it is 5:00 a.m. at cnbc global headquarters. here is your top "five@5." wall street looking for a stretcfresh start. kicking off a new month in the green. futures are big. investors looking ahead to the big jobs report for the month of august and what it could mean for the federal reserve interest rate decision. a new month and new round of incremental stimulus from beijing as it looks to free up some $16 billion worth of

foreign reserves on bank balance sheets. plus, new details on what could be the hottest ipo of the year. later on, spectrum tv goes dark in the middle of u.s. open coverage. it is friday, september 1st. you are watching "worldwide exchange" here on cnbc. good morning. welcome to the show "worldwide exchange." i'm dominic chu in for frank holland. let's kickoff the hour and new month of trading with the check of u.s. kmequity futures. dow implied higher 14 points and nasdaq by 9 and s&p by 10. this after the nasdaq and dow and russell 2000 index posted their worst month of the year as

you see here. things have to get back on track especially for the transportation trade. on a sector basis, 11 of the 11 s&p 500 are coming off a down month led by utilities which saw the worst month since september of 2022. that is down over the course of one trading day of 1%. over the last month, down 5.5%. today, investors are looking ahead to the august jobs report. employers are expected to have added a net 170,000 new jobs last month. that is down from 187,000 we saw back in july. the unemployment rate is expected to hold steady at 3.5%. ahead of that, we check the bond market. yields showing a sign of downside pressure for prices and upside pressure for yields. 10-year treasury is at 4.11%. 2-year treasury is 4.87%.

30-year treasury is higher at 4.23%. in the energy complex, oil coming off a third straight month of gains. right now, wti price is $84.08. the world benchmark ice brent is up 1.1%. the $87.29. let's see how europe is closing out their trading day. let's go to julianna tatelbaum. >> dom, great to see you. here in europe, we are opening up after quite a downbeat month for equities. you have red across the board as you can see. fairly broad based losses. we did see under performance in the ftse 100. dropped 3.4%. dax took a hit at 3%. the story of the month of august was a deteriorating

macroeconomics picture. we have pmi for august which painted a down beat picture in manufacturing and services at the same time. this week, we have fresh inflation data. inflation pressures remain alive and well. putting this together, the ecb, when they meet in a couple weeks, could be hiking further into a recession or stagnation environment. difficult picture for european equities. let me highlight movers. ubs shares gained more than 20% over the course of the month. getting a boost from the bumper q2 earnings report which sent it to the highest level since 2008. infineon is down for the month of august. the company warned the fourth quarter would come in below expectation ans and the stock t a hit there. dom. >> julianna tatelbaum, thank you very much. sticking with the overseas

action, the stimulus from the folks in china. eunice yoon is joining us from beijing. investors in the u.s. and around the world are wondering if all these moves are good things are a sign of worse things to come in the world's second biggest economy, eunice. >> reporter: dom, i think a lot of folks here are wondering whether or not the signals that policymakers could be rolling out more stimulus measure. this targets the yuan and real estate market. the central bank is cutting the amount of foreign exchange that banks have to hold in reserve by 2 percentage points to 4%. this would be as of september 15th. the move is meant to free up $16 billion and a move to target the weakening yuan. the authorities here, in addition, announced three

buckets of measures that are going to go into effect as of september 25th which would target the real estate sector and try to convince chinese to buy their first or second homes. one is that the authorities are going to cut the minimum down payment by 10% to 20% to 30% nationwide. they are lowering mortgage rates and making it easier to become first-time buyers in smaller cities. this comes as creditors of the struggling real estate giant country garden are set to vote on the onshore bond repayment plan which is 10:00 a.m. eastern time. the issue is the creditors are demanding full repayment. they are not happy about a three-year extension plan. we will see how that all

unfolds. >> eunice, that's what's happening right now. we are also getting news this morning about the g20 conference and china's participation in it or maybe lack of it in some w ways. what more can you tell us? >> reporter: the diplomatic community has been abuzz with several different reports now that president xi jinping is considering skipping the g20 summit. a lot of people are shocked of the possibility. the expectation of the premier would go in his place instead. the u.s. officials said that president biden doesn't expect to meet the chinese president at the g20. it is all raising speculation. the chinese have not confirmed this rumor. also, they have not confirmed

his plans. >> eunice yoon, thank you very much. have a nice weekend. let's get a check of the corporate stories with the ipo set to hit the market later on . pip pippa stevens is here for that. >> they will hold the ipo next week. sources telling reuters, the company of a.r.m., owned by softbank, is expected to price shares on september 13th and begin trading on nasdaq the following day. the reports said softbank plans to sell 10% in the ipo and the valuation of $60 billion. softbank is selling fewer shares after buying 25% stake that it did it not directly own in the vision fund.

bloomberg reports that it is in talks with several customers about backing the ipo. that list includes apple and amazon and intel and alphabet and nvidia and samsung a and taiwan semiconductor. this would be a boom for softbank. it reported the third quarterly loss. goldman sachs and jpmorgan chase are the leading underwriters for the ipo. >> thank you, pippa. more to come on "worldwide exchange," and the one word investors need to know today and how you should position your portfolio before the jobs report. our expert panel is next. and why shares of jeangenet testing giant 23 and me are surging this morning. and later on, going dark.

spectrum tv and u.s. open fans not waking up happy this morning .nd why disney may be to blame we have a very busy hour when "worldwide exchange" returns after this commercial break. >> announcer: this cnbc program is sponsored by ibm. ibm. let's create. what ai will do for business. introducing watsonx a platform designed to multiply output by tailoring ai to your needs. when you watsonx your business, you can build ai to help coders code faster, customer service respond quicker, and hr handle repetitive tasks in less time. let's create ai that transforms business with watsonx. ibm. let's create.

welcome back. wall street kicking off the month with the catalyst with the fresh sentiment. monthly jobs report coming up. economists are expecting jobs to slow from 187,000 jobs to 170,000 in the month of august. deutsche bank says cooler employment data is treated as good news as optimism of rate hikes weighs the strength of the economy. the cme fed watch tool shows an 89% chance of the pause at the september rate meeting which is up from 80% chance priced in earlier this week. now for more on the markets and the economy and fed, let's bring in lee baker from apex financial and member of the cnbc advisors council and eric bailey, executive vice president. gentlemen, thank you for being with us. lee, from the adviser standpoint, there is a lot of uncertainty. people are feeling not at all

comfortable for the final few months of the year. what is the set up in your mind and should investors be worried and making moves in the portfolio because of it? >> for me, i think i'm taking the approach of cautiously optimistic. yes, people are worried, but i don't see anything that makes me think you need to make significant shifts in your portfolio. we are making moves we have not been able to do the last 10 or 15 years which is get balanced from fixed incomes of the portfolios. we are making the shifts and rolling into treasuries and rate funds. that portion of the client portfolio is getting to the 5% that we count on from long-term perspective. >> eric, cautiously optimistic is not unusual. is there a set up in your mind

that is too optimistic or not enough about the balance of the year? >> yeah, thanks, dominic. i think as we see a little bit this morning with the bond yields, there is concern the numbers are stronger than expected and that could lead to a selloff in fixed income. that would be a minor jolt to the market. the soft landing is the consensus. we see equities continue to act strong. if we see a hotter than expected number this morning, that view that the fed is on a pause could change and you could see more volatility hit the markets. >> eric, this has been pr pretty evident with the magnificent seven and technology driving things. what is interesting is the companies see expanded valuation ans in the rising interest rate

environment. there is a bit of a disconnect there. is that going to get resolved soon or will we see multiples expand in the face of higher rates? >> that's a big concern. the massive difference between growth equities and magnificent seven are performing versus the broad markets and if you look at the value, the russell 1000 value and the russell growth is up over 30. you worry that valuations are so high in growth that we could see a lot more volatility because we will see cooling in that sector. i would like to see more of a broad based market returns especially for equities where you get the other sectors which have done nothing perform better. >> lee, amid the rising rates, we see for the first time with a

situation with an alternative to stocks and bonds. you can put your money in cash and make 4%. how many clients feel cash is a good place to be because they can make it without taking risk what whatsoever? >> it is a significant portion of our clientele. particularly those in retirement. we work with clients with significant accounts and telling us we were forced into equities. now they're looking at the situation where finally after 15 or 20 years with where inflation is currently, they can have safe money that is above the rate of inflation. as long as we continue to see 3.3% or 3.2% year over year inflation and they can continue to clip along at 4.5% to 5%, they're hope and less stressful. our job is to see opportunities

to boost things on the equity side and protect the downside. for those clients, we are eyeing that magnificent seven in case there is a bit of a move and those drop. >> before we let you go, one quick word. lee, your favorite part of the market? >> private credit. >> eric? >> i see value in dividend equities. they're cheap. valuations are cheap. these companies have strong balance sheets. >> private credit and dividend equities. lee baker and eric beilly. thank you. >> thanks. ahead on "worldwide exchange," universal steering clear of taylor swift's silver screen debut. the labor day gas deal good until 7:00 p.m. today. no ticket, no phone, no line. no problem. one baseball stadium is in that situation. your trending stories are coming up when we return after this

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beat for its pc and enterprise business due to an improved demand environment. dell says 20% of serve seserver orders were related to a.i. applications. mongodb with revenue growing by 40%. the company stating the competitive advantage with a.i. it says the new strength acquisition and operating margins with shares up 6%. and broad ccom worsting a posite quarter after disappointing guidance. a market leader for data center chips has been hit by spending and use for the key iphone components. it sees year over year growth in

the fourth quarter with a.i. opportunities with shares off 4. 4.5% in the early trade. from stocks to sectors, renewable energy is under issue this year with the global etf down for the year. pippa is here with more on that story. >> dom, it has been a brutal year for clean energy stocks. increasing borrowing costs for capital intensive industries of the sector. higher rates are not the only headwind. presidential solar is dealing with the inventory glut. hydrogen companies are waiting on tax credit clarity with wind

companies with equipment issues and offshore wind projects are ca cancelled. the shares for the offshore wind developer plummeted after the company warned it could write off $2 the$2 billion of the chas ofportfolio. on the flip side, they were said to avoid companies with negative free cash flow and burning through cash like sunpower and sunnova. d dom, there are a lot of shortwinds here. >> i thought we were spending billions on some of the clean energy projects. >> it is easy to pick out of play the 2023 moves. there was momentum after the

i.r.a. last year. the group is sentiment driven. once we saw sustained higher rates, that started to chip away at that threy s thesis. we are working through the heightened expectations. everyone is saying this is the future and we have to do this. when it comes down to it, a lot of the businesses have capital insensitive industries and when rates go up, it changes the calculation. >> higher rates good for certain tech companies, but not others. pippa, thank you. let's check on the top headlines with frances rivera in new york with latest. good morning. >> dom, good morning. president biden will travel to florida tomorrow where he will review the damage left behind in the wake of hurricane idalia. some communities in the big bend area were flattened.

three deaths have been linked to the storm. former president trump ple pleaded not guilty to the 13 charges in the interference case. he waived his right to appear for the arrangement on september 6th. clearance tomorrow -- thomas has filed his disclosure report for travel. under new rules, crow's name appeared in the report and paying for thomas' travel on three occasions. a lawyer for thomas says he is confident that the justice did not willingly make any transg transgressions. oprah and "the rock" are teaming up for the people'ses fund of maui. according to the web site, they

are giving payment ans to displaced residents. they are looking to keep the payments going longer. two stars will get that amount and an beyond. >> it is all about maui strong. thank you, frances rivera. as we head to break, a programming note. joining us for delivering alpha on september 28th in new york city. we will convene investors and leaders to provide insights and ideas and analysis to balance risk with returns. scan the qr code on the screen or visit cnbcevents.com/deliveringalpha. coming up on "worldwide exchange," we check in with steve sedgwick live outside the beautiful lake como for the cernobbio forum. steve, what do we have? >> we have a little bit of

everything. focus on italy and germany and is that the sick man of europe and how it responds to the i.r.a. from president biden. the saudis are in town. we heard from volodymyr zelenskyy. plenty to come from lake como on "worldwide exchange." like dynag 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

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it's 5:30 a.m. eastern time in the new york area and there's still a lot ahead on "worldwide

exchange." stocks kicking off a new trading month in the green ahead of the big jobs report. what a beat or a miss could mean for the september rate hike game plan. new details of what is likely to be the hottest ipo of the year. waiting until after the labor day holiday to get the road show started. computer chips in focus. tesla redesigns the model 3 cr crossover. u.s. investors may have to wait longer to see it. it is friday, september 1st, 2023. you are watching "worldwide exchange" here on cnbc. . welcome back. i'm dominic chu in for holland h holland. the dow implied higher by 150 points. s&p by 15 points. nasdaq up 33. we are right now just about

session highs for the futures market. let's hit oil prices. u.s. benchmark is up .75%. ice brent crude at $87.48 which is up .75% as well. let's check on the corporate stories with pippa. >> if you are a spectrum tv customer and love the tennis, cutting off access to espn and abc and other disney owned networks. disney said the disruption with the second largest cable tv provider in the u.s. is over a carriage dispute. charter will host a webcast to discuss the status of the agreement. the fda is giving 23 and me the green light to add more

information in the reports with risks for certain cancers. the 41 gene variants it is clear to detail are associated with higher risk of breast and owe v prostate. the market cap is above $500 million. down 18%. the united auto workers union is filing labor charges for not bargaining in good faith no or in a timely manner. dom. >> pippa, thank you very much. we are just about three hours away from the big economic news of the week which is the august jobs report out at 8:30 a.m. it could show highering cooling

off. demand for workers who post wages which carries through to higher inflation. employers are forecast to add 170,000 jobs last month which is down from 187,000 created in july. that is the lowest since december of 2020. let's get more into the conversation at julia pollak. julia, let's talk about the slowing most mementum. will it get worse heading into the fall? >> it is not yet a sign of worry. right now, labor market indicators have slowed, but only to pretty good levels. levels that would represent a hot job seekers market. the question is whether this slowdown will decline and if the downtrend continues and soon we could continue to talk about

labor market weakness. >> julia, the labor market weakness is anticipated to be a problem. it hasn't been a problem despite a lot of headwinds over the last year. what exactly is it that makes the u.s. job market resilient and by extension the thorn in the side for the fed right now? >> so the u.s. economy is pretty much dependent on one factor, the u.s. consumer. to date, the sumu.s. consumer i strong. many people received stimulus and paid down debt and locked in lower mortgage rates. they are doing well. at the same time, they gained jobs. the recent pace of job growth setoff a cycle in the labor market where people added income and jobs and households have gained an earner.

employment-to-population ratio is highest in 22 years. highest ever for women sdp. >> if you look at the subtle movements of where jobs are created and where they are being lost, i remember the jobs reports i went through and reported on hospitality and leisure which led the way for job growth the last two years. we are seeing that decline right now. is that a sign of consumer spending or what consumers are doing after the little money they have left? >> it is a reason of concern that the leisure and hospitality sector has not fully recovered. it looks like it won't for many months. that said, the share of jobs made up by hospitality is shifting back to normal and we're seeing the leading industry for job growth become healthcare again as it is expected to be over the next

decade. we are returning to a normal job mix. >> julia, speaking of the consumer -- september 1st means the return of one thing americans do not want to see return. student loan repayments. it will take a chunk out of paychecks because they have to repay those for the first time in a long time. what is the outlook and how does that affect the american inflation story as well? >> sure. 46 million americans will be affected by the student loan res restart. one is many americans continue to pay students loans through fore forebearence period. we also have the new income driven repayment program

starting. the biden administration program will allow many borrowers not to pay a cent if they earn less than 225% of the poverty line. this is not going to be a massive shock to the economy all at once. it will be a slow burn. >> julia pollak. thank you very much. >> thank you. coming up on the show, competition in the a.i. chip space is heating up by one and its shares are surging. you see the mystery chart there. as we head to break, some of the top trending stories this morning. forgot your ticket? phone? line? just don't forget to bring your face. major league baseball is considering facial recognition to walk into the ballpark. major league baseball says the go-ahead program is tested at

the philadelphia stadium and is perfectly safe and will not compromise security. a tropical island in the caribbean is sitting on a digital gold mine. anguilla is cashing in on dot a.i. with the boom in activity of a.i., it is now cashing in on the trend. the total number of domain registries ending with ai will bring in 30 milli$30 million ofr the year. and lucky 13 or taylor swift. universal says it is moving the release date of the newest " "exorcist" movie hours after taylor swift said a concert film

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welcome back to "worldwide exchange." time for the morning call sheet. we have telse and raymond james downgrading dollar general. it makes five downgrades in the last two days. it is cutting the price target from $140. it was $200. dollar general off 1.25%. morgan stanley naming dell as the top pick. it saw demand improve in the second quarter. it is benefitting directly from the spending cycle in artificial intelligence. shares up 10% in pre-market. and jpmorgan chase is upgrading vale. t the impact of the chinese

reopening stalled and since peaking in february and vale lost a quarter of the value. shares up 1.25% pre-market. time for the global briefing. shares of samsung rallying on the speculation the company will compete with a.i. chip provider to provide hardware to nvidia. it sealed the deal after the passage of the quality test. more stimulus from the pboc. it will cut the amount of foreign reserves banks and other financial institutions need to boost the yuan. it frees up $16 billion of foreign deposits which stood at $822 billion at the end of july. and softbank's a.r.m.

holding will prepare for the ipo on september 13th with trading to begin the following day. a.r.m. is looking to raise $5 billion in the offering which would value the company between $60 billion and $70 billion this total. today is day one of the invite only meeting on the shores of lake como. steve sedgwick got an invitation and skrojoins us with the story. steve, i'm jealous of the location. >> i apologize to the viewers. you are looking at me instead of the lake. you are right, dom. i know i got invited. it is stunningly exclusive. it is amazing. you get the top businesses people and academics and politicians converging here.

top u.s. officials here like lindsey graham and nancy pelosi here. it framed italy and europe and the world. italy had a downgrowth of negative .4 in the second quarter. that leads a lot of people to be concerned about whether the government has lost its grip. it came in and it was the government that people were worried about. right-wing government. giorgia meloni's government for the last year has done pretty well and now people are beginning to worry. they are not worried about italy, but germany. we had the head of the ifo on and he said germany is back to becoming the sick man of europe. a labor union. if germany is in trouble, that has bad signs for the whole of europe. i have been talking to the saudis here. they are here drumming up

investment for the 2030 fund. volodymyr zelenskyy has been talking. he wants a u.n. embassy. i talked to a host of people. they wanted to talk about the u.s. and election and trump. he is still box office here in italy. back to you. >> steve, it is a host of nobel laureates. you caught up with joseph stiglitz at one point. what is it for the big picture view there? >> i will say i have been speaking to conservatives here as well. we know joe stiglitz is the nobel economist. he won the prize. he has been years a democrat. he is really worried. one is policy misstep from the federal reserve. he thinks there is a misreading of the demand picture on inflation. if we missed that demand picture, that means the fmoc has

gone too far. in this case, the stickiness of inflation is less than it thinks of t thinks. he is worried about the chaos with the election and the leading republican candidate of mr. trump and if his court case will be settled before or after what it means for the american people or society. he had questions and comments on i.r.a. he is saying it is interesting. the government and biden administration thought it would generate $270 billion of activity. it is generating $1 trillion of activity. that is fascinating. that is great news in many ways. is that inflationary? >> steve sedgwick from the shores of lake como. thank you. have a nice weekend.

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endless hardie® siding colors. textures and styles. it's possible. with james hardie™. welcome back. time for the wex wrap up. a new budget battle in d.c. white house is asking congress to pass a short-term measure to fund the government to avoid a shutdown when it runs out of cash. shareholder suing amazon

board of directors and jeff bezos over a contract it signed with blue origin alleging negligence and failing to consider other vendors. shares of nvidia are riding the longest monthly win streak in years after gaining more than 5.5% in august. the stock is now up four months in a row. its longest stretch since a six-month streak back in 2020. shares of lululemon higher in the pre-market. reporting better than expected results during the strong second quarter. tesla redesigning model 3 for namarkets in china and midd east. it has a longer driving range and higher price tag. this is the model 3 first refresh since launching in 2020.

let's chkick off the tradin day. the dow implied higher by 146 points and s&p by 14 and nasdaq up 24. joining me with her thoughts is lizzie evans of evans may wealth. lizzie, this is a big jobs report. is this data point today going to change your investing outlook? >> good morning, dom. in short? no. i think we had a selection of many data points this week. we will continue to as it has been pwith all eyes on the fed. barring any unusual expe expectations, we expect the fed to hold. we have a pause in october and we will likely see a hold again in november. what we heard in the data points which have come in this week is

the fed's restrictive policy is working as it intended. fed chairman powell made it clear they will continue to hold until they have data points showing inflation coming down. at the present time, it is more of the same. >> your word of the day has to do with the fed. i wonder why it has to do with the fed. >> my word of the day is bus driver. you know, dom, all around the country kids are going back to school. my oldest is in kindergarten. the bus comes every day at 7:06 a.m. yesterday, when i was walking him to the bus, i couldn't help but think his bus driver and the fed have in common. miss bev controls the duration of the trip and controls how

bumpy or smooth the ride will be and she controls the confidence of her passengers in the safety of their arrival. much like miss bev, the fed is driving the bus that we are all on and we are completely dependent on the fed to earn us a soft landing. dom, as it has been for the last year now, all eyes on the fed. >> that's funny. my daughter, elizabeth, ironically enough, goes into the first day of first grade starting today. that will be an interesting day when i get home this afternoon. given the fact the bus driver is your word of the day, how confident are you that the bus driver/fed is going to make the markets and economy smooth for say the next six-to-nine months? >> i think that's the $1 million question. the fed was late on raising

rates. it has been clear they are going to continue to digest various data points before they start cutting. i think what is the inflation point to the market as they continue to raise rates? we hart that from bostic this week over concern with the policy has become too restrictive. i think we certainly see an important point to watch. i'm hopeful we will have a soft landing. i think in the short-term, the set up for the market with september being a terrible month in the market. account is volatile. all of the indices with s&p and dow and nasdaq are 5% off any 52-week highs. the set up in the short-term is we will have volatility. we could see the market move lower before it moves higher. longer term, we are in a bull market. dom, it is a stock pickers

market. you have to be careful. >> lizzie evans, thank you very much. thanks for watching thwi us. right now, the futures are big. "squawk box" coming up next. see you on tuesday. plus 're free. really? healthier is getting a flu shot on your schedule. cvs. healthier happens together.

good morning. welcome to jobs friday. we get you ready for the august employment report and the potential reaction from the fed and market. and united auto workers accusing uaw and stellantis negotiating in bad faith. details ahead. and the follow-up to the "barbenheimer" is "exorswift."

we have details. it is friday, september 1st, 2023. "squawk box" begins right now. good morning. welcome to "squawk box" here on cnbc. we are live here on the nasdaq market site on times square. i'm melissa lee with scott wapner. are you happy to be here, scott? >> are you convincing yourself? >> we are looking at a higher open to start september. this is the first trading day of the month. s&p is looking to add 13.5. dow up 16. nasdaq up 25. here is how the indices closed august. s s&p down 1.8%. it is on