it's 5:00 a.m. on wall street here is the top "five@5. stocks putting a stop to the skid, but the relief rally may be short lived investors gearing up for the jobs report. the data is key to the next fed rate decision. covid concernis in china after the chengdu lockdowns. starbucks names its new ceo set to take on the coffee

giant's reinvention. streaming wars heating up with the pre-qual showdown it is friday, september 2nd. you are watching "worldwide exchange" on cnbc. very good friday morning to you. i'm wilfred frost in for brian sullivan this morning. let's get you up to speed with the markets at this hour stock futures are now positively pointing to a positive open. s&p futures up 0.1%. similar for the dow and the nasdaq this morning as you can see. 20 points on the dow what a wild session it was yesterday. the nasdaq was down a full 2%. it ended up only down 0.2% we had gains for the s&p and

dow. we remain down 2% for the dow and more than 2% for the s&p and 3% for the nasdaq. a positive afternoon session yesterday allowed a rebound from what was looking worse week to date than it did at the close. let's have a look at yields. 10-year treasury touched nearly 3.3% and pulled back to 3.25% at the close. yields will be awaiting the data on jobs this morning let's look at crude which has had a negative week. negative session yesterday down 3%. week to date down 7%. bouncing 2.8%. $89 per barrel let's have a look at crypto which suffered in light of the stronger dollar for a lot of the recent trade yesterday, we did see the dollar up 0.8%.

dollar index at a 20-year high today, you see a rebound back above 20,000 up 1.4%. let's look at stocks overseas asia has a mixed session hong kong down 1%. shy of that by the close .75% flat for the nikkei and for shanghai the hang seng is the loser in the region at .75% as i mentioned. europe that has been improving throughout the session dax is up 1.5% ftse up 1% as is france. they closed sharply negative yesterday. they did not enjoy the bounce the u.s. markets had in the afternoon. coming into today, the stoxx 600 was down 4% for the week a bit of a reprieve bounce this friday for european markets. let's get the other top

stories with pippa stevens good morning >> good morning, wilf. shell ceo is preparing to step down this according to reuters which says ben van beurden will leave next year after a decade the report says there is a short list of four candidates, including two company insiders van beurden navigated through two down turns and move to slash greenhouse gas emissions it is not kbhecommenting on the report now amazon looking to turnover the ruling for the union. the company's statements at the staten island facility be r rej rejected the company has until september 16th to appeal the nlrb recommendation and covid booster shots

clearing the final regulatory step rochelle walensky signing off on the shots targeting the original virus and omicron variants that paves the way to be available for the biden administration to begin the latest campaign after labor day. wilf >> pippa, thank you. see you shortly. let's get you up to speed on the markets and discuss all of those moves. particularly yesterday in more detail as well as the jobs number coming out later. anna han joins me from wells fargo. cle clearly, yesterday was a wild session. nasdaq down 2% and at one point nearly finished positive what do you think of the volatility is it starting to peak with the yesterday's intraday rebound >> i don't know overall market volatility is starting to peak

yesterday's driver is special particular to the information technology sector. we saw tensions with the u.s. and china rising the changes coming to the chip makers is racking the markets there. that is the main driver for the last couple days whether those continue and how they shape up we have to see this could be a hot topic for the mid-term elections >> let's touch on that you mentioned the chipmakers in banning exports to china clearly we saw a big reaction to those semi stocks to the down side yesterday do you think there is further weakness to come is it a reminder that valuations in the tech space remain relatively stretched and you need a bit of bad news to see a move >> you bring up a good point this is within the semi sector if you look at the overall tech sector, you have seen a big

correction in the valuation since you have seen yields rise. the big issue with tech, the long is defensive compared to being short something cyclical that trade to us is starting to get crowded. could we see more weakness on the semis? we think we could. we think this is a trade where right now timing wise is not the best risk/reward it is not something we are eager to dive into >> yields have been on the rise during the course of the week. we have the jobs number later today which will impact yields further. yields still rising. 10-year treasury at 3.25 is it hard to see equities bounce meaning fully until we settle down? >> it could be difficult to see

subst substantial upside for equities. you mentioned yields the driver last one with the yields rising is real yields if you look at that which has moved 50 basis points for the last month, that is mirrored in nominal yields it impacts how much people are changing on funding as well. when you see we have positive real yields effects the housing market and effects people's pockets. it can help bring down inflation which would be good news, but at the same time, could eat into spending these are all the things we think about with the yield move and the impact on companies with growth as increased the discounting rate and bring down equity multiples for the near term, we don't see that much upside for equities. it is really more of playing the sectors. >> and just finally, anna,

clearly a lot of people debatin if we see recession or not you have been discussing this internally with your bankers what does that conversation tell you particularly with corporate access >> our view is if we get recession, it would be mild compared to the historic recessions in the past part of the indicators are margins have remained firm if not expanding. inflation has come off the boil and another of conference season has been robust. these are signs combined with a strong labor market and if we see recession, it would be shallow and depend how the fed tightens the monetary policy. >> anna han from wells fargo securities thank you.

president biden warning mens the democratic values are under assault by those loyal to former president trump. president biden making that statement during the primetime address. defining the midterms as a soul for the nation nbc's brie jackson has more from d.c. >> good morning, wilf. president biden accused former president trump and his supporters of promoting extreme ideology that threatens democracy. >> reporter: from philadelphia, the birth place of american democracy, president biden warning democratic value are at risk >> quality and democracy are under assault. we do our selves no favor. >> reporter: the president calling out a faction of the republican party >> there's no question the republican party has dominated and intimidated by president

trump and the maga republicans that is a threat to this country. >> reporter: with midterm messaging in mind, the commander in chief insists he is not against mainstream republicans, but gop leaders blame you biden and democrats for dividing americans. >> they are trying to weaponize the country. >> reporter: the former president is wrapped in a legal battle a florida judge is weighing in on the third party to review evidence and classified documents seized from mar-a-lago. >> it is not like it was a sinister plot. >> reporter: condemning attacks on the fbi after its search of the florida estate and pointing to the january 6th attack on the u.s. capitol. >> they see the maga failure to stop the peaceful transfer of power after the 2020 election as

preparation for the 2022 and 2024 election. >> reporter: mr. biden cautioning rights and freedoms remain at risk and urging all americans to unite behind defending democracy. the white house claims this was not a political speech, but the president's remarks in philadelphia come amid a heated and competitive senate race in pennsylvania as mr. biden tries to help democrats maintain control of congress wilf >> brie, the midterm will be fascinating. thanks so much brie jackson in washington, d.c. when we come back here on "worldwide exchange," fears of expanding covid lockdowns in china growing after chengdu residents are told to stay inside eunice yoon has the latest and europe keeping close tabs on the nourd stream pipelie

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welcome back to "worldwide exchange." to china's efforts to contain covid. officials in the southern tech

hub of shenzhen extending activities to curb rising case figures there. there after the city of chengdu imposed a citywide lockdown containing 21million residents to their homes as china doubles down on its zero covid policy. eunice yoon joins us from beijing. eunice, it is one semi lockdown after another, it seems. >> reporter: absolutely. shenzhen is on edge. fearing a full lockdown after authorities started to impose more covid curbs the restrictions have expanded there to dine-in and entertainment and public venues and work from home orders imposed for the city factories and offices have not been closed. that is one bright spot, for now. shenzhen's 18 million people have reason to be nervous.

the city had gone into lockdown in mid march over 29 cases today, it reported 87. shenzhen is home to huawei and foxconn has a facility there where it assembles iphone. the shenzhen plant is operating normally shenzhen officials are trying to dispel rumors, they say, or speculation that shenzhen could be going into lockdown for three days they have been squashing those saying people are misreading what they are saying about the restrictions it is unclear whether or not their comments are able to placate the residents there because similar speculation, wilfred, was heard before we saw chengdu go into lockdown and shanghai go into lockdown several months ago >> with that in mind, eunice,

can we expect further authorities speaking out in the next days? >> reporter: i think so. that is the leadership shuffle which is expected to happen in october. things are tightening down in beijing and also in chengdu. chengdu is in day two of the lockdown the good thing, i would say, from the business standpoint, factories are allowed to operate in a closed loop for pretty much everybody else, they have to work from home, especially if you are non-essential. one other bright spotty would say forks chengdu, unlike shanghai, people are saying they are allowed to go out, at least for two hours a day. one person per household to buy groceries. the grocery stores are looking relatively stocked yesterday, it looked ugly.

they were told six hours before lockdown and people were buying whatever they could at the supermarket. we saw tons of photos of people carrying half a goat on their shoulder chickens who knows if they are alive or not. they still have feathers on them it was a big issue yesterday. >> wild stuff. eunice yoon, as always, thank you so much. live in beijing this morning still on deck on "worldwide exchange." theranos founder elizabeth holm holmes with a legal set back over her prison time. and cnbc's delivering alpha returns on september 28th with policymakers and investors sharing their expert insight scan the qr code forego to

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welcome back russia appears set to resume gas supplies to europe through the nord stream pipeline following the three-day shutdowns. flows will start tomorrow at 30% as planned there could be more halts this

fall and winter are the key area of focus dutch ttf and uk natural gas prices falling today as a result as you can see there. oil is rising as g7 finance minisuisters are imposing a pri cap on russian oil it is to keep crude flowing to avoid spike in prices. it is up 2.4%. wti. sharply lower over the course of the week down 7% this week coming into today. let's talk about this with ole hansen very good morning to you thank you for joining me this morning. take a little bit of a step back first of all and one key factor has been the level of storage for gas supplies in europe a lot of coverage of that this week and the fact it has gotten

above 80% again. breakdown how important that is and to what extent could what's stored cover the needed supplies for gas in europe over the winter months. >> it is obviously a significant development. especially managing to increase supplies at a time where demand in asia has been weak. we had the playing field on the lng front and that helped speed up the process one thing is inventory and another is flow. we need to continue flow throughout the winter of gas coming into the region in order to assure we can maintain production and heating in our homes. while it is a good development, it is not enough we clearly need supplies coming in because demand from domestic consumers really sky rocket over the winter depending on the weather situation obviously. it is a good development, but it is not enough.

we are still reliant on flowing comes in in the winter months, the c competition of lng will keep prices elevated and require we still get gas from russia. >> so if russia decided to shut things down for a week or two, let's say, during the winter months, would storage be able to cover that or is storage only enough for a matter of days? >> a short period of time it would cover. they would not be able to cover until the end of the winter. if we run for a brief period, it will create panic in the market. it should cover the gas demands. generally, it is a very precarious situation we are hoping for that 20% capacity to return and with that somewhat weakness in the price probably not much more below

that 200 level that we are getting close to now >> what do you make about this prospect of a price cap from the g7 on oil from russia? is that plausible? >> well, my initial answer would be no. i'm starting to see how it would work out and i'm struggling with that we know the oil from russia is flowing toward asia and countries who are not going take part in the deal russian oil is already trading at a considerable discount if you look at euro going west, it is trading at $40 and $25 for brent since the war broke out. they are already selling at discount i like to see the details before i get my head around whether it is something that is feasible because at the end of the day, if there is bias out there in the world willing to pay another

price, it will go in that direction. that all may end up in a european gas tank eventually by other ways of transportation we'll see. i'm skeptical. >> ole hansen from saxo bank thank you. crude is up this morning, but down for the week. futures are fractionally higher following yesterday afternoon's bounce this week's declines let's get individual moving stories for you now. three stories of the morning broadcomm. reporting better than expected third quarter revenue. it is forecasting fourth quarter revenue above analyst estimate it is up 2% in the pre-market. the company expects strong demand from businesses going digital to offset the slowdown in the chip industry

broadcom makes chips for data centers and routers giving it an edge over rivals with more exposure to pcs and smartphones. and then pager duty with the second quarter revenue beating estimates. shares are up 8% finally, lululemon rallying after beating forecast sales rose 30% in america. lululemon is raising guidance saying it hasn't seen a shift in customer spending habits it is up nearly 10% in the pre-market as you can see. down 17% or so year to date. still on deck here on "worldwide exchange. apple facing the unionization wave

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if you are just joining us, good morning welcome to "worldwide exchange." markets fighting back to kick september off with a win dow and s&p stopping losing streaks yesterday. key he on ton the agenda to layout the hurdle thes when it

comes to hiring. starbucks names its new ceo tasked with a long list of issues to address for the coffee giant. it is friday, september 2nd. you are watching "worldwide exchange" on cnbc. good morning i'm wilfred frost in for brian sullivan the futures are flat in the pre-market it comes off the strong rally yesterday afternoon. nasdaq down 2% the s&p and dow ended a little bit higher for the week coming into today, the dow is down 2% s&p down 2%. the nasdaq down 3% we are up a handful of points on the dow this morning strong gains in european trade which did not enjoy the

afternoon bounce that we saw yesterday in the u.s to the top stories in the august jobs report due out at 8:30 a.m. joining me is julia pollak at zip recruiter. julia, last month, we saw a strong print of 538,000 jobs stronger than people expected. just breakdown what you expect on some of the headline numbers for this month >> there are stiff headwinds facing the job market. inflation and rising interest rate and strong dollar every month this year, the labor market defied expectations with strength almost across the board with broad industry gains. the magnitude of gains surprised us as well as the breadth of gains. even in industries you expect to be sensitive to current conditions we expect to see continued strength in the labor market with a lit of a slowdown

300,000 jobs is the estimate with unemployment steady at 3.5% you know, other pieces of that report are expected to be very strong this has been the bright spot in the economy. >> i guess one factor that people have been looking at for months is the participation rate demand for labor continues to be stronger than supply for labor is that expected to equal out at any point soon >> so participation was recovering quite nicely. we are seeing all of the workers unretiring for several months there and those gains seem to have stalled it seems people with the highest propensity to return to the labor market have done so. other people are not coming in they are staying on the sidelines. it is a big surprise when the unemployment rate dips below 4%, that draws off the sidelines.

when it gets easier to find a job, more people give it a try that is not happening yet. the surveys are not suggesting it is. of course, in this environment, it is quite difficult to measure what's going on. many indicators are diverging. there are mixed signals. participation has stayed this low. one surveyor or the other must wrong and revised in the future. i think it is unclear which one it is. >> what is your forecast and expectation on wage growth >> so this report isn't the best one to look at wage growth because it provides an average it shows the average increasing. when you have 500,000 people entering the work force, you have a bit of a problem. it is low wage workers entering now. they are dragging the average down there are better resources that

look at wages for the individuals. the adp jobs report out this week at 7.6% and switchers as high as 16.1%. sources that look at individuals over time show much faster wage growth in the report >> julia pollak, thank you for joining us on the jobs report preview. of course, a factor for markets this morning coming up on "squawk box." futures are flat let get up to speed with the corporate stories of the morning. pippa. >> wilf, starbucks naming the ceo. laxman narasimhan tapped hours before the announcement,

he will join the company in october before assuming the top job in april until then, howard schultz will remain ceo he will have several issues with inflation in china and union push at 200 stores sticking with the union wave employees at apple is the next store looking to unionize. the oklahoma store filed a petition with the nlrb seeking a vote so join the communication workers of america union it comes after two months after the maryland store unionized elizabeth holmes in the legal set bback a judge declined to overturn the jury ruling. the judge won't make the decision final until october

when holmes is due to be sentenced. she faces up to 20 years in prison this trial is fascinating to watch with so many twists and turns. >> such a fascinating story, as you said, the trial is the final part pippa stevens, thank you for the breakdown. business leaders and heads of states and top market players gathering along the waters of lake como in italy and our steve sedgwick is lake side at the forum for us steve, a very good morning to you. what a great series of interviews you have been doing so far throughout the morning. what is the key take away? particularly on the all important macro outlook for europe and energy outlook? >> reporter: good morning, wilf. i know you have been looking at the conversations. i was listening to mike pompeo,

the secretary of state under the trump administration, talking about his concerns i was talking to the minister of investment our viewers will remember him as the man who put together opec plus with the russians saudi delegation here. a lot of u.s. politicians in town the clear and present concern in europe is the crisis emanating from ukraine conflict and what that is doing to any hopes of economic recovery. europe does have a plan. it is a very well financed plan. hundreds of billions of euros in order to build the next generation eu. it has been blind sided and some issues necesgated by the chrisi from ukraine that sent energy prices soaring here in europe and in the u.s.

the europeans and germans got most of their gas from the russians as well the russians are dabbling with turning the taps off all for required maintenance it is concerning a lot of people adding to the fact this country is in election cycle, wilf who knows what government we will end up with and it looks like a right-wing government that could be worrying for european unity >> i wanted to touch on the picture in italy it is so central to the outlook for the broader eurozone, steve. we are expecting rate hikes from the ecb as well as the bank of england in the month ahead from in fact, yields in europe are looking to be higher will we see a spreads with the italian yields

>> reporter: i think there is, wilf what a lot of people are doing here is holding that look. gun fighters are holding the look and they are concerned about what happens next. no doubt about it. i've been asking that question to a host of people as well. they are saying no worry about the fragmentation of italy and bond market with the yields. the absolute yelield they pay is going up close to the 4% level and building with the impetus of the hedge fund to the btp. a lot of people are very poird there worried. the cost of financing especially with the ecb hikes rates in the next few weeks, that sends all bond yields higher it adds to the living crisis and the political issues in italy. you have a storm brewing whether it is a perfect storm remains to be seen

political concerns and economic concerns and cost of living concerns we had out of europe andyou ar aware, huge historic inflation prints in the last 48 hours. a lot of concerned people. >> steve sedgwick, thanks so much fabulous back drop you have there. enjoy the rest of the conference. coming up on "worldwide exchange." hobbits and dragons. amazon and hbo into the latest chapter of the streaming ws.ar we'll have that story for you next it's time for the biggest sale of the year, on the sleep number 360 smart bed. it senses your movements and automatically adjusts to keep you both comfortable. our smart sleepers get 28 minutes more restful sleep per night. don't miss our labor day weekend special. save 50% on the sleep number 360 limited edition smart bed. ends labor day.

welcome back the streaming wars continue. amazon prime video releasing its "lord of the ring" on the platform prequel it comes on the "house of the dragon" from hbo max the first two episodes are out and pulled in 10 million viewers each on hbo and hbo max. what will the two series mean for the platforms and broader streaming landscape? i'm joined now by stephanie mehta. stephanie, everyone enjoys chatting about it. which of these two is rumored to be more expensive?

how do they rank relative to the most expensive shows over the last decade? >> no question "lord of the rings" is the more expensive when you count the rights that amazon paid for and per episode report about $465 million for the first season this is a long bet for amazon. this is what amazon does they don't worry about the short-term return on things. they bet for the long term this is a long-term bet that is valued at north of $1 billion. >> i mean, also, a factor in this that jeff bezos is a massive "lord of the rings" fan. so maybe that inflated the price a little bit if we park that issue, we see the shares of netflix and disney as well as the streaming market

collapse in the last year or so. is this a last hurray when we talk about these very, very, very famous franchises last hurray for budgets and streaming tv shows or will it continue despite the fall in the share prices with netflix? >> i think we are starting to see a bifurcation. you have amazon with a very different business model here. they can spend the big budgets they can spend money to create premium caliber programming because they're measuring their return not on necessarily straight up viewership or even academy awards and oscar awards, but how many prime subsc subscriptions. you have a very large shareholder invested in making sure the high quality programming is out there as

well i can see a company like amazon or hbo continuing to invest in the premium calquality content. apple has a slightly different business model for the traditional media companies and ones affiliated with more traditional network companies, they will have to really sort of start to calculate where they place their bets >> what about the balance between tv and feature length movies clearly the pandemic saw a push back toward tv over movies has "top gun" and other box office hits altered the balance there a little bit >> i would say it altered it a little bit you will always see that "top gun" is the first movie in a long time that generated a conversation that we have seen from the streamers and television shows and feature

length movies. i think there is always an appetite, wilfred, with the hot summer days and people are looking to get out of the house with a shared experience i don't think we can count out feature films and people going to the movies. it will change the calculus a little bit you will see a continued appetite for blockbusters. there may be room for niche productions there. it is the messy middle which has had a challenge and will be more challenged going forward. >> stephanie, thank you so much. really interesting discussion. we have avatar coming up as well another reason to go back to the movie theaters still to come on "worldwide exchange." futures are flat as we await the friday jobs report we discuss all of the latest factors driving markets with sam stovall next

welcome back futures essentially flat following yesterday's very strong afternoon rebound we'll still down 2% to 3% for the week as a whole for u.s. markets. let's bring in sam stovall at cfra a very good morning to you, sam. thanks for joining me. what do you make of the bounce that we saw yesterday afternoon? was that overdue after the pull back in the prior couple weeks >> good morning, wilf. basically, we had a slight oversold situation in my opinion. probably more important was an important retracement level on the s&p 500 at 3900. this is a line we want to hold according to investors the next level of support is down around 3800 we go back to the june 16th low.

right now, the concern is whether we are headed for recession and those are the sectors leads to the down side in terms of worries. >> and do you think the worries are overdone do you think the june lows are very easily reached again? >> i don't think they will be easily reached i do believe that the feeling is they will hold we did retrace 50% of the decline on august 12th every time since world war ii we retraced 50% of the bear market move, we did not go on to set a lower low. basically the feeling is right now we are likely to see the june 16th low challenge, but end up holding >> sam, what do you say to people who say the ftse 100 with the dividend yield over 5% and

the 10-year treasury is 3% versus the s&p where the dividend yield is less than 2%, but the 10-year treasury is sharply year to date and 3.2%. does that not suggest that u.s. equities are sharply overvalued? >> on a relative basis, i think international stock markets had been more attractive than uchlt f u.s. for some time on a five-year annual growth basis and looking forward 12 months both are at or below one standard deviation from the mean the problem is they remained so for some time. i think basically the investors are worried because of the potential of the 75 basis hike for the ecb, we think it will be 50 of the two regions, europe is

more likely to fall into recession than the u.s internationally, it is a nice opportunity accespecially with weaker u.s. dollar down the road. >> if you don't make the compare s with the u.s. and europe, the scale which yields have risen over the course of the year in the u.s., that could mean u.s. equities are due a bigger pull back although they have fallen year to date. >> that is a possibility, wilf when you look to the fact that the 10-year treasury is above what it was a year earlier at 3 3.25 hints from the fmoc they are likely to deteterminate at a 4%. that puts pressure on the stock

market we hhave inflation that is more than 6.5%. any time we had that since world war ii, the u.s. has fallen into recession. we have seen sharp pull back in valuation by one-third there is a possibility that we do end up lower. i also believe that is something that could end up being into next year when we have a greater likelihood of recession. >> sam, thanks so much for joining me this morning. very much appreciate it. sam stovall from cfra. as we leave on "worldwide exchange." we're down 2% this week on the dow. 3% on the nasdaq s&p between. we have a great bounce from yesterday afternoon. otherwise the week to date picture would be worse that does it for "worldwide exchange" on this friday coming up on "squawk box" with the jobs numbers is becky and

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good morning stock futures are flat right now, but that could all change coming up in a few hours 8:30 a.m. is the august employment report. we have a preview straight ahead. starbucks chosen the ceo of wreck it as its leader. and the meme movie has about cast it is friday, september 2nd, 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 steve liesman and mike santoli we have a lot to get to this morning before the jobs report what the fed will do and if the numbers are not or not hot u.s. futures are flat ahead of this dow futures up 26 points s&p futures up 3 nasdaq up by 3 yesterday was a wild ride in the afternoon. you saw stocks were down in the morning. all of that turned around. you had the s&p and dow closing higher nasdaq coming from the down 2% loss to end marginally lower by .25%. mike, what happened? was this light trading or change in heart