Shanghai comp lower. European equities were mixed to flat earlier today and still that way. Theyre all flat. I mean hardly any moves worth mentions there. Take a look at the price of crude oil. Higher and wti still above 46, 46. 03. Brent at 48. 63. And dow component home depot out with results. Matched estimates of 1. 97 a share. Revenue essentially in line. Home depot did raise Earnings Guidance for the full year now at 6. 31 a share. Just below the consensus estimate of 6. 32 and analyst will join us to talk home depot. There he is right there. In case youre wondering what he looked like, i can confirm bryan nagel. A lot of these shots we get of people, you dont know what happened. He looked good. Didnt he . Happy. He is going to be on squawk box. And he covers home depot. You remember people used to cover the steel. They would come on and, but home depot, pretty good. By the way, you saw on the teleprompter. They is a Home Improvement retailer. Just in case theres anyone in the world that is wondering, what is that company do . Do you know . Are you familiar with the name is pretty theres some companies that report on it. We need to know what they do. Just in the interest of brevity, i think we can report that you know and then move on. I didnt know you to be interested in brevity. Not if i can get some kind of stick. A lot of data on the agenda today. 8 30 a. M. Eastern time the Consumer Price index. 9 15 we get a report on industrial production. 12 30 another fed talker. Atlanta fed president will speak in tennessee. Thats ahead of the release of feds minutes tomorrow. Dick sporting goods. Did you see this article in the journal comparing pets. Com to sprabers central bank rs. All around the world. Pets. Com in 1999. I left for two weeks and before i left i asked the fed to never talk about whether they were going to they didnt raise in the last two weeks, did they . No. So once again we didnt miss anything. They didnt say a word. Its been eight years since theyve raised once. Cant we just dont say anything and let me know when you raise. I dont need to know anything, but when you finally do raise, i will deal with that quarter point. I dont need any analyst. The analysis has been pretty worth less. We do care when Interest Rates start going up. Thats because of terminal pricing. It already went up a quarter and didnt hurt the stock market. Im talking more about the longterm rates havent gone up even when they did that, right . They havent learned. How many guys today. Every day theyre talking and its all about whether theyre ever going to raise. Just surprise me. Im ready. You go ahead and do it. Thanks to 13 f. Filings we know what big hedge funds Ronald Reagan buying and selling last quarter. Soros sharply cut gold. Raising bearish bet in the s p 500. Berkshire hathaway increased stake in apple. Carl icahn shed the position in the iphone maker. Is that what they do . Yes. Its amazing. Yes, they make iphones. I thought westing house made the iphone. Not anymore. Maybe they were the original. Apple manufacturers. Absolutely. Criticized being sole product company. What no one has really i keep reading this. 55 . So buffet never invests in technology until its not technology. Like ibm final gets into ibm. Apple was a 9 billion market cap and went to 700 billion no buffet. So he finally goes into it. Some might say late, but he raised it 55 to what . And how does it compare. Its still 1. 5 . Still small. I should look. Instead of just asking questions, but is it an actual what you would call a big buffet bed or not . Just dabbling. Its like when hes adding to ibm position. Hes buying like 2,000 shares because when it went from 170 to 120. Hes still buying at 120. If he was really buying, but actually hes looking better on ibm to come back to 160. Berkshire cutting stake in walmart and paulson and company held stake in gold. John paulson sold off shares in allergan, pfizer and increased stake in valeant and rite aid and took a position in johnson and johnson, a Consumer Products company. It also added fedex which does overnight deliveries. Much more whale watching to come. A major Health Insurer is quitting most of the Obamacare Health exchanges siting cost, aetna saying policyholders turned out to be sicker and thus more costlier than expected. Beginning next year, aetna will only remain on the exchanges in four states. Delaware, iowa, nebraska and virginia. It is the first major Health Insurer to make a decision like this. Aetna will still offer individual policies outside of obamacare. And hain slet yell saying it will delay annual Earnings Report due to accounting issues. Shares of the natural food maker tumbling on the news. Hain also says it doesnt expect to reach expected sales and profit levels for the year. In a statement the firm saying its evaluating whether the revenue granted to certain distributors was accounted for. Also va what is the guy im thinking of . It was a tea company and not an underwear company. Rielg. Right now, lets head to rio. Andrew sorkin is there. Reporter hi reporter a lot going on here. Very business day in track and yield. Look at this jid. Finish in the womens 400. United States Allyson Felix nearing the finish when Shaunae Miller of the bahamas dives forward at the finish line to hold her off. Not illegal. Youre allowed to do it. Dangerous nonetheless. Pretty amazing stuff. I want to show you video in gymnastics. You can see it right there. This is simone biles who has become americas sweetheart had a disappointing finish. When you see right there, she didnt fall off the beam, but simply by touching it is the equivalent of falling off. Thats how they judge it. Her teammate took silver in that event. We should tell you biles does have her last chance for one more gold in rio today. The floor exercise where shes going to go head to head with her teammatealisoalison. China in second with 46 medals. That is followed by Great Britain with 41. Just a day after taking gold in mens golf, Great Britains, justin rose, expressing the fact many elite golfers skipped the game in rio. Saying it makes his medal no less successful, but hopes the return will encourage others to play in four years. Very competitive guys which makes them so great. When they see top class competition going on and see such a great reward at the end of it, hopefully its something theyre hungry for in the future. He believes golf is in a healthy spot rights now and hopefully the olympics will further build on attracting a wider audience. When you represent your country a whole nation gets behind you too. Its very important. I believe the tv ratings were great which is helpful too and i think thats what helps grow it. So thats our hope. Thats our aim. Reporter most important, more than anything else, joe, is that justin had a very special message, for you, sir. Joe, justin rose here sitting here with my olympic gold. We managed to get you guys in the golf, but you have Great Britain in the medal table right now. Usa number one, but lucky i was able to reverse that on the golf course. I love being on your show and hopefully we can do that again soon. Nice. There you have it, joe. My wife said, you owe me some money because we had to pay for that. Yes right. I like do you feel comfortable reading those medal tallies. Watching you be the sports guy, you got through and it did it. Its fun to watch. Andrew, justin, by the way, hes not i was pulling for matt kutcher. Hes an island guy and american. My wife said who are you pulling for, stenson, who i love also, or justin. I was so excited for justin rose watching that happen. I knew how much he wanted it. We had gary player on who said i would have gotten in a row boat from south africa if i could have tried to win a gold medal. I was upset with some of Jordan Spieth and dustin johnson. What about rory, rory is not here either. We had kevin plank on. Were going to show you video later because obviously under armour big sponsor. They really lost the great marketing opportunity by jordan not coming here. It did become the other guys were saying i got four gold medals a year with the majors. Matt kutcher said hes never felt so much pride. Jordan you could see the emotion that he had when its bigger about you and bigger about money. I think it was a mistake for them to skip. It worked out well for golf this time. Before i let you go, i was watching, so that makes sense that to do that the olympics in some cities that already have the infrastructure and you mentioned rome. I dont think thats going to work that coliseum. That needs updated. I dont think its big enough. You know, the concession stands, have you been there . Theres no way. I have. That makes no sense to me. Theres a couple of other coliseums that theyre going to have to use there. The seats, ive been there. Were going to talk about that. Uncomfortable like the stone benches. I dont know, andrew. Reporter we should tell you we have Casey Wasserman representing la. Hes going be on the show 7 40 a. M. Were going to talk to him about the la bid along with rome, paris, budapest which are the finalist. I miss that when youre dismissive of my jokes. Its hard toer to hear from e in brazil. Whats your excuse when youre a foot away from me . Anyway. You know, andrew, do you know this ir win simon guy . Do you know him personally. Absolutely. Hes been on and ive gotten into little tiffs with him about gmos and about how anything natural was great and anything thats not is horrible. And so when i read this, i was like, that guy, well see what happens. You saw this news on hain. I saw the news. We have a lot of that food in our home for our kids. You buy into that. All that stuff, kael, arug la. You dont like any chemicals anywhere. Then i tell you everything in the world is based on connechem were all sprayed up here with deet. Thank you andrew. We will be back. See you p in a bit. You didnt have to pay him. I love that guy. Were buds. That was sweet that message to you. Awesome. Great guy. So happy that even i like the u. S. , obviously, but if it had to be anybody else. Another record setting day for the markets, but our next guests are taking a cautious approach. Ed key yan, and samantha Global Market strategist at j. P. Morgan asset management. You have not been negative on the market. Going to grind higher, continue to move up and you would you would rather be in the market than in cash, wouldnt you. Absolutely. Were looking at the market right now. Broad market exposure is maybe not where you want to be while Central Banks are supportive in the medium term. In the longer run we need to see fundamentals come back on line. Thats why were cautious. Were you cautious six months ago. No, we werent. Weve always said stay in the market, just expect lower returns with more vol volatilit youre more cautious now. Were almost at 2200. At 2050 i would hope or 2,000 a lot of people were saying they were cautious there. Saying the fundamentals didnt warrant a move another 150 points on the s p. It didnt warrant it back then either, did it . It didnt. Its still being driven by central bank easing. Im surprised theres still steam left. Were focusing back on fundamentals. The fact is the u. S. Economy is still growing. Were still positive on it. Its been subdued, but consistent. You look at earnings and looks like they may have bottomed. Theyre trending higher which is a positive. Past that, youve been bullish when you needed to be bullish pretty much. In the last year and a half or so, would you say that historically you were less bullish than you had been. A little less bullish. Weve been going back and forth between overweight and underweight stocks. But did it change when you changed jobs, too . Ive been on the buy side for eight years. You got into this Asset Allocation side of things. You used to be purely stocks. Back in the old days. How old is that . Time flies. How long has it been. Its only been nine years, joe. Seems like its flying a little more for you than me. Maybe you can talk to my colorist. Nine years youve been doing this asset stuff. Holy smokes. Hows it going. Pretty well so far. So i interrupted to make a point, you used to be mostly stocks. You have been shifting around in the Asset Classes then. Yes. This is still a bull market. Its an old bull market. Much like myself. We have been much more tactical this year. We have been shading a little over and under. When we have a good run we take some profits, which we did a few weeks ago. We focus a lot on what happens with earnings and earnings expectations in the second half, we were pretty optimistic about it a month ago. Then theyve been coming down rapidly. I thinking this is a bull market, but its not a raging bull market. Its one you have to pick your spots and right now being a little more cautious makes more sense. Do you remember the i was having grownup in the big bull market from 1982, both of us have seen that, about ten years ago when people said youre not going to do better than 6 in the market. Thats going be longterm what you get. Is that what weve done for the past five years or so . We have sort of been we shouldnt be surprised this is all we get. Actually weve had a pretty good year. Its august and weve got 8 . This is. Got nothing last year. Well, thats right. This year has been better than i thought it was going to be. The longterm average, were not going to get 12, 13, 15 anymore consistently. No. I think were going to get around 6 or 7 maybe, but in a low inflation world, thats not that bad and in a world where the return on bonds is probably going to be 1 or 2 , six out of stocks isnt all that bad, but just a flood of money, People Like Us that are trying to use their money to pay for their daily expenses. So as the baby boomers have more assets to put into asset purchases, the prices have gone up. Its hard to find cheap Asset Classes anywhere in the world. Wall street journal highlighting in a different way a question weve asked now on years. They say Central Banks could be this markets pets. Com comparing it to 1999. And talking about were seeing in the bond market as you talked about and youre concerns about the stock market relative to the fact what youre implying is when Interest Rates are so low in the world, when your choices are negative Interest Rates youre willing to pay a lot for for attorneys generwill your r its the way the math works. I think has to. Central banks are manipulating the market in some sense. By design, yes, absolutely. Thats their mission. Theyre trying to manipulate the market. Right. The short end of the curve and the long end of the curve are very disconnected. Even if the fed was to raise rates, the long end didnt go up. It wont likely go up. Youre still going to get money flowing into any asset that has yield. Everybody has decided longterm rates are staying lower for longer a very long time when everybody agrees on something, thats the moment when it all starts to come unravelled. Are we at that point . Its been out quite a few years weve had this debate. I can remember pimco, not getting into the long end of the curve. That was like nine years ago. Five. Its been a long time that people said the long end has to move. No, nobody thinking the long end has to move. Structurally theres reasons for rates to stay anchored on the long end of the curve. One is lower growth. Were not a 3 growth economy anymore. Were probably 1. 5 growth economy. Okay. All right, ladies and gentlemen, thank you. Samantha and ed. Someone asked me to say who it was. People or serious dont know who were talking to. Im not going to go into who you are. I was kidding about the colorist. I swear. Look at this here, when i went away and now i havent had it cut. When i get it cut. You dont color your hair. No, i dont. Im not going to ask you the same question. I swear on my beloved dogs that i do not. I swear. Cant you tell. People they gave up on the wig. People ask me if your hair is real. They gave up on the wig. They got now its supposedly clarol or something. You dont color your hair. No. Women in new york, they color their hair. Home depot reporting earnings on the top and bottom lines with the company raising earnings forecast for the year. Joining us on the phone is bryan nagel. It was very inline kwarquart its a good quarter. What are you looking for next in terms of what theyre telling us about the future. Any disappointments there . The company is going to host Conference Call at 9 00. My sense is that cooler temperatures early in the quarter in may probably weighed on their sales a bit. If we deny if we had more normal weather, sales again would have been better. Trading at the high end of the range in the last year. In premarket we see it going slightly negative here as the numbers have come out. Any reason you see in the numbers people will be disappointed. Just that lack up upside. Kneejerk reaction the market has gotten used to. This was an inline quarter. The keys with home depot and i follow a lot of retailers is retively speaking, especially for a company of this size, to put up 5. 4 comp is very good. Those comps look pretty good. Last quarter was 6 or last month was 6 . 5 not as strong, but at the same time, compared to the rest of the retail space, thats pretty good, right. Im looking at the sheet in the First Quarter. 7. 4 comp. So you went to 5. 4. Again weather noise there because they benefitted from what looked like an early start to spring in the fiscal q1. Got it. Bryan. Thanks. Get on the Conference Call at 9 00. Talk to you later. Donald trump outline plan to deal with terrorist threats including how he would destroy isis as well as the extreme vetting of immigrants. John harwood joins us next. Welcome back to squawk box. A time for an update from the campaign trail. John harwood joins us from washington. This is so weird. This whole campaign. So many things. I dont know whether its the proliferation of social immediate media and cable in general. Hillary stumbled yesterday leave t ing the podium. Biden cracks me up. Its weird to say this guy behind me is carrying the nuclear codes, in case youre wondering. That was weird. Its dissended into i dont know seems like a parody of a president ial campaign. Repo