Wednesday on wednesday, the employment report for july will come out with International Trade. On thursday, well get jobless claims. And that all leads to fridays big jobs report. See what theyre suggesting about the open at this hour. The dow flat course the board. Disney, dreamworks, time warner, fox, all on the calendar. Stiefel is raising its price target. And seeing the stock getting to 130 a share. Also has a value rating on those shares. Disney up 40 over the past year. Harder and harder to come up with something new, isnt it . And Mission Impossible big opening. 56 million. I saw it i saw it on wall street. I liked it. Tim, tim hanging on the side of the airplane which is pretty cool. I think with the people involved with insuring tom cruise, its like at times. With tim on the motorcycle which is going 130. Mission impossible did you used to watch it . The original tv show. It was pretty cool what they had had to do. Alec baldwin was a bad guy to start, ahead of the cia, and then he turns into he had this little imf a different imf. With christine lagarde. Can you imagine with domenic strasbourg. You get a franchise going, and like with jurassic world, its hard to come up with thing. You need the creative genius. The richal star wars, remember the bar scene . Wow. You need somebody behind those scenes. See i was in college, and was not i remember seeing that from the video game but i wasnt you didnt see it . I wasnt big on that. Anyway, as long as the new installments of these franchises are still good which sometimes, theyre not. Sometimes theyre not but lately, theyve been pretty good. We do need to talk about chinese factory statistics. But i just want to say you know that we do . We do. They tell me we do. You know that walking dead, this is interesting, too. You do a prequel and you read the walking dead that happened when the play just started. A big piece in the New York Times because thats starting i think on the 23rd or so. The prequel . The prequel, yeah. Which is set in a gritty l. A. Where life is getting a little more chaotic. Where youre just starting to see people turn into are you a walking fan . Not really. 29 million were. Theres a lot of people in this country who dont. Its a phenomenon. More people watch there are more people watching the show talking about that show than watching and joe appeared on that show talking about that show. Id like to be on it again. Hint. You would never do that. People at home are going when are we going to hear about china . The latest reading on china factory activity they have their own pmi over there. For a fifth straight month, its now at its lowest reading since november of 2011. There are things happening in china. Obviously, i saw earlier today, theres the Chinese Markets. Its not good for shanghai down another 40. Thats a calm day. That is a calm day. Down 1 2 . You keep using 1 and sooner or later 1 an hour. Oil, at 46. You look at commodities, you look at whats. Happening, its got to have something to do with china. Got to have something to do with china. 46. Where is that at 46 youre guaranteeding 70 bit end of the year. Whos saying that . Everybody. The vast majority. So many people other oil analysts are talking about, oh, yeah, by the end of the year it will probably be back to 70. On another note did you see what is. Happening in venezuela over the weekend. Because they need money so badly, the government it is horrific, the video thats being leaked out of there. People, i mean riots for food. Oh, its just so sad to watch. At least its not a flush place. People pawning some of their rolex rolexes. They have 12 or 13. All up and down their arm. More rolexes than wives. The Greek Stock Market is now open for business after a fiveweek closure, greek stocks began trading again. The index quickly fell 23 led by a sharp decline in banking stocks alpha bank the National Bank of greece all taking a 30 hit. You can actively trade. Its easier if youre a foreigner. If youre a local, you cant move money across the border so youre limited in your ability. It could have been even worse. There could have been more liquidity allowed. Meantime president obama expected to unveil new rules for carbon emissions. The white houses clear power plan will increase the required cuts from emissions in the power sector establishing the First Ever National standards to lilt Carbon Pollution from power plants. The plan is looking to reduce emissions from 32 to 2005 levels by 2030. It will set up a battle with the coal industry. The National Monument association saying it will seek to belong the plan in federal court. All right were just moving on . Because when i read that story over the weekend, the first thing that came in my head was joe. I know. Literally. I saw something this morning, and its a scattered ram of the cost of unit of power around the world. Up here youve got, it goes like this denmark, germany, because its so expensive. And because of the focus on it. And were down here. And it says the president will probably now finally get his wish and get us up here. Selling one of our most competitive positions in the world. Carbon emissions is an oxymoron. Everything that we know is carbonbased. They dont say co2 which is one of the most ubiquitous elements or compounds on the planet. Its essential to plant life and photo synthesis. Were talking. 04 emissions. So i guess they didnt dictate this is a pollutant. Its a new definition for pollutant, right . If youre going to call Carbon Dioxide there there are a number of states lining. You. And it will be a different president some day. 32 is going to be very very expensive. Its going to cost a lot of jobs. And the benefits are that if you believe were going to have a 3. 6 increase based on co2 level where is we are, we havent seen really any evidence that thats going to happen. But if you believe it all of these guys if we ever you know, come back on some of the dogma and pull back on it theyre all going to be able to say, hey i was just listening to scientists. If youre obama and you listen to scientists, this is something that youd do. I guess. Its so much for our purposes investing in coal stock at this point, right . Already beaten down pretty well. Isnt that going to be its a coal company that the bankruptcy yeah this government has picked winners and losers and they have decided that coal is the loser. You know the reason they call it it carbon in co2, co2 is an odorless colorless gas. Carbon sounds like a ship doesnt it you have visions of this. They show this they show city factories. Thats mainstream media. I dont want to get into any of this. Listen, i dont argue with it not anymore. No i do not argue. I dont argue with it. If you wont search a Climate Policy if you dont want to be part of it are you talking about the guy im talking about tom cruise even hes leaving the church. You pointed to records. You totally baited me on this. I didnt want to talk about this. You totally baited me. I didnt im trying to move on. I know i swear, though i did read the story. I saw the headline. The first thing that popped in my mind was you. Let me know when you see the slightest crack in Miami Real Estate or new york real estate. Anything on the coast . Anything that actually shows market pressure on any of those prices that indicates that there is a coming tidal waves that going bury that. Let me know. The futures are still flat the s p would be open by 2, the dow owns will open by 2. Nasdaq, 2. The german dax and others. Well show you what happened in asia overnight. Japan was flat. Hang seng down nearly 1 . Shanghai down 1 . Tenyear yield, 2. 198. Still wait for the rising Interest Rates. The euro costs 1. 09. As for the price of gold this morning, it is lower again, by oh look to the right of that chart. Golds gotten smoked. Hammered. Hammered. Oh yeah commodities just getting pummeled. Joe. As we mentioned a big week of data and earnings on top as wall street gets set to kick off a new month of trading. Should investors get ready for a quiet august or a volatile one. Head of Investment Strategies at pro strategies. Do et cetera 00 of you have one determining is it st. The fed . Is it continued earnings . Is it china . What is it . Certainly from an Interest Rate perspective it will be the fed and the jobs report on friday. Thats interesting but what about for the stock market . I would strongly disagree with that just because waiting for the fed and the bond market is a risky thing to do. Weve had a routing of the bond market in q2 and Interest Rates actually receded a bit. Typically, when the fed raises rates sometimes the back end comes down. I dont know if that will happen this time. What do you mean we had a rout in the bond market . We had Interest Rate goes up 75 basis points on the tenyear. As expectations for the feds raising of Interest Rates, fed futures came down. Where did we see 75 basis points . On tenyear in q2. We had rates go up. A tantrum . No the exemption is normal interesting 2 2. 20. We were at 2. 45 or so at the highest levels of q2. My observation is simply that if you wait for the fed to raise rates you can lose money in a bond market. If thats a rout rout in a latest sort of rangebond moves not a well i mean were stitt waiting for that just says youre kidding were till at 2. 19. I dont think of that as backing up quickly. We were supposed to be at 3 three years. If you wait for the fed, if you wait for the fed, you could lose 5 or 10 in your bond portfolio if were willing to call that a rout these days. Whats affecting the stock market . The biggest risk in the stock market is at a sector basis. The sector is at a risk obviously, energy and sectors like utilities. The rest of the stock market is probably going to do okay. Unless you think that the fed is not going to raise rates anytime soon and that utilities, as rates stay low are going to be a winner. Right . I mean utilities if rate stay lower utilities and other sectors like that are going to go up. I think it goes back to the same logic. You know the natural rate of the tenyear bond is somewhere around 4 . 2 inflation, plus 2 real return. And consensus expectations for next year are for 2 inflation. So simply that sort of normalization puts pressure on things like rates and utilities. Again, even without the fed starting to move. All right. Then were stuck micro analyzing . For the next two months it will be the jobs report. This is just get it out of the way so we stop talking about. I dont think the bar is all that high for her to raise it. Is sounds like september is still out in play despite the softer than expected eci we got on friday. I dont think thats necessarily a prerequisite for them to begin to hike rates. It would certainly support the idea if we got a stronger report on friday. Of course, we didnt. Right now, its a game of data dependentent. Dependent. What are you guys at halftime saying about september . I think theyre going to push for no no thats not what theyre saying. I dont want them to say it. Look at Jeffrey Dunlap hes very well respected in the market. He says theyre not going to raise, nor does he think they should. I know. He uses the same laws analogy, and he said they should be cutting rates. There are other people saying at 5. 3 . Weve got all the indications were still in crisis mode qe crisis mode the economy is way behind. I dont know who is right on that. Do you go on that . I dont know. Stans made a lot of money, too. Hes given away more than dunlaps made right . Yeah. Dont you think . Are we ready to go . Is that you . Im sorry, thats rob cantino, hes never here at this time. August not good. Down 2. 5 . Same drill this time around . I dont think were going to have huge amounts of flows. So i dont think theres going to be a lot of news flow. It could be china flow right . That seems to be one of the biggest drivers right now. But i think in the short term and weve had slightly bearish flows in tellers of folks taking bets against the markets. And actually a little bullish in commodities. I think in the short term no reason to take a bid on emerging markets right now. One, credit spreads boast investment rate and high yields much higher than last year. A little bit of an opportunity. And european stocks. Folks who say theres a 20 or 30 valuation account. The price to book is 40 to 50 off the u. S. Level of so may be a little time to step in. Just for the number on friday youre an economist . Yes. Like 2. 05 on payrolls. And another decline, 5. 2 . I think thats consistent with the idea of some further progress in the labor market that the fed is looking to keep september in play. All right. So we go over 200 again. But weve had a strange over 200. Were also talking about it, weve got to go. All right. Kevin, thank you. Thank you. Okay china freezing a trading of the hedge fund giant citadel. Younis eun has more of this developing story. Eunice. Citadel has confirmed that you its trading by the regulators into what it calls suspected trading irregularities. Citadel account is one of more than 30 that have been restraighted. And citadel is though the only foreign financial situation thats been caught up in this probe. So far citadel, as well as the regulator have refrained from saying what the actual issue issue is that caused a suspension. The backdrop of course is that the government here has been pushing ahead with a very Aggressive Campaign to rye to root out what it calls illegal shortsellers or those who have been betting against the market. This is of course since the market has been following since midjune. I spoke to a citadel pr person who was quick to point out that the trading account is one of many that they have here. He said that the others are operating just normally. He also said this san account at the Brokerage Firm and not at the hedge fund and it is not client money. He also was quick to point out that the company is working very closely with the regulators and that theyre very optimistic that its going to end up in their favor. So at this stage, though we dont know how this is all going to play out. But a lot of Foreign Investors that ive been talking to say its going to have to be worked not a very delicate manner. And the reason for that there have been so many Foreign Investors that have pulled the money out of the market. Many of them have been put off by the heavyhanded way that the market has handled the slide. Theres concern that the way the citadel case is handled could actually further dent chinas standing in the snashgtinternational markets. Absolutely eunice. Thank you. Leader of the pack donald trump topping the polls and will be front and center on a thursday debate. But another candidate may barely make the prime time stage. New jersey governor christie talking to john harwick next on squawk box. Heres a look back at this date in history. Were watching shares of retailers of sears this morning. The Company Expects its first profit in three years for the Second Quarter largely from the sale of real estate. Sears also says its financial position has improved although its most recent Sales Numbers continue to show decline. The latest nbc wall street journal report has trump sumping in the polls. Trump has a 19 followed by scott walker and Florida Governor jeb bush. They will be sharing the stage with seven other candidates on thursdays debate including new jerseys governor Chris Christie and john harwood recently sat down with the governor and joins us from washington. Im trying to think about all the stuff that you talk about, john, well let you get to christie in a second. I liked your answer to the buy that said maybe trumps followers end up with Bernie Sanders. What are the chances of that . You said zero. That person fundamentally doesnt understand the dynamic of this race. Disenfranchised and disillusioned and antipolitical fast will would way understand the trump followers versus Bernie Sanders. Thats just the stupidest thing ive heard, right . Well well see how that happen. But trumps not a socialist. These are part of the Political Press that has no clue as to whats causing some of these things to happen i think, john. Well that may be. But the story of the day is Chris Christie who i sat down in key new hampshire. This is not the way that Chris Christie thought he was going to be in this race. He once was seen as a potential frontrunner. Now hes in back of the pack. He said hes confident. Going to make that first debate looking for slow steady progress. New jersey is three arts in a cloud of dust. New jersey has grinded it out every day in diners like this. So you know that this diner was manufactured in new jersey . Yes, i just heard it from the owner. Well i just looked on that table juke box over there. Theres not one single springsteen song in that jux jukebox. Well, that is an out rage. What is going on with your party right now . Its a weird party right now . It is. Are you telling me it wasnt as weird when Michele Bachmann was winning nationally. This happens. Are you going to be in the first debate. Yes, sir. Not worried about falling off the cutoff . Not worried at all. How do you see the race as being the most specific guy in the race . Donalds telling his version of the truth. Only the loudest voice gets heard or the most outrageous voice gets heard. Thats probably the fault of candidate saying those things. Thats partly the fault of the media. Some people are feeling the pressure to try to get on the news. Thats why idea is the most important thing in this john not whether youre getting attention at one particular time. In terms of when the race is the race became different when jeb bush got into it. A son and brother of two former president s gets into a race well he becomes a establishment frontrunner immediately. So it say different race that i may have envisioned a while ago when he wasnt in the race. New jersey is not happy with yo