S p up 17 points higher and the nasdaq up 38 points higher. Give it a little context. Give it a little context. The china situation. What did it do yesterday . It was bad. It was bad. No today. It was bad. Closed already. Closed already. It had gone down as much as 5 in the morning. So they have indicated theyre ready do more if necessary. But people dont necessarily believe that theyre ready to do more because it can only do so much. And if they truly are trying to open up Capital Markets and inflow and be more free market orient, the more that theyve manipulated, the less it looks like theyre going that way. Right. Because then you dont actually trade on fundamentals. Youre always trading is the government going to come in or not. Weve been trading on that too for years now. You mean like for banking shares . I mean we dont have the u. S. Cogovernment coming in and buying stockmarkets. Are you talking about the feds . You dont believe that. I do believe that. You do. I believe every other morning we sit here and we say the fed is not going to its conjuring up animal spirits through qe and low Interest Rates versus printing money to buy stocks and giving it to someone and saying here and try and hold this market up. Its different. Its like when we say that other countries when we accuse them of manipulating the currency and we say we do it too. We do it too. Thats a cynical view. I going to be the noncynical i dont know whats going on. Here are the other big stories were watching today. Lets talk about chinese stocks. They closed lower. China unveiling new measures. The government said through the agency that does this, they announced the local gft will increase purchases of stocks. Meantime they injected cash into money markets and hints at further monetary easing. Take a look. Heres the shanghai composite. Remember its two sessions over there. A drop by 5 at one point before coming off the lows and finishing a little bit lower than 1 . Looking at this chart, trying to make sense of it here. Back in the states its all about the reserves. Theyre gathering for the start of the twoday policy meeting. Speaking of the Central Bank Check out gold prices. Theyre hovering once again near fiveyear lows. Expectations for a hike in rates at some point. Joe. Dupont is hitting right now at 1. 18 actually its flight line with expectations. Thats the number. Revenue revenue. 8. 8 billion. They had people looking for im looking. Lets see if we get an organic number versus a forex number. U. S. And canada sales, 4. 25 billion. Oparts of the world 1. 73 billion. I see still down basically . I see operating number 2 for the year but it doesnt make sense. So its negative impact from currency, 5 . Okay. Here it is. Yeah. Its it says operating earnings, for the year and then it goes on to say 60 cents a share in negative currency impact. I dont know if youed a that necessarily. Right. But heres heres the sentence written. I think its a special for nelson peltz. This was his issue. Even as we address industrywide challenges in agriculture and ongoing currency headwinds which is just what you were referring to. The question of course when you look at dupont is whether you think nelson peltz is finished with this company, is back, and wakes up and is listening to us right now and says its awful. Im going go after them and do it all over again. Does this suggest theyre done with the separation of the performance chemical now complete the next generation dupont i think you might do you think he wakes up and theys that . I think you might think about it more than nelson peltz thinks about nelson peltz. You love activism. Promise you as this was being written last night that somebody in that building somebody in that building was speaking about nelson peltz. Its the wi of the world. And im thinking back on your cynicism about my cynicism about the feds propping up the markets . Manipulating the markets dare i say . There was something called a bernanke put and now its a yellen put. And then you say its myth. The minute they saw the market break. Now youre coming along with me . Its not same as china, but it certainly is if youre sitting in china looking that i think that the understand pinnings of the math here are currently much more solid than over there. That i wontdy ace degree with. They ran up on speculation and excitement and margin buying and the chart supposedly looks pretty similar too. That means theres a long way to go. Kind of exciting. Comparisons to 1929 in the united states. What if we didnt have that year 1929. Nobody would have anything to compare it to. They would compare it to 1904. 1904. But 407 after the flat year right . It was up 40 . But then 1907 happens. So you have to sort of you have to remember yeah you want to be in between 1904 but out. Its a new chapter today. There were no somebody might have missed yesterdays show. We talked about 1904. More china stuff here. It has to do with baidu. Youve googled yourself on baidu. Youve baidud yourself on baidu . Have you . No. Have you baidud me on baidu . No. I baidud myself. It comes up in chinese. Because its a chinese search engine. I havent done it in a while. I used to. Theyre forced to increase spending. A couple of years ago you were baiduing yourself . I did. You were streaming music too. Becky was too. Im going to baidu myself. Baidu your name. It used look at that. Wikipedia in english is the first thing. Look below that. Its in chinese. Do you read that from right to left . I dont know. I believe you do. I think theres different you have an imbd. Of course, you do. I have one. Wow. Glenn close show damages. I loved that show. I still think of her as alex whats her face. I dont know. Baidus Current Quarter the current revenue was out. And bps quarterly profit missed the mark. Taking a pretext charge related to that 2010 spill in the gulf war unto its settlement. Bps also cutting its spending for a second time which were watching china. We probably ought to be watching oil too. The lower that goes the more disconcerting that gets. You never thought youd hope for firmness in oil prices. People are saying whats happening. Honeywell. Buying the utility con sulgs of the meter business. Melrose industries. Its an all cash deal valued at more than 5 billion. You always have to measure stuff. Metering. I think its a lot of it is done now where those guys come in. They dont they just send it like water meter. They have a little wireless thing that they send it back. It bills you, tells you how much youve used. Technological improvements. Im still working on baiduing myself. Did you . I did. Its in another language. I dont know what theyre saying about me. It could be anything. Possibly. You can only hope. It would be better than what theyre saying in english. In see suite news david taylor the widely expected appointment could be announced as early as thursday. Hes been the president of p gs Global Health and grooming bins since 2013. Hes going to take over for a. G. Lafley. Expect expected to remain. Its a cut. Suggesting it could be a very big miss. Its a cut of a preview because theyre talking about increasing weakness. So you might be giving some you know some ammunition to activists. It barely hit they did hit this Current Quarter, but i dont know. Theyve got two quarters left. They even supposed toarily 40 and 56 kreblts. Theyre going to be light in both of those quarters. That would be half of the next quarter and more of a third of the next quarter after that. Do you want me to do that . You want me to do that. You have his number, dont you . Do you see me make an outgoing call . Do you think he gets it specifically to see the dupont number . I think so. Hes spent the last year of his life engaged this battle, sure, sure. Okay. Speaking of battles, lets talk about the battle of the day. Will the market meltdown in china overshadow the bank . Here now is peter hooper former commit of the the Federal Reserve board and covering china we have jeff dennis. Hes the head of global emerging markets. Let me go to you first, sir. China, what do you make of the discussion were having here and what just happened in the past 48 hours . The market got very frothy very rich. Nothing like the earlier sector. It was triggered by a number of things. Too much supply. It just tumbled down. Even now we dont think its particularly cheap. So its probably going to go down some more. It could well go down some more. How much more . Well our kitchen sink throw everything bad it into, is 1,600. What could that be . That would be 30 . That would be the worst case scenario. The other point i wanted to make we dont think it reflects the economy. It was a frothy market that pulled back. Similarly we dont think its going to impact the economy. So its kind of separate from all of that. We had bob iger on yesterday who said the actual economy seems fine. Were not worried about that peace of it. I think as nervous about it. Were at 6. 8 and thats slightly higher. When you think about what the fed is going to do veeisavis whats going on in china, do you think, for example, Commodity Prices are where they are because of a slowdown in china . No question the economy market has been affected by the weakness in asia the trade numbers have come off and oil prices are coming back down are impressive. Were testing the lows we had earlier this year. But that is not going to affect the fed. The fed doesnt care. I dont think that this has any i mean keep in mind oil prices another thing the feds been wired about is this little bit of weakness in retail sales. Our consumers are pulling up tents again. Dropping off the oil is a little bit of gaft. So oil is a double edged sword yes, its lower on inflation but maybe helping the consume ear little bit. The fed needs to see two things. It needs to see evidence that consumers are continuing on track, that weve got 2. 5 growth in the Second Quarter because consumers are coming back more recently and it needs to see some evidence inflags bottoming. And it will tighting in september, in december and in 2016. Im strongly in the september cam snoop camp. Is that a will . Joe says its a will and a should. Yeah. You have a labor market very close to full em ploichlt feds estimate 5. 2. Its 5. 5. Its time. Time for janet to do it. Absolutely. To do it. Its only a quarter point. How much number one, how much can it hurt and if they do have to go back down, how much would bit to take back a quarter. But were not going to get a clear signal today. Shes not going say were raising rates in september because there are still a lot of negatives to come. What if oil went to oil and the chinese stockmarket was down 40 . Chinese stockmarket down 40 is still up 60 from last year. Thats not an issue. I think its an issue if it spills over big time into equity markets globally and in particular the u. S. Throw in a greek deal. No. I think what Commodity Prices are doing is theyre making people wonder how weak the Global Economy is. I dont think its solely china. The markets have come down and why the emerging markets have come down theyre saying how slow is the commodity and still the feds can raise rates. So its kind of like a double whammy i think people need reassurance about it even though wed like it to be 40 for our pockets because people are concerned with whats happening. Peter so right. The trade numbers have been so terrible. Why would you raise rates if youre the fed . Thats peters call not mine. We have the same call albuquerquety way. The feds job is to deal with the u. S. Economy and in particular the u. S. Labor market and inflation risks down the road. We geeshtd to go. Heres the one question for you up. Doesnt janet yellen somehow have to telegraph to the market this is coming before she does it . Absolutely not. Its datadriven fed. Its meeting to meeting. Theyve made this clear. You dont think she needs to look at the forecast and say you know what . 20 sthi fed funds too. You dont think that she looks at that and says ive got to somehow let these guys know. Thats what liesman said. These guys will know when the july employment report comes out, the august report. Therell be a shift. Youll have plenty of time to react to those numbers. Both fed speak and Market Reaction moves those. Gentlemen, thank you. A story of a Chinese Investor who lost all his savings. He was about to commit suicide. Instead, he traveled to the government. First heres a look back at this date in history. When you get up to 50 off thousands of hotels with travelocity it means you can also afford to get up to 50 romanticer romantic sunsets. Making it the place to find a place for summer escapes. Go and smell the roses. Welcome back to squawk box. We talking about the Chinese Government. Were joined with a vernal personal story of one Chinese Investor. Eunice. Thanks so much joe. Well, today the buzz and social media was mainly about how investors were losing faith in the governments ability to handle the situation. Many of them are waiting for the government to move in to buy shares so that they can get out and also several people including one who i spoke to said that theyre all losing hope. Far from wall street and the Financial Capital of shanghai this farmer saw his dream of getting rich disappear in the stockmarket. He began investing in 2008 from a remote town in southwest china. He lost everything. File so hopeless rngs, he says. Traditionally average chinese shun the stock marjt as an unreliable investment. That changed in 2013 when they start grand plan to open the economy. Yang put his savings of 164,000 in the bold market and invested his relatives money too. He bet it all on one stock, a local mining company. When the market climbed to 4,000 points, i realized the risks were pretty high however, government policy affected my judgment. What doomed him was market trading. His broker convinced him to try it. He borrowed 1 million, more than five times his portfolio. In an ironic twist he now owes roughly the same amount he originally invested. Yang isnt along. Across the country virtually hundreds of thousands have been caught off guard. Many suffered catastrophic losses. He bought a train ticket. He traveled to the offices of the leadership and stocks regulator but was turned away. I dont know what to do. I trusted the government too much, he says. I wont touch stocks again. Returning home emptyhanded the full weight of the family crisis sinks in. I have ruined everyone in my family. And based on the sentiment of people like yang as well as other investors who have called our office with their stories, i think that were going continue to see a lot of this selling pressure despite the governments efforts to try to support the market. Incredibly illuminateing story. So many heartbreaking stories. Buying on margin. Rolling it all into one stock, everything, and them listening to him say i trusted the government too much. I mean over and over again weve seen those. Its just so sad to watch and yet incredibly predictable while the government is trying to prom up the market when the government is falling and then like, wow, theyve created this monster. Absolutely. What was interesting going out there is the mindset of a lot of farmers is that they just always believe that the government is going to be there, the idea like the iron rice bowl like theyre always going to be there. I think for him and for your others that have been calling this Office Actually every day, people like that really dont understand the concept of markets, that they didnt grow up with markets and risk and so they dont know how to properly i assess risk. So he took out for example, he took out a Million Dollars on margin and when he discussed his portfolio, he would talk about his portfolio as if he had 1. 6 million and the full amount of money was his own. So it really shows how the lack of awareness on the part of a lot of these smalltime investors and that the government just made too many big moves without the mindset of these people. Unbelievable. Or actually maybe quite believable. Eunice thank you so much. Coming up the rise of the machines. A lot of people in recent months have talked about a. I. And how theyre a little bit worried. Now elon musk and Physicist Stephen Hawking are calling for a ban on killer robots. But first as we head to breaks, a look at yesterdays s p 500s winners and losers. My mission is to protect you. Hasta la vista, baby. Can a business have a mind . A subconscious. A knack for predicting the future. Reflexes faster than the speed of thought. Can a business have a spirit . Can a business have a soul . Can a business be. Alive . Were playing mr. Roboto because a large group of scientists have come out. Theres a big Artificial Intelligence conference goinging on in argentina where they have warned the world that killer robots should be outlawed and stopped. Theyre worried. Artificial intelligence experts. Remember elon musk being so worried . Theyre talking about autonomous robots trained to kill. What are they actually talking about there . Are they talking about because were not obviously yet creating robots designed to kill people. Drones. Drones very something. They may not know what theyre doing. I just saw that mean we were talking about. X makena. You know what happened. Theyre like sex pots i know but they do other things. Stephen hawking, elon mosque urging the ban of killer robots. Its latin for act of god. Youve heard it before. Ex x machina. Im worried about when im downloaded. Im worried. I think i can hold my own. Youre not worried about this . No. Theres already a movement to ban drones drones period. I have much greater worries like nuclear proliferation. That brings up a good point. Theres been this whole movement. Nuclear arms. Do you think this is ever going to work . Were still 50 years off on this, dont you think . What are you talking about . Drones are already killing people. The driverless car doesnt even work yet. You cant have a machine running on a. I. People with flesh and proto palace. Plasm. I dont need it anymore. When siri actually got my emails correct when im actually talking to it then ill know the technology is there. When theyre taking each thing out and they tear getting dumber and dumber. Its easy to watch. At some point it becomes one. We need safeguards. Bring up terminator. Talking about behind the times. Laguardia is an example of how advanced we are as a country, as a nation. Heres what theyre described as a third world airport. Four billion later according to the governor. From four it will turn into eight. You have to double it. It looks quite beautiful. Theyre going to actually finally merge all o