it is 5:00 a.m. at cnbc global headquarters. here is the top five at 5:00 another day, another round of record markets, but futures are pulling back new developments in the fight against covid. with the federal government poised to recommend booster shots for most americans. president biden defending his decision to pull american forces out of afghanistan amid the growing crisis there we are live with the latest. digging in to the oracle of omaha's latest move.

one year after an op-ed headline that divided the big apple. a look at whether new york city is dead or getting started with the pandemic bounce back it is tuesday, august 17th, 2021 you are watching "worldwide exchange" on cnbc. good morning i'm dominic chu in for brian sullivan here is how your global matters are setting up an indicated lower up. dow jones industrial average implied lower by 19 points now, the dow and s&p did post their fifth straight positive session yesterday calling back earlier losses to post intraday

and closing all-time highs the s&p 500 move was notable since the index now has doubled, you can see, since the pandemic lows we saw back on march 21st of last year that marks the fastest bull market doubling since world war ii the benchmark 10-year trading lower. about 1.22% or 122 basis points. the 2-year note at .201% i want to get a look at cryptocurrency amid the bounce back bitcoin prices currently up .50% on a 46,000 handle ethereum is .50% $3,191 the is latest trade.

in asia, markets ending lower with the chinese tech stocks as regulatory fears resurface. we will have more on that coming up in the show and look at the early trade in europe a bit of a mixed picture the cac and dax are lower. ftse is just slightly higher. back in the united states, boston federal reserve header ic header eric rosengren. in a first on cnbc yesterday, he suggested in october or november start to the tapering suggesting the fed asset purchases are having a diminished economic effects. >> in terms of the taper program would end, my own personal preference would be equal

amounts of the mortgage backed securities and treasury securities and that we finish off the program mid-year next year that just reflects the fact if it is not particularly effective, there is no reason to drag it out as long as the economy heis progressing >> let's bring in delano saporo. delano, the comments did echo some sentiment that other fed presidents are feeling right now. do you feel the markets are prepared when the fed eventually decides to taper and cut back the bond purchases >> good morning, dom thank you for having me. i you think the market is prepad it is clear communications you see different leaders speaking with the timeline of speaking to be appropriate to

pull back and ease monetary policies as long as the market has a clear indication and not the sticker shock thing that happens, that market will act appropr appropriately. if you are cutting back later on in the year or 2022, if the market has been clear with the fed communication with the march lows to now, the market could act accordingly. we could see a situation where we could still march higher in the tapering >> delano, we have doubled since the pandemic lows. the s&p 500 for sure is there a case to be made that the fed is acting appropriately and the markets are doing pretty well and they are forward looking and predicting things are going to be okay in the future the economy seems to be holding

up everything sometimes to be lining up for market at these levels or is it not? >> great question. we are now seeing a bit of a market trying to understand how the rate that we will slow down whether the retail debt that china will get the print for retail data here in the u.s. i think the market says can we go further from here that is why we are seeing trudging along with utilities. i think we can justify these levels and go further, we have to see a little bit more in the market we need to see stronger growth data and companies buy back. that is an indication that management is seeing strong things within their equity i think that is why we are seeing a flatline level of the

market trading over the past week >> what is the leadership? what happens now since the pandemic lows? hotels doing well and airlines doing well and energy doing well are those the same places we can expect to see the future leadership i ask because everyone likes to make a big deal that the markets of the high levels have been broadening out leadership and not just amazon and microsoft and apple leading the way higher. >> that's a great question i think he was talking about the everything rally once we get past the headwinds, there will be an everything rally. we are looking at macro level. you are looking at a situation where not many catalysts to pul back you want to look for reasonable growth if you are looking at companies trading as reasonable levels,

valuation basis, you might see areas where sectors are per performing strong. you pointed out cryptocurrency comeback you are starting to look for more yield i do believe there is more breadth to get past the headwinds in the near term >> delano soporu, thank you so much and the latest on afghanistan. president biden latest with the military drawdown in afghanistan amid criticism from both sides of the aisle the president blaming the afghan government and military for allowing the taliban to take over admitting the group did so faster than his officials had expected dan murphy joins us from abu dhabi with the latest. good morning, dan. >> reporter: good morning, dom

p president biden continuing to fight the fallout in the united states in the meantime, in kabul, we see evacuations at the airport and the taliban remaining firmly in control of afghanistan. in the past few hours, we have been following reports of scenes on the ground at the airport afghanistan's future hangs in the balance here reports suggesting that taliban fighters on the streets of kabul have essentially been asking afghan citizens and anyone wearing a uniform to hand overall of their weapons they have taken over army posts and police stations now as well. of course, a lot to unpack here. we know when it comes to the process of forming a new governing body in afghanistan, the militants are seeking a peaceful transfer of power in the next few days. and talks to bring a new taliban leader and coalition when it comes to forming a potential new

government that would be a non-taliban leaders, i should say. what this looks like, really remains to be scene. not much clarity on what this new government is going to look like we don't know who will be backing them economically and who is going to fill this power vacuum left behind in america's departure? china? russia will it be another foreign actor? all of those questions unanswer. at the same time, we are hearing the uk prime minister boris johnson has been asking for a virtual meeting it discuss afghanistan at the earliest opportunity. in the united states, as well, secretary of state antony blinken hoping to avoid what is a very fast moving and quickly developing humanitarian crisis on the ground with afghans seeking to get out of the country. dom. >> dan, i like to call your

attention to the last point. we have seen a lot of photos and videos specifically of kabul airport where there have been floods of people trying to leave the country right now. jamming airports we have seen the u.s. has now taken control of the airport they are trying to clear the runways out. what exactly is the indication for how this resolves itself with regard to the humanitarian crisis developing? are those people trying to get out, will they find a way out? where do refugees go if they can go anywhere? >> reporter: dom, that's a great point. remember, as well, kabul airport is separated on two sides. one side run by the americans, where we are seeing diplomats and important personnel ev evacuated using u.s. military assets that was the scene we saw yesterday with the u.s. air force plane surrounded by

afghans essentially running alongside and climbing on to the bridges and fuselage in an attempt to get the flight out because it is their last option. we understand the taliban set up check points on the other side of the airport the civilian side of the airport. where they go? that depends on which plane they are able to get on or if they are able to get on a plane civilian flights have been cance canceled the international community is coming together, but the crisis is fast moving on the ground and many unanswered questions of what happens next for the vulnerable people. >> dan, to your other point. the top headline on cnbc.com is china may align itself with taliban and try to exploit afghanistan's fair earth metals. complex situation. thank you very much for bringing us the latest. have a good day.

let's get a look at the top stories. frank holland is here with those. good morning, frank. >> reporter: good morning, dom federal officials and medical experts are recommending most americans eligible to get booster shots for covid vaccines the official announcement on the matter could come as soon as this week. officials expected to recommend the boosters eight months after americans received the second dose of the shots. the guidance only to pfizer or moderna. sticking with the pandemic mgm requiring covi employees. starting at the end of the month, new hires and salaried employees to be vaccinated it will not impact hourly workers, but it is looking at ways to expand the requirement and berkshire hathaway

filings show adding $1 billion to the new bet on aon. the company buying up kroger shares as well berkshire slashing the stake in gm during that period. that's the latest. dom, back to you >> frank holland, thank you. when we come back, your morning big money movers including roblox taking a dive a similar story for shares of chinese technology companies under pressure again on new regulatory fears you see a late of those things going down we'll go live to china for the latest there. and big morning for retail earnings with walmart and home depot reporting on deck. we have a busy hour eaahd when "worldwide exchange" returns after this break my credit card debt. i needed just one simple way to pay it all off.

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shares up 6.25%. roblox posted a wider second quarter loss and books below forecast roblox saw growth in daily active users and platform that stock up 65% since the direct listing in march. stock three is oatly adjusted loss was better than expected the company is forecasting a surge in revenue as a rise in demand for vegan milk. those shares down 1% in pre-market and tencent music jumping to 66 million subscribers with the bigger music library after the

licensing deals with several labels it is unlikely to have an impact on the online subscriptions. let's stick with those companies. shares under pressure after the chinese market regulator with rules at unfair competition on the internet we have the latest with arjun. >> reporter: good morning, dom these rules span from data usage to fake product reviews. i'll pull out some of the key highlights from the draft regulations. operators on the internet are not allowed to use fake data to fake the number of clicks the piece of content has received. they are not allowed to conceal negative reviews they are not allowed to use data and algorithms to influences

users choices according to the draft regulation the state administration is seeking public opinion until september 15th for this until the regulation is likely to come into effect. what you are seeing here is a continued tightening of rules. particularly around the practices that the government deems unfair in this particular body, the state administration for market regulation released guidelines for anti-monopoly pricing. it has been aggressive against the tech companies fined alibaba $2.8 billion in the anti-trust group now going after meituan. further regulations across the board in china coming fast and bringing uncertainty for the chinese tech stocks. that is why you see tencent and

alibaba lower in trade dom. >> arjun, if you look at this overall crackdown, because that is what it feels like, because thegovernment wants to assert its authority right now. is there any sense what the government wants to do to get out of the spotlight or is a battle the companies want to fight because they want to make headway and negotiate with the government there >> reporter: i think one of the things you have seen particularly over the past month is that technology companies trying to preempt what is happening with the government. whe what you see is tencent bringing more safeguards to protect under 18 age group and make sure they are not bareaking the rules. that is an area the chinese government is concerned about at this point in time

there is also a report suggesting that alibaba and tencent are looking to change business practices that could potentially fall foul of certain rules coming into effect you see the companies trying to tighten data protection. at this point, tech companies are trying to think about what is coming next and preempt the moves with the new policies. dom. >> arjun in china with the latest on the tech crackdown thank you. coming up on the show. a former adviser to jeff bezos saying so long to amazon amid the push into the grocery business details on the high profile departurconge mi up next we're back in just a moment. e and from mochaccinos to merlot, your smile will always be brilliant. crest 3d white brilliance. 100% stain removal, 24 hour stain resistance to lock in your whitest smile. crest. the #1 toothpaste brand in america.

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this machine needs updating... kids don't really have records anymore... but it tastes better on vinyl... servicenow. welcome back to "worldwide exchange." let's get a check of the headlines with frances rivera. >> good morning, dom tropical storm grace hits haiti. it brings torrential rain and strong winds and officials are pleading to take in displaced neighbors. some are living in makeshift tents. the powerful earthquake left more than 6,000 people injured. and intense heat boiling the west coast

the dixie fire in california is the largest blaze on record in the u.s. and has consumed 600,000 acres. it is only 31% contained a new goal post for the nfl. the falcons are the first team to have every player vaccinated. a second nfl team is implementing a mandate to attend games. raiders have announced all an ta attendees have to show proof of vaccination. the city of new orleans announced a similar policy on monday for fans to attend games. the landscape ever changing in the world of covid >> always evolving hard to believe the nfl season is around the corner frances rivera, thank you. still on deck for the show the biden administration digging in amid the fight over oil and gas drielling in the country

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stocks looking at a pull back after the dow and s&p notch record highs

investors ghearing up for th week of earnings with walmart and home depot what to watch in the results. and is the big apple back? one year after the infamous op-ed claiming new york city was dead a look at where life in the city hands. you are watching "worldwide exchange" on cnbc. welcome back to the show i'm dominic chu in for brian sullivan here is how your money is lookin looking. stock futures pointing to loses at the opening bell with the dow implied lower 126 points nasdaq down 46 points. now the s&p and dow posted the fifth straight positive session yesterday. clawing back earlier losses to

post both of them. looking at the stocks in goldman sachs buyback portfolio it out paced the s&p 500 on a year to date basis alphabet, etsy, synchrony financial, anthem, sherwin williams buyback stocks perform in the late summer with the executions that follow the second quarter earnings report. some of the names to watch there and you can read more about it at cnbc.com/pro. let's go worldwide julianna tatelbaum in the london newsroom with the early action in europe.

good morning, julianna >> dom, the early action in europe has been choppy right now, the stoxx 600 is hovering around the flat line. we were trading lower at the start of the session positive momentum building the stoxx 600 down just about 0.06%. to put this in context yesterday, the stoxx 600 lost groundbreaking a ten-day win streak it has been a strong move for the stoxx 600. turning to the regional breakdown. this is the split. we have red for the majority of markets. the cac 40 in france down .40% ftse in italy and spanish market down dax down 0.2%. we have green on the board swiss market up 15 basis points. ftse 100 in uk up 0.1% the stock leading the charge is

bhp. let's take you to that stock we were higher earlier in the session. bhp merging with woodside in the all-stock deal it reported the best annual profit in almost a decade. that news is providing a strong boost to bhp and providing a boost to ftse 100. dom, back to you >> thank you, julianna tatelbaum. let's get more with frank holland and the top stories. hi, frank. >> good morning, dom the biden administration appealing a federal judge decision to block the pause on the leasing of federal lands looking to overturn the ruling from june citing the 13 states saying the administration bypassed certain steps the block on the leases is seen as a critical piece of the

climate change policy. and spirit airlines with the price tag on the the interrupti which cost $50 million in revenue. sep spirit is making schedule changes over shortfalls. shares are under pressure this morning. and amazon's grocery unit vice president is leaving on september 17th wei gao is one of two advisers to jeff bezos is the latest exit amid the leadership turnover dom, that's the latest >> frank holland, thank you. the big week for retail earnings is up set to kickoff with the release of results from walmart and home depot as well. home building and home improvement is in focus for home

depot while ecommerce is important for walmart. for more on what to expect, let's bring in michael lasser of ubs. michael, the overarching question is how are the expectations for the companies entering the earnings season >> good morning, dom expectations is moved up for the retailers. the consumer spending environment is robust. that is key also and it is important to watch how retailers are navigating through the challenging sourcing environment. there is a lot of well documented bottlenecks to bring products to this country from other markets. obviously trying to find and retain talent has been a challenge. those will be the key areas of focus for the retailers and reports this morning >> you mentioned the key points here for home depot, the focus has been on the notion that do it

yourself and home improvement has been a massive tailwind with stimulus the last year how much will investors focus on the idea as the pandemic cools off, maybe do the trends as well with home trends >> it is critical. what will happen is the consumer will redistribute his and her time we have been stuck at home for the last year and a half and more time on our hands we allocated that time to do home improvement projects. as the pandemic goes into the next phase, we will have less time to do the home improvement projects with that said, diy represents 55% of home depot's business that is due in part to what is happening in the housing market

and lack of inconvventory and hs for sale meant consumers want to reinvest in the existing property and strength in the pro market which will be an area that drives home depot to be strong >> as the contractor segment is key for you and others let's turn to walmart. walmart has been doing well. focus on the ecommerce numbers they have been staggering to be fair walmart has beening doing a lo ecommerce. if you look at walmart, is there anything they can say that would maybe derail what is happening? is the growth still there for ecommerce? >> one, we will see a shift out of the ecommerce business back to the stores as consumers felt more comfortable back to public places a channel. it speaks to the robust strength

of the omni channel presence the outlook is important as we enter really key times of the year with the holidays and back to school and having both strong stores as well as strong ecommerce. it should bode well for walmart for the outlook for the back half of the year. >> michael, when it comes to walmart, the comparing to target target stock has nearly doubled over the course of the last year walmart up 14% or 15%. what needs to happen at walmart for them to catch up to what target has been doing in its overall performance? walmart is much bigger, no doubt. what can it do to catch the growth that target has been

getting? >> target has had a fantastic run. some categories that target has moved to apparel and home. they have been doing extraordinarily well in the case of walmart, what it needs to do to catch up or stock to out perform, it will have to have critical drivers like third party marketplace advertising. it should drive outside gains in the post built what walmart needs to show is traction in those areas. that will drive the earnings higher and multiple to maintain at this level. >> two key reports michael lasser at ubs. thank you. coming up, the big apple back from the brink of demise? robert frank looks at where new york city stands one year after the infamous op-ed declared it

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than the pandemic. today is the one-year anniversary since the headline that rattled the big apple and other cities around the country. quote/unquote, new york is dead. the op-ed polarized those around new york as to whether the city would survive and bounce back from the covid pandemic. robert frank has a closer look of where new york stands 365 days after that declaration. robert, for the most part, i did not go into new york city, but have been there a handful of times the past month it should be doesn't seem like it's dead. >> not at all. let's go back to the incredible op-ed a year ago a long time ago. remote work, empty office buildings and boarded up restaurants and hotels and rising crime and taxes would

hollow out the year for decades. he said cities bounce back, but not this time. and jerry seinfeld saying new york sure as hell will be back who was right? real estate sales doubled. rentals up 50% prices when it comes to residential real estate sales are almost back to pre-crisis levels restaurants traffic a year ago down 89% from pre-pandemic levels now only down half of the pre-pandemic levels. subway ridership is up, but half pre-pandemic the residential side recovery is well under way the problem and the engine of the new york economy is office workers. 48 million square feet of empty

office space in the second quarter. rental rates are down 9% from a year ago a year ago, 12% of new york city workers were back in the office. now it is about 25%. that is an improvement, but still way down with the delta variant, hopes for a post-labor day return, are postponed until october. >> here is what i would say. i would say my wife, we he live in connecticut i commute here to new jersey the one thing we noticed on the handful of times i commute to the city versus what she does every day is commuter trains are once again packed. a function of that is they are not running as many trains it seems like a lot of people are coming in from the outlying su suburbs. how long does it take for a lot of folks out there to get back

into the normal commute? we know companies have pushed back soft reopening plans until this fall or next year >> october is the month or mid-october is the day of reckoning. we don't know how many offices will bring people back we don't know how many days those people will be back or how many workers will be remote or permanent or part-time and we won't know how full the commuter trains will be the trains have to be full for them to be economic. if companies have workers back two or three days a week they need all that square footage in midtown we won't know the answer and how

full the trains will be until october. >> robert, in your mind and your opinion, is new york city dead >> not at all. it never will be dead. the question is at what price. never going to be dead >> robert frank, thank you new york city apparently is not dead coming up on deck for the show kari firestone is laying out the stocks she is watching and what is a down day for the markets right now. it started that way yesterday and we ended at record highs we'll be right back after this break.

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welcome back the growing delta variant is providing a hurdle for managers for market head winds seen so far this year. 13 filing are shedding light on the strategies those managers

took we have leslie picker with the latest >> reporter: dom, the economy reopened and fund managers showed the way of trading the pandemic risk. tiger global a tech investor has been buying privately into high growth unicorns it revealed in the report yesterday it was putting billions to work in traditional stay at home names like peloton and zoom video the bullishness on vaccines with boosting moderna and biontech. others like melvin capital with shares in travel names like expedia and hyatt and boosting holdings in live nation. others took to selling of long positions. appaloosa selling alibaba and amazon and facebook and micron

and t-mobile berkshire hathaway, selling down some of the health care names like merck and bristol myers they may have changed in the six weeks since, but it certainly has been an enlightening quarter. it is nice to see where people were positioned during that time. >> leslie, this is a balance sheet look for the hedge funds, they actively traded positions. you never know i get that have there been themes you can take away from the overall season besides the medical side? have you seen those moves that they might become more, i guess, larger scale or longer term in nature >> i would highlight what we saw just in terms of the spac

market special purpose acquisition companies. the first quarter with tons of issuance and dealmaking. in the second quarter, all of the regulatory activity that caused the whole security across the market that take a pause from every stage of the spac process. we really saw that take shape with regard to the 13 f filings. fund managers were in the trade for institutional investors when things were hot in the fourth quarter and first quarter. the second quarter we did see a lot of money taken off the table with regard to spac. a lot of fund managers bought a swath of spac. tiny positions here and there. larger positions with managers over others. >> a lot of big themes for whale watching thank you, leslie.

back to the broader market covid is getting in the way of the stock market the s&p has doubled from the pandemic lows of last march. the 100% rally is the fastest bull market doubling off the bottom since world war ii. let's bring in kari firestone. a cnbc contributor you will see her on the halftime report often times kari, has it surprised you since the market lows in march >> hi, dom actually no. those marlos were very low the market went to seven times ear earnings it was an unbelievable sell off. the market bottomed before many places had shutdown. the market has been grinding higher up 100% at a point where there's now renewed anxiety.

you see this steady march has come with a lot of turmoil under the surface over the past month or so. you have one day where growth stocks are leading the next day, cyclicals are reopening. the next day really fast growing ark invest companies there is struggle because of concerns of the delta variant and can the gdp grow at a level that can maintain the market and this is what investors are concerned about which is why we see a day like today where the futures are awesome. >> kari, i love watching your segments you always have a shopping list. you are scanning it is the analyst in you looking for opportunities. what is on your shopping list these days with markets at record highs >> sure. we feel that you need to own high quality companies that will

bro grow regardless of the environment. think of the inflation those that can pass on cost increases or have a model it to maintain their pricing for example, american express, visa, paypal those companies take a percent of revenue the economy is growing revenue yis going up because of inflation to some extent if we are at home or reopening, those are stocks to own. waste connection has pricing contract built in. more municipal waste because businesses are open. technology microsoft and salesforce nobody knows what they are paying for their outlook that is the business model we think in the environment works she sherwin-williams they can raise prices because of the housing demand paint is a small percent of a

new home or renovation. >> kari, that's the shopping list i have to ask if there is anything worrisome is anything like small caps or transportation stocks a reason to worry >> that could be a worry i think it is because they had a huge run with reopening. now concerns with the delta variant. if we get more people vaccinated, which seems to happen, a record high of 1 million people vaccinated on saturday because people are concerned. if we have an increased level of vaccination or mandates, i think those transportation stocks will go higher. >> kari firestone with the shopping list and thoughts on the small caps thank you very much. see you later on that does it for us here on

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good morning news breaking last night the biden administration reportedly planning to recommend booster shots for most americans eight months after they received their second dose. i did the math coming up, not far for me. chaos in kabul the latest on the taliban con quest of afghanistan and the political fallout at home. a lot written across the board.

a busy day for retail. quarterly results from home depot and walmart and the government's read on retail sales for july it is tuesday, august 17th, 2021 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin. welcome back good to see you. >> great to see you >> great to see you as well. i'm here punchy >> i noticed already going off script a little? >> semi -- to my right and blind spot a little bit punching. long drive asphalt.