it is 5:00 at cnbc global headquarters here is your "top five@5." wall street tries to get back to territory after comments from the fed stall the rally. the $2 trillion mark apple becoming the first american company to hit that cap. >> senator kamala harris making history as she officially accepts the vice presidential nomination and president obama

offers a fiery review of his predecessor. air b&b filing the paperwork following a rough year for that industry intel announcing a $5 billion buy back as tech faces slumping shares it is thursday, august 20, here on cnbc. ♪ >> good morning. i'm dominic chu in for brian sullivan stock futures indicating some modest losses. the dow lower by 100 points. that's an improvement over the last hour. s&p off, the nasdaq off by about

20 points. these are losses now after china's comments saying the country and the united states will hold trade talks in coming days after the talks fizzled. the central bank's comments knocking the s&p 500 from a new intraday high we hit the stock of the morning so far is apple, becoming the first u.s.-listed company to get a market cap of $2 trillion. doubling valuation in just over two years. for those wondering, a $3 trillion value for apple would be at $761 per share that will

happen right before the stock split. >> we have geoff cutmore in the london news room the color of the day seems to be red. >> absolutely, the hand over from asia was a negative one the nikkei and the shanghai composite both coming from south korea and taiwan we shrank the trading day on the decline. that fed into our early european trading day here stocks are lower on the basic resources stock. we can metal these away with the fed's grim view of recovery also

hurting automakers oil and gas spot one bright spot coming in the hotel space. suggesting that accor and intercontinental are looking at a tie up both companies not commenting yet on that. we are also waiting to see what news we get from alibaba and whether that has a baring on the shift in trading back to you for now. >> thank you for the update there. the latest on washington, d.c.'s push for new aid for millions of americans impacted by the coronavirus. frank has more on that good morning white house economic advisor says a new round of checks may be sent out in a week or two calling for stimulus negotiations to resume now that

democrats have returned to washington defending the trump administration that has not been able to strike a deal with lawmakers. we are providing assistance. we've been trying to negotiate with the other side for several weeks, many weeks. we are in mid to late august we started this in mid-july. we are not going to give out $3.5 trillion. the economy is in better shape than it was last winter. president trump is calling on colleges and universities to continue with reopenings as some schools face up ticks of cases this week, unc at chapel hill and more went to online learning president trump says there is

nothing like being in front of a teacher. intel announces a $108 stock buyback. until making the move saying stock is trading, quote, well below intrenzic valuation. now tonight three highlights of the democratic national convention, the dnc. senator kamala harris officially becoming her party's vice presidential nominee now from delaware with those highlights good morning to you. >> reporter: good morning. here where senator harris reintroduced herself to america. not everyone knows her background she took some time to walk people through her family. her background as a prosecutor issues that are near and dear to

her. women's sufferage and civil rights and she talked about president trump. >> taking the stage where just a few hours ago, his running mate, kamala harris, stepped into history as the first black woman and indian american on a major party ticket the daughter of immigrants made the case against injustice >> there is no vaccine for racism we have to do the work >> and donald trump. >> donald trump's failure of leadership has cost lives and livelihoods. >> a forceful review from president obama. >> president trump hasn't grown into the job because he can't. the consequences of that failure are severe do not let them take away your power. >> hillary clinton urging

americans to vote in overwhelming numbers >> don't forget, joe and kamala can win by 3 million votes and still loose. >> gun violence, climate change, immigration, women's rights. >> he has never forgotten who he is fighting for. >> president trump lashing out >> did they do a go job, i wouldn't be here >> biden's final words we know president trump was listening because he was tweeting in all caps during the speeching calling out the biden endorsement and miami debate where senator harris taking on biden on segregation questioning

didn't she call him a racist we went back and looked that up and she in fact did not. >> we know in dell, there are physical aspects to this kind of convention i wonder if you can give us a sense of the energy there in wilmington given that we don't have massive crowds. what is the takeaway from this and what can we expect to see energy wise from the republican convention coming up >> it is a good question political campaigns feed off this energy. not only the delegates on the floor but all the people crowded outside and in the city. it is not really here. i was at a hotel a few miles away they said it was two-thirds empty. this is essentially a stage

in other parts of the country like we saw with praesident obam from philadelphia last night >> more coming from the republican side next week. stocks giving up gains late yesterday and could be under further pressure you can see there after the fed gave investors a reality check policymakers are finding it hard to forecast the path of the economy, which will largely depend on what happens with the covid-19 pandemic. let's bring in managing editor from global advisors the fed doesn't know what is going to go on or what will happen how can we reconcile the two >> uncertainty always fuels the

rally. uncertainty seems to take on risk if there is too much uncertainty, the facts and central banks will respond and take action with more stimulus coming i think what happened yesterday and the days before, there is uncertainty about that stimulus. making that spending bill from washington it is not entirely clear whether it comes to the inflation target that market took a step back here and sort of reassessed the idea of the economy recovering and the stimulus coming and i think that's a question in the market >> if there is a desire for more stimulus, the fed stands ready for more monetary accommodation. we know the fiscal side of things addressed by congress and the administration right now how much more continues the

rally and how much does it see coming out of washington, d.c. so that the fed and congress will make the rally continue >> it is important two things. one, the markets will be sure we'll not go back to the scenario from june to july where we had the reopening and had to be rolled back we cannot control the virus. that is really important other aspect of the rally from here. if we are going to get the policy too much focus of trying to manage the virus, that is going to be an issue the other part is that we are needing more fiscal stimulus for the spending and to let that happen could hit hard in the fourth quarter that is the break the market is looking at to recover in the market that is what the market could focus on if it turns out to be

too trunkated, too small >> looking at rising interest rates as a reason to be optimistic the path of interest rates seem to be making a turn. can we believe that turn are we going to see higher interest rates over time or do we still need to see new lows here >> there is an issue that started. a gradual one. the recovery is on its way that is something that derailed by the virus in such that we have fall b back in recession. yields are low they are in a range here i would expect if we get through the third and fourth quarter, some amount of interest rates would happen and reach the 1% level again. i don't think we'll go all the

way back to the rate that with imply an extra session. economy has gotten stronger, so i don't think that's the risk from here. >> thank you for your thoughts when we come back on the show, the stocks you need to watch including good year finding itself the latest corporate target of president trump. >> and uber ceo on his latest fight with the state of california over the status of drivers there. and we hit the links to look at how the golf sector to look at its success amid continued coronavirus lockdown after this i'm still here, i'm not out on the golf course just yet hey, kids!

welcome to camp tonsafun on xfinity! it's summer camp, but in your living room. learn how to draw with a minions expert... how to build an indoor obstacle course! plus... whatever she's doing. and me, jade catta-preta. the host of e's the soup! camp tonsafun. it's like summer camp, but minus the poison ivy. unless you own poison ivy. in which case, why? just say "summer camp" into your xfinity voice remote to join.

welcome back let's check on some of the stocks on the move today nvidia with better than expected results. the company forecasting better forecasts on third quarter sales. pressuring the shares. we are off by 1.5% in the pre-market then l brands reporting a surprise second quarter profit on stronger demand for bath and body works and sanitizers and same-store sales for victoria

secrets. sales soaring 63% that crushed estimates. those shares up 4 percent e pre-market shares of goodyear tire are up after the company drew the eye of president trump on twitter. he called for a boycott after images when went public showing corporate training slide that said maga hats were not appropriate. goodyear said they did not produce that picture as a company policy, they do not advice showing support of

parties. >> and a push to go public "worldwide exchange" is back after this

evony top five troops: arab archers eagle guards dragon cavalries ninja warriors champion cavalries who will you choose? make friends and conquer the world. evony: the king's return download now! the wait is over air b&b filing the paperwork necessary to have an initial public offering and ipo. they did not disclose any information or shares would be offered. it does come at a precarious

time for the company and even industry >> before the crisis, people were staying in locations a month even longer. almost a fifth of our business are people staying over a month. the day of one-year leases will soon be over >> joining me now, partner of partners pre-ipo companies. transactions include post mates

and airbnb let's talk about this. is this a good idea now? >> absolutely. this is a perfect time it makes strategic sense coming off the low expedia and booking.com are seeing growth. there are signs of improvement people are looking for risk free low-risk outings and drive to locations. all of that plays in to airbnb they are positioned to capture the upswing expected in coming months >> given what we've seen according to the data team,

about half of the ipos, it is a brand name you could maybe price in do you feel like there is enough demand for massive gainers in the market >> absolutely. unlike uber and lift that could be positive. it was in certain years. they started vesting other places they are coming back up and they are well sit waited in terms of financials. continuing to execute. the market will see this is a good company in a good market. they operate a good position all things line up very well for

airbnb >> how strong, airbnb is part of the story. how strong is the venture capital, private equity side of things is there still a good amount of financing demand deal making happening. amid the pandemic, it seems like it would put a crimp on things >> maybe in the early stage, you are seeing some slowdown according to some data i have read later on, established companies with good traction, good activity there, it is pretty healthy. >> before we let you go. we've got a few months left for the rest of the year is this deal going to pick u

for the fall and winter? >> we have an election year. hopefully nothing will derail this risk on sentiment covid is a wildcard. we don't know when that will end. hopefully that will be improving. we hope we'll see a good bit of deal making the rest of the year >> great to get your thoughts. still ahead, google with wide-spread outages. more on that after this commercial break look here, it's your very own all-in-one

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futures under pressure word from beijing on u.s./china trade talks. an historic night at the dnc as kamala harris becomes the first woman of color to accept the party's nomination and apple hits $2 trillion stay with us you are watching cnbc. >> welcome back to the show

today. how your money and investments are looking half way through the hour stocks at a lower opening bell you can see there, the dow would start lower by 110 points, the s&p by 12 and nasdaq lower by 20 points following losses by comments from china's commerce industry saying they will hold trade talks in the coming days after the market rallies fizzled. central bank comments knocked from the intraday high looking at the bond market where we are seeing a lower tick in yields the 10-year benchmark note yield .66% two-year yield .135%

to the latest on uber's fight with california. >> uber's ceo is speaking out on that dispute saying whatever the outcome of the fight, they don't think his company can make all of the drivers in california employees. they cannot go out and hire over 50,000 people overnight. house democrats are calling on the postal board of governors to immediately remove postmaster general. the move will be aimed at protecting the post office and halt cost-cutting moves that critics argue would impact mail-in voting and jp morgan chase talks of replacing atms in branches the goal here would have been to better serve some historically

underserved communities. thank you. in political news, kamala harris is making history. she did it last night accepting her party's nomination for vice president. eamon javers with us in d.c. good morning >> good morning. democrats continued their convention they are hammering away at this theme. this is a very personal campaign ultimately they are saying the president is not fit for office and that joe biden is a decent and empathetic man you kept hearing those phrases over and over. former president obama was one of the key speakers. he continued to take that theme to donald trump. here is what he said >> for close to four years now, he has shown no interest in putting in the work. no interest in finding common

ground no interest in using the awesome power of his office to help anyone but himself and his friends. no interest in twreetieeting the presidency to get the attention he craves. >> kamala harris used the opportunity of her acceptance speak for the vice presidential nomination to layout her vision for the future of the country. >> a country where we look out for one another, where we rise and fall as one, where we face our challenges and celebrate our triumphs together. today, that country feels distant. donald trump's leadership has

cost lives and livelihoods >> you heard president obama allude to it to ask whether there are any persuadable voters out there that are left. they are trying to energize their base they hammered out that their best needs to get out and vote right now ahead of this election that's what we'll see from republicans. a lot of voters still available might not be real but you do have to get both parties, the voters you have to get to the polls. >> let's go to how different or similar the republican convention will be next week with what we've seen with the dnc. former vice president joe biden speaks that message will carry to next

week how different or similar does the rnc look >> in the sense as you will see the white house as a kpocompone. we don't know how big of a line the audience will see. there is a small handful of people in the room reporters and secret service agents for kamala harris last night. you'll see something different for republicans. it will be largely virtual they'll have to muddle through the same way the democrats did this week. >> thank you for the latest on that we appreciate it apple is making history becoming the first u.s. listed company to be worth more than $2 trillion surging some 100% from the march 2020 low we saw during the pandemic it took apple two years since surpassing the $1 trillion mark

to get where we are today. for those wondering, before the august 31st four-for-one stock split, the $3 trillion market cap would work out to be $701.65 per share. joining me now, founder at big tecora no tech technology. this is mind boggling. what is driving apple to be the most valuable traded company in the world? >> a number of things. part to be market irrationality. people are looking for a place to put their money am i going to put it in hotels or cruise ships? no you look at services business. people have been valuing apple

as hardware company. now they are see egg growth and services and almost going completely the other way saying this is a service business company. with multiples above 30. finally, there has been an uptick in device revenue for apple. that's partly due to people working from homes and people have had to run out and buy devices. you see why investors are starting to value apple the way they are the question is, does it make a lot of sense and i'm scratching my head >> the reason i'm asking is it seems as though you've lifted all of these attributes.

we know companies, they didn't win forever. what is apple's down fall going to be valet valuation in the next months? >> that is a question for the company. they are putting all of the enthusiasm into services think about consumers. they get excited about that. that's what they stand in line for. nobody stands in line for apple's other services like apple news or apple tv plus. now they are shifting from device business to business that emphasizes services. they started asking, okay, there are some risk there. do people realize how much money they are paying to devices saying do they want to go somewhere else

can has worked out well under tim cook is this sustainable long term. we made a great point. we know companies don't stay on top forever. you look long into the future. i doubt it >> epic has removed fortnite, how important is that. >> investors saw the fact that epic is the maker of fortnite and they took a shot at apple. we won't play by your rules anymore. if you suspend us, we'll sue you. apple said, okay you are out.

you saw netflix and tinder and others come out and say, yes, what they are doing is wrong this is the biggest challenge they'll ever see to date maybe something bigger will come down the road they stood strong and said, we are not going to deal with this for now, no one came epic's defense either way so they'll be able to handle this >> nothing to shake a stick or sneeze at. thank you. coming up on the show, the original tiktok. we'll tell you about the time management job you'll want to

watch. as we head out to break, some other top stories. several google services such as g mail, google drive are experiencing disruptions they are following up on this. facebook is removing hundreds of accounts associated with the qanon as it cracks down on the far right conspiracy group it has taken down more than 800 related accounts restricted more than 10,000 instagram accounts as well >> the company announced that it is embarking on the share buy back program this is part of the plan announced in october to buy back $20 million in shares due to the march pandemic stay tuned to "worldwide exchange" on cnbc.

it is 5:44 a.m. eastern time in new york city you are seeing a live shot of times square billboards a lack of elmos and other superheroes. time for this morning's top trending stories it looks like we have another

job posting on hand and time management is a requirement. you are not the chief meme officer at bud light >> my application is in. if you don't see me back, you know what happened big bend is in need of a new clock watcher. the house of commons is willing to shell out $30,000 euros the candidate will be responsible for rebuilding, repairing and winding clocks and classified in herology that is the art of making clocks and watches. >> amc theaters will open today. 15 cents playing older releases like black panther and greece reopening some locations alamo offering screenings of

"bill and ted face the music." and krispy kreme announcing it is opening a flagship location with a warm hot light and glazed water fall and street-side pick up expected to shell out 380 dozen doughnuts. >> i've had it when it is hot. just okay. >> what is your favorite doughnut >> i'm not a favorite. dunkin is fine >> what would you rather have than a krispy kreme doughnut >> i'm from philadelphia water ice is better. i'm not into really saturated sweet things >> it is not a doughnut. >> i'm just not into doughnuts >> my dad drove 15 or 20 minutes to get fresh hot ones growing

up i can't eat them anymore. >> to me, they are just okay >> thank you for that. top golfers on the pga tour will hit the links on the first round of the playoffs will get underway today golf stocks have been strong performers amid the coronavirus rebound as more people try to keep themselves busy amid the outbreak more on this, the senior associate. the man cover callaway golf as a stock as well. can we believe in the resurgence of golf. it has been in decline arguably for some years but this seems like the pandemic has put a renewed interest on the game >> thank you for having me it is a game that you've seen get younger in the past couple of months. people are getting back to the course looking for things to do

golf is one of the few things open the sport that's been in a good place the pga tour has brought a lot of people in to watch it >> we know it is a socially distanced sport. you can be outside you don't have to wear a mask. you can be six feet away what does that, then say about the golf industry's economic prospect what part of the industry does well >> we've seen consumables do really well at first, which is golf balls in particular once people get into the sport, selling golf clubs

they've seen an up tick in club purchases. new golfers are going to purchase them and in the following here, hopefully they'll buy balls and other expensive things they can get to boost their game balls first followed by clubs. in that ee equipment data where we've come in stronger up 52% clubs are up about 48% it shows people are buying more right now. >> what type of product does callaway sell more of right now? >> ironically, the apparel side for them is the best margins

the equipment, they don't break it out but we believe clubs are the highest point big news there. we appreciate it >> the playoffs start this afternoon on the golf channel in boston some must watch golf there stocks continuing to check out more we layout what it will take to get back to those record hhsig after this cnbc is back in a moment you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade,

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sentiment. founder of delancy wealth management >> i think we are pulling back because we've reached certain levels if we are looking at recovery in stock markets that has been downgraded by very few stocks. microsoft, google, facebook. the fed has helped the stock market but has not fixed the economy and has not affected the systemic economy >> you can make the argument the argument has been made that

with us reclaiming the market, seeing things back in february when the market was last at highs. nothing could be further from the truth. we know the paean has hit hard how much optimism is being priced into the market now >> if you look -- the market doesn't reflect what is happening in the economy, as i was mentioning, because 45% of people don't even own stocks not only are they not participating in recovery. they don't care that nasdaq is up 30% now you have the dollar at three-year lows. now food prices are going up they have the double whammy of not being in the market but food prices are also going up we still have 20% of the company

that are zombie companies. they are not a business model. they are just able to borrow more and more money. because of the reopening and the fed has stepped in, we can get a bridge until the economy can recover. we are realizing many jobs are gone many may never come back we don't know what will happen when the stimulus money runs out and we don't know what has happened with people who may not have lost their job but certainly have taken a pay cut >> you've mentioned higher inflation, prospects for lower growth what do you do >> you know, look, wealth never disappears, it just shifts you want to have a portfolio that reflects the circumstance the reason that is so bad for the market is that you've got

the corporate margins going down while expenses are going up. you want things that reflect that forget about what people like me say, what is the market telling you? markets are going low. you may want to own some of the bonds. that has been reflected in gold and bonds, cryptocurrency, real estate investment trust in the right space. you don't want to own d grade apartment complexes. utilities can increase technology is still a very good place. i mentioned a few names earlier because of this environment where people are telecommuting and working from home, it becomes a bigger foot print. >> ivory johnson, always great to get your thoughts take a look at what's happening, we are going to pull back from those record highs

the dow lower around 100 points, the s&p down by nine implied that does it for us and "worldwide exchange. "squawk box" picks up the coverage coming up after this break. pass hey, kids! welcome to camp tonsafun on xfinity! it's summer camp, but in your living room. learn how to draw with a minions expert... how to build an indoor obstacle course! plus... whatever she's doing. and me, jade catta-preta. the host of e's the soup!

camp tonsafun. it's like summer camp, but minus the poison ivy. unless you own poison ivy. in which case, why? just say "summer camp" into your xfinity voice remote to join.

good morning stock futures. preparing for trade talks in a couple of days senator kamala harris making history officially the first black woman to be the party's vice presidential nominee. and apple becoming the first company to reach a $2 trillion market value

one bank says the china iphone upgrade could drive the stock even higher. thursday, august 20. "squawk box" begins right now. good morning i'm becky quick with joe kernen. andrew is off this morning yesterday, we had an early rally that fizzled after the fed released worry about the support. the fed is taking extreme actions. they've been doing it because they are worried about what they see out there. the dow has been down three sessions in