and since matt couldn't be here to play, said mark, he'd play for him. ♪ good morning welcome to "street signs." i'm joumanna bercetche >> i'm julianna tatelbaum and these are your headlineses. >> asia looks to close the week on an upbeat note with hopes that jay powell will keep higher rates at jackson hole. we will have the speech at 4:00 p.m. today fed policymakers split if they reached the end of the hiking path.

patrick harker takes a dovish stance >> i'm in the camp of let the restrictive sense play out for a while. that should bring inflatio down stop the clock shares and watches in switzerland plunge after rolex acquires the company. and donald trump surrenders in georgia fourth arrest in five months as he poses for the first ever mug shot of the first former u.s. president before posting bail. happy friday warm welcome to "street signs. let's have fresh efo numbers

the climate index number has come in at 85.7 for the month of august that is below 86.7 in terms of current conditions, the index has come in 89 in august the reading990 the more forward looking component here has come in at 82.6 in august against consensus of 83.8. the he can expectation index ist of all for the month of august we are going to come back to this data in just a few moments. we will speak to the head of the ifo survey department in a few minutes. julianna, let's see how the markets fared. despite the green on the heat map, it wasn't pretty for wall street and asia.

markets lost a bit of ground in the last 24 hours. s&p 500 ended 1.4 lower and nasdaq down 1.9% surprising after we were talking about the strong results for nvidia and the tech sector we saw a pull back in equity sentiment yesterday. investors keeping an eye on jackson hole today with the keynote speech from chairman jay powell that main event happening at 10:00 a.m. local which is 3:00 p.m. british time. it will be key for direction of travel from here perhaps it will signal the future path of interest rate hikes and that will set the tone for markets going ahead. the hand over from the asian markets was negative we have the stoxx 600 up .20%. let's switch to the index. the swiss index with the exception and all trade in the

green. the ftse 100 is up .30%. we are seeing a bit of support in commodities energy is supported by higher oil prices miners are trading higher today as well. not shown here, but the midcap with switzerland with the stock down 30% today we will tell you more about the story in a little bit. that has been dragging down the midcaps and luxury names cac 40 is up .30%. luxury names pulled down lower like l'oreal at the bottom of the index. with we had the ifo numbers coming through and disappointing to the down side morale continues to drop in germany. on wednesday this week, we got a bunch of very disappointing pmi numbers. the numbers coming from germany are not looking positive on a forward looking basis. as for the week to date, this is what we have despite the weaker

macro data, all of the indivindices are up ftse 100 is up 1.3 i did note this earlier with the basic resources up 1%. oil and gas is up .80% retail support .20%. on the flip side, under performance in the healthcare sector down .30% let's look at u.s. futures and see where things stand for wall street's open marginal gains investors in a holding pattern now ahead of the jackson hole speech from jay powell later today. yesterday as investors positioned for the trade today, sentiment turned negative. here is how the equity markets closed losses across all three indices. dow with the worst day since march. it was the tech heavy nasdaq

which suffered the brunt of the selling. that index closing 1.9% lower. w we had interesting trading with nvidia with the blockbuster earnings on wednesday after the bell just this time yesterday, joumanna and i were talking through the results with arjun the stock was up 8% pre-market throughout the course of the day, it let go of the gains and ended flat on the session. in terms of treasury yields, this is where we stand ahead of jackson hole yields higher across the curve 10-year treasury trading at 4.255%. >> let's take a further look at what is happening in the u.s. yield curve, julianna. the 2-year treasury against the 10-year treasury note. the shape of the curve and what is happening is it has been st steepening up because people are pricing in the end of the rate hiking cycle and we reached the end of the road for where the

2-year treasury note can go. the 10-year treasury is rising higher and higher. it has been rising faster than the 2-year treasury has been rising i thought it was interesting to note from the perspective that according to the data, the bearish bets on long-term u.s. treasuries are at the highest level since july positioning going into jackson hole today is short. the market is positioned for a move up wwards in the u.s. yiels federal reserve officials at jackson hole are split on the need for further rate hikes adding scrutiny to jay powell's keynote speech later today boston fed president susan collins told reporters the fed may continue to hike rates to see inflation take a more settled path downward. that was at odds with remarks

from patrick harker who insisted that now is the time for the fed to keep rates steady and let the 11 rate hikes since march 2022 play out. >> right now, i think we have done enough. we have two things going on. both the fed funds rate increases are at a restrictive level. keep them there for a while. also, we are continuing to shrink the balance sheet that is removing an accommodation. i'm in the camp of let the restrictive stance work for a while and play out for a while that should bring inflation down >> markets are still betting the fed keeps rates on hold for the september meeting, but split 50/50 on whether or not there is one final rate hike in the pipeline before year's end john taylor here is the global head sector. good morning, john

looking at positionsing ahead of the fed speech, we saw yields climb ahead of jay powell addressing the market today and what are investors most nervous about? >> i think investors are worried that we will see a hawkish spin from powell today. i think they might be disappointed in that regard. what he is hoping to achieve is really a non-market moving speech the fed are very keen to reiterate data dependency. he doesn't want to put anything in the speech to commit to a further rate hike. it could be dull from jackson hole today >> okay. we won't expect much in terms of near-term guidance could he address where rates go over the longer term looking at the title of the summit this time around, the theme is structural shifts in the global economy. >> i think there has been debate

of the rate of which policy is neither restrictive or too loose and if you shift at times. most people assume it is 2.5% and maybe there has been some changes in the economy and the global markets recently. that may mean it shifted higher a little bit. it is early to call judgment on that. regardless of that point, it is clear that rates are in restrictive territory already. when you have seen balanced sheets shrink in the past, that is generally a little bit of a negative for risk assets. for us, yields are very attractive at these levels and ultimately as growth slows and potential shocks to asset markets come when rates are high, treasury yields and global government bond needs are attractive. we expect them to be lower in 6

to 12 months time. >> it is interesting to note how bearish positioning is going into today's jackson hole. i was looking at the data. i want to turn back to the growth profile of the u.s. economy because for so long, we were talking about the recession that never really appeared. now it feels as there are a few cracks beginning to appear beneath the surface. to what extent, do you think, it will effect the trajectory of the growth in the u.s. in the coming months? >> you hit the point there. people have been surprised that we haven't seen more of a negative growth shock to rates being higher and regional banking crisis earlier on the year. i think a little bit of patience is warranted with the cracks emerging the comfort blanket of the savings the u.s. consumer has held in the high end. when you look at delinquencies

on store cards and credit cards are creeping up that the consumer is struggling and volume of retail sales are declining as well. forward looking, we would expect weakness to come through. ourselves have been surprised by the resilience of the economy he to date. we need to acknowledge tightening has happened. it is not instantaneously. the weaker growth should be. >> that is your thesis, that growth will slow down and on the back of that we may see a pull back in equities and risky assets because of the tightening of financial conditions. all of that makes sense. the only hole in the thesis is who is going to buy all of the u.s. treasuries? it has come up a lot in the conversation the last couple weeks. that is one reason people are citing for the move upwards in the treasury yields. there is real concern that the u.s. government will issue at higher prices to get demand that

is needed to take down the stock of the treasury. what is your outlook for the fiscal perspective of the trade? >> i think just in terms of addressing that point about who will buy and you have an enormous amount of money in bank deposits or money market funds which may look fine for the time being with the yield offers. what you are missing out on is capital appreciation if longer dated bond yields fall. once people get more of a conviction that growth is slowing and the fed will shift from raising interest rates to cutting interest rates, you are likely to see the money move out of those short-term investments on the curve and buying longelonger dated bonds. global bonds has been relatively

weak. if you think about the japanese investor, for them to hedge out the currency risk is the yield. the yield on the 10-year treasury is more on the hedge they have to pay with the differ in cash rates. as the fed starts to cut interest rates next year, that gap closes and suddenly u.s. treasuries are attractive for those investors again. on the fiscal side, governments are sensible and it is expensive with fiscal policy and you have interest rate payments, but they have to cut those. that is the mechanism that will reduce the magnitude of fiscal easing that governments want to do. i think ultimately as we look forward, i think there should be sufficient demand for fixed income in general. for most people in the last two years, they have been structurally under weight for a long period of time.

they are starting to get more neutral recently. there is plenty to go with the higher demand for bonds. >> i guess people have short memories in markets. john, thank you so much for joining us today. john taylor. director of global multisector from alliance bernstein. the german economy stable e -- stabilized in june. that comes in line with the preliminary meeting. according to the survey with the ifo institute, the climate fell to the worst 85.7. the head of ifo joins us. good morning to you. a lot of numbers have been disappointing lately out of germany. whether it is sentiment indicators or services numbers. what is going on?

why has there been a deterioration in the last couple months? >> what we currently see is an effect on the designs of monetary tightening. it is the intended effect. we see weakened demand. we see less incoming and firms tell us they see less and less new incomingorders, especially in the manufacturing. also more in the service sector. bad news and sentiment is going down and down in germany. >> to what extent is the downturn in sentiment an contributing to the softness in the manufacturing sector? >> it contributes to the shrinking sentiment in germany. if you look at the exporting firms, we see they have reported the export to decline rather than increase in the upcoming months. china plays a role especially

for the manufacturing sector and declining sentiment there. >> how much of a lasting impact has the pandemic had on businesses? we heard throughout the course of the pandemic and later on with the energy crisis that many german businesses had to reduce the amount of production they were coming out with here, but if you look at where we are today, we are not up to speed. we are not at full capacity utilization. how much of a lasting impact has both of those things done to the german economy? >> good question. the impact of the pandemic is getting weaker and weaker. we had the supply bottlenecks in the last two years, but this problem is easing more and more. this problem vanishes. we see a shift from supplies to demand problems. we could produce more, but now we are lacking new orders in

german manufacturing. >> super interesting and wild to think how the situation has changed. looking at the breakdown, the services and trade and construction. construction, you use the word "continue to nose dive." it is in a difficult state and things going from bad to worse. give us more color on what is going on there. >> the general construction industry or sector is having a severe recession, especially house building. we see an increase of costs and building houses. that has an impact on demand. we see a clear nose dive of new orders in housing demand. we see a lot of -- sorry. we see it is a sharp decrease in new orders and construction. this is a very bad mood in the

german construction sector. >> klaus, do you get the sense that businesses are reacting to higher interest rates and the fact that the ecb has tightened interest rates the last year is having an impact on sentiment? >> this is the main driver. the increase in the interest rate from the ecb has a clear negative impact on the german construction sector indeed. >> given the ecb has maintained it is data dependent and there may be more rate hikes in store, what does that suggest about the overall german economic outlook? >> taking a look over the next months or quarter, the german economy will grow along the zero growth line. maybe a slight negative growth in the third or fourth quarter. the stagnation will continue. i would not call it stabilization as the german office said today. we have a mild recession.

this will continue over the next month. >> klaus, throughout the course of the energy crisis, the german government introduced specific aid targeted at businesses and consumers most exposed to the energy crisis. to what extent does it help cushion the numbers in the last 12 months and what is the outlook going into next year when some of the support may not be there? >> it is a good question. economic policy has done a good job last winter with the fear of cutting gas supply from russia or other sources. that turned out quite well. we see this as some uncertainty which was expected for the upcoming winter with supplies. we have seen a decrease in energy price with the uncertainty among firms and how energy prices and gas prices he involve over the next month this is quite not much going on

there. there's some fear that it will be important in the next months especially with winter starting. >> klaus, thank you for the color. head of survey department at ifo. >> i was going to say it is not look going for the next couple months for the economy. >> for germany. >> we had the q2 numbers come in at 0%. a whisper above recession territory of the yo territory. you don't hear that often. >> you look at the market right now and it doesn't falook recession risk is priced in. if you have thoughts of what is happening on the ground in germany, you can get at us on x which is @jou. you see the watches in switzerland with the stock

plunging this morning. fa fears for the rolex sales. we will discuss details of that news after the break. hi. i'm wolfgang puck when i started my online store wolfgang puck home i knew there would be a lot of orders to fill and i wanted them to ship out fast that's why i chose shipstation shipstation helps manage orders reduce shipping costs and print out shipping labels

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welcome back to "street signs." rolex is set to buy retailer bucherer to begin widespread sales in stores for the first time. shares in watches of switzerland are trading lower down 30% right now with the company having been the primary point of sale for rolex watches in the uk up to now. the retailer said earlier this morning that there will be no change as a result of the deal for the retailers. joumanna, i have to say i never thought i would say sitting here understanding how the watch world works. my husband has been drilling it into me the last few years i have known him. this is a huge piece of news for the rolex watch world. the first time rolex is selling directly. until this point, they were a

manuf manufacturer. huge competition. >> i'll wear my economic hat and obviously there is an economic background to this because i was looking at the bloomberg dial index which is a niche index. it tracks secondary watch prices. if you look at what happened throughout the pandemic, that index shot up because people were sitting home with the stimulus checks and excess savings and spending money on things that replaced services. that is one reason the bid for goods and luxury goods went up in that period of time. once things started normalizing, that was accompanied by the higher interest rates and slowing economy and plunge of the cryptocurrency prices. that was interesting with watches going up. now what has happened is the index has dropped 14% in the last year. that is telling thank you that

demand has dropped. how can we attract moverre consumers rather than going through the retailer? >> you are spot on about how it feels prices peaked for the cycle during covid. it is still incredibly hard goat your hands on the watches. the model is you keep this exclusivity factor. you can't walk in and buy the rolex you want. you have to buy a series of cheaper rolex watches to get your name on aw wait list. you can go to the other stores and buy them directly. what does it mean for watches in switzerland and exclusivity? >> also the attractiveness of it, as you say. the appeal to a certain extent of owning these goods at any price. it is a gifengood. economic tool one chat from

university from many years ago. i'll not say how many years ago. coming up on the show, we cross over to indever to india summit. we will discuss e theconomic issues there. stay with us. we'll be right back. it's time for you to try knix. makers of the world's comfiest wireless bras. for revolutionary support without underwires, and sizes up to a g-cup, find your new favorite bra today at knix.com

welcome back to "street signs." i'm julianna tatelbaum. >> and i'm joumanna bercetche and these are your headlines. european equity markets dodge the negative hand over from wall street and asia as investors hope jay powell closes the door on higher rates in jackson hole. we will have the chairman's speech at 4:00 p.m. today. and philadelphia fed president patrick harker takes a dovish stance and saying the u.s. send tcentral bank hiked e >> i'm in the camp of let's let this play out for a while. that should bring inflation down. german business morale weakens for the fourth straight

month ago to the ifo institute with the downbeat outlook ancros several sectors of the economy. >> we see less and less incoming ordering in manufacturing and also in the service sector. a lot of bad news and sentiment is going down and down in germany. donald trump surrenders in georgia. his fourth arrest in five months as he poses for the first ever mug shot of a former u.s. president before posting bail. as we mentioned european markets are bucking the trend. green across the board with the exception of switzerland this morning. as we discussed before the break, watches are the drag in the region. we have some marginal gains on the board here. cac 40 is up .50%.

ftse mib up .70%. this despite the weak hand over from asia and soft close on wall street yesterday with the nasdaq closing nearly 2% lower ahead of jackson hole today. in terms of fx markets, dollar index is coming in today at the highest level since the end of may. the dollar strengthening ahead of the powell speech. euro down .30% against the greenback. sterling trading weaker. down to 125.84. we have come down a way against the dollar from where we were. turkey's central bank hiked rates by 750 basis points to 25%. the move shocked markets with the lira gaining ground begins the dollar and euro. inflation in turkey peaked last october. the central bank expects the year end inflation to sit

between 22 and 58%. research indicates that chinese consumer sentiment improved in august following declines. the bank of america survey shows consumer are spending more in the next six months and trade up to more expensive brands. interesting. chinese customs data shows the semiconductor equipment surged to record highs in june and in july as they prepare for the sanctions from the u.s. and allies. it reported $5 billion of equipment in the period which is a 70% jump from the same period in 2022 and most imports from japan and the netherlands. oil prices were coming under pressure as concerns of the economic outlook in china continue to weigh on the market. investors are also looking to a key speech from fed chairman jay

powell in jackson hole. this is a signal where wti and brent are trading now up 1%. the b20 summit kicks off in india today with the climate high on the agenda. narendra modi is also expected to attend and address the business leaders. tambir is here with us. pleasure to see you on on the sc screen today. tell us what is on the slate today and the conversation you had with the indian oil minister. >> reporter: thanks very much for having me on the show, julianna. we were tracking the summit today. the focus clearly is on some hot button issues like energy and

climate change and supply chain chal challenges. on the energy front, it is important to wrap our heads round the energy needs. we have been saying this a lot on the show. india imports more than 80% of the energy needs from oversea producers. it is important that india moves to transition and cleaner energy and also moves toward having more energy security. right now, the situation is such that obviously a major issue with oil and gas supplies are coming in from the middle east. before the ukraine war, primarily saudi arabia and iraq were india's main suppliers. russia, of course, scaled up because of the discounts on oil during the period following immediately after the war. that increased to the overall environment that india is m

needing on the energy front. russia is providing 50% of the oil supplies and demand. the interesting angle to the story is the u.s. and india is growing in that relationship with the u.s. the total value when president trump visited india to talk about the growing relationship there and expansion and increasing that number. i spoke to the energy minister about that and asked how important the role can the u.s. play in the diversification strategy. >> we buy more and more from them. we have a very healthy economic relationship with them. they are our largest trading partner. i could never have imagined a any one year we buy $20 billion

of energy from the u.s. and rising. more than that, u.s. is also a collaborator with us in many areas. green hydrogen. between this biofuels transition. one transition to the gas-based economy. we are doing it. >> how much support are you gettg get getting? >> you must have the infrastructure to be able to receive from a port. if it is coming from liquid to gasify. >> reporter: so the fact of the matter is india working to become a gas based economy and the commitment there is strong. it needs the collaboration of other foreign players as well.

this is why the biofuel alliance needs to be a strong one. india hasn't been able to garner as much support yet. the only other point i want to make is that for the u.s. to support the energy independence, there is another angle on cooperation. 80% of the military hardware has been imported from russia. india is looking at the u.s. as a key diversifier in its efforts to build more domestic indigenous military equipment. the u.s. is cooperating with india. from the strategy point of view, you are looking at the u.s. being a key diversifier for india on the military front and energy front. back to you. >> tambir, we miss you in london. we hope you make your way back

at some point soon. india has been in focus this week along with the leaders from the nations brazil, russia, china and south africa as they along with india agree to extend invitations to six countries. saudi arabia and egypt to join brics. new members are expected to join on january 1st, 2024. the group also left the door open for further expansion with chinese president xi jinping saying brics are determined to cooperate further with developing countries. >> translator: india supported the membership of brics. the addition of new members will strengthen brics and give our shared efforts a new impetus. it strengths the believe in the world order. i'm pleased our teams have agreed on the materials and expansion. >> modi met with chinese

president xi where they discussed border security concerns. they agreed to intensify efforts to deescalation. this is the first time the subject was brought up with xi. fascinating to see they were able to come together on the expansion agreement. chinese president xi spoke on the sidelines of the summit in johannesburg. china will harharnesses to supp the efforts. we have our head of research joining us about the developments from brics. what is your take on the real reason that these countries want to expand the alliance? what is the justification at the heart of the expansion? >> there are a number of ways of looking at this the key reason that stands out is china and its

energy security considerations. china looking to its future oil supplies. it's already played a key broker role in terms of the middle east peace agreement. saudi arabia and iran. bringing those two countries to the table. this might be seen as an extension of that. the fact that brics expansion will extend to saudi arabia and to the uae and incidentally countries with dollar pegs as well as iran may be viewed through the lens of china and its energy security. >> one of the notable developments this week has been the cooperation between china and india and we were citing before you joined us and hopefully you heard the nations have decided that they are going to try to deescalate the tensions which have taken hold at the border. china and india have not been aligned in any meaningful way. indivisa has been trying to fil

that void with the u.s. and china. how can we rely on the relationship remaining cordial with the brics alliance? >> what is interesting is a great deal of analysis prior to the brics summit. suggesting that india may have been opposed to the expansion of brics because this is seen as a way of giving more emphasis and importance to china. we know in terms of global rivalries, india focuses attention away from china. that is a great deal of economic gain. india is the other emerging market looking to say we are an important economy and investment destination in our own p right. india reiterated it is not opposed to the expansion of brics.

several new members india remains close to joining the brics from january of 2024 speaks to an overall, perhaps, more cordial and manageable relationship p with the two economic giants with china and i india. >> earlier on in the week, when we were talking about what to expect from the summit, we went back to the history of the alliance of the brics. one was to find a way to counter the u.s. dollar hedging in the world today. we had an analyst on earlier this week. he said there is not a lot of evidence this alliance was succeeded in the de-dollarization efforts. historically, the u.s. bought saudi oil and oil exporters and in exchange, provided them with dollars. it is oil versus dollar

exchange. this is how the global world order has come about. how has this changed the dynamics? you can see the oil contracts are not priced in u.s. dollar, but priced in otther currency. >> there is another issue of de-dollarization and if this is a keep aim of the brics grouping. is it the case, in fact, that what the grouping is trying to do is boost the amount of trade that can happen in local currency for a host of reasons, including facilitating the ability to trade with other countries. the potential expansion of the brics to the likes of saudi arabia and uae and countries with dollar peg ps is going to t a lot of interest. the broad idea that the main aim

or thrust of this is de-dollarization doesn't hold water with the expansion. think of argentina as well where the economies remain important for the dollar. we know there has been a d diversification in the middle east. if you look the public investment fund and they play a key role in the diversification and investing in risk assets has the attention of financial markets. saudi arabia may not necessarily be recycling as much of its surplus in the u.s. treasuries in the future because it is driven by the need to diversify its economy. it is looking at the longer-term ambitions of that country. there is a lot of analysis.

of course, the comfortable position to try to hold is what is the brics trying to achieve? is it a de-dollarization agenda? it is about global trade. that may be an ambition better served by the use of local currency and that trade. it doesn't necessarily have to be only the currency. this will get a lot of attention. look at what the uae and india have already done in terms of repeated trade for oil. >> right. also, argentina is a country i watch closely. i have relatives over there. it was interesting recently they have been engaging in bilateral trade with china. denominated in that currency. we spoken about the fx side of things. what about commodities? bringing in uae and saudi arabia into the fold, you have the

major commodities and power players in the brics alliance. rare earths material from china and oil from the middle east nations. you have agriculture from argentina. what is that a motivation for them? >> that is part of it with the trade that takes place. if you look at the increase of importance of brazil to china and now add argentina into that mix with the middle east and the energy and security ambition of china comes across very strongly. then, of course, there has been the addition of other african economies as well. ethiopia might be considered a stranger choice, but china is saying we know who our key allies in the region might be. looking to the populous countries in the region, whether that is ethiopia or egypt, no lack of tense over the

renaissance with those two economies. there is more at play here. the key take away from the summit is the announcement of the expansion. it wasn't necessarily limited to just the economies that many will have expected. >> razia, great to get your take on these things. head of research of africa and middle east at standard charter. still ahead on "street signs," former president trump is arrested again. we will bring you the latest reaction after this.

welcome back to "street signs." former president trump has surrendered to authorities in georgia on 13 charges relating to the improper results of the 2020 election. he paid a $200,000 bail bond to be released while he awaits trial. this was trump's fourth arrest in five months, but the first mug shot released byes p police.

he returned to twitter to repost the image and accuse authorities of election innterferenceinterf. nbc's jay gray has more. >> reporter: the former president motorcade pulling through the gates of the fulton county jail. mr. trump surrendering to state police facing a dozen felony charges. racketeering and conspiracy for his alleged efforts to overturn the 2020 results in georgia. inside the facility less than 30 minutes, the former president was read his rights and fingerprinted and inmate i.d. and photo taken. the photo released publicly. something authorities have not done in three straight indictments this year. >> a travesty of justice.

>> reporter: he paused before boarding the plane and saying the 91 charges he faces in four separate cases are politically motivated. >> they are trying to interfere with an election. we have every right, every single right to challenge an election we think is dishonest. >> reporter: which is why mr. trump says he'll plead not guilty during his arraignment. the next legal step in the historic, high profile case. the fulton county district attorney says the arraignment hearings for the former president and 18 co-defendants could start in less than two weeks. jay gray, nbc news, atlanta. >> huge story in u.s. politics, of course. the issue today is the jackson hole symposium. at 10:00 a.m. and 3:00 p.m.

local time in britain is the speech from jay powell. we will watch out for that headline today. in terms of how markets are trading here in europe with the negative hand over from asian markets and u.s. markets. we are trading in the green. all of these boards are trading up today and positive for the week as a whole. this is the picture for the week today. ftse 100 up 1.2%. cac 40 is up similar. the dax, under performer, up .50%. on wednesday, we got the disappointing pmi numbers showing a real sharp drop. not just in services, but here in germany with sentiment with the ifo. in terms of u.s. trade, here is the trade week to date. not a lot of movement all together. we had notable intraday swings. you have the dow down over 1% week to date. s&p is flat. the nasdaq is higher week to date at 1.3% despite the near 2%

pullback from yesterday. i think perhaps notably yesterday, we saw nvidia close flat after trading 8% higher pre-market. the blockbuster earnings faded fast. some thought that would be a boom for the tech sector to get it going. we will see if anything changes after jay powell addresses the market today. as for u.s. futures, this is how we are shaping up. gr green across the board. marginal with the magnitude of the moves higher. >> i want to say legarde will speak tonight. that is it for the show. i'm joumanna bercetche. >>'m jia iulnna tatelbaum. enjoy jackson hole coverage for the day. we'll see you on monday.

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it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5." bracing for jay powell. stocks in a holding pat an earn -- pattern ahead of the fed's speech at jackson hole. wall street coming off the ugly session yesterday with the dow doing something for the first time since march. forget about a rough session. how about a rough decade? the check on shares of disney and what is it doing with amazon and espn. zillow solution for