it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5." we begin with stocks kicking off the last week of august trade in the green after the best day in three weeks. investors appearing to look past jay powell's promise to keep rates higher for longer. powell maintaining that commitment in jackson hole on friday. roger ferguson weighs in this hour. in china, a high stakes meeting for gina raimondo as beijing does the best to keep the floor under the sagging

economy. and appearing to backtrack on the anti-trust lawsuit. later in the show, retail traders are doing in the face of the worst month of stocks this year. it is august 28th, 2023. you are watching "worldwide exchange" here on cnbc. good morning. welcome to "worldwide exchange." i'm frank holland. let's start the hour with the check on the u.s. stock futures after the best day since august 7th. look at futures right now. you can see in the green across the board. the dow would open up 65 points higher. we always say it is early. among the biggest gainers of the nasdaq 100, tesla, moderna and palo alto networks up more than 10% on the week. we are checking the bond market

as always with the benchmark 10-year treasury trading at the highest level since 2007 at 4.22. important to note the 2-year treasury is back above 5% at 5.07%. something we continue to watch. we are looking at the energy sector. oil, of course, is coming off the second straight weekly loss. wti is above $80 a barrel. brent crude at 8$84.72. natural gas is up 3%. time for the check on the top corporate stories with silvana henao. silvana. >> frank, happy monday morning. u.s. regulators are suspending the challenge of amgen's $30 billion deal for horizon until september 18th. this allows the ftc to continue the efforts to block the merger or settle the case. amgen says there is no reason to

block the acquisition. shares up 5% in the pre-market. and shares of xpeng surging overseas and at home. it is buying the smart development business for $744 million. as part of the deal, the asian ride-hailing giant is a strategic shareholder in xpeng. and 3m is paying $5.5 billion to settle the more than 300,000 lawsuits claiming it sold the military defective earplugs. this will allow 3m to avoid a much larger liability after the failed bankruptcy case. analysts estimated the case could have cost the company roughly $10 billion. frank. >> silvana, thank you very much. we will see you later on. turning back to the markets.

jay powell has spoken and the earnings season is nearly over. the markets faced a crucial test in the days ahead. we get data on job openings and consumer confidence tomorrow. on wednesday, the adp employment claims and on thursday is the jobless claims and then the pce index. then on friday is the august jobs report. let's bring in dan veru. dan, good morning. >> good morning, frank. >> i want to go back to jay powell for a minute. one thing people are keying in on. we are navigating the stars under cloudy skies of. how did you interpret what he said and what will happen next? >> i think he will stay higher for longer, but the environment is murky. you have decelerating growth in china which will be a big issue

going forward that could affect our economy. i think he is basically citing that it is cloudy and the clouds are getting thicker, but still on the course and still stay the course. i really do believe getting inflation down and particularly the stickier components of inflation is the number one goal of the fed. i don't think they will stop until they feel comfortable that they've put the inflation genie back in the bottle. >> when you say stop, you are saying there may be another hike this year or high er for longer? >> you captain rule out the possibility of one or two more hikes. i think he is pretty much done. the bulk of the work is done. now the real rates are 2% to 3% right now adjusting for inflation. that is probably pretty restrictive in their mind.

>> unlike a lot of people in the market, you believe him when he says higher for longer. with that in mind, you are saying a few metrics which are important under the higher rate environment. one of them is forward pe. i'm looking at the magnificent seven since the start of august above 4%. the magnificent seven is nvidia and alphabet under performed. is this why you are saying pe is important right now? valuation is the story for the back half of the year? >> i think nvidia is a great case in point. what could they have said more that would have gotten incremental buyers to come into nvidia shares of the most recent earnings? you could say that for many tech companies. tech earnings were very good. valuations are so high. where do you get the incremental buyer to come in for the stocks? that is the overriding issue. it is not the stocks would collapse, but they could go sideways for a period of time.

that money will go elsewhere for better valuationvaluations. >> that is what the investors are concerned about. great report. rallied after the report in the pre-market. at the end of the day, it closed flat for nvidia. >> and friday was lower. this is where you are getting the fundamentals colliding with valuation at this point. valuation is taking a front seat given how high interest rates are here. >> you have a few picks here in the materials sector. why these picks and why are these good picks in this environment? >> both companies are check writers. they have the ultimate flexibility of controlling their d destisty -- destiny. they can buy back stock which is strategic to the business

models. both companies have stayed on the sideline for a while because they felt the prices were too high for valuations. i think the companies are well positioned. the industrial company ametek with exposure to a lot of broad end markets that are seeing real growth has committed to spending a lot of excess cash to m&a and free cash flow. applied industrial technologies has flexible balance sheet to buy stock back or make acquisitions. >> dan veru, thank you very much. more to come here on "worldwide exchange," including the one word that investors have to know today. first, a high stakes face-to-face in beijing when gina raimondo meets with her counterparts. we have the latest coming up. we have the latest for

retail investors and how they are faring in 2023. and we have roger ferguson here to comment about jay powell's statements at jackson hole. we have a very busy hour still ahead. power e*trade's easy-to-use tools, like dynamic charting and risk-reward analysis help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley

welcome back to "worldwide exchange." we are checking the overnight action in asia and in china. the duties being levied on stock

trai trades is cut in half. taking a look at stocks in asia. shanghai suppis up 1%. the nikkei is up 1.25%. sticking with yasia, gina raimondo is in china holding meeting was high stakes officials. we have eunice yoon with more. >> reporter: frank, her point is to really drive home her message that the u.s. and china can have a trading relationship and a strong one despite the tension and despite her department export controls. she was meeting with the chinese commerce minister. the first of three-day meetings.

the $700 billion of trade and stable ties are profoundly important. this was before arriving in china where she had already told reporters that what she described as narrow and targeted u.s. export controls impact 1% of trade and areas like chinese tourism could actually generate about $30 billion for the u.s. economy as well as 50,000 u.s. jobs if it returns to pre-pandemic levels. the chinese commerce minister for his part said today that his country is ready to work to foster a more favorable policy environment, yet despite the pleasa pleasantries, it doesn't appear they will tackle the core policies that lead to the conflict. the chinese state media point out the key concern is the u.s. restrictions on the american investment in advanced chinese

i.t. raimondo addressed that with the min minister. there is no room to compromise or negotiate on american security. >> some of the talks wrapped up a short time ago, eunice. where are you right now and what is the agenda for the rest of the day? >> reporter: she will head to an event where she will meet several business leaders within china as well as the government officials. she will be at the ambassador's residence. she will meet people there. what also people have been discussing here is what really tangible can come out of the meeting. she mentioned working groups as a way to try to improve the engagement between the two sides which she says is really important to avoid miscal miscalculation. another point which is interesting for viewers is there's been a lot of talk of

how her trip could lead to a deal for boeing. that's because the chinese have wanted to upgrade their fleet for several years and haven't done so. critics are saying it is a concession that is not a concession. >> eunice yoon, thank you. the u.s. commerce secretary is not the only one weighing in on the trade balance with u.s. and china. we have martin son who filed this report in new delhi. >> reporter: good morning. it has been a busy weekend here in new delhi. we talked to the u.s. trade representative. derisking allies away from overreliance on dependence on china is key. it is also a key part of the new u.s. trade strategy. here's some of what kathryn thad

to say. >> it is one of clear dominance. we talk about choke points in supply chains, it is rare earth supply extraction processing. china at some point, i would say, smartly recognized the relevance of rare earth. they started producing and selling to the world market at prices that we could not compete with. our producers shutdown. the advantage in terms of china's dominance is not necessarily a natural advantage, but they were able to pursue

coordinated industrial and trade policies to corner the market. >> all right. that was martin soong with our report. joining me now is dewardric mcneal. great to see you. >> good morning, frank. >> what do you think when it columbu comes to the visit by the u.s. commerce secretary? >> frank, this trip is important. it is likely going to be the last high level cabinet visit before the potential xi and biden meeting on the margins of the san francisco apac summit in november. to your point, secretary raimondo has a difficult job here. she needs to make sure as you point out that she states that national security is sacrosanct.

she is prepared and the biden administration is prepared to do whatever it takes to protect national security. she also has to try to rebuild habits of cooperation which is what you are seeing here with some of the meetings she is having. one thing which is very important here, frank, is her meeting with the u.s. businesses operating in china. they faced a withering environment in the last three years. she would like to meet with them and discuss with the chinese counterparts to improve the operating environment. the chinese claim they want to do that for themselves. i don't think there will be a great breakthrough here. this is establishing habits of cooperation again. >> is this pivoting away from the theme of derisking or decoupling? the idea to strengthen ties and say we want to work together with restrictions and some barriers with chips? >> yeah, i think de-risking is

the underpinning of all of the meetings the u.s. officials are having. she is clearly trying to state other things in the relationship. cooperation where cooperation can happen. not, of course, as you state in the high tech sector. there are other places. travel and leisure. that is the goal here to try to walk this tightrope then de-risking and cooperating. >> you mentioned the tightrope. do the issues with the chinese economy come up in the conversation? the property sector? >> i don't think she touches this. this is a chinese problem. to the degree that there is potential contagion for the u.s. and global markets, you might hear her reference this. this is largely a domestic problem that will need to be dealt with by chinese

leadership. >> what about the different, i guess, dynamics with europe trying to strengthen its relationship with china and we have a tenuous relationship with china? does some of that come up with the u.s. versus europe as a trade partner and ally? >> you raise an interesting point here. some of the de-risking we're seeing and the thaw that's happening is how do you square the u.s. desire to compete and protect national security with alliance management? a lot of our european allies are not comfortable with the early part of the year with how this relationship was going. so some of what you are seeing is also trying to appease al lis in asia and europe with more cooperation and less competition. i don't think this will come up, but it helps to flavor the biden administration's recent posture

around china. >> a lot going on here. chinese markets moving higher. dewardric mcneal, thank you. coming up on "worldwide exchange," how retail investors are dealing with what's been the worst month for stocks this year and a reversal for some of the biggest stocks on the street. much more "worldwide exchange" coming up after this. dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones

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final trading week of august and a down month in stocks. all three indices poised to end in the red with the nasdaq down 5%. reversing sentiment for tech names. we have caleb silver here to talk about how investors are feeling and what they are searching and where the retail money is moving. >> good to be back. >> you poised this as a vibe check. using hip language on us. what is the vibe? bullish or bearish? how does it compare to earlier this year? >> i want to channel my 17-year-old daughter. low key conflicted. the difference between what we say and what we do with our money. stark from earlier this summer. >> a lot of strategists say now is the time to add risk. tom lee said the same thing last week. are you seeing the openappetite

risk? >> not at all. it is moving out of the etfs. some are still attracting money. if you look at the qqq tr attracting money. the high-yield bond etf is gaining money. if the s&p goes down 5%, that is the defensive play. we're in football season, people are playing that. this is strong balance sheet for qual. and then iwm. that is where it is moving into with etf and stocks. >> the hyg. high-yield corporate bonds. where is the interest coming from here? >> yields. you get higher for longer rates, and corporate bond yields with higher rates. you see investors attracted to

the debt side over the equity side for the time being. >> people are trying to get away from risk. where are we with anxiety? i know it is something you track as well. are investors nervous or worried about recession or anything else? >> we look at what they are searching for because we have people coming to us every month. w one of the top searches is the put. people are betting on the market. why the 10-year treasury yield matters. best money market accounts. the high-yield savings and then the minsky moment. >> i saw this. explain it. >> it sounds painful. a collapse in the stock market due to rampant speculation. a lot of people are searching for that. another minsky moment. we had two bearish markets in the last two years.

those are close together. they are usually spread out. we have come too far and too fast and we are in for a minsky moment. i think that is us being fearful after a good strong nine months. >> investors are low key and conflicted. caleb silver, thank you. let's get a check on the headlines with nbc's jessica layton in new york. >> frank, good morning. we are learning more about the attack in jacksonville, florida where a gunman opened fire at the dollar general store killing three black victims. before the rampage, the shooter stopped at the historic black university. the university says he refused to identify himself, so he was

told to leave. the sheriff said the gunman took his own life. the justice department is investigating it as a hate crime. florida is bracing for a hurricane this week. interesting to idalia is expected to make landfall within 48 hours. ron desantis is mobilizing over 1,000 national guard members to help support impacted areas. and simone biles made history winning her record setting eighth national title. at just 26, biles is the oldest woman to win a national title since usa gymnastics has been organizing this event for 60 years. frank, back to you. >> wonderful to see her out there. i don't want to call it a comeback story. it is great to see her back out. >> she went and took care of herself and now back and better than ever. >> jessica, thank you.

as we head to break here on "worldwide exchange," we check the nike stock. it was down 6% last week despite snapping the 11-day losing streak on friday. nike with the third straight losing week and worst performance since the final week of may. looking at shas treinhe pre-market. shares are flat. more coming up after this. onlin while prepping dinner? gravy. avoid the wait by scheduling for you... ...or the whole crew. or if you prefer to just pop in? do you. and if you wanna even tack on a covid-19 vaccine to your flu shot, feel free! and speaking of free? our flu shots are... well... free. really? yes, really. healthier is getting a flu shot on your schedule. cvs. healthier happens together. ♪"please don't go" by harry casey, richard raymond finch♪ (sfx: ping) (♪♪) ♪ please don't go ♪

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it is 5:30 a.m. in the new

york city area. still a lot ahead on "worldwide exchange." call it a late summer stock pop. investors kicking off the final week of august trading in the green. one area of the market cannot get out of its own way. jay powell reiterating the promise to keep rates higher for longer. we speak with roger ferguson reading the jackson hole tea leaves next. and halted for 17 months in the evergrande in china. it is not a good thing on this monday, august 28th, 2023. this is "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm frank holland. we pick up the half ohour with the stock futures.

taking a look at futures. dow is moving up 59 points. the dow and s&p and nasdaq may enjoy a bit of august relief, but no luck for the transports and small caps coming off four straight weeks of losses. you see the declines here. during that time, both down more than 6%. steady decline and important to note with yields rising and small caps being rate sensitive. similar for utilities. down 10% this year and on pace for the worst year since 2008. looking at utilities here with the choppiness year to date. falling 10%. we are looking at the bond market with the benchmark 10-year treasury trading at the highest level since 2007 at 4.22. the 2-year treasury is 5.07. we continue to watch that story. that's the picture in the u.s.

let's see how thickngs are lookg overseas with julianna tatelbaum. >> frank, good morning. a similar story for global equities. green across the board. in europe, it is green for every region and sector. following the wall street higher from friday and asia overnight. for european investors, the big data point to watch this week is the inflation prints which we will get for a number of countries. that will be key. we got flash pmi for august which was downbeat. investors now questioning how much more the ecb has in store with rate hikes and if the inflation picture eases this week, perhaps the ecb will be inclined to take it the foot off the gas. now on to asia, this is the big story. you have green across the board here. this as china halved the stock

trades after a major share index fell to a nine-month low last week. this is the first cut since 2008. the finance ministry is cutting the levy on trades to invigorate the capital market and boost investor confidence. so far, it has boosted investor confidence. shanghai trading 1% higher. at one stage, it was 5.5% higher overnight. we hhave pared back the gains. frank, back to you. >> julianna, thank you very much. julianna tatelbaum live in the london newsroom. wall street assessing what is ahead for the interest rate increases following the jackson hole symposium. the cme fed watch tool pricing in an 80% chance of pause at the september meeting. that is down from the report on friday before the remarks from jay powell. the economic growth and consumer and resilient jobs market be an

he main takemaintakens the 2% - maintains the 2% target. >> we are committed to achieving a monetary policy that is sufficiently restrictive to bring inflation down to that level over time. it is challenging, of course, to know in real-time when such a stance has been achieved. >> joining me to discuss the take aways from jackson hole is roger ferguson. roger, good morning. great to have you here. >> good morning, frank. nice to see you. >> one quota lot of people focused on over the weekend. we are navigating the stars under cloudy skies of. what is your outlook for the meetings this year? >> i expect them to have at least one more hike and maybe a

naus s pause in september, but hike after. that is because of the statement of inflation has come down, but above the 2% target. then he also talked about the forward momentum we have seen recently as he may call for further hikes. you put it all together and it feels there is one more hike likely. frankly, depending on the data, possibly more. they are data dependent right now. one seems consistent with the main messages that he was delivering. >> you hear something different from the market. i want to ask you as you have been in the rooms. what is the cloudy skies? we are on a trend down. the economy is strong, but isn't that the goal for the economy to remain strong? >> the goal is inflation to steadily decline. you are missing the second part

of the accisentence. it is still above 2% inflation target. the second thing people are missing is mixed signals from the economy. forward momentum, certainly, but we have a risk management approach of doing too little is a possibility. we have to wait and see. maybe more could occur. i feel one is consistent with his speech. >> as you pointed out, jay powell was adamant of 2% inflation target. core pce. he is not willing to shift his target. if you are on the fmoc, would you advise 3% is okay or it is time to shift the target?

>> no, it is not time to shift the target. another speech by christine lagarde from the ecb with the same questions coming up with her. she said you don't shift the target or goals halfway through the game or whatever part we are in this game. i think it is a mixed message to the market and citizens to say it is different for that target. one reason people fight inflation is inflation is an insidious tax on the poor. getting this under control is important for the average american. it is not time to change the target when wie are fighting th war. >> the issue is affordability with houses and vehicles. interest rates are high right now. do you believe we are still likely to see a soft landing? last time you were here, you believe we are on a path to a

soft landing. can that still be achieved? >> it can be achieved. there is good forward most men p t -- momentum. i'm not 10100% convinced we wil have a soft landing. it would not surprise me if we have a quarter dip below to kno negative territory. as we get through 2024, we will see what occurred. i say fingers crossed for a soft landing. i'm not in the camp that says we're certain. this inflation does seem to be entrenched at the core level and may require as chairman powell said more action. finally, that higher for longer is still important. once they are done raising rates, it is unlikely turn to cutting rates in 2024.

>> roger ferguson, great to have you here. coming up here on "worldwide exchange," shares of the chinese propertyia gnt evergrande return to selling in china. maybe they should wait a bit longer. we'll tell you why coming up. 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 "morning call

sheet." we have morgan stanley downgrading crowdstrike over died an guidance for the second half of the year. the risk st/reward is balanced. look at shares of crowdstrike which are down 3% in pre-market. btig is upgrading zimmer from buy to neutral. that is due to valuation and the medical devicemaker that was a bit overdone. shares up 1% . finally bernstein is upgrading mister car wash to overweight. bernstein says there is an upside for sales in the coming years. mister car wash has locations in 20 states.

shares up 5%. time for the "global briefing." we start with the microsoft president brad smith on the uk decision on the investigation into the acquisition of activision-blizzard of the speaking with cnbc asia, smith said he is still holding out hope. >> i think hope is on the horizon. we have worked very hard recently to address the concerns of the uk and competition and market authority. that is what led us to make a big decision a week ago to spin the cloud streaming rights to ubisoft. we prevailed in court in the united states. we insured we continue to comply while we spin out the rights to ubisoft with the commitment in the eu. as the cma in the uk said there is no green light, but they will review the proposal and i'm

hopeful that by the middle of october we may see this come together. turning to china. evergrande group sinking 90% on the first day of trading after being halted for 19 months. it has a loss of $5.4 billion in the first six months of the year. smaller than the $11 billion loss a year ago. evergrande filed for bankruptcy in july in the u.s. as it works to restructure its business. and the country's ministry of finance in china is cutting stock trades in half to invigorate the capital markets. the first time beijing has taken this action since 2008 w. it will slow the pace of ipo to keep the investor cash in the markets as opposed to piling in

new ovefferings. just ahead on "worldwide exchange," we will have comments from julie ann on the latest fed speak. if you missed us, catch "worldwide exchange" on your favorite podcast apps. more "worldwide exchange" coming up.

welcome back to "worldwide exchange." time for the "wex wrap-up." gina raimondo meeting officials in beijing. she added there is no room to negotiate with u.s. security. the ftc is suspending the challenge to amgen's dea

regulators are considering to settle. shares are popping 5% right now. shares of xpeng surging. the company is buying didi as past of the deal. the ride hailing giant will become a shareholder in xpeng. shares up 10% in hong kong. here in the u.s., the shares are up 4%. 3m is agreeing to pay 5.5 billion billion dollars over the u.s. lawsuit over defectiver t earp. and mallinckrodt files for bankruptcy to reduce the amount it owes to the u.s. opioid

crisis. shares are moving 2% higher on that news. here is what to watch. earnings in best buy and salesforce. and then we have core pec and prices as well for the week expected and we will have the first post-pause payment in october for student loan payments. looking to kickoff the final trading week of august in the green. dow will open 70 points higher. bob pisani has more. >> after powell, what is next? the trading community will be off next week and we are about to exit the news vacuum. next week is important data to determine if we are getting the below trend in jobs growth jay powell is looking for with the jolts opening on tuesday and

non-farm payroll on friday. august is proving to be a 5% correction. rates adjusted higher to account for the strong economic report in august. secr tech and communications have seen a re-rating of stock prices down this month. most are up strongly for the year. the bad news is stocks aren't cheap. earnings are rising, but not enough to make the market compelling enough. the wild card is inflation. no one is sure if it is slowing down to keep the fed satisfied. so far, the market is betting it is slowing down enough. that leaves stocks vulnerable in september. why? because the market is positioned for a soft landing, so the pain trade and move in the markets that cause the most discomfort to the most investors is for strong growth to continue and rates continue to creep higher

and the markets ds go lower in september. back to you, frank. >> thank you, bob. let's bring in liz ann sonders with charles schwab. >> thank you, frank. >> tech is coming off the best week since july. what do you expect today and this week? >> wouldn't i love to know what would happen? we have seen intraday volatility with the rally days on softer tone. i would not be surprised to see that intraday move continue. we have the jackson hole uncertainty behind us. there is uncertainty with the september fmoc meeting. i think traders will continue to watch probabilities associated with the next two meetings and that could drive the shorter-term moves in the market. >> we had two things happen last week that a lot of people

thought would give direction to the market. nvidia earnings and jackson hole. still a lot of undcertainty. we are waiting for pce. that will give us some answer about september. what is the big theme you are seeing? >> i think the overarching theme for the last year and a half has been valuation as it relates to the aggressive monetary policy tightening cycle in history. the surge in yields on the short end and long end which brings the risk-free rate back into the picture with the higher discount rate, it means the forward earnings are less valuable. that puts pressure on the market overall and highly valued segments of the market. you have a move back up in yields and break on the upside, that is where the pressure is recently on the higher valuation segments of the market. >> with the uncertainty in the

market, what is the "wex word of the day" for you? >> this cycle unfolded without any reference of rolling recession idea. every day we get data and it is more confusing. it is hard to look at history with any apples to apples compariso comparison. >> i know you will not give us a pick, but you have two high-growth etf. the other is rpg is up 1.5%. you say investors need to look at the holdings. >> i don't cover etfs. as it relates to the index, s&p and russell growth index. a lot of people don't realize s&p did re-balance in december. after that, technology went from 37% of the index to 13% of the

index. energy became the top sector represented. fast forward to the end of june with the russell re-balance, there wasn't as much moveovemen. the spread has to do with the technology in the case of russell dominant and energy with the pure growth in the s&p being dominant. if you are an index-oriented investor, understand what is in the indexes. >> when we look at iwf, apple, microsoft and amazon. if you are looking for growth right now, are you concerned about the high-yield situation until we get to the pce report that may answer questions? >> not necessarily all growth. i think right now we are factor focused. you want to look for a combination of growth oriented factors or characteristics. it is the expensive end of the

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good morning. welcome to jobs week in america. can you believe that? they will do it on september 1st. they are rushing. how do they do that? the month ends thursday. they have to be fast. let's have a calculator. before we get to friday's employment report, we have key gdp and inflation numbers. those expectations, trade ahead. and gina raimondo meeting with officials in china.

we will take you there live. and 3m shares jumping on the news of settling the lawsuit of useless or faulty earplugs. it is monday, august 28th, 2023 and "squawk box" begins right now. good morning. welcome to "squawk box" here on cnbc. i'm with clark kent. you are not jimmy olson. live from the nasdaq. i'm joe kernen. santoli is here. >> i didn't know those were the two choices. >> i have to be perry. straight from the phone booth. >> last one left. >> what do you do now? you go other places.