dick's sporting goods and macy's dropped. the dow and s&p closed lower.ech heavy nasdaq avoid add drop thanks to gains by netflix and alphabet. >>> it is official, today u.p.s. voted to ratify new contracts with the labor union avoiding a strike that would have been the biggest in 60 years. the deal will give workers a pay raise and creates new full-time jobs to help with staffing. it brings work place improvements including air conditioning for delivery vehicles. martin luther king day will be a holiday for the first time. >>> one of these things is not like the other. an unusual looking animal is turning a lot of heads. we're going to show you next. >>> she's spotless, and that's why a baby giraffe is getting the spotlight tonight this is the giraffe. she's at a zoo in limestone, tennessee. giraffes usually have tan skin with brown spots but this baby is solid brown. zoo keepers believe she's the only spotless giraffe in the world. they say it's a good thing she was born into captivity because they use spots to camouflage in the wild which would have be

s&p 500. so is retail. macy's is under huge pressure right now. sales dropping, and what are they doing in the face of that? they are resorting to discounting. investors never like to see that. they did not like what big sporting goods had to show in the latest quarter. profit plunging. they have a huge problem with that. it is one of the reasons they have had to cut forecasts. on the flipside we have shares of hasbro is one of the best-performing stocks right now. bank of america bounding the table on this one. nvidia touching a fresh all-time high. it is retreating right now. an interesting set up into what should be a big set of earnings releases tomorrow. matt: we are definitely waiting for nvidia earnings tomorrow. but we are seeing a lot of option trading already. abigail doolittle has more on that. abigail: we are seeing a lot of options trading because we have had volatility for big tech up until today on the upside. a lot of times it clears the decks for the bulls to come back in. great insights from steve -- he says he doesn't think it i

the s&p down rate of banks yesterday in macy's earnings did not help matters. this morning you are seeing u.s. futures pointing to a higher opening. traders are waiting nvidia's results later after the u.s. fell. at this point, the earnings are basically a macro indicator on ai. shares hit an all-time high yesterday and turned lower and that slide is a reminder that there is plenty of room for disappointment today. let's get over to bloomberg's asian markets executive editor paul dobson was in singapore. he is going to tell us how all of this is faring in asia session. you have chinese stocks having a late run yesterday but back down today. what is going on there? paul: yeah, good morning, lizzie. at least on the mainland equity gauges they are weaker and china today. yesterday we had a couple of hours later than where we are now. your breakfast time and our mid afternoon. we had a pretty big rally in chinese equities, almost from nowhere. it really sort of set the chins wagon, was his a tacit support -- was is a tacit support for the market? we were not able t

story, one who's on our team to national the genesis all the s and the wireless and money for is decades old. is it possible for dominant macy community and the minority cookie community 5 each although with land, social, economic and religious rights, and this, this is on the why that is in a money for a which is 2023 has been put. ringback the why, the song, despite the fact that the talk portion, india, the shop investigative agencies in india on wanting to they can get very, very closely. yet the situation is not a fully on the control wasn't. there are several, the secret key that have been put on the grounds to stop we in. so for us to age 16, do not need then it still be a staff which is the border security floors. that's the sam rifle. and then the c r b s. and just slides that the national security put in and by the government young men have taken off off, we're talking about young college students who's taken out of why is that? because the lead on fox, the government can do their job, which is.

the genesis old s and the wireless and money for is decades old. is the bottle full dominant macy community. and the minority cookie community 5 each. although with land social, economic, and religious rights, and this, this is on the why lives in money for a which is 2023 has been particularly why the song, despite the fact that the talk portion, india, the shop investigative agencies in india on wanting to they can get very, very closely, yet the situation is not a fully on the control as well. so there are several lives of security that have been put on the grounds to start with the 1st $816.00 do not need, then it still be a staff which is the border security for. 2 then it's the sam rifle and then the c r b s, and just slides that the national security put in and by the government. young men have taken off on, we're talking about young college students who's taken off of why is that? because the lead on from the government can do their job, which is to put them. and i didn't point out to the money who is home to one of old, the swan and consistency in south ease. yes. and the

macy's. we have the best performance in august up 1% for the stocks in the s&p.morning. >> s&p price target of 4,900. do you hold on to the price target with rates hitting multi-year highs? >> we do at this point, frank. we can't help but think higher rates right now is the normalization of rates. the fed will probably overshoot in the cycle somewhat. it will likely continue to show sensitivity to the effects of the actions very much part of the ben bernancke legacy which is part of the jay powell style. we continue pto be positive on equities. >> i want to be clear. you are maintaining the 4,900 price target? >> positive on equities. looking for the s&p 500 to weather what has been a corrective process that began over last three weeks. now it is going back to a positive flow. >> with all that bullishness, john, what is the "wex word of the day" today? >> the word of the day is resilience. look for resilience in the consumer and in the jobs market and continuation of an overall feeling of resilience in the u.s. economy. >> all right. with the idea of resilience m

s&p 500 set to post of. zoom reports today and lowe's and macy's tomorrow. nvidia will report on wednesday. we get numbers from kohl's and peloton. two more retail names close out the week on thursday with gap and nordstrom. that's not all. we are looking out for a slew of economic data. the richmond fed releases the mr manufacturing index. we have new home figures and flash pmi across europe and the u.s. all of this before the fed's jackson hole symposium. you can follow the coverage from wyoming on cnbc on thursday. >> so much for quiet august. >> seriously. >> a lot with china and european macro numbers and earnings season and jackson hole. that is the main event. >> nvidia. i'm looking forward to that number in terms of market action. >> they were huge in q1. they never have seen a similar guidance. >> that is it for the show. i'm julianna tatelbaum. >> i'm joumanna bercetche. "worldwide exchange" is coming up next. are you still struggling with your bra? it's time for you to try knix. makers of the world's comfiest wireless bras. for revolutionary support without underwires, and sizes

at futures kind of isolated kickoff for monday dow up, nasdaq up 96 s&p up as well retail companies, we are going to get lowe's macy'sdstrom all coming out with earnings, and big one mike and i talking about nvidia going to come out wednesday, let's bring in pacer etf distributors president let's talk nvidia a.i. trade the trade of the-year high hopes for nvidia if they don't delivery what that is going to do to a.i. space in your opinion? >> good morning, cheryl thanks for having me good to see you. i think a.i. thing got a little bit over its skiis the chips are the best in the world. and they've got pricing power but i think the stock is expensive no matter how you look at it whether it is price to sales other price to earnings, so if they stumble a little bit i think going to take day the i understand with out of the some mega caping big tech stoke names. michael: it seems this year the top 10 stocks in s&p 500, up like 60%, s&p 500 without top 10 up 5, so, it just seems that there couldn't be more riding on this earnings number because narrative we've been told why stocks doing so well, because of artificial int

have green across-the-board, dow up 121, nasdaq 88 and change, s&p of 20, retail companies a to take center stage, working hear from lowes, macy'se to be coming out with the quarterly reports were good to get the big one, nvidia is going to come out on wednesday, global investment thomas martin, let's first talk about earnings, so far were getting close to wrapping up obviously this quarter and not quite the numbers that we hope for but most companies beating expectations never get hear from the retail companies, do you have any expectations for what we will see. >> thank you for having me on, so far retail earnings have common more or less better-than-expected, the bellwether, walmart did very well and that was good, most of the stocks have reacted positively, the off prices have done well, the consumer seems to be doing fine expectations were pretty low comedian, we expect many of these companies can beat and raise expectations to some degree. we are looking for good reports. mike lee, jumping, as were wrapping up the season, you been looking at all of these cav cavities. earnings season look slightly better than expectation,

macy's and dick's helped drag down the dow. bank shares also took a hit after another round of downgrades from s&p global ratings.re will be reports from abercrombie & fitch and bath and body works. >>> still ahead, india is poised to make history as it tries to land a spacecraft on the moon. a live report from new delhi is next. ♪ i'm currently out of the office... focusing on a little blue-sky thinking. i'll be taking meetings... with family and friends. and checking voicecemail... as my activities permit. i'll connect w with you... after rereconnecting with me. ♪ get 1.9% apr for 36 months plus $1,500 purchase allowance on a 2024 xt5 and xt6 when you finance through cadillac financial. ♪ the right age for neutrogena® retinol? that's whenever you want it to be. it has derm-proven retinol that targets vital cell turnover, evens skin tone, and smooths fine lines. with visible results in just one week. neutrogena® retinol we always had questions. who do we belong to? who are our ancestors? i know we have them. when i found that immigration record on ancestry®, it just changed everything. i feel like a time travele

, target, macy's, home depot, and many more let let's kick it off with the charts carter, what are you expecting here for disney? >> first let's look at the disparity or divergent between the s&p 500 consumer discretionary sector and -- sector you'll see on the first chart these two lines. one is the actual sector as producted by standard and poor's, up 30% year to date. and of course that's dominated by amazon, tesla, home depot and mcdonald's the consumer line, that's the same sector, but every stock is given equal weight, so foot locker gets same as amazon that's a much different story. this is as big as important as it gets. not so much in terms of market cap, but it's dow stock, one of the great brands of all time, and it's on the ropes. look at the next chart. same lines right at a level where it respectively bounces. third and final chart for disney, is this a bottom from which it responds well to earnings an up arrow. or is it as depicted in the first chart, a stock that's about to break i'm in the break camp. i think there's risk here so for me i'm a seller. >> mike, are you also in the breakdown camp >> we actually own disney in our event driven long only book, so

macy's is a $3 billion market cap. i'm talking about in terms of influencing on the indexes like the s&p 500.bal, this downgrade, keycorp and comerica, large outflows, don't we know that, depressing to see that. this head and shoulders for these companies here. comerica from 45 to 55 to $46 here. that's a head and shoulder's there, unfortunate for that group. we're slowly getting to the end of august. it seems very long. it's been a tough month overall. we're down, what, 10 of 11 sectors, to the downside, 6 of 11 are negative so far in 2023. i want to give you a sense of a small group of companies moving here. 55% of the s&p is positive year to date. 45% is negative. 73% are under performing the overall s&p 500. this is why the equal weight s&p 500, the r spshgs sp is only up 5% versus the s&p 500 here. communication services because of meta and alphabet and netflix you know what's going on with technology, consumer discretionary is doing well on top of that. finally david was talking about the arm ipo, this could be a $6 billion -- i base that on 10% float, $60 billion estimated value that's

reports from nvidia and gap and macy's and the comments from inflation and rates from jay powell in jackson hole this friday. this as the indices come off a losing week with the s&p 500 down 5% as we see a spike in treasury yields. let's talk more about the markets with linda dissoll. >> good morning. >> china did not cut that key benchmark five-year loan rate. we see an impact on the international markets right now. do you see that impacting the u.s. markets later today? >> i think we have to remember we are still in august. august is the weakest month of the year. it is a low volume month historically. any little piece of information could pull down the market. as you mentioned, nvidia is the big tech name, the biggest magnificent seven which nimight disappoint this week. china is the second largest economy in the world. they have the weherewithal to gt the stimulus they need to get things going. we are not worried about that as an outsized risk, but it is still there as you mentioned. it is very important if they should fall into economic recession. u.s. is strong. we can't be the only country in the world that is strong. >> you mentioned earnings. if you lo

s&p global followed moody's. a risk area we've been highlighting many times throughout the year. now, in the retail space, macy'shares plunged 4% as the retailer warned they'll be cautious the rest of the year. year-on-year revenue fell and left its trimmed annual forecast unchanged. joumanna, i think for me yesterday, the news we got out of the u.s. retailers was most notable. you heard there what we heard from macy's, essentially warning that the consumer is looking weak. they're expecting a weak holiday season and perhaps most interestingly, they're seeing a faster than expected rise in credit card payment delays. so clearly they are seeing some impact from the higher interest rate environment. >> the other phenomenon i thought was quite interesting coming out of the u.s. retail season was the lost inventory, what they call shrink. shrink is essentially theft. so when you have inventory, you leave your retail without it being paid for, i. echlt, theft. it's a pinch some consumers are feeling and it became a big t topic on many of the earnings calls. levels of theft have been elevated. dick's sporting goods tr

macy's, home depot, lowe's and many more it has been a mixed bag for retail this year carter, what are you expecting for disney >> yeah, first let's look at the disparity or divergent between the actual s 500 consumer discretionary sector and the equal weight sectors, you'll see on the first chart of the screen these two lines, one is the actual sector as constructed by -- up some 34% year to date and that's dominated by amazon and tesla. those four almost 50% weight the real message of consumer is the other line, that's the same sector, but every stock is given an equal weight. so foot locker, if you look at the same as amazon much different story but disney, i mean, this is as big as important as it gets, not so much in terms of market cap but it's a dow stock, one of the great brands of all time, and it's on the ropes, right, it's sitting right at a breakdown juncture, or look at the next chart, same lines, right at a level where it prospectively bounces. the third and final chart for disney, is this a bottom from which it responds well to earnings an up arrow. or is it as depicted in the first chart, same chart again, a stock that's about to break? i'm in the breakdown camp. i thin

s&p up 20 and a half. investors are waiting for another round of earnings today following yesterday's mixed results we heard from macy'shat was not a good one. dick's sporting goods falling 24% that was the worst daily performance ever after they came up short on expectation and they pulled back the full-year earnings guidance, it was a rough month. kohl's comes at 7:00 a.m. eastern time and nvidia "after the bell" talk about a big stock to watch, let's bring in wealth management senior vice president had a public markets group lisa erickson. let's move onto nvidia, i know working to get kohl's at seven but nvidia is really going to be a true market mover because of the weight with the s&p, what are you expecting. >> overall we are monitoring the remaining earnings report, if you go back and look at what's happened to date, second-quarter overall has been a nice reprieve from some of the concerns of where we might head because in general most companies have b expectations both in terms of number as well as the actual amount of expectations. so as we look forward, the big question to your point can the momentum continue

s&p down 6.5. the nasdaq was strong. not so much right now, a quarter of a percent. i guess we'll take it. steph, retail tough -- macy's

s&p also higher at this hour. one area of concern this morning, that remains retail. with the xrttef coming off its worst day following historic losses at dick's sporting goods and macy's. >>> we're also checking the bond market. right now at 4.2, we've seen the 2-year note. wti right now back below 80 bucks a barrel. brent crude, similar story at 83.60. now let's get a check on this morning's top stories. silvana henao. good morning. >> good morning. ftc is expected to announce a probe of qualcomm. . according to "politico," it's expected to be unveiled as soon as today and follow a similar investigation by european regulators. a autotalks technology also known as vehicle-to-everything communication. u.p.s. workers ratifying a massive new five-year labor deal that include big wage increases and improvements to work schedules. according to the international brotherhood of teamsters, the contract passed with more than an 86%. that's the highest in the company's history. this preliminary deal reached last month to help avoid what could have been a crippling strike to u.p.s. and the entire u.s. economy. >>> goldman sachs is cracking down on so-called summer fridays. accor

macy's and that's coming up in earnings exchange. >> as we go, let's get a check on the markets under pressure by 131 points and the s&p is higher byht. the nasdaq is up almost 1% today and the russell is down half a percent. 434 on your ten-year. that's the number of the day. we're back after this. ♪ ♪ >>> this is "the exchange" on cnbc. ♪ ♪ wake up, gotta go! c'mon, c'mon. -gracie, c'mon. let's go! guys, c'mon! mom, c'mon! mia! [ engine revving ] ♪ ♪ my favorite color is... because, it's like a family thing! [ engine revving ] ♪ ♪ made it! mom! leave running behind, behind. the new turbocharged volkswagen atlas. does life beautifully. bridgett is here. she has no clue that i'm here. she has no clue who's in the helmet. are you ready? -i'm ready! alright. xfinity rewards creates experiences big and small, and once-in-a-lifetime. ♪ ♪ >>> welcome back to "the exchange." china's central bank just cut its one-year benchmark lending rate for the second time in three months. the reduction was more modest than expected, though, showing china's reluctance to take forceful measures for the economic slowdown and chinese stocks with the hang

s&p down 6.5. the nasdaq was strong. not so much right now, a quarter of a percent. i guess we'll take it. steph, retail tough -- macy's, dick's sporting goods, ugly. we'll get to it later. banks slammed. we're going to do that later, so let's not do it now. >> okay. >> the ten year -- we can do a little bit of that now, because my big question is the slog in august we've been dealing with, the precursor as we say at the outset, for what's to come. >> seasonally this is not a great time for the markets, august and into september, right? year-to-date gains we've had huge gains. 30% in the nasdaq, 50% in the s&p 500. a bear steepener in the bond market. rates are rising especially on the long end, which i think is surprising a lot of people. we just overall have uncertainty about the fed, certainly with regards to jackson hole on friday. and then, like, september there's no earnings. we're hostage to the macro. so i would not be surprised to see kind of volatility, maybe we see a little bit of a pullback. that's normal. that's fine. i have to point back to the economy, and the economy is hanging in pretty darned well, ri

macys, lowe's, kolz dollar trade all reporting second quarter next week nvidia on weathered, pete. nvidia is probably the one that has the least room for error stock on fire year-to-date, led -- led the s, led nasdaq dow industrials all higher year-to-date, nasdaq up what 28% or something like that year-to-date? largely led by nvidia and a.i. companies what are you expecting on earnings. >> i will say this if nvidia not perfect they are going to be in trouble last time i was on with you talking apple, amazon apple had to have a perfect quarter they did not they missed on phone looked at amazon amazon pretty much did have a perfect, delivery in terms of earnings themselves that is why that stock actually did get a big boost to upside, so nvidia has no room nor error when you look at p/e the fundamentals the company right now, they are very, very stretched what i mean by that, that p/e has gone from low 30s up intop 70s, 80s, this is a very expensive stock that has no room at all to miss. maria: wow. . so stock is trading at 70 times earnings expectations forward earnings pete? other backward. >> p/e is extremely stretched, in the forward side, so, yeah, there is a lot going on here righ

macy couple patches of fog along the coastline early on tomorrow morning. but then we're off and running again with some nice warm weather will be a little cooler to san francisco. stay in the 70'sthat's not bad. a plan on 60's along the coastline was a mild numbers out toward the beaches about 81 degrees in burlingame, then warming up as you head down the peninsula. those temperatures moving up to about 84 mount view about 90 and getting hot in santa clara east bay. temperatures again, going to be on the hot side plan on some amid 90's or so in the hot interior valleys by tomorrow afternoon. 94 in 94 in moraga, 96 in walnut creek. you get the idea is temperatures going to be pretty toasty again for at least one more day and then the numbers going to begin to change quite trask. i think we're a stronger onshore push. that means more fog likely to make a return to bay area on friday. and that's going to drop. the temperatures may be about 10 degrees across some of the hot spots inland. keep those numbers down, ready the average right through the weekend and then warming up again. the middle of next week. >> these >> hollowed out cities. this is a symptom of america's decline that

macy's and foot locker or not we'll talk to ceo melinda whittington ahead. but first the markets. dom chu has the numbers and maybe a 1% rally >> maybe and if it does happen for the s&p, kelly, it would be the first time that we've seen an s&p 500 1% gain ogoing all the way back to june 30th. this is a rare occurrence at least in the summer trading months the s&p 500 sits at 4429 up about 42 points, or almost one full percent right now just to give you an idea, generally positive day even at the lows of the session we wereup nine points on the s&p, up roughly 46 at the highs of the session so again, just right below those session highs right now. but all eyes on the nasdaq composite index, currently up about 1 1/2% to 13,700 up 194 points. and a bulk of this year's 38% gain in the larger cap nasdaq 100 has been one stock and one stock alone. that's nvidia. artificial intelligence, data centers, the boom around that super computing and microchip company nvidia up about almost another 2% ahead of earnings later on this afternoon. and just to give you an idea of how high the stakds are right now, because it is such a bulk of the year to date gains so far in the s&p an

may be similar to macy's than nordstrom but i do find that concerning, i also think with nordstrom, the nordstrom rack sales did get better, but they're still lower, and that's obviously syes, they're off price, and i know that sounds silly but i don't know if the online component of rack makes a big difference from a fundamental standpoint. you can shop nordstrom rack.com fairly extensive product, you cannot do that with tjx and ross stores, they have a small online presence. the customers really like to go into the stores and we know that generally it is more efficient from a cost perspective for a retailer to sell you something from a store than from a website. and about a third -- a little more than a third of nordstrom's total sales do come online. i don't know how that plays into the rack exactly, a curious point. >> we're going to mention, we have the s&p up half a percent, and nvidia is down 1.4%, continuing that downside interday reversal, yesterday stock peaked around 502 and change yesterday, closed just about, you know, around 470 and now it's down 1.5% from this. not at a major move. not cutting into too much of that gain but it shows you, you may be exhaus