Ftse up over 1 . Finally quick look at the dollar maybe thats moving some of this euro dollar, 1. 18. 1. 18. Remember earlier this year, it will be below parody, 94 cents it shot completely the other direction. Yes amazing frt dont belie dont believe what you read what youre seeing here is true. These newspapers so problematic. Speaking of stories, the big ones today, a major storm gath eari gatherring strength in the gulf of mexico. Harvey was upgraded to a Tropical Storm overnight crude oil prices, lets see, down a little bit. Wti crude just over 48 bucks its been sitting out the rally in metals. Federal regulators say they dont plan to block amazons 1 billion deal to buy whole foods. The ftc making that announcement hours after suhareholders approved the merger. Uber reported a lost of 6 65 million, 9 smaller than the 708 million loss in quarter one. Hpe Ceo Meg Whitman is standing by her statement that she will not be the next uber ceo she said nothing has changed since her series of tweets in late july and where she said she would not be taking on the road. All this after the board was said to be still in talks with her. I dont think the board said they wanted ere in talks with h, they wanted to be in talks with her. She has said over and over again i dont want this job. Get it through your head. Why do you think they want her so badly i think they would like a female ceo they would like a tech oriented executive. I dont know if jeff immelt is in that category and they want someone with managerial experience why do you think she doesnt want it. All the reasons were talking about every day. A huge company, changed the world. You dont think thats an attractive opportunity at the same time theyre all trying toing to shiv each other theres millions and millions of new losers in america they are the lucky ones. They are the lucky ones. It is a curse to win. Watertown i know well from going to school up there, living in newtonville. Is that where the winner was . Thats where the Winning Ticket was sold. I didnt get to play and he didnt get to dream. Someone in mass mass roughacs roughly 7 759 million richer today. State lotto spokesperson said the Winning Ticket was sold in watertown outside of boston. Its not clear who bought the lucky ticket but they are the single biggest Lottery Winner. Is that where the town was based, like a been affleck movie years back no. I dont think. The town. One of the few movies that ive seen. Stuck with mefrnlgts tany. The town. I think watertown, when that horrific marathon bombing happened, i think the guys were around there, too. Oh. I think there was a curfew in wat waterfou watertown. Take the turnpike, you go right in there youre happy for this family . No. I know, there will be a documentary about this family a decade from now. What i did tell you yesterday . You, the first time someone said lets bring in this New York Times reporter to guest host on squawk box, it was like eight, nine years ago or something. Maybe ten a decade that was the lottery. That was when you won the lottery. Thats when your family won the lottery. Right thats when your life you wont win people do win more than once. I would just be happy with that. Didnt even cost you a dollar or two dollars. Would you take the lump sum or the annuity i guess the lump sum. Sitting with me, hes taking the annuity. Every day he gets the annuity. Youre making it an annuity this is an annuity. In political news, any reporting about the relationship between Senate Majority leader Mitch Mcconnell and the president. Eamon javers has more on that. A lot of people buzzing about it and what it means for policy making in the future thats right. Some relationship mending going on yesterday between the two Top Republicans in american politics, the president of the United States and the Senate Republican majority leader, Mitch Mcconnell, both issuing statements saying they can Work Together after a New York Times story earlier this week said improvemently he was worried that the president wouldnt be able to salvage his presidency heres the statement from Mitch Mcconnell yesterday saying we have a lot of work ahead of us were committed to advancing our shared agenda together anyone who suggests otherwise is clearly not part of the conversation mcconnell saying the two men can Work Together on their shared agenda he went on to list a number of items theyll work on together but importantly not denying the reporting of the New York Times from earlier in the week about that strained relationship and his private comments heres the statement from Sarah Huckabee sanders she said President Trump and senator Mitch Mcconnell remain united on many shared priorities, including middle class tax relief, strengthening the military and constructing a southern border wall so theres an incentive to do tax reform and some other things to do on the president s agenda, because they promised voters that they would do those things. They want to go into the 2018 midterm elections with something to talk about that is a positive accomplishment politically theyre attached at the hip, personally though it see seem theres is no love loss remember the elaine chao part of it . Yes alaen ciin ciao was standin s standing by the president while he made that statement on tuesday, she said i stand by my men. Mitch mcconnell was calling into question some things and the president was frustrated that Mitch Mcconnell wasnt protecting him on the russia investigation. The president thinks he should shut dont investigation, mcconnell disagrees. We will continue to follow all of this i cant imagine what its like in their house at night. We should mention you dont want to miss this a programming note we have a big interview coming up today on cnbc House Speaker paul ryan will be sitting down with ylan mui to talk trump, taxes and trade. I think its mui. Dont knit pick here. He got it out. Please. Quarterly results are out from sears now and the loss looks better than expected, just 1. 16 a share versus the 2. 48 estimate by the single analyst who covers sears. His revenue forecasts, he had. 4. 214 billion. Comps one do s were down. Sears Holding Shares trading at 8. 63 this morning. On todays agenda on wall street a few retail reports before the bell. A few more retailers reporting results before the bell including staples, tiffany and abercrombie fitch. After the close, well hear from broadcom and game stop a pair of economic reports weekly jobless claims out at 8 30 a. M. Eastern. At 10 00, july home sales. The feds annual jackson hole summit gets underway in wyoming today. Cnbc is there live with a huge guest lineup well hear from Kansas City Fed president Esther George at 7 30 al a. M later in the day, Steve Liesman will speak to robert kaplan, glenn hubbard, and tomorrow speeches by janet yellen and ecb president mario draghi i mean, we said its the woodstock for bankers. I think it just speaks i question whether it was really like woodstock you see those speakers it is like hendrix were you a woodstock guy . No. My parents would not have let me go i dont know how old you were making your own decisions at that time. No, no, no. Do you know what was going on there. I heard thats why i asked you know what they say . If you actually were there, you dont remember you wouldnt talk about it. They say that about the they say that about the 60s too. You dont have the brain cells left if you were there to remember that i were actually there. Joining us on set are phil orlando from federated investors and scott nations, president and chief Investment Officer of nation shares a cnbc contributor. Welcome to you both. Scott, i was trying to see if your account lined up with andrews the financial crisis is one of them in here thats not the most vent you put the flash crash in here. I talk about five crashes the first one the panic of 1907. Five modern stock market crashes since then the last is the flash crash. Theres a subjective nature into terming whats a crash the flash crash is what the next crash will look like the dow lost 7 in about 13 minutes was that because it was High Frequency trading, fast . Etfs why is that a harbinger of the future it was purely ail lgorithalg. The trader responsible for portfolio trading refused to sell more futures. His quote in 1987, if i sell more than i am supposed to, the market will go to zero that was a human intervention that stopped the crash in 1987 there was none of that in 2010 phil, do you share the concerns about the structure of the market it brings passive ichb venvestm, etfs, are people sleep walking into an issue. Our focus are more underlying fundament fundamentals you have low interest rate, good corp plorate earnings, in terms fundamentals, we see the markets in good shape. Likely to grind higher overtime. That does not mean there will be instabilities and structural issues that can cause air pockets, but were looking at the Bigger Picture which we think is good in good shape. Even if the type of thing youre describing plays out, could you buy that dip would anybody even in other words, the flash crash was also a flash rebound. It was an event that people didnt know what to make of. Im a trader. I was looking at my screen i was certain as it was happening that the markets had been hacked. I thought thats what was going on the entire thing unfolded in about 20 minutes the problem is what if it had not bounced back and then you would have disrupted the market entirely. I think you would have killed confidence it was 2010, it was less than two years from the low in march of 2009. I think it would have been easy to kill confidence the fortunate think is crashes happen rarely. Five in the last 100 years phil, would you blindly buy any dip in the markets Going Forward . Blind is a strongword the short answer is we think were in the midst of a modder 3 to 5 correction in the august and september period. For a number of reasons. If the fundamentals play out the way we think, we would buy that. Who is to say that some black swan event doesnt change that fundamental outlook. So you always have to withhold opinion in terms of evaluating what the cause of the correction is if things play out the way we expect anything you could hear from janet yellen or mario draghi that would change your mind . Were optimistic about getting something constructive out of jackson hole and out of yellen what do you mean constructive. We think well be disappointed, but we would like janet yellen to talk about the fundamentals of what the fed will do in the second half of the year in terms of what is her fiveyear plan for begiing to shrink that Balance Sheet down to 2. 5 trillion to 3 trillion over the next five years what are they looking forward to in terms of the next rate hike were not likely to get the detail we want on that until the fomc meeting in the middle of september. I think the fed would be well positioned to give us some of that detail tomorrow we may not get that. Also, there is a sense out there apparently that if janet yellen lays out a fiveyear plan, whomever the next fed chair may be will be committed to following that. We know they have to shrink the Balance Sheet. They have to 4 trillion is not sustainable what will they do . Simply let the maturing securities run off that would make the most sense they will start in september its time. How much longer it may be time but we spent all day yesterday and the day before talking about Government Shutdown, will they raise the debt ceiling thats a lot of uncertainty to start this massive plan. It wont be massive at first. That may call for them to wait to raise rates until december. Lets remember the goal of buying all of those securities was to drive rates lower and letting them run off will raise rates it will do so very gradually and slowly and where it needs to on the yield curve you both focused on janet yellen, mentioned mario draghi the euro is at 1. 18. Its up 20 this year almost is it going to be anything from him to listen for that could be more market moving i think that they are about 30 months of where we are in the whole process. Weve taken a little step backwards, rates have come down here thats why the euro is doing so well its temporary once our rates pick up again, well see that reverse gentlemen, thank you both. Thank you coming up, kids across the country are headed back to the classroom with new School Supplies, but one brand you might find in your kids backpack is helping those who cant afford School Supplies the cofounder of ub joins us next is this a phone . Or a little internet machine . It makes you wonder shouldnt we get our phones and internet from the same company . Thats why Xfinity Mobile comes with your internet. You get up to 5 lines of talk and text at no extra cost, so all you pay for is data. See how much you can save. Choose by the gig or unlimited. Xfinity mobile. A new kind of network designed to save you money. Call, visit, or go to xfinitymobile. Com. School is back. Back in session for much of the country. Gives me butterflies thinking about it millions more kids will be returning to the classroom the next few weeks, many of those who cant afford School Supplies that they need joining me is the ceo of the company ub, which aims to fill the gaps you have been doing this since 2014 2. 5 million kids have gotten something from the relationship with you yoobi makes bright, colorful stuff. For every item sold, we give another item away to a classroom in need in the u. S its that simple lets see give met numbers on how it works. We partners with an amazing retailer in target to literally sell our supplies. So, today whether you buy from yoobi. Com or target, when somebody walks in and buys a product, we partnered with the kids in need foundation which we then together with them, we select schools where 70 or more of the kids qualify for the National LunchProgram Schools throughout the country, coast to coast have been able to receive free supplies from us. Were up to 88,000 classrooms that received free school sup y supplies from yoobi. Socially Conscious Companies like your own, maybe its a chicken and egg situation. How did it start did you start with the premise i want to get this stuff to kids in need . Or did you start with the premise i want to create a cool company that makes this stuff and by the way maybe if were successful we can have this other component. We actually started with cause as our call. In this particular case, my mom was a School Teacher i grew up in a family with not so much money. My mom would spend, like teachers here, close to 600 out of her own pocket on supplies for her classroom. We didnt have that much disposable income. My mom at the most was earning 36,000 a year we know teachers that live like on a salary like that. So ive been fortunate in my career when we started yoobi, cause was the number one focus it was simple aim. We thought we could hit a few hundred thousand kids, with our partnership with target and kids in need to get to now by september it will be close to 3 million kids served by yoobi im curious how it plays out in terms of why people end up buying this product over another product. Weve had this conversation with the guys at willby parker, but people who buy them buy them less for the social aspects but because they look cool but they attract all sorts of people who want to work there, because they feel theres a social purpose to what theyre doing that feels like maybe its different than what youre doing. Dave and neil, who are incredibly good friends, i would almost say mentors of ours, what theyve done with warby is similar to what weve done the number one reason why people buy is because of, a, the design and the quality of the product. But the reason they come back is because of the give. Everyyear, year after year, were noticing more and more people are making their first purchase because of the give but design and quality is always number one on the list how much is federal funding and that may be heading the other way. One may be going down, one needs to go up what is the percentage now to be from our perspective, we know the per spent taj is going down. For federal for federal right over the years we partnered with the department of education who have been amazing, both with the former administration and now looking to partner closely with this administration to make sure that every kid gets supplies we know there are tens of millions of kids turning up to school right now this week without supplies without a backpack some of them without even a pen when they go home toe do their ho to do their homework we believe a Public Private partnership when it comes to school is the most effective way to do it to help parents and kids keep money in their pocket for things that are more important for their wellbeing and families if yoobi can do our bit, were for me, it comes back down to my mom. I wanted to make sure that no teacher has to spend money out of her or her mock ket for supppocket for supplies it was chance, chance the rapper i knew chance the gardner. Chance and state bags donated 30,000 backpacks. So call chance he may be a good partner 340,000 stuffed backpacks at one of his concerts. People like chance, weve been lucky when we first launched we partnered with usher and pharrell last year Everybody Knows a School Teacher. Everybody knows. Whats incredible is th