tv Worldwide Exchange CNBC January 6, 2021 5:00am-6:00am EST
it is 5:00 a.m. in atlanta and here is your top five at 5:00 breaking news overnight, democrat raphael warnock projected to flip one senate seat in the big senate runoff in georgia. the other race still too close to call. futures flat to even slightly higher as the market a waits that outcome as the landscape of congressional control turns more blue what it all means for your money ahead. troubling new developments in hong kong as dozens are arrested under the new national security law there
we'll get a live report from overseas the trump administration taking some final actions against china targeting tech firms including jack ma's ant group. and the auction that could put kitt in your driveway. it is wednesday, january 6, and this is "worldwide exchange." ♪ good morning, good afternoon or good evening and welcome from wherever in the world that you may be watching. i'm brian sullivan thank you for joining us here is how your money and global markets are setting up with the georgia senate results in one of the races still too close to call. stock futures aren't bothered by it on the dow, but the technology names are getting hit hard dow futures are up 48 points,
but nasdaq futures are down 217. it is a rare day where we see technology futures down over 100. they are now down over 200 because technology trumping taxes as there is a belief out there by some that full democrat control of the government could lead to far more regulation for big technology and look at that, apple, microsoft, facebook and others are all down 1% or 2% we'll get more on this all throughout the hour. we also have to get an eye on oil. surging yesterday on what we'll call the saudi surprise. the kingdom shocking everybody by cutting 1 million barrels per day out of production at the opec plus meeting. the country saying it did so out of good will for many struggling nations. it sent oil up five bucks and up again right now and over $50 for the first time since all the way
back on february 26th. you have the oil stock surging on that news as well, with the xle energy etf up more than 4% right now it is moving higher again up 1.5% to 40.33 and don't you forget bitcoin, hitting yet another all-time high and let's check now around the world in a mixed session with asia, we had marginal gains and losses across the region about half green mostly in china, the rest of the area in red. and in europe, despite lockdown and everything else, stocks mostly continuing to move higher with the major indexes actually all higher across the board. there is so much to do in this hour let's get right to it.
the trump administration taking new actions against china. and josh lipton has more on that and other stories. >> good morning. so president trump has signed an executive order banning transactions with eight chinese app companies. the administration argues the move is aimed at curbing the national security threat posed by the apps which includes alipay it ramps up tensions with beijing with just more than two weeks until president-elect biden takes office biden could revoke the order though, it is unclear if he will sticking with china, the new york stock exchange is apparently considering moving forward with delisting three major chinese telecom companies. bloomberg reporting that the potential reversal comes after treasury secretary steve mnuchin called nyse president stacy cunningham to express his displeasure with the decision to
let them keep trading. this is after president trump's november order requiring investors to unload chinese businesses deemed a threat to u.s. security. and apple added a new section to its annual proxy statement the language is new this year highlighting the regulation and antitrust pressure apple and other big tech companies are facing out of washington an apple representative declined to comment on the matter >> josh, thank you very much now to that troubling news out of hong kong where police have arrested dozens of pro democracy activists, authorities claiming that they violated the new national security law that was passed less than a year ago. let's get to the details with eunice yoon in beijing >> thanks so much. you know how the democrats have been trying to focus their efforts in georgia in order to gain influence in congress well, in hong kong it would appear that that kind of action would be considered subversive
so an early dawn raid, city authorities rounded up several activists who last year had organized and unofficial primary in order to find candidates to be able to for the first time be able to get a majority in their legislature. so the election was postponed by the government for a year ostensibly for covid concerns, but at that time beijing and hong kong leaders warned that it could be subversive under the new national security law. and today the security chief said that campaigning to try to win a majority in the legislature with the goal to block government proposals could be seen as an attempt to overthrow the government what was also interesting, and disconcerting for many within the international business community, was that an american lawyer was also among those who were rounded up in that raid >> what has been the reaction on
the mainland in beijing and shanghai and other cities to these arrests? >> well, voerls tthe overarchin reaction would be censored, so a lot of it was applauding both on social media and state media the action in hong kong arguing that this type of action was necessary for the long term prosperity of the city but what i also think was interesting was the reaction that we had -- we just got censor censored but the reaction from the u.s. side and that is that the secretary of state blinken tweeted a message that would suggest that the biden administration will continue to be tough he said this is an assault for those bravely advocating for universal rights and that they will stand against
beijing's crackdown on democracy. >> so just so our viewers understand, this happens every so often, when you say we just got censored, that means you can watch cnbc around the world, if you are sitting in a hotel in shanghai and you are watching us right now, the screen goes black for a couple seconds >> well, it used to go black it doesn't grow blao black anym. now what i'm seeing is a fake no signal please stand by mockup so it makes it more difficult for people here to figure out that we're being censored but when we see the fake signal then yeah, we know we're being censored so a sensitive issue that the authorities here don't want the domestic folks to see. >> as opposed to -- brilliant. it makes it looks like there is
a technological problem that is -- they should just put up a picture of a puppy or something. eunice yoon, year glwe're glad o are there in beijing you i didn you bring to us enuncensored thank you very much. and now the breaking news in that special election in georgia. nbc news proceed jenkprojectinga warnock defeated loeffler. the other race still too close to call. this as congress prepares to certify joe biden's victory today as tensions grow in the white house and on the streets of washington. tracie potts is joining us now with more from d.c what is the latest on the special election in georgia, when will we have a resolution to the ossoff/perdue race?
>> reporter: they are counting, but we don't know when they will be done. as of last night, there were still thousands of voting outstanding in fulton area for example, they said that they had about 4,000 votes and they would start counting again in the morning. that is just one part of the state. right now the vote total in that perdue/ossoff race as of last count was about 12,000 votes apart. so the votes that are outstanding could make a big difference there one georgia election official said with a race this close, it could take them a couple days before they actually have a result and this is critical as you know because the result of that one race now determines control of the u.s. senate after picking up warnock, dmgs now have 49 seats. republicans have 50. if they are even, then the tie breaker would be the democratic
vice president elect so this one race will determine who is in charge and we just don't know yet with thousand of ballots outstanding and the race considered too close to call >> well, it is a busy day for you. that is not all that is happening. we also have the certification of the electoral college votes daifd amid mounting tensions in washington you had video of buildings boarding up their entrances. what can we expect on that side today. >> reporter: so that process is going to happen but it will take a lot longer than the 20 or 30 minutes that it normally does. because we've got 13 republican senators, 100 members of the house who say that they have objections here is how it goes. they count those votes in terms of counting, they get the certifications from each state in alphabetical order one by one. and then individual members of congress can say hey, i object to that one. i have an issue with that one. if that is the case, they stop,
they separate the senate and the house, and they debate these objections this could take a while. it is not expected to change the outcome. there are not enough republicans who are saying that they will object to change the outcome even though the president is tweeting about that because vice president pence is overseeing that process, but he could announce the results, he cannot change them. >> tracie potts in washington. thank you very much. on deck, helima croft is here on why joe biden's biggest challenge may be iran. and plus we'll speak to a small business owner in the uk about mounting hurdles to stay afloat. and china reportedly turning up the pressure on jack ma, what regulators there want to know from the billionaire raphael was
defeated republican kelly loeffler the other race between jon ossoff and senator david perdue still too close to call at this hour but technology stocks, they are getting slammed right now on the news nasdaq futures are down more than 1.5%. there are fears that under full democrat control much more regulation is likely coming for big tech nasdaq as you see off 230, dow futures are slightly higher with investors perhaps believing that even if the democrats win full control, the moderate democrats
in the senate like joe manchin and the very narrow majority in the house will block any major changes to things like tax law let's get more on all of this and other opportunities with brian lovette. >> to ha . >> to have you on. i'm not sure that i can remember not only nasdaq futures done over 200 points, but also the disparity this morning between the dow and the nasdaqf it >> first let's remember that the tech stocks have had a huge run. and so this is a bit ortainty t volatility in some parts of the market it is part of this shift of the recovery trade that we've all been talking about that probably needed additional impetus, additional support from congress that now is likely to be foert coming and so you see it playing out with interest rates higher, oil
prices higher. so the dollar weaker it is a recovery trade that is playing out and technology had been such a big part of florida weaker growth trade that the transition is now shifting to the more value oriented some of the cyclically oriented industries of the market >> do you think that has to do with the election results or does it have to do with and going ongoing shift already occurring exacerbated by the projected results? >> it certainly has to do with the election results this was a recovery taking place, we knew the fed was all in we saw what we gts frhat got wir are to additional fiscal support. and now this raises the prospects of a briden administration coming in and providing additional fiscal support. and so what that does, that puts
further support behind the economic recovery and why you are seeing interest rates up, oil prices up, the more value oriented parts of the market outperforming. that is all part of the recovery trade that now gets greater support from a unified government >> so is that what you are recommending, is that where you want to put invest tco clients money into the beaten up names from last year or just ride the momentum train and big technology that has continued to work now for years >> i wouldn't be excluding technology, but the 2021 story is about that recovery trade so if you go through the implications, higher rates, cyclical stocks outperforming, value oriented stocks youts performing, smaller and mid cap markets outperforming, that recovery trade should play out in 2021 because it should be an
environment where the economy is accelerating and policy becomes more supportive. i think what investors need to be clear about though is that ultimately that recovery trade will given way to a more modest expansion. now, that is not likely a 2021 story, but as we move beyond this economy recovers from the depths of the coronavirus crisis, as we move beyond ultimately we'll get back to where we were call it 2011 through 2019 which is just a slow growth noninflation theira ary environment. so i'm not saying that investors should be eliminating those positions. it is a shift to the recovery trade and then back to a modest expansion beyond 2021. >> at this point we'll take modest expansion over a lot of things brian, a pleasure to have you on happy new year
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our viewers in the united kingdom are dealing with so much and the unclear new rules around brexit and that like here has left a lot of small businesses scrambling and we care about small business here on cnbc, whether it is in the united states or anywhere around the world. so we're joined now by sally stevenson founder and owner of the pencil case, a stationery and school uniform shop in wales. thank you for joining us here on "worldwide exchange." so many small businesses are struggling right now in the united states. mom and pop dealing with it. same in the united kingdom what is businesslike now for you, what has about it been like the last couple weeks and months >> good morning, brian you're right, it is really tricky for us here in the united kingdom right now. as you said, we've just left the european union, we're in the middle of a covid pandemic,
pretty much the whole country is in a lockdown, all the shops are closed so it is really difficult trying to run a business in these conditions so much uncertainty and just really hard to know what is happening next my shop is closed at the moment and i don't have an end date when the lockdown is due to finish so it is difficult to plan >> and i think that is the key so many small businesses here in the united states, they understand why lockdowns are necessary but they get frustrated because some of the changes come with almost no notice you will shut down tomorrow. what kind of guidance has occurred in the united kingdom and for you? >> we had actually that situation just before christmas. we had been closed for two weeks at the end of october into november with the reassurance that when we reopen, we would be able to trade all the way up to christmas. and then the saturday before christmas on the 19th, we were told actually as of midnight,
all of wales is in lockdown so you will be closed for the last week of christmas trading. so we literally had seven hour notice that all of the christmas trading was taken away so that was really frustrating and then we've been closed ever since and we still have got no confirmation of when we might likely reopen. and then in the last 48 hours, england has gone into a lockdown into the middle of february and scotland until the end of january. so i'm expecting now that wales will probably have an extended lockdown for as i say, i have no idea when we will be able to reopen >> it sounds like perhaps a month or maybe more. >> yeah, we've made the assumption we'll be closed now until at least the end of january. the thing that is really difficult now is we're waiting to see what government financial support will be available. we were told before christmas that we'd have 3,000 pounds which would probably get us over
two or three weeks of closure. now with this extended lockdown, we're still waiting to hear whether there will be anymore financial support. because you just can't keep a business running with all the overhead and staffing costs that we've got if there is no financial support and no sales coming in. so we're starting to get impairi impatient to know from the government what financial support will be available if they are insisting that we stay shut for a prolonged period of time >> whether it is small business here in the united states or in the uk or anywhere around the world, we are concerned about it here on cnbc and we appreciate you telling your story to us we're thinking about you guys over there in the uk, rooting for this vaccines to be rolled out and for you to reopen. sally stevenson of the pencil case, best to you. keep us informed thank you. still to come, the latest on the breaking news out of the
georgia special election and democrats already flipping one senate seat with the other still too close to call here in the 5:00 hour. ylan mui will have what it all might mean for control of congress, taxes and your money and if you are getting out, you can always watch or listen to us live anywhere on the go with the cnbc app naaqutesreowbisd fur a dn g. save hundreds on your wireless bill
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. breaking news, democrat raphael warnock is projected to flip one georgia senate seat in the runoff against kelly loeffler the other race still too close to call with the balance of power at stake oil prices hitting 11 month highs after saudi arabia promises a voluntary output cut. we'll speak with that lee made croft. and wait until you hear what would browns players were caught doing yesterday morning as they head to the playoffs for the first time in like 20 years. it is wednesday, january 6 and this is "worldwide exchange.
♪ i can't drive 55 >> and that song has a lot to do with that story and the browns that we'll tell you about. welcome back, everybody. there is a lot going on. here is how your money and investments look as we are just about halfway through the 5:00 a.m. hour. really interesting what is going on in the stock futures. i say that not because the moves on the dow futures are big, but because of that divergence so dow futures are up 64 points. normally kind of a sanguine move for the dow. but nasdaq futures, they are collapsing they are down 260 points nearly a 2% move on nasdaq futures. on fair value, it is in the green as well. and we've been doing this together, right, we've all been getting up in the u.s. for a long time now. and i can't remember a morning where, a, we had nasdaq futures down this much, there is growing concern that in a democrat-controlled congress we could see new regulations
against big technology, changes to section 230 of the law antitrust action, what have you. and the divergence between that and the dow futures. so which way the markets go overall could be very, very different today. but big tech no dutd probaboubt big part of your portfolio all the faang names are down 1%, 2% or are more and check out the treasury yield. cost of borrowing will go up and also watch the financials and banks. it could be in the green today any kind of a move like that in treasury yields mean perhaps that cost of funding, their nim, net interest margin, could also go higher. so watch the regional mid cap and big cap banks on that move the ten year over 1% the balance of power in washington is a big story for all of us this morning and as we have been telling you, nbc news proceed jenkprojectinga
warnock will win the race. and the race with ossoff and perdue remains too close to call at this hour let's get to ylan mui with the latest at this hour, where do we stand? >> well, you are right, the democrats have not yet clinched the senate, but they have made history as democrat and pastor raphael warnock is now projected to become the first black senator from georgia >> we were told that we couldn't win this election. but tonight we prove that with hope, hard work and the people by our side, anything is possible so georgia, i am honored by the faith that you have shown in me.
and i promise you this tonight, i am going to the senate to work for all of georgia >> loeffler has not formally conceded she told her supporters that she plans to make sure that every legal vote is counted. her colleague david perdue was even more explicit nbc news currently shows that he is trailing his opponent jon ossoff with roughly 49.8% of the vote compared to oths o to the . and he said that we will exhaust every legal recourse to ensure all legally cast ballots are properly counted but many of the remaining votes do come from democratic strong holds and ossoff's campaign was equally confident that he would be declared the winner and put democrats in control of the senate and that is why the markets have been so focused on these races the senate is the linchpin of
the democratic agenda and joe biden has proposed more than $2 trillion of tax increases on the wealthy and corporations and that only becomes possible if democrats win this last race. but i want to point out that even if they do, they would have to keep all 50 of their members marching in lock step. so that means that no matter what the outcome of this race is, the more mod the rat members of the chamber will have more power over policy.the rat membe of the chamber will have more power over policy. >> okay. i want to hit what you just said because i think this is the big story and i was only half joking with my wife last night, i said if the democrats take both seats in georgia, it is likely that democratic senator joe manchin from west virginia arguably one of if not the most gop states in the country could become the most powerful man in the nation because he could flip parties. he could becomen independent, become gop and he's lie detector said on the record that he will not go for some of these big
sort of more progressive ideals even if we get that 50/50 split. on your point, how likely is it that manchin, murkowski, romney, will go with some of the more progressive higher tax big regulation ideals? >> i think that you're right i know that you know west virginia very well i think that what you are seeing here is that sort of the playbook that was put forth around the covid relief package where you saw sort of a small group of bipartisan senators really break that logjam, that is what will be needed and what you will see more of when you get to the new congress whether or not democrats end up controlling the senate for most bills, they will end up needing 60 votes to pass so with 50 members of the senate, they will still need to work with republicans in order to do most big things. there are some special processes that they could use that would only require 50 votes in the senate but again, there is zero room
for error here and if one member like a joe manchin would object, their whole effort would collapse. >> and by the way west virginia a 3 iron from basically where i went to high school. all right, i want to show our viewers some of the tax ideas from the biden administration. these numbers from the tax foundation, all of it is publicly available some of the ideas that the team has floated include this, a new 12.5% social security tax on income above 400,000 right now capped at 137,700. and the big names are what they expect to raise from that. and the dividends taxed at 39.6, that would be the top individual rate because the another idea is to raise the top rate back to 39 pp 39.6 from 37 and to cap itemized de dukss
and if all are passed, it could raise tax on top earners by as much as 11% a year and given the congressional divide, how likely is some, none or all of that likely to get done >> i think that the way to look at these are as sort of a menu of options that the biden administration and democrats in congress would be able to choose from to sort of mix and match with differentspending policies do they increase the corporate tax rate and pair it with infrastructure do they raise the top rate on high income earners but get rid of the deductions. so we'll have to see how they end up piecing the puzzle together but certainly these are all things that are on the table >> ylan mui live for us here on a big day. and i have a feeling i'll see
you all day long here on cnbc. thank you very much. call this the saudi shocker if you will. a bombshell at the opec meeting saying that the country will cut production by 1 million barrels a day and adding that they did it as a sign of good will to opec and other oil producing nations that are struggling. that surprise move sent oil stocks higher tuesday. crude oil jumped 5%, many big name oil stocks went with it marathon up 12%, occidental about the same and even exxonmobil rose 7% at one point on tuesday and youk scan see those moves there. and it was done to counter the desire for russia to raise its own production even in weakening global demand and also to balance out what could be falling demand due to the global
lockdowns. i was able to ask the saudi energy manager to give us his best and worst case scenarios. and he answered by saying that his scenarios may be more of a hunch than a science >> what is going on now is lockdowns and this and that. so my sense tells me take a proactive and preemptive action with this lockdown seriously impacting the world economy, it may but not necessarily in the same size magnitude that we were seeing back in march, april, may and june a and june >> and let's bring in somebody who is always on all the calls helima croft, and jaw-dropping
news from the saudi. and i actually mean it when i was looking at -- i was looking at you in our little boxes there on the webex and i literally think i saw your jaw drop your take on the news. >> my jaw did drop there had been an expectation at best that they would roll over january production levels. and there was a view that because the russians were pushing for production increase, russia might get their way but he is the royal highness nobody was anticipating a un latry saudi cut of a million barrels a day. and i think that they very much took back control of opec. they would say we're always in controlling of opec, we're the only one with the spare gas and can swing the market but there had been a sense that maybe russia was calling the shots but saudi proved that they were back in the driver's seat yesterday. >> why did you think they did
it, unilaterally, a gesture of good will to oil producing nations with iraq and nigeria and libya struggling is that really the reason or is it more because they are just not sure where global demand is going to go and russia is very sure that it would like to take more market share maybe in part to punish one senator are ted cruz and his state of texas for opposing the nord stream 2 pipeline >> i think his royal highness has always been concerned about the demand he was right, in january last year he was concerned when there were reports of the virus emerging from wuhan. he's always been concerned bts demand outlook so i think when you have cascading government lockdown restrictions, the new covid var yants variant, i think he just wants to be extra cautious, he does not want to becaught blind sided by a shift in the demand outlook. that said, i do think also that the timing was very interesting.
you also had qatar welcomed back in the fold. so i think that there were a lot of saudi grand gestures going on yesterday. i'm not sure the russians are especially pleased with it yes, they will benefit from the bryce action, but i do think the russians are concerned about losing market share to the u.s they say if we don't increase, somebody else will and i think that they will want to keep shale on the sidelines in 2021. >> and i want to shift gears just a bit iran is this the incoming biden administration's greatest challenge, this new saber rattling by iran >> i think certainly the fact that this week we've had a series of procevocative gesture. the south korean tanker seized, iran announcing that they will be enriching uranium at 20%
levels, that is 90% of the way to weapons-grade enrichment. and they will be doing it at this underground facility that they are not supposed to use so i think that it puts urgency in the biden plan to try to get them back in to this nuclear deal they are very concerned that iran is essentially marching towards having weapons capability i think the iranians in turn want to put pressure on biden to get the deal done quickly and potentially offer the iranians sweetners to getting back into the nuclear deal >> we thought that it would be a boring opec plus virtual meeting, but it was anything but. quite a shocker there. and by the way, maybe a little gift to all the hard hit texas oil producers. >> absolutely. >> that lee mathat lee made cro, happy new year look back to seeing you in person at some point this year
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time now for today's top trending stories where we'll hit a little bit of music, a little bit of illegal drag racing and a little bit of david hassle hof josh lipton is back with these stories. if you do turn it all into one story, that would be a thing >> so let's start here, the 2021 grammys have been officially postponed to march 14th. plans were being made to keep the show entirely live organizers citing the rising cases in los angeles as a primary reason for the postpone little and the dlecleveland browns practice to the playoffs but now without 17 players on the covid reserve list they reported five positive cases including two players and the head coach on the same day two players were cited for drag racing the browns are still set to play the steelers this sunday and if you always wanted to know a piece of the hchltoff, thousas
your chance. he is putting up some of the iconic items up for auction including the life like model used in the sponge bob movie bidding is expected to fetch as much as $1.5 million or you could bid for the fully functional kitt car. if the bid exceeds 25% of the reserve price, hoff will personally deliver the car to the new owner. brian, back to you >> personally deliver the car? what do you think that -- any estimates, can we pool our cash here >> i'm in. if you want to pool, get it together, i mean i want that car. for $300,000, some would argue if you are a big hoff fan, maybe it is kind of a steal. look at that, who doesn't want to take a ride in that with the hoff >> by the way, look at david
hass hass hass hass hasslehoff, he is always looking like 42. on deck, cdemocrats flip willing one georgia seat with the other still too close to call all of this as technology futures tank they are down nearly 2%. but small caps are soaring more on your money ahead and by the way, if you haven't already, subscribe to our new podcast, "worldwide exchange" is now a podcast. if you miss a day or tell your friend a family who live in guam or wherever, check us out. thfae stest paced morning business news show in the world all in a podcast the picture not included pay off my student loan debt.
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unusual money mornings that we've seen nasdaq futures are down nearly 2%, more than 230 points fierce of b fears of regulation are on the minds of investors but dow futures are higher likely because ten year yields are back above 1% which means that could be good for banks and financials which are more heavily weighted in the dow. more regulation, bad news for tech but also check this out, the domestic small cap trade is booming right now. it was hot the last quarter of last year and it is red hot right now. i'm not sure that in all of our time together doing this that we have seen the russell 2000 futures up almost 3% that is this morning what to make of it all, let's bring in ceo and cio of pa lum bow wealth management.
i don't say this lightly what a bizarre morning for futures. what do you make of it >> to say the least. so it is all about the reflation trade that we're seeing. we've been talk about this for some time. it is almost the opposite we saw last year with covid where you saw growth outperforming the dow. so you will see values outperforming growth >> do you think this is the trend, phil? like one day doth not a trend make but do you think this is the trend that will occur, higher rates good for financials, big tech already seen its time, time to reinvest back in smaller dap americ cap american stocks? >> there have been a few head fakes, but i do believe that this is for real and the reason why, i think the
helicopter money that we'll see, the stimulus that we'll see, it will all be inflationary which will drive rates up. and if that does continue to occur, the two and ten year spread as it continues to widen, you will continue to see value and some of the cyclicals outperformed small caps, cyclicals have outperformed growth since march 23 so we do believe in any new cycle, there is always new leadership and we believe the leadership will be the cyclicals and value story going forward. i know a lot of investors like apple, microsoft, and they are great to own, but it is not a bad time to rebalance positions. >> maybe into a name like a bank of america hey, if interest rates are going up, albeit off incredibly low levels, could be good for a boc jpmorgan, and others
>> and they are the most interest rate sensitive bank they have more exposure than any other bank so 100 basis point move in interest rates can be $10 billion to revenue overall for bank of america. so when it comes to interest rates moving higher, bank of america is one of the best to be positioned in. we've been building a position in bank of america since april and may of last year and we continue to be long and believe this is for real for the banks >> phil palumbo, an important day to have you on and we appreciate the views. best to you and your happy new year before we go to "squawk box," i want to show you futures again, we don't say this lightly, it is an odd morning for the markets here you've got dow futures up because of what we just talked about, interest rates on the rise, big cap financials, big banks, they like that. that could drag the market up on the dow.
but technology stocks, lots of fears about perhaps a blue congress big new regulation on big tech nasdaq futures, they aare down 250. that is one of the biggest declins we'd declines we've seen since march and yet the small cap names, the rug se russell 2000 up nearly 3% this morning. we could talk about it for hours. t d we will. bunot in this show we'll see you tomorrow "squawk box" and the gang will pick up the coverage next. save hundreds on your wireless bill without even leaving your house.
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race coming down to the wire markets reacting to the news financials helping push the dow higher but tech stocks are set to take a significant tumble nothing out of the ordinary really a couple percent plus a flood of china news from president trump's new ban to a crackdown and arrests of pro democracy activists. we'll take you live to beijing it is wednesday, january 6, the epiphany, 2021 "squawk box" begins right now.