it is 5:00 at cnbc here is your "top five@5." fed chair powell says interest rates are here to stay breaking news overnight, japan's prime minister says he is stepping down amid growing health problems. we'll go overseas live for the reaction >> president trump making the case for the reelection as he draws battle lines with former

vice president joe biden over the future of america. >> and the cleanup process after hurricane laura leaves a path of destruction. and brewing success. we talked to the cofounder of one black-owned coffee company giving back as it continues to grow you are watching "worldwide exchange" here on cnbc >> good morning. happy friday and how the day will be setting it up the dow higher at 163 points nasdaq could look to extend gains. about 15 up for the s&p and nasdaq up about 20 points as well after the dow gained 160

points for the fifth positive day in six on the heels of comments from fed chair jay powell on interest rates the all-time high briefly topping the 3,500 mark for the first time ever. the nasdaq with .3 loss led by declines in apple and amazon you can see here, still up 30% on that mark being looing at the bond market, interest rate is a key focus this week. ticking slightly higher. 76 basis points or .76%. 30-year long bond a hair below 451% as well going worldwide to follow that breaking news overnight on japan and prime minister abe and his

resignation. let's go to karen tso in our london news room with the latest >> good morning. significant breaking news out of japan. the long-standing prime minister abe. the market had been talking about this before the close. there had been discussions before the confirmation at this press conference, we have seen solid moves and a decline from 106.7 to 105.80. also moving too in jgb let me run you through that conference with abe saying for eight years he's been battling a

chronic illness that has been under control. he decided on monday after taking a new drug there was no guarantee the drug would work. he decided to make the decision to resign. the party needs to select a new prime minister he would not weigh in on who that should be but with coronavirus, clearly leadership is needed on that issue. >> in the red for the dax so far, italian stock market is higher in the banking space from what we have heard in the federal reserve. average inflation targeting for that sector today. >> thank you for that update to the aftermath of hurricane laura, at least six

people are dead after the storm slammed into louisiana this morning, hundreds of thousands are without power. entire communities are under water. damage being reported in texas and arkansas as well the storm has diminished to a tropical depression. president trump will visit the region this weekend to survey the damage turning to poll sicks and the final night of the republican convention, president trump making the case for the reelection to the american people tracie potts with the latest good morning >> good morning. some of the american people were loudy protesting against him just outside the president also facing criticism for mixing politics with his job but he una poll getticly did this speech from

the grounds of the white house making the case for his return >> with a heart full of gratitude and boundless optimism i profoundly accept this nomination >> inthe political speech of his life, he framed this election as a clear choice >> this election will decide whether we will defend our american way of life or allow a radical movement to completely dismantle and destroy it >> he launched relentless attacks on joe biden >> a shameful role call of the most betrayals and blunders in our lifetime he has spent his entire career on the wrong side of history >> on trade. >> joe biden is not savior of america's soul he is a destroyer of america's jobs >> a destroyer

>> no one will be safe in biden's america. >> he promised to hold americans safe. >> we must never allow mob rule. >> the president defended the response to covid-19 >> to save as many lives as possible, we are focusing on the science. >> donald trump stood idly by and it was a deadly decision >> the democrat's response from kamala harris. >> donald trump has failed at the most basic and important job of a president of the united states he failed to protect the american people. plain and simple >> a stark contrast. a clear choice in 67 days. >> so there were fire works,

demonstrations to hundreds of people at black lives matter plaza across from the white house. they were kept away from the event. social media called for them to chant and sing loudly so that it could be heard during the president's speech senator rand paul said he was attacked by an angry, crazed mob, he reportedly had to be rushed to his hotel. >> you were in the dnc and the rnc. one had a lot of people and what did not. any sense that will play optically as well especially with covid-19? >> right well it is difficult to get a sense of what the level of enthusiasm was for the dnc a lot was pre recorded and

virtual. you don't get the sense of what you saw last night when you see hundreds of people cheering in one place. it delivers a different feel we couldn't get that sense from the democrats. that is significant because the polling shows us president trump's supporters are more enthusiastic >> thank you for the latest there on the wrap up of the convention the latest over the stalement over the stimulus talks in washington, d.c good morning >> there appears a potential deal is still out of reach the house speaker says the two sides are at a tragic impasse. those are her words. speaking to meadow over the

phone. republicans are reportedlying a more narrow $500 million proposal to address unemployment insurance and. did you ever think you'd hear $500 billion considered a small deal airlines aid in a memo, saying those cuts would come before october 30 we are learning new details about walmart's interest in tiktok walmart wanted to be the majority owner of the social media company but the u.s. government demanded the lead investor be a technology company

that could se cure the data. before, they were put together by chief operating officer also including alphabet we have learned bytedance told engineers to make plans should it need to shut down u.s. operations >> thank you "squawk box" will speak with tiktok's new interim ceo a big interview there. back to the markets there. looking to build as investors it in to assess what they heard let's welcome rob morgan was there anything that stood out in those comments from the virtual jackson hole speech from jay powell

it seems as though the markets said it was pretty much what we had expected it is in line with what the fed had been saying. they made it clear they'll continue to print money until the duel mandate is met. full employment. 2% inflation the comments about not raising rates probably even makes the time line even longer. pretty much in line with what the fed has been saying and the stock market is loving it. >> so they are not even thinking about thinking about raising rates. that's the line we've heard over and over again if the fed is in that kind of a position, it should say green light for record high, record high, record high.

is that what we should expect to see? there should be some sort of pause. >> the thing that worries me here the stock market is pretty narrow so many are piling in as that is a little troubling these companies are starting to be priced to perfection. hopefully we won't retest the march lows on the s&p 500. if you were asking me how that could happen, it would be some type of miss step and money bailing out of the momentum

stocks >> what are you looking to overweight is there still some place you can find value at this point >> both of the consumer sectors. discretionary and staples along with financials look attractively priced. earnings growth and technicals look good. those would really be the areas i'd be looking at right now. >> rob morgan with market thoughts the stocks you need to watch today including one company trading at record highs and what the world's chief financial officers are telling cnbc are the biggest challenges they are facing and what the road looks like ahead and potential snag in bayers multimillion dollar settlement

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welcome back to "worldwide exchange." let's get a check on stocks on the move gap is lower despite a lower than expected loss online sales nearly doubled. noteworthy, gap brought in $130

from selling face masks. those shares fractionally higher hp beating estimates as revenues top forecast the company benefitting from the boom in pc sales they are seeing a trend where there used to be one or two computers per home and now one computer per person at home for work and school. shares of workday trading at a high raising guidance for the subscription services revenue and announcing that fernandez will be co-ceo those shares up in the pre-market what are the ceos of movie theater chains saying about the

push to reopen and will customers come back? more in a moment ♪

♪ i keep working my way back to you, babe ♪ ♪ with a happiness that died ♪ i let it get away servicenow. the smarter way to workflow. welcome back to "worldwide exchange." we are getting a new take. 62% of global chief financial officers say covid-19 remains the biggest risk

this survey taken shows improving sentiment from request1 to request2 when roughly three quarters of all cfos saw this as the biggest impact in some ways to have a negative to very negative impact about 7.5% say it will have a positive impact on their business the view on the global economy outlook with cf o's seeing an improvement or seeing the second quarter. the u.s. is seen as declining quarter to quarter while china is improving to stable and made strides reopening their economy in the recovery process as well. we asked cfos and they said half to three quarters of employees

are working from home. less than a quarter of all cfos said their company will begin 2021 with the same number of employees working from home. in the u.s. specifically, that number is under 20% there. still on deck for the show, the nba potentially returning to play after the players halt the playoffs over another police shooting in this country >> announcer: today's big number, $52 billion. that's how much spending on wearable devices is expected to total this year. according to research and advisory group that would be an increase to 27% from 2019. amazon introduced halo its own health tracker to rival

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stocks looking to once again build on records as the fed announces a new plan to lyft on inflation. breaking overnight, abe announces his decision to step down president trump making the case

for four more years as he touts gains over his watch for president. you are watching "worldwide exchange" on cnbc. welcome back to the show here is how your money and investors are looking half way through the 5keastern hour the dow will open higher by 167 points that is an extension picking up upside. s&p higher by 16 points. higher there as well over the last half hour the nasdaq higher aftered fed's comments on

interest rates reaching a new high as well for the fifth day in a row briefly topping the mark there you see there a 7% to 8% gain. the dow just a hair below break even declines in apple and amazon we talk about the movements we are seeing it is the dow playing catch up for a while and trying to get back to that level of break even news from the prime minister on resignation. contessa brewer here with the latest >> good morning. shinzo abe says he's been

battling a chronic condition for years but it was well-managed. those health concerns have prommed him to step down whether financial challenges, natural disasters and the pandemic he will continue to serve until a new leader is appointed and he said he didn't know who he thought that should be bayer is facing new set backs in the roundup weed settlement saying some deals made haven't been signed. others were terminated all together the u.s. district judge overseeing thousands of cases to restart the litigation lawyers called the delay a speed bump and said they should be able to finalize those agreements the lead prosecutor in a

probe saidford and fiat chrysler are still under investigation after indictment of a former leader for embezzlement. yesterday saw the culmination of the rnc the president wrapping up the night and celebrating the economic gains his administration has made to date. >> we will again build the greatest economy in history, quickly returning to full employment we will make sure our companies and jobs stay in our country joe biden's agenda is made in china. my agenda is made in the usa >> i will cut taxes even further

for hard working moms and dads we will make america into the manufacturing superpower of the world. >> joining me now former white house aid to george w. bush and our own eamon javers joe, we'll start with you first. what was the big take away from the rnc this past week in your mind >> i think it was the effort to reach out to the people in the margins. fire up the base, which i think it did and reach out to people in the margins african-american voters and suburban women i think it did that very, very well not only in the president's remarks but more importantly the inclusion of speakers like senator tim scott and johnson

and secretary ben carson from hud. all of these are important speeches and meant to hammer home the message of inclusion, prison reform, housing and inclusion. if the president can shave four or five points off of what joe biden would get with african-american voters, that is big. if he can reach out to suburban wives to get the message to them that they'll keep their neighborhood safe and be racially sensitive i think they were successful in terms of reaching out to getting in a message out to voters >> some interesting points here with joe

i wonder how many people are out there have their votes that are still undecided it seems that much of america is very divided and it is polarizing how big of a deal are those on the finger out there >> stark division. joe biden suggesting if the president is reelected, the constitution is in danger from a president out of control this week, we saw the president saying if joe biden is elected, you are in danger of rotting hordes who might come to your neighborhood the question is who is in the middle left. listening to what joe said, this is not about bringing in people entirely in the middle this is about suring up republican votes from wavering

republicans who might be being looking at donald trump saying i'm not comfortable with his style or his tweets and i feel he's divisive. this convention was all about, he's not as bad as you think, a number of african-american speakers saying, look, that donald trump is not a racist he's not as bad as you think on women's issues and on african-american issues. i don't think it was as much reaching out to african-americans but giving that permission to suburban white women. >> there is a spin in politics a couple comments stood out to

me he said joe biden is going to abolish the american production of oil, cole and gas that quote is false and that most dangerous aspect of the biden platform is public safety. there is violence in the streets of democratic run areas. are these the tactics to convince those middle voters to say, maybe i want to vote for trump or biden >> these are powerful messages while all the networks fact check these statements, the voters don't the president and his team of course are working hard to shore up the votes and fire up the base to the americans and shore up the margin. i'm the one that will make sure we have law and order and be

racially sensitive that's what the message was last night. he got about 8% of the black vote in the last election. the president knows joe biden needs to have an obama-like turn out from african-american voters he needs to get over 9 # 0% of the vote he knows if he can shave off the points, that is a victory for him. that's why you saw alice johnson with the reform. you heard tim scott talk about the police reform effort in the bill he's championing that black people around the country have permission to support this president. he's not going to win the black vote but it shaves off a few percentage points.

>> quickly, can we expect a post convention bump in the numbers >> look, we were already seeing a bump before the election in some of our polling. i think you can expect that to continue i think it is going to tighten up in those battleground states and we need to watch >> thank you have a great weekend let's take a look at what's happening in the aftermath of hurricane laura. at least six people are dead we have nbc new's jay gray i saw you yesterday trying to stay up right in the weather it is a very different picture today. how bad is the damage? >> the weather overwhelming yesterday. damage is overwhelming today

devastation and debris part of this used to be a gas station. the bumps there. so intensive ripped the bump from the ground. evidence of how strong this storm was. >> at first glance, it has the appearance of a child's messi play room. cars and trucks on their sides a closer look ands it clear, this mess is no game >> there is so much damage you are going, this is a disaster area. a literal disaster >> the devastation stretches for miles. >> this was the most powerful storm to ever make land fafl in louisiana. >> the hurricane with sustained winds of 150 miles an hour ripping apart homes and

businesses, literally pulling trees from the ground. scattering and twisting power lines. areas still without electricity. communities and families cut to their core at least six people killed officials fear that number could grow >> i'm concerned as we go out and do primary search and rescue, we'll find more fatalities >> survivors working to peace together what laura left behind. the hurricane tearing away most everything here, except their resolve. >> it is a strength they'll need here i fear the recovery, the clean up will be a long, difficult process. >> the latest there on the ground stay safe out there. coming up, brewing up

success. we talk to the cofounder about the brand black and bold about the impact on the world of coffee still ahead, other top stories national basketball association expects to resume games today or tomorrow following meetings with players and team governors protests by various teams over the police shooting of jacob blake led to postponements of wednesday and thursday playoff games. washington, d.c. attorney general is suing instacart for allegedly deceptive practices and back taxes saying they led customers to believe the service fee went to the workers. they haven't paid sales taxes in six years. movie theaters preparing to

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thereof manhattan. coffee sales have spiked one company finding success is black and bold the country's first black owned, nationally distributed coffee brand and pushing to have a bigger impact on communities joining us now, rod johnson, founder of black and bold. thank you for joining us, talk to us about whats it like selling during this pandemic >> first, thank you for having me i'm grateful for the opportunity. it has been an interesting opportunity to see something that started in my bestfriend' garage to now meet the demand for our brand. the more growth we have, the

more impact we have on at-risk youth here >> is it has ramped up you've announced an expansion of your operations. how has the economic environment been for you over the past two years? >> sure. considering that we are a digitally native brand we've been able to benefit from the trend to now transition to brick and mortar to now on line traffic i can't say we have the foresight but our vision was focused in a way for consumers to look to having a daily ritual of a cup of coffee or tea. >> you find yourselves dealing

with issues. prevailing macro themes of prevailing social injustice in america. can you take us through what that is like as a bin owner and how are you trying to tackle it from your perspective? >> sure. we are black owned wherever we show up, we wear that with pride. we have ultimately challenged the status quo whether from our suppliers or our retail partners to answer the question what are we doing to ensure that we have equity conversations for those that have been disenfranchised we embrace the owners to ultimately represent the community the way we have over the past couple of years >> you are currently, some of your brands in terms of coffee

one of, if not the best selling brandon amazon the iron is hot. how do you take that success and further your mission for giving back to the community? >> we double down on our messaging. when my best friend and i started this, we had no formal coffee or tea experience we had a desire to build a business that cared to impact the communities of our consumers. with this upward trajectory you make reference to, we want to remind those who are familiar with our brand or new to us, by way of doing something you do every single day, checking something off your grocery list, you are investing into someone who needs to most given the current state of affairs >> what are some of the benefits or hurdles you face being a black-owned business

>> great question. hurdles. really being taken seriously in a space that doesn't have reputation on the other side of the country but ways we compensate for that is to bring to market quality beverages and ingenuity. we partner with a kopaczer to bring to market coffee that really puts a spin on convenience and quality. despite those obstacles, we've been able to overcome them >> black and bold with b corp status a coveted mark and bath about sustainable company and ethical business what does that mean for you and how do you continue that theme >> it val dates why we ziedecid to embark on this journey in the first place. considering we wanted to

resource nonprofit organizations that support at-risk youth having that badge of honor give us more fuel to grow our business and support >> best of luck to you there at black and bold we appreciate you taking the time to join us. >> thank you thank you for having me. >> get a cup of coffee there fed chair jay powell revealing a major policy shift in inflation we'll break down what that could mean for stocks in continued record highs as a reminder, you can always watch or listen live on the cnbc app as we look down on the live view of meti square in manhattan. we are back in just a moment

welcome back the markets try to build after

hitting an all-time high after the dow shows losses on the year >> a move indicating rates will stay low for the foreseeable future good morning, jim. was the fed chairman enough to juice the markets for the next three to four to five to six months >> we know they are getting frustrated it is like the guy who is bark

queueing those guys with traditional inflation one of those things we are talking about right here in the risk asset for gold and silver, they kind of pull back a lot of those pile in to the asset. he's saying, look, i'm all in. he's got pensions and assets >> 10-year break even rates. where the market is pricing in for the next 10 or 20 years is min school it shows no inflation in sight that is not true for main street america. can we really say there is no

inflation out there and that the fed is in a tough spot because of that? >> yes, they are in a tough spot no way can we say there is no inflation out there. i think it has to do with the internet the gauges we use don't seem to work anymore the fed spends a bunch of time looking at wonder bread when things like mike trout baseball cards, odd things are inflated i think it is completely wrong the mentality will cause the whole bubble to bust like we have seen over the last 20 years. >> i want to turn to the news of the day. we have the macro markets with rumors that the prime minister was going to step down for health reasons it was confirmed we saw the dollar yen closer to

112, closer to 106 right now the dollar is weakening, how important is the japanese yen to the picture? >> the day after jay powell makes this huge look at the picture. we knocked the yen down 35% against the dollar he was one of the originators. today, we see the yen go higher. the fact there is a tiny bit of instability. it throws fuel on the fire the little bull back is forgotten about. is it a big deal i guess if i had to put a point up on the story, the yen is rallying on the dovish look.

>> how much of that is a dollar weakness we've seen that as a trend this year >> sure. and that will continue, the federal reserve. they've made it clear they'll throw everything at it probably down 8 or 9% this has been the thesis of the whole trade. long gold. long silver. long stocks predicated that we want to knock it down. >> do we continue to make record highs into the year end? >> i think so. my continued target in the next two weeks. i believe we are headed higher

right now and there is nothing i see on the horizon in the near to medium term >> thank you, sir. >> that does it for us "squawk box" picks up the coverage right after this commercial break what happens when 2 million people switch to xfinity mobile? well, the good news gets shared. and it gets rated #1 for customer satisfaction.

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>> good morning, the markets push into record territory jay powell says low interest rates are here to say. we'll hear from three fed presidents in the next hour. and news breaking overnight. japan's prime minister stepping down due to health issues.

and president trump draws battle lines over the future of this country. it is august 28, 2020. "squawk box" begins now. >> good morning. welcome to "squawk box." i'm melissa lee with andrew ross sorkin and mike santoli. these gains holding on higher. the dow is looking to add 169 points the nasdaq looking higher by about 23 points. the focus again on the 10-year yield. we hit the highest level since june