tom: do you agree with that, brian belski? stocks go down with oil? at as stocks go down, oil goes up. nk.y dealing -- they de-li julie: the tpp trade deal. there will be no corporate takeover of u.s. sovereignty. is that donald trump? brendan: it was, you are right! julie: just joking. it is not. is percolatinge again. we received terrific research from all of our guests over the last 24 hours. what i see is the humility out there about these moves. these are historic moves by china. but it folds deal and political economics, political finance and political investment as well. brendan: jeb bush is speaking in nevada today. he is desperate to keep himself out front. he and hillary clinton are focusing squarely on each other. they are both pretending that trump and sanders are not happening. he has a bigger organization. as hans nichols pointed out, we could think about treating him as a front runner but right now donald trump is up in the polls -- treating him -- julie: analysts are looking for unchanged growth in terms of the sales. macy's has been st

thank you. >> thanks for having us. >> brian belski.in, as we mentioned, crude oil is up 10% right now. that's a trade on wti. the dow is higher right now by about 334 points. that's good for a gain of more than 2%. as for the nasdaq, off the session highs. we are at 4799. that is a gain of 100 points right now. 2.1%. and on the s&p 500 we're looking at a gain of 2 1/4%. what a difference a couple days make. we also want to show you what is going on in bonds. and we're watching of course the ten-year yield very closely. 2.166% right now. steve liesman is live at the big fed summit in jackson hole, wyoming. hey, steve. >> hey, melissa, thanks. should the fed hike? should they hold? that's the big question. here in jackson hole. we have two guys who used to be in the room not too long ago making that call. former fed governor randy crossner, former fed president charley plosser. plus are get this. protests here at jackson hole. ordinary folks out there demonstrating, holding up placards and saying -- and urging the fed to hold on interest

for more on the markets, i want to bring in brian belsky. he joins us from the toronto stock exchange. how do you handle the last five days of the market? brian: you handle it with fundamental analysis. at the end of the day, stocks are rarely linear for long. it seems like, really since 2009, this has and frankly the most dreaded, hated stockmarket rally in the history of rallies. i can't tell you how many clients really, since 2009 and during client meetings, i'm sorry, have been consumed with trying to predict the market. in my special report on monday, what we titled the bottom of an economy, the u.s. edition, there's a hard time understanding the changes going on in the fundamental macro landscape of investing area people are still too focused on china. what we think and what fundamentals are telling us here in the united states, in north america, u.s. companies are going to lead. north america is going to lead in terms of growth area that has not been the trend the last 15 years. people are having a hard time holding onto that. alix: it

brian belski from bemo capital markets, you were expecting a 7% rise. are you still?bers. no change in rating. we're still very comfortable with 2250, $126 of earnings and extremely comfortable where we're overweight with respect to financials, technology and industrials. >> that's 1.5% roughly a month we need to gain to hit your target. what's going to be the driver of that? >> we think it's going to be especially of the two of the three sectors in the story, financials and technology. we think number one investors around the world are underexposed financials. that's where we think the growth is going to come from. analyst estimates are way too low and as estimates, interest rates and yield curve continue to go in the right direction mean higher, that will drive profitability. >> what about oil? how worried are you about oil? >> the problem with oil, brian, is that 12 years of upward trending prices and we are less than a year into the corrective phase where i think people are just -- they're too fixated on what the number is going to be. is it $35? $40? here's how w

brendan: last week, brian belsky was here and he said since the crisis, we have an focusing on emergingrecognize that the engine is north america. is it possible to draw attention to north america and the one economy that is really growing? the engine may be north america, but it is firing him one engine, to coin a name of a book that tom keene edited a long time ago. [laughter] tom: that was a self-inflicted shameless plug. that was a few years ago. stephen: the good book. brendan: [laughs] stephen: i think i wrote a piece in it, too. tom: you did, on labor arbitrage. stephen: how about that? china is making progress on the road to rebalancing. ising said that, vonnie, it facing a lot of short-term, cyclical issues that it is trying to address with monetary policy, fiscal policy, and the currency. this trade-off between the cyclical and the structural is china's biggest challenge. tom: very quickly, steve, one of the great things about your tenure at morgan stanley is you worked with investment bankers come in the trenches trying to make transactions and deals work. are we going to see

for more on yesterday's big selloff, this morning we're joined by brian belski, chief investment strategistokay. so the answer earlier, what do you do on a friday in august after triple digit selloff? my answer was to go away. what's your answer? >> that's exactly right. i mean, i think the problem with investors is this whole notion of aadhd, right? such short term attention spans and lack perspective. i know you all love stats. if you go back since 1990, and you look at negative 2% down days for the u.s. market, that being the s&p 500, 35% of them happen in august, september and october. dude, it's august. this happens. okay? now oh, by the way, it's never a good thing when clients lose money, right? however, what's happening in the markets is pretty normal. it's very healthy. and much needed. and oh, by the way, we still stand behind our 20-year bull market thesis. markets need to pull back sometimes. this is exactly what's needed. very healthy. and nothing changes to our longer-term picture for u.s. stocks. >> okay. so are you saying that this is it? yesterday's selloff is as bad as it'