Good morning. Very warm welcome to Worldwide Exchange on cnbc. Im wilfred frost alongside Courtney Reagan in for sara today. Good morning. I love this song. Our team is so on point with the music. As people know, it would be all boy bands and Andrew Lloyd Webber if i chose it. Lets look at futures. Essentially flat. For the week as a whole we are heading lower, down 1 for the dow. On pace for the worst week since november. Sounds bad, i suppose it is in a relative sense, but in an absolute sense, only 1 of declines as a whole highlights this up from pullback in the last five or six weeks has not been too volatile. Down 1 for the week for the dow, down a half percent for the s p and the nasdaq coming into todays trade, but we are called slightly higher for the dow and s p and the nasdaq expected to open slightly lower. The jobs number coming out later this morning. December was 156,000. Expectations for january higher at 175,000. Lets look at the tenyear treasury note. A bit of fluctuation during the middle of the week, but ending where it started, just below 2. 5 . 2. 483. We have breaking news overnight out of china the peoples bank of china surprising markets by modestly increasing shortterm Interest Rates on its first day back after the lunar holiday. We also got Economic Data overnight. Private chinese Manufacturing Survey missed forecasts. Coming in at 51 from december, the month before, 51. 9. Looking at asian markets, the nikkei just about flat. Hang seng and the shanghai lower again on the first day back after that long holiday. Still a lot of attention being paid to whats happening here in the United States both out of washington as well as the jobs report and rhetoric out of washington with those ceos this afternoon. To pause on that chinese monetary policy, a big surprise they tightened policy very slightly. Thats important to watch. Is that the start of a new trend . Is it something we should take positively or negatively . Growth in china in the past few years has been credit growth led. Will this derail growth . Or is this something that shows the central bank and government are encouraged by the fundamentals of the economy that they are able to do it. It was a surprise when it came out. It has not derailed markets. Down 0. 6 . If this is a start of a more pronounced trend from the bank of china something to watch. At the moment, just a small move. The europe final composite pmi reading coming in at 54. 4. It beat forecasts fractionally. The uks january composite pmi reading was 55. 2. The lowest level since november 2016. Services pmi, the thing that makes up around 67 of the uk economy, missing expectations. The figure coming in just below at 54. 5. The prior reading was 56. 2. Clearly still significantly above the important expansionary 50 mark. A decent miss. A full point below expectations. Thats something to watch as we go forward. Composite figure for gdp growth at 0. 5 quarter over quarter. December eurozone retail sales, down 0. 3 . They were expected to rise. They were up year on year what does this mean for european markets . Not derailing them. A week set to end positive. Germany up 0. 1 . France up 0. 7. The ftse 100 up a half percent. We can take a check in on broader markets. Look at whats going on with the action in oil. Reversing what we saw yesterday. We saw a downward push in the session for crude and brent. Today crude oil up 0. 3 , brent up higher than what were seeing in the action for crude. Not very much. So up 0. 4 . This could potentially be higher on trumps potential imposition of more sanctions in iran. Some of those tweets shaking oil markets a bit. We did hear from the Russian Energy minister saying that Oil Producers had cut output in accordance with the pack agreed to in december. Thats supported the price of oil just a little bit. If we look at the dollar, seeing some firming up here ahead of the jobs report. Really mostly flat with the rest of the market. It will cost you a 1. 07 to buy a euro. The dollar is stronger against the yen. The dollar is rebounding as youre saying, not much, but interesting for the week as a whole, down 0. 7 . Its the fourth consecutive week of declines for the dollar. Thats something important to note. That was such a strong correlation of the trump rally with equities, clearly the dollar has stepped back in january and now february. Something to keep an eye on. 0. 7 is not the end of the world, but a fourth week in a row of declines. Maybe fear of policies. News to come that will be cheered by markets in terms of banks regulation to come in a moment. Gold prices, down a bit in terms of what has been a good week for gold, up 2. 6 for the week as a whole. Today 1,215 the price. The u. S. Labor market is front and center today as the u. S. Jobs report is out at 8 30 a. M. Eastern. Heres the consensus forecast. Nonfarm payrolls expected to rise by 174,000. Average Hourly Earnings are seen rising by 0. 3 . In addition to the jobs report, we get the january ism Services Index at 10 00 a. M. , along with december factory orders. Look for results from clorox, hersheys and phillips 66 before the opening bell. President trump reportedly plans to sign an executive action today to scale back the doddfrank financial overhaul law. He is expected to roll back a rule set to take effect this spring that would have overhauled the retirement account advisory business. White House NationalEconomic Council director, gary cohn, says americans are going to have better choices and americans are going to have better products, because were not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year. The banks are going to be able to price product efficiently and effectively to consumers. Big one. Massive one for the financial industry. Dont know where to start with this article, but ill started with a caveat, this is a table setter for a bunch of stuff coming, that is from gary cohn. So a lot of laws have to be passed before the big parts of this are enacted. Thats the caveat, but a clear marker of the administration. We heard the quote there, framing it as the consumer will get a better outcome. He says we have the best most highly capitalized banks in the world and we should use that to our competitive advantage. He says also we have the most highly regulated overburdened banks in the world. Not quite true. European banks would arc theyre in a similar position. The way this is framed, we are america, we want american banks to have the best position on the global stage. Thats how they will have to frame this to not anger certain voters, as opposed to were going back to the good old days, this is a Goldman Sachs banker discussing things with jamie dimon. This will help american banks on the global stage. You mentioned the fiduciary role being rolled back. Thats not a revelation, a confirmation. Consensus had got that wouldnt be implemented, because its not in place. Some comments about richard cadre who heads up the cfpb, suggesting his time, his days there may be numbered. This comes before the treasury secretary has been confirmed. What does this say about the status gary cohn will hold in the white house coming through . Id say this is a very clear marker that hes going to hold a lot of power that this is coming out before the treasury secretary is in his role. Positive for the banks, it confirms how clear the Trump Administration will be in terms of rolling back deregulation. And so many bankers have said maybe some of this is okay to roll back, but not all of it regulation has helped us in a number of respects. The financials are now negative year to date after that nice run up following the election. Exactly. This is confirmation that some of the moves were as a direct result of regulation. Donald trump will meet with a group of ceos at the white house, among them, jamie dimon, Ginny Rometty and larry fink. They are part of trumps Economic Advisory group chaired by steve schwarzman. The meeting will focus on economic issues, women in the work force, taxes, trade and infrastructure. Travis kalanick, the chief executive of uber has removed himself from the group and will not attend the meeting following the president S Immigration ban. To todays top corporate stories, the parent of snapchat lifting the curtain on its initial public offering. It made public filing papers public last night ahead of a share sale that could go down in the first week of march. The companys debut could be the largest since alibabas more than two years ago. It is expected to seek a valuation of 20 billion to 25 billion according to the wall street journal. The offering seeks to raise 3 billion. Amazing, that company. People spend the most users, 25 minutes, 30 minutes a day. Massive numbers and comparables. The timing still of the ipo always odd, they moved it forward a lot. Huge interest will be expected. Listening to sara and bill on closing bell yesterday, people were saying will this be a facebook and soar from there or a twitter. The big postearnings movers, shares of amazon sinking following the ecommerce giants report. The company posting a 55 rise in Fourth Quarter profit but revenues missed estimates. The current guidance is weak. Shares down some 3. 5 . Joining us now is lindsay bell, investment strategist from cfra research. Lindsay, good morning to you. Your main take away from the numbers . The most incredible thing about this is the stocks reaction. Down 3. 5 now, down as much as 4. 5 last night. This is a company that beat its earnings per share estimates by 7 . Its a company thats been scrutinized up and down about its freewheeling spending habits and willingness to invest in the company in the future of its businesses. This is the seventh quarter in a row that we see profitability from the company. The stock is down on a revenue miss. Thats kind of interesting. A change of sentiment here. Does that suggest to you that investors are starting to pay more attention and expect more from amazon as it goes forward, weighing profitability and expansion . I think its the expectations were just too high on the top line from the get go for amazon. Analysts took earnings excuse me, Sales Estimates to the top of the Guidance Range management provided when the last Quarter Results came out. When the Company Announced it was the best ever holiday selling season, it just provided proof that those numbers could be accurate, and thank goodness they didnt push the numbers higher. They still have some things to contend with with respect to Foreign Exchange, International Sales momentum has been slowing even though they are investing in that business. Of course aws, i think a lot of people would point to that as a sales miss, even though it was a small miss. The profitability in that business was significantly better than expected. Thats always a positive point. Lets talk about aws, their Cloud Computing offering web services. The margin did improve a bit. How encouraging is that . It comes at a time when other big scale rivals like microsoft and google are really trying to compete in the cloud with amazon. The fact that the margin is improving. Is that very positive or just a small factor . It is very positive. While this business is about of total sales, it is expanding the operating margin over the Overall Company significantly. The operating margin for amazon in general is, you know, under 3 this quarter. It came in better than expected, especially as the company is investing in Fulfillment Centers and its retail business. So, the aws is very important. Now while growth on the top line decelerated to 47 , that was twice better the sales growth for the Overall Company, and even though its below the 69 growth it saw in the Fourth Quarter of last year, i think the slowdown is just a fact of, you know, its starting to lack large numbers, and maybe the Market Growth for the internet as a service is slowing overall. But i dont think that investors should be nervous about a 47 growth even if googles azure or microsofts azure and microsofts Cloud Business is growing. Do we buy the dip . I think you should. Lindsay bell, thank you for joining us. Thank you. Thats assuming you can afford the 811 share target. Visas First Quarter profit and revenue topped forecast as more people made payments using its card network. The acquisition of visa europe helped to drive transactions. Visa sees revenue rising 16 to 18 . Back to politics, elon musk says he plans to voice his objection to President TrumpS Immigration order last night. Musk tweeted he will join a meeting today of Business Advisory groups where he and others will express concerns and suggest changes. Musk also says his presence on the council doesnt mean he agrees with the administration. He says my goals are to accelerate the worlds transition to Sustainable Energy and to help make humanity a multi planet civilization. A consequence of which will be the creation of hundreds of thousands of jobs and a more inspiring future for all. China says it never used its currency to gain a trade advantage. Chinas Foreign Ministry said trade problems between china and the u. S. Should be resolved through talks. The government said it has no inen it shun of fighting a currency wall as thats not beneficial in the longterm. Its wrong to say they have never done that to benefit trade. Through the 90s and early 2000s they were pegging their currency lower than it would have been to help exports, though that is a policy for an emerging market is not that random and new. Lots of people do it. It also benefitted the u. S. At that point. They were getting cheaper imports what is true at moment is they are not fixing the currency to boost exports. Theyre fixing the currency higher than they would to stop capital outflows. There are so many nuances to this story that confuse everyone. And trump is wrong by suggesting they are arrested ficially keeping the currency low at the moment. The peg that they maintain keeps the currency higher. Its an odd one when it comes up, but a complicated one. It is complicated. Perhaps you should be advising the president. Japans government is putting together a package to present to President Trump next week that would create 750,000 u. S. Jobs. Reuters says the plans will be unveiled when shinzo abe visits the white house next week. Japan could tap Foreign Exchange reserves to finance the package. Still to come on Worldwide Exchange, a round up of all the stocks to watch. Stay tuned. Youre watching Worldwide Exchange on cnbc. Welcome back. Chinas central Bank Surprising markets today by increasing shortterm Interest Rates after the long lunar holiday. Pauline has all the details. Good morning to you. Good morning to you. This was a surprise move as investors got back online with the markets here. This is a week and a half after the pboc raised Interest Rates on mediumterm loans. So the message was clear, well get control of this overleverage situation and the capital outflows. The shanghai down 0. 6 . All sectors declining except the defense sector. We saw resource firms on the hang seng index, with that index also down. In australia, the asx 200 down 0. 4 . But the mining index hitting a twomonth low, down 1. 6 . In the broader region, we saw caution in the asia pacific area with the nikkei ending flat and the kospi up 0. 10 . Pauline, thank you very much. Shares of gopro getting slammed. The company posting weaker than expected sales for the latest quarter and releasing soft outlook for the current period. Gopro blaming wider losses on a tax related charge and a nearly 37 million charge tied to restructuring costs. Chipotles Quarterly Earnings coming short of wall streets targets. Sales falling 4. 8 during the Fourth Quarter but they expect samestore sales to rebound this year. Amgen posting a higher than expected Fourth Quarter profits. Sales of a Rheumatoid Arthritis drug driving the product. Its Super Bowl Weekend and a big one for advertisers. Its go viral or go home. Well tell you which commercials are already making a big splash online. Stay tuned. Youre watching cnbc, first in business worldwide. Onlyoffe yllvevehaanandv y. s ait. Welcome back. Lets get you up to speed on the Market Action here. We are called slightly higher for the dow jones and the s p. The nasdaq showing a touch of weakness here ahead of the jobs report. Economists looking for a gain of 175,000 jobs, eyes also on washington as trump meets with his Economic Advisory group as well. Coming up, the top stories and a round up of the global markets. Plus the world is on bey watch. The superstar just made another announcement that has gone viral. Pwo whg cnk p gltey prbale unat a conuntsceur beenaboad mecnk p gltey prbale an d g n o alertrannisinesn i provide for my family. I will use my education to help my community. I will inspire our next generation of leaders. I am a college student, but i am only 1 . Only 1 of College Students are american indian. Donate now, and help our numbers grow. Good morning. Jobs in america. The january employment report tops the economic agenda. Washington watch. Ceos are on their way to the white house to meet with President Trump. And the top trending stories. Why a video of the president s granddaughter is going viral in china its friday, february 3, 2017, youre watching Worldwide Exchange on cnbc. Good morning. A very warm welcome to Worldwide Exchange here on cnbc. Im wilfred frost alongside Courtney Reagan in for sara today. Its a good day to be in business news. A lot going on. A good era to be in business news. Today is definitely a good day. So much action to talk about. What is it doing to the futures . Theyre pretty mixed. Essentially flat as indeed we close yesterday. The dow, s p and nasdaq flat. As a week as a whole we are looking at declines, 1 of declines for the dow. Set for the worst week since november. S p and nasdaq down a half percent for the week. The nasdaq slightly red this morning. The dow and s p slightly green. 21 points to be precise on the futures market. The jobs number is what everyone is focused on at 8 30 this morning. Europe ending the week on a positive note. A slightly positive week as well. Ftse 100 up a half percent. Germany slightly positive. France leading the pack. Asian trade for you has been slightly negative. Nothing too pronounced. Shanghai is open for the first day following the extended Lunar New Year holiday. News out of china, a slightly disappointing pmi data, 51. 0, down from decembers 51. 9. That was below expectations. Also tightening of Interest Rates. A fractional move, but a move up in Interest Rates. That was a big surprise. It will be interesting to see if that becomes the start of a more pronounced trend. The fact that chinas markets down 0. 6 after being closed so long is encouraging. A check of the broader markets. The price of oil, wti and brent called slightly higher. They have ticked up a bit since we last checked in. Wti under 54 a barrel. Theres a possibility that President Trump could impose further sanctions on iran, tweeting about that. Were paying attention to that as far as the oil market is concerned. If we can see where the tenyear is trading, under that 2. 5 mark there. So just slightly higher on the yield today. Flat on thursday after giving up some early strength here, ending out the week. Look at whats going on with the dollar. We saw the dollars upward trend continuing a little, stabilizing out a bit. If you look at the trade versus the euro, it will cost you 1. 07 to buy one euro. The yen here, the dollar slightly stronger against the yen and the pound stronger against the dollar the pound weaker against the dollar. Services pmi data coming out this morning that added to that softness in the first decline that weve seen for some time. Overall the dollar set for its fourth negative week in a row. Down about 0. 7 for the week on the whole. Maybe a bit of steam coming out of that post trump ralliment gold prices have had a good week. Up 2. 5 . 1,215. To washington, President Trump is expected to take action today to dismantle doddfrank. Eamon javers joins us with more from washington. Good morning. Good morning. I think dismantled doddfrank may be strong, but the Trump Administration at this hour sun veiling a series of actions that the president will take at noon today designed to set the table for changes possibly coming to doddfrank. Let me walk you through the two actions theyll take today. One is an executive order. The other one is a president ial memorandum. Starting with the executive order. This will direct the treasury secretary to review actions taken by doddfrank and particularly the volcker rule. A senior official briefing reporters last night cited the fact they feel they have not done enough about too big to fail banks, taxpayer bailouts and freddie mac and fannie mae are among the things theyll reconsider here. A senior official said they are asking the secretary of the treasury to examine what can be done to make changes to doddfrank on the executive side, not getting a congressional approval to the law. Heres the president ial memorandum. This goes after something that is going to be very much in focus on wall street. It directs the Labor Department to review and defer implementation of the upcoming fiduciary rule, which is scheduled to go into effect this spring. The Administration Official who briefed a number of reporters last night at the white house argued that the fiduciary rule, which was scheduled to go into place in april, simply limits Consumer Choice too much. He said that ultimately the default standard is the lowest cost product, which the Trump Administration doesnt feel is always the right product for every consumer. Consumer advocates argue this is necessary to protect consumers from predatory actions on wall street. Investment managers putting them into high fee conflict of interest products. Well see how the dedate over that goes. At this point theyre stalling it, telling the department of labor to review it, get back to them and delay. They dont have a labor secretary yet in the Trump Administration. Once that person is approved, you can imagine the department of labor wont conclude anything other than what the Trump Administration wants it to conclude, which is the fiduciary rule is a bad idea. And no treasury secretary yet, so a clear marker coming from the administration in terms of where they want to head. Thats my key question, very clear in terms of being pronounced on wanting to roll back doddfrank and help the banks deregulate that sector. The question is, as you mentioned, how much of this needs congressional lawmaking to pass things, how much can be done by the stroke of a pen . The stroke of a pen is powerful when talking about the president of the United States. But in terms of doddfrank, to gut the law they would need congress to approve a new law to replace it. And that could take some serious arm wrestling up on capitol hill. Thats not something that is a shortterm prospect. They do feel they can do some things with executive action in the shortterm, particularly on personnel. So watch the Consumer Financial protection bureau, for example, set up by doddfrank. You can imagine the Trump Administration may want to change out the head of that bureau, which a lot of folks on wall street and banks criticized as being too overreaching. That is something that they could do in the shortterm. In the longterm, to overhaul dodd frank they need congress. That is a food fight that will take months and months as it did in 2010 when doddfrank was approved initially. Even though democrats controlled a lot of the process back at the time, i remember covering it, and it was a very tough battle right down to the last minute. I remember barney Frank Holding court until well after midnight and the final night of the negotiation sessions on doddfrank. This is something, if they take it on, it will be a big piece of action. No treasury secretary yet, no department of labor secretary yet. Gary cohn, is he the most powerful economic member of trumps administration, and cohn has been meeting with jamie dimon. Absolutely. Gary cohn former number two at Goldman Sachs, now deeply involved in the administration on a daytoday operating level this terms of economic policy. He is right now the most influential voice. They dont have a lot of the other people in place. Even Steven Mnuchin when he comes in, assuming he was approved by the senate, thats somebody who doesnt have a lot of washington experience either. So cohn and mnuchin are both people outsiders to the political system, outsiders to the white house and the department of treasury. It will take them some time to figure out where all the levers of power actually are in those buildings, because its not necessarily obvious. The political system is not like the Financial System in terms of the way wall street works. If youre running operations inside the white house, its not like being the number two at Goldman Sachs, where you tell people what to do and they do it. White houses dont work that way. Eamon, thank you very much for bringing us that story. A look at the Bank Share Prices in the premarket again. Mostly higher. Not that pronounced. Wells is up 0. 9 . Jpmorgan up. Citigroup up 0. 2 . That speaks to the fact that deregulation was priced n but as eamon made clear, we need some congressional approval for marked moves into rolling back doddfrank. A clear indicator from the administration they plan to deregulate. Moving on to other stories, the parent of snapchat lifting the curtain on hits highly anticipated public offering. Snap inc made their papers official last night. The companys debut could be the largest since alibabas two years ago. They are expecting a valuation of 20 billion to 25 billion. The offering seeking to raise a total of 3 billion. Big ipo to watch. Shares of amazon sinking this morning following the report after the bell yesterday. The company posting a 55 rise in Fourth Quarter profit, but revenues missed estimates, and the companys Current Quarter guidance is weak. Visas First Quarter profit and revenue topping forecasts as more people made payments using its card network. The acquisition of visa europe helping to drive higher volume of transactions. The company says it continues to benefit from costcos switch from American Express to visa cobrand credit cards last year. Visa backing its guidance. With two days away to super bowl li, its not just the game that everyone will be tuning in for, its also the commercials. They also make a big amount of news. La landon dowdy that more on what to expect. For years, the commercials were closely guarded, but these Days Companies have found feesing them in advance is more efficient. A at 5 million a pop for a 30 second a spot this year, no wonder advertisers try to squeeze in every drop of value. So what can viewers expect these year . These are the most engaging ads so far. Wicks. Com taking the top spot for an ad called chef felix. Budweisers born the hard way is second, telling the story of adolfis busch, to celebrate the brands working towards the american dream. And the budweiser ad. So well timed. Always a classic. I do miss the horses. Those are great. Who doesnt love a good clydesdale horse. I dented know what youre ta i dont know what youre talking about. Viral video alert. Ivanka trump posting a video on twitter of her 5yearold daughter singing in mandarin in sell break of the Lunar New Year. This isnt the first time she has made waves in china. A video of her reciting an ancient chinese poem went viral back in november. Wow, congratulations, adorable. So awesome. And politically helpful in terms of building bridges in otherwise a fractious relationship between trump and the chinese administration. Beyonce hitting the stage for next weekends grammy awards. The singer who topped headlines and made instagram records yesterday was reportedly spotted rehearsing for the big show. She is the leading nominee at the grammys with nine nominations including album of the year for lemonade. Im not sure how she went spotted with that bump, but wow. Good job at hiding. Good job at hiding. Amazing number of likes. Im sure she will kill it at the grammys. Still to come, todays must reads, and the National Wear red day, cardiovascular disease in the u. S. Kills about one woman every 80 seconds. The good news is about 80 of cardiac events may be prevented. Go red for women is advocating for more research and action for womens heart health. Its a move we warmly support across the network, particularly here at Worldwide Exchange. Guv wheey icid guv cae m ma youou cracerhe . Tion s ty exfoamrbs s e wa welcome back to Worldwide Exchange. Time for our top picks. My pick iss the end of trumps market honeymoon. To ensure lower taxes could boost the economy and the markets performance in the short, but as the vacillation in Financial Markets since trumps inauguration indicates, the president s inconsistent erratic and destructive policies will take their toll on domestic and Global Economic growth in the long run. If youre looking for bearish explanations of the market, this is a good one. He goes through six points on why hes bearish on the market, not always the right ones, but a good explanation. Im not sure it will prop it up, but a lot of it is priced in. Thats his argument. Were approaching the top of the hour, the team is getting ready for squawk box. Joe kernen is in new york with a look at whats coming up. A big day for you, joe. Yes, it is. Have you followed his track record, wilfred . I have, joseph. As we often do on opinion pieces, we are not necessarily saying theyre always right. Always right . He was we bounced off the lows in 2008 and 2009 and he said get out. He was out after about 5 Percentage Points on the way up. Prior you know, this so the honeymoon is now over. The advance he didnt have any idea what would come after the election, now, as it goes higher and higher, now its going to come home to roost. Wilfred, were you here last year for the super bowl . Didnt you go to an atlanta game . Did you go to a game down in atlanta . I went to a game in miami. Miami. Okay. Are you up to speed on how the game works . I am, joe. Ive made an efsht to gfort to a foreign sport, though ive gifted you an arsenal ball and shirt, im not sure that has been returned. I think the over under on this is 52 or 54 points. Like theyll score 52 or 54 points. Im wondering, to someone that is used to seeing 00, 10, or like a 11 tie, what does that do to you when you see competing teams score like do you just go do you just go into overload . Just this doesnt count . We also like watching a sport which has 90 minutes of actual play over 90 minutes, as opposed to one hour over four hours. Another great sport is england versus france rugby. 90 minutes of actual play . Most of the time people are running in different directions. Either way, i do like a good fiveday cricket match. You do have some ammunition on me. How much of the 90 minutes is someone going ow. Then he gets up and starts running. Because they have magic spray and a magic sponge. Of course you know that. We should get back to squawk box and whats coming up. Yep. Yeah. Thats right. We have a show. Its jobs friday. You know what . Its so important that we ask andrew to let Steve Liesman be here for his expertise on the are you starting already . We have three hours to go. Hes starting on andrew. On andrew, not me. Youre not paying attention. Yeah. What else is new. Starting already. I like this stuff on doddfrank. My i thought the youre not going to defend the no i thought the lead was that god forbid trump is doing some of the things before the left was mad because hes doing all this crazy stuff. Now hes hypocritical for saying maybe russia good should get out of crimea or sanctions on iran. Its not really fake news, just pick and choose certain parts of the news to emphasize. I thought you were not in favor of the rescinding the rule that says Financial Advisers have to Vice President customers best interest in mind. I never heard of such a thing. Joe. We have to oh, you have bigger fish to fry . Okay. 54 points. Just a final reminder, chelsea versus arsenal soccer, saturday at 7 00 a. M. England versus france in rugby. The ball is different, you are allowed to use your hands. We look forward to squawk box. Coming up on Worldwide Exchange, the u. S. Private sector tacked on 246,000 jobs in january. With job creation in the manufacturing and mining sectors, will those gains be reflected in the nonfarm payroll numbers out this morning . Well have john silvia for his thoughts coming up next. Whsalp . Atseam whh toyohe wa tnolth, in. Ey. Welcome back to Worldwide Exchange on this jobs friday. Heres what we expect from the report. Nonfarm payrolls are forecast to rise by 174,000 following an increase of 156,000 in december. Unemployment Holding Steady at 4. 7 . To discuss with us what to expect, john silvia. Good morning to you. What are your headline expectations . 182,000 jobs. The headline i think will be the real pick up in wages. 2. 8 . That will be the real story, because i think that will prompt again more expectations with respect to the fed moving. And how significantly is that going to come forward . We had the fed earlier this week, it didnt change peoples expectations of more hikes this year. Fractionally the expectation of three versus two hikes came down a bit. Where do you stand on that forecast of hikes . Were staying with two. I think the wages have picked up. But its not translating into that top line inflater number. Yes, wages are there, but theres not enough pressure to put it up. So two increases. With those two increases, john, how are you feeling about Economic Growth with the fed not giving us any real strong indication of when they may hike next. Does that give you some pause as to what will happen with gdp or the economy . For us, its a positive. I think two rate increases courtney are already built in. When we look at employment and wages that gives us solid income growth, and thats the driving force for the economy. With a bit of recovery in Business Investment we should see 2. 5 plus number for Overall Economic froth in 2017. We expect a clear statement from the Trump Administration today when a couple of executive orders will be signed at lunch time in terms of deregulation of the financial sector. Is that something that adds to your gdp forecast for the year ahead . Its been pretty clear that the restraint on business credit, Consumer Credit has really held back the u. S. Economy the last three to five years. So a bit of easing within a reasonable bound with constraints and considerations would improve overall Economic Growth. John, would that alter, if we do now see loan growth go up significantly, if the banks are freed up to lend more, could that alter the rate hike cycle . Could that force the bank to hike more quickly . Thats an interesting question in the sense that if we have easier regulation in terms of financial institutions, you will have more credit. That will boost Economic Growth. And it may, again, pressure the fed to throw in that third increase over time. John, great stuff. Thank you very much for joining us this morning. John silvia of wells fargo. Thats it for Worldwide Exchange. Thank you very much for joining us this friday. Squawk box comes up next. Good morning. President trump preparing to roll back regulations for the financial industry. The details and potential impact on the banks straight ahead. Amazon falling short. The retail giants revenue missing expectations. The stock under pressure this morning. When youre down a couple Percentage Points and youre an 800 stock, its a big number. And counting down to the january employment report. Predictions for the economy, the fed and the markets just minutes away. And theres a big game on sunday. Were supposed to keep it tight. Im just going to keep talking right now and see how long i can do it. It is jobs friday, february 3, 2017. And squawk box begins right now. Live from new york where business never sleeps, this is squawk box. Good morning. Welcome to squawk box on cnbc, we are live from the Nasdaq Market site in times square. Im becky quick along with joe kernen and Steve Liesman. Andrew ross sorkin will be joining us later this morning. As joe mentioned, its jobs friday. Nonfarm payrolls are expected to rise by 174,000 following an increase of 156,000 back in december. Unemployment is expected to hold steady at 4. 7 . Average Hourly Earnings are seen rising by 0. 3 . The u. S. Equity futures, i think its a