for a guaranteed, same-day, in-shop repair. we repaired the chip before it could crack. and with their insurance, it was no cost to them. >> woman: really? >> tech: that's service you can trust, when you need it most. ♪ pop rock music ♪ >> singers: ♪ safelite repair, safelite replace. ♪ it is 5 a.m. here at cnbc. here's your top five at 5. president biden defending the u.s. military withdrawal from afghanistan as he retools decades of foreign policy. out like a lamb. stocks ending on a down note as the s&p does something for the first time since 2017. oil refineries picking up the pieces in the wake of hurricane ida ahead of a busy labor day holiday. apple facing new headaches ahead of its launch of its latest apple watch wearable.

investor appetite for crypto curbs sis going well beyond bitcoin. it's wednesday, september 1st, 2021 you're watching "worldwide exchange" here on cnbc good morning i'm seema mody in for brian sullivan thank you for joining us today here's a look at how stock futures are looking on the first day of september trade here. stocks did close higher yesterday. the s&p higher in pre-market up 17 points the dow up 160 points in pre-market trade we are set to open higher on september 1st. the 7th positive month in a row. this is the longest winning streak since the end of december 2017 we are now 20% for the s&p so far this year. take a look at the nasdaq, a

three-month winning streak some of the sectors to take a look at, it's not just sectors there's the story around oil august was the worst month for aisle since october. wti crude down 6%. trading fractionally higher at $71.79 as we talk about oil versus clean energy, which part will work for investors take a look at tesla it's been down on the year staging a comeback up 7% in the month of august since july you'll see around 8%. to this morning's other top stories. the new apple watch is running into production problems that will likely result in delivery issues they cited sources close to the

matter production for the watch is currently on hold as apple and suppliers address the issues google is pushing off its return to office date until january 10th, 2022 beyond january 10th we will enable countries and locations to make determinations on when to end voluntary work from home based on local conditions which do vary greatly across our office they added employees will receive 30 day notice. pret sold the most coffee and latte sales. they have for the most part returned to the office the transaction included the european headquarters of blackrock, goldman sachs and others is 57% of pre-covid

levels a modest jump in transactions in downtown manhattan sales are back to 1/3 of pre-pandemic levels. in the face of political backlash and a taliban that is celebrating the u.s. removing itself from afghanistan, president biden defending his decision to end the 20-year war and pledging more evacuation efforts on the ground. nbc's tracie pots joins us with thereaction to that speech tracie >> reporter: seema, the war is over but it looks like the evacuation effort is not in that speech the president pledged to bring home every american who wants to come the withdrawal is complete. >> my fellow americans, the war in afghanistan is now over it was time to end this war. >> reporter: with nothing but disabled equipment left at the kabul airport, president biden defends his decision to leave.

>> i was not going to extend this war and i was not extending the forever exit. >> he called the evacuation of 124,000 people an extraordinary success. >> far from a success, this is a fiasco and a humiliating failure. >> despite the president's promise to get everyone out, up to 200 americans were left behind. >> for those remaining americans, there is no deadline. we remain committed to get them out if they want to come out >> reporter: but working with the taliban is an unknown. a taliban spokesman said they want good relations with the u.s. >> they're going to have to earn everything from the international community through actions, not words >> reporter: critics worry they will provide a safe harbor for terrorists. >> we're less safe from this self-inflicted wound. >> from the president, a stern warning. >> to isis k, we are not done

with you yet >> reporter: a war ended the mission of keeping america safe and getting americans home, still ongoing. and that will now be a diplomatic, not a military submission an tow any blinken said the efforts will be out of the u.s. embassy in doha. >> some of the meetings are starting i'm curious, tracie. this group wants to be desperately recognized as a legitimate government. they want to work with the u.s. and we still want to understand their connection to the isis terrorist threat that killed 13 u.s. service members last week >> reporter: right that's a concern they are rivals, but at a rally yesterday in one of the provinces in afghanistan one of the speakers praised the suicide

bomber, the isis k suicide bomber that killed 13 americans at the airport last week so it is going to be critical for the u.s. to understandthe relationship between the two because inasmuch as they were rivals, they do have some common interests in afghanistan certainly the reason we were there for 20 years is because the taliban has a history of harboring terrorists >> it certainly does we will watch to see how this relationship develops over time. tracie, thank you. tracie pots in d.c. turning to markets now with futures indicating a higher open on september 1st s&p 500 rounding out the seventh straight positive month in august the question is what happens in september. let's bring in lindsey bell. a cnbc contributor good morning your first trade today on the first day of the month >> yeah.

i mean, when you think of september, it really is the worst performing month of the year after we had, like you just said, seven months in a row of positive performance very long win streak for the market it's natural to get a little bit nervous, especially when you look at the backdrop we were entering you have an excellent earnings season for the s&p 500 which was a positive as we look forward, there's a lot of things that could tleed a rockier road, most of them driven by events in the road we've got a spending package 3rks$.5 billion sna needs to be passed there could be a potential government shutdown. you have the potential reappointment of fed chair jay powell there's a lot on the table that could move markets especially

since august is historically the third worst month of the year. this month might be rocky, but we're still optimistic about what the end of the year could bring. >> some concerns now around the state of the u.s. consumer, lindsay. the conference number is dipping to a six-month low it comes after retail sales moved? could this have a broader effect on the market? >> yeah, it what we recently gg got, you can see the consumer is becoming more cautious and it dovetails with the increase in delta cases. i think it's an emotional impact that you're seeing in the consumer when you dig into the data deeper into some of the internals within those reports, for example, the conference board, consumer confidence, you

saw the jobs, jobs are plentiful versus the jobs are hard to get reading. that really remains a historical high level we get the august jobs report on friday which we'll be watching very closely i'm optimistic that the consume mer is doing well. we have at the end of this is the removal of unemployment benefits so we have to keepa close eye on the consumer but i'm optimistic level prepandemic it still remains in the consumer. >> what do you make of walmart announcing it's going to be hiring lots of people for the holiday shopping season, is that a kind of confidence that retailers see demand growing despite this concern around the delta variant and the consumer

getting a little bit more cautious as you just said? >> yeah, no, i think that's a positive sign. certainly if a retailer like walmart is making preparations like that, you can read into that as a positive the savings rate still remains extremely elevated deposits at banks. they've come down a little more recently but still also very high historical levels, our financials are pre-pandemic. given last christmas was smaller, people want to make up for it what are inventory, pricing and overall the consumer is excited to have what could potentially be a more normal holiday season this year. >> thank you for joining me today. lindsey bell. >> thank you. when we come back, after

snapping a four-month winning streak, oil looking for a rebound as opec holds a key meeting today. what's ahead next. plus, your big money movers of the morning we know you love this segment. this stock specifically is up 16% in pre-market. the name we will reveal next what's at stake for robinhood as the sec reveals what could make money. a very busy hour still ahead here on "worldwide exchange. unlimited 2% cash back. this is the card built for... ...real life. (dad) she's gonna be a drummer. (cashier) yeah she is. that's gonna get loud. (dad) right? (vo) the new wells fargo active cash visa credit card. unlimited 2% cash back on purchases. that's real life ready.

let's take a look at oil prices recovering today after plunging in the month of august there's new industry data that shows u.s. crude supplies fell more than expected last week they follow losses from the impact of hurricane ida. traders tracking the opec meeting which begins at 11 a.m opec, russia, other allies are sticking to plans to add 400,000 barrels a day to the market each month through december let's talk about this and more with the head of oil markets at wright side energy your thoughts on opec today? this is a group that tends to over promise and under deliver should we expect action? >> i think it's fair to say the market expects this to be the ratification of their plan of bringing back 400,000 barrels a day of supply also for october

so this could be a non-event at the end of the day, but the market is trading higher and i think we're seeing, you know, a little bit of there classical pattern and if the decision actually is to just ratify a $400,000 supply increase next month we could see a slight pressure downwards of the home price after the fact. >> we talk about supply getting constrained. you have tropical storm ida and geopolitics yet oil prices slid in august by around 7%. why do you think that was? >> that was driven by concerns that, you know, these variants that we're concerned about now, the delta in particular, was not going to be handled very quickly, for example, in china in particular. so they made a very quick

lockdown of the economy. the market was expecting pricing in weaker than expected demand. asia ahead some of those concerns have dipped and the market is focusing on a recovery, recovering from here but of course not without risk. >> you file oil very closely how are you thinking about afghanistan? is this an isolated risk or a larger geopolitical risk >> i think it's not important at all for the oil market in itself, but i think we need to pay very close attention to the negative power vacuum or power struggle in the region here.

then it could potentially lead to changed environment basically in the reason gone it's a bit too soon to say i was sort of influenced other powers such as the united states may have in the future of the region. >> we're watching ida very closely. there were analyst estimates that gas prices could rise as much as 10%. what are you forecasting >> yes, the net effect basically on our supply and demand is a little bit different from the crude side of things versus the product markets and to end use fuel demand, for example, gasoline so the way we see it now and also supported by the department of energy's own assessment is that refineries are a little bit

more down and will be down by a slightly longer duration than the gulf of mexico oil production it's a net positive effect on crude in itself but mostly a positive effect on gulf of mexico like crude. it's gone negative for the wti on shore but gasoline, of course, since refinery production is down much more than the end use demand, gasoline prices will stay somewhat supported. >> thank you for joining us today. have a great day. >> thank you. >> still on deck, why investors say bitcoin is so 2020 and it's getting all the love and attention here in september. back after this.

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are you up early trying to figure out what stocks are on the move here it is four stocks you should be watching in today's trading day. we're going to kick it off with anaplan. this is a cloud computing firm reporting results ahead of estimates. the firm hiking its outlook for the year, take a look at anaplan. shares up 15%. let's turn to cybersecurity. crowdstrike under pressure despite reporting results that came in under analyst

expectations reporting earnings of $337 million. down about 3%. shares may be down but crowdstrike is a standout standing about 11% it wasn't the only one there is sentinelone and seeing 15 to 30% in august respectively shares of ambarella up, products from apple, gopro and shares are up nearly 8% let's talk retail, pvh on deck, owner of american apparel, tommy hilfiger and calvin klein. topping estimates for the last recent quarter they say north american sales are expected to remain

challenging as tourism levels continue to lag pre-pandemic levels the company did issue strong third quarter guidance on earnings andrevenue. market is responding the shares are up about 7%. let's also get a check on this morning's other top headlines. nbc's frances rivera with us. >> hi, seema good morning we begin with the search and rescue mission underway in california after a navy helicopter crashed off the coast of san diego six service members were on board. one crew member has been rescued. their condition is unknown at this time. the search continues for the remaining five the chopper was assigned to the "u.s.s. abraham lincoln. now to the devastation in louisiana left in the wake of hurricane ida. this new drone video of grand isle shows the utter destruction. the first rescue crews finally made it to the island and they reported back it is completely

uninhabitable. texas has sent the sweeping voting restrictions bill to the governor's desk ending a months' long battle to the governor. it will prevent voter fraud while democrats have said it is jim crow 2.0 one of tennis's top stars was tested by a teenager novak djokovic dropped the set to 18-year-old hulger roon djokovic rallies to win his match in four sets earlier in the day maxime cressy made waves those are your headlines this morning, seema. >> i watched that djokovic match. stayed up way too late there was a moment where a lot of people thought this 19-year-old was going to win and beat djokovic in the first round which would have been a huge

upset given that nadal and federer are not playing. djokovic pulled through. >> we would have remembered that teenager's name now, too, would have been more of a household name. >> frances, great to see you thank you. >> sure thing. straight ahead, we're going to talk bourbon. bourbon, scotch, beer. cathie wood has a new etf. we'll be back with those details.

good morning welcome to september futures pointing to a higher only which is historically the worst month for stocks hurricane ida, the area under a flash flood watch and threats of tornadoes as the storm has more. what's in search finding what investors are asking for cryptocurrencies. this could talk about where currencies are heading wednesday, september 1st, 2021, you're watching "worldwide exchange" on cnbc. good morning welcome back i'm seema mody in for brian sullivan we are up pretty size bring here in extended trade. the dow jones industrial

indicating a higher opening by 141 points nasdaq up about 22 points and s&p up 15 points for the month of august, the two best performing stocks on the s&p 500, check it out, penn national gaming and etsy two companies that have been betting on the return and the rebound of the u.s. consumer penn national up around 19%. etsy seeing gainsof 18% after better than expected earnings. on the flip side two of the biggest laggards include perrigo and general motors how do stocks stack up against the rest of the world? pretty well, actually. outperforming emerging markets with the exception of one market here we have it. it's india jumping around 8% just in the month of august. you see for the year up around 47%. also seeing a rebound in the number of ipos that's fueled a lot of investor

optimism finally going public. speaking of global markets, let's head to london and check in with my colleague julianna. >> seema, good morning european markets are firmly in rebound mode after a down day. every major region is trading higher pretty sizeable gains in the first couple of hours of trade the first day in september, the cac 40 up over 1%. particularly strong performance. italian and spanish stocks performing quite well. investors digesting the final manufacturing pmis for the month of august. strong numbers for the euro area as a whole a touch lighter than the flash estimate still we are looking at strong growth in the manufacturing sector the recovery still going pretty well from a sector perspective this is what the sector looks like. leading the way is travel and leisure up nearly 2% as we discussed earlier in the

week, seema, the travel sector in particular airlines got hit pretty hard from new guidaguidae we're seeing a bit of a bounce back which sold off earlier in the week retail up 1.7% utilities three sectors trading in the red, autos, chemicals and basic resources. >> love it, julianna thank you. back to markets. after seven straight months of gains, the markets may be facing risks that make september live up to its reputation as the worst month of the year for stocks they include politics, fed tapering and the continuing spread of the delta variant. the s&p 500 has been positive 45% of the time in september going back to world war ii with an average decline of half a percent. even with these looming concerns, tom lee says he thinks the gains continue and that the s&p could add as much as 100 points this month.

>> i'm in the camp that september probably surprises people because even though the seasonals, say, were down in september, whenever the market's up greater than the first half, september is one of the strongest months there's a lot of things to worry about. >> let's discuss with jeff hirsch jeff, i'm curious what camp you sit on which side of the debate do you sit on some people would say, history, you shouldn't bet against it september is not a good month for stocks do you agree with some of the bulls where you say this is a market that has more room to run? >> i'm more on the bullish side. there's one thing that trumps the history of the seasonals and that's the fed we put a big in the new upcoming

almanac. don't fight the fed. so i'm there with tom. he does great work but we're looking for a pause correction i couldn't see much more than 5% or so. we're pretty bullish for year end. seasonals are part of what we do but the money's flowing pretty wide open from the spigot from the federal government and the fed. seasonals pause but there's so much behind the delta variant. it's there but the vaccines are also there and until we really hear something from the fed dictating that they're going to tighten it, i think therally goes on. >> do you just hold steady are you making changes to your portfolio? what are the best places to invest on the first day of the month? >> it's not only the first day of the month, the third day before the labor day weekend which is the stronger of the

days leading up to labor day the last gasp for summer wednesday's a bit better up 75% or so the nasdaq up 2/3. the dow on the wednesday before labor day. we're waiting for our seasonal high signal. we've been a little defensive as per historical seasonal trades we'll be getting into most of the growth sectors we're sitting tight waiting for the market to pause and give us a little bit of a technica signal going higher. some of the technicals, market internals are a little bit concerning we're going to be a little bit patient and wait for the market to tell us when the rally is ready to resume in earnest for the year-end dates. >> oil which is, you know, has an effect on consumers, has an

effect on inflation. we want to understand where the inflation story goes in europe, it's what the wall street journal editorial board is talking about this morning in its op ed about how u.s. inflation prices, conflation isn't worth watching but in europe it's worth watching how closely are you watching inflation there? >> it's not something we're watching so closely. we're looking more at the consumer sentiment it's weaker. the u.s. still drives what goes on in the u.s. marketplace not as much as it used to. again, we're bullish it continues for a slight pause. europe's been lagging for many years to the u.s. and u.s. has a big, incredible rally, one for the record books i think u.s. market's in a place where tech stocks go forward

especially once we get a technical signal out for october for the best six months going into april, may. >> the market seems to be brushing off the symptoms. dow up 147 points here at the open jeff hirsch. >> thanks for having me. let's turn to another big story. shares of robinhood still reeling this morning down 10% in the past week on news the sec is considering banning a key money making practice for the retail trading firm and that paypal is exploring ways to let users trade individual stocks but my next guest says the regulatory road ahead for robinhood and the sec is far from free and clear joining me is the ceo of loeffler acquisition group. >> thanks for having me. >> we heard the comments from gensler. payment for order flow it has a, quote, inherent

conflict of interest your response? >> well, i think that's right, seema. this is a practice that's happened for a long period of time robinhood came out with its business model and basically said payment for order flow would be its primary revenue driver and that that's what they're going to rely on going forward. you have individuals, you might recall back in 2014 i think it was when watch boys came out there was watch around payment for order flow and what was happening in the system. this is all part of the market structure and what sits behind the amazing execution quality, the speed with which trades are executed, the enhanced receipt of what's known as price improvement by the retail trader so this is part of a bigger system and really would need to be looked at if there's going to be some kind of a ban or something to just pull down one lever of stopping payment for order flow. >> how big of a threat could

this be for robinhood's business shares are down and clearly investors are taking note. >> it's interesting, actually, with robinhood and what's gone on they've proven to be extremely resilient. they've faced a number of bumps along the way. they've had capital issues and claiming specific insurance and protection around counsel they've put in each time they've found spac and gotten smarter and stronger going forward. would this be a hit to their business model of course it would it's their primary revenue source last time it was 80% of the overall revenues this could be a big hit to their bottom line. the entire industry has relied on or otherwise received payment for order flow as part of the current market structure and the current rules of the road, if you will, for the past numbers of years so this would be something the entirely market would have to adopt to and sort of make their changes, whether that be through a subscription model, a tip model

there are a lot of different ways to continue to drive revenue. i just think that this current structure actually has provided retail trader, retail investor with the best execution quality they've ever seen. >> to robinhood's credit, it's done a great job of getting millennials to trade that's a great user base the talk about paypal entering stock trading. how do you see the story playing out? >> with my new hat, looking at a number of great finteches. we've seen new market entrants into the brokerage space and providing those services to consumers or market entrants learning how to do investor trade. i do anticipate continued competition and consolidation into this industry in particular with paypal any time you have

the big gorilla in the room come to trade or bear, you have to rise and take a look paypal would need to prove itself as a market participant or someone to drive retail trades through its otherwise payment platform so i think robinhood has already proved itself and it's an acquisition machine. now they need to figure out how to monetize their customer base. paypal is looking at it as more of a diversification of revenue streams and providing additional financial revenue systems. i think paypal is the one that has to prove how to convert the user base and have the user base convert them robinhood has that you're going to see continued competition. i don't think paypal is going to be the sort of death nell of robinhood. they're going to have to keep a watchful eye. >> you could look at paypal's success with bitcoin and

developing that bitcoin platform and say we can do the same thing with stocks. paypal with $340 billion company. carle, really good to see you this morning karl roessner. coming up on "worldwide exchange," investors getting much more savvy about cryptocurrencies the questions they're asking could talk a lot about the future price performance first as we head to break, some of your other headlines. walmart is looking to hire 20,000 permanent workers for a supply chain operations ahead of the holidays the jobs include positions such as order pickers, freight handlers and forklift operators. separately the retailer announcing it will offer grocery deliveries in parts of new york city through instacart southwest airlines pilots are suing the company saying they're making changes without negotiating with the union.

cathie wood is preparing a new etf on transparency. we'll follow an index that excludes alcohol, banking, oil and gas. the majority of the etfs will be tech and consumer names such as salesforce, microsoft, apple, chipotle interesting there. we'll be right back.

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cleanup from hurricane ida, the east coast is preparing to deal with the storm's remnants. new york, connecticut are under a flash flood watch and tornadoes are a possibility. nbc's bill karins joins us bill, tornadoes? >> yeah. this is going to be one of the more dangerous days we've had in a long time in the northeast let's get into it. you can see all of the heavy rain on the radar. moving through west virginia, pennsylvania, now moving up towards philadelphia rain has begun in new york city area the remnants of this storm is just going to give in. all of that moisture is in a washcloth and going to get squeezed out in pennsylvania, new york, new jersey, pennsylvania 63 million people. this is what's pretty rare we're in what we call a high risk of flash flooding and that's 19 million people from new york city through the cat skills through the poconos, central pennsylvania through connecticut. some of these areas got about -- a ton of rain, 8 to 9 days

the ground still kind of soggy this is going to run off quickly into all of the streams. the predictive rainfall totals in 24 hours, anywhere between 3 to 5 inches. isolated areas could get eight inches of rain if this happens in the poconos, cat skills, hudson valley, western connecticut, that's extreme runoff into streams. the rivers are going to flood. obviously a dangerous day. on top of all of that, just to the south of where the heavy rain is, watch out for philadelphia, baltimore, d.c., coastal sections of new jersey and maryland, delaware 43 million people at risk. we have a chance of seeing tornadoes, maybe significant tornadoes later on this evening. keep an eye to the sky pay attention to your weather. >> we will appreciate your forecast there bill, great to see you there bill karins. august was another wild month for cryptocurrencies, but a lot of the action was not in the most popular and widely held digital assets crypto investors and traders

have found a new set of coin to play with. investopedia joining us. what are investors looking for and how has that translated into price performance. beyond bitcoin, caleb, what are people buying? >> so good to be with you, seema. we've seen so much promiscuity on the part of our readers in the past month we're always curious about what they're curious about. their new queries about different types of coins and different types of ways to invest in the blockchain have really revealed a lot to us. cardono, very popular coin blockchain platform has the ada token. very popular among our readers who are interested in investing in that. looking at blockchain etfs which ones are the best to access interested in dow, the

decentralized awe tonneau moss organizations. they're interested in ethereum's gas and ethereum qgwei a lot of people are still involved in bitcoin and ethereum and other popular tokens and it's become much more widespread. >> are people getting bored with bitcoin and want to diversify? or is there something more appealing to the cryptocurrency investor >> i think it's all of the above. i don't think they'll ever tire of bitcoin they're there forever. they're holders forever. i think they're looking at what's being developed outside of bitcoin i do think, seema, some people are interested in the energy consumption that bitcoin does require to develop if you are looking at gwei or gas, you're looking at modeling and measuring how much energy it

takes for the tokens there is interesting technology outside of the blockchain where investors can get access to it. >> whether it's bitcoin or another cryptocurrency, they all face the same risk which is sec, the prospect of more regulation. we had those comments on tape from gensler yesterday is that something that investors are telling you is top of mind >> yeah. absolutely so we follow that very closely they're very curious about regulation around crypto around what might come from the sec or other regulators they're curious about hacking into the safety of bitcoin we have a lot of queries about what's the best wallet, cold storage, have their separate wallet is it hackable people are interested not just folks in it for a while but new investors looking around the ecosystem and how safe is it and which ways to access it. >> volatile start. bitcoin up 14% in the month of

august trading around $47,000 we'll see if we can get back up to 50. caleb silver great analysis. coming up on "worldwide exchange," september is historically the worst month of the year for stocks. you know that, but does history repeat itself? we'll talk about what the fall of 2021 might have in store for industries my credit card debt. i needed just one simple way to pay it all off. it was an easy decision to apply with sofi loans, just based on the interest rate and how much i would be saving. there was only one that stood out and one that actually made sense and that was sofi personal loans. it felt so freeing. i felt like i was finally out of this neverending trap of interest and payments and debt. ♪♪ lively hearing aids have been a game changer for me. the process with lively. is insanely easy, you take a hearing test on your computer

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september trading kicks off today after the s&p 500 notched its seventh, seventh straight winning month in august. that means the index has closed up since february of this year after a volatile start to the year, all of the fang stocks rebounding big in august amazon up around 5%. netflix seeing a gain around 10%. google up 7.4% joining us is brian leavitt from north america. brian, good morning. >> good morning. >> let's first talk about these

google stock the fang names had a rough start to the year. now the outperformance in august how do you size up valuation and pretty commendable that even in the face of antitrust concerns these stocks have outperformed >> yeah. i mean, earlier in the year it was all about reopening, recovery in the economy so names that have done incredibly well in a slow growth environment and even shutdown in large segments of the economy have lagged we've seen what's happened in more recent weeks where you've seen slowdown. you have concerns about the delta variant and the slowdown in some of the reopening in the united states and so those names that are structurally vantaged, the big free cash flow earners are again outperforming. valuations are elevated compared to the broad market, but i don't think that it's anything particularly ominous they're far surpassing that of

the broad market. >> do you think the rebound in technology that we saw in august, some of that has to do with the selloff in chinese tech stocks amid the concern around regulation and what the government is trying to do there? >> i mean, people will look to the united states and china for structurally advantaged businesses and to the extent that the chinese regulators are getting -- are obstructing some of that structural advantage in china, presumably it makes advantage that some of that money starts to find its way back into the united states. i would say it's even less about china and more about investors' expectations for future economic activity the whole recovery reopening trade was all about a reversion to the mean. if you were going to extrapolate that forward, you would have to believe that the economy is moving to a new, higher sustained level of growth. i always thought that was an over statement so it's investors recognizing

that the recovery and reopening was bound to happen and it was quick and -- but whether it was sustainable to move to a new higher level of growth was probably unlikely. so it can moderate at a reasonable growth level that structurally advantaged growth companies should outperform. >> if that's part of the case, is it the cruise lines, casinos, retail where would you put your money >> i think you'll have another leg of it at some point. right now what we're dealing with is a slowdown or market's expectation of a slowdown. so that's rates lower, growth stocks outperforming i think you'll have another leg of the recovery trade and that includes everything you've talked about whether it's airlines, cruise lines, even financials and energy which will do better in a better growth environment but it's going to take time to get there because of the challenges of the delta variant and you're seeing some slowdown already in the airline,

restaurant, reservations, hotel bookings which was bound to happen in the near term, you know, the stocks are outperforming we'll have another leg of this value trade, this recovery trade, but i don't think it's sustainable over a multi-year period. >> names like carnival up in august certainly working. brian, great to see you. brian leavit, that does it for us here on "worlidexan."dwe chge i'm seema mody thank you for joining us "squawk box" is next and there you have it— -woah.

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good morning stock futures are higher to kick off september after solid gains in august. we have a rundown of the biggest winners. plus, we're watching crude prices capacity coming back online in the gulf and opec and its allis

preparing for a closely watched meeting later today. and cathie wood buying the dip. reviewing some big purchases of zoom as well as robinhood. details straight ahead wednesday, september 1st, 2021 "squawk box" begins right now. good morning welcome to "squawk box" here i'm becky quick with joe kernen. andrew is on vacation this morning. equity futures are higher. i don't know if you were watching yesterday, joe. we didn't see new records for the s&p and nasdaq it would have been the 13th record for the month for the s&p. fell just short of that. stocks didn't fall by too much the s&p down by 6 points were you watching the nasdaq it was down by