Years. Its warded them off and rebounded in a meaningful way each and every time. My sense is youll have more of the same now guy, just a quick question on the markets more broadly yesterday markets higher and the dollar higher. That correlation has not been in play for much of the summer. Is it encouraging to see the markets rally in the face of a strong dollar . Wolf, as you know, one day does not a streak make, but i think youre on to something lets see how it plays out the dollar was on a bit of a its been on a bit of a roerl coa roller coaster i dont think correlation can continue, but to your point it was a healthy sign we can say we want yields, but lower yields are positive for the equity market. Theyre positive until theyre not. I think were in that sweet spot, and i hate yeezi inusing well but i think you have to watch the dollar closely everything concerns me especially waking up at this ungodly hour, but one of the other things that concerns me is currency volatility is surpassing equity volatility thats something that historically we dont see. Guy, thank you very much for getting up thank you both. I dig you both ill see you later four major mutual funds have reportedly marked down their uber investments the wall street journal says van guard principle funds and Hartford Funds slashed the price of uber shares by 15 . T. Row price brought down its estimate by 12 . There has been a set back for uber for the past few months, including a federal probe and claims of sexism at the company. That ultimately led to the ouster of travis kalanick. Ubers biggest investor is doubling down on meg whitman to be the next ceo. Landon dowdy has more on the ongoing uber debate. Ubers biggest investor has not given up on meg whitman to take the helm of the ride hailing company. Two sources familiar with the search says benchmark has had recent conversations with whitman and shes the preferred candidate. Benchmark is denying rumors that it will reintroduce her name for consideration. Last month whitman took herself out of the running she said we have a lot of work to do still at hp. The next uber ceo will not be meg whitman. Travis kalanick stepped down in june back over to you the New York Times has a big takeout today on apples bet on selfdriving cars the times says the tech giant is scaling back its ambitions to build a fully applebranded car. Instead it is working on the Underlying Technology in autonomous vehicles. This New York Times report was based on five people familiar with apples car project code named tighten. The paper also revealed apple is testing the selfdriving vehicles on its palo alto campus a lot of fun exactly turning to the wall street agenda one piece of Economic Data july new home sales are out at 10 00 a. M. Eastern theyre forecast to rise more than 1 . Dallas fed president rob kaplan is speaking this afternoon lowes reports before the open along with American Eagle outfighters, after the close we will hear from hp and pbh. Shares of wpp are in the red after lowering its growth forecast the companys ceo is blaming the u. S. Well bring you his comments. And later, lottery fever is sweeping the nation as the Powerball Jackpot hits 7 700 million. I need to get some cash and buy a ticket were counting you down to the big drawing when Worldwide Exchange comes rit ghback were all working forward to something. Synchrony financial can help your customers make it happen sooner. So she can plug into her dreams. And theyll have a new addition for their new addition. Whatever youre working forward to, even if its chasing squirrels, Synchrony Financial can help you get there. Even if its chasing squirrels, you myour joints. Thing for your heart. Or your digestion. So why wouldnt you take something for the most important part of you. Your brain. With an ingredient originally found in jellyfish, prevagen is now the number one selling brain Health Supplement in drug stores nationwide. Prevagen. The name to remember. Yogigspeed internet. Me . You know whats not awesome . When only certain people can get it. Lets fix that. Lets give this guy gig really . And these kids. And these guys. Him. Ah. Oh hello that lady. These houses yes, yes and yes. And dont forget about them. Uh huh. Sure. Still yes you can get it too. Welcome to the party. Introducing gigspeed internet from xfinity. Finally, gig for your neighborhood too. Welcome book ack to worldw exchange. Hong kong is closed due to typhoon hato being in the region nikkei up a quarter percent. Shanghai up 0. 8 . Essentially flat in europe after a strong day yesterday not quite as strong as the u. S. , but saw over a percent of gains for germany and three quart e of a p quarters of a percent for cac what does this mean for the u. S. After what was a great session yesterday . Nasdaq up about 1. 3 the s p and the dow up very close to 1 for the dow. Just shy of a 200 point move 196point gain yesterday for the dow. Similar to what we saw in asia and europe a bit of profit taking after a great session yesterday. Stocks were watching today, salesforce. Com reporting Second Quarter profit and revenue that beat forecasts the company hike td its fullyes Sales Guidance but it maintaining its growth in cash flow and operating margins still on mad money last night marc benioff was bullish on the prospects in the cloud we just pounded oracle in the quarter. You can see it in the market share numbers. You can see it in that chart that youve gone to many times that sales force is considerably larger than oracle, and the spread continues to go and you can see it in the top line growth numbers. Look at that growth. We are forecasting now 24 growth for the year. We raised our revenue guidance by 100 million for the Second Quarter in a row thats incredible. And ive got dreams of 25 those are high expect takeats go daddy saying blake irvin will retire at end of the year he oversaw the ipo in 2015 erving will be replaced by coo blake wagner blue apron has imposed a partial hiring freeze for its salaried employees the Meal Kit Delivery company is still hiring for corporate roles and hourly jobs at its Fulfillment Center but blue apron is cutting several members of the recruiting team. That stock off 0. 75 . Shares of wpp trading at a 14 month low in london today the Advertising Company reported a slowdown in Revenue Growth in the first half of the year wpp is cutting its fullyear sales outlook. Earlier today on cnbc, sir Martin Sorrell pointed to weakness in the worlds biggest ad market. Its ban toueen a tough firsf quarter two was weaker than quarter one. The weakest for us was the u. S. , which was pretty much the case across the industry. Thats where the pressure has been amongst the heaviest. Zto express with Second Quarter results that fell shy of expectations they also issued Third Quarter guidance below expectations. Zto is down 5 this morning. Lazboys first Quarter Results missing targets, they were hit by higher costs from the upholstery business. Lower volume throughout plants made it harder to absorb those costs. Down 14 still ahead, dialed in on samsung. A critical moment for the company today. Its unveiling its newest smartphone can it bounce back from some big debacles is that an understatement. Yeah. Its already doing all right this is an important phone ahead of the next iphone well discuss that. Also in the tech world, lg just made a big bet onamerica. Heres the National Forecast from bill karins from good morning to you we are watching closely whats going to happen in the gulf of mexico we think that we will have Tropical Storm harvey by the end of today its now over the water. Still just a tropical wave but excellent chance, all of the computer models think this is heading up towards the texas ko coast. Were not exactly positive who will get the worst of it yet the big question mark is how long will it stall out over the weekend. Indications are it will drift near the Texas Coastal areas one computer model is showing seven inches of rain from victoria texas back to mississippi. That would cause major flooding and it would be an issue through the weekend regardless of how strong the storm gets. Otherwise today, beautiful weather returns great lakes, northeast and ohio valley after at yderstorms yesterday. Thsour Business Travel forecast more Worldwide Exchange when we come back welcome back to Worldwide Exchange, im wilfred frost Lg Electronics is expanding into the u. S. The company will spend 25 million to build a factory in michigan to make parts for electric cars. They will initially make battery packs. They started supplying parts for the chevy volt last year the new plant will create about 300 jobs. Samsung will try to get a leg up on apple today. The company will unveil its galaxy note 8 at an unpacked event in new york city joining us with a preview of what to expect is todd hazelton Technology Product editor for cnbc. Com how much is riding on this note 8 . A lot last year the galaxy note 7 caught fire, it was recalled twice. Now theyve brought it back. If you were at the airport last year, it said dont bring your galaxy note on this plane. Was kind of embarrassing if you had one to have a phone that could explode. Samsung did do a good job earlier this year with the gala galaxy s8 and s8 plus. Those were not catching fire those were safe. Samsung will have to say we tested like crazy. Had third party tests. We suppliers for batteries, this phone is safe. Only time will tell that with the s8, clearly the brand showed resilience. Sales of that have not been bad. Tell us about the features on the phone and whether this is an attempt to frontrun the new iphone it is i think well see a better camera on the back, Something Like we sawed with the iphone 7 plus, with two different sensors. Well see the latest processioner fr processor well see the spen come back, and the larger screen which people love, that goes over the edges like we saw with the galaxy a plus. They have to get ahead of the iphone there were rumors that this would launch september 15th, i think they need to do it quicker than that. What is samsungs ability to get parts and deliver relative to demand versus apple samsung has done a great job getting the latest parts, one of the concerns with the iphone 8 is that apples not going to have Gigabit Technology in the phone. We may not see the feature in these phones which would give the galaxy note a leg up samsung has retaken the United States over apple who owns what phone. You said a lot of those are the lowerpriced budget models if theyre hoping for the highend consumer, do they have to really woo those people away from apple they do they not only have to woo away from apple, like climbing a mountain, but also convince people who might otherwise buy another Android Phone or other phones which are now cheaper, thats good if theyre staying with the brand but on the other hand you want to sell your flagship phone and make this is a big bang this year some people do wait, when they see what this is, they follow the hype of apple. Thats dangerous for samsung break iing new ground is hard these days tom, thank you very much thank you. Samsung stock has been very good because of the memory part of the business over the last or so over the last months down 7 . Up next a round up of the top stories and more on President Trumps big threat of a Government Shutdown. And later, how walmart plans to take on amazon with the help of google. Youre watching Worldwide Exchange on cnbc. I love you, couch. You give us comfort. And we give you bare feet, backsweat, and gordos. Everything. I love you, but sometimes you stink. Soft surfaces trap odors. Febreze fabric refresher cleans them away for good. Because the things you love the most can stink. And plug in febreze to keep your whole room fresh for up to 45 days. Breathe happy with febreze. The shutdown threat. President Trump Warns Congress fund the border wall or pay a steep price. From washington to wall street well tell you how the Global Markets are reacting to the president s latest comments. And a record setting jackpot. Big bucks up for grabs in the powerball lottery. Well tell you how much. Its wednesday, august 23, 2017. Youre watching Worldwide Exchange on cnbc. Good morning warm welcome to Worldwide Exchange on cnbc. Im wilfred frost. Im Contessa Brewer in for sara eisen the jackpot is enough money not to convince me to quit working, but to make me probably a pain to work with i think everyone would be a pain if you knew when they won it and it wasnt you you wouldnt quit working if you got 7 700 million it would be fun to go in, yeah what are you going to do, fire me . Go ahead either way, i think enough talk about it that im tempted to buy a ticket today. Ill probably do that. Big spender probably lots of tickets. How else can you make money . By investing lets look at futures. Theyre lower. The nasdaq up 1. 3 the s p and dow up just shy of 1 tech the best sector followed by materials, and 1 out of 11 s p sectors lower, that was real estate taking profit after yesterdays gains. The dow down by 17 points. Tenyear treasury note yields have ticked up above 2. 2 in and around that level 2. 22 this morning. President trump is putting the governments money where his mouth is in a big campaignstyle rally in arizona, trump says he is willing to shut down the government to get the funding needed for his proposed border wall build that wall now, the obstructionist democrats would not like us do it but if we have to close down our government were building that wall if congress doesnt reach a funding deal that the president signs into law by september 30th, the government will shut down Congressional Democrats have said they wont support a deal that includes money for the wall the peso took a dive as you can see. Down now its bouncing back a bit. After trumps comments it retreated some what. This morning up against the dollar slightly. The dollar higher there against the peso by 0. 7. So theer by. 7 the other thing trump had to say about this is that he thinks that they might terminate the deal with nafta, and that could ab big probl be a big problem well see how companies relying on that free trade react to that news looking at the nikkei breaking a fiveday losing streak looks like its up now a quarter of a percentage point. The shanghai down slightly hong kong closed today as a howerful typhoon bore down on the city it was a big category 10 storm uprooting trees, flooding streets. 400 Flights Canceled here. It is the strongest typhoon to hit hong kong in five years. Taking a look at europe. Mixed trading. The dax basically flat but in negative territory, just slightly same thing with the cac up just in the green everyone looking towards jackson hole and what the central bankers are going to have to say about quantitative easing. Absolutely right. Albeit mario draghi dialing back expectations of what he would say this week. He was speaking this morning and didnt say much about that but the euro is higher more because of pmi data out of europe which came in better than expected particularly germany with softer than expected Business Sentiment data yesterday the euro up 0. 2 not so much because of mario draghi comments. He speaks again on sprayed in jackson hole elsewhere, the dollar moving a bit lower against the yen. And pretty much flat against the pound. The pound though, against the euro, it is hitting an eightyear low even though the euros pulled back a bit in the last couple weeks against the dollar, it has not done that against the pound. Gold prices are not doing much basically flat at 1291. Finishing on oil prices which were higher yesterday but only by 0. Down 0. 5 today up 0. 5 yesterday. Lets talk more about oil and the energy market. John kilduff cnbc contributor joins us first question i got, john, why have we seen metals race ahead over the summer . Iron ore up w40 but oil not doing the same its all about china. They like to build stuff, put people to work thats what theyre embarking on now once again this is their third reiteration of building the economy up by spending that means a lot of iron ore use, nickel use. Part of it is an inflation trade for gold and silver. China cannot do for oil what it is doing for the base metals because they overbuilt their refining ka passi itit itit itc much lets talk about oil itself and the fact that though theres an intent to maintain production or slow production, you have nonopec countries that dont participate. Where are we going with oil . Is there a chance for it to maintain its growth above 50 a barrel. Now the opec and nonopec folks have their hands full. This was their season to shine, with the peak summer driving demand, global summer demand strong, europe, asia, latin america, south america this is it the time has passed now. You will see refinery run rates in the u. S. Which were at record highs the past several weeks come down because they retooled. They go into maintenance and rejigger their production slates so you will see lessened demand over the next few weeks, and that will put a press sure ure n prices the Kuwaiti Oil Minister yesterday said about the upcoming november meeting that they will talk about extending the deal or potentially ending it would we have seen a softer oil pric