The s p up by 3 and nasdaq up by 15 this comes after all the markets looks looked very strong yesterday. The dow was up by 260 points s p was up by 26 it was a record close for the s p 500 and thats its first since august 7th the dow closed at a onemonth high take a look at whats been happening in europe this morning. The gains we saw yesterday as concerns about irma faded a bit and, again, some concerns about north korea not quite as potent as they had been as we headed into the weekend this morning, it looks like a bit of a mixed picture in europe most of the major bourses are higher with the dax up by. 5 and a similar gain in france the ftse is down by about. 2 . Lets flip the charts and see what happens overnight in asia youll see when it comes to asia, there were some closes actually, lets go excavate to the currency check it looks like the dollar is down a little bit against the euro today. Below 120 for the first time if in several days. 1. 196. Dollar is up against the yen, 109. 68 oil coming back a little bit weapon saw gains in crude oil prices yesterday after refineries in the gulf restarted things and you heard the saudis talking about potentially extend something cuts this morning, wti is down by about 21 cents to 47. 86. You were worried about it, back to 2. 15 i started hearing from mortgage guys again yesterday, do you want to refinance do you want to come back in . Really . Yeah. We were at 2. 02 so it looked like it could have hit a one handle but yesterday was first time ive heard from mortgage people in a while saying come back in, test the waters. We hit 20 trillion yesterday. Yes, on the debt clock. Fwo gosh, i wish we had a Government Official to talk about that that would be great oh, wait a minute, we do. Unbelievable numbers, there he is, secretary mnuchin will be on at 8 30 and that may be something we touch on. Now were going to give you the latest on irma, the storm down graded to a post Tropical Cyclone. Its bringing moderate rate to tennessee and the ohio valleys irma about 100 miles eastsoutheast of alabama. Its expected to weaken throughout the day look at the destruction in its wake this is video of jacksonville, florida, late yesterday. And weve got complete Team Coverage this morning. Carl quintanilla is live in tampa where ports are reopening. But we want to begin in West Palm Beach where Jackie Deangelis is covering the millions of consumers still without power. Good morning, jackie good morning, guys. This is a major story here in florida. The ceo of Florida Power light, floridas largest utility has said power could be down in some parts of the state as long as weeks, especially if theres structural damage. Take a look at this downed power line behind me this is certainly one of the issues that people have to work on the crews have to get out and fix these lines. But when were talking about structural damage, were talking about potentially the grid now, weve mentioned yesterday that there were almost 7 Million People without power now that number is down to about the 5 Million People within the state. Take a look at this map. There doesnt seem to be a part of this state that hasnt been touched by the Power Outages in palm beach county, we were looking at half a million without power yesterday. That number has dropped by about 125,000. So its certainly a step in the right direction. As we drive around, we see different areas that have lights, stores, businesses but still, there are so many traffic lights, for example, that are out intersections that ever totally unmanned and people sort of fending for themselves help is on the way about 50,000 to 60,000 crew members could be taking to the streets to work on this problem, but its also coming from other utilities in other states. So that is a good sign, as well. But like the ceo of fp l said, if its structural, it could be harder to fix. And down here in florida, its hot. You have elderly populations, people with special needs, its not just electricity, its an airconditioning issue and these seem to be moderate concerns when you look at what the rest of the state is facing, as well. Jackie, thank you very much well check back in with you later. Right now, though, lets get to tampa where cooler is looking at the ports as theyre reopening carl hey, becky. Listening to jackie, you never thought you would wake up and hear that twohad thirds of the countrys third mostpopulous state have no electricity. And all those utility workers who are working there way around those power lines are going to need gasoline. And thats the one positive story out of port tampa bay where we are this port managed to open early on monday morning, earlier than expected given the lack of damage and all those big tanks, those big, round tanks you see by the highway, they had to fill those with gasoline ahead of the storm. Otherwise, if they were empty, they could get punctured or crushed by the wind. So they had this ready gasoline on shore they called the Oil Companies that service out of here and said, look, if you want to get some trucks in here and start filling up gas to gas stations, be our guest so all these trucks, they russelled to their rigs, go over here, so youre beginning to see the flow of gasoline work its way around the state port tampa bay supplies or received about 43 of all fuel consumed in this state nothing good can happen until things happen here first you see things like disney world and Universal Studios open today. Keep gasoline in mind. Until the day where everything is electric and were all on the grid, gasoline will be a necessary commodity and this is where it begins. Andrew, i guess some of the good news is we see the lights right behind you was that something they had to get up and running or it dodged some of the worst of the storm obviously, i mean, look at genera xw stock. Theres a reason we talk about generax. A lot of backup generators were in play here if you look around the tampa bay skyline, youll see some lights, but when they say twothirds of the state, i believe it. Our hotel has no electricity and no hot water if youre in a nursing home, right, and your mom is there and youre worried about the heat today, that is a much different story. Carl, thank you for that. Some news out from dow dupont, it is altering its previously announced breakup plan. Its still splitting up into three separate companies, but its going to move business from the materials to the Specialty Chemicals spinoff to satisfy activist investors the chairman and ceo will be on squawk on the street at 9 00 a. M. Eastern time to break the new split down for us. In the meeven time, we are kicking off the delivering alpha Conference Today leslie joins us right now to take a quick look at Hedge Fund Performance which is going to be a hot topic. Everyone likes a comeback story and that could be a theme at todays delivering alpha conference new data out by einvestments shows data out in august posted their three month of consecutive gains in the black for the year. And guess this, guys in august, they returned about threequarters of a percent which is twice that of the s p 500. Finally were seeing some outperformance there today, well hear from some Hedge Fund Legends this industry is rapidly changing so its important to hear their thoughts now, one strategy that did not perform so well in august was activism this was the first month since october where returns have been even close to negative territory. And well get a sense of what lies ahead for activists were several featured speakers, including jeff smith, mick mcguire and ed garden b who as you mentioned will be had here along with ceo ed breen of dow dupont where garden has a sizable staij stak sizable stake. And to kick things off, im looking forward to your conversation with secretary mnuchin. How much of this do you think is going to resolve around what the big Pension Funds are doing . The guys who got out are they going to come back in or not thats the big question it appears were seeing a lot of strategies and those strategies did perform fairley well in august because they saw a spike in volatility which helps those Computer Generated strategies outperformance the overall markets. And so individual bits and pieces, but in materials of an allout industry, you know, getting those assets back to where they were a few years ago remain toes be seen, at least on the inflow side of things. The algorithms made us less needed people in general people in general, yes. Humans. Teachers will be replaced in ten years. Did you see that its not going to, though not from the standpoint of a kindergartner. And then theres all these other things that theyre going to replace men and women with each other well, that i understand yeah. Im already feeling replaced youre right i already feel unnecessary leslie, thank you very much when we come back, a Global Market ral ly a day after the s p rallies to a record close, check out the futures right now. You can see how strong they are at this point. Dow futures up another 55 points after those guidelines s p up by 4 and the nasdaq up by 17 coming up at 8 20 eastern time, our newsmaker of the morning is treasury secretary Steven Mnuchin. Hell be joining us on stage for a special conversation stay tuned you are watching squawk box here on cnbc livestream your favorite sport at the airport. Binge dvrd shows while painting your toes. On demand laughs during long bubble baths. Tv on every screen is awesome. The Xfinity Stream app. All your tv at home. The most on demand your entire dvr. Top networks. And live sports on the go. Included with xfinity tv. Xfinity, the future of awesome. Welcome back to squawk box. Up another 55 this morning in the dow jones. Caught up another 4 in the had nasdaq called up another 17 making headlines the ewe nated Nations Security Council unanimously approved new sanctions against north korea last night the latest Security Council resolution calling it illegal. The envoy says in his words, forthcoming measures by north korea will make the u. S. Suffer the greatest pain it has ever experienced. I read at least one analysis when it was all said ask done that it was watered down there were threats that if you do any more sanctions, the same kind of hyperbolic rhetoric but then also, the treasury secretary mnuchin has talked about how if the u. N. Doesnt come through with some of these tougher sanctions, they could go ahead and have sanctions against any country that does business with north korea the big push and pull now is are we on a path to where we say, all right, theyve got they already do, but do we say, all right, theyve got Nuclear Weapons that can actually hit us or do we actually nikki haley yesterday, she talks tough shes saying the world will not accept this country having Nuclear Weapons. I dont know what that means i think it comes down to china in corporate news, two key u. S. Senators have asked equifax about the data breach last week, including details who sold stock after the breach was discovered. The wall street journal reports equifax has been lobbying congress about easing regulations before the i started i had a tendency to feel for these people because absolute power corrupts absolutely and when you try to deal with these people, they might not even return your call. You might say, this has been on for six years. It was wrong when it started they wont return your call. And the customer is not always right. Before they did it. So im starting to feel like, wow, i hope how does this feel but its me. Its my how does that theyre not the ones who suffer from this. We are the ones who about bear the brunt. Am i supposed to take the other side of this and say we should very sympathy for their victims . Could you do that i was thinking, actually, though, about whether theyre victims wait, whether equifax are vijts . They are victims of a hack. They are victims who did not protect themselves and by the way, its not themselves theyre protecting, its us. And by the way, the only reason we havent talked more about this is because of Hurricane Irma setting shore its something that otherwise we would be going wall to wall with about the massive breach of trust. The ohm reason i say it is be default, they are victims of a theft. Actually, we are arthritic victims of a theft that they did not protect us from. And then the question becomes, did they leave the door open did they have five locks on . And then this is what the debate really is going to be. And by the way, if it happened to a big bank or somewhere else there are a couple of situations in this instance that make it very different one has been the reaction and how theyve dealt with it has been terrible. Secondly, you yourself pointed out that they have been warned that they are not protecting us enough, that they have 143 million americans this had close to the internet was completely ridiculous third of all, what the executives have done i have there are times when i do feel bad for corporations who are attacked by nation states. Times. This is a situation where they have handled it so poorly that i do think i would like to see congress get involved at some level and say, wait a second what faces are you making behind me no, its okay no, im ready so mad about it a 460 on my credit thing . Really thats what i go on my s. A. T. Math you only got a 460 on math . Back then, the ratings were out of 800 no, i did better. Weve got some stocks to watch this morning travelers will temporarily stop stock buybacks while they assess the damage from hurricane and irma 490 million for catastrophe related losses including recoveries from reinsurance todays top corporate story, apple is holding an event this afternoon. The company is expected to unveil a number of new products, including its next generation iphone some are saying it could cost as much as 1,000 for this new phone. There are a lot of people who would be willing to pay up for that well keep an eye on the apple suppliers today. Fox con, Western Digital and Analog Devices are all trading higher foxconn is up by over 5 the. Some other news from the mobile industry, samsung reporting record preorders for its new galaxy note 8 smartphone the company says theyve received about 650,000 orders globally over the past five days the note 8 officially hits the market on friday you dont want to miss complete coverage of the apple event the this afternoon its going to happen on power lunch. Lets get to the markets right now. Joining us is doug cote, chief investment strategist at Voya Investment management that has a 215 billion Investment Platform also, simian hyan. Its great to see both of you. Thank you appreciate it yesterday we saw this huge rally that Hurricane Irma, while devastating, did not pack the worst punch we thought in the florida area and some concerns were abated and others were talking about this idea that maybe the fed will not raise Interest Rates now, hold off because of all the devastation of those hurricanes. Doug, what do you think was the real well, right now markets are doing what they should be doing. The top 45 countries of the develop economies are all positive that is synchronized growth. Europe is doing better than expected corporate Earnings Growth in the u. S. , did you think double digits, emerging markets, japan. Japan was up 4 . So its responding to the strong corporate Earnings Growth, the strong Economic Growth, and sure, theres a problem. Theres always a problem geopolitically irma, thank god it waes wasnt as bad as everybody thought it was going to be. Well get past that. But i think as far as the fed, the fed might raise rates, might not i would like the fed to start quantitative tapering, get out of the way, raise rates and it would be a signal that the economy is good. That would mistake you have more strength in stocks than seeing the fed sit on the sidelines . Yes i want the fete to get out of the way and move to pro growth policies the fundamentals are there. We are seeing a growing divergence between growth and value. It only got to four times in the tech bubble. So if anything stretched, its on that had higher valuation side some people say when you look at the value stocks, its hard to find value stocks there is an element to that you have the financials that sit by definition and value but theres an opportunity in quality stocks, consistent dividend growers who havent lagged as much, gotten about 80 to 90 of the upside you saw the report about seth clarman of outpost apparently planning to give some money back to investors because zavend these value plays youre talking about. Well, the issue with devalue is the gamble is the limit theyve lagged by so much that investors are sort of fed up with them. That you have to get the timing quite right. There was another report just out that etfs in japan, some massive portion of them are owned by the bank of japan does that start to concern you when you see a central bank moving so far afield certainly they have gone too far if there is any time to start raining that back in, its when they have 4 growth. That time is now i think japan is going to benefit from this Global Economic synchronized recovery try to broadly global phi your portfolio. Most investors right now are concentrated in the s p 500. Thats worked for the past five years. I dont think its going to work for the next five years. I think were seeing emerging markets up 5 . Europe is up 18 you ever to start to spread out your betts value is probably underperforming or probably continued to underperform. You need to take more risks in your equity portfolio. Youre getting paid to take risks and certainly have bonds for a rainy day on risk control. But broadly, globally diversified. And practically buying stocks at that point. Some of the e the tfs are stocks in japan, they really are in the market they really are that