That weve seen in currencies pretty much since the financial crisis. Road map this morning, apple debuts as a dow component, set to begin trading as part of the enduring index. Starbucks announcing new venture in china, testing delivery in new york and Ceo Howard Schultz on mad money defending race together. Target set to boost its minimum wages. But first up, the dow and the s p set to open lower, one day after the big fedinduced rally and a drop in the dollar. Intraday currencies some of the biggest percentage moves weve seen since the crisis. Right. These are legendary. You know stuff of when literally seeing the speed of light on trillions of dollars, trillions of currencies are trading, speed of light, very hard to get your hand on. The take this morning is that is a lesson for sort of ripple effects that are going to happen in relatively il liquidity assets as the fed normalizes. Thats why i like Stanley Fischer the vice chairman knows what happened in 97 98 in asia. Janet yellen, one of the smartest people in the room understands this stuff. Im impressed with these people. They are just masters. Theyre not show people. Maybe thats what people want out of yl, aellen, song and dance. Honor the remarkable work. When kernen asked liesman if yellen did a highfive and he said, she probably did, you agree. Shooyou think she nailed it. I think she nailed. Some times we have people born and raised in the country and oh their way up. Your mom says how are they doopg doing, mom im not going to be number one do your best. Do your best. Janet yellen is the smartest person in the class, thats okay. We need a smart person. What does it say, all of the dovish talk, the lowering of Interest Rate trajectories and inflation . February was a weak month. Well hear from williamssonoma today. Amazing company. And this port slowdown directly impacted their numbers. We can say, well thats one off. But wait a second oil, how come oils not going higher . Thats one off. Housing starts they were weak. Thats one off. No, enough. February was weaker. Its true i can point to lennar, say thats a good number. I can point to retailers having a good time. Its easy to say not yet, not yet, not when the worlds trying to figure out what to do in terms of restart growth. Give the rest of the world a couple of months and we may not be in this jam. Dont fire until you see the whites of inflations eyes. Or s. O. S. Band take your time, do it right. How come the usa today, ive got to tell you, they zeitgeist. Yes. Larry cramer by the way, involved with race together usa today. Interesting. Larrys an old friend of mine, doing a lot of right things. Apple trading as a dow component, worlds most valuable company replacing at t. Apple ranks fifth in dow weighting despite 748 billion market cap because of the price weighted index. A lot of news. Talk about what its going to do for the dow. Theres a new reuters poll showing 40 of adult iphone users are interested in buying the watch. I think its about 110 when were done. What i keep hearing, whats being written for this thing, this is a receptacle people in Health Writing for this thing that will make it so you could actually wear a watch on one arm and have that device and not regard it as a watch. Thats the way i get to keep the breitling, i think. Try to keep it i see. The apple watch over here. One style in fashion, one is health. Yes. I think its reuters poll 39 of adults say well take a look at it. The journal has a piece on apple tv and our own parent comcast, arguing, back to the Consent Decree when they bought nbcu, they might be pushed by the ftc to take part in some way at least similar to how other competitors are taking part. We work for comcast. When i read that i said its very unusual for apple to say, were going to do this but we dont have nbc. Its much more apple style to say, were going to do this and you know our way or the highway, get on board. Were going to find ways to convince you i mean theyre not the godfather. Theyre just saying listen rules say this is okay. Its like when i saw jpmorgan and visa and mastercard in the audience for apple pay, and i was thinking who is going to stop them . Its visa mastercard morgan. And theyre in the front row. Im like wait a second how did that happen . Keep your friends close and your yes. I think so. Finally, youve been preaching for a long time that apple should not be traded it should be owned. Yeah. Does becoming a component make that transition easier . You know what . I think theres enough people i dont think if you go to College Campus now, dow 30. But what it does is theres always people saying i think its like i feel comfortable. Makes it even more comfortable. I think what they should be comfortable with is earnings per share, theyve got a road map. Disney and apple are two companies that seem like every single quarter, when you think they dont have anything they come out with something, yeah look at that. This wasnt in anybodys numbers, this apple tv suddenly im thinking that might be the way to go. Two companies that have had mutual fascination with each other. Jobs, the new books being written, talked about, how disappointed he was in disneys culture after disneys death and the last thing he wanted to happen to apple was the same thing. Walter isaacsons great book bob iger seems to be the only executive that steve jobs didnt make fun of as soon as he left the room. He actually respected him. Lets tackle starbucks, announcing joint venture to produce and sell readytodrink beverages in china, Testing Delivery Service in seattle and new york city. Lots of buzz surrounding controversial race together campaign to spur conversations about race. Last night during jims inter view on mad money, schultz insisted its not a ploy to boost business. Take a listen. Theres no part of this on any level thats about marketing or pr or trying to get more business. I dont think its going to hurt business. We have not seen that in the last 24 hours. This is going to have a long tail to. I think people trust the brand, trust intentions of the company, trust our people and i have great faith that our people will do the right thing and not put any customer in a situation where theyre being handed something they dont want to carry. You always say, not here to make friends, youre here to make money. You like this . He stressed it was voluntary, i say yes. I do like it. In the interview, you watch the interview, you might think im trying to get whether its good for shareholders customers, its obviously good for the country, i think. That was not my purpose to say is this good for the country, i think the discussion is good. I didnt think it was controversial when it came out, we discussed. But present it when i go to starbucks, do i think about this . Im looking at people and thinking, like my kids have taught me dont think economically some person may not be doing as well as you economically, dont think race. Were past that. That was 1960 with my parents. But you know what . Thats its individual. What howard is saying is its individual. I certainly done think it it was done for business definitely not. If you listened to the close circuit meet it was blow away. People want to talk about this and he has great people working for him. Anybody who gives them a hard time, its a shame. Kareem abduljabbar writing, im in awe, awe of the companys trying it shocked that they think it will work. Wow. I met kareem. Hes amazing. He wont remember that he met me. I met him but thats kind of a good summary. I dont know if it will work but its amazing. You have to go back to what those people said to him at these different meetings and realize how passionate howard is. Remember, he did this gay rights, did for gun control. Hes Touching Every third rail there is Mellody Hobson talks about this is the third rail. Hes got the discussion going. I said is the job done . Were all discussing it. This morning the times quotes gwen ifill, if you start to engage me in a race conversation before ive had my Morning Coffee it will not end well. Thats what i said. I i said listen this is my third place, its in the ridiculous world that i am in my starbucks is like my safety zone. But then he pointed out that some of the workers feel thats the safety zone to discuss. We all have our own personal spirits. He kept saying its voluntary. You dont have to up end your safety zone but its a good thing to talk and i agree with him. The problem is that my morning cup of coffee is really of course the split, the sixth split and waited longer than usual. 3 of last 5 splits had a five handle when they made the move. Now well above that. By the way, Delivery System i think terrific. Lets say there had been no discussion, you know backing up, theres a lot of good things coming out of starbucks including Delivery System more technology, that drive the stock higher. Some people might say, the same stores going to go down is Dunkin Donuts going higher. So many things in motion if you start a discussion this is it. You know i think theres so many people going to starbucks. Hes got a captive group. Theyre not going to be turned off by this thats my bet but i had to push him on that. I remember on mad money, im thinking, if i dont ask him about earnings per share, what am i a Mad Scientist . This is mad money. The guidance was in line if you adjust for the split. Last year he had the meeting, and the stock got hurt two year ago a meeting, the stock got hurt. It didnt happen this time. All over the morning shows, absolutely. All anyones talking about other than ncaa. Target planning a wage hike for workers. Walmart set that tone hear what that ceo had to say about rivals following its lead. The president of lvmhs watch division to cut prices due to surge in the swiss franc. Another look at the premarket after the dow climbs that amazing 227 points yesterday, claims in line as well. More squawk on the street from post 9 in a moment. Baby i know why you after walmart and tjx, another retailer jumping on the wage hike band wagon. Reports say target plans to boost pay of all of otherwise workers to at least 9 next month. The Discount Chain agreeing to pay 10 million in a proposed settlement of the classaction lawsuit related to the 2013 data breach. We remember when walmart made this move more workers in the u. S. Walmarts got over 1 million. Target has under 400,000, but anecdotally, Wage Inflation is starting to move. I agree. I know my Charitable Trust owns the stock and i think a lot of people might have believed when they didnt announce when walmart did they wouldnt. I dont now how people could be surprised. I think the stocks a buy. All of these factored in. That day, tjx had a great quarter and announced it and the stock got hammered. Walmart, got quarter, got hammered. Target has to spend a day or two in the woodshed. This is the day of the future. People arent paid that much and it hits bottom line. Remember what jim cinny gal taught us the more you pay them the more they stay. More profitable. Lets not be too hasty. Thor toeor toe tortoise won that race. We did ask Doug Mcmillon how he would feel, would rivals follow suit. Changes were making include structural changes in the stores, wage increases, training programs, and this company, as you know has always been a people business. Its a people Business Today and it will be tomorrow. And so our associates, their pride in the company, the ownership that they take those things are vital to running a good Retail Business and today were investing in them and we want them to know how important they. Expect your competitors to match . Stocks like target and kroger are down some believe because investors expect they will have to match. I think the competitive marketplace works and theyll do whats best for their business. What might be more interesting today this port issue. You mentioned williamssonoma, thats going to save ten cents. Thats a sobering Conference Call. By the way an amazing company, 50 is ecommerce and they had such decline in inventory. People go to the stock realize theyre out of stock. Listen to the Conference Call. This company is wellrun. And it was just a couple of long shore people that did wreck their quarter. That will be finished this quarter. Its not going to be done this quarters going to be impacted. When that smoke clears you want to buy the stock. The stock will not remain down long. Its on fire other than urban outfitters, the best quarter. You just cant see it because of the port situation. They are hitting on all cylinders. Remarkable. Youve been saying for a while im blown away how good that company is. Probably the Fastest Growing individual division of any retailer in the country. Why do they have a port problem . Theres such demand. What pay company. They are so far ahead of everybody else when it comes to ecommerce, its amazing. Sticking with the retail theme quickly, the journal with a piece on sears, suppliers are getting worried. Are you telling me within the same paragraph, sears carl. I mean honestly. They both do sell dry goods, fair enough . Really. Lets talk about lets talk about harvard and kentucky . Right . Harvard can go all the way and finish that first game. May finish harvard. No, you yeah you get my drift. Tough piece on sears today. We know comps through january were down four plus. Reit spinoff, storys well told so far. It is. Daytons going to beat them. On that article was devastateing. Well get cramers mad dash, count down to the opening bell. A look at the premarket as we bounce back from fed day, a couple of fed days. More squawk on the street straight ahead. Hello. I am here to offer sophisticated investing strategies. My technology can help you choose the right portfolio. Monitor it. And automatically rebalance it. All without charging advisory fees, account service fees or commissions. That may be hard to compute. But im a computer. So trust me. It computes. Say hello at intelligent. Schwab. Com can it make a dentist appointment when my teeth are ready . Can it track my crews performance, and protect their heads . Can it tell the Flight Attendant to please not wake me this time . At cognizant, we see opportunities for every company. To meet the new digital demands of their customers. Can it process my Insurance Claim . Like, right now . Can it download a track while im sampling it . Can my keys find me . With the power of digital, analytics and automation now every little thing can provide even greater value. Ok, so can it tell the doctor how long you have to wear this thing . The answer is yes, it can. So, the question your customers are really asking is can your business deliver . 8 30 until the bell. Cramers mad dash this morning. Another downgrade for ebay. This is controversial, hold to sell piper. Theyre saying everyones coming into the paypal space. Now the other day hearing good things about the core ebay. But Everyone Wants to be in the stock because of paypal. Piper points out the Facebook Initiative my Charitable Trust owns it could hurt them. Google, google pay. Everybodys gunning for ebay. I felt the call may have impact. We just had Facebook Messenger this week. Snapchats in charge venmo. They argue google could still buy paypal. I felt they should. The issue is that i think the Facebook News my friend Robert Patton from suntrust if facebook gets this right, it could be game set, match. You know what . I havent seen facebook get a lot of things wrong. So i mean facebook is the first one that maybe theyre the international bank. If i were jpmorgan, id be worried about facebook. Theyll say, well what is cramer talking about . My kids are on facebook 24 7 not on jpmorgan 24 7. Let me post my pictures on jpmorgan. No, im not going to do that. Im going to tell jpmorgan about my trip not going to happen. Hints of housing recovery at lennar. Great way to put. Lennars so much better than everybody else. No lennar keeps Getting Better and better. Stewart miller is a great operator. All during the period where Housing Starts are weak what has he done . I think theyre just great at what they do. 50 cents beats 45. Orders up 18. Wow. Deliverys up 19. Making money on each house. Theyve done so much to make it be as if the Housing Stock should not trade together. They should be best of breed and its this one. I like toll, too, for urban initiatives. We talked earlier in the week. I like that miller said starts should rebound, start to rebound. What a relief that would be. Yes. Again, i think that if you sit down with stu would tell you its tightness with the credit level with banks and thats totally true. You need a high fico score to get that loan. Money has not loosened the way you think it would. Thats the big fact. That and the fact were not having as many kids. Housing is one thing we cannot afford to lose. John stumpf taught me housing punches above its weight. It looks like 10 above the economy, it is multiple times that. When you sit down with john stumpf, he makes more sense than anyone i deal with in banking. Opening bell in over five minutes. Dont go too far. Female announcer right now at sleep train get up to 48 months interestfree financing on tempurpedic. Save hundreds on beautyrest. Or choose 300 in free gifts with stearns foster. The triple choice sale ends soon at sleep train. So whats going on today . News alert message email calendar update most of us admit to being overwhelmed by information at work. Thats why ibm created verse. It uses powerful analytics to uncover hidden patterns in your email, calendars and social feeds. It continuously learns how you work. And helps you prioritize the people and projects you need to focus on. Theres a new way to work and its made with ibm. Youre watching cnbcs squawk on the street, live from the Financial Capital of the world on this thursday. Opening bell in just about 2 30. A lot going