it is 5:00 at cnbc global headquarters here is your "top five@5." a strong start to september. the treasury secretary and house speaker reopening dialogue over a potential tim lus package. talks over tiktok reportedly hitting a snag because of the app's al go rlergy rhythms.

and hollywood welcomes the new billionaire as tyler perry joins that club. it is september 2, 2020. you are wauctching "worldwide exchange" on cnbc. ♪ >> good morning and welcome. here is how your money and markets are setting your day up. opening higher by 212 points, we've seen upside momentum in about a half hour. s&p implied higher by 30 points and nasdaq by 156. that bull run continues for u.s. stocks this is all after the markets kicked off september led by a high note and what else, technology stocks.

the dow adding 214 points. now 3% off its record high that number 29,568 you can see now, 28,645 is where the market closed. the s&p 500 hitting a new all-time high. the gain is about three quarters of one percent the best day since 2010. also hitting another all-time high, the nasdaq moving closer to that 12,000 mark you can see 11,939 is where we closed yesterday looking at the bond market 10-year yields around .69% two-year note yields .137%

and 30-year at 1.378%. going to julianna tatelbaum with a look at global markets it seems to me very green in europe as well >> it is, dom. that's a change from what we've seen after four days of losses in a row. taking up the positive queue from what we had state side. currently trading about 2% higher it is a sea of green nearly every stock is up every single sector is participating in the rally the banks were in the red and underperforming the broader market chemicals, household goods industrial and retail. banking space one stock is in

focus. that is credit suisse. opening a case into the 2019 spying scandal that cost the gm his job. saying they will pursue violations in surveillance of the former wealth management and human resources saying it would cooperate with the investigation. back to you. >> live in london with the latest there thank you. let's get a look at some other morning top stories. frank has those. house speaker pelosi and secretary mnuchin appear to be making an effort to jump start those stalled talks. they spoke on the phone yesterday but didn't make any progress after mnuchin's testimony saying parts of the economy still need additional support during the continued covid-19 outbreak.

roche announcing it will launch the new rapid response test in europe by the end of the month used on asymptomatic and symptomatic patients diagnoses accurately over 96% of the time >> talks over tiktok have hit a bit of snag centered on whether the coral go rhythms can be included saying those were considered part of the deal until the chinese government issued new restrictions on the export of artificial intelligence technology back to you. back to the markets and the futures markets suggesting strong start to the raiding month will continue today. could it be false optimism with september being historically a tough month.

joined now by global director of equity did seems so negative but in the face of the markets. how do we reconcile both >> this may be a bit negative but you can put september in a more positive context. as you were outlining, you see between the dow and the nasdaq, that is a telling story. those leading sides start to recover here we look forward to tomorrow when the services pmi and data comes out. we show that that will be accelerated strength coming through. that will be what september is about strengthening the path and in the fall. >> the economy is on a strengthening path it has been for a while now.

we know it is better than the march and april lows from this spring is it possible there is economic data that could derail the market it is a big job's report this time around. >> on the job's front, that could be a negative surprise >> we could get lower than expected and claims they start to worsen on really the small business side where most of the unemployment stress is the furloughed workers are not being brought back as permanent workers. other than that, it is a function of the global story recovering too on the pmi side particularly, you cannot pinpoint the particular data point that may be a catalyst to the negative reaction to the market

more if the economy strengthens more and faster, the markets may be pricing in to the future and could be the timing of policy in additional fiscal policy needed. that may be more of the market turned back down >> let me understand this right now. we have a lot of economic data that points to this path higher for the u.s. economy including the job side of things there is higher frequency being consumed as well that all points to that. what would be something you would look at that says, hey, the economy is not that solid? it is not the traditional jobs data we are looking at right now? >> there are other data points step one, the confidence consumer confidence has seen a click down

there is still very much distress among people about the coronavirus and the future of their jobs that is an important part. the other is related to that and the high frequency data and will people be able to go around if the virus were to resurge. we are in a good spot now. most of the cases will go down and they are going out again if that reverses in the fall and all of those will go together and maybe uncertainty will go together consumer confidence will be the key point to watch and the consumer confidence is to be noted. >> what is the best thing to do with your money right now given that dynamic >> i'm all about the inflation right now. the federal reserve coming out with a new framework that is a risk on strategy u.s. small midcaps, age specific

and equity as well as being inflation protected securities if you have a policy here and running low higher, you want to go with reflagsry strategy >> is it looks like the party rolls on with ben. we appreciate those thoughts coming back, stocks you need to watch including shares of amc. plus wework potentially facing fresh pressure via a new chinese rival. eunice yoon has that story and summer fuel demand proving to be disappointed shocking there we'll talk about the effects of the oil mark eight and economy around the world a busy day ahead when "worldwide exchange" returns after this give you my world ♪

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welcome back cleaner cleaning products. a top maker of adult beverages not in high spirits and let's go to the lobby for a temperature check. those are some of the stocks to check today. >> amc theater plans to open another 140 u.s. theaters this week including the first locations in california. new jersey locations are due to open on friday

the thriller tenant opens in the u.s. tomorrow. shares of amc up more than 7% in the pre-market unilever will switch to renewable or recycled. part of the $1 billion clean future investment that will focus on water efficient products saying profits plunged. the company taking a $1.2 billion write down largely due to absolute which relies heavily on duty-free sales in airports thank you. wework has faced a number of hurdles with its own problems

exacerbated by the ongoing covid-19 outbreak. new set to face a new competitor in china eunice yoon will join us with more on this new rival what can you tell us >> the company is called ucommune and is already the arch enemy. they are eyeing overseas markets looking to open new locations in los angeles and london offices remain idle in china amid the pandemic but this shared one is fully rented out ucommune has recovered after plunging at the height of the crisis >> more and more people recognize co-working helps them

out. the company leezs office space and rents them to businesses looking for flexible work space. >> he believes his model is different from wework because of his differences. >> we see ourself as management company. >> they have 147 offices like this across greater china and one in new york. renting a desk in beijing costs $285 a month for a day, $4. that includes access to device and facial recognition security and tips on how to navigate for new companies. mao has yet to make a profit he had hopes to raise more money on the nyse but had to pull that

ipo and now is pursuing a back door listing on the nasdaq i think it really goes to show even though he's very bullish about the space in china the problems with wework and all of those issues that company had is spilling over into the entire sector >> eunice, maybe this is just me ucommune makes me think you communist. and this is a chinese based company. is there a sense this could work out side of china? it doesn't feel like the environment is ripe for a chinese company to make in roads like that especially in real estate >> yes that is another big question about expansion plans to los angeles or london.

even though the political environment is really challenging, mao is really bullish about the long-term prospects for co-workering he was looking at 5 years to 10 years out where things could really change. he thinks this is a industry that has a lot of room to grow >> thank you for the update there. another high-profile ipo in the works. details on the popular dating app that may be going public some time soon today's big number, 81%. that's the proportion of analysts that do not recommend buying tesla's stock according to fact check. ly one hit a price target above tuesday's closing price. ♪

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welcome back to "worldwide exchange." a check of top headlines we go to philip mena >> a new york appeals court has blocked the district attorney from obtaining trump tax cuts. the hearing is set for september

25 a progressive stall warj fended off competition. markey beat joe kennedy by about eight percentage points. he's the first in his family to ever lose a primary in the state of massachusetts the wild ending in the bubble as the clock ticked down. connolly goes down the court he shoots it and the ball would -- let's wait for it here. in and out send the nuggets home. the nuggets will go on to the next round to play the clippers. heart wrenching loss for utah. the celtics came back against the raptors. don't count them out yet last year, they clawed their way

back and won the nba title two more games to night including another game seven houston and okc. >> live sports, it shows you how much we miss them. still on deck, president trump defying local leaders and launching a series of political attacks after touring the aftermath of protests in kenosha, wisconsin we are looking at a rise in prices eggs are up 16.5% from the end of july to end of august compared to the same time last summer food inflation ires al stay tuned, you are watching cnbc morgan stanley, a global collective of thought leaders offers investors a broader view. ♪ we see companies protecting the bottom line

by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley.

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good morning futures pointing to the higher open nyse facing trouble as it plans to let companies raise money through direct listings and that runs through option. retail in focus for one of the best known department stores rolls out quarterly results. it is wednesday, september 2, 2020 you are watching "worldwide exchange" on cnbc.

>> welcome back to the show. here is how your money and investments look as we are half way through the 5:00 eastern time hour. stock futures indicating the dow will rise around 225 points at the opening bell the s&p is implied higher by 228 points bullish higher by 150 appointments approaching the key level for the nasdaq a high note led by what else, technology the fourth positive session out of the last five now just over 3% off its record high number. that mark, 29,568. so keep an eye on that number. s&p hitting a new high as well s&p was itsbest first trading day of september since 2010

according to analysts. also hitting another all-time high the composite jumping closer to that key 12,000 level. a huge move so far this year let's get a check on other top stories this morning frank is back for those. >> good morning again. u.s. stock exchange is apparently facing some issues. the move is on pause after the council of institutional investors which was initially behind the move is raising concerns with the sec. the council claims the plan will let companies circumvent protections built in and hurting investors. >> bumble planning ipo and could

seek between $6 to $8 million. >> and the white house to halt evictions. the cdc will evoke authorities to halt ee vekss through the end of the year. asking the department of human services whether evictions were necessary to reduce the spread of covid-19. now to president trump's contested visit to kenosha, wisconsin amid tensions of a shooting of a black man by police there the president attacking his political opponents. eamon has more >> good morning. the democratic mayor said he didn't want the president to come the democratic governor said he didn't want the president to come the president went anyway.

he went. the president tourg destruction and making remarks and stopping to visit with one of the reporters. one of the reporters asked the president whether he believed whether systemic racism is a problem in this country. here is what the president said in response to that question >> you know, you just keep getting back to the opposite subject. we should talk about the kind of violence we've seen in portland and here and other places. it is tremendous violence. you always get to the other side, what do you think about this or that >> that's the president clearly doesn't want to talk about systemic racism and give a basis to some of the reason for the anger. this president wants to focus on the idea of law and order. he hammered that out and said he's on the side of the police and raised conspiracy theories

about where some of the protesters are coming from he feels this is an issue that is a winner for him. if voters in swing states like wisconsin start to feel physically safe, he feels the law and order message will drive home the vote for him in november this is something we've seen the white house pivot toward moving away from the less comfortable topic, which is the coronavirus. >> this is strategic for the administration, eamon. let's talk about another prong of that strategy that may be working and may not be we hear the treasury secretary and house speaker have resumed possible talks over a stimulus deal that's a big deal right now. what is the latest there >> secretary mnuchin was asked whether he would call nancy

pelosi he said he would and he did. pelosi put out a statement saying they had a 36-minute conversation but she raised a number of concerns about the way the administration was approaching all of this. treasury secretary was asked about what kind of recovery he sees here, whether a v-shaped recovery or any other shape. here is what the treasury secretary had to say >> the president and entire administration thinks there is more work to be done let's not get lost on different letters of the alphabet. let's move forward on a bipartisan basis on areas with he can agree on. clearly, there are parts of the economy that need more work. >> different messaging there from what we've heard from the president of the united states who again yesterday rei had

rated the idea that he sees this as a super-v recovery with a sharp bounce down and sharp back up mnuchin saying there is more work that needs to be done >> thank you the summer driving season in the u.s. coming to an end but you may not notice much of the difference in the amount of traffic on the road. the amount of gasoline surged from mid-april to late june. consumption has been flat and well below prepandemic levels as many continue to work from home and schools open with a mix of structure. showing how the next phase of recovery could take a lot longer for more insights now, we are joined by chief oil analysts always great to have you here. let's talk about whether that fuel demand has a shot of

getting back to normal in the coming months. >> right now, it is very unlikely we'll get back to anything quote/unquote normal this year. vaccine or some sort of medicine that allows people to be more comfortable getting out and back to work would be critical. recruiting to work, that is down sharply over 10% year on year. showing that over 40% comes from u.s. commuting where it is a long recovery ahead. i would argue that maybe u.s.

gasoline demand has peaked we will not go back to prelevels. we'll encourage some form of working not saying everybody will be home all the time but struggling with efficiency all the time >> 2020 will be remembered for a variety of reasons one of those is the historic move in oil prices towards negative prices earlier this year we are a far cry from there. well above negative prices it has been a demand seen coming as driving the higher price. what is it then about the higher price today that may tell you we could see a leveling off of that demand expectation >> i think the reason why we haven't really moved higher in all these prices

we've been side ways for a good month and a half around $40 that really tells you we had that recovery but since then it is stalling. we are definitely far, far away from the lows. we don't expect to go back to those just yet didn't mean to pick up another leg here if we go higher. >> we learned over the past week that oil production in america continues to recover but still below the levels we saw in april but we are producing more. other countries are producing more is there a supply issue that

will produce demand for a country even if there is one there? >> right now, yes, as you say, there is a bit of recovery if anything, the response was steeper. producing panic response opec had that historic deal. over the past few months, supply has been drawing down. we are seeing month on month recovery in supplies, they still remay low. that is not a concern. we'll probably take a year to run down these industries. what you need is demand to pick up a lot quicker than supplies are picking up right now, supplies are marginally lower >> the health of u.s. shale industry, is it going to get better or worse? what do you think? >> i think it will be very, very

challenging. in this environment where all prices are $40 esg and all talking about the environment and away from fraking. the amount required to keep shale going is the basis they will be the big companies that survive and do get better we expect shale and demand probably not the highs again it will grow at a much slower pace and not the levels we have seen in the past years >> thank you coming up, the biden/harris duo has made a whole new level how the race has made its way to the video game level general motors geo mary barra is meeting to tour the

technical learning fault she was invited last year in the find something new campaign in an effort to spur employment >> sec to work on whistleblower program. people could receive up to 30% of the overall monetary sanction that would give sec the ability to cut the largest award and process claims more quickly. google says they need to set clearer goals of diversity the team highlights their dissatisfaction with efforts around roles and pay stay tuned you are watching cnbc.

welcome back, we are seeing a live shot there in midtown manhattan. we are seeing a little drizzle of rain there. video game campaigning in a burger covered in beer cheese. top trending stories with frank. i don't know where you'll start. video game or burger cheese

thing. >> let's start with the biden/harris ticket taking virtual campaigning to a whole new level. launching merchandise in animal crossing they could choose various yard signs and call the move an exciting opportunity to connect with supporters as they build and decorate their island. forbes has upgraded tyler perry to billionaire status with a net worth as high. he owns the entirety of his creative output. 1,200 tv shows, over 50 theater plays and a facility to film and wendy's launches pretzel bacon pub chesseburger

they call the product, quote/unquote unforgettable. i will never forget what this looks like >> there is a wendy's on my way home from work i'm debating pretzel buns make everything taste better >> you think so. i'm not a wendy's fan. >> how could you not be? is. >> i don't eat a lot of burgers. >> what is your fast food of choice >> chipolte. >> that's premium. i'm a taco bell guy. >> what do you think of the nintendo push? >> it makes me think of farmville. i don't know about spending virtual money. if you want to put up a political sign in your animal crossing thing >> i thought it was a bit of a reach.

i don't play nintendo reach game the large percentage of players are in their 20s and a large percentage of women play >> thank you, frank for those top trending stories macy's is set to release results and expectations are not high. the stock also down 60% this year as the ongoing coronavirus keeps shoppers away from the malls. not the only department store struggling these days. i'm joined by cnbc retail reporter she has a new piece on how america's department stores could be in their last stages. l.t., that sounds terrible is it the death of brick and

mortar retail? >> i hate to bring the bad news so early in the morning. it is true, you look at how this category, even prior to the recession, was performing. we already saw trouble in the department store space no denying that. you had sears file for bankruptcy, barneys went under already this year, we've seen neem neiman arcus, and now lord&taylor is liquidating we'll get a bigger picture of how department stores are

fairing. i don't think the prospects are bright from here hundreds of these stores are closing. >> it used to be, maybe 3, 5, 7, 10 years ago as we referred to macy's, bloomingdales as the strength we'd look to other companies with decline issues like jcpenney why is macy's in a dire situation now and what can they do to turn it around >> sure. you look at the space and the business model department stores are known to be the anchors at the mall they drove traffic brands flocked to them to have placement on their shelves that's where people would go and discover new things.

the necessity to go to the department store you've seen specialty brands come into that space and take over someone like a macy's you'll try to reinvent their labels to give customers the ability to go macy's that is one of the things they've been pfocused on they've been focused on a lot of reestate back in february, they said they planned to close about 125 locations over three years one of those things they are looking for today is for any update on those. certainly, we might anticipate an acceleration and additional

store cloesures to come sooner >> we have had reports from nordstrom and kohl's those were not great nordstrom was very under well amming and target reporting triple digit growth. the liquidation of lord and taylor is ongoing. jcpenney is an interesting story. they filed for bankruptcy during the pandemic and they are still working through the restructuring. they had a number of bidders in talks to acquire the company but we've heard those talks have hit

a stalemate. so they are looking for a last minute deal from lenders >> lauren thomas, you can read her full report. go to cnbc.com she is an expert voice when it comes to all things retail keep that strong start to september going and why your next guest says the markets are at a critical level. coming up, roger goodell will say whether the league is ready to kick off a new season amid challenges. exclusively at 11:30 a.m. eastern time here on cnbc.

welcome back to "worldwide exchange." futures indicating the dow will open higher by nearly 200

points, the s&p by about 27 and nasdaq up about 150 points implied. our next guest says the stock market is at a critical level facing several negative catalysts. nate, we like to bring you on. we've been talking record high after record high. after record high. what could take this market down >> there are some big things coming the democratic election. the biden win would be considered a negative but not an end all the lack of fiscal stimulus with congress not

really getting on the same page. it could hurt. we don't want to take the economy off what we needed if we don't back the truck out and help the consumer out and ending with the same scenario where we were in march and bridge the gap longer and longer lastly, we stild have to get through the covid we don't have the treatment or the solution. >> i'll put my tongue and cheek a little bit here. can't the fed help with that there is an implied put option why can't the fed cure everything like they had the last several months? >> don't fight the fed, right? at the end of the day, we'll shoot overand then pull back

we are telling clients to be disciplined. raise cash and trim those names that really ran a lot. look at apple. almost bigger than the whole consumer staple sector these are massive companies within those sub sectors these are massive stocks that pull back 5% or 10%. start trimming, keep a watch list of names you want to be active in. let's talk your watch list and names you like and what goes on your shopping list in case of a pull back? >> a name we like is e health, etht there is controversy surrounding it, a small cap name a few ways for this company to

win. they provide a platform for baby boomers. more and more americans ar turning 65 this is extremely cheap and will grow revenue by over 50% trade less than 12 times earnings and sales getting back to that multiple on the double we are finding little areas of pockets where small caps are providing value and where we want to look at stocks and bolster our position >> nate fisher, thank you for those market thoughts. let's check on what's happening with the futures right now we are seeing a continued positive tone for september. the dow jones is higher by over 200 points

the dow gained215 points yesterday. its best first day of september since 2010 that does it for us and "worldwide exchange. we pick up coverage when we come back after this break. ♪ with a burning love inside ♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenow. the smarter way to workflow. another day, another chance tlet's do this.rd. by making internet speeds fast and reliable. so you can keep up with your customers. by ensuring those speeds have wireless internet backup. so if the power goes down, your connection doesn't. and by covering all your connected devices with serious security. so we can handle this. and this.

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good morning stocks pointing to more big gains. getting you ready for adp jobs data macy's numbers due before the opening bell and why are markets shrugging it off? and tech giants like ibm, we have a rundown of the biggest movers ahead it is wednesday, september 2, 2020 "squawk box" begins right now.

good morning, everybody. welcome. joe and andrew are off today the dow gained 216 points. the s&p 500 and nasdaq both logging record highs now the 21st time we've seen a record close and 41st time this year we've seen a record close for the nasdaq if you are watching u.s. equity futures this morning