tv Worldwide Exchange CNBC November 20, 2018 5:00am-6:00am EST
it's 5:00 a.m. asia and europe are down dow futures indicate another likely drop today. call it the f.a.n.g. fumble. facebook, amazon, apple, netflix, google all touching a bear market. it's not just stocks bitcoin down again hitting the lowest level in more than a year. deutsche bank shares tumbling to all-time lows. we'll find out why. and new developments following the arrest of carlos ghosn. all of this happening on this tuesday, november 20th "worldwide exchange" begins right now. ♪
good morning welcome from wherever in the world you may be watching. i'm brian sullivan it's a tough day for global stocks and your money already. pretty much everything on the tape everywhere is lower right now. dow futures indicating another triple digit drop. down 161 in dow futures. s&p and nasdaq are down. keep in mind if we lose another 1.2% ondow, it will turn that index negative for the year ibm,goldman sachs and caterpillar down 30% from their one-year high. bonds do continue to get bought. if you wanted to find a little upside, yields are starting to come down, so credit should stay relatively cheap looking for any glimmer here similar story in asia where we are seeing the asian markets
fall the nikkei down 1% the domestic chinese market, the shanghai composite losing 2% it's down 30% in a year. as you might imagine the european market as well, kind of a similar story. a lot of red on the screen we are seeing the european markets down not as much as asia. if you want to find some of that silver lining, but there you go. a lot of red across the board. let's try to make sense of this and where we may be headed and bring in jeff hirsch from probabilities fund management. >> good morning. >> what's going on >> well, it is the end of that -- >> how is that for a genius question what is happening? suddenly stocks stink. >> it's a midterm year we had october yes, it's the beginning of the best months, there's a little lag here we had great months up until october. we have a lot of things going on in the world the trump tariffs, the fed, now
they're backing off a bit in some rhetoric out there. some of the housing and auto -- >> housing has been terrible >> corporate earnings are under. tactical things are going on i see a supportive pattern, that might be constructive if we can clear the highs of november and hold the october lows. >> let's dig into that more what we're looking for is a reason to believe that stocks will stop going down soon. a couple of dow stocks which are down nearly 30% from their 52-week highs. bluest of the blue chips anything you see that can give us a pause >> the fact that everyone is getting negative and the sentiment turned from being super positive to being more questionable not enough bears yet, but still getting there. the fed, you know, that's the biggest thing. we've been talking about this
mo for months i don't know if you caught the dallas fed chat. >> yep >> he was backing off a bit. if the fed can say, you know what, i think we may have tightened enough, or hold off a bit that would be the most bullish thing for the stock. >> the powell put. >> yes >> you think that's -- that this market -- i don't want to call it carnage >> it's not market carnage >> no. we're still up for the year on the dow. we have to remember that but only 1.2%. i think the bigger risk is the stocks everybody loved, the f.a.n.g.s, the apples, the amazon, they are now all in bear markets, down 20% from their high if your star linemen are all injured on the sideline -- >> like the giants on the field, i mean >> who will turn the team around >> nobody, you can't run without
linemen, but you need new linemen. we need new leadership it hasn't fleshed out yet. we'll bounce around here first half of december is weak we're looking for a thanksgiving rally here typical setup coming into thanksgiving, wednesday and friday before and after. bullish, then we get into the year-end stuff we'll need some performance out of retail. we will need backing off from the fed. >> everybody is still optimistic for the holidays we're at 4.5%, 5% jump in retail sales. the point i made about bonds, at least credit doesn't appear to be getting more expensive. >> the yield curve is not threatening inversion as much as it was we are higher on the longer term and the shorter rates have been held at bay. it's a testing situation we are retesting some lows testing guts and confidence in the market when a few more people throw in
the towel -- >> you think we need to see one more flush, one more wash? >> we may be getting that. this may be part of that >> right side of an inverted head and shoulders, the right side of the bottom then we clear the november highs, the 200-day and build some base. that would be constructive >> jeff hirsch, thank you very much >> thanks. new developments following the arrest of carlos ghosn shares of nissan, renault and mitsubishi are trading lower today. nissan down 5.5% renault expected to hold a board meeting this afternoon the board will discuss temporarily replacing ghosn address ceo. the french government called for an interim management structure to be put in place all of this comes after ghosn was arrested yesterday in japan.
also today we continue to follow a developing story around deutsche bank. shares down once again hitting another all-time low deutsche bank is off nearly 4.5% in german trading. the bank is being drawn deeper into a money laundering scandal involving denmark's largest bank shares are down nearly 50% in one year the biggest bank in germany down a half in a year's time. the semiconductor chipmakers are under pressure chinese regulators launch a sweeping anti trust probe there. eunice yoon is live for you in beijing with more on that story. >> thank you very much the question that the u.s. business community has been asking today is what is the moment investigati motivation behind this investigation. chinese authorities said they uncovered massive evidence of anti compettiitive behavior by
micron, as well as samsung and hynix. they have not provided any specifics at all and that is one of the reasons why so many people have been asking questions this is not the first time these companies have been investigated they dominate the d-ram market they have 95% of it. they have seen these investigations, but in china it's different because the p perception is when the chinese are pursuing a foreign company with an anti monopoly investigation, the process is not very transparent and you don't know what motivations are. that's raising questions among companies. in the middle of all of that there is this heightened sensitivity among american companies right now about what has been described as
qualitative measures by the chinese. are they trying to take -- is this going to lead to chinese retribution for micron one analyst i was talking to described this as micron being used as political football, that's because micron has been at the center of this tech battle the company had announced that it was -- that it felt it was having its technology stolen by a chinese state company. the u.s. government has already issued indictments backing micron so because of all of that, that has also been just leaving a lot of open doors as to whether or not this is just a part of the tit-for-tat trade war. >> another big centerry fr stor. between deutsche bank and this, we have a lot going on today thank you very much. also there is a pair of retailers for you to watch today. let's get to frank holland with this morning's stocks to watch
we'll start with urban outfitters shares are jumping this morning. the clothing retailer up 4% after reporting better than expected earnings. the company posting strong same-store sales growth at all of its brands. l brands earnings beat forecasts and the retailer lifted its guidance for the year but shares are lower more than 4% as the company slashed its dividend in half and named a new ceo for victoria secret. sales at that brand have fallen in seven of the past eight quarters turning to intuit posting solid results. the softwaremaker continues to see strong subscriber growth for quick books online as well as its consumer tax products. brian, back over to you. >> we'll see you in a few minutes. we are just getting started on "worldwide exchange. it's been a busy day and it's only 5:10 a.m. up next, we'll talk more about the crypto collapse, bitcoin falling again. now to its lowest level in a
year we'll dig in on that we'll show you a live price. more brexit drama, the clock ticking on theresa may and her brexit deal. we're headed live to london when we come back ♪ lean on me, when you're not strong ♪ ♪ and i'll be your friend ♪ ♪ i'll help you carry on ♪ ♪ lean on me ♪ mmm... ♪ lean on me... ♪ mmm... ♪ lean on me.
triple digits. look at all the f.a.n.g. stocks. they're all in the red in fact, as a group, got them in a group on my screens, they are down 13% on average in just a month. 21% on average this quarter. it's been a tough go for the former market leaders. it's not just technology stocks. you also want to watch the cryptocurrencies bitcoin again down today plunging below 4500. bitcoin now at the lowest level in 13 months this morning the live trade there, off more than 5% to 4,476 on the coinbase exchange. in england, pressure continuing to mount on theresa may an her brexit deal willem marx is joining us now with more from london. >> brian, thank you very much. i want to give you a brief political history of the last week through the eyes of currency traders we have the pound here, cable against the dollar last week theresa may came back
with a deal between her negotiators and the brussels negotiate beors and what the die deal would look like then we had some people quit there were a number of people within the party saying they would like to oust her, and then the numbers have stabilized because they were not able to get the numbers for that then the dup, they are in the confidence and supply agreement, a coalition agreement with conservative parties in the parliament, they voted for the first time since last year's general election against the government it was a small finance bill related vote but this is a sign they are deeply unhappy with the proposals theresa may has put to the government here, to the parliament here, to the people here in the united kingdom in the days ahead, a lot to
watch in brussels ahead of the summit this morning, mark carney is talking to lawmakers inside the house of commons having to answer some tough questions about what a no-deal between the eu and the uk would mean not only for the markets but for the british economy more generally. >> willem marx in london, thank you very much. now let's bring in peter spiegel news editor at "the financial times. you guys have done a great job on this story. it's a complicated one on this side of the atlantic i'm sure it's equally complicated there as well. what are the next steps that our audience in the states needs to focus on from a financial perspective? >> well, there are two elements to watch as per usual with this. one is the brussels angle. one is the london angle. may will go to brussels tomorrow to nail down the future relationship document. it's basically the exit deal has been negotiated this is causing all the hubbub
brexiteers think it's too color to the eu. remainers think it's bad because it doesn't give the uk enough say. to that is angering people can she win people back by this future relationship with europe, this new document that says we will set up a trade relationship, we'll have autonomy and close ties with europe can they thread that needle on the brussels side? that's happening tomorrow. i think the main event is in london though she has survived for the time being a leadership challenge, they can't get these 48 signatures to oust her or have a leadership challenge, there's no votes right now in parliament to support the deal she's done at some point, it will have to happen the next three, four weeks, she will come back, bring her deal before parliament and have everyone vote on it on the hard brexiter line you have dozens of people within her own party who will vote against it on the remainer side, they will vote against it as well. then you have the dup, as your
reporter pointed out, also not supporting it. then you have the opposition labor party who will not support it she has very little support for this deal. if it's not passed by parliament we don't know what happens next is it a no-deal brexit, does she have to resign that's why we're seeing huge fluctuations in the pound, because nobody knows what will happen when she brings it before parliament >> we like binary outcomes in or no this happened, this did not happen willem and others have talked about the idea that we get another extension. literally the brexit can is kicked on down the motorway. do you think there is a chance, like this eu michel barnier, the chief brexit negotiator, wants to stretch it out to 2022, do you think that's a possibility >> let's define terms here is brexit itself going to be extended no
the fact is that everyone in europe is sick of this they do not want to deal with the brits anymore, and any have bigger fish to fry they're not only dealing with trump, russia, but now germany is imploding we're losing angela merkel so most european countries when you travel to the continent, brexit is a sideshow she need to focus on their own issues at home they need to deal with a vacant chair in germany they don't want to deal with brexit barnier is saying you guys can't do this, let's stay status quo for another year, two years, three years they are out of the eu, they have not say in the rules, but all the laws just stay as they are now that gives business a lot to of certainty, because they just keep functioning the way they are, it gives may more time to deal with her domestic, political problems maybe go to elections. that's what barnier is offering. it has a lot of appeal to may,
because it pushes the issues off down the line, but for the brexiters, they make it feel like we'll never be eu we'll be out in name only. we will never be able to break away, strike our own trade deals. even that sort of rope that barnier has thrown to may has gone down badly here in london again, we like binary decisions as you say, we like yes or no. markets like that. i'm afraid that even if we get may going to brussels, we have a summit this weekend, they graded that deal, we're not going to know what the end state is for several weeks now. >> i feel like it's the eighth season of a tv show with 100 different players, everybody is getting so complicated that they'll tune out we'll find out it's a huge story, thanks for putting it in a clear light for us peter spiegel, thank you happy thanksgiving >> thank you it is turkey time. the president's annual turkey pardoning is today, but there's
the president is leaving behind a full plate of things left to do in washington, d.c. tracie potts is live in d.c. with more on what's still left to be done aside from turkey pardoning. >> a lot is left to be done. one of those is dealing with the situation at the border. there was a new judge's order overnight saying the trump administration cannot automatically reject asylum claims based on where people enter the u.s. >> reporter: it couldn't be clearer a federal judge says, migrants must be allowed to request asylum no matter where they enter the u.s. striking down president trump's order banning claims from those who cross the border illegally >> he doesn't understand that behind every one of them there's a family, they have aspirations, they made sacrifices, they're separated. >> reporter: the decision comes as caravans from central america begin to pile up at the border the government closed one of the
busiest ports of entry to install new barriers now troops president trump sent to meet those caravans are being sent home beginning this week. >> he sent the troops to the border to influence the midterms >> reporter: all 5,800 troops are expected home before christmas with thousands of migrants now arriving. >> a lot in the military are looking at this saying it feels like it could be a stunt it feel like was there a point to this? >> reporter: the pentagon says their work is done >> putting in barriers, barbed wire, jersey barriers to help the border patrol maintain control over the ports of entry. >> reporter: ports now crowded with individuals and families, many say they're fleeing violence back home homeland security says since the president changed those rules, as of monday 107 people who crossed into the u.s. illegally are requesting asylum.
brian? >> tracie potts in d.c., thank you very much. let's get a check on the other headlines including more on that tragic shooting in chicago last night, phillip mena has more good morning four people including an officer are dead after a gunman opened fire at mercy hospital on chicago's south side police say the gunman confronted his girlfriend over their broken engagement and then shot her several times. the gunman exchanged gunfire with police, fleeing inside the hospital he was later found dead. investigators have not said how he died. outside of sacramento more wild weather is getting ready to bear down on a wildfire-weary northern california. forecasters are predicting heavy rain which could trigger mud slides right now rescuers are in a race sifting through the wreckage.
and a nationwide ground beef recall due to heightened concerns of e. coli contamination. jbs is offering a recall of nearly 50 tons of ground beef. the agency tracked the bacteria contamination to a plant in utah with production on or about october 24th the good news here, so far no illnesses have been reported >> 50 tons of ground beef recalled, phillip mena, thank you very much. on deck, a live look at the f.a.n.g. fumble, how much the big cap tech stocks continued to fall this morning. they're down across the board. and do you love your car but hate the smell some people do for those people ford has them covered. what they're working on which will get everybody in the office talking today. stick around
wall street pointing to another lower open following yesterday's selloff. bitcoin bulls burn crypto down big again this morning. a live look at that price ahead. and do you love your new car but dislike the smell? ford what you covered. we'll explain what they're doing as "worldwide exchange" rolls on ♪ welcome back thank you for being with us on cnbc good tuesday morning dow futures not looking good right now.
down triple digits if you wanted you want to find spot, we could say they're down less than they were. as always let's get a run down of the top stories frank holland has your recap >> right now cryptocurrencies are getting crushed again today. bitcoin falling below 4,500, the lowest level since october of last year. bitcoin lost nearly a third of its value in the past week the board of french automaker renault will meet today. sources are telling roiter ing y will december cuiscuss temporary replacing ghosn. clothing retailer l brands under pressure it cut its dividend in half and named a new ceo for the victoria secret brand, this despite reporting better than expected
third quarte quarter earnings. tough run for the stock market overall dow futures indicating another triple digit drop off of yesterday's 400-point fall if we lose 1.2% today or tomorrow, whatever, the dow will have turned negative forever the year the dow is still up for the year, but only 1.2%. it's been a tough sled for a number of well known dow components six dow stocks are now down more than 20% from their highs. ibm, goldman sachs and caterpillar down nearly 30% from their 52-week highs. similar story today in the asian markets. japan down 1%. china's domestic market continues to get punched it's down 2% and the shenzhen, the nasdaq of china, it's down 30% in 12 months europe is also lower across the board. the majority of those markets in
the red today as well. here's the global commodity and currency markets oil, simply too much oil out there. we have that opec meeting coming up on december 6th a lot of opec, a lot of oil, and crude oil is down today to 57. and bitcoin is down big again. let's get a specific check on the f.a.n.g. stocks. this was -- was the market leadership certainly not anymore. if you put them in a basket, the f.a.n.g. stocks as a group, those five names, they are down 21% this quarter 13% in a month need market leadership let's bring in patrick palfrey from credit suisse as we referred to earlier, those were the linemen, if you will, of the market. those five stocks. they're on the sideline injured right now. it's hard to run the ball when
you don't have anybody big up front blocking will we see a rotation in market leadership or do you think those names can make a comeback? >> to your point leadership has been disrupted we believe that ultimately tech stocks will be leading the way their secular growth games are strong their business models are holding in quite well. the markets are vast over time they will deliver earnings that are superior to what we're seeing for the rest of the market. what's happening >> right now investors are trying to understand i'm hearing about a global dese decelerati deceleration the u.s. is showing signs of deceleration, are corporate profits peaking? they're trying to say should i be in stocks or not be in stocks are we going into recession. >> are we? >> from the data we look at, no. right now gd park next yep nexts supposed to be 2.5%. the trend from other variables,
average hourly earnings, pmis, things we look for are also not showing signs of recession so for investors wondering if we'll be higher 3, 9, 12 months from now, absent a recession the answer is yes. >> why is the market giving zero respect to the market beats? >> next quarter is expected to be 14%, down from 26% this quarter. that's still good. >> it's excellent. a couple years ago if you would have told me we're getting 14% earnings growth, we would have been happy suddenly 14% looks bad >> and it's later cycle. typically revenues are strong. margins should come in over time we don't expect them to go negative we have time for margins to move
higher when you have revenues growing 5%, margins adding to that, you get a stronger corporate back drop >> i guess the question is how much of this is the self-fulfilling prophecy of hearing talk of a global slowdown how much of what we're seeing is sell now ask questions later >> i think that's probably a good way of putting it concerns around trade are high concerns around global dese deceleration investors are saying step away right now, areassess and get bac in later >> is stepping away a bad thing? you have the trade fight, brexit fight, china going after micron technologies, deutsche bank down 50% on another money laundering scandal in denmark of all places all these things are hitting us from all sides is the only thing on the other
side profits and earnings? >> at the end of the day, fundamentals drive stock prices. >> psychology does work. >> may work in the short-term, but over the long-term the success of corporate businesses drives share prices. technolo technology, those are the bizzens that abizzen s th businesses that are successful >> what looks the most tasty or attractive to credit suisse right now? >> we prefer secular themes. technology is in that basket areas of internet retail, communication services those are areas we recommend clients take a closer look at. >> internet retail i know you're not an individual stock guy, we can discern a few big internet retailers out there. you like the group >> i like the group. >> we like the group patrick, always a pleasure
thank you. let's find out what else you will be talking about today. time for the top trending stories. flank holla frank tolal holland what will w talking about today. instagram is cracking down on fake likes, fol loefr lowersd comments a warning will be issued letting the users know these will be removed from pages >> i think this is the beginning of what we'll see. you already have those fake youtube views, fake followers, fake tweets. how much of this world is real >> that's a great question >> probably a lot more to come with these stories >> people monetize those users, they sell themselves as an influencer, or you can endorse products because they have x amount of followers. >> my favorite story last year,
a company that created a fake travel profile of a woman, bought a bunch of stock photographs, bought followers and had people offer her real money to endorse products. she never existed. >> wow taylor swift signing a landmark new deal. she now has complete ownership of her catalog of songs moving forward. her previous hits, not so much taylor asked that any sale of universal spotify shares results in a distribution of money to their artartists, and the labela agreed taylor swift not only a talented artist but spectacular business person owns your catalog and helping out fellow artists, good work. ford wants to kill your new car smell. >> i thought we like new car smells >> i love it the company is filing a patent
process that will eliminate the new car smell after a vehicle has been purchased this is the latest attempt to accommodate consumer tastes around the world many consumers in china say they hit the new car smell. >> ford wants to fix that. >> they wanted to sell more cars >> that's right. frank holland, thank you very much coming up, weighing the risks. some of the biggest names in business speaking out on their top worries right now. that list may surprise you we'll tell you what cfos are worried about.
it is a sea of red out there. have no fear, we found you a little green ahead of the holidays two dow components, walgreen and j & j posting slight gains in the early market that's where we are when whatever gains we can see is a big story. that's what we got dow futures down triple digits again. some of the biggest names in business shedding light on their top market worries let's get to jackie deangelis's latest survey.
>> the top risk factor, u.s. trade policy 35% said that that concerned them this quarter, last quarter 35% were worried about consumer demand when asked what they thought about the policy meant to their business, 75% said negative. when asked what congress' top priority should be next year, half said infrastructure spending a quarter said the focus should be on trade agreements on the fed, about 60% said they see a rate hike coming on december 19th for next year almost 46% said they see two hikes, 40% said they think we'll see three hikes. when it comes to the fed, rate hikes will impact the stock market and yields as well. so let's look at each of those on the stock market side of things, a notable shift. more than half of the cfos said they think the dow will fall back below 23,000. last quarter the majority were unsure the quarter before that they
thought the dow would surpass 27,000 for the first time. some of the confidence has eroded here. on yields, nearly all the cfos think the ten-year will be over 3% at the year end and the majority think it will be between 3% and three quarters of a percent. remember, as yields rise it tends to have a chilling effect on the stock market. so these two go hand inhand. on a day that we see the futures pointing to a down open, you need to think about some of these factors. >> we certainly do but given all the market we weakne weakness, can you come back with ten things people can feel good about right now? >> i certainly will work on that. >> a little holiday spirit thank you. let's find out what's coming up o rebecca quick, do you have any good news for us
>> i have some exciting news things we'll focus on today. lots of things that could move the market we have retail earnings, best buy, lowe's, ross stores, tjx, all will be reporting on our show that will give us a glimpse of what we can expect from the consumer we also will talk to dana telsey and brian neagle and we have a retail ceo joining us we will try to figure out what's happening. we also have numbers at 8:30 which will give us an indication of housing that's ban real weakness in the markets. all sorts of questions about housing. at 8:30 we get housing starts. estimates are for growth of 2.4% versus a decline of 5.3% that we saw last month that will give us indication of what's going on. and we'll dig deeper into the facebook story
a former board member will be joining us don graham was on the board for six years, from 2009 to 2015 he resigned back a few years ago because he turned 70, the mandatory retirement age i'm of the opinion that maybe some of the wisdom that goes with age would have been helped if someone like him had stuck around longer. we'll get his things -- his sense on where things stand now. he has known mark zuckerberg, he knows this company well. he will give us his take on what he thinks needs to happen next. and we'll focus on bitcoin way, way, way down at this point. tom lee will be coming on. last week tom lee cut his end of the year estimate from 25,000 to 15,000, obviously bitcoin has a long way to go from here we'll talk to him about why he thinks it will push higher before the end of the year, especially when you look at the
break-even point which is about $7,000 check this out, bitcoin at $4,400 we'll see if tom wants to lower that price target even lower all that coming up in a few minutes. >> this time last year bitcoin was at 9,000, on its way to 20,000, now below 4,500. >> last holiday season it was 20,000, should i be buying in here >> that's why it's a currency. currencies don't do that, unless you're in argentina or venezuela or zimbabwe where they have this inflation. currencies don't act like that it's acting more like what it is, a commodity. a crypto commodity looking forward to it. up next, major market challenges ahead one market pro says next year could be packed with more big risks to your money. we'll make both those cases. and random but interesting last night's monday night football game was packed with action ats ome got some incredible
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this is the ibm blockchain, built for smarter business. built to run on the ibm cloud. all right. futures are indicated down 143 points nasdaq and s&p are down as well, this coming off a 400-point decline yesterday. the dow is still up 1.2% on the year so we fall more than that today or today into tomorrow, friday is a holiday, the dow will have turned negative for the year all five of the f.a.n.g. names, they are down more than 20% from their highs. let's bring in julianeweulian e from btig. i know the f.a.n.g.s get the focus, however november 29th president trump and president trump xi of china will be meeting at the g20
how important is that meeting to the overall market >> it's extremely important. you know, it's essentially one of the few topics aside from the fed that we really think people are focused on now because the potential here is very important with regard to psychology this market is about psychology. if it goes well, if there is the thought that there will be a deal in 2019, that is how you regain the psychology that causes multiples to look fair to inexpensive here if this is the start of an economic cold war, the case for more multiple compression, you already had three turns multiple compression this year, that intensifies and leads to prices. >> do you think it is the beginning of an earnings cold war? >> no. we think the president is very cognizant of, you know, sort of how the market is responding and
his own role in that and we do think that we're setting up to start to craft some sort of deal. >> this is a president who unlike any in recent memory watches the stock market, comments on the stock market, refers to the stock market you know he's looking at it. is there some action that he could take just because he doesn't want to be sort of associated with the market that would be down like it has been >> you know, beginning the craft of a deal with xi is really what it's going to take if you look at the technology route in particular, think about it technology is one of the most export-sensitive sectors it is absolutely no surprise that you're seeing these names start to capitulate here for us when we think about the market as a whole, you know, this correction looks like a typical correction a >> let's say the president on
november 29th comes out and says my good friend, we have a dell done, we' deal done, everything is good. what happens to the stock market >> the stock market reacts favorably to that, and 3 to 6 months we'll look at this as a correction >> history says this is the best time for a market, after a midterm, mid year for a presidency, all the things say this is supposed to be a good time >> typically, seasonally it is however one thing is inaccurate. in general divided government is not more bullish than having unified government the statistics do not bear that out. can next yearing bull i inbe buh absolutely, but you have to address china and the fed. the fed has gone in the right direction the last several days. the body language is walking
back the number of hikes >> thanksgiving is in two days give us a reason to be optimistic heading into the holidays all this red on the screen, brexit, trade fights, f.a.n.g. failures, give us a reason to feel good. >> there's a very good reason. the oil price fall of the last month and a half is going to translate almost directly in to a happier consumer during the holiday spending season. it's a major savings, it's a major boost in psychology. >> but not good for the oil and energy stocks. they're important to the market. >> it isn't but they have already taken the hit. when you see the kind of volatility and the capitulation you've seen in those markets, those tend to be places where you want to own things >> you think energy stocks are looking tasty? >> yes >> thank you time for your morning rbi. today your rbi is about another
sport, football. all kinds of craziness happened last night in the rams 54-51 victory against the chiefs think of this. it was the fourth time this season a team lost when scoring 40 or more points. kansas city quarterback patrick mahomes became the first quarterback to throw six touchdown passes in a monday night game i hope you had him on your fantasy football team. and perhaps the most random but interesting stat of all, the kansas city chiefs are averaging more points per game in their losses, 45 1/2 points than in their wins, 35 points. wow. 54 to 51, l.a. topping kansas city that is random and hopefully interesting. let's check on how your day is setting up following yesterday's slide. we had a lot of yellow on the screen with the rams jerseys a lot of red on the screen now dow futures down big again s&p and nasdaq down big.
global market selloff yesterday. red arrows around the world after the dow dropped nearly 400 points, led lower and how by tech stocks. bear market territory now. all five f.a.n.g. stocks are down more than 20% from the 52-week highs. coincidence? i don't think so bitcoin bust the cryptocurrency dropping 22% in the last week hitting its lowest level in more than a year it's down below 4,500. it's tuesday, november 20, 2018,
"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're live from the nasdaq market site in sometimes square. i'm becky quick along with joe kernen and andrew ross sorkin. look at u.s. equity futures at this hour. yesterday was a big down day for the markets. dow down almost 400 points a decline of 1.5%. s&p down by 1.6% nasdaq down 3% you might have expected a rebound this morning, you're not getting it dow futures down by 143 points s&p futures down by 15 the nasdaq off by 59 should say yesterday was the worst day the nasdaq has seen since october 24th put that index at the lowest leve