Economists do most dont showing you where things are standing now three and a half hours before the opening bell. Looking at a dow that would open just about 11 points higher and nasdaq looks like it would open down going to china quick but showing you treasury yields. The 10year note at 1. 766. Joe mentioned, breaking overnight, the operatest rate of china slowing to the slowest pace in 30 years that may explain some is of what we are seeing here eunice un is now in beijing where tim cook is. Thats right. First getting to the numbers i think you can compare that policymakers will unveil more soon Third Quarter numbers missed coming in at 6 . That is because of the demand overseas and at home the september numbers rebounded. Most said those are something you usually see. They are more concerned about sluggish demand weighing on the out look of the economy. The more optimistic bureau saying china faced a big downward pressure. Planning to front load some local government bonds those will move up from 2020 to 2019 that will help keep chinas economy steady in the Fourth Quarter and beyond tim cook, yes, he is in town actually featured on state tv. He was attending an event along with the Vice President. Cook is a board member at that university often does come to china for the event. Separately, the market regulator posted that the chief of the market regulator ended up meeting with tim cook. According to the regulator, the two spoke about expanding investment as well as the importance of protecting Consumer Rights. Only about a week ago that apple was criticized here for its seeming support for an app which hong kong protesters were using to track the police. That app has been pulled there is a lot of controversy around this decision okay. Eunice thank you for that i know what apple did relative to that app. Apple and tim have not been anymore outspoken on this issue. I imagine theyve been very quiet in the way many nba players have been quiet. Here. Cook has not said anything wecalled apple they declined to comment on his visit at all on social media, there hasnt been a whole lot about his visit. This is different from the latest from the nba. It was pretty interesting. Youll probably talk about it later, adam silver was quite vocal saying the Chinese Government ended up pressuring them to try to get darryl morey fired. In fact firing back at that today. Unusual saying they in fact did not make such a demand silver wasnt very truthful. I was alerted on a groundbreaking twitter site at yoon tv. Only yoon get it adam silver could have maybe he paraphrased what they were saying or summarized what they were saying but you are telling me there is nothing to what hes saying that the chinese came out, Foreign Ministry said in no way did they tell them to fire darryl morey difficult to say. He hasnt said which officials he spoke to. Foreign Ministry Said they spoke to Relevant Department there are a lot of layers. It is not clear who he spoke to. It is difficult to know. Maybe lebron told them to fire him related to that, a lot of ceos you talk to especially u. S. Ceos say they get messages with air quotes from the Chinese Government it is not always direct. What do you think that means it is often indirect. Yeah, one of the big complaints among American Companies is there might be some reform but there is another agency that does something or says something as a warning if they dont want to expand in a different area, they will warn them theyll find different ways about being warns without being outright warned by the government it is not so direct. That is a big complaint a lot have thank you your thoughts on how this changes the game the game or the gdp data . I sort of feel bad for these players that the press is giving them a gotcha. They are there to play basketball stick with the gdp. Basketball is more interesting. On the gdp side. The trend is lower no question about that the trend is lower we called it low gear in the past, you said it might be 2 . The thing about china. Two problems one, theyve got structural issues second, theyve got very bad demographics because of the one child policy theyve overinflated and had exportled growth. To me, china has some real problems i dont see that turning in any way higher that could be a real phase one, two and three right . Not only that it could push them harder. There is this common view that china can wait out the administration the democrats have been silent it seems to be equally as tough. It is more complex than people believe. You any if democrats were to win in the white house and more that they would actually put more tariffs on the country . I remind people that 25 across the board is chuck schumer. 100 . The dynamics have changed between biden and warren i would say shes tripling joe biden now. That is totally different dynamic for china. You look at some of the stuff he said about china and the stuff going on he might have been their best friend i dont know if you believe all that warren comes out with either i dont see u. S. china trade policy changing in a way where it is going to go back to premarch 18. I dont see us going back to that old platform. Are we Strong Enough to be less global . A couple of things, exports to the share are relatively low. Number one, number two, when people look at the tariffs, it is a huge mistake. If you look at the businesstobusiness side of the economy. Total output is close to 40 trillion it is literally a pittance i think people have grossly overguessed on that. We are going to move on continuing with some trade news. New u. S. Tariffs kick in on 7. 5 billion worth of goods from the eu products such as cheese and whiskey. Facing about 25 the Trump Administration stating earlier after the World Trade Organization gave it permission to do so this at t stuff is interesting well have a little arm chair quarterbacking at t shares go hire after they talk with Elliott Management about changes. We reported last month on the show that elliott disclosed a stake. Sources say elliott is pushing for Strategic Review of assets this includes direct tv. On october 9, at t agreed to sell nearly 2 billion worth of assets in the caribbean. At t delaying earnings for next year while it continues talks on that report. Sources say a deal could be reached by the end of october. The question is, who will show up on the board. Is this one seat or two seats . If you do get one or two people on the board, does that really mean that will be a true effort to then spin off and set and go to the real review of these or does that buy at t more time with the current strategy. By the way, at t will tell you their current strategy compared to the other that doesnt look nearly as positive thats a positive at this point. That was in the low 30s. That yield is still pretty rich. If you go back further, it will affect verizon and others. They are trying to pay down debt and digest all those acquisitions that looks like it is going on pretty well. How much do investors expect will happen as a result. You can see the spike there in early august to september when p that really moved. We will endender to get randall on 5. 4 even at these levels, you got nothing in your world. No. All high yields. You think it is not great. Negative i hope the u. S. Doesnt go negative 5 is pretty meaty you actually made money in principal. Coming up, ceo of snap on here to talk about the tool business, impact of the trade war and his companys report a look the the winners and losers specifically in the dow here, hello starts with hi mple. How can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone [ camera clicking ] wifi up there . Ahhh. Sure, why not . Howd he get out . a camera might figure it out. That was easy glad i could help. At xfinity, were here to make life simple. Easy. Awesome. So come ask, shop, discover at your xfinity store today. Wisconsin based tool maker snapon topped expectations. Company blaming unfavorable currency conditions. Welcome to nick, their ceo who just returned from china currency has gotten weaker people talk about tariff and currency we have to manage over that. The pound and the euro and the sec and the canadian dollar. Currently hit us for 6 cents in the quarter. Cars are getting more complex. You have to communicate to technicians to wield them effectively. We have to train them. So vesting in training to communicate the power of the product. Sales were interesting tale of two areas. U. S. Up okay europe, down for our business, it seems like a tale of two cities uk, germany, nordic countries down any effect of the gm strike not for us. We sell down treatment to the technicians. I think that may have had an effect on some of the indices. Part of the concessions labor wanted was a guarantee that as cars become simpler if they do go electric that you wont need nearly as many people. Why wouldnt snapon look like a completely different company. Every time the cars change, we have to sell people a new set of tools a lot of what needs repair today is electronic, not mechanic. Do you hire people to write code no. Youve got to recalibrate it you change a battery, you have to reprogram the car the motor, you have to reprogram things there is a lot of technician time forthis the laptop for cars we are selling that analyze and guide them through this. The internal come busson engine becomes less prevalent. If you look at demand, electronic cars arent as much demand you dont sound very woke on this. If the president said, we are going to electronic cars in five years and completely in ten years, i would kiss him. You need a whole change over it is not going to happen tomorrow i dont think it creates that much of a threat no threat. Wed be happy. For near term, if it starts to go into the marketplace, well have the engines, electric and hybrids forever. When the hybrids come on, you need a special set of tools in there. They need insulating tools. Are you paying people more . Is. We pay people more, more since 2009 is there pressure now a little. Snapon, is a great place to work who wouldnt want to work in a place where people put a wrench in the hands of their new born because they believe the first thing a child touches will impact their life forever. The working men and women of america think snapon if you need to hire someone, can you find them. We can find them. We are in wisconsin. It is a fairly good target rich environment. We are sprnd spending time we have an attraction for people with snapon who will win in wisconsin they are trump people in august, i was with them deplorable. One of the reason is. These people are woke. They are woke to the woke they realize and this happened in the last election. Egging on im curious they became aware, the same things dismissive, demeaning things about working men and women was one of the last forms of bigotry in america but straight bigotry, they were cool with well, okay. Look you go through the bar i ride through a bar in russell, wisconsin ever day you go in that bar and hear a lot of things. You think those are going to happen, i dont think so i will say his focus on american jobs as the primary goal ads opposed to sacrificesing interest i believe that is true. I would like to see whoever the president is to focus on jobs. Often times especially in the democratic party, unfortunately, there is so much focus, that it makes it hard. I think democrats are very focused on jobs. My guys would say this. They are looking for somebody talking about how to expand the pie. When i hear that, you say, im not going to get any of that pie. Economic pie my favorite is ras berry lemon i buy into that. I do feel better now thank you, nick sort of. Coming up, delayed again. Saudi aramco, hitting the brakes on their ipo you read that from the prompt ever well tell you why and later Mark Zuckerberg is fighting back against demands that they fact check political ads. We are back in just a moment but were also a company that controls hiv, fights cancer, repairs shattered bones, relieves depression, restores heart rhythms, helps you back from strokes, and keeps you healthy your whole life. From the day youre born we never stop taking care of you. Theres one thing you can be sure of. Theyre changing by the nanosecond. Thats why cognizant created a unique engineering approach to design and build new digital products. Learn how cognizant softvision designs experiences and engineers outcomes. Cool. Cool. Sthis one grows fuel. Exxonmobil is growing algae for biofuels. That could one day power planes, propel ships, and fuel trucks. And cut their emissions in half. Algae. Its potential just keeps growing. [mus ive got so muchut lack of love to give for love] ive got so much more to give, baby to start your retirement plan, find an advisor at massmutual. Com [sfx mnemonic] welcome back. We have some news to bring you it is almost like you could grab the tape of me saying this several times before saudi aramco delaying its ipo again. Two courses hope the Third Quarter report will bolster confidence after the attacks covering the time period from the attack r reporting that the new date will likely be december or january. Some Fund Managers had been frustrated by clarity disclosure and transparency has always been the issue. Taking place on the local exchange do they need . They need our dough . They are trying to credentialize the company and capture valuation of at least 1. 5 trillion hoping on the end of the year, they can come to new york or london or elsewhere to raise the money probably was not affected by wework is that what is happening here i would think so. People have gotten more skiddish, i think. People have been skiddish because of so many embedded issues still got to raise money and how free and easy the money is i can do that in regular markets. You buy an ipo so if you price it for the guys getting in, you dont start with that loss coming up, get ready for the trading day ahead. A look at what could impact your money. Talking market volatily and more from the white house first a look at todays winners and losers that was wonderful. Great that was good. Not so bad. It could have been better it was bad. Terrible. Boo through the at t network, edgetoedge intelligence gives you the power to see every corner of your growing business. From using feedback to innovate. To introducing products faster. To managing website inventory. And network bandwidth. Giving you a nice big edge over your competition. Thats the power of edgetoedge intelligence. Pacifica ted goin oneighbor yes. Takin it off road Station Wagon . You know its an suv i know for fact your suv does not suck. Why is that . It aint got that vacuum in the back we got to go. Vacuum in the back, hallelujah welcome back. You are watching squawk box. Live from the Nasdaq Marketsite in times square. Good morning. Welcome back u. S. Equity futures after we got a little bit of a i dont know how well describe that dow looks like it would open up three points higher. Lets tell you who is going on today. A lot wael hear. Cocacola earnings will be out at 7 00 a. M. American express at 7 30 and some planned events from dallas, kansas city, minneapolis fed president. And the vice chair will be speaking as well people will be watching and waiting. Especially some of the things steve leaseman has been reported a hold on any kind of action former bond king, bill gross will join the gang today never holding back at 2 15 eastern time set your dvrs and mark your calendar coming up, well get you ready for the market open and reter dont miss our guest host he on squawk box on cnbc but in my mind im still 25. Thats why i take osteo biflex, to keep me moving the way i was made to. It nourishes and strengthens my joints for the long term. Osteo biflex now in triple strength plus magnesium. As a principal i can tell you this. When one student gets left behind, we all get left behind. This is a problem that affects each and every one of us. Together with ibm, we created a whole new kind of School Called ptech. Within six years, students can graduate with a high school diploma, a college degree, and a pathway to a competitive job. You know whats going up today . My poster. Today, there are more than a hundred thousand ptech students around the world. Its a game changer. Weather it is trade or brexit or more uncertain geopolitical environment, the overall nature of global growth, still okay still solid. On some of these issues, if we got a trade deal and if we did make progress on brexit here, that could swing it back quickly. No question when i talk to ceos, they are a little more concerned. That was goldman sach ceo david solomon. Joining us now drew mattis, key Market Strategist at meet life and david bonson, founder and ceo of the bonson group. Showing in the third and Fourth Quarter huge gains almost 31 at one pointer. 17 . End of 2018, we flat lined for next year, you are looking at 9 9. 1, 14 earnings per share. Are you saying this is bullish or not im saying for next year, if it doesnt happen, bulls will need a new thesis that requires you to believe i believe this and thought it was bullish. Are you saying it sets up the market for disappointment . What would make them come back is if you dont get a trade war done i am bullish in a sense that there are pockets of value there. The chart we dont have but we are talking about shows that markets discount in advance. Can you lower this guys chair, please. You are talking down to me like look at this all i can say, yes, sir. No, sir. Come on, mac. How is that . I feel right sized. You want all the guests to be lower. I thought we were going to grow the pie we are talking about earnings acceleration and hes shrinking me in the share. Bottle line answer is that the market has priced in a lot of very good news that will not likely get better. It could be worse. Really quick, what about positioning . I hear what you you are saying investors are completely under weighted stocks. Overflows have gone into bonds there seems to be a lot of bad news priced in i think there is a sentiment issue. People are still afraid of a shoe dropping. Which shoe . The first shoe or another dropped. It gave people an excuse we have seen it in the c suite with businesses holding back also with multiples. Youve never seen this delta i dont really like that break down we Want Companies that are growing, that are out of value to us, the growers are were you can pick a spot. How is the world looking