reduce shipping costs and print out shipping labels it's my secret ingredient shipstation the number 1 choice of online sellers and wolfgang puck go to shipstation.com/tv and get 2 months free it is 5 a.m. on wall street. here's your top 5 at 5 investors on edge as stocks drive a fourth straight day of losses jay powell and more continue to weigh in a developing story president biden will reportedly unveil his plan to cancel billions of dollars in student aid today. a live report from washington on that shares of nordstrom sinking as retailer's second quarter of struggles show no sign of easing unrest in beijing as they are pushing back against three

years of zero covid poll low sis. call him the elon musk of europe it is wednesday, august 24th you're watching "worldwide exchange" on cnbc. a very good morning to you i'm wilfred frost in for brian sullivan this morning. let's get you caught up with the markets and get straight to the futures after what was a disappointing session yesterday. we were lower but only slightly, frankly, relative to monday's declines the futures right now are pointing to a positive open. we were down by 1/3 of a percent an hour or two we're now essentially flat as you can see. fractional gains expected by 20 points or so for the dow we did have three days in a row of declines for the dow and the

s&p with yesterday's declines just about half a percent for the dow. ahead of the open, here is where we stand from all-time highs on the major averages the dow's up 11% the s&p is up 14%. the nasdaq is still up more than 20%. 23.6% to be precise. that's as of yesterday's closers. let's check in on the bond market the 10-year had a very volatile day. up and down and all around got close to 3.1 3.08 and back to 3 and set ld somewhere closer yields fractionally pushing back the 10-year standing back. it remains significantly inv inverted let's have a look in the oil markets as well because crude yesterday had a decent day it was a volatile day.

the dollar allowed oil prices to rise continuing that rise again 95 essentially the price for wti at 1.3%. this morning, of course, natural gas is the central story for the commodity markets. it was a wild session that saw a cross above $12 since the first time in july of 2008 it's at 1.5% at 9.3 bucks. very different story in europe natural gas prices continue to skyrocket. we crossed the march peak earlier in the week. we're well above that again. the dutch ttf, 271, up another 4.4% they have an astonishing 3.1%.

bitcoin suffered it's fractionally lower. it's not much for those crypto assets 21.3k. let's check in on equities outside of the u.s., shares in asia ending mostly lower been tracking the futures markets as well this morning seeing a slight improvement in the course of the morning. let's get to julianna who has the latest in asia and europe for us this morning. >> hey, wilf, great to see you european equity markets, things have turned around we started out in negative territory. over the last hour or so the positive momentum is growing we have patches of green on the board. the swiss market more defensive. outperforming. up about 1/3 of a percent. the italian market crossing into positive territory and the cac 40 investors taking advantage of these lower levels of what we've

seen spanish markets in negative territory and underperformance ftse 100 under 400%. we're tracking what you're seeing state side. yesterday the dow beat on wall street and this morning u.s. futures are improving a little bit. uplifting sentiment here in europe as well in terms of asian markets, a much more negative session we tracked the losses on wall street the hang seng in hong kong dropping 1.2%. in the main land, 1.9% that's one of the underperformers. wilf, back over to you >> julianna, thanks so much for that. let's get back to wall street the dow and s&p says it will continue for the third day among thin trading volumes and only slight declines relative to

monday, down half a percent for the dow. .2%. nasdaq was essentially flat. now august has of course been a bit of a non-event for markets at times the s&p so far flat for the month after surging more than 9% in july. the initial surge continuing and then pull back craig joins me from piper sandler. congrats about a month ago you correctly called we would do a rally we had a ferocious rally or bounce well played on that front. are you taking profits in that turn or that i go that rally can continue >> wilford, we think this is a short-term pullback. as we called for our publication put out this morning when you get the moves out to

200 day moving averages, you typically will come up to it, test it a few days, back off if you look back in sill con valleys, the major market moves off the lows i think that's exactly what we're doing now. we still think this pull back here we think should ultimately be bought. the reason it should be bought, there are a lot of investors not focusing on the new route. it's turned up significantly when you come up off of major market declines and you start the move higher, we don't stop at the 200 day wilfred, i'll tell you, i think we have another 15% to go. 47.75 is what we're looking at into year end for this year. >> what do you make of the yield

outlook and its relationship with stocks. this short-term pull back has gone since yields have risen can they hit the 4,780 target with the 10-year above 3%. >> wilford, as long as rates are stabilizing, i think the answer is absolutely yes. in fact, if you step back and you look at the longer term chart on the 10-year bond yield in the u.s., it looks like what technicians would call a head and shoulders stop and right now as long as we don't start moving above 313, 3 1/4, we'll see rates go lower we ultimately think if we stabilize to go lower, ultimately we can get to that year-end objective of 4775 we're not anticipating to break

above 350 level. we think from our work and the work that our team has done at viper, that ultimately rates will start to come down as the inflationary pressures start to come down. that will clearly be a huge catalyst for equities. >> and what's your take in terms of when people say once you break into bear market, 12 to 14 months and, therefore, we're not going to really retest the highs for quite some time. >> well, i think there's going to be -- the definition of bear market, yes, is typically a 20% decline but when you look back at the longer term sort of secular bull market that started back in 2013, wilford, we have seen in the past these little, small corrections, bear markets inside the longer term secular bull market. that's all i think we have right now.

it's as washed out as they get back in june this is when you want to put money back and you set yourself back up. most of the bear markets have been shorter in duration over the last 10, 15 years. >> craig johnson, thanks so much for joining us this morning. very much appreciate it. craig johnson from piper sandler. let's go to washington, d.c. developing story sources telling nbc news president biden is set to unveil his plan for billions of dollars in student loan debt forgiveness today. let's go to nbc's brie jackson. >> reporter: good morning, wilf. president biden is expected to follow through on his campaign promise to address student loan debt it will likely fall short of what some democrats have pushed for. president biden is expected to

slash up to $10,000 in federal student loan debt for borrowers making less than $125,000 a year >> i mean, that's way too low. i mean, that's chump change. >> over the course of my law school career expected to accrue around $70,000 over the course of three years >> reporter: it's estimated over 40 million americans are in debt for their education totaling more than $1.7 trillion. the biden administration is looking to relief some of that financial stress. >> we want to make sure higher education is accessible. we know education is the great equalizer. >> reporter: critics warn canceling student debt can make it worse >> reporter: republican tom cotton tweeting joe biden has had a lot of bad ideas

this might be the worst yet. >> the long ger this plays out the more critique. >> reporter: they have called on democrats to forgive $50,000 for federal student loan debt but president biden said he's not prepared to go that far. >> i'm prepared to write off $10,000 debt but not 50. >> reporter: the president is likely to extend the pause on roen payments. chuck schumer made a push to cancel as much student loan debt as possible. wilf. >> brie, is it left v right or young v old? >> reporter: about 81% of republicans raised concerns that canceling student loan debt will

add to inflation and about 41% of democrats say they agree. with americans facing higher prices across the board, this is definitely an issue we expect heading into mid terms >> brie, thanks so much as always when we come back, why my next guest says why the euro's move to the down side could be just the beginning what it means for your portfolio. trying to fend off omicron 2.0. on the verge of targeting the highly contagious variant. the surprising item helping retailer's bottom lines. more "worldwide exchange" ahea

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welcome back as you just saw, the futures are pointing a little bit higher as we speak, which is good to see improving through the course of the last couple of hours the dollar is just lurking below

milestone highs versus most major currencies it's a 20-year high against the euro which is trading below parity once again. the dollar index which is getting support from expectations of higher rates from the fed has benefitted from poor economic comparisons from the rest of the world. fuel prices in europe have tripled in the past two months on worries about lack of energy supplies from russia this winter coupled with forecasts of higher inflation and expected damage to growth let's talk about all of this sonya martin, chief strategist joins us very good morning to you, sonya. thanks for joining me. the euro breaking through parity was that quite an important level of support or was it just a superficial number. >> i have to say parity is just

a number i wouldn't over estimate the importance of this it is technically important. we had made an attempt in july to go through parity it went back up to 103, 104. it looks quite heavy at this point. i would expect there to be losses especially with the stream of negative news we've had, from everywhere, these days, does continue. >> what about the pound that's been pretty weak given the outlook that we've seen from the united kingdom, is it plausible that it gets closer to parity itself against the dollar >> yeah. i mean, as you said, it's quite a way off that level but it has been weak. i will say given the string of news we've had with the u.k. with everything going on in terms of growth, bank of england and the very, very weak

situation, i do think it looks also very vulnerable definitely ready for setbacks. if we get a string of bad news, it could go as low as the covid era. >> this is going to accentuate the inflation problems for the likes of europe and the u.k. on the flip side, whilst a strong dollar might help, will it help them manage the inflation problem? >> well, yes the weakness of the currency at this point is more curse than anything that doesn't help anyone the problem is exporters need to import them and those come out

of high costs both in terms of there being supply issues, energy costs, et cetera. the weakness with the export/import isn't doing us any favors it accentuates a further fuel problem. the ecb would have no choice but to start intervening verbally but potentially into the market. >> switching folks up. the chinese currency, we've seen for it quite big moves is it in a managed way is there a risk of it getting out of their control >> no, i don't think so. the government tends to manage things pretty much as they choose obviously in the last decade or

so the government has made huge strides towards internationalization towards the currency that's also come along with a lot more markets, less control at this currency it's trading completely at liberty where it wants to go. there is a close eye on the currency still very much for the government obviously the most important thing will be to see how the chinese economy fares and how things progress with covid as we go into the autumn and winter because that will be a big factor for china as well. >> sonya martin, thank you very much for joining us. very much appreciate it. still on deck on "worldwide exchange," 34 years old. he runs the famed bugatti. this industry titan who's being dubbed the next elon musk says

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welcome back futures are pointing a fraction higher for the pre-market. a nice improvement from a few hours ago. let's get a check in on the other markets. frances rivera is in the new york studio. >> wilf, good morning. the u.s. military has launched

military strikes retaliation for attacks on two u.s. facilities in sir kwlast week. u.s. military official tells nbc news around 9 p.m. eastern four f-15s struck bunkers. the official says they are confident there were no casualties the strikes were necessary to protect and defend u.s. personnel. in new york, manhattan democrats have voted to send jerry nadler back to congress while carolyn maloney's 30-year tenure in the house is over. nadler chairs the judiciary committee while maloney chaired the oversight committee. democrat pat ryan is the projected winner of the new york's 19th district

meanwhile, dan goldman, the attorney who prosecuted the first impeachment case against president trump is leading a new york house race too close to call. former governor and congressman charlie crist easily won florida's democratic primary. he will take on his opponent. and congresswoman val demings is the projected winner. a lot for you on this wednesday morning for your news headlines. >> a lot indeed, frances thank you for breaking it down for us. ahead on "worldwide exch exchange". unrest in beijing as they start

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welcome back the market skid continues. the dow and s&p making it three losing days in a row as investors gear up for the fed's

jackson hole summit. futures fighting for fraction al gains. retail warnings. signaling tough times ahead as companies continue to grapple with inflation inventory glut problems and nervous consumers. who might be positioned best to ride out the storm bed, bath & beyond getting a retail trading favorite. it is wednesday, august 24th, and you're watching world wide exchange on cnbc welcome back i'm wilfred frost in for brian sullivan let's get you looking at the market at 5:30 a.m pointing to a flat open.

dow is down, nasdaq flat and the s&p somewhere in between better than some of the declines we've seen in the last couple of trading days the dow is down 23 points. nasdaq and s&p down by a percent and better than where we were a couple of hours ago. we were down 1/3 of a percent. european trade has improved a bit. having been down more than that at the open. let's have a look at bond yields very volatile. we saw it get close to 3.1 3.08 it got to 3.04 3.05 it's at 3.03 this morning. just pulling back a fraction still above 3% on the 10 year and heavily diverted as it has been for a while

energy costs did get a bounce. that continues a bit today 94.7 on wti. natural gas has been where it's been most interesting. it did cross over $10 yesterday. that is nothing compared to the prices in europe up close to 300 pers percent continuing their surge this morning the dutch price for natural gas, well above. let's get you up to speed on some of this morning's other top stories. frank holland is here with those. very good morning to you >> great to see you. fda and the plan is to authorize omicron versions of covid-19 vaccine. americans 12 and older could start getting boosters around

labor day. those sources are saying moderna is seeking authorization. the ftc will drop zuckerberg from an antitrust lawsuit. the ftc said they were trying to buy it and reduces competition and violates antitrust laws. bed, bath & beyond secured a new financing deal it locked in a deal with one followed by a deal with j.p.

chase. bed, bath will provide an update at the end of this month shares are up more than 15%. short interest at 38%. >> crazy stuff j retail more r and slashing the sales at lower rack stores. we've had a similar story for urban outfitters it's not all bad news. shares of lazy boy popping after a top and bottom line beat sales surged 30% year on year marking an all-time quarterly

record by $236 million we're not done yet reports from dollar general, dollar tree in those good for you let's summarize earnings season as a whole how far are we through it? closer to the end but how do you rate it for them >> about 8 o% of the companies have reported earnings by now. the bulk are meeting expectations of those 169, about 149 -- all

of them, 163 of them are warning us and they're still dealing with supply issues we're being told they're putting a lot on the international market and the middle class consumer, they're looking for value and gravitate gravitating. the high end retail joers are capping off entire prices and they're willing and able to pie the higher is is. >> what has management comment try on the inlike in. >> it's getting tarted

the talk is high inflation for the staff quarter of this year, we have knowledge of merchandise on sale has gone up to almost 40% of all online merchandise for retailers. so this is below pre-pandemic levels where everything was on sale below the 40% mark. if they don't, we'll have a very big promotion. >> clearly if a recession does materialize, a recision will.

>> is walmart expected to take market share if a recession does materialize? >> there are some retailers hoping to still be recession proof, whether it -- you know, they're doing well how ter is not clearing very loyal market share, it against dollar stores, it's due to gasoline. they're more bullish on those that sell gasoline versus those that don't a lot of them are getting accounts at bj's, sam's clubs, saving money at the pump if you dig into the reports, the

in-store purchases are going up. they're parking their cars and going inside that's why those discounters are doing much better than dollar store or target. >> quickly of the names this quarter, which ones stand out. >> for this week. >> now consumers are traveling again. they are going back. >> it's very likely to be from an estimate. now in terms of substance, the hotels and leisure center is expected to be triple digit the

groceries, this forecast is expected to be strongest for the remaining part of the year. >> jerome, thank you very much for joining us five for p.m growing res frustration from people in beijing. eunice yoon is able to join us how are they expressing the growing frustration? >> reporter: for the most part, wilf, online some people have taken the streets with paint people here in beijing and

around the country are spending so many hours waiting and getting this, a covid test every few days that frustration flared up at this very covid station only days before. someone faced it give me liberty or give me death. at the station, that phrase has gone. >> the staff said the covid station was cleaned up within hours. more stations were vandalized. >> we're in a district in northern beijing it had a chinese character painted on it. the word translates to years aid stations were stenciled with

different chinese characters that people came to realize it spelled out it's already been 3 years, pushing some people to a breaking point health workers told us so far there's no word on whether anyone has been caught wilf. >> eunice, have you ever seen this sort of protest and people speaking out relatively small scale but is it unheard of in china? >> reporter: it's not unheard of but it is rare we have been seeing more and more protests around the country, especially in the past couple of years because of the pandemic

they're facing their frustrations online. shanghai putting up banners and screaming out the windows. here in beijing it's not the case the security asperatus moves very quickly people are upset with the constant covid testing, snap lockdowns, the economy, everybody i'm talking to is worried about the business, economic outlook, job situation. so, because of that -- like getting upset about the currents situation. eunice yoon. shanghai is down 1.9%. hong kong down 1.2

europe is only down about 1/2 of 1% having been flat most morning. "worldwide exchange," rymak and his company. with powerful, easy-to-use tools power e*trade makes complex trading easier react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity

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welcome back the man known as europe's elon musk mapping out plans for his ev company having locked in major deals with high end automakers 34-year-old company is looking to break into an even more lucrative space. robert frank joins us with a closer look at that particular individual and company. >> reporter: great to see you, wilf matte rimac built his first ev in his garage. it's valued at $2.2 billion. goldman sachs invest ed in him. you have bugatti rimac and then you have the rimac technology.

revenue at rimac expected to more than quadruple with eventual plans to go public. >> we will go public at some point. no hurry i was worried about the frenzy that was happening over the last few years with spacs and so on i knew they would end ugly most are very good companies a lot of people have lost a lot of money especially in our industry, the ev industry. we didn't want to do that. we wanted the right time when the company has raised on financials and we are very close to that. >> mate rimac is friendly with elon musk. they had lunch in the spring he said the two companies have different markets. >> i admire tesla and eamon

musk we are in different segments we want to push the edge of what's possible in performance cars tesla has everyday cars. >> the company's next biggest expansion is ev robo taxis which he's keeping under wraps they are facing problems with the combustion still it sold ought. >> so i only managed to get my hands on four of them, sadly i would have taken more. on the rimac or rimac and you corrected me despite being here. the bu dp atti white labeled their software to many others. the other question when they do

ipo is where the the valuation multiples will be way better >> absolutely. you have to imagine that with investors like goldman sax and soft bank, it will be a joint listing with europe and the u.s. right now their big business is the robo business. being a large containment, porsche is here. we have so many companies that haven't grown up to be big suppliers of components. that could be a lucrative space. >> thank you for bringing us back in to see you. when we come back on

"worldwide exchange" we'll bring you into the markets as we approach the open. not yet. in a few hrsou' time dow is down 30 points. we'll be right back. dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones

welcome back to "worldwide exchange." a look ahead for investors two key reports to watch out for at 8:30 a.m. eastern durable goods figures. at 10 it's pending home sales numbers. earnings season rolls on as well with reports from salesforce and nvidia today's tesla's three for one stock split takes effects. shares at $881 the split will take them down to $300 a share we shall see it's up a fraction as you can

see in the pre-market, 890 per share. let's bring in scotlander. chief investment officer at horizon investments. clearly there's a lot of macro considerations especially ahead of jackson hole and hearing from jay powell what is the bigger threat. is it recession materializing or higher rates from the fed and are both -- the risks of both priced in or not >> so, look, i mean, i think the market has certainly moved on to moving away from being worried about the fed raising rates too, too high the markets are gone and now they're worried about recession. we totally get the markets and

the fed on the same page we have a really hard time. >> so is the risk to the down side this week unless jay powell somehow strikes a very dovish tone again is the risk to the down side >> it probably is, wilfred, leading up to friday a strong trade strong run off the bottoms let's take some money off the table and wait for speed bump friday that's what we've seen so far. what we're going to see is frankly anybody's guess. at the end of the day he's been really clear they continue to push back on the rate cuts that the market is priced in for next year.

we think the cuts are probably a little bit premature you may see them we may see powell continue to push back. not cutting rates any time in 2023 most likely that would lead to probably a little down side pressure. it may be fairly limited at the end of the day the fed and the market need to come on the same page. the fed will realize the recession is the same problem. not there yet. >> scott, i think we're going to have to leave it there up against the clock thank you very much for joining us scott ladner. let's check in on the futures. pointing low, only you were down three days in a row for the dow

and nasdaq was essentially flat. asia very weak shanghai down 2% half a percent for the fts see, po.4%. that does it for "worldwide exchange." "squawk box" is next as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network with no line activation fees or term contracts...

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good morning, futures pointing to a lower with a three-day losing streak. nordstrom down and the department store slashed the forecast amid slowing customer demand inventory markdowns, et cetera in washington, president biden expected to announce student debt cancellation. wednesday, august 24th, 2022

"squawk box" begins right now. good morning, everybody. welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. let's check out what's happening with the u.s. equity futures three days in a row of declines, at least for the dow and st stooupd. we were down then in the green only briefly and now dow futures down by 32 we made so much progress in the month of july and the early part of this month. at this point the nasdaq is off by