Year walmart preparing for the Holiday Shopping season with a virtual twist this time. You are watching Worldwide Exchange here on cnbc good morning, im dominic chu. Here is how the Global Markets are setting money up opening up a modest 15 points. Lower by three and nasdaq lower by about 60 points the nasdaq breaking through the key mark in yesterdays trade. That will be one to watch. This follows another session on wall street. The dow climbing 1. 6 to close above 29 mark. You can see the benchmark note yielding. 67 . Twoyear note just above. 14 . And on the agenda today, weekly jobless claims at 8 30 eastern time looking for 930,000. This number will not be directly comparable to last weeks one million claims because the department of labor has seen how they seasonally adjust the data. Changing this week european stocks rising on positive data overseas live in the london news room with the latest there. Good morning, julianna we have green across the board. French market leading the way higher up 1. 7 German Market as well up 1. 34 final pmi Service Numbers and composite numbers for the eurozone theyve told us the recovery has lost a little momentum from july to august. We remain in growth territory for the eurozone overall the uk market up 0. 6 . Uk market is relatively strong slightly weaker than the flash estimate lets look at what we have on the board. Green for every sector we have travel and leisure, autos and banks out this morning. Putting the money to work as part of the reopening trade. Putting money to work in the market basic health care and green across the board in europe dom. Thank you very much lets get a look at the other top stories. Good morning sanofi and glachl cosmith kline has announced a launch of a protein based vaccine. They could have early approval by next year shares of novavax shares rise after revealing a study on its own candidate. Showing the vaccine is safe and elicits an immune response the Company Previously released results last month robinhood under sec probe looking at if the company disclosed its practice to selling orders of highspeed trading firms. They could have to settle with the sec. Turning back to the markets now, opening relatively flat following record closes for the s p 500 and nasdaq in what has been a weak month for stocks september, not good. Joining me now, josh wein. Great to have you with us. What do you make of the Market Reaction is this the market that deserves to be at record highs . Caller first, i would say the market is comprised of large cap stocks that are overweight within the index of apple or google that trade down 50 or so bars, restaurants and local businesses the market where it is now, it is justified the top five stocks and s p represent a quarter of the market cap and a quarter of the Free Cash Flow i dont think where we are is actually that crazy at all the biggest reason ive heard for why the markets deserve to be at the record high or have gone to the record high is the fed. Well call it large. Is the Central Bank Policy we have in place and anticipate to have in the coming months over years enough to keep supporting modest rally over time in the market i this i it is. I think the central bank were the earliest actor throughout this epidemic. Lowering rates and indicating that theyll stay low is incredible stocks stay relative to the rate and bonds. One could be guaranteed to stay with the government. The s p trades near 20 times the earnings on the face of it is not cheap but on the face of the 10year that spread, the earnings yield spread of 5 versus 70 basis points a little over 4 . Thats where we were in the fall looking at valuation now, that would be different than someone who constructed. In dproej and innovation, we are not in a different place now than 10 months ago can you be constructive on valuation and then you can be constructive on valuation. Certain parts of the market or more valued than others. Certainly overextended to the upside where in the market, do you go if you are looking to find value that can turn into growth at some point sure. Thats a great question. I would point out in our cornerstone large growth fund, we are exposed to all sorts of sectors. I would point out a few ideas that are exposed to the economy reopening. Last time i was on, we talked casino gaming and restaurants and things that are very obvious. The vaccine and people going out and socializing. Something to look at would be like henry shrine, dental practices in north america 13 times cash flow very strong returns on equity in the mid20s. Certainly a tail wind coming from elective procedures opening back up at practices across the country. A name like this is overlooked when we talk about work from home with zoom and tesla and the opposite of that speaking of the work from home tilt, are there companies you like that still represent relative valuation to the market given the fact that weve seen huge runups of stocks in zoom and tesla and other names like that are there names specifically tied to work from home you think are good i would point to best buy looking at the charge, you wouldnt know we are going through what we are going through with a race to new highs. Still about 10 times last years cash flow and roughly the same looking forward. Incredibly strong basis. Best buy gets overlooked they did well early 2000 and went through their swoon. They do well in work from Home Entertainment from home with streaming. What is overlooked is Services Something like geek squad drives a lot of sales in routers and computers. I think best buy has already capitalized. I dont see that ending with a vaccine or anything like that. I would throw out there is sears used to be the goto for appliances best buy will benefit greatly from that. Josh wein his calls. Best buy and henry shrine. Stocks to watch including two retailers trading higher in the premarket a dollar for your thoughts the green back bouncing off the low. The farreaching implication and then is the death of new york city greatly exaggerated. New numbers on theeaesta rl te market could hold some answers more when we return after this break. Give you my world how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with xfinity mobile. Welcome back to Worldwide Exchange. Protecting against Cyber Attacks and high five for five below well start with crowdstrike reporting Second Quarter adjusted earnings that beat forecast the Cyber Security company has reached more benefit shares are down more than 6 today. Theyve nearly tripled so far this year. Possibly profit taking there pvh saw strong expand for casual wear the owner of van heusen, calvin klein and Tommy Hilfiger is seeing climb in europe and new york america a drop in shipments to department stores. Shares up a percent and a half and five below reporting a better than expected quarter nearly all locations are open again and the Third Quarter is off to a strong start. Those shares up more than 6. 5 this morning thank you. Check out the dollar today extending gains to a Third Straight session the best winning streak for the green back since may trimming bets against the dollar and selling to the euro as the central bank is worried that that currency would rise only 1 above the 28month low it hit earlier this week lets talk more of that with kit. It has been a while. Good to have you, sir. The green back, is it still the preferred currency yes there is no contest from anyone else the world would be a better place if the folks in second and third place were a little closer that would be healthy. A strong euro doesnt mean the euro is about to become the worlds currency that means the currency that is held down on the structural floor is getting a little stronger and might look like a big currency, which usually means it is too strong for the happiness of the central bank. I remember a day, you do as well, when super models and athletes wanted to take their pay in euros versus dollars. We know what happened to that whole thing there. What is driving the action is this a story about true dollar weakness or more about the strength of other currencies it is more the u. S. Than any other single thing the European Recovery Fund was the first step to allow those not to rely on those all the time when the Federal Reserve came into the market on march 23, the main Street Program they opened up the treasury market to a wider basis and prevent that ceasing up they dramatically increased several kinds of assets. That is more traumatic i can remember in the financial crisis than the crisis and without having a weaker currency by the way it is a good thing they did avoid the freezup of currency. I know President Trump at one point in his presidency in his first term here said he wanted weak dollars this would help exporting business and Everything Else is this a scenario where exporters can benefit if there is a sustain saned trend this is going to take some time the reason the weak dollar is good for exporters isnt just the weakness when the dollar is weaker, it is because the Capital Growth prospect in brazil, they complained in 2010 because the real was too strong and they had Interest Rates that were too low. That rate that you get coming through, the economies get the growth moving. You have a bunch of countries that rely on the capital and you have the quantitative easing to help economies out of the hole they are in during this pandemic the weaker dollar will be good as they spread through the merging markets. It is not so wonderful for the Global Economy not just the dollar but against the rest of the world in trade and ecb. That is worst and freeing up the market where we need progress to get animal spirits getting money into the worlds emerging market and getting to the positive cycle. That will take some time we are on our way. Before i let you go, ive got about 15 or 20 seconds here, the most compelling market in asia where the pandemic has been fought most aggressively. At the budget surface and the ammunition to benefit from the recovery when it comes thank you very much. Always great to get your thoughts have a nice day. Thank you coming up, the top political story including the race to the white house. President trump traveling to pennsylvania and democratic rival joe biden heads to wisconsin. Both of those battleground states the latest when we come back announcer todays big number, 3. 3 trillion. Thats how much the Congregational Budget Office predicts the u. S. Budget deficit to be in 2020. Triple the short fall recorded last year. Expects governments debt to outpace the size of the nations economy this year. A level not reached since after world war ii welcome back to Worldwide Exchange getting to updates outside the world of business. About morning. Just 61 days until the election the race to the white house is heating up joe biden is traveling to kenosha, wisconsin today where hell meet with the family of jacob blake. His trip will be centered around healing for the community. President trump is headed to pennsylvania for a campaign event. He suggested his supporters in North Carolina should vote twice. Once by mail and in person to test the Ballot System a friendly reminder here that casting multiple ballots is a federal election crime the world is mourning the loss of tom seaver who reportedly died from difficulties from covid19 amassed amassed 12time allstar, three cy young awards and was inducted to the Baseball Hall of fame in 1982 the mets released a statement calling him the greatest met of all time he was 75 years old. A baseball pitching icon. Coming up, new numbers the new York Real Estate market has a midst fears of people fleeing to the suburbs. What it is tlielng us about the pandemic after this. Ness, or a big one. You were thriving, flourishing, but then. Oh. Ah. Okay. Time to think, plan, pivot. How do you bounce back . You dont, you bounce forward, with powerful connectivity. Serious and reliable internet that lets you go bigger and better, with more sharing, more making. Whoa. More that. More talking. The entire time, you got this okay, less talking and more doing. All driven by the largest gig Speed Network in america. And even if the power goes down, your connection doesnt. But what if no ones in the office . Bring the office to them. But is it secure . Sure its secure. Okay, sounds great. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. If i could, baby id how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with xfinity mobile. About morning, the bulls continue with their charge e cigarette micker jumaker juuls cutting jobs in europe and asia. And snoop dogg is celebrating an anniversary with a new business venture. It is september 3, 2020. You are watching Worldwide Exchange on cnbc. Welcome back to the show here is how your money and investments are looking half way through the 5 00 eastern hour. The dow jones implied higher at the opening bell s p lower by about five points and nasdaq down about 82 all of this, lets take a look at some of these first of all, is the momentum stock trade, think communications and tesla versus low volatility, on a year to date basis, momentum stocks up 25 as measured by one etf and lower only up about 1 that gap widening out all year earlier this week, well see if that trend continues the second one here, the s p 500, the market cap weighted versus equal weighted, look at this the large cap stocks outperforming by 11 on a market cap weighted basis down almost 2 on an equal weight. That gap here. Well see whether or not those trends continue. One last one, growth versus value. Up 33 so far this year. A similar etf is down 9 in this span a huge span there. Value versus growth. At some point, they would reverse the growth key convergence to watch in coming weeks getting a check on these top stories. E cigarettemakers juul labs is planning another round of layoffs and thinking about halting sales in europe and asia we continue to watch shares of kansas city southern. The report black stone and partners submitted a bid for the operator after a previous bid was rebuffed shares of tesla down by about 6 yesterday after the filing showed the companys largest outside share holder the ukbased fund maker said it was still a longterm fund reliever thats the latest, over to you recent figures showed the Real Estate Market in manhattan showing signs of the market down dramatically from the same time last year. The main reason people continue to flee to the suburbs as they search for more space amid jo ongoing coronavirus outbreak we look at it not because its a bell weather but it could tell us a Little Something about peoples consumption habits. Thats right. And remember, new york city is the largest market in the country. This has a big Economic Impact looking at sales contracts falling the fifth month in a row. Unsold listings up about 50 so about 585 contracts for july and august down a third from the same month last year. A slight improvement from july two months after the new York Real Estate market reopened, some hoped for a rebound and stronger sale in august. New listings are piling up fast. Over 2,400 apartments were newly listed in august that is four times more listings than you had sales contracts the buying surge in suburbs in florida show slowing contracts in the hamptons more than double in august. 25 deals in the hamptons over 5 million in connecticut where you had nearly tripling. West chester, you saw contracts up almost 60 . Florida, august is usually a dead month in florida. Not this year, Palm Beach County up 84 broward more than doubling miami dade also higher the strongest gains in florida, westchester and connecticut are all higher end properties. In florida, you are talking 600,000 or more nd in connecticut, you are talking 1 or 2 million if it is the high end, that could mean it is the wealthier new yorkers that are leaving as we know, the 1 pay 40 of the taxes in new york city if it is the wealthy that are leaving, this could be very costly for new york city and the state. Im curious im wondering how sustainable those are. I know in my town, it has been a surge the local newspapers are covering how long can this last that is an interesting request. In march or april, this is a onetime pop people buying first or primary homes that will go through may or june. In august, we saw strength august, we saw incredible strength i thought and brokers thought this would be a onetime splash that would be over midsummer it shows no signs of slowing at some point, prices have to slow youll have 14 to 20 bidders per home and homes saling the day it is listed. Right now, those are slowing i remember a similar thing happened not long after 9 11 when everybody wanted to move out of the city. Fast forward and everybody moved back to manhattan. Is the death of new york city overexaggerated . New york has come back before everyone always reminds me that new york had been through the 70s, 9 11, sandie and it always comes back we never had the pandemic and the work from remote converge. We just dont know where the bryces fall. Is that enough we couldsee. It could take a long time before we see the real price level should be for living in manhattan in new york city the Silver Lining is it does make living in the city more afford for many. Yes for more on the state of housing, im joined by chief economist at courtland how much can we read into the new york city dynamics as indicating other major metros across america i dont think very much when we look at the national figures, new york is a beast of his own. Seeing the other anecdotes when we are looking at the national figures, we are looking at those trends. What trends are those we cant take new york or we should take a beast of its own. Looking at metros across the sun belt, you are looking at net migration that has been strong for some time. Lets talk about the current financial dynamic playing out. A huge driver for purchase decisions and perhaps refinance positions. Are we talking a bottoming contract in place. Is there a prospect on the line that could put a damper on the basis. After the 10year interest rate. For that case, the Political Uncertainty to make that move. On that sense, yes, we expect to see slightly hire mortgage rates. That Association Report on applications mentions this as well they talk about the effect of low Interest Rates while great in the beginning, they dont continue to fall there is not another notable decline. Youll see a flattening of activity im a homeowner myself living the American Dream saddles with thousands of debt that will take me years to payoff but the home equity in my home is growing will that lead me and lead others to tap into that home equity, spend a little more and could that be a crux for moving the overall economy higher absolutely. The interest you would pay on the Home Equity Loan is only deductible if you are using it to improve the house i dont think well see the consumption generated by harvesting home equity some will access that to improve their home and use it for consumption just knowing that that deduction isnt there any more a lot of dynamics right now inhousing and mortgages thank you for your thoughts. Lets get a check on stocks on the move today. Costco says samestore sales rose in august estimate increased Digital Sales more than doubled as more people spend more time doing e commerce shopping. Shares swung to a profit in the first result from its ipo. Also reporting low Interest Rates. Rocket did announce a q2 result. Shares are up more than 30 since its debut. Cloudera is falling. Subscription revenues rising 17 on the quarter also upping its guidance for the Current Quarter as well. Those shares off by 1 coming up on the show, auto snoop dogg is take gin and juice to a whole new level a lot of drama in the lbc but first, other top stories facebook has banned an indian politician for violating hate speech policies. Facing growing backlash in india over handling of extremist content there. A source tells us there are no active talks. And the 478room hilton Time Square Hotel is closing. The company cutting over 200 jobs an iconic hotel in the city. We are back after this im hector. Im a delivery Operations Manager in san diego, california. We were one of the first stations to pilot a fleet of electric vehicles. Were striving to deliver a package with zero emissions into the air. I feel really proud of the impact that has on the environment. We have two daughters and i want to do everything i can to protect the environment so hopefully they can have a great future. Announcing gift ideas ahead of the Holiday Season. Time for todays trending stories with frank gift ideas for two very different demographics what the Holiday Season months away, walmart is making it easier for parents to pick out the perfect gift the releasing the annual toprated toy list. This list reflects a shift to more interactive and energy burning toys kids can test these out virtually with the Walmart Wonder Lab and Dwayne Johnson announces he, his wife and kids have been battling covid for weeks and calls it one of the most challenging and difficult experiences. Snoop dogg launches indoggo gin and griebs the gluten free drink as laid back mind on my money and my money on my mind if anyone out there could put out the own gin. Such a classic. That reminds me of me and you. Somehow, some way, we get Worldwide Exchange out every day. We do well leave ou the expletives. Speaking of gin and juice, he mentions segrams have you are have that i have never been a big fan of gin i had it in college. You know we had had. It doesnt taste great and smells when it comes out our pours. This year will be different thanks to what else . The ongoing covid outbreak contessa joins us with the latest there good morning hi, dom if you are heading to a store or shopping online, can you expect to get a deal but not necessarily your appliance home depot is one of the big box chains advertising when we look at the website, it had a warning, due to demand, deliveries may be delays or rescheduled. Since the pandemic, theyve been trying to keep up with record buying of appliances as americans hunker down, stocked their freezers and did more cooking from home. Customers having to wait months to get appliances in most of the vendors have reduced the size of their lines and focus on Core Products you may not get exactly but definitely something suitable. Bosch, a popular dish washer manufacturer usually sells 150 models but now has the selection limited to 15. Ge appliances told us, in order to meet customer demand, we have limited the number of promotions available this labor day this weekend to products with substantial inventory. The other side of this, prices the prices rose 3 from june to july over this past summer, i was trying to buy a chest freezer and i could not find one anywhere within 100 miles where i lived. Didnt matter where i went my question is, these supply constraints are not just appliances my dog Food Delivery Company said they are constrains right now as well. Thats right. What you are seeing is those social distancing requirements at the plants. What if someone breaks out with covid19 home depot, lowes talked about the constraints. Best buy said looking into quarter three, they expected the supply constraints to exist at higher than expected levels. What you are finding is, trying to get a refrigerator. We can get you one it is white, it is a top freezer and the only model available are you going to go with that . It is going to change the look of your kitchen. Home depot, lowes and best buy, all three i went to look and couldnt find it your parents would be very proud of you a chest freezer. Good for you thank you coming up, well get ready for the trading day ahead. You are watching Worldwide Exchange. Welcome back investors are releasing another key report on claims of 958,000. The number may not be directly comparable to the claims numbers because they have changed how they seasonally adjust as stocks try to extend gains back to the 29,000 mark since february nasdaq starting above 12,000 for the first time ever. Joining me now, lindsay bell also a cnbc contributor. This is a big, big week for markets. Because jobs are important jobs could derail what is happening right now. Hey, dom. A great question always an important data report. Basically, the fed said if the numbers are better than expected and job numbers improve faster, that will be okay. Well run with it and see where it takes us. I think the game has changed to a degree when it comes to jobs the pull back that is economically driven. Ive been impressed with a lot of the data that has come out. It is moving in the right direction and showing improvement some indicators, there are ways to go the biggest rise ive seen since 1989 manufacturing is doing well. Weve seen the Housing Market on fire even housing is showing signs of life we need to see if we can remain on this trajectory going forward. That will be the key especially with the elimination of stimulus and vaccine in the election. 2020 has been a strange year. It used to be sell in may and go away and it used to be that september was the worst month for the stock market yet we are starting off on such a strong foot what do you make of this it has been an usual year to say the least. Over the next couple of months and the stimulus package the vaccine and the positive news. Cdc statement asking statements to be ready to distribute the vaccine by november 1. Also the really big components are the fed policy theyve ensured vest investors theyll not take any drastic moves to derail things for a long time. Sure. A dynamic play thank you for your thoughts. Thank you, we appreciate it. That does it for us on Worldwide Exchange. Indicating a stable open for the dow. Off aboutht ree points squawk box picks up coverage after this commercial break. With a burning love inside yeah im working my way back to you, babe and the happiness that died i let it get away servicenow. The smarter way to workflow. If i could, baby id how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with xfinity mobile. Good morning the dow pushing above. Powered by new retail traders but watch out, many of them trading on the Popular Platform robinhood that is now sffacing sec probe. And airbnb with a spat perhaps burning a hole in spackmans pocket. Worldwide exchange starts now. Good morning, welcome to squawk box on cnbc im becky quick. Joe and andrew are out today a lot to talk about. Starting with the market sent the dow back above 29,000 for the First Time Since february 20 with a gain of 450 points, 1. 6 for once, it was the dow and s p outperforming the nasdaq dow up, nasdaq up 1. 5 you did see a change in rotation