rest of the year the market choosing the guidance over the last quarter numbers. herman miller nice pop pre-market, up 9%. we continue to keep an eye on what everybody is talking about, not netflix, not tesla,

but tilray the stock went bonkers yesterday. shares of the canada-based marijuana company are pulling back this morning. we'll have more on tilray's big run. it had a spectacular run up and then a spectacular run down in one day. certainly a trader's favorite. also coming up on "worldwide exchange," call is a make or break moment for brexit. the high-stakes meeting under way right now. we'll take you there live. and later, what amazon did that upped thentinhe ae t trade war. that's after this.

. welcome back in. brexit talks taking center stage in europe. european union leaders are meeting in salzburg right now with what many are calling a make or break moment for theresa may. willem marx has more on the negotiations >> yes so we have less than seven months now, just over six months until the uk is expected to formally leave the european union. time is running out. we're hearing that again and again from leaders across the continent. one thorny issue remaining between the two sides is about ireland, northern ireland and the irish sea. this is how goods are transiting

between the two countries, the uk and the republic of ireland there's been a lot of disagreement over that over the year, essentially since negotiations began we heard from the irish prime minister this morning that he's not seen a huge amount of development since march. this is difficult for theresa may, because if she leans too far in favor of the european union's ideas around northern island she could upset some of her partners in government who don't want there to be a difference between northern ireland and the uk i won't get into the complexities of that, but this is proving challenging for theresa may going in as we spoke to a number of european leaders who have said this is her problem, a problem for the british making, the only thing they forget is come late march next year, if there is not an agreement, if there's a no-deal brexit that will have serious implications not only for the uk but for a number of european countries. >> to your point, without getting into a long history of northern ireland and the

troubles as some call them, can you give us an idea of how it got to a point where northern ireland's border is the defining moment of brexit >> so essentially what's happened is both sides in this negotiation from the outside said they do not want to see a hard border between the republic of ireland and northern ireland because fixed installations there, police patrols, security checks have in the past been targets for violence during the period you're talking about, the troubles so they had a solution where they have goods transiting day-to-day after that border without those kinds of checks. for that to happen the europeans have said we want regulatory alignment between northern ireland and the rest of the european union so people can cross that border without problems the problem for the uk, if you have that regulatory alignment and northern ireland part of a wider customs area with the european union, you have a division between northern ireland and great britain.

that's something that the dup party in northern ireland will not accept theresa may said that is a threat to the uk's territorial integrity. she said european countries would not accept that being passed on to them, she says it is unacceptable. we'll have to see if there's a compromise a couple more summits in october and november for them to hash this out >> politically border walls are getting attention in a few countries. willem marx, thank you very much. let's bring in peter spiegel news editor from "the financial times. you guys are leading with this right now on the website what is the macro take on where the brexit negotiations stand from a 10,000 foot view >> i think this issue of a no-deal scenario is on the table. what you've seen is huge swings in sterling. the sterling/dollar trade the last few days. every time michel barnier comes

out and said we're willing to move a bit on northern ireland, the pound spikes every time theresa may comes out saying barnier has not gone far enough, the pound drops. the focus is on sterling, we keep updating that on our story, it's a focus for traders in london >> we look at that again and we say where will this all end up, i never thought it would be the border of northern ireland so to the sky news, sky, our parent company comcast, and 21st century fox they both want it. it will go up for auction. it will end on saturday. we know the dates, but what else do we know about how this will operate? >> you can see the advantages for both companies sky is a very big satellite distributor of content throughout europe.

it's based in the uk but it's europe-wide it's valuable to both companies. to be honest, this is an extension of a personal battle between bob iger and brian roberts. they have been fighting it out for almost a year. disney won over the bulk of fox assets, but this is the last remaining bit that fox doesn't control all of yet that's why it was left out of the rest of the deal, and brian roberts doesn't want to get up finally they have said that's enough, you have been fighting it out for months, there's an auction and you have three rounds have at it the big winner are the murdochs. they will cash out on this they don't care at this point

who wins they'll see themselves with more cash in hand than they would have at the outset >> i fwets tguess the other opt they could bow out they don't want to get into a bidding war. but if they stay in, 5:00 on saturday is the time this will be fascinating to watch. peter, always a pleasure thank you. on deck on this very busy thursday, will today be the day the dow stomps out a new record high but first assessing the damage north carolina residents are returning home following hurricane florn hurricane florence seema mody has more. >> residents are returning to their flooded homes across the carolinas, and the daunting financial burden that they will likely have to pay for out of their poetck the story coming up next on

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helping people get what they want, understanding we're not in this alone, and teaching my kids that no ambition's out of reach. ambitions live everywhere. synchrony helps make them happen with data, insights, financing and technologies. ♪ ♪ synchrony. what are you working forward to? we continue to follow the latest on the aftermath of hurricane florence residents across the carolinas are returning to largely flooded homes and a big financial burden s seema mody has more. >> we are along the coast of the pamlico river. this town experienced about three to four feet of flooding and many residents are waking up to the wakeup call that standard

insurance does not cover flood damage you need flood insurance unfortunately an alarmingly high number of residents do not have flood damage that number decreases as you move inland where a lot of counties are still getting thos flash flood warnings that's leaving a lot of residents that we've spoken to across the region in a challenging position >> i don't have flood homeowners insurance. so we're on our own. >> some people lost their homes completely i just got moderate damage to mine >> those who can travel will go to insurance camps which are being set up across the region today. we expect about 20 insurance companies to be on hand helping individuals file claims. what's ironic is the national flood insurance program is dealing with its own financial troubles it owes over $20 billion to the treasury and runs an annual deficit of 1$1.4 billion

there are a number of insurance companies that do have exposure to the region including chubb and travelers. >> one thing remarkable about harvey in texas is how fast the waters receded as you said you're on the pamlico river. as you drive around doing the reporting, how is the water level pretty much everywhere in the bay, sound, the rivers >> what made this hurricane so unique is that it had a one-two punch. it was the persistent rain that followed the hurricane that put residents in a difficult scenario the river cape fear crested tuesday night at 61.8 feet there's a lot of flooding and high water levels as you go in and around the carolinas that's why residents are still trying to assess the damage they see at home. >> now is the mood i know the president was down

there yesterday. the folks you folk with, those are tough people down there, they say i'm okay, i'm not as bat as my neighbor what's the mood of the people? >> at this point reality has not really sunk in they're trying to understand how much repairs will really cost. as we're talking about today it's the insurance factor that comes into play. a lot of residents here didn't realize they needed flood damage and that they were living in a designated flood zone, now they're waking up to this reality that a lot of damage they have at home is something they will have to pay out of pocket that will put them in an unfortunate scenario the option they will have is to get a federal loan to pay for those repairs, but they'll have to pay that back over time >> you just nailed it. that will be the next leg of the story. the flood zone maps, 30, 40, 50 years old. things have changed. seema mody, thank you. still ahead, hitting the

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. don't call it a trade war. jamie dimon says it's not that

bad yet. more on his exclusive comments to cnbc coming up. amazon upping the ante in the retail war what the company is doing now. and forget crypto craze, the new buzz is all about pot com. ♪ welcome back happy thursday thank you for being with us on cnbc we have a lot to get to. it's a busy day including what could be another solid day for the markets and your money futures are higher, first a check of the top headlines leslie picker has the executive recap. >> here's what's leading cnbc.com jamie dimon speaking out on trade in a cnbc exclusive interview. he said escalating tariffs between the u.s. and china are not a war, but rather a trade

skirmish alibaba's jack ma walking back his pledge to create 1 million u.s. jobs. he's blaming the trade war ma initially made his pledge to create more jobs in the states after meeting with president trump who was president-elect at the time ma now saying this promise can't be completed and a stock to watch today, red hat reporting weaker than expected revenues for the latest quarter. guidance coming in light that stock down this morning >> all right thank you very much. here's how your money and investments look right now stock futures are once again solid. the dow is up 47 points. we're seeing a move higher as the morning goes on. the european markets, they are up as well the bond market, the yield at 3.06%. still above 3% so far the market not freaking out about that 3% number one thing you want to watch is oil. i know we talk a lot about oil

it's important you probably don't care about oil, but you care about gas. fw gasoline prices may creep higher because crude is back to $71.50. inventories coming down, demand continuing to rise bitcoin down a bit what do the haven't mrecent moves mean for you, let's bring in jim mattis. can i quote a smart guy to you >> sure. >> this guy says recent robust u.s. growth and relatively stable u.s. financial markets provide space for u.s. policymakers to take some pain as they pressure china for concessions. that smart guy is you. you recently wrote this. jamie dimon says we'll be okay you agree with the jpmorgan ceo? >> sure. skirmish is fine i would call it a spat >> tussle. >> yeah. >> two kids pushing each other in the playground. >> but in the end we have to get

along. spat it will get resolved. it's a matter of how long it takes. our view is this could go on for some time, but the net results, probably not too bad >> so leslie picker and i were discussing what would move this from -- what would cause jamie dimon to change it from it's not a trade war to it is is it the longtivity of this, the severity of it what would change that to ratchet it up to the next level? >> you know, i think the main thing would be if there was a mistake made so someone pushed a little too hard we got weaker economic numbers in the u.s., instead of that causing a response that made everyone more agreeable, it caused people to harden their positions and dig in it's the response to any sort of sign that it is having an effect >> jamie dimon was in a bullish

mood he gave these comments to cnbc international in india listen to his comments about meaning markets. respond to that as well. >> i'm not concerned you have turkey and argentina aside. you have serious issues. the rest of the emerging markets are doing well america's gotten stronger. the dollar has gotten stronger that's good for the world. the world is growing so the emerging markets, it's more like teething pain. they're not all the same i don't think they should be called emerging markets anymore to tell you the truth. fr from. >> so saying there's a couple pockets to worry about, but overall we'll be okay. >> they have something going on with them, it's not just purely an economic story in those areas. there's a political dynamic to it as well there are areas of opportunity

in emerging markets. it's a question of how much risk you want to take for the return. right now i think though we're optimistic on the economy, you think it's going to be moving higher as we do, you want to be exposed to kind of variable rate rates. >> what do you mean? >> one of the more interesting things is that cash is looking increasingly attractive. >> cash? >> though we like risk, we like smart risk if you look at where cash is versus other things, three-month libor is attractive on a relative basis >> i have to apologize to viewers. i failed completely this morning. i'm the worst tv host in america. that should have been our lead if someone comes on this show and recommends cash, i'm thinking put the money in the milk creaate, here come the aliens why is cash looking so good?

>> because of the relative yield and rising rates >> is no yield so do you think everything will go down? >> no. i focus more on fixed income there's a lot of good opportunities in equity space, a lot of good opportunities in credit cash is not looking that bad either because of what's going on with the front end of the yield curve. that's been moving up sharply. when we talk about the flattening of the yield curve and people worry about that, they should be focused on what they get at the front end of the yield curve with rates moving higher >> the yield curve, by the way, the difference between the two and the ten-year does that signify to you a slowdown people have said, yeah, it's a slowdown others, no, certain technical things going on. that flattening of the yield curve does not necessarily, big

word alert -- portend good things >> that's not a big word >> leslie, can you take over >> it can. our view at metlife is that the fed and market participants will look at an ever flattening yield curve, the twos and tens spread getting narrower, at some point the market will say we don't like where this is heading this portends a recession. i added an "s" to it if we were doing scrabble, i would be in the lead when that happens, when the market reacts negatively to this idea that the fed will keep raising rates, even though the yield curve is getting flatter, that's when the fed will say we can't keep hiking without regard to what the markets are doing. the fed never likes to say they're looking at equity markets, they're looking at

financial conditions, which you might as well read as the s&p 500. >> good interview there. not quite as quixotic. >> i can't do that one >> most likely you wouldn't get that draw. i'm safe >> drew mattis, thank you very much time for the top trending stories. leslie picker back with those. what have you got? >> maybe a bit more on the scrabble front with one of these stories, first an investigation into the dallas mavericks uncovered a two decade long culture of misogyny and harassment the investigation found no evidence that cuban participated in wrongdoing or even knew about it, but as the owner he is taking responsibility. >> there's just i should have done better, i could have done

better i've learned and i have -- you know, i -- there's just no other way to put it >> this is where i bring up the scrabble thing have you ever had an embarrassing typo in a work e-mail i have employees at cathay pacific airlines know the feeling. one of the planes made it on to the runway with the name misspelled wrong in three-foot tall lettering >> if you're on the radio, there's no "f" in pacific. >> they forgot the "f. once the mistake was pointed out, the company joked about it on twitter saying oops, she's going back in the shop >> i will offer advice to kathy

pacific, don't fix it. make it a legendary white whale. people will talk saying i flew that plane it's going to become a myth logical flight that plane spotters would like to see do not fix it. let it ride. >> it's a branding thing >> you'll want to be on that plane. >> or they could make paciic a thing. i'm going to the paciic northwest. i'm riding a cathay paciic flight >> colorado university's mascot had to be carted off the field last night due to an unusual injury while trying to shoot a souvenir into the stands, the t-shirt gun misfired hitting him in the groin. the mascot was brought off the field by the training staff, but according to the team's twitter

account he'll make a full recovery you can see he's still waving to fans he's okay. he will be okay. >> is there a backout mascot if the bull goes down, do they bring in the backup bull >> an embarrassing injury. i would be glad i'm wearing a mask >> thank you very much still ahead, weed gone while. pot talk dominate the headlines. we'll get you more on the cannabis mania coming up ask this farmer. he's using satellite data to help increase crop yields. that's smart for the food we eat. at this port, supply chains are becoming more transparent with blockchain. that's smart for millions of shipments. in this lab, researchers are working with watson to help them find new treatments.

that's smart for medicine. at this bank, the world's most encrypted mainframe is helping prevent cybercrime. that's smart for everyone. and in africa, iot sensors and the ibm cloud are protecting endangered animals. that's smart for rhinos. yeah. rhinos. because smart only really matters, when we put it to work- not just for a few of us, but for all of us. let's put smart to work.

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? the value of capital is to create, not just wealth, but things that matter. morgan stanley

♪ good morning it is 5:43 on the east coast it's 10:00 in europe trade concerns topping the list of concerns for high-powered cfos jackie deangelis has the latest cnbc cfo survey. good morning fears of a trade war are concerning global cfos right now. 75% of those asked feel trade will have a negativeimpact on their business that's up significantly from last quarter the results were actually tallied before this last round of back and forth between the u.s. and china what we know now, cfos are planning ahead for a full blown trade war more than half say they developed contingency plans as the tensions escalate. the u.s. was the only place where the cfos thought economic conditions are improving

turning to the markets, the majority thought markets would go higher first before lower now mixed results. they all still see a total of three rate hikes this year they also think yields will rise, the u.s. ten-year will be over 3% by december 31st most cfos do not support the president's proposal for earnings reports every six months, they said they would stick to quarterly reports and most believe democrats will win back control of the house and the senate will stay with the republicans. >> over 3% by december 31st. we're over 3% now. they might be right. jackie deangelis with the cfo survey, we'll see you on "squawk box" as well welcome back >> thank you the same stock to watch today as yesterday everybody out there is watching tilray

a canadian cannabis company. tilray jumped as much as -- it almost doubled yesterday it had a brief market value of $28 billion. then later in the day it turned around shares plunged and briefly went negative up 94% to negative in one day. then it spiked again in the final minutes of the close it ended up 38%. tilray's wild ride dominating headlines all day. here's a quick look at the cannabis craze that swept cnbc >> shares of tilray up 50% >> talking cannabis this morning. tilray continues to soar ahead of full legalization of marijuana in canada. >> tilray have built that thing the right way. you look at the market enthusiasm right now the problem is there's not enough supply. >> the pot stock is soaring. tilray up 1,186%

>> shares of tilray have halted for volatility to the down side. it was up by 94% before dropping sharply. >> tilray in our opinion is a weaker stock >> shares of tilray briefly reopened moments ago before being halted again that's the fourth time now >> i think so. >> tilray practically broke the ticker, halted not once, not twice, not three times, not four times, but five times, going negative before finishes higher. >> that was a montage of the tilray fever the real winner may be the legendary investor, peter thiel. leslie pick hear more on that. >> he's able to work his way into these things. his founder's fund backed something called privateer

holdings they are based in seattle and run by a couple of yale mba's, and they want to end cannabis prohibition. privatee privateer thinks they can define the industry shares of the medical marijuana company soared nearly 40% yesterday after the dea approved tilray's able to import cannabis for trial in california. they closed the market at nearly a $20 billion company. after yesterday's jump, privateer's stake worth more than $12 billion. i was off yesterday fasting for the holiday, so i missed a lot of volatility going on i triple checked that market value this morning triple checked it. i was like $20 billion, that

can't be right >> that's just being traded. >> that's what the market currently values them. >> but it's the trader's favorite >> true. what tilray is, they're not going to move up 94% unless you're bought or you change your entire story they did not the stock is being traded wildly >> indeed. to your point, that $12 billion stake is on paper valuation. their gains are purely on paper. they have not actually cashed out. >> sure. it may keep going up i know bitcoin last december was $20,000, hovering around 6,400 now. a lot of things can happen tilray could continue to move higher instead of saying cannabis craze, i said canible craze

i apologize. >> thank you very much still to come, a little retail detail. amazon's big push into technology have you heard about amazon.com? they're a startup trying to get into retail. we'll talk about that industry. and the countdown is on. less than 100 days uilnt christmas. all that and more when "worldwide exchange" returns

stock futures are higher today. amazon is reportedly planning to open 3,000 cashierless stores by 2021 that's in three years. shares of walmart and kroger tumbling after the announcement. let's bring in jan kniffen

3,000 cashierless stores can even amazon pull that off? it seem seems unlikely. >> it does seem unlikely, but if it's 2021 or 2025, cashierless or not, 3,000 stores >> just finding 3,000 locations and signing leases, all that is weighty, time consuming stuff. is it not. >> we had 4,500 shoe stores, we opened one every third day can it be done yes, it can. >> that's 100 a year roughly >> yes >> so 300 over three years can they work at ten times the pace you did >> i can't imagine you can open 3,000 in three years

i can imagine you with open a lot. >> do people want cashierless stores >> everybody out there knows that most grocery stores have the self check out you see people go up, either they have weighted items, or the upc code is not scanning >> they just opened one in chicago in the last few days i'm sure there's a line out the door to go in and cashierless purchase stuff >> right now it's a novelty >> right all the ones they have opened have been the same way but it won't be that way with 3,000. cashierless works in grocery stores where you do the self checkout, but a lot of people won't use it it's not like everybody wants to go in self checkout or have it be automated when you can pick up and walk out the door -- >> that's what they're doing the phone knows. the phone scans as you walk out. people have questions about how it works the phone knows. you have to have the phone on there for it to work

>> let's talk about christmas. merry christmas. can i be the first one to wish you that >> you're second it's scary >> god okay a lot of estimates rolling in about holiday seasons. 3% to 5.5% to 6% what does that matter? >>it matters a lot 5.5% was last year if we're not running at the same pace as last year as far as growth -- >> that was spectacularly good >> right any other year if we were running 4, i would be going yes, 4% now i'm going i hope it's 4.5%, because i don't want to see it slowing. it will be a fabulous year either way 95 days until christmas, but i'm worried it's 49 days to election and the thing that could be a negative, consumer confidence and the election >> you think the election will

be dent confidence >> 50% of the people will be mad. >> 50% of the people are mad now. >> i would hate to see something that shook confidence. >> you think people will stop shopping because the house doesn't swing their way? >> it's happened before where elections have had an impact on mood but a good friend always said it's the economy, stupid the economy is fabulous, everybody is working >> jan kniffen, pleasure to get your views let's wrap it up with the morning rbi. we're firing up the time machine taking you back to a scary day on wall street, not the financial crisis, not 1987, but way back 1873 the new york stock exchange did a shutdown in response to a panic because the j. cook and company bank failed.

they were not able to sell enough railroad bonds. and the nyc was closed for ten days you think things are bad now go back 100 years.

good morning breaking media merger news the battle between fox and cnbc parent comcast for the uk's sky will be settled by a rarely used one-day auction. jpmorgan's jamie dimon says don't call it a trade war. we'll tell you how he described president's policy in an exclusive interview on cnbc. and a wild ride for pot stocks the rapid rise in cannabis company stocks making some investors a lot of money, but

some are calling it the potcom bubble it's thursday, september 20, 2018, and "squawk box" begins right now. ♪ live from new york where business never sleeps, this is "squawk box. good morning, everybody. welcome to "squawk box" on cnbc. we are live from the nasdaq n market site in times square. i'm becky quick along with joe kernen and mike santoli. andrew ross sorkin is off today. the dow closed yesterday at the third highest close ever up another 49 points this morning. the s&p is indicated up by 3 1/2 points the nasdaq was the one index that performed lower yesterday only down by 6 points.