tv Worldwide Exchange CNBC October 6, 2022 5:00am-6:00am EDT
>> it is 5:00 a.m. at cnbc here is the top "five@5. stocks with the first down day in the last three as the key fed officials downplay the odds of the policy pivot the energy markets are reeling after the opec decision over a cut a live report from vienna coming up. and new details emerging in the elon musk bid to go private. and reviews are in for
apple's iphone 14 plus how it stacks up against the peers. and why $2 million is a small price to pay for a major piece of major league baseball history. it is thursday, october 6th, 2022 you are watching "worldwide exchange" hered on cnbc good morning i'm frank holland in for brian sullivan let's kickoff thursday morning with the u.s. stock futures after the major averages posted the first negative session in three, but on the best week since june the dow could open up 100 points lower at this point. s&p and nasdaq fractionally lower at this time the bond market closed higher for the first time in three days this morning, the 10-year treasury at 3.75%.
still with the inverted yield curve. and checking oil wti trading higher and on pace for the best week since march. oil is fractionally higher wti is $87 a barrel. we have to look at bitcoin and crypto bitcoin and ethereum trading slightly higher. bitcoin moving lower right now over the key $20,000 mark. it has been range bound in the last couple months something we are watching. ethereum is higher right now xrp having a run the last few weeks. let's the cryptocurrency let's get a check of the overnight a in asia and early trade in europe. for that, let's go to joumanna bercetche in the london newsroom >> good morning, frank expect stabilization china is closed for the week, but other markets are well
c kospi is up 1% nikkei is the highest since september. as for the european markets, it is switching negative in the last half hour ftse 100 is down .25%. worth noting that fitch placed the uk credit outlook on negative watch this is following from a week ago. obviously the fiscal finances are getting attention by the rating agencies here dax in germany up .15% we have factory orders coming in weaker than market expectations. another sign the energy crisis is impacting germany i want to turn your attention to switzerland this week. that is credit suisse. the reaction is positive on the stock today. up 1.2%. this after jpmorgan chase upgraded to neutral from under
d underweight. the u.s. cut the price target to six swiss francs we will get more details at the end shell is down 4.4% that is pricing with the opec cut yesterday. the company warning the third quarter profits hit by lower oil refining and chemical margins and slowdown in natural gas. this after the energy giant announced a back-to-back quarter of record profits. although it has been a stellar start at the beginning of the year, they are concerned about the margins on the refining capacity frank, that is the overview of europe i would say overall more positive start to the session. thank you, joumanna bercetche. turning attention to the top
story. investors and trader ans and consumers digesting the decision by opec to cut 2 million barrels a day. this is expected to send gas prices higher after weeks of decline sparking concern around inflation. our brian sullivan is joining us from vienna. brian, i know you have been on top of this story. >> reporter: frank, good morning. when you think about the random street corner in vienna and the boring office building which is opec headquarters, how much money gets moved around? yesterday's you cut of 2 millio barrels a day will account for trillions of year in gdp that gets pushed around flowing to saudi arabia and opec nations will pull that money away from the western nations.
you think about the news and monetary impact. it is amazing. the breaking news with opec cutting 2 million barrels a day. it did not get a lot of attention. the 13-member opec deal and 10-member opec plus nations extending the deal for another year frank. it is russia aligning with russia for another year. at 8:30 p.m. vienna time last night, we had the ability to sit down with prince abdulaziz bin salman they are not blaming the federal reserve for inflation, but they certainly indicated the fight against inflationand concerns that central banks have about the economy is one reason why they proactively cut output. listen >> of course, any central banker would like the best of two
worlds attend to inflation and continue growth with this that you see, you run a big risk that you lose growth. what is happening now is coming and we see and show the trajectory or this -- these things we presented that growth is coming down and there is a potential with more aggressive rate hikes and this growth will come low >> reporter: you can see they are worried about glorowth. some will think it is more politically motivated. the full interview is on cnbc.com look at the headlines, dan on cnbc.com saying it is a blow to washington the wall street journal editorial board saying opec plus snubs biden.
the financial times saying this is a blow to washington. this is being politicpoliticize. if you watched the interview, i want you to know to breach the politics with prince salman. they view this as switzerland, a neutral site, frank. they will not go into the politics me and others have tried is this a political move this full interview on cnbc.com. best week, frank, since march. >> do they have any ability to push back or counteract? >> reporter: from the oil perspective, frank, i don't think so we can't ramp up production that quickly. we are adding proproduction. we are still below 2013.
it will take a long time to get back there there was a story in the wall street journal this morning that chevron is allowed to continue to operate in venezuela. i talked to chevron last night they will not confirm the details of the story i got the sense it was directly correct. venezuela politics is sensitive. chevron is semi confirming i don't want to make too much of it just another note, this literally broke moments ago. venture global lng provider, a private company, not public, not yet. announcing they are expanding the partnership with germany to import or export lng and import into germany frank, the short answer to your question is no from a natural gas perspective, we are working hard to make sure europe will have natural gas, in other words, heat, power and light, this winter that news from venture global
breaking literally 30 seconds ago. there you go >> big news there. brian, as you mentioned natural gas prices up 1.5% brian, great to see you. great coverage from vienna i saw you yesterday. you had a suit and a tie on and now in a vest? where is the suit? >> in the luggage. i'm casual it's hot a beautiful day. >> brian, looking forward to seeing you back here thanks for the great coverage. turning attention to elon musk and the bid to take twitter private. silvana henao is here with the latest great to see you, too, silvana >> here is the latest. elon musk and twitter looking to reach agreement to end litigation in the coming days and clear the way to close the revived $44 billion take private deal that is according to reuters amid the efforts to end legal proceedings, the two sides agreed to postpone musk's
courtroom deposition originally scheduled for today. the judge overseeing the case says she is still preparing for trial. we're following new developments around the price of the deal in the weeks leading up to the tuesday announcement, "new york times" announced musk and his team tried to revive the deal as much as 30% which would value twitter at $30 billion in the past week, the discussions narrowed that to 10% which would have allowed musk to pay $39.6 billion for twitter which has a market cap of $39.3 billion. those talks ultimately did not move forward another sticking point financing. reuters reporting apollo and six street partners part of the original private deal are no longer in talks with musk about providing capital. in a reply to tweeds, apollo or
sixth street is no longer part of the deal and the report said these talks ended months ago that is around the time musk started having second thoughts about the deal now shares of twitter are flat to lower this morning. still on pace for the best week since april. frank. >> up 16% week to date i'm sure you will follow everything on this one >> absolutely. we all are exactly. when we come back on "worldwide exchange. more on the opec plus decision and our interview with sadad al husseini and gina sanchez is with us. and how apple plus stacks veainst its peers. a ry busy hour ahead when
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>> thank you, frank. >> you believe opec production cut and expected rise in u.s. gas prices will be inflationary. a lot of the markets ended positive yesterday they were trying to end positive we have seen bond yields move up they moved up 15 basis points since the fourth quarter we saw the dollar decline. what do you make of this what do the markets do with the different actions happening at the same time? >> if i'm reading the tea leaves of the markets, the markets are guessing the fed is going to realize there is no amount of rate hikes that are going to keep inflation via oil down and they may wimp out and do a fed pivot. i'm not sure if that story will play out if it does, then the markets might have a reason to rally
if it doesn't pan out that way, the scenario is pretty ugly. you end up in stagflationary you have prices the fed won't touch. you have the fed falling at the same time. your out outcomes is binary. >> we have not seen the rising unemployment part. is stagflation an issue? where is the stagflation scenario playing out with the strong job market? >> we have seen a lot of wage growth that wage growth is flattening out. it will probably start to show weakness in the coming months.
so, that's the beginning of weakness we haven't seen tremendous uptick in unemployment that is the focus for the fed. you are hearing stories about large layoffs. i think those will start to add up certainly with the financial sector, you hear layoffs those are anecdotal. they are not moving the needle in terms of unemployment yes, you are right the economy has remained pretty strong however, there is one reason the economy has remained strong. if you watched household savings and credit, the reason the economy has remained strong is credit balances are rising and higher interest rates, those high credit balances will get really expensive ithink that we could actually have a bit of a fast slowdown once we exhaust what we can do
on credit cards in the economy >> first we have to talk about portfolios how are you positioning your portfolio with all we have seen? one thing that has been thrown in the mix is the political aspect these cuts coming right ahead of the midterms does that add more uncertainty in the way you play your portfolio? >> that uncertainty has been rising all year, frank if you look at the level of concern around geopolitical uncertainty, starting in january, when russia invaded ukraine. the notion that we were a world at peace went out the window i think that there are lots of questions and certainly, you know, you heard brian reel off all of the story or headlines around this. now i think volatility will remain high. i think the way we are playing this is defensive. one of the things is we are trying to remain defensive in
the form offing health care we are knottinnknonot giving upl together we are picking names that are beaten down and really good names in the tech space. the garp space is really interesting. overall, the portfolio has a defensive feel. >> looking at the health care chart right now. gina sanchez, thank you. still on deck on "worldwide exchange." $2 million and a piece of bask baseball history the deal in the making >> announcer: today's big number $31 trillion that's how much america's gross national debt has swelled to this week according to a report by the treasury department that's theigstev er. hhe lelve
while an earnings tool helps you plan your trades and stay on top of the market ♪♪ age before beauty? why not both? visibly diminish wrinkled skin in just two days. new crepe corrector lotion only from gold bond. champion your skin. >> welcome back to "worldwide exchange." a news alert from the bank of england. shedding light on the bond p market it launched a two-week purchase program and delay of gilt sales until november the central bank saw liquidity conditions poor in the run up to the intervention in that letter, the boe says
market re-pricing has been orderly on far, but pressures in the financial system if the bank of england did not intervene, it would have been facing shortfalls. we will continue to follow this story. for now, let's get a check on the other headlines with phillip mena in new york >> frank, good to see you. president biden and dr. jill biden toured the damage from hurricane ian. tensions are ramping up an the korean peninsula as north korea fire ts two ballistic missiles in the sea of japan
last week, the same aircraft carrier conducted joint drills with japan finally, aaron judge's record-breaking home run ball could be worth $2 million. the owner of the auction house memory lane reached out to the fan who caught the ball and offered $2 million he told the ap he feels that offer is above fair if the fan is inclined to sell it judge hit the 62nd home run on tuesday night. frank, i havehave to tell you, love sports memorabilia. i would not be able to sell that fast enough. >> i appreciate your honesty i thought you would hold on to it $2 million a lot of money >> for sure. >> phillip mena, we appreciate it coming up here on "worldwide exchange." target tries to get a leg-up on
amazon will it be enough to burn through inventory backlog? follow our podcast if you miss "worldwide exchange" check us out on apple or spotify or other podcast apps. "worldwide exchange" will be right back ♪ icy hot pro. ♪ ice works fast... to freeze your pain and your doubt. ♪ heat makes it last. so you'll never sit this one out. icy hot pro with 2 max-strength pain relievers. ♪♪ hey dad, i'm almost out. i got you. any questions, chris? all good, thanks maura! there you go, one new inhaler! nice did you get my refill too?
executive sadad the al husseini with what's next. and one fed official and when he would like to see the easing strategy. it is thursday, october 6th. you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange." i'm frank holland in for brian sullivan let's get to the markets the first negative session in the last three futures are moving to the down side we're seeing the dow opening up 100 points lower at this point the s&p and nasdaq down .30% we have to keep our eye on it. we are looking at the bond market 10-year treasury is just about 3.76 ing moving between 3.76 and
3.78 still seeing the inverted yield curve. still something to watch with the recession talk and oil. wti trading at the highest level since mid-september. after the opec production cuts and wti trading at $88 time to get a check of the top stories with silvana henao she's back with those. >> frank, good morning here is what we have right now one fed head suggesting he would like the central bank to pause on the ongoing rate strategy b bostic would live the rate between 4% and 4.5% by sdecember bostic could want to see how the economy and prices would react he is not advocating for a quic
turn bostic's comments follow those by san francisco fed mary daly saying more rate hikes are needed and discussing the policy pivot in 2023. louisiana will pull $800 million from blackrock funds they are making the move over the asset management firm push to embrace esg strategy. this wouldcripple the energy sector in louisiana. the state has pulled $560 million from blackrock which faced pressure over its esg policies from republican led states and group. the biden administration is looking to ease sanctions on venezuela to allow to start pumping oil from the country according to the wall street journal, the move would reopen u.s. and european markets to oil exports from venezuela putting new crude on to the market the journal adds the deal would
require president maduro's government to allow free and fair elections in 2024 there are no sanction policies planned from the maduro regime >> thank you, silvana henao. turning attention to our top story. investors still looking into the decision of opec to slash output by 2 million barrels a day the move is expected to send retail gas prices higher after weeks of decline sparking new concern around inflation brian sullivan spoke with bin salman who says this would lead to a drop off in oil and possible recession joining us now is founder and
ceo is sadad al husseini >> good morning. >> a lot of the headlines with the production cuts by opec and impact on the retail gas prices. we have not seen majors moves in the upside to oil prices not yet. it is something we're watching i'm reading your notes you are saying the move is not as drastic as it seems right now because opec countries are not producing as much oil as they are currently? >> that is right, frank. that 2 million is not production it is capacities available or reported to be available then they just don't have 1 million barrels. the only cut we can come up with is 900,000 barrels that's required because frankly the futures markets were in
severe backward. the open positions were down no capital coming into the industry it was risking a shortage of supply without more capital. that is what it was all about. the agreement that opec plus arrived at in april runs out in september. they had to renew it that is why they had the meeting now. instead of taking it through 2023 this gives us a lot of clarity as to where the markets are headed overall, it was a very appropriate and necessary meeting. the conclusion is actually to protect the market including the u.s. shale oil and oil industry all over the world energy industry and gas. this is a more or less a security for the long term for
energy supplies. >> dr. husseini, is this the upside we should expect? do you see bigger more dramatic moves with oil going forward after these cuts >> frank, the problem is the cuts are a small piece of what's happening. the rest is the caps on the oil sales from russia. the situation in china and how fast can it and will it recover. the production capacity from other energy supplies that have to fill in the rest of the energy pie i'm talking about gas and coal all of those have to weigh in. i suspect the $95 to $90 is a long term price we will see through 2023 >> we will see stability going forward to here. you took words out of my mouth a
couple of secondsi ago demanded will spike if and when china does reopen. >> we work with numbers. the eia, energy information administration is showing the short-term outlook is showing supply is exceeding demand by 2 million barrelsm rather than wait for a collapse in the markets or a flood of oil supplies, they areedging into it every two months, they look at it and in december, they will revisit the subject. if this is a need for more oil, they will react. on the other hand, if the global economy goes into a tailspin, they may have to cut more. they are monitoring it carefully. that is what prince abdulaziz
was saying they will track it very carefully. >> dr. husseini, we appreciate your insight >> pleasure. turning to the latest on elon musk and revived deal for twitter. looking to end litigation in the coming days between sides and clear the way for the $44 the billion takeover the report adding the two sides agreed to postpone the musk courtroom deposition scheduled for today. the judge is still preparing for the trial. we are following the price of the deal the times leading up to the announcement showing musk and team tried to revive the deal a much as 30% discount in the past week, discussions narrowed that the discount to 10% which would allowed musk to pay $39.6 billion for twitter. another sticking point is financing. apollo global and sixth street
partners part of the original deal are no longer in talks with muskcapital. the talks ended months ago when musk started questioning the deal musk confirmed the lack of participation and responded to the question on the matter on twitter. a lot to follow. twitter shares up this week. more drama in that situation. coming up, apple the preparing to release the supersized version of the iphone 14 we dive into the bells and whistles and whether the device is worth the wait for would-be customers. as we head to break, check on the big money movers. ford announcing the starting price of the f-150 lightning pickup truck increase. the price for the 2023 entry level model will be $52,000. 11% increase from the previous price. ford citing rising costs and supply chain issues. and gm is laying off
workers. more job cuts could come for the business as part of restructuring it due to weak demand and supply chain delays. and samsung expected to show a 25% drop when it reports tomorrow the forecast stemming from growing worries of the economic downturn and slowing demand for electronic device and chips that power them it would mark the first decline in nearly three years. "worldwide exchange" here is back in a moment
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>> welcome back. a souped up version of the iphone 14 is expected to hit shelves tomorrow it boests a number of features sofia pitt spent the week test driving it great to have you on, sofia. what is going on with the phones is it worth the wait is it worth the money? spell it out >> this is the iphone 14 plus. it comes out about three weeks after the other phone. you can pre-order it it is available on friday. it has a huge screen which is the huge benefit it has the best battery life of any iphone you can get ever >> ever, ever? >> ever. i streamed youtube videos all day for 19 hours and it did not
die until 19 hours that's impressive. it is $200 cheaper than the pro max. if you like the big phone, some p people like a big screen you can watch a lot of content on it. the fact it is $200 cheaper and huge screen is the benefit >> wheto doesn't like to save money? >> exactly. >> they are not making a ini i like a bigger screen like you. some people wants something that fits in the pocket or purse. >> the purse is a key thing. i find a lot of times it is difficult to change my purse when i can't fit my phone in it. they got rid of the mini apparently people didn't like it apple is taking a game ble with the bigger screen. they are replacing it with a
pro. it is older version of the phone and not as cool and $450 this other doesn't have the display which is the cool thing. if you are not a techie person and want a bigger phone with the best battery life, the iphone 14 plus is what you should get. >> what i want is your job streaming youtube videos 19 hours for a job? >> i can't complain. >> we will have to read that on cnbc.com you have another phone event >> i'm going to google to see their new phones and watch >> we'll have to go to cnbc.com. sofia pitt thank you. we appreciate it. let's stay on the consumers. target kicks off deal days on saturday they have markdowns across all ca categories the sector faces a surge in inventory with consumer demand
pull back. let's tubing jerry storch. he is the former chairman of toys r us. >> good morning. >> let's talk about it i got an email yesterday from nike saying 60% discount come into the store. we have deals. everybody has inventory. let's start with the consumer. what does that mean for the holiday season when it comes to availability and discounts >> you have to keep in mind these mountains of inventory, while they are out there, the mountains are the products that consumers didn't buy it is what they didn't want before the retailers have to put those on sale. you will see great sales on products most people don't want. that's not always true there are gems in the mountains. when you look at the products people want, the new products like the iphones, or the basics
that people need food, staples, energy prices, those keep going up. the consumer is in a funny place. that's why the retailers are worried and trying to bring christmas into the summer or start as soon as possible. >> the holiday season is starting earlier and earlier the prime day next week and target and their moves what is the upside for the retailers? they want to get rid of inventory. why not wait and see if the holiday season gets inventory off their hands? >> i give target and amazon credit for trying. in target's case, they are bringing the sale event earlier. amazon is adding a second sale event. they had prime in october before it is only once a year once in the summer or once in the fall now two. both of them are taking initiative and doing something different. retailers are rewarded usually
look at it we're talking about it we're talking about target not kohl's or mace ii macy's or someone else this is a race trust me everyone is off and running as soon as the green flag drops it starts now. everything is on sale. it won't make a difference in the end. everything is on sale all season the stuff you want, you have to pay full price or the premium of the ford truck it will be a promotional holiday season all the way to christmas. at the end of the day, it won't be a very good christmas she will spend until she runs out of money i think she is running out of money because of inflation we will see it in results. retailers know it is coming. they will be aggressive. keep in mind, buy what you want.
>> we have to let you go one last question. you see macro issues impacting the holiday season. the fed or the midterm election. how big a factor is that for retailers? >> the election is a serious problem. a lot of us not deal with that stuff going on in the world. people care about the election they will focus heavily into it. it is as late as possible. you could not have a later election than november 8th that is horrible because it is closer to christmas. after the collelection, people e happy about it or upset about it that will have a tale to it. during elections, retailers come to a halt until you get past it. then people say christmas is coming it's thanksgiving. then they start buying again sometimes they run out of time another reason why they're starting sales early >> jerry storch, we appreciate
it. still on deck on "worldwide exchange." stocks looking to bounce back after the two-day win streak we layout the key piece of data which is critical to the next steps. and throughout hispanic heritage month, we are celebrating our leaders. here is the norwegian cruise line ceo >> i have been lucky and blessed to be hispanic being a cuban refugee in the 1960s and growing up in connecticut, one thing my parents instilled in me was the standard of excellence whatever you do, be the best at it work hard and great things will come if i could only give someone two pieces of advice, that would be it reach for the stars. we can a g tre llethe
>> welcome back to "worldwide exchange." here what's on the agenda for wall street. weekly jobless claims and a lot of central bank chatter. minutes from the european central bank this morning. and speeches from fed leaders. cleveland fed president and chicago fed president and fed governor christopher waller. the market is looking to bounce back after the rally. futures in the red right now the dow could open up 100 points lower. s&p and nasdaq .50% lower at this point the next guest says it is about the monthly jobs report where it comes to jobs. john stoltzfus is here with us >> good to be here. >> you are looking ahead to the
jobs report. higher than expected does that give you a hedge of what we are expecting tomorrow and how does that make the market move? >> i think we have to think that number curbed the enthusiasm within the market. it did not go down sharply we have to look and see what happens tomorrow we are expecting the jobs number will be lower than it was in the prior month. that would indicate the fed policy is beginning to work through the system it is the important thing to take a look at we are looking for emeliaration to cool. >> i'm looking up emeliaration spell it out better than expected job report? >> better than expected job
number would be bad for the market it depends how hot the number is and that depends how the market reacts it showed with the adp number, it wasn't a big deal it wasn't a deal breaker if anything, it was a very modest loss yesterday i saw on the screen. >> you are saying you are about the garp trade growth at a reasonable price getting past that, what is the next metric? i was on halftime report kevin was all about the cash flow others are about margins and others about dividend. what is the factor when you pick a stock? >> a mix of all those things you are looking at cash flow profitability and strong management and dif sendvidend te along with that. products to come along with the loyalty and dividend policy.
we look at it as growthy value or garpy growth. we don't want to stretch and go out too far and when will a company be profitable. we will want companies that show they can navigate tough times. we had plenty of tough times in the last 13 or 14 years to find good examples of that. many of these really good stocks are deeply sold off in the course of the performance. >> we had tough times in the last 13 weeks. it's been a pretty difficult second half of the year. i want to talk about something you are saying look for stocks where the baby is thrown out with the bath water. that sounds like a different take on buying the dip look for stocks -- no? >> no, i said you are very right. when you are looking for babies that get thrown out with the
bath water, you look at companies that you want to own that happen to get thrown out on the down days when the market broadly takes them all down. that's one of the things that is very much a hallmark of the selloffs we've seen of late which has been broad selling that crosses whether it is defensives or cyclicals or large caps or smalls or mids it looks breetutal this is not '08, but 2022. it is a process of moving from free money to an environment where bond buyers get paid for lending money essentially to a bond issuer and bond issuer have to pay for the privilege of borrowing money. during the pandemic, we moved from an comkc come an come dayto
free money. >> thank you, john it's frank my last name is holland and my high school coach would yell howard that will do it for us on "worldwide exchange. futures are lower. we toss to "squawk box" with more on deck the dow looking to open 150 inpots lower we could see a lot of twists with "squawk box."
cut. a report says a new white house plan could lead to renewed drilling in venezuela. and elon musk's deposition postponed as his team works with twitter to address sticking points and moving forward with the acquisition. it is thursday, october 6th. "squawk box" begins right now. >> good morning. welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. let's look at the u.s. equities at this hour you will see red 190. as we learned yesterday, where you sit during