>> final check on the markets. we have to be out of here by 9:00 on live tv. up 88 points now, 102 on the nasdaq, s&p up 500 hold down the fort rocky mountain high. that's where i'm headed for a couple days. join us tomorrow "squawk on the street" is next good wednesday morning welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber final day of august, premarket hanging onto the green despite some weak guidance from bed bath, seagate, hp, reportedly snap oil back below 90 on pace for the worst month of the year. our roadmap begins with futures flat this morning on this final trading day of august. after three days of losses, investors bracing for more fed tightening >> and that cratering meme trade, bed, bath & beyond announcing store closures,

layoffs, new financing shares are down sharply ahead of the open more broadly, carl mentioned some of the names. we have slowdown concerns this morning and hp is the latest maker of things like computers to report a decline in spending overall on electronics >> let's begin with the markets and the state of the consumer. jim, you talked yesterday about this continued weak macro. >> yeah. i mean, you know, i -- he got the job and this is the first time i really heard a major miss the free cash flow here, david, was down dramatically. i thought it was important that people cordoned off the negativity at the consumer level because once you had your work-from-home pc, you were fine this was right in the wheelhouse of the enterprise, and they're still buying back stock. they still managed to make the

bottom line, but david, if you thought that the enterprise was stable here, wrong >> it's not. >> if you think you could save the enterprise, you're wrong >> enrique laurie joined you last night >> we have a little sound. >> elucidate what you're talking about. take a listen. >> i think the overall situation is temporary what we have seen in the quarter isa slowdown of consumer deman that accelerated as the quarter progressed, and we have started to see some dloe sloeing down on the commercial space we don't believe this was driven from a year ago. we think this is driven by the macroeconomic situation that we're facing >> jim, let me just add to that this morning, c.j. technologies, weaker economic trends in certain asian regions have amplified customer inventory corrections. we've seen more cautious buying

behavior among global enterprise, oem, certain cloud customers, and macroeconomic uncertainties. different area but nonetheless similar sentiments pvh, another company you know very well, our calvin klein, tommy hilfiger businesses underlying strength despite the increasingly challenging macroeconomic environment as the quarter progressed >> pvh, what they were trying to make a comeback, i was expecting things to get better we got the apparel carl, pc glut, apparel glut, certainly towel and sheet glut >> and chewy >> chewy >> you have to buy your pet food -- >> did you see what chewy had to say in the actual conference call, in the actual give-and-take? >> tell me >> they say great things during the commentary pet rsz down roughly 20% when it

comes to google searching and that golden retrievers are down 45% in terms of searching. they're the gold standard of dogs i have mutds, you know, combination of 32 different dogs, when you give them that thing where you measure what they are, turned out the dog was -- but you're sitting here and saying to yourself that chewy is putting the best face they can on what i regard as a post covid dog hangover. >> coming up this afternoon, of course, average customers, active customers was a miss, although adjusted ebitda was ahead. >> it's like hp. our actual bottom line was good. the only one that was really good last night was cloud strike that was unmitigatingly good that's cloud native hacking. >> palo alto clued us in >> these guys have this incredible business called really horrible state actors who

are trying to take your money. >> coming back to the macroeconomic head wind story we've heard very often in the releases we've looked at this morning, is the fed doing what it wants to do, has the market already adjusted as it seemed to, for example, with best buy yesterday, to the fact that things are not as good as they were or do we have more adjustments to come. >> do you not need to see -- bed bath laid off a lot of people last night, 55,000 i don't know now snap can maintain this is only the beginning we've only had a couple companies others than venture capital companies that won't get financing, a lot of different ones about people suggesting, there's a lot of companies that won't come public that people thought. but this is the very beginning of the end of help one >> well, adp would ratify that

132. we were looking for 300 or so. that's the forecast for this friday even the white house yesterday said we expect job numbers to cool >> i know. they seem to be unaware of what's really happening. >> that's what they want you talk about powell's got to get wages down got to get wages down. wage growth down, excuse me. >> run on commodities. he's dealing with a congress that was trying -- that was acting as if we had 10% unemployment, right? congress has -- you want a job congress will give you one it will be a high-paying job all right? you'll have to learn something about engineering. i was with an engineer this weekend, and i can do 3d printing of pieces like lego. >> i'm not sure that's a bad thing. >> what? >> when you talk like that, engineering jobs isn't that what we want?

>> we don't need as many people working at bed bath as we have because when you have those minus 26% comps, david, that tends to leave lot of empty shelves. >> understood. my question -- >> where did it go at bed bath you were checking out, you would say do you have a coupon here's the coupon. >> we'll dig into bed, bath & beyond >> plenty of time to talk about that >> buy, buy baby >> the comments this morning from the cleveland fed president are interesting. she sees the benchmark rate going above 4% and pretty much staying there all year, says it's far too soon to say inflation has peaked here are some of her comments from this morning. >> my current view is that it will be necessary to move the fed funds rate to somewhat above 4% by early next year and hold it there i do not anticipate the fed

cutting the fed funds rate target next year it would be a mistake to declare victory over the inflation piece too soon doing so would put us back in the stop-and-go monetary policy woes of the 1970s, which was very costly to householdses and businesses. >> what william said, go to 3.5% in his case and stay >> if you're buying a two-year piece of paper at 3.4%, you're going to get bush whacked if she's right. meser is in the land of milk and honey. the number of companies opening businesses in ohio, david, when you speak to banks, is so far higher than what powell wants to see. powell does not want hundreds of labs being built all over the country, batteries, chips. he doesn't want that >> he doesn't? >> he needs the economy to cool, not accelerate congress is trying to get the economy to accelerate. >> we're trying tobolster

domestic manufacturing at least. is that what you're saying? >> don't have enough workers >> related to our national security >> we don't have enough workers. a general c in every room. >> don't you think we need that? >> i am aware of supplies of nickel and lithium solar pods >> i am not for a minute saying we don't need it i am saying it conflicts with what powell wants. if you're happy with 4%, you can have all this that you want, maybe 4.5%, because it's mandated by the fed. caterpillar was down $4 yesterday. do you know how many caterpillars they're going to need to do this stuff? how about deere? i mean, can you imagine? they're going to have to be running factories, like, around the clock. you know who makes chinook who do you think makes it if

you're going you have to a recall >> the helicopter? >> the helicopter not -- they've grounded it. issues rtx? >> ba-ba boeing, ba-ba black sheep and ba-ba baby >> used to be utx made the helicopter, right? >> yeah. different helicopter chinook is big all i'm saying is we have a moment right now which is s suboptimal >> you argue today is the beginning of real preannouncement season >> yes seagate is everywhere. we have a glut of astounding proportions in everything. but the most important call is whether snap continues to pay the hyperscale cloud companies remember, snap has big deals everywhere seagate has been second rate for so long. >> snap is going to pay -- you have to explain that

>> nap has gigantic deals to be able to have their cloud >> for running their business. yes. >> remember the giant deals they made at the beginning? do you see the amount of debt -- let me -- >> why would that be -- >> for buy, buy baby listen to me listen to me >> i'm listening >> they have $4 billion in debt, snap >> yes reportedly they're laying off as much as 20%. >> woe dent have that confirmed. >> we don't, but that was the report yesterday >> not to mention the executives they lost, netflix, their vp of america, their chief business officer goingto help run netflix's ad product >> well, that's -- wow, that's frying pan fire. >> those people were thought of as fairly well thought of. >> peter naylor is -- >> is he related to tiny naylor,

one of the absolute best places to eat out there >> yes and this gorman. she's credited with snap's redirected ad business >> let's not get too gan granu. at one point we thought one of the great growth industries, the snaps, pinterest, twitter. seagate is storage for commercial, okay the problem that enrique lores talked about is commercial, the enterprise the enterprise is supposed to be okay jay powell is running on all fronts except where the federal government has decided to build, build, build, like ohio. >> you love talking about ohio >> because it's the rust belt renaissance. >> a lot of that is the chips act. >> yes >> which the government will obviously -- to fund the building of new fabs, essentially, so we're not beholden to taiwan >> exactly i also notice a pattern that

wherever the sacklers were doing well with purdue pharma, trying to sop up what they did to destroy this country. >> interesting take. >> i used to go to sackler art museum and said, boy, the sacklers are great >> the name was on the board -- on the walls of museums here in new york city. >> all over. universities yes. >> now we have to spend a lot of time trying to deal with how they almost destroyed our country. >> by the way, taking an interesting turn here, but opioid deaths continue to hit new highs in our country and not to mention the average expected life expectancy in the u.s. >> page one today of "the journal" is about fentanyl >> but where they're putting the factories, do you remember how -- do you remember how they found what towns were best they used zip codes where the biggest layoffs were because

those guys were really -- lex lo luther didn't have anything on them that's the towns the factories are going in and that's good news >> speaking of micro and macro challenges, bed bed is the story today. they announced it has secured more than half a billion in new financing, could sell up to12 million shares of common the strategy includes closing about 150 stores, cutting corporate supply chain workforce, keeping buy, buy baby, jim, and cutting fiscal '22 capex almost in half >> and the cash flow is horrendous if you remember, ryan cohen, one of the great beneficiaries of this period, was calling for buy, buy baby to be monetized because at one point it was doing very well. i always said to mark is there ever a chance you could doing do something? he was talking about buy, buy baby being worth the company

they're doing 12 million shares. what they're doing of course is an adam aron kind of fund raise without that populist approach that he gives you. >> just sell it and don't promote it >> yes >> adam aron nothing to do with bed, bath & beyond >> no, but always nice to see him. >> increasingly the people who go to bed bath know what's happening here target, in a stroke of brilliance, went and bought -- there's only so much branded merchandise because of supply chain. don't forget, there could be a long strike, on the verge of one of those so the branded stuff was i think cornered, cornering the market in towels, but the good stuff target got what's left for bed bath >> they are going back to branded as you say >> you have to have branded to go back to branded >> making our merchandising and inventory strategy, which will

be rooted in national brands, and obviously focused on driving digital and foot traffic those are all good things to want to do the stock is down dramatically >> brian cohen is perhaps one of the only real beneficiaries of -- >> three members of the board, which apparently he never spoke to never spoke to the three members of the board because they were independent. >> that's correct. here's what's really important when you're trying to get merchandise, branded merchandise, they're not thinking about, wow, they can sell 12 million shares because they don't know about the memes. they don't know that there are people who literally like to lose money every day of their lives. they get up and say i'm going to lose money with bed bath >> we've talked about this you're talking about supply but also vendor willingness to ship product. >> why should they >> they have the additional financing and makes them at least a safer bet before the holidays. >> there's the ceo of gove and

brian cornell, who, if you have orders from both, david, who would you rather send the stuff to, target or buy buy bath >> i would rather send it to target no doubt >> the prosecution rests >> we have to move on. >> we do we've talked about snap. we have breaking news on that. we'll turn to julia boorstin good morning >> carl, good morning to you snap announcing it's restructuring its business to focus on three strategic priorities, its community growth, user growth, revenue growth and augmented reality they say as a result they are reducing their employee count by 20%. that's nearly 1,500 people they're also creating the new role of chief operating officer, promoting jerry hunter he was previously svp of engineering into this new role in addition to engineering, product and seams will also report up to him to improve collaboration among those three

divisionings now, snap says this will generate about $500 million in cost savings on jeannjeanan annd basis and an 8% growth in q3 that's better than the flat growth reported on july 21st for quart to date in the last earnings report but still down from the 13% revenue growth reported in q2 did show that uptick from a lull in july. ceo evan speaiegel saying they'e decided to discontinue in pixies, stand-alone applications the ceo wrote, "we are also reorganizing our team to better meet the challenges of the current macroeconomic environment and to make as much progress as possible as quickly

as possible in areas of our business that we are able to control. guys, this all comes after yesterday. we learn offend the departure of snap's chief business officer, jeremy gorman, and peter naylor, vp of americas, both executives leaving for netflix. back to you. >> thank you julia boorstin jim, as julia was speaking, you tweeted about whether memesteres should put snap in their universe of possibility ps >> you have a failing enterprise trading up today because we had a little better numbers. i think, david, they seem to glom on to companies like that, take on the shorts, move the stock up, and snap -- spiegel gets to issue stock. >> why are you encouraging this kind of behavior really, why would you do that? >> because the s.e.c. -- >> it's not for you to do that >> the government doesn't. >> you'ren couraging people to gets into a name that you don't

believe fundamentally deserves it >> i'm trying to -- >> you're being sarcastic. >> yes >> okay. >> see, because i want the government in the same way -- there were two more coins started yesterday. i don't know if, david, you follow the progress of new coins every day. yesterday we got two new ones that seem -- one is called mxc and another one called aurora. these are new coins that are started every day. does the government even care about this does the government care about what the memes are doing and the answer is, david, once i went to a store, i went to a car dealer in tyler, texas, and it was called caveat emptor welcome to the stock market. >> that's right. there is nothing that seems to have been breaking a law when it comes to the action in memes or what ryan cohen did, unappetizing as it seems >> see, we have the

government -- >> these coins >> shouldn't the government try to protect us from faulty merchandise? >> it's not faulty merchandise it's a perfectly good company that's having a rougher go of things right now >> thank you for that. >> you're welcome. >> really great. do you know, david, two coins you should be interested in? >> i'm not interested. >> there's golum and old golum, two on coinbase. robinhood called and said we have a lot more discretion and we're much tougher on coins than coinbase well, there's a benchmark. david, i'm talking about -- yes, i'm being facetious because i'm tired of the government letting people lose money. >> well, the government -- >> they move very slowly we know that >> the wheel ls of justice >> they always will and it's unclear what they can do when it comes to memes and manipulation.

>> i have something for the memesteres to work on right now. there's a dog that i see >> there is a dog. >> where is ryan cohen when i need him on the backs of the memesters made a fortune he's still revered >> really? >> he is >> by who? >> ryan cohen, who is he revered by >> yeah. who? >> i don't know. not adam aron. name me three other famous people that went to adam aron's high school. >> you >> no. springfield. >> sonnenfeld. >> yes >> i don't know the other. >> ash carter. and schwartzman. >> schwartzman >> when we come back, we'll get cramer's "mad dash" and count down to the opening bell got to get to goldman sachs ordering employees back to the office, calls on paypal, robinhood, coinbase and more

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take a look at some of the spooe s&p pregainers we mentioned netflix meta in the lead up almost 6% getting that news from snapchat a moment ago opening bell is less than five minutes. catch us anytime, anywhere listen to and follow the "squawk on the street" opening bell podcast.

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a minute and a half before trading. let's squeeze in a "mad dash." you mentioned robinhood in relation to coinbase and your obsession with coins what else are you talking about? >> i need you to look at the two coins that were created and their names. they're, like, you know, alice next door, i mean, the names are incredible i don't know i'm waiting for "bridge over the river quay." atlantic equities, transfers remain negative but a squib by barclays, cost-cutting shows discipline likely to drive ebitda improvements. this is a new thing that you've got to start focusing on ebitda improvement on the back of fires that is the next level of what jay powell would like. he wants companies to make their numbers.

>> you had them on last night. initiating a new cost-cutting regime >> you have to because workers are too expensive and you don't have the business to maintain the workers. this is all happening very fast, david. people are underestimating how fast [ bell ] >> at the big board it is bark celebrate its new breed-based dog food jim mentioned the dog on the floor a moment ago at the nasdaq, coffee company celebrating its listing via spac >> i always keep a close eye on that >> how is it looking >> the same it's been for quite some time. >> that's why he brought it up >> i love that thank you. the post-spac index, what i look

at most often to get a sense of how these have performed once they have become public companies like any other, 41 cents on the dollar. now, again, my friends who are in spacs who have sponsored spacs will point out if you looked at the class of straight ipos from 2020, 2021, you would also see numbers that are not great in terms of percentage decline from where they went public as a broader index. >> when you speak to a ceo as i do of a spac company, here's what they always say to me mine's different >> right >> mine's different. >> right >> you see, i have a good spac maybe today's spac is the beginning of the warren buffett invested spacs, money out of a chinese -- maybe this is when -- happy birthday, warren buffett, 92 maybe he's getting in. or as a special birthday venture, van morrison, happy

birthday and maybe he's a spac buyer now. >> still touring. >> amazing i love van >> he's an interesting cat >> yeah. i was at a van concert where he yelled at us >> he yelled at you? >> yeah. >> were you making noise >> no. >> not paying attention? >> he wasn't happy with us he'll turn his back on the audience, stage fright >> yeah. he'll spac you in a nanosecond he was spac'ing people before there were spacs >> before there were spacs, there was van morrison spac'ing people >> crude oil on the pace for the worst month of the year. yesterday was the worst day for the gasoline etf in two months rolling to the october contract. 254 would imply retail going below 3.5. >> a win for powell. we continue to president trump from the strategic petroleum reserve, which at this point is absurd >> is it recession fear or --

>> yes and the russians, whom everybody acknowledged are just -- they're pumping like -- it's amazing they're financing -- the west is financing their war as is india. >> the west or more china and india? >> well, i'm just saying that the west is still negotiating. >> the west is not getting much of its gas either. they've completely shut nord stream down now saying there's technical issue theys ear invest i -- invest gatesing. >> there was a time someone who ran the soviet union said enough was enough with the hatred of the west. >> yes he died yesterday. >> he was a great man. they hate him there now. >> 91. >> because he believed that peace was reasonable and now we have a man who's got the whole world hostage, angela merkel says absolutely nothing, our president has declared russia off-limits, and now he's at a nuclear plant

now, gorbachev, remember, in case anyone wants to know, there was a plant called reactor four at chernobyl and it blew up it wasn't there. but gorbachev promised it would be back online in three days so, it's not all fun and roses with gorbachev but at least he decided that, you know what, i can't fight ronald reagan. i'm done i'm going stop the war of arms. >> that was a long time ago, jim. >> no, it isn't. my researcher, he just named his dog reagan >> legacy. if all that's true, jim, why is dutch gas down >> dutch gas price was $500 per barrel equivalent, and i think that there's a belief at this point that there was some serious demand destruction when you get to that level. >> alcoa yesterday shutting down a norway -- >> that's an interesting stock

because aluminum is down very, very big that's another powell win. aluminum down 17% for the year, copper down 17% for year you might say to yourself is powell losing everywhere no he's still losing in the help wanted, but he is cratering commodities. gasoline, crude is down 15% for the year >> actually, it's interesting, tom lee, our good friend, has a table this morning of cpi components that in his words are falling like a rock -- apparel, air fares, footwear, steak, used cars, applings, tomatoes the problem is wait is so small. >> tomatoes is because the bumper crop i had -- i don't know if you follow me on twitter. >> everybody else has gotten tomatoes canned and all sorts of things not me >> i have a bottle of sun dried tomatoes on the fourth floor >> for me. >> for you i will say somehow that powell

just doesn't seem to care about this powell just wants to make it so that if mcdonald's wants to hire people or chipotle they can find them all these things i think powell doesn't realize are signs he might win. but he's not going to stop until he goes out to a restaurant and it doesn't say "help wanted. he goes to buoy mongers in washington and they have all the people they need >> het's getting there when it comes to places like snap. portillo's laying off. >> they don't know how to work there. >> i wanted to come to meta. it's one of the top performers on the s&p right now up 5%. >> see this? i think it has stuff up its sleeve i had david blaine, i have the card about what they're going to do. >> all right tell me maywhooi meta is up 5% this morning >> i think they'll take matters

into their own hands monetizing so many assets it's beyond what we always hear about. meta is an organic company with organic products >> suddenly everybody decided today is the day or is it benefitting from snap's troubles >> it could be, but i think that meta -- the joe rogan interview was seminal. >> david can't keep a straight face >> that's what it's come to, huh? >> there you go. >> the interview was seminal >> i thought i knew mark zuckerberg >> but you didn't. >> i didn't. but there's a lot of things in their arsenal. there are a lot of things that are free at meta that you can pay for. by the way, reels is doing better they haven't figure t out how to monetize it. they don't know how to get you to go more to instagram. do not think that reels ss isn'n fire >> you believe it represents a

true competitive competitor to tiktok, which is so strong >> i want to go with joe rogan he's not willing to say the chinese own tiktok and their goal is to make us stupid. not unlike james caan, right, at the end of "godfather ii" questioning michael corleone about whether he went to college to get stupid? >> you weren't just calling me stupid >> i would never call you stupid >> okay. >> buy buy fabie. >> that is going to stick. >> they owned christmas store. i always felt that had kind of a short life, like a shelf life. >> they're going to keep it. >> i asked what you're doing with harman. when you go there, they have all those little things, but that's kind of it

oh, they're making a stand at 9:00, a stand on bitcoin >> up 5.5% >> bed bath can issue all the stocks they want because the memesters are saying don't worry, we'll protect you >> c.j. is not getting hit that badly. that was a story we wanted to show there it is at the outset of trading today. hp, you know, it's not that bad either. >> they're doing a buyback still. enrique is making a fortune, by the way, on cartridges they have a subscription >> right >> pointing that out >> shares of alibaba up again. baba and j.d. apparently amongst the names u.s. regulators have

selected for audit inspections that will start next month chairman gensler joined us on friday to talk about that agreement between our regulators and the chinese regulators baba has been on quite a run the health of the chinese economy, what the covid lockdowns have done to overall demand but certainly a beneficiary it would seem of that agreement and generally of what there seems to be a belief that perhaps the chinese are going to let up a little bit on the regulatory front domestically as well. >> really quick, for chicago pmi, paypal, mentioned the bofa upgrade. for the first time in about a year upside potential to consensus cps. >> they like the new cfo i think also there's a sense this stock has kind of bottomed and that it's -- i still don't trust fintech, but this is more they have a lot of accounts. fintech that is still really in the red-hot griddle is affirm.

i didn't think affirm was nearly as bad as the market thinks it is, but it's trying to gain traction upstarting i thought was worse than what the market said and affirm was better. david? >> there is upstart. >> upstart at 26 preannounced, and -- >> it hasn't really -- no. it's been right around the same. it was a squeeze there for a bit. that's right yeah >> we didn't get to do the metaverse. i did the joe rogan thing so they could play the metaverse thing. >> oh, yeah. on the other side. >> always time spacs. >> we'll talk about pmi in a moment get it on jim's cnbc investing club sign up and find out more at cnbc.com/jointheclub 10-year 3.12, we hit multihighs earlier this morning we're back in a moment

welcome back to "squawk on the street." rick santelli here live at hq with shortly breaking news on chicago pmi. just to refresh viewers' memories, our last look at 52.1 for july, was the lowest in almost two years going back to august 2020, and it's hitting the wires at 52.2, very close to expectations and, will, very close to our last read as well if 50 is the expansion/contraction line, we're barely above it. the last time we were below 50 was july of 2020 so it's been a while

not a solid number interest rates are up across the curve. they've really been up since friday when our fed chairman of course talked about the need for tough inflation fighting, and that continues to have an effect on the markets, though the green arrows in stocks today may give us a different direction ultimately on rates. "sawonhetrt"ilquk t see wl return after a short break fromy keep you tuned in all day long. so when something happens that could affect your portfolio, you can act quickly. that's decision tech, only from fidelity.

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decent gains to start the trading session, dow up 164, back above s&p 4k. we didn't get to the goldman memo lifting protocols a few days before the bank expects employees to start coming in five days a week >> trying to go back i've always felt that the goldman rank-and-file, people in their 30s and 40s, were the ones who really were very happy working at home in houses that were not their -- >> primary residence in new york city >> yes so it makes sense. i was thinking about okay, that cool place

i think this is the right time to send a memo because a lot of people have had a great time at their summer houses, a good time on their 120-foot yachts time to come back. >> yeah. jpmorgan and goldman sachs in particular have been more adamant about trying to get people back to the office. adamt about trying to get people back in office, as unlikely as that seems given so many companies would be happy to have their employees in the office three days a week. we'll see if they're successful. getting people back obviously at a rate higher than most. you want to be here, you've got to show up. >> they like to be able to teach you and find out whether you're any good it's an apprenticeship business you hear many times. and to apprentice, you actually need people there to teach you. >> as we're talking as well, the u.s. has cleared the latest

covid boost ers, and shots could begin within days. it will be interesting to see what kind of guidance there are on vaccines this fall. >> i know the drug stores -- this is going to be -- this could be very good against for cvs. it worked very well with this before, and if you want to know how to play it, buy cvs. don't buy walgreens. you know what bed bath & beyond needs? the booster. right? with a 25% off coupon. i know you're supposed to get the coupons. >> that could drive some foot traffic. >> one more for you -- toaster. >> toaster >> they have a lot of toasters. >> s&p 4,013 good morning, bob. >> we're just off the highs of

the day. that's because we have technology up, health care is up consumer discretionary is up what is not participating is energy as jim pointed out, that's a very good sign here. so we've got defensive names doing better we've got growth names doing a little better. i want to focus on the energy and materials. as jim said, this is a small win for jail powell. to the step that energy is a proxy for inflation, we see some of these energy stocks down 5% or 6% this week. a couple big down days this is a brought group. some of them are exploration and production companies and some of the services names like halliburton also down the whole group, all the subsectors are down as well. another modest win, looking at met 58s and material names, these are proxies for global

growth we're seeing that, free port is down mosaic is down a bit free port was, what, 36 on friday it's below 30 right now. still, a pretty gloomy end to august september we've got slower growth, rising recession risks, inflation is still high, very aggressive centers no cuts through 2023, so very aggressive commentary from most of the federal reserve officials. going into september, september has an awful reputation. generally it's deserved. it's the only month historically since the end of world war ii that actually has been down, at least on an average basis. you see these five other worst months, october would be the

sixth worst month, but well-deserved representation, my old buddy jeff hirsch, thank you for providing this, jeff, but he pointed out actually september has been doing a bit better overall. if you're looking for a trend here, what matters here, generally when you're beginning on a down trend, those what we are beginning in september, it tends to skew to the down side that will be true logically, but particularly true in the month of september we were at 4300 on the s&p 500 two weeks ago, and we're struggling to stay right at 4,000 at this point, so definitely starting the month of september on a down trend. carl, back to you. >> bob, thanks very much let's get to jim and stop trading. >> there was a note out by bank of america, and wamsi had some questions on the apple call. he's talking about perhaps a

price change to increase the pro models if they were to raise the pro model by $50, we estimate a 20 cent eps tailwind. if you're looking for a stock with an upcoming catalyst from a very good analyst who i like very much, you might want to buy some >> he did say new watch maybe, new airpods, but if you're looking for the ar/vr, probably not until next june. >> i'm pushing these guys to a level and recognize if you buy a phone, this is the revenue you'll get i'm promising you that, though i have no basis in fact. >> you're pushing them to raise prices >> no with appears plus, maybe directv football, that when you

buy an apple phone, that's just the beginning of the journey david, there's a dog over there. >> yes, there are dogs here at the exchange. >> that dog is named bby, you see it on the collar >> i wish we had our wireless camera, but maybe one day. what's on mad turin? >> not chewy so we have a company that reported a number last night that was so good, crowdstrike. george kurtz, sees no slowdown i was blown away by the large orders that george got proud that we got him tonight. that's a tale, a positive tale >> average recurring revenue almost 60% >> you know, he has the

product -- i mean, there's a lot of -- people are beginning to realize it's the number one threat to the business that's not the sales that's pretty amazing. i know that everyone what pooh-poohing yesterday, i'm taking it outside the trade. >> jim, we'll see you tonight. "mad money" -- >> never stops more than 4,000 shows -- well, maybe like 3,000. >> well done well done. why do you wear two suits? i like one suit. >> i wear jeans, that's all. i want to be comfortable it's a long day. i walk all over the place. it's hot i don't want to wear a suit. when we come back, more on snap don't go away.

good wednesday morning welcome to another hour of "squawk on the street.

i'm carl quintanilla with david faber and leslie picker. we had about a 1% gain for a moment, but setting back into red good a busy morning with decent make r macrodata. >> and the last day in august. we are starting with pvh, cutting its full-year outlook and cutting 10% of its global workforce, saying it's facing a challenging economic environment. we've seen that headline a lot lately shares down about 4.5% another name in the red is hp, the latest computer maker to report a slowdown in spending on electronics. we'll end with bed bath & beyond, volatile once again, down double digits, about 23% right now after filing to selling additional common shares

in the future. you know, potential restructuring at this company involving a credit line. you've got striking workforce potentially, of course this filing to raise more cash to pay down its massive debt load so, you know, shares at under $10. >> a company that's been mismanaged for a long period of time, suffering the consequences of that, went from private label, now going back to branded. jim has pointed out many times he thinking they'll be in tough competition. a very tough road ahead. >> you have to wonder, this is a

company that's faced several activists in the last few years or so. did that do more harm than go? the strategy shift has back and forth over the last year you're refocusing the businesses that are really, really serious. this negative cash flow guidance

good to see you, guys. >> thanks for having me. >> we knew things would be thin and choppy if you take a step back, it's all about volatility. capital markets broadly will be bouncing around. we're dealing with liquidity issues, people hopefully taking the remainder of the week off, but i'm not sure this will subside when people come back from the labor day holiday >> coming off what was basically the fourth, you know, big rally we've had in this bear market since the beginning of the year

i would argument that a rally was basically good advice so we get the fed you know, it's going to extent a bit over time. so it should be driven on the down side. i would argue basically -- seasonality is typically better october through december, you know >> so i know you think that positioning -- is that true even after the bear market rally? i would say a squeeze is definitely possible. it's sort of not in the middle of the lower half of the tip

wale historical range. basically we're down again so, yeah, it's definitely very possible i would argue that basically, you know, you think about to the december period e. we've got basically, you know, a short run, pick up and grow right a gdp trackers are all sort of picking up tenth we've got, you know the midterm election, basically in the run-up and post the midterm election, i

would say, you know, all squeezes from here there's, of course, catalyst and data dependent, but sort of aligning to, you know, a reasonable case, moving forward, of a squeeze into the year end, yeah i would remind basically bear market rallies are frequent. like i said, this is a fourth one. the two recessions prior to the pandemic we had, you know, five each, and neither rallies were bigger than 5% off of the new lows five averaged 14%, 15%. >> right. >> so the possibility of a squeeze is very high. >> thank you david, so what, in your opinion is an investor to do not with just the idea of what he's introduced, buff also on the bond market side we haven't

seen that used in 14 years. you could say some similar about the ten-year high-quality fixed-income yields are sitting near the top of their ten-year rank. we're headed into this environment where growth may be okay in the short run, but a lot of people are thinking about recession in to 23 if we see a further slowdown growth from here, that would

necessitate long rates moving lower, so the conversation we had for ten years, about rising rates being bad for bonds has been turned on its head. particularly from high-quality fixed income >> they had looking at headline inflation, which they argue has started to moderate. maybe explains the confidence number, pretty flat from july to august i just wonder, are people worrying too much about the consumers going into the holiday? so, you know there's nominal sort of growth in spending if you take basically household income or spending, you know, you just put it in real terms. basically, you know, from the

last 11, 12 months it's a flat line going sideways. if i think about household income, you know, you go way up there. like well below the challenge. so it's neither negative or positive, but relative to a baseline we expect so there's a lot of rotation going on is the way i would put it, but in the aggregate things would be flat and have been so for a while. >> we'll watch that as otherwise is back up great to see you both. >> thanks for having me. >> thank you. shares of snap, they are actually moving higher this morning based on news of

restructuring. julia boorstin has more. >> david, snap is cutting 20% of its employee base, that's about 1500 people as it streamlines to focus on three priorities -- growing user base, growing revenue, and also augmented reality. snap says the cuts will generate about $500 million of cost savings on an annualized basis they also announced they're creating the new role of chief operating officer, promoting derry hunter into this new role. he will also oversee product and sales to improve collaboration snap also announcing the company's revenue growth so as far as is 8% it's a big jump from the flat revenue in the first three weeks of the car in which snap reportedback on july 31st ehav

been spiegel sending a memo to employees saying as they focus on their priorities, they decide to cease investment can in certain projects to make progress as quickly as possible in the area of business we are able to control, of course, referring to make roe economic challenges. yesterday we learned of the departure of the chief business officer, both of them leaving for netflix, b of a warning that those departures could lead to down sides, disruptive for sales over the next few quarters, and will likely be perceived negatively by the street but meta shares perhaps on the back that it showed an up tick in ad

growth. >> great point, julie. thank you. julia laid out a lot of plans that snap announced this morning what do you think has the market most excited about these announcement. >> the revenue tracking of 8% to date, we were at minus two, i think the street was flat, and that suggests a pretty significant rebound the stock was trading down initially on the departures and then mixed. >> clearly they're looking for a more focused company realigning their workforce as such. at julia mentioned, they did lose their chief investment officer. what does that say about their

ability to release scale -- especially their performance ad business at this critical juncture. >> i think it's tough. i think investors have been trying to figure out did they build a performance business or did they really have just a good brand business that had performance data connected to it more and more it felt like people were shaking out on a ladder this is a big loss for them. it seems like jeremy and peter will really work well for what netflix is trying to do. they're trying to build more of a brand business, not performance business so the question is there was broader reorganization, it sounds like they're going to give geographic heads more controls they're the c.o.o. with alan smith, but i kind of wonder, just looking at this from the outside, will snap start to work

more with demand-side platforms to bring in more outside demand if they're struggling to ultimately get the tools that need to automate this for advertisers. >> jason, you also cover meta you think that's bad -- or also because they're going to benefit at snap's expense? >> i do think that 8% numb ser a surprise to the street i think it's up also significantly today. i think it's a make rho sign that it may not be as bad as people thought, especially heading back to school, which people are focused on that i think it highlights how difficult it was for meta and google to build what they have built. it's not easy. >> excellent

thank you very much, jason, for joining us >> meantime fda has authorized covid boosters pharmacies are expected to begin administer the new boosters after labor day weekend. we talked about that, maybe we'll see how it affects the return-to-office trend. >> return to office, how it affects holiday travel it's a pretty critical time for those. as we head to a quick break, here's the road map for the rest of the hour, including lifting covid requirement in most offices beginning next week. we'll discuss. >> and wti crude is on pace for what would be the worst month of the year, third straight negative month for the price of that commodity in a row. >> a lot more of the tech sector, as we just talked about,

netflix leading the s&p today, as we reverse the 1% gangs the dow is down 75

well, oil prices have been down on what may be appears to be a recession our next guest predicts a recovery in the fourth quarter

always good to have you. why are you expecting a rebound in the fourth quarter? >> good morning. i think what we are seeing is the impact of the last few months of opec releasing production the release of sdr supplies, and in general, the ability to get around some of the sanction ing sanctioning th limit on shipping. you know, it's a two-part problem. one part is oil. the other part is gas oil has gotten so expensive, that the europeans are resorting to using oil instead the iea forecast, an

increase in demand to over 100 million a day. and yet, it's been disproved to a certain extent are you surprised by the move d down. >> they tried to accommodate their requirements so they combined, and gaining access to oil. like i said, opec has added about 1.5 million barrels, and spr added a million barrels. that overcame a drop going forward there would be another 1.8 million barrels of rush

products that will not be in the market as i said before, you have the 12, 14 billion cubic feet of gas that goes from russia to europe. that's likely not to continue for very much nord stream 1 is down two has never been operated, so the trouble will compound itself i don't think the summer was a demonstration of what would happen during the balance of the year. >> i wanted to ask you about increasing comments we've been hearing from the fundamentals of the energy markets recently we just saw a tweet by pierre durant, where he called the market broken. do you agree with that sentence? do you think there is a severe

and significant disconnect between what's going on in the futures market and what's going on in the ground and on the ground >> yeah, i think andurant has it right. the problem is such a scarcity of trading in oil because of the volatility, because people are averse to the extreme risks that are out there. yeah, the fluctuation is enough to scare people and the market is very thin absolutely it is broken down we're in a new world the energy world going forward is going to be different without the russian oil, without the russian gas going into europe, going to the west, it's going to be very hard to make up that loss. it's a flu world in the industry >> at the same time, i wonder when people ask about the u.s.

market are they surprised. what's the answer to the puzzle? are there strange post-covid dynamics at work or something else? >> even with the u.s., the price of gas, for example, as you know, is well above $7 the gasoline prices, yes, they're twice what they used to be that's a significant increase, but gal lien is not an indicator.

>> you've mentioned a number of times what are your expectations for that continent, as we move into the winter? will things be as bad as some fear >> it's a very sad situation in europe, unfortunately. i don't know how they got into this conveying mire they're in we have the covid problems, the recessions before that so now it's all coming to a head. the only way out is higher prices, conservation germany is probably leading that they talk about new structure for their energy markets that sounds like they'll have to

regulate prices so i'm thinking they're running out of the optioning and getting a bit into the social time of solutions >> well, something we're watching closely we'll probably discussing it down the road. we appreciate you joining us today. thank you. >> thank you. as we go to break, keep your eye on shares of chewy, cutting its full-year outlook that's going to take you about two months in the meantime don't my the daonusive with the ceo later toy "closing bell" at 3:00 p.m. eastern time. we'll be right back. platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better.

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gold pan sax a top holding, trading about in line with the sector, but over the last two months really rally ing next

month in response to new guidance from federal health officials. according to a memo that we orb attend here at cnbc, the bank will no longer require workers to be vaccinated or to test and wear face coverings. that excludes those in lima and new york city. as you know, new york city is where they are head quartered, where the bulk of their workforce is, so still have some vaccine mandates here in new york city, except for those who have health, medical and religious exemptions, but increases its turn as well go ahead into years of the pandemic than they did in the middle of 2020 we talked to -- i'm not a believer in that, are you?

>> they said if you have been working remotely, you should be talking to the manager, so i think it depends on each division versus being ability to do things remotely so you are going to be out of office meeting with clients. i don't expect there to be any real attendance or real ultimatum that comes from this, because people just by nature of their jobs aren't actually physically in the office, but i don't know if it would be as h hyper-focused as it has been they were the first ones to really have people back in the office in a big way. >> not on fridays, though.

>> no. >> we're here on fridays >> on fridays even >> i don't know, but he does we're an anachronism >> we really are. seema mody has our news update. >> the justice department says it has evidence that classified documents at former president trump's mar-a-lago estate were likely concealed and removed before the fbi search to retrieve them. the doj says the request to appoint a special master is unnecessary and would significantly harm important governmental interesting, including national security interests. after a failed attempt earlier this week, nasa will try to launch the next-generation saturday on a test flight to the moon artemis 1 was scheduled to take place on monday, but they

encountered a -- and the second largest internally flawless fancy vivid pink diamond to ever appear at auction was unveiled in london about sotheby's, the williamson pink star will be sold in a single lot auction on october 5. back to you. >> seema, thanks. coming up after the break, a deep dive on the sector, underperforming the s&p, wh itit underperforming the s&p, wh itit basically flat now ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi.

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all major indices are on pace to end the month the august 1/2 red dom? >> pending a market miracle this would be a down month for stocks overall. what you're seeing is it goes anywhere from 12.5% all the way down to 24%. this month of august move here has been fairly even across all of them, meaning that each of these three major indices are down about 3% to 4% on the metropolitan so far. so pending a rally just today alone, you'll have a down month overall, but it's fairly even. on a sector basis, maybe no surprise that it's an outperformer given the risk

aversion we have seen in many parts of the market. also, energy stands out, the energy sector overall is still one of the only positive sectors in the month of august, even though the weakness has been as of late. utilities of 1.5% technology definitely the real stand o outunderperformer. the outperformance has been in many of the beaten-up names. again, this is a one-month chart. if you look back a full year, these have been down trends. the disconcerting part is where

you're seeing the weakness come from the semiconductors remain -- names like nvidia, and applied materials just on this month alone, down anywhere from 12% to 17% i'll send things back over to you. >> thanks for that, dominic chu. losses totalling more than 5%. hpq not helping, even apple, which had rallied more than 26% from the june low, has pulled back and dragged the market down with it. where can investors look for some opportunities guys, great to have you both aaron, relative underperformance

under there's clear signs that pc and demand stabilizes i mean, what do you think the timeline it on something like that >> thanks for having me. i still think we're tacking about mid, even second half of next year before we see clear signs of demand stabilization we're seeing it show up in categories my concern is we could see that in some of the previous categories as well one thing that hp did talk about is the fact they need to be some channel clearing in inventory. >> chris, you point out the next big chap is going to be about cost cutting i'm watching printing as well. you point out the move to hybrid work will make it harder for that channel to clear?

>> that's right. we're seeing weakness in print supply they tend to print more in an office environment than at home. so that's a slight negative for the print business for hp, but i think the real thing is what you have seen across the spectrum lowjed smart phones weakened and then particularly dom spoke about the semis, you see particulars are starting to slow down, having an impact on many of these tech stocks. >> aaron, you mentioned the inventory drawdown would cause significant price pressures as they work through that there's also the component challenges they're facing.

how well do you think they are passing on these price increases to customers >> i think they have done a good job. you look at hp or dell's results, their pc margins, operating margins have definitely been bumping up against the high-end of the target ranges. however, as we look forward, you know, we're seeing a company that had its last quarter 28% or 29% up lift in pricing on blended basis. we think, you know, that creates a tougher comp, as we move forward. we're starting to see them talk about the margins kind of contracting to the low end to that 5% to 7% range. so i think they have done a good job, but as demand weakens, that's going to create more pricing pressure.

>> aaron, any read-through on apple? i would assume there may be, not so much on the more important part of their business, but new england curious to get your take here >> they're not immune to the make rho certainly, but clearly apple is a different type of company. they have significantly higher free cash flow generation you know, there's definitely some weakness to consider, but we think apple, as far as being defensive is probably the best position to ride this out here. >> chris, your thoughts on apple as well? >> yeah, i think apple has done pretty well. clearly the weakness more on the low end, not the high end, and exposure to pcs, and market share, so i think they're fine

there. i think the real -- is, because you look at all these tech companies, they are workers that are definitely more geared toward the ecosystem and what happens then through the rest of the year i think they're resilient. >> aaron, broadly speaking, is there any read-through we can make on the macrofront in the current environment? >> yeah, i think the incremental focus is away from the consumer and the weakness so maybe more on the commercial side dell talks about seeing some signed of weakening. hb definitely alluded to that. so we're starting to see some evidence of commercial weakness.

we had seagate preannounce this morning talking about the weakening, so i think consumers are well known, but i think there's attention shifting to signs of commercial weakness >> yeah, that's going to add another lair of complexity looking forward to next time thank you both all right. in a somewhat related area, as we head to break, shares of seagate are under pressure the company had been looking for as much as 2.5 billion in first quarter revenue, now saying 2.1 billion, plus or minus 100 million, talking about trends in certain asian regions, supply chain disruptions, and overall more cautious buying behavior

amid macro uncertainties we're back after this.

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welcome back as somewhat technical rule change takes effect tomorrow, that expected -- it calls the universal proxy card, this will eye low investors to vote on any mix. previously investors selected either the management slate or the dissident slate. so the new voting dynamic gives an activist more leverage. the universal proxy is a game changer. activists were popping shame pain this is the most impactful rule changefor a proxy fight in a generation. >> experts say vote splitting increases the chance that activists could win a seat or

two, where they have lost entirely this may make settlements harder to come by, and we may see more personal attacks against specific directors the s.e.c. says the rule change puts proxy voters on equal footing, for investors who do actually appear in person. gary gensler says this is an important aspect of shareholders democracy. anyone listening to this would say, well, way wasn't this done in the past? well, this is the way it's operated in the past. >> as you said in your reporting, it's a very important change he did say it makes it more expensive, but for the activist, it makes it less expensive, doesn't it >> right. >> this enables the activist to

not have to spend as much. >> exactly the s.e.c. did say as much, that it will overall reduce the cost, but if you're a corporation and you're a management, and you don't want this, you want to fight this, it's going to be more expensive to go to to settle which is usually the impetus for settling in the first place to say, okay, we'll give one or two directors. activists can say, i'm going to take this all the way. guess what due to these rule changes, i may have a better chance of winning. that will make it more expensive for corporations. >> i heard you talking with melissa this morning about how one or two on the board is not going to move strategy. >> it depends on who they are. if it's nelson peltz on pmg, it may move it more than somebody ha is a proxy for the activist, more of a strategic thinker, more in line with what the board is going for if it's more of a rebel rouser,

it could move the needle a bit more than one might think. >> one director can make a big difference to your point, it depends who the director is. i've known situations where that's all it took one key voice inthe board room willing to speak up powerfully. >> especially if they have shareholder support. they can say i've got this big shareholder base behind me, they agree we should spin off the division, the rest of the board might be more inclined to listen than just going inand saying, okay, i'm here, what are we doing, guys? >> which is what most boards do. >> jack -- >> they look on fridays? >> let me look at this presentation i've never seen before oh, yeah, i didn't know you did that. >> great story, leslie take another look at bed bath. one of the stories, shares down 18 but off the intraday lows after the store closure announcement, the lay-offs, the new financing. mean times shares of ev

charging point chargepoint higher as the company has better-than-expected results revenue outlook came in line with estimates, the longest monthly win streak since 2020. ckft areak

coming up on "techcheck," we mentioned paypal this morning, down about 50% for the year. b of a thinks now may be the time to buy. we'll talk with the analyst behind their call this moncht. don'tmiss hpe ceo antonio neri at the top of the hour when we get to "techcheck." don't go away. with directv i can get live tv and on demand together: football, housewives, football, housewives... whoops. i just want to talk!

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following a summer surge travel is expected to cool down this fall bringing prices down with it. our seema mody has that for us is that usually the case, or is it expected to be a little weaker >> part is seasonal. domestic airfare in september and october is currently priced 37% below peak summer fares according to hopper. international trips are about 19% cheaper. this as the national for gas is below $4.00. oil trading at around $90. hotel rates which skyrocket over the summer peaked in late july cooled a little less by around 3.2% the certain hot spots like maui, hawaii stubbornly expensive,

averaging $655 a night florida keys, portland, maine, new york city rounding out the top five labor costs continue to rise and as they anticipate business travel to pick up. as for vacation rentals, a slightly different story industry data provider writing as occupancy continues to decline, competition to attract guests may lower they expect rates to go 3.4% in 2023 which is almost half the growth rate we've seen in 2022 jake fuller at btig says that puts airbnb's margins at risk. he says the consumer shift from vacation destinations to smaller urban units will also take a lit at margins david. >> seema, thank you.

seema mody a quick look at the markets here we have the s&p barely in positive territory we started off much stronger a number of names outperforming including meta which we've hit many times which i think they may talk about on "techcheck." let's not waste any time and get over to "techcheck" right now. good wednesday morning welcome to "techcheck. i'm carl quintanilla with jon fortt and deirdre bosa snap cutting a fifth of its workforce, but the stock is surging. we'll tell you what's behind that reversal in a moment. two sides of the hp coin hpq warns of a significant slow down while hpe forecasts enduring demand. our exclusive with hpe ceo is next b of a likes activist elliott in the name and what it means for future shareholders. guys, got to start with snap this morning, down big in the premarket, but now in th