♪ ♪ welcome to allstate. where everything just seems to go your way. ♪ ♪ you're in good hands with allstate. click or call for a lower auto rate today. it is 5:00 a.m. at cnbc headquarters here is your top five at 5:00. stock futures are flat this morning, but the major averages are on track to turn in a positive week. a former boeing pilot reportedly set to prosecution in a 737 max probe. fda panel meeting today to discuss the pfizer covid vaccine booster. and vietnam has become a major player in the textile and manufacturing business, but now companies are rethinking their

exposure to vietnam. we'll explain. plus, the end of the era sears is shutting down its last store in its home state. it is friday, september 17th, 2021 and you are watching "worldwide exchange" here on cnbc good morning happy friday welcome to the show. i'm dominic chu in for brian sullivan let's get to the markets stock markets are indicating a higher open. the s&p up by one point. a muted move going out to the week treasury yield the 10-year note is ticking slightly higher. 1.34%. the 2-year note is .22% on that trade.

you see the curve higher in terms of interest rates. in energy prices, we are watching, of course, what is happening with crude oil prices have been ticking higher. today, we are seeing 2/3 of 1% decline in benchmark crude ice brent crude is $75.32. .50% down. and natural gas is cooling off down 1%. on the gold trade, the buy and dip mentality. $1,766 is the last trade for gold you can see that near term down trend over the last couple weeks for gold prices. cryptocurrency we are watching bitcoin hovering around below $48,000 .75% on the upside

ethereum down by 1%. $3,536 is the last trade now to the overseas markets. joumanna bercetche is standing by in our london newsroom. joumanna, good friday morning. >> good morning, dom we are ending the week in a positive tone. you see european forces ending in green territory this after quite a volatile start at the beginning of the week the ftse 100 in uk is up .40%. this despite weaker retail sales data the fourth month in a row that the retail sales disappoint. that being said, a lot of names are brushing off that information. we have travel andstocks on top. all eyes on that in the uk cac is up in france. some of the luxury names are

perf performing we have the federal elections coming up in a week's time that will determine where that goes in terms of sectors, this is the breakdown. every sector is trading in the green. retail at the top. brushing off that weak uk retail sales data travel and leisure up 1.6% it is a positive trade session across the board one stock in particular that we are watching closely and interesting story that popped up overnight. activist invest or cerberus with a 15% stake in commerzbank it already has a 5% stake. if they buy out the german stake, it raises it to 20% so far, no comment from both

parties. you see the positive reaction today. dom. >> joumanna bercetche live in low london thank you. now for the top headlines. we have kristina partsinevelos with those good morning >> good morning, dom a former boeing pilot is expected to face criminal charges for misleading regulators about safety issues blamed for two fatal 737 max crashes. mark forkner was the technical pilot when the plane was being developed. now to the fight against covid. a committee of outside advisers to the fda will meet to discuss a booster dose of the covid-19 vaccine. a vote is expected late this afternoon. as meg tirrell has been reporting, there has been a fierce debate even within the agency if boosters are needed at all. in asia, the shares of the

evergrande group tumbling again with the giant on the brink of collapse the company with $300 billion in debt evergrande is so big that the failure to ripple the economy in china and outside that market. and evergrande should not bet on a government bailout saying it is not too big to fail dom. >> big deal in the chinese real estate markets kristina, thank you. let's get back to the u.s. markets. futures with a more muted open dow jones industrial average implied higher 30 points we have tiffany mcghee with me tiffany, is there a catalyst that you are looking for to propel the stocks higher or are we due for a longer period of consolidation? >> what a good question early in the morning, dom

how are you? listen, we're in september which is historically the weakest month of the market. coming off summer and really going into fall. again, we really haven't had a correction or anything close to it all year. even before. since last fall. we expected the ride to get more bu bumpy. in terms of where i see opportunities, there are these glimmers of really, really strong resilient areas of the market you mentioned luxury retail earlier. european reporter on the european markets mentioned that. that is an area i like a name i like is capri holdings. it owns versace and michael

kors they reported quarterly. they are up 178% year over year. the second category i like is the so-called stay at home sto stocks we have talked about that for over a year. the stocks that are supposed to not do as well we were supposed to switch to reopen mode. we are in reopen mode. some of the names which are adjunct luxury rh very expensive luxury store. you look at the revenue compared to last year up 39% year over year. last year, when everyone was staying home and buying furniture, that was the time to shine. we are seeing it out perform margins up 49% really crazy they have lots of runway another name i like in the

luxury category, the expepensiv lovesac. they sell a $1,500 bean bag chair. it is still $1,500 sales are up 65% year over year. >> tiffany, i wonder you reeled off the consumer names one of the big parts of the consumer narrative is stimulus checks and government stimulus and help that has been going on the last year driving consumer spending is that worry that the spending starts to tail off a little bit as the aid starts to end look at yesterday's retail sales data it wasn't terrible, but shows a moderation happening right now >> yes, i think we're talking about two kinds of consumers in the pandemic, a lot of people

that were out of work and a lot of people that were really struggling there were a lot of people that weren't. people able to work from home and get the same paycheck. we have a lot of people who changed jobs and start new businesses everyone is not in that category certain brands of retail were still doing very well. the brands with pricing power and your really high-quality brands that people come to love. este lauder in that category, too. we have seen this flight to quality in terms of products for the consumer i'll throw another one out there. here is a good example we don't talk about it in terms of luxury. but liululemon they sell leggings for $100. we are seeing their numbers killed it. i don't see it i think we're talking about two types of the market.

>> okay. the luxury side of things are on the one hand the approach you are taking implies the lower to middle side of things is going to under perform. we're talking about the family dollar and dollar tree and walmart and consumer staple names that have been a beneficiary during the pandemic. do we focus from the investment from luxury and leave everything else by the wayside? >> i think there are a few things working in retail i don't think you can paint everything with a broad brush. luxury is working. i think consumer staples are working, too target or walmart. when you actually mentioned the discount places. we're seeing certain discount shops, dollar general, dollar tree, a couple of names in there. it is hard to do really well

right now if you don't have an online presence. with some of the stores that are located in certain areas where there are possibly food deserts or not a lot of competitors, they are doing well. for others without an online presence and areas with competitors, they are not doing well in that discount area, you have to cherry pick and see what is working. consumer staples i do like for instance, clorox you could consider a staple. that is not -- we see how clorox is doing right now you have to look at these individually i say the luxury names with pricing power are doing well >> all right consumer staples trade is a focus. tiffany, we appreciate it. when we come back, the big money movers and the big deal in the asset management business.

plus, we talk about china all the time, but vietnam is a very key manufacturing hub for many u.s. companies. only there are a few problems brewing across the pacific we'll explain. stay tuned a very busy hour when "worldwide exchange" returns after this commercial break

welcome back to "worldwide exchange." time for the big money movers. three stock stories of the

morning. invesco in talks to merge with state street's asset management business state street asset unit manages $4 trillion in assets. it has a big etf business and overseas is $1 trillion in a asas assets shares of diamondback energy oil and gas company says it will accelerate the plan to return 50% of free cash flow to shareholders in the fourth quarter of the year. finally, coupang sold 57 million shares in the south korea e-tailer it has a major stake in coupang. you see the u.s. listed ones unchanged in the pre-market. in the global story now.

we all know china has become a big manufacturer around the world. vietnam is a dominant player in the textile and garment business emerging from a two-month covid related lockdown nike and adidas warned of the impact on inventory. apple and amazon delaying production shift from china to vie vietnam. the reopening is not quick and the challenges of the current delivery of footwear in the u.s. are mounting we have more on the tail of the trade with lori ann larocco. we looked at vietnam as the savior of the supply chain. now it is unreliable >> that is correct, dom. vietnam is the third largest

producer of textiles and ga garments in the world. the vietnam textile association estimates 35% of the garment industry has been shuttered. trade is a forward looking indication of the country's health and company supply chain. using nike data, you can clearly see the impact of the lockdown which began on may 31st. the imports you see coming in were made before the lockdown. as the lockdown has progressed, import volumes will drop and have dropped even if the lockdown which expired at the end of the month, manufacturing will still be an issue. here's why during the lockdown, 20,000

workers have left the city to go back to their hometowns. export officials are saying tens of thousands of workers are currently stranded in the neighboring provinces and cannot return to work this is where the investment comes in investors of the companies nee to expect low manufacturing output which means less future product arriving on the shelves for the holidays we are seeing that now with a drop in volume of vietnamese imports arriving into the united states in the next seven days. unfortunately, the bad news does not stop here. the congestion at the ports will further delay product arrival. to understand the delay, check out the shipping vessel "the edison." she left vietnam on august 9th

for the port of l.a. carrying 497 nike containers it arrived on the port on august 27th she was anchored for 12 full days "the edison" started unloading on september 8th which took eight days she left, finally, last night. there are now currently 63 ships anchored off the port of los angeles as we speak. what is all this congestion mean money. vessels sitting at dock or anchored offshore means money. if you want the product in and out of ports in a day of two in the end, dom, this congestion was thrown off the entire global supply chain back to you. >> lori, how long do we

anticipate the manufacturing will take to get back under way? >> well, i've been speaking with my contacts over in vietnam. cycle logistics is expecting two months for the folks to come back to fill the warehouses and start making everything. it takes about a month in general for warehouses to come up remember, you've got that delay. they are opening up the warehouses they are getting the dust off the shelves, right they have spring items they have to rip that off and start making winter items. we are looking at product coming in maybe at the very end of december or early january of 2022 >> a big deal for sure on the shipping side. lori ann larocco, thank you. coming up, the top trending stories and the solution for the pesky problem of ketchup stuck at the bottom of the bottle. it's trending.

stay tuned >> announcer: today's big number $107.7 billion that's how much more higher gas prices are costing u.s. households annualized compared to last year according to research by morgan stanley. that represents half of personal disposable income. >> announcer: this cnbc program is sponsored by ibm. the world is going hybrid with ibm.

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welcome back to the today's top trending stories which include more shuttered stores for sears and a ketchup contraption and something fit for a silly old bear kristina partsinevelos is here with us. i can't wait >> sears is closing the last remaining store in the home state of illinois. it will shut down for good on november 14th. three years after sears filed for chapter 11 bankruptcy. the company had 700 stores at the time of the filing if you ever struggled with the tiny little ketchup packages and your teeth are not strong enough, heinz has a solution p packet rollers you can squeeze out the ketchup

inside the $5 contraption is equipped with a key ring for port ability. the 100 acre wood is taking guests on the winnie the pooh air bnb is england it has cupboards stocked with honey pots it is available in september and for uk guests. back to the markets. a check on the top trending tickers on cnbc.com. the 10-year and tesla and palantir and alibaba dom. where do you start >> i don't know. the tickers.

interesting. i like at them every day it is crazy to see how many people have interest in a certain number of stocks apple is always up there tesla is always up there i like to go back to the ketchup packet story >> okay. two things amc's ceo was on "fast money" last night now the ketchup roller >> it is $5. this is a marketing ploy, right? is there a market for people who want to go out and spend $5 to get that last ounce -- i shouldn't say ounce in the packet >> that is what you use with your mouth you suck it out. >> you roll it up and squeeze o out. >> this is a great gag gift. i think it is branding if you put it on your key chain,

it is branding for the company will you carry it with you is it going to fall in the bottom of your purse with all your other stuff >> i guess the fact we're talking about it means it's working. >> i was in the cafeteria and i could not open up the mayo packet for my fries. they're harder. >> i'll show i'll get a packet and show you >> we're busy this morning kristina partsinevelos, thank you very much for that see you later on let's get a check on the other top headlines. phillip mena is in new york. >> dom, i enjoyed that ketchup talk the ohio congress member anthony gonzalez voted to impeach president trump after the january 6th riot he decided not to run in 2022. gonzalez has two young children.

he said family considerations and the quote toxic dynamics in the republican party were the factors in his decision. heavy downpours drenched the d.c. area. all that water caused flash flooding during the evening commute. some roads, including i-95, were under two feet of water prompting rescue for people trapped in vehicles. others in this intersection in virginia went for a swim in the street ed into waflood waters were so high, dams were overrun. the government is sending $568 million in reimbursement checks to 31,000 investors of bernie madoff. it is part of the victim fund set up in 2013 that fund has over $4 billion. madoff died five months ago behind bars. that is the headlines for this morning, dom back to you.

>> thank you have a nice weekend. a big fda meeting today on covid boosters we talk to an expert over what is at stake and if boosters are actually needed. if you haven't done so, follow our podcast if you miss "worldwide exchange" check us out on podcast apps we'll be right back.

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good morning searching for direction. futures are flat as wall street looks to end a quietly positive week for stocks. the fda in focus a big meeting today on the topic of covid vaccine boosters. we're talking taxes and the big question on investors' minds. should you sell your stocks or property before tax rates go up? it is friday, september 17th, 2021 you are watching "worldwide exchange" here on cnbc good morning welcome back to the show i'm dominic chu in for brian sullivan today let's get to the markets stock futures are indicating a more muted open. investors might take that these days dow jones industrial average implied down 21 points s&p down 6 nasdaq down 25 points at opening

bell also on the treasury side, a tick higher across the yield curve. bond prices down interest rates higher. the 10-year is a hair below 1.34%. the 2-year note is above 22b bab basis points also what is happening with regard to the dynamic developing within the market versus small caps and transportation stocks those two parts of the market are an indication of seeing a possible move higher the white line is the s&p. it is outpour performing all of them the russell 2000 the transportation index was out performing other parts of the market it tailed off then large caps emerged as the leadership position here

whether or not we see the gap get wider is something traders are watching if transportation and small caps cannot play catch up here, will that mean tougher times? it is a debate playing out right now. to the top trending stories and headlines. kristina partsinevelos is back with those kristina >> dom, let's start with elon musk he dp he delivered an address today in china. he praised chinese automakers saying they pushed the industry forward. china has great potential as a market and keep in mind, tesla opened a factory in shanghai two years ago. concerns of autonomous vehicles collecting data. musk promised to work with authorities around the world to secure data. u.s. steel is planning to build a new mill in the united states in 2022 as demand and prices are elevated. the steel mill site is yet to be

determined. and general motors extending down time in the united states, canada and mexico. that comes as the semi conductor shortage is continuing across the globe. dom. >> kristina partsinevelos, thank you very much for the headlines. fda advisory committee is set to meet today to consider approving the third dose of the pfizer covid vaccine this meeting ahead of the biden administration's september 20th goal to get booster shots to adults who received their second dose eight months ago. at the same time, the world health organization arguing that booster shots are unnecessary at this time with high vaccination coverage joining us is dr. carlos del rio. dr. del rio, it is a pleasure. can you shed light for us? are vaccine boosters eeded >> good morning, dom

you know, i think increasingly the evidence suggests that for some populations, booster shots are needed the data that was published this past week or two days ago from israel suggests people over the age of 60 getting a third shot and the risk of getting infected decreased by eleven-fold the risk of getting sick in the hospital decreased by nineteen-fold. i am not sure for younger individuals. i'm not sure for somebody in the 30s or 40s, if they need a booster shot right now. >> what is the priority not just for the biden administration, but governments around the world? is it more important to get more people vaccinated or more people who are already vaccinated their booster shots, hypothetically? >> you know, i think you need to

do a little bit of both. the priority number one has to be the vaccination of those who have not been vaccinated i tell you why those are the people getting sick those are the people going to the hospital those are the people who are dying. in the u.s., 2,000 people died of covid that is an unacceptable number we can 9 95% of those who died were unvaccinated the unvaccinated in our country and vaccinating the rest of the world population and many have less than 4% of the population that has to be a priority. >> there has been a lot of controversy if vaccines should be mandated or force people to get them the steps companies are taking to mandate vaccines for people coming back to work. the issue is the vaccine has been developed in such a short

amount of time and we don't know the long-term side effects what about the argument that is not the case i heard a medical professional tell me w, with the advances, w can do experiments faster than 20 or 30 years ago. >> absolutely, dom it is like apple is putting out a new iphone i'm not buying the iphone because it was developed too soon and i don't know the benefit. we take advantage of technology. technology is allowing us to do things we were not able to do before as far as long-term side effects. side effects occur within the first few weeks or two months. we have given globally 3.8 billion doses of the vaccine we have given the country 4 million doses of the vaccine we have the good data of the

side effects this is one of the safest van s vaccines out there >> why not give it to kids >> we don't have the data. we haven't determined the dosage i would suspect by october or november, several companies will present the data to the fda. i'm confident by december or january, kids down to 6 years of age will be vaccinated >> is there a point or do you see this becoming something like a flu shot that people get every year this is one of the situations where if you do believe that this is going to be a recurring thing and that the flu is kind of like a lesser version of covid, that we just get shots all the time is that something we have to anticipate in the coming years >> i don't think so, dom i think that the flu virus mutates in very different ways than the covid virus i think once you have been i am

y immunized, you have the immunity i don't think an annual shot will be needed >> dr. carlos del rio. we appreciate it >> happy to be with united states -- happy to be with you. coming up, we have been talking about the tax propospro. we have been asking should you sell your stocks and property in re r real estate? robert frank has the answers for you. as we head to break, check out the s&p moefvers stay tuned you are tcngwahi "worldwide exchange" here on cnbc

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good morning from washington to wall street, taxes have been the big talker of the week. robert frank joins us now with answers to big investors. robert, this is huge if these tax rates are going higher, people have to wonder if they should sell before taxes go higher >> they are wondering, dom the $50 billion question that's because it is when will a

capital gains hike likely take effect president biden and the house members and the senate proposing an increase in the capital gains tax. the house wants 25%. a bigger source of disagreement is timing. that touched off confusion for tax planning president biden announced in april that his capital gains tax would be retroactive no matter when it became law, it would be effective in april of 2021 if you sold under his plan, you would owe the higher capital gains rate the new house start date of september 13th if you sold before that plan, you get the current rate of 20%. advisers say all of these mixed messages have led clients to bet there will be a later start date and maybe compromise and they are now racing to sell stock and

businesses and property. others are looking at capital gains between april and september to figure out the rates. this is all important for the government because the tax foundation estimates if the rate takes effect next year in 2022, that gives people a chance to avoid by selling the expected revenue to the government would decline by $50 billion. dom, as you say, a lot of money at stake for investors and asset owners and for the federal government >> i have been fascinated because many of the topics effect so many people out there. not just what you have been reporting on with the back door roth ira going away, but tax rates higher how much is this playing into the discussion about whether or not the markets could be sustainable if you put taxes at the levels they are being

proposed is there any fear among investors out there, robert, that this is a headwind for the markets in the coming years? >> i think if you rank the taxes by importance to the market, by far, the most important is the corporate tax rate at 25% rate, which is the most hopeful compromise right now, that would bring the earnings outlook down by 5% that effectively wipes out a lot if not all of the earnings growth for next year if it is higher, it is worse number two, the capital gains tax. that could lead to a lot of selling if it is not a retroactivity rate what is hopeful there, between 25% and 30% is actually a taxable investor the rest of the investors in the stock market are international investors and large pensions

that is less of a concern. further down the pike, you see the issues around retirement and higher income taxes. it is the corporate rate that really effects earnings. that is why the market is laser focused and should be on that. i don't think it is all baked in right now simply because no one knows what to bake in. >> robert, there have been times and you look through history, i'm sure has been there precedent with regard to the types of tax hikes before if so, what do you see happening if history somehow doesn't necessarily repeat itself, but rhymes, so to speak. >> a lot of people tell me it can't be leave for people to have a retroactive tax we did have one in 1993 with the clinton administration republicans challenged it. supreme court ruled it is constitutional provided taxpayers are given notice it is interesting here

i just reported that the president, when he announced his plan, said it would be retroactive. his date was the announcement of the tax plan the house, the same thing. effective date, according to them, september 13th there is precedent it is legal. the question is will the moderates go along with the retroactive tax which some see as punitive. if you don't do it, everyone will get out ahead and sell before the rate hike. >> it is razor thin margins. it is no votes in the senate you can't have one swing from the democratic side. it is only three that can be swung in the house again, a very interesting story for sure on the tax tied robert frank, thank you. coming up, don't be lulled to sleep by the market with we have big investment ideas with the ever, ever, ever popular kari firestone many of her stk ckcongocpis mi

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i'm 53, but in my mind i'm still 35. that's why i take oste bi-flex to keep me moving the way i was made to, it nourishes and strengthens my joints for the long term. osteo bi-flex, plus vitamin d for immune support.

welcome back to "worldwide exchange." futures are points to modest losses at opening bell s&p down 10. the nasdaq lower by 35 joining us now is kari firestone. a cnbc contributor you can see her on the "half time report. kari, whether or not you feel the market has opportunities and where are you looking for those? >> hi, dom i apologize for the sound. we have a mic problem. think about what happened this week we have had a clear indication that there's inflation that there is pre-announcement and taxes are going higher the market really has been resilient through this

the market has seen liquidity shrink and gone into industrial spending consumers spent a lot of money rolling bear markets and the market is going higher overall we like to say that there are companies out there with predictability with the next year or so that we feel good about. facebook, salesforce, s&p global ones with a built-in base of customers and raise prices so inflation is not a concern google is the example. we like those names. we feel good about the market. even though the market is up 20%. we know that the easy thing to do is sell we are staying with it >> okay. if you stay with it, there's got to be a notion that the run that we've had without any kind of pull back whatsoever, really,

mark marketedly so means there could be justification for dry powder on the sidelines how do you asset allocate to the particular market should you have some kind of dry powder if you were looking to get it, where would you raise the money? >> it is always a good idea to have dry powder. we have been selling some names through the rally. for example, blackstone is one of our largest positions it got so lafrge, we cut it a third. at anytime, there could be a 5% to 10% correction. that is the nature of markets. it is not a guarantee goingup always you have to have some on the side we use that to take an opportunity if stocks drop 10% to 20% and we had many of those corrections this year. always a good idea. >> if that is the case, you are looking at the next few months

of the year here is there a way that investors position themselves for what's ahead in the next few months what are the biggest things on your radar with what could be the big catalyst higher for markets or what could derail the whole thing for 2022 >> i think in terms of inflation, we had better numbers last month if we get to another month and september inflation numbers comes down again, that would be excellent news covid and the delta variant are messing with people's ideas of what will happen the rest of the year and earnings outlook. if that moderates and more people vaccinated and we start to see those numbers come down and cases and hospitalizations, very good for the market that could help the quote reopening -- i know i said that three or four times already -- it means technology stocks can feel better over the next year or two you can feel more comfortable

buying those again interest rates are staying down. they don't seem to be moving higher the fed talked about tightening. doesn't seem to be happening right now. we don't think that will be an impediment to the market going up you can look out -- go on. >> you mentioned the technology trade. we know the last time interest rates made that market move higher, technology stocks were the most beaten up during that time if you look at the tech trade, they emerged it has been a reversal from the reopening trade. we have a few moments left what are your tech stocks? >> i would say facebook, google, salesforce and smaller cap. we like that stock a lot >> facebook, alphabet, twillio thank you very much. and salesforce thank you very much. have a nice weekend.

kari >> you, too. that does it for us on "worldwide exchange. the markets indicating a slightly lower open right now. dow implied lower 60 points. "squawk box" picks up the coverage next. have a nice weekend. to keep me moving the way i was made to, it nourishes and strengthens my joints for the long term. osteo bi-flex, plus vitamin d for immune support. and there you have it— -woah. wireless on the most reliable osteonetwork nationwide.min d wow! -big deal! ...we get unlimited for just $30 bucks. sweet, but mine has 5g included. relax people, my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself.

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good morning happy friday futures are flat right now down a little bit. there's a long way to go until 9:30 even longer until 4:00 major averages on track to turn to a positive week. the continuing fight against covid. the key fda meeting today ready to tackle questions of a booster for pfizer and production problems. another automaker slowing down

the manufacturing line with the chip supply issues speaking of cars used car business is pretty good for some people. we will talk about that this friday, september 17th, 2021 as "squawk box" starts right now. good morning welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin. andrew, welcome back >> thank you >> a mixed day fofr the markets yesterday. this morning, the dow futures down 56 points s&p down 9 nasdaq off 31. it has not been a great september. september is the worst month for