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 struggling first time home

buyers. later in the show, former president trump returns to the platform formerly known as twitter. the first time in two years the former president has been on x. it is friday, august 25th, 2023. you are watching "worldwide exchange" here on cnbc. good morning. welcome to "worldwide exchange." i'm frank holland. let's kickoff the hour with the check of the u.s. stock futures after the rough session for stocks yesterday. the dow posting the worst day since march. s&p and nasdaq with the worst day since august 2nd. futures in the green across the board. a short time ago, the nasdaq was lower. the dow would open 70 points higher. all of this ahead of the jay powell keynote address in jackson hole, wyoming at 10:00

a.m. eastern time today. if there is any indication, investors should brace for wild stock swings. last year, the s&p lost 3% in the single day after powell struck a hawkish tone. similar story for 2019. as bank of america notes with u.s. economic data showing strength, policymakers are concerned inflation could reaccelerate in the coming months. looking at the yields. 2-year treasury is trading close to the highest level since 2007. it is back above the 5% yield. 2-year treasury and 10-year treasury spread is narrowing in recent weeks. we're looking at energy this morning. we begin with oil. wti is back below $80. just above $80. moving higher in pre-market at $8 $80.06. brent crude up similarly. natural gas is muted up .50%.

that's the picture in the u.s. let's see how europe is shaping up with joumanna bercetche live in the london newsroom. joumanna. good morning, frank. asian markets took the cue from the u.s. stock markets. all trading in the red toward the end of the session. shanghai is down .60%. still in correction territory. hang seng down 1.4%. some key tech names coming under pressure. nikkei is down 2% today. seeing low are price action in technology and retail stocks and the likes of softbank dropping 3.1% despite lower than expected tokyo core inflation prints coming through. here in europe, we are bucking the trend and you can see that it is a full sweep of green across the indices. gains with the ftse 100 up .30%. you were talking about what is happening with energy prices. whenever that happens, we tend

to get a boost for the ftse 100 given so many of the energy companies in the uk. miners and energy names in that index. dax is up .30%. even though we did get more did did disappointing numbers today, ifo numbers came in disappointing relative to expectation. this is the forth decline in a month. outlook is not looking pretty for the eurozone economy. the cac 40 in france is up .60%. it is focused on luxury names to date. the watches of switzerland brand is not in the ftse 100 is down 30%. that is dragging down the luxury names. frank. >> joumanna bercetche live in the london newsroom. turning attention back to wall street. august is once again living up to the reputation for the dismal

month for stocks. s&p is on pace to post the worst performance since december. the dow has lost 4% this month. historically over the last ten years, s&p averaged a gain of .1% in august. the third worst month of the index. if you go back 20 years, it averaged a loss of .1%. joining me now is ryan dietrick of carson investments. >> good morning. >> august is a difficult month for investors. how do you see jay powell and the speech at 10:00 a.m. impact the momentum? >> you stole a little thunder. to see weakness in august is not abnormal. when you are up 17.5% for the year in august like this year, august is higher three of the

last 11 times. we were open to the idea of volatility in august and we're seeing it. you talk about today. he will hit it down the middle. remember in 2020, he was dovish and sparked a rally. we remember last year with the hawkish tone and that led to a selloff in october. we had moves, obviously, after jackson hole. we are not sure this is different. i want to see the economic data which looks strong. the fed said the economy is slowing. industrial production and resretail sales are improving. >> i want your opinion on bonds. the 10-year treasury is highest since 2007. 2-year treasury is highest since march. you are bullish on the markets, especially small caps. these are the interest-rate sensitive stocks in the market. why small caps now?

>> why are yields higher on the long end? our opinion is it is because the economy is strength eening. you see that with inflation overall. 40% is shelter. shelter is slowing down. parts of inflation clearly are coming down. that leads to the next level of small caps. cyclicals here, frank. we don't see a recession. small caps do okay when the economy is strong. we don't see recession. we see the cyclical areas are nice. they pulled back. i'm aware because of yields are higher or a rally. the russell 2000 is right at the two-day. it is prime to find buyerbuyers. >> ryan, you are a glass half full. explain the selloff yesterday. nvidia with the huge report. big rally in the pre-market and after the earnings report.

it closed a dime higher. what is the rest of the market seeing that you are not seeing? >> nvidia, as everybody knows, over 200% for the year and the d guidance was spectacular. we are neutral with tech. tech had an amazing run. the movement from tech into the cyclical names and value names. energy with crude oil up a bit. those are the areas where the batons will be passed to. frank, you might as well be a glass half full this early in the morning. that rotation is perfectly normal. it will play out the second half of the year. >> good play with energy as we mentioned. oil up 1.5%. the better metaphor is the coffee cup is half full. ryan detrick, thank you. >> thank you, frank. the top corporate stories

with contessa brewer here with those. good morning. >> frank, good morning. amazon reportedly in talks with disney about the streaming version of espn which could cost $20 to $35 a month. along with helping disney expand distribution, amazon may set to take a minority stake in espn. shares of disney set to open at the lowest level in nearly nine years. you can see it is up .s50% in extended trade. hawaiian electric halts dividendin to try to shore up ch after the wildfires. the utility is the target of the lawsuit broughtl by maui county.

the national highway traffic safety is set to release the final report in the auto pilot investigation from tesla. it identified more than a dozen crashes with tesla on auto pilot and whether the cars ensure that drivers are paying attention when the system is activated. shares are up .20% in early morning trade. frank. >> contessa, thank you. see you later on in the show rngtshow. more to come on "worldwide exchange," including the one word investors need to know today. china has more stimulus measures and one targeted to consumers. and more later and what the fed whisperer think he jay powell will tell investors today. we have a very busy hour still ahead when "worldwide exchange" returns. stay with us.

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welcome back to "worldwide exchange." china and u.s. appearing to overcome the wave of black list investment bans and triariffs. to do that, the u.s. is allooki

at diplomacy. eunice yoon is joining us from ba beijing with more on the story. >> reporter: thank you, frank. president biden is sending his fourth senior official to china since mid-june this sunday. commerce secretary gina raumondo. she is expected to meet with u.s. officials and business leaders in beijing as well as shanghai. the expectation is raimondo will attempt to drive home a message that the curbs by the u.s. of investment in chinese companies is narrowly focused and not meant to hold china's progress back economically. the chinese government responded saying it is looking forward to discussions on trade and economics. the commerce ministry hopes to see practical cooperation which

is fueling a working group to decide on export controls at the end of the trip. state media described the invite by her counterpart if the commerce ministry as a show of chinese goodwill. i was able to speak to executives here in beijing and shanghai. for the most part, they said they are really hoping this meeting is going to help improve the communication between the governments, but also provide more transparency and clarity on policy when it comes to foreign investment for both sides. frank. >> eunice, big news from beijing with roles for consumer to boost the struggling real estate sector. what can you tell us about this and how important is the healthy chinese consumer to the overall trade picture with the u.s. and china? >> reporter: it is very important. for these specific regulations, the authorities have decided to

ease mortgage rules to essentially make it easier to classify more people as new home buyers. because of that, they would be able to enjoy more tax rebates and the authorities have tried to expand those tax rebates for more people. it is not clear exactly how much of an impact this tweaking will really have on the overall purchasing and stimulation of the property sector because of the falling prices and a lot of people are worried about the job market and the direction of the economy. >> interesting. home affordability is an issue there and here. something we will continue to watch. eunice yoon live in beijing. great to see you. coming up on "worldwide exchange," a blockbuster sized casualty in the ongoing writers strike and crowning the richest nba star ever and struggling first time home buyers. the top trending stories coming

up right after this. we see the . marcus: detroit, it's just changed so much. you can see what it once was. and then, i think about what it can be. as an entrepreneur, it's about how i can give them the tools to empower themselves if we can just all do something small, all the small things will start to amount to something big. that's why we're here to help make it happen. (fan #1) there ya go! that's what i'm talkin' about! to something big. (josh allen) is this your plan to watch the game today? (hero fan) uh, yea. i have to watch my neighbors' nfl sunday ticket. (josh allen) it's not your best plan. but you know what is? myplan from verizon. switch now and they'll give you nfl sunday ticket from youtubetv, on them. (hero fan) this plan is amazing! (josh allen) another amazing plan, backing away from here very slowly. (fan #1) that was josh allen. (fan #2) mmhm. (vo) football season is here. get nfl sunday ticket from youtubetv on us. a $449 value. plus, get a free samsung galaxy z flip5. only on verizon.

welcome back to "worldwide exchange." time for the big money movers. nordstrom shares not right after sales were below pre-pandemic levels. the retailer reiterating the outlook of the 4% to 6% revenue decline. it improves supply management and boost nordstrom rack shares.

marvell raises guidance. the chipmaker says it expects the revenue growth to accelerate in the current quarter as it benefits from a.i. the shares down just about 4%. and shares of ulta beauty sitting pretty after better than expected q2 results. raising the full-year forecast. really driving the beat and also foot traffic at stores grew every month this year. shares up 1.25%. switching gears now. a former president has a mug shot. donald trump surrendered to georgia authorities facing charges he tried to overturn the state's 2020 presidential election. nbc's drew petrimoulx is live in

washington, d.c. >> reporter: this was a first, but trump is defiant as he faces nearly 100 felony charges in total. with a wave and a thumb's up, former president trump boarding his private plane after the first presidential mug shot. >> what has taken place here is a extrtravesty of justice. >> reporter: he turned himself in at the fulton county jail over the efforts to overturn the 2020 election results in georgia. inside the jail, in addition to the mug shot, trump was read his rights. >> the process was largely offer and trump returned to his car and motorcade left. it was a short proceeding andem.

>> calling him a rat. >> reporter: chanting and p parading signs in front of the media. >> what happened here in fulton county is totally illegal. it is a travesty. >> will you vote for him? >> 100%. >> even with the legal challenges? >> yes. they're phony. >> reporter: the grip on the republican party for trump is strong. polls show a majority of americans believe criminal charges against trump are warranted, but show the lead in the primary is sizable and rematch with president biden is neck and neck. after leaving georgia, trump went to new jersey overnight and did a phone interview and posted to x. it was his first post to the platform in two and a half years. it included his mug shot and words never surrender. i'm drew petrimoulx on capitol

hill. back to you. >> he was charged along with 18 co-defendants. has anyone else surrendered? >> reporter: there are two left to surrender. they have until today at noon to do so. >> drew, thank you very much. as we head to break on "worldwide exchange," we are watching shares of nvidia after the blockbuster beat yesterday. the stock opening up 6% higher before ending the day with a less than 1% gain. ending up one dime higher than it started. is that enough to keep it in the exclusive $1 trillion club? on track for the third best year ever. shares up 1% in the pre-market. if you haven't already, follow our podcast. if you miss "worldwide exchange," check us out on the podcast apps. much more "worldwide exchange" coming up after this.

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and the face of black entrepreneurship in america. one looking to invest in change. it is friday, august 25th, 2023. you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm frank holland. we will pick up the check on the u.s. stock futures. the futures move a bit higher this morning. right now, the dow would open up 85 points higher. we are looking at the bond market ahead of jackson hole right now. looking with the 10-year treasury at 4.24. this is close to the highest level since all the way back in 2007. 2-year treasury yield above 5% as well. energy here with oil and wti back above $80 a barrel. up 1.5%. same for brent crude at $84.60. natural gas is muted up

over .50%. all three moving higher from the time we started the show. turning attention now to jackson hole, wyoming and the top story this morning. officials gathering for the economic policy symposium. the main event of the day is comments from jay powell on the future for rates and inflation and the possibility of a soft landing. speaking with cnbc yesterday, patrick harker said the central bank has done enough and plans to keep rates at the current levels for the time being. >> right now, i think that we probably have done enough. we have two things going on. the fed funds rate increases and they are at a restrictive level. keep them there for a while. also, we are continuing to shrink the balance sheet. that is also removing an accommodation. >> patrick is a voting member of the fmoc. let's talk to gina smiley who is

in jackson hole for the event. thank you for taking time. >> absolutely. it's 3:30 here of. you are not competing with much. >> i was looking at the cme fed watch tool. jay powell speaking at 10:00 a.m. the next meeting is 26 days away. what do you expect? >> it is an interesting one. i think we will tell you they are not expecting a huge signal from jay powell today because it is so many days until the next mee meeting. he will not want to back the fed into a corner where they have to do one thing or the other. i think we will all pay attention to his tone. you know, is he still warning like he did last year that the economy is in for pain before inflation comes down or does he take a more optimistic stance? does he sound more complacent in

the world where inflation has come down since last summer. i think the open question about what that tone is the open t theme. >> last year with inflation around 9% and you saw a hawkish jay powell of. we read your story in "the times" yesterday. jay powell will avoid to saying anything close to saying "mission accomplished." that has undertones. aren't we close to the soft landing? >> you know, that is the $1 million question. i don't think we're at a point to declare victory at this stage. inflation is the number people are fixating on is 1.2%. down a lot from 9.1% last year. i think that paints a misleading picture. if you look at core inflation

and that number that strips out food appand fuel prices, that i 7%. on that basis, i think the fed has a lot of work to do to get inflation back to the 2% steady run waitrate which it was used before the pandemic. we have some progress left that we need to see. there is a concern among some economists that the last couple miles could be the harder ones. >> you are the resident fed whisperer. looking at the history of jackson hole and the fact this is a cozy situation for economists and people to come together off the grid and get together. jay powell's speech is the headline at 10:00 a.m. eastern time. what are the other conversations going on? patrick harker says we have done enough. what are the other conversations? >> i think there will be two things to watch.

the first is christine lagarde is speaking today. the head of the ecb. that speech will be interesting. inflation has not just been a u.s. phenifphenomenon, but it i global. the response has been similar world over. i think what she signals about the ecb is done or needs to do more is interesting. another thing we are hearing from patrick harker and everybody here is the question about how do you know when you have done enough? he was clear on his interview with you yesterday that the moment to pause and wait and try to figure out the data coming in and assess what is happening next. i think around the world, we are doing that for the next couple months. what ware the markers that make you feel good and confident that the inflation will come down.

that will be a point of conversation. >> jeanna, we saw the selloff before the close yesterday on the anticipation of what jay powell would say. is this as big of an inflection point? we have jobs reports and other things coming up before the next fed meeting. >> i think it is a somewhat open question. this could be the inflection point. that is the case. we could be done raising interest rates and look back at the jackson hole speech and say that was it. we were over at that point. there is also a world in which the economic data comes in strong and inflation is less progress than they were hoping and it is not the inflection point. you either see a rate increase in september or november. there are several more meetings this year, three more, before the end of the fed calendar year. i don't think we're at the point where we know if we are at the fork in the road. >> jeanna, take a nap.

thank you for the early wake up. we appreciate your time. have a great day. cnbc will have full coverage of jackson hole and two first on cnbc interviews with loretta mester and austan goolsbee. we have the latest on the corporate stories with contessa brewer. >> we see jetblue which could raise fares by 40% according to the company's calculations that were made public in court filings this week. the companies are fighting lawsuits brought by consumers and another brought by the justice department. jetblue says fare hikes were not redacted in the filings and now taken out of context. you see shares off .30%. ev factory in ohio run by gm

says it will raise worker wages by 25% after lawmakers called out $16 an hour is too little. they still have to ratify the wage increase for august 28th. and shares of viasat sinking after the company confirmed the communication satellite is malfunctioning in orbit. airbus along with viasa. it is -- viasat is looking to see if the satellite can be recovered. >> contessa brewer, thank you. have a great weekend. >> thank you. august is black business month. time to celebrate the accomplishments of black entrepreneurs and the challenges they face. there are 141,000 black-owned

businesses in the u.s. that is 2.5% of all u.s. businesses combined. u.s. black-owned businesses have revenue of $141 billion. they employ 1.3 million workers. one of the primary goals is the open opportunity fund first founded in june of 2020. the fund has inn vevested in 17 black startups. that includes 14 startups using a.i. in the operations. in may of this year, a second fund launched with a goal of 150 million to fund more black and brown opportunities. we have dr. paul judge with us here today. >> good to be here. >> talk about the fund. diverse companies are not getting pc funding. >> blacks represent 12% of the

population. latinos another 18%. 30% receive 3% of vc funding. that gap means $40 billion a year that is not going to the founders. our view is there is a great return in alpha hiding and we need to fund them and go find returns that others are overlooking. it is working. the fund is delivering returns by investing in the founders. >> i want to talk about a.i. it will transform industries. you have 14 companies in the portfolio with direct exposure to a.i. and someone called them a.i. companies. how important is diversity with a.i. developing? >> it is important how you train data and how you cleanse that data. do you have the right sampling of the world with decisions of facial recognition or natural language. we have diverse founders using

a.i. to solve hard problems. citi block is delivering healthcare to overlook in under served communities. they are using a.i. to look at medical notes and figure out what conditions are present in those patients. using a.i. to solve problems to founders to describe what web site you want to build and a.i. will write the code and an click and go to the cloud. >> i want to give you credit. you are a founder yourself. you are part of the management team with the ipo in 2013. have you seen anything like we have seen with nvidia? we had the story recently where startups are getting to acquire chips. you guide your companies. what are they telling you about acquiring the chips to power their futures? >> we see this with new infrastructure. we saw this with blockchain and

it led to companies we invested in. we saw this in the early days of cloud. there is not enough capacity. think about the large cloud providers with amazon and microsoft and google. they have to service customers. startups cannot get enough capacity. are they more efficient? are you training a large language model for vertical stack? that could be millions of dollars. you are looking for access and efficient cost. it led to special gpu stacks. >> is there a way around this? do you have to go to nvidia and pay up? we had analysts say nvidia has 90% of the chip market. >> they had a strong lead. they were early and decided to reinvest in the gpus. a.r.m. is doing work there. the ipo is coming up. they have the market share in the smartphones and they have chips which is use for a.i. and

data center. for the next couple years, nvidia will really enjoy the lead they have. >> you have to pay to play. you innvest in companies. valuation is the theme of the year. i want to focus on the hyper scalers with direct business with the portfolios. amazon, microsoft and alphabet. 62 times and microsoft is 42 and alphabet is 23. you know how important these services are for tech companies. they seem more appropriate? >> i think the big cloud providers are looking at $30 billion to $70 billion a year. they are moving stinfrastructur to the cloud. those will represent the full market cap with the companies at $1 trillion to $2 trillion market cap. you get the free traditional

business. i think we will see the companies continue to grow into the valuations. >> somebody that looks at valuations of companies. dr. paul judge. thank you so much for being here. >> thanks for having me. coming up on "worldwide exchange," heating up in the luxury watch sector. we are back right after this. bly with viking. unpack once, and get closer to iconic landmarks, local life, and cultural treasures. because when you experience europe on a viking longship, you'll spend less time getting there and more time being there. viking. exploring the world in comfort. my cpa told me i wouldn't qualify for the erc tax refund, so i called innovation refunds. their team of independent tax attorneys will work with your cpa to determine if

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well mccowelcome back to

"worldwide exchange." we start with the wex wrap-up. abercrombie second results leads to the turn around plan to sustain the company in the near term. morgan replmains cautious down e road. shares up 2% right now. piper sandler is initiating coverage at overweight. western alliance is quickly restoring the growth and deposits and distances itself from the turmoil this spring. shares are down .50%. jefferies is raising the price on ferrari. it does question the continued stretching of the order books with the hold rating on the stock. shares not moving right now.

it is time for the global briefing. we begin with the regulations from the eu service act taking effect today. it requires tech companies like facebook and twitter to monday t monitor content on the platforms to protect kids. check out shares of watches of switzerland after rolex is buying another retailer. it gives rolex more control of how the watches are sold. that is sparking concerns that sales could suffer at the uk's biggest re-elolex retailer. and china is proposing new mortgage rules to boost property sales. this would allow them to purchase cheaper rates with lower down payments. time for the top trending stories. we send it over one more time to

contessa brewer. i said happy friday, but you are here. >> you dismissed me. >> i did not know. people did not know we used to sit by each other. >> are you ready? zillow is offering mortgages with a down payment of 1% to try to lure home buyers. this is lower than 3% from freddie mac. it will pay 2% of down payment at closing. this move comes as rates here hit a 22-year high this week. warner bros. pushing the release of "dune" to march because the stars cannot go out and promote because of the actors strike. the film will open on march 15th. the first installment came out in 2021 during the pandemic and made more than $400 million at the global box office. they need the stars to be out to

promote. michael jordan is regarded as the greatest basketball player of all time and also the richest. his sale of the stake of the hornets this month pushes his net worth to $3.5 billion according to bloomberg. aside from the hornets, the wealth comes from the jordan shoe at nike. last year, the brand generated 10% of nike sales. frank, my question is who else would give him a run for the money? according to various reports and bloomberg says lebron james is worth $1.5 billion. he is younger. potentially he could out earn and be more valuable than mike m jordan. we have to wait and see if jordan retains that most

valuable player title. >> contessa, was this on purpose? you said of course michael jordan is the best of all time. a lot of people think lebron is the best. there is controversial. >> if i say it on television, it must be true. >> i'm stamping it right now. michael jordan according to contessa brewer, best basketball player of all time. thank you. great to see you. >> all right. coming up here on "worldwide exchange," the one word that every investor needs to know today. first, why disney is talking with amazon over a future espn streaming service. we'lbe rhtacwi tt l ig bk thha story and much more.

my cpa told me i wouldn't qualify for the erc tax refund, so i called innovation refunds. their team of independent tax attorneys will work with your cpa to determine if your company is eligible. [whip sound] take the first step to see if your small business qualifies.

my cpa told me i wouldn't qualify for the erc tax refund, so i called innovation refunds. their team of independent tax attorneys will work with your cpa to determine if your company is eligible. [whip sound] take the first step to see if your small business qualifies. welcome back to "worldwide exchange." time for the wex wrap-up. former president trump taking to twitter posting his first message hours after he

surrendered to the atlanta jail yesterday. trump posted his mug shot with the words never surrender. shares of disney set to open at the lowest level in years with bob iger's turn around plan seems to gain more traction. shares up .50% in the pre-market. disney and amazon holding talks for a streaming versus of espn for $24 to $35 a montunmon. the partnership could see amazon expand anniing the service and g a minority stake in espn. and an a wild week for trading after the reverse stock split yesterday for amc. this ahead of the planned conversion of the "ape" shares into common stock. and hawaiian electric is

shoring up cash reserves after the devastating wildfires. the county alleges the utility failed to shut off power. the shares down just about 20% right now. shares of affirm are popping in the pre-market. the buy now and pay later company is topping estimate after surging 25 % from a year ago. shares are up 9%. here is what to watch today. main event in jackson hole as the fed kicks off the policy meeting with jay powell expected to speak at 10:05 eastern time. cnbc will cover the event and including two first on cnbc interviews with loretta mester and austan goolsbee. you don't want to miss those. take a look at futures right now ahead of the summit. in the green this morning. the dow is opening up 64 points

higher. nasdaq is fractionally higher. all of this ahead of the summit after the negative session yesterday with the dow posting the worst day since march. we have mimi duff with us. >> thanks for having me. >> we know the main event. we are four hours away from that. what is your "wex word of the day" today? >> jackson hole. >> that is easy. why jackson hole? why is that your word of the day? >> i have a special connection to jackson hole. i was waiting for that word of the day, i have to be honest. i think what we'll see at 10:00 is jay powell and an him to reiterate previous thoughts that we're not in the clear yet. we have come a long way in terms of improvements in inflation.

with veria various figures in t to 5% range. it is too early to call a victory lap. he'll continue to say every meeting is something he will not commit to at this point. they are in restrictive territory with the funds. it is a matter of wait longer. we expect him to reiterate that message. >> ahead of the inflection point, how are you positioned with the equities? >> we are not going to react to what he says today, i'll tell you that. we are underweight in equities. we have a cautious stance. we're neutral fixed income. we feel the markets are priced for this very narrow path to a perfect soft landing. we think with rates where they

are in restrictive territory, we think we're going to expect to see slowing in the economy. >> so you expect to see slowing. with that in mind, when you were here last time, you were about treasury inflation protected securities. inflation is on the downtrend. would you advise clients to inve invest? >> we are still innvested in t.i.p.s. the market is pricing inflation to magically come down in the next couple years. it was perfectly the target. we think the inflation will be a bit stickier than that. if you look at the come poss -- composition, you have the wage pressure. we still like t.i.p.s.

we think inflation is a bit longer to come down here. the easy work is in. >> we saw nvidia pop after earnings yesterday and closed lower on the fed concerns. closing a dime higher. are you changing any view when it comes to mega cap tech in light of that? it seems investors were all about nvidia and then eh, we don't know because rates may be higher for longer. >> it is very hard in my opinion to dissect the reason the market goes down or up. i will say that as i mentioned earlier, we're a bit underweight equities. our portfolios are still long equities and fixed income and real assets. we believe in diversified portfolios. i would not count out the large cap. they have been the winners this year. >> mimi duff, thank you. look at futures in the green off the highs. the dow would open up 65 points higher. again, it is very early. we have "squawk box" coming up

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good morning. welcome to jackson hole friday. we'll take it. we'll take any friday. we are now four hours away from the speech by fed chair jay powell that could move the markets. markets don't need it to move. they did yesterday. we'll get expectations. liesman is out there. retail addressing the rising problem of theft on earnings calls. we will show you what the ceo of nordstrom says about the viral smash-and-grab at one of the company stores in los angeles.

warner bros. delaying the release of the anticipated "dune" sequel because of the hollywood strikes. it is friday, august 25th, 2023 and "squawk box" begins right now. good morning. welcome to "squawk box" here on cnbc. i'm andrew ross sorkin along with joe kernen. just the boys this morning. becky is off. joe, we have a lot to do today. >> we do. the boys include liesman who is out there with his finger on the pulse. yesterday, i don't know what that was, andrew. you know, another day that looked like it would start out okay especially for the nasdaq. everything ended sharply lower. this rebound today