rs ship packages anytime anywhere for less a lot less get our special tv offer a 4-week trial plus postage and a digital scale go to stamps.com/tv and never go to the post office again good morning it is 5:00 a.m. on wall street here is the top "five@5. more gains could be on deck today. futures are pointing higher. top of the markets radar today. the kickoff of the fed jackson hole summit. questions swirling over hawkish jay powell and the central bhaibank may get to tackle inflation. and fresh stimulus to combat the growing impact of the real

estate down turn fresh warnings from tech g darling. the twitter whistleblower is the latest black eye for the company and leads to a mass employee exodus. it isthursday, august 25th you are watching "worldwide exchange" on cnbc. good morning i'm wilfred frost in for brian sullivan this morning. let's get you up to speed on the markets are looking like this morning. very good to answer to the equities pointing higher to the tune of 0.9% of the s&p. full percent on the nasdaq and dow higher by 0.6% it comes off the day yesterday where we did see decent gains

and steady improvement during the course of the day for u.s. markets. we saw the dow at 0.2% nasdaq up 0.4% yesterday we saw the s&p somewhere in between. week to date, we sktill have al three down 2%. most of the damage in the early part of the week down on monday in particular. so far, for the week, ten sectors of the s&p is lower. let's look at bonds this morning. 10-year treasury is at 3.085%. during the course of the week, it has been higher yields. dollar was flat yesterday, but higher for the week. up 0.4% so far this week we have seen oil prices rise, of course, over the course of the last couple of trading days which helped energy as a sector

within the s&p yesterday, oil up 1.2% it is up again this morning. the big story, of course, has been gas prices in europe. we can have a look at dutch ttf wholesale up $300 today. 15% or so. month to date up over 50%. year to date up well over 300% extraordinary moves for those gas prices wholesale gas prices extraordinary moves in asian trade. let's check in on that with julianna tatelbaum -- preview? live update for europe and asia. julianna >> wilf, good morning. it was extraordinary hong kong market temporarily closed and when it reopened, the hong kong market gained. hong kong tech rose 6% as for european markets, we are trading higher gains across the board

german market up 0.7%. a couple of bright data points from germany this morning. q2 coming in better than expected for gdp confidence survey was better than expected for the month of august german network regulator saying they intend to fill the gas storage to 85% by october 1st. aiming and hoping for 95% by november 1st some positive developments there. equities trading higher. from the sector perspective. oil and gas up 1%. wilf, oil and majors are rallying with the price of oil autos and real estate and retail under under performing the swiss pharma giant is spinning off and listing in switz switzerland. novartis will focus on medicine

and delivering add the benefit to investors it should becomplete in the second half of the year. we have a bounce of 0.7% wilf thank you, julianna. let's get a check of the other top stories this morning frank holland is here with those. >> wilf, good morning. china taking steps to boost the k economy. $44 billion in stimulus measures and steps to create jobs and stabilize the market there it is growing with economic pressure from the property sector and zero covid policies the lowest growth policy of 5.5% this year. starbucks illegally withheld raises and benefits for b barristas. the group is seeking back payments for union workers and for interim ceo howard schultz

to read a statement to workers. and meta platforms and twitter looking to take down accounts according to the report, the duo pushed pro-western themes. this includes posts critical of the russian invasion of ukraine. this was over a period of five years which did not have widespread impact. that's the latest. wilf, back to you. >> frank, thank you so much. see you later in the hour. let's get back to the hour now and the attention to the jackson hole summit. my next guest saying jay powell has a difficult issue of thread t threading the needle we have david nelson with us

david, thank you for joining me today. i'm interested in the notes if i refer back to them you say the markets are looking for a catalyst is that the markets to keep going higher or the other way around are they looking for a reason to correct if they get hawkishness from jay powell? >> it could be either. this week was all about jackson hole they are looking for direction i think the rhetoric will be tough. even neel kashkari, he is turning into a raging hawk it begs the question what is driven the rally off the june lows i look to the fed funds. right or wrong, what is priced in right now is a terminal rate of 3.7%. it is the back half of '23 that is interesting, wilfred.

we will see if jay uses the comments to change the view. >> as we stand, david, do you think the risk is to the down side for markets because they are expecting a dovish tone or the other way around >> we had a strong bid off the june lows. the lows are in for the year, i think. that doesn't mean we can't go down from here or the cyclical bear market is over. we will need to see something we haven't seen yet to break the lows my biggest concern is what markets are not pricing in is energy saudi arabia's oil minister floated a trial balloon saying opec may be forced to cut proper decks. thi production this is after president biden made the visit they will not continue to sell 1 million barrels a day. we are depleting the spr it is at dangerous low levels.

the only way to fix that is to buy more oil. >> in terms of the outlook for the u.s. economy, clearly a lot better than that of europe in the last month or so, have we seen the way in which negative headlines in europe's market sentiment effects the u.s. >> it can. we are still a global society like it or not pmis around the world have been falling. they have been falling here and in europe. they have been falling in asia we are just kocoming out of recession as we speak. 1.5% gdp for the third and fourth quarter we could easily slip back into recession next year. we hhave a get out of jail free card with earnings i think the next catalyst is the third quarter earnings season in october. we will need to see improvement

to justify the exposure that investors have put on this quarter. >> so sum it up, david are you buying u.s. sectors in particular right now or likely taken profits since bouncing off the june lows? >> i'm all in at this point, wilfred. i'm fully invested across the board. i say most of the sectors at this point with one overweight is energy. free cash flows, i cannot deny it is too good to be true. >> david nelson, thank you for joining us this morning. >> thanks. when we come back on "worldwide exchange. the latest on the growing energy crisis in europe how record temperatures in the region may fuel the issue further. plus your big money movers shares of one company taking off on the back of the quarterly results. amazon pulling the plug on

one endeavor to break into the health care space. a very busy hour here on "worldwide exchange. stay with us 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 [zoom call] ...pivot... work bye. vacation hi! book with priceline. 'cause when you save more, you can “no way!” more. no wayyyy. no waaayyy! no way! [phone ringing]

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welcome back european natural gas prices trading at or near new record highs in recent days the markets on edge as gazprom will shutdown nord stream 1 for three days for maintenance next

week prices were sky high with the pipeline only at 20% of capacity in the first place it is spilling over to prices in the futures for german and uk electricity. this chart shows the december contracts for both adding to the strain drought conditions causing record low levels on the rhine in germany and the thames it is a perfect storm on the european energy support. let's talk more about it with fabian ronningen thank you for joining us we hope to bring up the dutch wti. extraordinary to see the levels we're getting for that wholesale gas price, raw commodity gas price. pushing past the peaks from march when the war broke out and surprised us all what is driving us to the fresh

peak in the last few trading days >> hi, wilfred thank you for having me. it has been extraordinary the movement we have seen for gazprom. now gazprom announced they will shutdown nord stream 1 at the end of the month gas and power is important in europe that is why we have the surge in the power contracts on all scales you see daily records of 600 euro for megawatt hour it is near records every week and month. also, like you said, the beginning of this is looking bleak in france and germany. that is the short descridescrip.

>> finish your thought >> like you said, the descr description. you have the impacts from the low hydro power across the continent and low nuclear ability. it is all of the factors adding up the gas prices is the main driver in the last few days. >> in terms of perhaps a small silver lining looking through the recent, the storage levels of natural gas in europe are actually not too low there has been despite the cut backs on the nord stream pipeline capacity over the summer and there has been some success in replenishing the stores what level of cover does that provide in winter? marginal cover for a day or two or offset any attempt by russia to hit europe hard in the winter months >> the storage level is one of

the few good things in the gas market at the moment many european companies have been able to keep storage close to the numbers for october and november overall, european storage is 7% from a couple of days ago. in germany, it is higher than that so that is the good point that we could be able to get through the winter with storage. in the scenario where russian gas is cut to those storage will rapidly decrease quickly and may last through winter depending on the gas demand through winter that's the only light in the gas market at the moment high storage levels at the moment >> and if russia was to do what its done of late and reduce nord stream 1 to 15% to 20% capacity or do what it will do next week and decide to shut it off all together if we are in the peak of winter

or depth of winter, i should say, what would happen in europe would europe go dark or are there other ways in the short-term that europe could keep the lights on >> a good question in the scenario where russian gas is cut, we will have the first reaction to be a surge in prices and so on you will have some already like market dynamics that could reduce the overall power demand. depending on how cold the winter is and coal and nuclear ability and so on, that will determine the degree of potential power rationing for example. i don't think it will be on a large-scale power rationing in europe it doesn't look like that at the moment even with russian gas cut further. also, i think it is important that countries are worse positioned than others some countries are dependent on

russia for gas and have the difficulty replacing it with volumes like norway or lng that would be a first issue for germany. other countries like uk and spain and france, they are able to divert russian dependent of lng. >> thank you, fabian still on come, wall street is looking to bypass new rules from the president biden climate and health bill with a program that could prevent higher tax bills. we'll discuss that next. >> announcer: today's big number 453.1 million. that's how many barrels of oil are left in the u.s. strategic petroleum reserve as of last week according to the energy information administration that's the lesowt level since

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welcome back to "worldwide exchange." time now for the big money movers three stock stories of the morning. frank holland is back. >> thank you, wilf nvidia warned of a shortfall

now nvidia nvidia said they will be offset by the data center stock two is salesforce. the third quarter guidance is softer than estimates. launching the first buyback of $10 million. speaking to jim cramer, the ceo says deals are taking longer to close. >> major economic benefit. everyone is trying to assess what is going on and how to position for the new economy it is a new day for many companies. i think when you look out at all of the businesses, yes, they are all doing digital transformation this is everybody's priority every digital transformation is beginning and ending with the customer >> salesforce shares in red. stock three snowflake. the software company beat

revenue forecast in the second quarter. snowflake has more than 6,800 customers. including 250 with product revenue upwards of $1 million. the company expects third quarter product revenue in the range of $500 million to $550 million. shares up 17% this morning back to you, wilf. frank, thank you so much for that all more impressive to see the nasdaq futures up almost a full percent. 0.9% in light of the moves for the likes of salesforce and nvidia time to look the headlines with frances rivera good morning, wilf let's start with the federal jury awarded the widow of kobe bryant $16 million vanessa bryant sued los angeles county alleging emotional distress over graphic photos taken and shared by first responders at the site of the

helicopter crash that killed kobe and his daughter and several others the photos were never shared with the public. the co-plaintiff in the suit lost his wife and daughter in the crash. he was awarded $15 million in damages. l.a. county approved a $2.5 million settlement with another family over a similar lawsuit. and pete arredondo has been fired. arredondo had been on unpaid administrative leave after the may 24th shooting at robb elementary his attorney accused the board of slightviolating the constitul right of due process. we could learn more about the search of the florida home from former president trump. the judge has until today to give redactions of the aff affidavit. the judge is inclined to unseal

some of it earlier this month, rfbi agents recovered documents, highly classified documents, from mar-a-lago those are the headlines on this thursday >> frances rivera, thank you for. that. still ahead here on "worldwide exchange. pell oton is looking to reform from the earnings lows and our podcasts are available where you get your podcasts for free. "worldwide exchange" is back in a couple of minutes. to give you personalized support, for all-day pain relief. find your relief in store or online. it's time for the biggest sale of the year, on the sleep number 360 smart bed. it senses your movements and automatically adjusts to keep you both comfortable. find your relief our smart sleepers get 28 minutes more restful sleep per night.

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stocks set to soar after the dow and s&p snap the three-day losing streak. pointing tie positive off. the central bank set to kickoff the skjackson hole summ. any questions that jay powell has will be answered. and exodus at twitter. growing number of exits amid the challenges for the social media company. it is thursday, august 25th. you are watching "worldwide exchange" on cnbc. welcome back to "worldwide exchange." i'm wilfred frost in fo brr bri

sullivan we slipped a fraction in the last hour. nasdaq was up 1% in the pre-market based on the points move there 83 points higher less than a percent higher 0.8% dow up 132 points. s&p somewhere in between we saw steady improvement through the day yesterday. we closed higher the dow up .20%. week to date, all three averages all down 2% following the decline. particularly on monday quick check on yields. 10-year treasury above 3%. below that level at 3.074 dol3.074% the 10-year treasury was below 3% last week crude prices which had a decent last couple of days.

we have wti this morning trading at about $995. fractionally higher. it is higher so far through the course of the week natural gas pausing $9.30. it was $10 earlier in the week of course, we have seen a surge in european prices this week with fresh records in the course of the last 24 hours for that dutch wholesale. now to the other top stories. frank holland. >> wilf, we will start off with wall street. looking for ways to bypass the tax on the health and climate bill according to the financial times, bankers and lawyers are looking to buyback shares next year without paying millions in taxes. the strategy involves using accelerated share purchase programs it depends on the treasury guidance on the matter. amazon shutting down the

tell health service. after deciding it wasn't the right long-term solution for enterprise customers it marks a retreat for amazon. and twitter facing a growing number of employee departures after the whistleblower and the fight with elon musk 18% according to reuters before musk made the figure to buy twitter, that figure was 14% and 16%. the twitter whistleblower will testify next month the committee announcing the appearance by the former security chief who alleged security shortfalls by the company. twitter shares down 7% this week wilf, back to you. >> frank, thank you so much. now to the top story the fed reserve kicking off the jackson hole economic symposium

today. investors waiting to hear what tone will be struck by jay powell let's discuss this with sarah house and priya misra. good morning to you both sarah, i'll touch on the broad point, particularly the bears will be watching out for, is whether or not jay powell can surprise the market by forecasting higher certainty of recession in the u.s. or more hawkish tone do you think either of those things are possible? >> i think one important thing to look for will be to what extent powell recognizes we have to see more pain in the labor market i think we have a hint of that in the press conference in july. saying a softish landing in his view would be one without significant rise of unemployment i think if we do see that threshold for pain in the economy rise, that could be

interpreted as hawkish outcome that is one thing i'll be looking for. >> priya, what is your take on that could he surprise the market with a hawkish tone? >> i think the market is priced for a hawkish message. he will continue to stress on the inflation credibility. i think the market is focused on the rates. i think there is slowering at the base of hikes. i think if he draws that divergence, that is hawkish. if he says we can slow down the pace of hikes, but still have a long way to go and we haven't entered restrictive territory and to sarah's point, the unemployment can rise, but the fed has to keep going even at a slow pace. they might have to stay at high rates for a while. i think the rates markets pricing at these rate cuts next

year that is supporting the equity market that may be a concern if jay powell says it is all about inflation and if we slow down, we will keep going until we see the 2% that is still quite a way off. i think we are looking for the h hawkish message even though the market is looking for the hawkish message. >> sarah, in the shorter term, you think that he will still be quite hawkish? there could be quite big rate hikes still to come in the next month or two >> i think the inflation state puts them in that position yes, we saw reprieve in headline and slower pace of core inflation. i think overall, the underlining trend in inflation here in the near term is strokng you will get another nod in august with gas price, but not as strong as july for the core

between that and the overall strength we continue to see out of the labor market, i think that keeps the heat turned up and likelihood of another 75 basis point hike in the september meeting well alive >> priya, we mentioned inflation and unemployment we know the fed mandate and what it is meant to focus on. how closely will jay powell look at the housing data as well? >> i think housing is clearly slowing probably the most. it is certainly part of the forecast ufocus. it was a hot housing market. it is a sensitive sector the fact they raised rates at the fastest pace since 1980s and raise rates more than where we are now. it is slowing housing. you know, i don't think it is undue concern just yet i think it is about the mandate and how much of the unemployment

rate increase will the fed tolerate i don't think he will give a lot of signs about september, frankly. you have been talking about that earlier. the market is 50% priced for a 75 hike. the fed says housing matters, but so does inflation expectation. i think it is a data dependent fed without forward guidance volatility and the tension with the mandate on both ends and what they will prioritize will keep volatility high and i think the next report may be more important than jackson hole. it is all about the information going forward. >> sarah, where do we stand with liquidity? has a lot been lost so far or is it regardless of 25 or 50 or 75? >> we have seen easing in the

financial conditions in recent weeks. when you step back and look at where they are overall, we see a significant tightening since the beginning of the year. i don't think the fed will be terribly concerned about the recent easing in the short-term. i think when they look at the overall state of financial conditions, of course, that's the mechanism through which monetary policy works. they want to see that remain on the tighter side to help bring down inflation and get to that part of the man an date. mandate. >> priya, it is inverted at the moment for the yield at what point is the market price in the rate cuts once rates have peaked too soon or the market expects the recession? >> i think recession is still not priced in. if yyou look at the rate hikes,

we are looking at them for about a year the end point after the rate cuts is in restrictive territory. i think the market is pricing in a soft landing and reduction of inflation closer to tart which target which allows them to gets to 3%. a soft landing is surprised in, but the rate cuts and concerns of growth globally i think we can debate when and how much the fed cuts rates. flat is buying on the curve and that is likely to continue the front end is the front end interest rates to keep moving higher as the fed fights inflation. the long end is anchored to long-term growth and global degre growth the long end stays anchored. i'm looking for inversion. that is bad news for investors because that signals the longer term pros piprospects are not tt

strong >> is that right the recession may be more pronounced than people are expecting? >> we are concerned about the slowdown in growth whether it is recession or mild recession or 0% growth, this is a late '23 or '24 story. we are concerned that the combination of fiscal stimulus wearing off and global growth slowing and significant with fed hikes will slow things down. i think owning long-end bonds as a hedge is attractive. i would stay clear of the front end. the fed is on a mission to raise rates until they get inflation back down. >> sarah and priya, thank you for joining me on that interesting discussion jackson hole will be fascinating. ahead of the speech, don't

miss interviews today and tomorrow with esther george and patrick hawk and jim bullard and more live from jackson hole, wyoming. still to come on "worldwide exchange." peloton is set to report results. we will dive into the deal is a first step to better days for the fitness company. we will also have other stories coming up as we head to break. we touch on the trending stories. gamestop apparently boosting compensation for some employees in store the retailer will give workers a pay raise in company stock to motivate and retain employees. warner bros. discovery hitting pause on a number of films. "aquaman" and "shazam" is cutting back as they look to

save money. and pink floyd catalog is not close to striking a deal with blackstone. "worldwide exchange" is back in a moment makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the market.

shares of peloton on the move ahead of the its earnings report results are out ahead of the open the figures on the back of news

that peloton is strike ing a del with amazon. marking the first partnership in the bid to broaden customer base and navigate supply chain worries and reduce the store footprint. let's discuss that and more with ed yruma at piper sandler. good morning to you, ed. why don't we talk about the restructuring first. is there a feeling out there that restructuring is now pretty much complete and it is a face of looking forward or are they halfway through? >> i would say they are more than halfway through they have made a number of changes and manufacturing outsourcing and changing the distribution model. the last piece is they will

rationalize the store footprint. today, awareness is high and now today all of the physical stores is unnecessary >> the deal with amazon is the hayday of high margin or the possibility of sustainable high margins will never arrive or is this a good step and help the volumes? >> i think it is a good step it helps volume. a customer that loves amazon ecosystem. this is another way for them to present their product to the customer without having the same overhead that is required. whether on their own channel or the store. >> is there a risk of the quality of the brand will slip in customers eyes? you have to assemble at home and not delivered by peloton branded trucks and employees that adds to the weight of premium

product. is that an issue long term >> it is something they acknowledged you will see them work to ensure the customer service level it will be different devices difelivered by the amazn employee and white glove service. we have to watch to ensure they deliver the great service that peloton is known for do it in a more cost effective way than running their own trucks with their own delivery people >> in terms of the outlook for subscribers and customers, clearly, we have seen the streaming companies like netflix start to lose subscribers. whether that continues remains to be seen is peloton protected if we enter recession because people have spent so much on the bike in the first place, they are less likely to turn off the subscription >> we think the levels will remain relatively low. that said, we think trend will

prevail. in many instances, the consumer is still paying for the bike without that service, the bike doesn't work i think that induces more customers to keep paying that said, we are seeing more bikes come up for resale which indicates that maybe there was a group of pandemic purchasers that are less excited about the bikes today. >> so talk through the valuation is today, ed, your numbers and your call on the stock >> we put a $12 price target on it we are concerned about the near-term conditions i would tell you that we think they will do $3 million ending period subs. we are watching closely. they are trying to stabilize the business we are patient and still see longer-term value. >> ed yruma, thank you for joining us peloton trading down 2% in the pre-market lots more still to come on "worldwide exchange.

a preview for the market day ahead. futures nicely higher, but slipping nasdaq up 1 %. all three majors are pointing to a higher open. bsibhe way, if you haven't yet, sucre to the "worldwide exchange" podcast. back with more on the live show. another busy day? of course - you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network. from the most innovative company. bring on today with comcast business. powering possibilities.

i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones it's to be a strong day in asia hong kong up 3.6%. tech stocks soaring in hong kong trade. it helped sentiment for european and u.s. futures u.s. futures lost some momentum. still in the pre market. let's focus on the u.s. trading day. three economic reports jobless claims and second quarter gdp. both due at 8:30 a.m. eastern.

the kansas city fed manufacturing survey we get minutes from the ecb at 7:30 and earnings with dollar general, dollar tree, dell and gap. the main event fed kicking off the summit at jackson hole that starts today with the speeches coming tomorrow great interviews on cnbc from today. let'ses d discuss this for the trading day. jay hatfield joins us now. jay, do you think the fed has done most of the work it needs to do to tame i nflation or are the biggest hikes still to come? >> good morning, wilf. good to be on. we think the pedefed has done al they need to do to tame inflation. absolutely no one is shocked by

this monetary basis vshrunk 15% this year which is the biggest decline since the great depression it is important when the fed is radically changing the monetary base and that means inflation should rapidly decrease. maybe reflected more slowly in the cpi. we think the fed is more focused on the expectation theory of inflation. we think they will be hawkish. that will be an overhang on the market this year and maybe next year they start to figure out inflation is dropping quickly. >> so, jay, the moment the s&p 500 closed at 4,140. what is your view of fair value? >> we have a fair value model that's based on 10-year treasury and normalize risk premium

that fair value dropped by 300 points 4,600 just a week ago. you saw a global bond meltdown when the germans reported an almost unimaginable 5% increase in ppi 37% year over year that melted down the european bond market and our bond market. that's why we're cautious where you don't have a lot of earnings reports. pretty fair value market and plenty of concerns of fed policy and economic growth and inflation. >> what about if things start to pull back? where do you think support gets found for the s&p 500? what level would you pile back in again >> we're pretty bullish. you had a good segment of the european energy crisis what almost no one ever

discusses is this is very, very positive for u.s. heavy industry not just lng and energy, but also fertilizer and chemical and steel. all manufacturing requires gas or electricity we think the u.s. economy is very resilient we think we will bounce 3,800 in that range between now and earnings season in october we are more constructive because we watch the energy market >> you mentioned you felt the fed had done most of its work already, but the extent to which issues in europe had infected u.s. markets so do you think that u.s. markets can ignore european recession or worsening european outlook or what it does to european bonds >> if the european bonds markets continues s >> if the european bonds markets

continus to sell off, that will be an issue for the u.s. those two markets are related. the u.s. market, bond market, is very attractive. japan is at zero germany is 1.50. we think the u.s. treasury bond will stabilize in the 3% area. growth prospects are dropping in europe we don't think the rates will continue to sky rocket >> okay. jay hatfield from infrastructure capital advisers very many thanks for joining us this morning as we love to leave with the last 30 seconds, it looks positive the s&p futures are up .50%. we were higher by a full percent on the nasdaq just about an hour ago. we are slipping. similar european markets which were higher by 1% at the open

and now fractionally higher. early market sentiment is positive hong kong short squeeze. nonetheless, s&p futures up by .50%. that does it for "worldwide exchange." "squawk box" is next ot this. we got this. we got this. life is for living. we got this. let's partner for all of it. edward jones when tired, achy feet make your whole body want to stop, it's dr. scholl's time. our insoles are designed with unique massaging gel waves, for all-day comfort and energy. find your relief in store or online. with xfinity internet, you get advanced security that helps protect you at home and on the go. find your relief you feel so safe, it's as if... i don't know... evander holyfield has your back. i wouldn't click on that. hey, thanks! we got a muffin for ed! all right! you don't need those calories.

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good morning stocks set to continue their climb, but i wouldn't go to the bathroom i mean take a bathroom break it could change. there are quite a bit pmore jo jackson hole and everything else. salesforce is a dow c

comp component. it is problems with the cloud. and tesla begins trading with the 3 for 1 split our special guest is ron barron. "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. let's look at the u.s. equities at this hour joe mentioned we are higher. it has been volatile right now, dow futures up 85 points s&p futures up 18. nasdaq up