mail letters 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 it is 5:00 a.m. on wall street here is the top "five@5. investors on edge ahead of the powell speech? jackson hole today more trouble overseas. another lands in taiwan with a face-to-face with the president. amazon, apple, starbucks this morning another landmark victory for organized labor in america. europe's energy crisis hitting a fever pitch. doubles the amount of utilities.

and later on, what bill gates just did to top the biggest insider buy list it is all happening on this friday, august 26th. this is "worldwide exchange. good friday morning. good afternoon or good evening welcome from wherever in the world you may be watching. i'm brian sullivan good to be back with you let's jump in and check on the markets and your money stock futures are lower across the board. nasdaq futures are down the most off .40% all this after a late day rally yesterday. the dow and s&p and nasdaq gained at least 1% still, stocks are down for the week with the dow down more than 1% since monday. all of this ahead of jay powell's comments at jackson hole and their big symposium today. he will speak at 10:00 a.m

we have a taste of what's to come of the flurry of fed comments throughout the trading day here on cnbc yesterday >> when we look at the economy today, steve, we see imbalance imbalance between demand and supply that is putting high inflation at play. so, we still have high inflation. we saw easing in the july numbers. it remains broad based there is more work to be done. >> i'd like to see us get to say above 3.4% that was the last median in the s&p. maybe sit for a while. if the data says increase, we increase we have to get inflation under control. that is job one. >> if we act early and aggressively we will bring inflation under control quickly, but the risk is that the other side of that is not priced enough and the reality is we may have to be higher for longer

>> all right with all that in mind, let's check on the bond market 10-year treasury at 3.07%. in energy, oil is above $93 a barrel that means gasoline prices are going to rise again. natural gas staying near 15-year highs at $9.55 a contract. that is high, but nothing compared to europe we will have more on that coming up in a few minutes. speaking of europe, let's see how europe is rounding out the week as they grapple with the growing energy crisis. julianna tatelbaum is standing by in the london newsroom to figure out how much her electricity bill will rise in a couple weeks >> brian, there's one thing that's for sure. it is going to rise. this morning, news from the uk i know you will dive into in more details we are looking atting significantly higher energy bills in the uk. the price cap will impact 24

million households in the country. ftse 100 shrugging that off. it was largely expected. that index up 16 basis points this morning we started out in positive territory for the majority of european markets sentiment turned sour in the last hour. we have the ftse mib trading .30% red on the board for the german market and swiss market. green for the cac 40 and spanish market brian, investors are nervous in the lead-up to the speech from the fed chair in wyoming later today. here is the split in europe. it is a mixed picture. at the top is basic resources up .80%. that basket was trading well north of 1% higher early this morning. we have come off the highs banks also showing resilience relative to the higher market. technology and health care with renewed demand for gsk, haleon and sanofi

health care investors are watching closely on the down side, heavy selling in food and beverage and media brian, back over to you. >> julianna, thank you very much now to the top corporate stories stateside. including a win for unions in michigan and rare podcast from mark zuckerberg. frank holland is here with that and more >> good morning, brian we start with the meta platforms. mark zuckerberg will review a new head set this october. speaking on the joe rogan experience, the next will have new features to help experience with a feeling of social presence union news workers in lansing, michigan at chipotle voting in favor the unionization it establishes the chain's first and only union in the u.s. the vote took place in the

parking lot. companies like amazon and starbucks and apple seeing a unionization push. and home partners america owned by blackstone will stop buying homes in 38 cities. this is the latest institutional investor to scale back activity in an overheated housing market. among the impacts is boise, idaho and memphis, tennessee brian, back over to you. >> frank, see you in a few minutes. developing story this morning. another group of america lawmakers are making their way to taiwan. this despite china still fuming over nancy pelosi's visit this month. eunice yoon is joining us from beijing. eunice, what can you tell us >> reporter: brian, the delegation is led by republican senator marsha blackburn she met with the president after arriving late last night on the island as part of the wider tour she is having through asia

as a member of the senate commerce and armed services committee, senator blackburn is meeting with the island's top security official as well as the foreign minister this is part of her three-day stay today, she stressed the importance of strong economic ties between the u.s. an and taiwan she said a few things that are sure to annoy beijing. she would support taiwan as they push forward as an independent nation blackburn's comments are contrary to official u.s. policy and that is the u.s. does not support independence for taiwan which china believes is part of its country. president xe said this reinforced the determination to defend itself.

this comes as taiwan is p proposing a double digit increase in defense spending brian, china's response has been relatively muted especially compared to speaker pelosi's visit they have been threatening unspecified counter measures >> all right unspecified counter measures, eunice any hint of what those could be? >> reporter: not so much up until now when they threaten counter mesasmeasures, i guess t could mean senator blackburn could see sanctions on her from the chinese per specspecula perspective. what's really interesting, too,

is today instead of focusing on blackburn, the government here as well as the state media has been harping and harping on how speaker pelosi's visit was really provocative they released an 11-point word statement against pelosi she was provocative and blaming her for all of the visits we are seeing from the u.s. from the u.s. perspective, of course, they say that these visits have been part in parcel of the one china policy. from china's perspective, it wasn't the case. they think pelosi is a high ranking member of congress that her visit was much more special and much more provoprovocative. >> certainly scary times overseas eunice yoon in beijing thank you very much. i appreciate it. all right. we are just getting started on this friday. when we come back, millions

facing energy poverty in england as energy regulators raising energy prices there by 80%. appetite for buy now pay later drying up. one stock falls short. and forget about a 5g rollout. what elon musk and t-mobile were planning to have a bigger impact on america's wireless future we're back with all thatomg up cin stick around >> announcer: this cnbc program is sponsored by ibm. ibm. let's create technologists in i, and customers all on different systems. you need to pull it together. so you call in ibm and red hat to create an open hybrid cloud platform. now data is available anywhere, securely. and your digital transformation is helping find new ways to unlock energy around the world.

welcome back we have a developing story overseas this morning. brin britain's energy regulator will increase the prices on utility bills. fro price cap limits is a standard charge they can bill families to combine electric and gas bills this does not apply to businesses which amazingly could end up paying more more than double in some cases cap hike covers 24 million households consider this, that cap was just 1,400 pounds when we first talked about the growing problem live from london last fall

they tripled in a year likely going higher when they reset again in january reset in the uk every three months all this as european natural gas prices soaring now at $94 u.s. per contract that is ten times what we are paying here. about 30% of british homes use natural gas to heat houses as uk policymakers try to dump gas in favor of wind power in the past decade. wind power in the uk is making about 3% of their energy output. let's talk more about this with leon izbicki leon, good to have you on. it is an incredibly different time difficult time for people. families and companies in the uk especially do you see things getting potentially worse from here? it seems hard to imagine

>> i think that's certainly a possibility when you look at the underlying reasons for the high prices we're seeing in the market right now it is really the market resorting to the last remaining mechanism to ensure there is enough supply for demand that is by cutting demand. it is the direct result of the market resorting to prices in terms of shedding demand to reduce demand from consumers. those consumers cannot afford. industrials have to curtail production or shutdown in order to cope with the higher energy prices if there is going to be a further disruption in supply, such as, for example, further losses from russian flows, there is the possibility for energy prices and gas prices particularly to rise higher

despite the stress on historic levels at the moment >> i know there are millions of people joining in don't pay uk they may protest they can't afford it the government will try to help. will the subsidies be enough we don't know. leon, we were in london last fall talking about the potential for this now that was a couple of months before putin's invasion. obviously the war in the ukraine and flows from nord stream have had a big impact on natural gas. when you look at a country where 30% of the homes are heated by natural gas and yet they shutdown their biggest natural gas storage facility in 2017, do you see this ultimately as a major policy failure >> well, i think it is a case when you look at really the whole of europe. markets are optimizing for price. the fact there was a lack of

diversification of supply is the main issue across europe that was the result of the markets given free rein and optimizing for the cheapest sort of supply which is the pipeline from russia. there was no political need at that point in time to actually mandate a certain minimum amount for european supply overall. this is what got us into the position today it is not so much about storage facilities it is the lack of diversification of supply and policymakers are grappling with the idea in terms of we see a number of asian countries signing up for new supply agreements we have yet to see the same level of new agreements signed from european customers which would be needed to safeguard a base load supply into the

european market other than russian pipeline gas >> the addiction to cheap russian gas put europe in this spot in many ways, leon. when does severe demand destruction kick in or has it already started? >> we are definitely seeing that happening at the moment. we are looking at for example, german industrial demand in july around 15% to 20% lower compared to the five-year average when you look at that, it is a combination of demand destruction and demand reduction. you are seeing a lot of fuel switching taking place in the refining sector where using natural gas off the grid for power greneration is not feasible instead, using lng despite the higher carbon costs. you are also looking at industrials like glass

manufacturers using gas or diesel you are also looking at demand destruction. you see aluminum smelters curtails production as the case for chemical manufacturers, too. it is just going to be amplified in terms of the prolonged prices on demand over the course of this year and next year where those lag effects mean the high pr prices are just going to feed through demand over the course of the next decade >> this is not a short-term problem. hopefully if the war ends soon, i can't imagine going back to pre-war times. really difficult times for so many families in the uk and across europe. leon izbicki, thank you. still on deck, nasa set to

embark on a new chapter of space exploration with the historic launch today the llfu story when "wex" returns right after this i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones

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fo worse than expected forecast which is described at prudent. the founder max levchin will be on "tech check" this morning shares of gap are higher all though sales are lower they are withdrawing the outlook. gap and old navy and banana republic looks optimistic. shares of workday popping after beating earnings and sales the company reaffirming the full year guidance touting continued growth bonus stock this morning dell that stock lower executives telling investors the end of the pandemic pc boom is hitting the top line dell reporting pc revenue of $15.5 million. higher than last year's total.

well short of the estimates. executives say customer behavior is likely to be cautious for longer than expected all right. let's get a check on the headlines outside of the world of money and business. for those and find out what is going on, we go to frances rivera in new york >> good morning, brian some time between now and noon eastern, we could learn what sparked the fbi search of mar-a-lago redacted copy of the affidavit used for the warrant to search the home agents recovered seven sets of documents this month the judge's decision came hours after the justice department submitted proposal for redactions to the documents which established probable cause. california taking another step to fight climate change one who may fight americans who don't live there banning the sale of gas only

vehicles by the year 2035. california is the largest auto market 16 states and the district of co columbia follow the lead. and nasa will hold a critical test for the artemis 1 rocket this is the mission which will take americans back to the moon. the excitement already over the moon, brian. you have tons of watch parties set up for that monday morning event for this launch of artemis 1. the incredible mission this is really just the start of it >> maybe something that one small step that can bring us together as a nation, right? leaving the planet can maybe bring us all together. frances, the average price of an electric car is $56,000 and only going higher it's amazing

the only cars available for sale in california are $80,000. >> and how much we have to dish out. yeah they have the time to figure it out between now and then. >> and they are shutting down the only nuclear power plant we will see how it goes. frances rivera, thank you very much i appreciate it. >> sure thing. >> california. state of my birth. i love you, but wow. ahead, a tale of two markets. investor attention in china turning bullish. if you haven't already, follow our podcast available on all the major podcasting platforms futures are down slightly. oil up we're back right after this. power e*trade's easy-to-use tools like dynamic charting and risk-reward analysis help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market

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jay powell in the hot seat as investor attention remains number one for the fed in jackson hole. today's rbi and breaking down the numbers with student loan relief and the impact it could have on millions of americans. later, big business of looking good appears to be inflation and recession proof. details from the lipstick indicator on this friday, august 26th this is "worldwide exchange.

welcome or welcome back. good friday morning. it's 5:30 on the east coast. thanks for joining us here on "worldwide exchange. here's how your markets and your money look right now mildly in the red. fair value in the green. coin flip on which way the market wants to go dow down 74. nothing will happen until jay powell talks or his pespeech is leaked in jackson hole that talk at 10:00 a.m. this morning. if he gets hawkish or dovish or raising rates or going after inflation or backing off and indicating they need to be patient about raising rates. that will move the equity man markets. we're down right now bond yield up 3.07%. for right now, i want to highlight big moves in chinese

tech stocks. if you have not beening paying tae attention, you should have been. pinduoduo on the increase this month. and jd.com and baidu up as well. and the ticker k-web tracking for its best week since april. the hope the two sides of the u.s. and chinese regulators will come together on audit standards. on the other hand, it was a rougher week for american r retail nordstrom and abercrombie and advanced auto parts falling. we will get back to that, but let's check on the other key headlines you need to know on friday for those, we have frank holland back >> we begin with williams-sonoma

heading to the metaverse speaking with jim cramer the plan involves roblox which is popular with young kids it comes one day after williams-sonoma released better second quarter earnings. the e. coli outbreak in the midwest is severe. 47 people became sick this week and 37 hospitalized. wendy's is cooperating with the investigation and is pulling romaine lettuce used as a precaution. and starlink is teaming up with t-mobile to end dead zones. speaking in texas, the t-mobile ceo will dedicate the mid band spectrum to be integrated in the starlink satellites launched next year. brian, i have no idea what pcs

band is. anything that ends the dead zones is welcome i know you are in an undisclosed location in my house, i have five dead spots. >> in my bunker here, it is not too bad. i will say i managed to make live tv. i will say this. out here, it's not good. anything i can watch my chargers lose in football, i'm happy with, frank. >> that's what it is all about you want all of the things you can get at home on the wifi out in the world that's what we were promised, brian. >> football pain here or anywhere in the world i want frank holland, thank you i appreciate that. now we're going to do a special friday rbi most random but interesting thing you may hear all day cnbc style. and i want to do a bonus rbi because i want to talk about the student loan debt and

president's forgiveness plan $10,000 will be forgiven and $20,000 of pell grants you probably heard the staame thing over and over this week. if you look at the data, there are random but interesting stats pop out that you may not have heard. the most common statue heard over and over is the average student loan debt size is $37,000 which is a lot of money. that number is accurate. it is only accurate because how averages work. it is misleading yes, the average debt size is $37,000. the good news is that more than half or 14.5 million borrowers or 32% of all borrowers owe less than $10,000 just over half of all borrowers,

53% owe under $20,000. so knowing that, how is the average so high at $37,000 it's because a fairly small group owes a lot of money. in fact, about 7% to 8% of all student loan borrowers owe more than $100,000 each fairly small percentage of americans owe about half of all outstanding student loan debt which then, math, skews the average higher much higher in this case the most in debt age group is not the young. it's those that are 50 to 61 years olds with an average debt of $45,000 with 12% of all borrowers owing 50% of that money. this is incredible about 2.5 million people with student loan debt are over the

age of 62. maybe they borrowed for their kids or grand kids the president's plan drew criticism from the right, who didn't want any loan relief, and the farther left, who thought the president should have done more defies america these days in general. whatever your view, we wanted you to have the actual numbers and realize that the $10,000 while some people are complaining about it, will completely wipe out all student loan debt for more than 1 out of 3 american borrowers you owed $10,000 yesterday 32% of borrowers you owe zero tomorrow. well, if you can get it and stands up in court time will tell you get the point. hopefully the real student loan stats are random but interesting. it should make a lot of difference for one-third of americans who may wake up tomorrow and have zero student

loan debt. 10,000 wiped out. we are less than five hours away from the highly anticipated speech from jay powell from jackson hole, wyoming. tune in for the pace of future rate hikes and if the central bank will lean into analysts expectation of the possible dovish pivot meaning raising rates less aggressively or at least drawing it out for more on what to expect, let's bring in capital wealth founding planner kevin simpson i think the word may be appropriate, kevin, we made up a new word what are you most watching from fed chair jay powell today >> i don't know about grivley. we have to expect a hawkish tone, brian. we had a dovish interpretation

last time. i think especially listening to the folks yesterday, they have to keep the medal to the metal they have to keep the gas on we have to see the hawkish tone. he will talk about the fact inflation is the focus for this fed right now and for the next meeting. we have to expect another rate hike in september. 50 or 75 it should be 75. they have a couple of data points between now and then. i think the key for this market to understand is that inflation is going to be here for a lot longer than we expected. we get a pce read today which is important. if that comes in at 4.76 or lower, that is a good sign inflation has to stop going up so it can peak then start coming down a little bait bit so it can abate. we have a lot of work to do. i think they are on the right

track. i think we will see a hawkish tone i think that's what the market and inflationary environment expects. >> if you are a long-term holder of apple or u.p.s. do you care if they go 75 at the next meeting in. >> long-term investors may have less influence than a short-term trader you need inflation to come under control more so than anything else it will affect earnings for many companies, if not all of them, if we don't see inflation come down we have a tremendously strong jobs market which is great that's really powerful the gdp number has come down for a couple of quarters

long term investors, maybe a little less of impact. it is very important to all of us >> when they make the pivot, meaning we're probably going to be done raising rates soon or we will delay and wait and see how the economic data comes out in the months ahead is that the bell ringing that it is all clear to buy american stocks, kevin? >> well, i hope we don't hear anything about a pivot i don't think we want to hear an all clear or bell ringing. >> we won't today. we will at some point -- some point we will. at some point we will. we have to >> yeah. i think that's a 2023 conversation late 2023. if we think where we are right now, the investors psyche. the end of august. summer coming to an end. a lot of people might still be in vacation mode until now, the stocks performed

well for the summer. some shred of optimism crept into our minds compared to the first half of the year down 600 points or 700 points. that felt like a win, that rep reprieve brian, the short-term environment, they are always what we think. the simple fact that gas prices have come down makes us feel good the first half of 2022, the stock investor was decimated it took a toll on us it is not tanking every day. it feels good. it not quite stockholm syndrome, but close. i think that thesis gives us a recap of the zeitgeist at the moment >> kevin, i would buy you dinner and lunch with champagne if we go a month without hearing from

the fed. give us a break, right >> not going to happen >> kevin simpson i appreciate your views. have a great day and good weekend. coming up, this week's insider buying segment and why one bill gates is on the list this week. you got to hear what he's buying coming up.

time for the weekly exclusive insider buying segment. we highlight the top five stocks bought the most from the c-suite executives with their money. this comes with our thanks to verity data. we have interesting buys with one really big by but one really big name as always, we are counting down five to one. stock five is kohl's $1.5 million buy by three led by the chairman of the board. kohl's has been under buyout for years and nustar founder has been a consistent buyer for over a decade and sarepta with a $4.99 million buy by the board member. it is the largest insider buy.

one to watch for the top two. stock two is dish network. $9 million buy by the founder of dish who bought nearly 500,000 shares at $18 a share. that adds to a $24 million buy he made earlier this year. more than $30 million by one insider in dish this year. the biggest insider buy this week is by a big name. bill gates yes, that bill gates he bought $10 million of ecolab through the cascade investment firm which now increases his stake in the minnesota based company to more than 10% so ecl ecolab is going to be a name to watch in the market today. there you go kohl's and nustar and sarepta

and dish and ecolab. all over $1 million. we do this on most fridays not next friday. pretty much everyone, including me, is off it is the segment you will see on "wex" or cnbc pro sign up for cnbc pro today the big business of looking good appears to be inflation and recession proof. at least that's according to what is dubbed the lipstick indicator. courtney reagan is joining us. as someone who worked in decades, we talked about this a lot. it's real. >> i was going to say you know a lot about this maybe more than others for that reason consumers may be grumbling at the gas station and grocery store at the higher prices, but they are looking their best doing it ulta net sales increased 17% from the year quarter.

coty sales increased as well estee lauder up 9% target sales grew high single digit sales as well as kohl's with sephora the beauty is seeing no signs of slowdown >> there is no trade out happening. on consumer beauty side, it is the opposite >> while the lipstick indicator has been a look and nabi said for the today's trend, it is the f fragrance indicator. >> we love to talk about what we call the fragrance index

fragrances are booming in the u.s. this category is 20% ahead of both the levels of 2019. this really speaks a lot to what is unique about this figure. that says who you are and how you feel which are two important elements currently >> scent is winning across the board. estee sales grew 22% ulta out performed with double digit growth fragrance is a standout. the xr it is xrt shares up 22%. brian. >> so courtney, given all this concern about the economy and what nordstrom tanked yesterday.

what is the outlook for beauty going forward? >> that's a good question. all of the ceos and comments on the conference calls or interviews said this is a category that is resilient it goes to the heart of what we are talking about here with the theme of the story in general. ulta took up expectations. kohl's and target having other troubles, but buying more inventory of makeup and beauty because that is what is selling. estee was more cautious because they have a big china business and because of the lockdowns, they saw a slowdown in business. by and large, it doesn't look like anything is stopping us from making sure we look our best brian. >> especially at 5:45 or whatever it is in the morning. courtney reagan, we need -- i don't know about you i need a lot of powder i dip my face in the m.a.c. and

cake it off. courtney reagan, thank you we're back right afterhi ts. ed,f 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.

welcome back let's set up for the trading day. join us now is managing partner lizzie evans l l lizzie, what are you advising your clients to do >> good morning, brian happy to be here it has been -- where we have come, the s&p 500 is up 14% after the brutal first half of the year as we look at how we manage client portfolios, we think we do think that we have seen a

bottom in the market with that said, there is tremendous uncertainty we are selective know what you own. look for companies that have strong fundamentals and strong free cash flow there are buying opportunities, but you need to be selective >> where are those buying opportunities? >> well, let's talk amazon amazon is a company that is freakily talked about on cnbc and other news outlets rightfully so. if you look at where we are since q2 earns, i think amazon is trading at a compelling risk/reward tradeoff for three key reasons. amazon web series over the last year is up 30% amazon is very good at growing the revenue with the right

business segments. so, aws is up 30% over the last year they have 40% of the market share. yet, they are still up 33% if you look at the total revenue, aws makes up 15% of total revenue. 7 70% of operating profit. that's meaningful. they had incredible growth in advertising business advertising revenue up 18% over the last year. thief beat out all of their peers. if you look at meta, alphabet, snap, twitter. that's meaningful. they don't have to worry about the apple proivacy challenges they have a better mouse trap. that's a big deal. >> what about a company like merck? mrk? >> we like merck they have free cash flow yield of 6%.

managing from the dividend 10% a year over the last three years keytruda is a cash cow it is a great performer up 1% y 17% year to date compare to health care at 20 times. there is still room to go there. >> lizzie evans. coming from the state of indiana. we appreciate it thanks for getting up early. see you here on cnbc take care. with that, we wrap up the "worldwide exchange. thank you, lizzie. we have more to do we will not do it until monday have a great friday and great weekend. see you on monday morning. "squawk box" is next take care. dad, we got this. we got this. we got this. we got this. life is for living. we got this. let's partner for all of it.

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good morning waiting on the fed chairman jay powell set to deliver a highly anticipated speech in just about four hours. developing story california banning the sale of new gas powered vehicles by the year of 2035 how elon musk could soon end so-called dead zones which have been plaguing cell phone users for decades. it's friday, august 26th, 2022 "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 andrew is off today. we have been watching the equities this morning. ahead of the fed meeting and jay powell speaking from jackson hole, you will see red arrows. the market is figuring out he will be hawkish in the comments today. you did see gains yesterday heading into the markets you were talking about a strong day for the markets. dow up 1%. s&p up 1.4%. nasdaq up 1.6% the dow down this morning 74 points s&p futures down 14. nasdaq off 71. what is happening today, the fed speech from jackson hole specifically from jay powell and markets will focus on that it is friday not a surprise to see a pull back treasury market. higher yields. 3.078% for the 10-year treasury. higher than we have seen in recent weeks 2-year treasury at