tv Worldwide Exchange CNBC February 19, 2019 5:00am-6:00am EST
>> e.u. says it will react swiftly. u.s. trade talks with china, meantime, continue today in d.c. we are breaking down what's at stake with a report from beijing on what the chinese want to make a deal 16 states are now suing president trump over his declaration of a national emergency to allocate money for a border wall. the crisis in caracas continues. president trump turning up the heat on venezuela and making a threat for the venezuelan military hitting new highs for the year that's what oil prices are doing
thanks to opec-led output cuts it's all happening on this tuesday, february 19th, as worldwide exchange begins right now. >> keep in mind this is what's a radical start to the year. here are the numbers that matter if you're not paying attention at home. you should be. the dow jones industrial average up 11% the s&p small cap up 16%, and the dow now just 4% off its 52-week highs of october 3rd in other words, we have gained back all of what we lost in that december rout. overnight in asia it was a
slightly mixed market. didn't see big moves either way. if you did not see it on monday, well, we were off. the markets there soared, and many of the markets in asia gaining 2% and 3%. bonds, meantime, here continue to also get bought the bench mark ten-year yield at 2.66%. despite all of those numbers, your single best performing asset class, if you want to call it that, of the year is crude oil. that is right. crude oil is now up 24% this year, and we are seeing wti traded crude up .1%. brent crude is down .25% we are seeing natural gas up .5% as well. crude oil continuing its march higher opec production cuts and the venezuela news, we'll get to that in just a second. powering oil higher. as we do to start your week every week here on worldwide exchange, here are the big money event that is you want to pay attention to over the next four
trading days today we get earnings from wal-mart wal-mart will have its first live earnings call in years. we may get some clues on the fed's plan for its balance sheet. watch friday as well well, let's discuss the keys for what you will be watching and what you need to watch not just this week, but going forward as well daniel morris, senior investment strategist at bnp paraba given all the stuff we just went through on our calendar, as well
as the continued trade talks with china and now maybe a racheting up of tension of europe, what do you think is key for you as bnp paraba's clients? >> well, what we're thinking about is how much further we can keep rising or at least equity markets can keep rising at the same pace. we're skeptical about that if we look at the returns we've had year-to-date, you can argue a lot of that was just a reversal of december it was much more concerns about growth and profitability for corporations and so on i think those concerns really should still be there. if you look at the u.s. earnings season, even though the numbers from last year were still good, not too surprisingly, guidance has been quite weak. companies are not giving a more positive outlook for the year. i think we need to keep that in the back of our minds. think about the outlook and that
suggests markets are probably going to take a bit of a breather. the next step has to be what is the outlook for earnings growth. that's where we're a bit more concerned. we still have, of course, everything around china to worry about and whether or not we actually get an agreement that reduces tariffs as opposed to just an extension of negotiations it's just an extension, i think the markets would probably be disappointed with that of course, now we have the threats on european auto imports, so there's no lack of risk out there that's kind of always the case
do you think the gains for the whole year have already been made from the u.s. equity market >> i wouldn't go that far. let's say we want to get back to the highs of october last year we do for some of the indexes still have a ways to go. i think this one is probably going to take maybe the rest of the year to get there. let's say you reach that point that means you're just flat from october last year until the end of this year clearly that's not terribly encouraging. that would give you just a four and a half average return over the last two years it's still upwards, but more of a grind, more volatility dan, have a great day. tlaings for joining us now to trade news. the white house inching closer to a decision on auto tariffs. now the tension is racheting up
with europe. the e.u. indicates it is ready to fight back. willem marks joining us now with more on this story willem whether it would be damaging to national security well, the commerce department has sent its recommendations to the white house on sunday in line with a deadline to do so. we've had responses from the concerns over the last couple of days over the weekend angela earning maniel, the german chancellor speaking in minic. she got a very long set of applause for saying that she was surprised to consider the idea that european cars could be construed as a national security threat and t heard from jean cl
juncker. he is the commission president in brussels saying, and i quote, "trump gave me his word there wouldn't be any car tariffs for the time being i view this commitment as something you can rely on. you remember, he met with president trump in washington not so long ago, ought the timing of that promise, heident not entirely clear. >> she, of course, lost a symbolic vote last week, and many people have said especially in brussels this weakens her hand when it comes to negotiations trying to get any changes to the existing deal on
the table. >> now to the other big angle, and that is china. china's trade delegation is headed back to d.c. again this week to try to hammer out deal eunice yoon has more on what china hopes to gain from these talks. younis >> thanks, brian well, china's vice premier is on his way to washington today. a lower level official are preparing the vice premier for his discussions later this week on thursday and on friday with the trade representative robert
lig lightheizer. the focus of the discussions is supposed to be about coming up with a memorandum of understanding that can be used as a framework for a meeting between president trump and xi at later date. the source from both sides have been telling me it looks as though the two were able to make some progress on the trade gap as well as market access issues. for example, china offered to allow foreign companies to weigh in on product standards before they are set the industrial policies of china are still up in the air. the two sides haven't been able to agree on that for example, china offered. now, in a statement the
white house said that one of its main goals for this talk this week is aimed at achieving needed structural changes in china. brian, i spoke with the source who is familiar with the chinese side who expressed to me quite a bit of frustration that the u.s. side would believe that it can dictate to china the way it governs, and he said to me you can't ask china to change its nature if we change, we are no longer ourselves. i think that just shows how difficult it's going to be to get china to change on some of the structural matters we know you're going to be auburn hills over it for us this week joining us now is the president of the national foreign trade council. i want to focus on europe first, okay, because we're not talking about higher tariffs on some imported chinese goods we're talking about potential for much higher tariffs on high dollar value cars made in europe if for some reason we get that jump in tariffs on the auto
sector, what would that mean for the u.s. auto industry what would that mean for the u.s. economy >> yeah. good morning, brian. i think it would be a major mistake for the president to go forward with this. not just for our own auto industry, but really for the whole u.s. economy it's not just imposing tariffs on europe. you know, we import autos from japan, from korea, from canada, mexico these are national security tariffs he is talking about, which would apply across the board as he did with steel and aluminum i think the impact is obvious. $250 billion worth of imports. the u.s. exports $100 billion worth of autos and auto parts, and we have become an extremely successful exporter. if there's one thing we learned from the steel and aluminum tariffs, these countries are going to retaliate against the u.s. it widens the trade war ten-fold
over what it already is on steel and aluminum with our best allies, with our best trading partners just at a time when we want them to be helping us to concentrate on forcing some changes in china. i think the cumulative effect on top of the china tariffs and the steel and aluminum tariffs would be really bad for the economy. the auto industry as a whole doesn't want it. all the big three plus all the foreign automakers that are now producing in the u.s. and exporting all over the world are opposed to this. >> who has the upper hand in the trade negotiation? >> i think right now, you know, both sides need a deal >> i don't think anybody really has the upper hand if you are talking about the u.s. and china. certainly they both really need to see some progress towards a more stable, more normal situation. this is hitting a lot of u.s. agriculture and u.s. exporters
badly. >> are you optimistic about the outcome for a deal here because it has been fairly quiet >> i think the most likely outcome here the next several weeks, you know, we have this sort of artillery fishl march 1 deadline where the administration said they would raise these tariffs to 25% tl if there wasn't a deal by then i don't really think that's realistic because on some of the more structural issues we're dealing with, like force technology transfer and some of the issues on investment and sfwlekt wal property, it will take time to flesh out the details of that deal i think the most probable outcome on march 1 is that we, you know, continue down the
road that we kick the can down the road further and keep the negotiations going without either side taking precipitous action at least i hope that's what would happen because i think the administration is now in a situation where if it does something else, if it accelerates this fight, first of all, the negotiations may break down, and secondly, the markets will react very badly to that. >> you have just made the connection between the autos tariff issue and the says china issue because we've really had a resurgence of industrial production in the united states. a lot of those are foreign-owned auto companies we're now exporting 2 million automobile az year from the
united states. like you say, we're making autos in south carolina and alabama and exporting them to china as well as to the rest of asia. they are going to get a real double whammy here if the trade war with china heats up again and if the president moves on auto tariffs because those are global companies with global markets, but they also have global supply chains they need a sploot functioning world economy to ship parts around the world, input products all over the place really. for the future of the u.s. economy, these asian markets are terribly important it's where all the growth in the middle class is. you know, the u.s. auto market is growing slowly. skumgts isn't growing very fast. 95% of the world's consumers are outside the u.s. and the fastest growing markets are those markets we're opening up in asia >> we are just getting started on this very busy tuesday. up next, an apple shake-up
why the iphone maker could be changing its game plan in a big way, and, later on call it random, but profitable can you guess the single best performing stock in 2019 that's a chart i bet you can't name this company. we're going to show it to you as worldwide exchange rolls on. [ - hey maya. hey! you still thinking about opening your own shop? every day. i think there are some ways to help keep you on track. and closer to home. edward jones grew to a trillion dollars in assets under care, by thinking about your goals as much as you do.
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morning's top stock movers frank holland is here now with those. >> we're talking about banking, mining, and hotels we hsbc reporting profit rose 16% in 2018. that's still falling short of estimates. higher cost and the volatile markets really took a toll on their business the bank also warning a weaker outlook for the chinese and u.k. economies will pose challenges this year. hsbc shares falling in both hong kong and london today. now to mining. bhp says underlying profit fell 8% in the first half of its fiscal year. the low forecast, the world's largest miner setting copper earnings due to the lower quality of ore as well as several production outages.
an outlook for apple and a top analyst is out with a list of his new products that he believes apple will launch this year tf securities well known for correctly predicting apple's plans. in a note this weekend, co said that apple will unveil three new i phones and have a frosted glass casing that has want been seen before. co products improved blue tooth and ipod charging. it would also come with an air pod wireless charger that was initially supposed to launch last year but may come out this year d.c. drama reaction still pouring in over president trump's national emergency declaration, and lawsuits are now being filed it is 5:21 on this tuesday morning. we are back on cnbc right after this imagine traveling hassle-free with your golf clubs. now you can, with shipsticks.com!
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with loans, vendor payments and buying power. chat with one of our 4000 specialists and let's make it happen. the powerful backing of american express. don't do business without it. now your top news from d.c 16 states are now suing president trump over his declaration of a national emergency over border security nbc's tracie potts joining us now with more on that from washington tracie >> hi there, good morning. the states argue that president trump is trying to use money and take money from programs that the country needs to build a wall that it doesn't
>> warning about his declaration. >> california's leading 15 other states challenging president trump's national emergency at the southern border. the state's attorney general calls it unconstitutional theater. a misuse of presidential power and accuses the president of robbing taxpayer funds. >> that wall is a sham this fake emergency is a sham.
our military construction budget is behind schedule compared to where we need to be. >> some of the generals think this is more important >> the white house suggests the president will veto a resolution from congress opposing his emergency. >> well, it would be his first veto, but it's not clear at all that there are enough republican votes on capitol hill to override that. >> tracie potts in d.c., thank you for that now a check on the other top news outside of the world of money and business nbc's phillip mena is in new york with that phillip. >> hey, brian, good morning. deputy attorney general rob rosenstein is expected to step down next month. justice department officials tell nbc news that he will leave in about three weeks.
>> mccabe said rosenstein considered wearing a wire. west virginia teachers and schoolworkers are set to go on strike this morning to divert state funds from public schools to private school fouchers this yooemz comes a year after a west virginia walk-out sparked a nationwide movement. in san diego 16 people are back on solid ground this morning after getting stranded in a sea world gondola midair. officials say a gust of wind tripped a circuit breaker, and that stopped the ride and took rescuers nearly five hours to get everybody back down to safety brian, to make things worse, it was the coldest and windiest day of the year there in san diego >> yeah. it's funny, you always think of san diego having great weather i had some friends out there, and they said it felt like winter on the east coast, and apparently it actually snowed in las vegas. phillip, thank you >> it's getting weird out there. >> it really is. thank you. getting weird in here, too up next, feeling the heat. 2019 may just be getting started, but a slew of stocks
already on fire. we're going to show you some of the monster mooufsz. plus, the rise of the machine? the leader one big bank out with a big warning for us humans. stick ouarnd my mom washes the dishes... ...before she puts them in the dishwasher. so what does the dishwasher do? cascade platinum does the work for you, prewashing and removing stuck-on foods, the first time. wow, that's clean! cascade platinum.
u.k. they just got even more complicated. the main opposition party in parliament, and they've declared themselves the "independent group. their defection creates even more complications for the upcoming votes on brexit britain leaves the e.u. next month if it leaves at all. tbd. huawei's founder speaks out. the waist of his daughter is being called politically moeshated. he also vowed to invest more in the u.k. market instead of the u.s. remember, the company cfo was arrested in december in canada at the request of the u.s. government as focus has intensified on the chinese companies doing business in the u.s. like huawei and zte brian, back to you >> thanks very much. here is how your money and investments look right now.
it has been a red hot year look or listen to some of the returns on big name equities this year. the top six stocks in the s&p 500 cody up 68%. xerox up 54% hanes brands, hess, chip diagnosis olte, xilinx all up. that is just in 32 trading days. more stats like this, and we'll get your eyes open and get you going this morning mr. say the big discounts they've had are now over and stocks overall may no longer be cheap. joining us now is david catz, chief investment officer at mate
rick investor advisors a hand who was bullish to begin the year, and right, i should say, but you see these gains that we've just had. by the way, those are just a few stocks that we plucked out it's about an a big run for a lot of names have the markets gotten ahead of themselves >> they may have gotten ahead of themselves we started the year very bullish. we continue to be bullish. we think the market ends higher than it is now, but it's not going to be a straight line. you want to look to buy on the dips >> don't allocate new money now? use this as a time to take this off the table. we think there are going to be more bumps along the road. trade is a significant issue we're hopeful there's a deal, but there are going to be scares along the way. if there is a deal, that will make our bullishness that much more confident than the euro progresses very nicely
>> i am willing to bet there are many of you out there, some of you know you are watching right now. i see you. they sold into the weakness. stocks go down with more people wanting to sell than want to buy. maybe they didn't time it or jump right back in now they're looking and watching this and going, wow, look at the gains. i need to get back in. you are saying wait for some kind of a lull >> don't do it understand your psychology that you sell into weakness you don't want to do that. you don't want to chase the rallies. wait for a pullback and then when the pullback happens, remember how you felt today that you were missing it and then start the buying into that >> that doesn't mean all stocks are overvalued >> we think the market actually is about modestly undervalued. it's 15.5 times.
>> at&t, you believe is still a good value why? >> at&t sells it under ten times earnings and pays about a 6.6% dividend a big deal, though you have spent a lot of money on the mernler, and the direct tv is not working out maybe the way -- >> it's been a failure however, when they bought time warner, they bought it before the tax cuts, and they paid a really good price for that business we think the stock is at a great price. we think that their balance sheet is okay. they're going to pay down a lot of dead this year. they can support the dividend, and the stock is not acting like any of those things. >> i know the name is alphabet it's still hard not to call it google woogl. make the case for alphabet >> google's revenues were grate. they spent more this last quarter because the revenues were so good
>> that's a great price for a great business they have not rallied nearly as much as the market has this year we think there's going to be some catchup >> from a consumer side, wells fargo is doing a full court press to win back some of the trust of people after some of the scandals, like the big checking accounts and all this other stuff. you see the ads. this is the new wells fargo. you think it's still a good stock. maybe a new we think they are getting their act together >> all right wells fargo, at&t, google. overall, don't chase this market david catz of matrix
appreciate it. thank you. well, the political heat is turning up in caracas. president trump speaking in miami, florida, yesterday. well, he continued to press for the ouster of dictator nicolas maduro and reiterates his support for interim president juan guiado. >> today i ask every member of the maduro regime, end this nightmare of poverty, hunger, and death for your people. let your people go set your country free. now is the time for all venezuelan patriots to act together as one united people. joining us now once again is russ, managing partner at caracas capital markets. he has followed this story probably closer than anybody in the world. russ, the one thing that history has taught us about regimes like the maduro regime is that they can hold on often a lot longer than people think they can how close do you believe we are
to having maduro out and guiado, i don't mean being recognized, but i mean in the capital building in caracas. >> it depends on the army, and that's who actually president trump was addressing yesterday so much so that maduro responsibilitied immediately that trump was a nazi and who does he think he is telling the venezuelan army who to support clearly, the venezuelan army is who is going to decide who is going to be the ultimate president of this country. they've been targeting them, offering them amnesty for all the bad things they've done from the drug trafficking to the smuggling, to everything else that they've stolen money from so that they will switch their allegiance e leejant and save the country and get out of the mess that they've. >> whatever might be their
individuals with their own mind, but they want to be paid maduro's presidency has been food, money, and probably liquor okay if they're not getting infantry those things do you believe they will remain loyal to maduro, or are will they literally follow the money. they're going to switch sides. >> well, it's, unfortunately, not so easy. it's a bit like a mafia family there's -- it's easy to get into the mob, but not so easy to get out. they've got something on everybody. and nobody trust anyone. they know if they separate that they're liable to -- they don't hang together if you will. they'll hang separately from lamp post. we haven't seen many major shifts or cleaveages away from the regime as much as we've benhamering now, having said that, elliott abrams, who is an old hand supported the contras and
nicaragua and the 1980s under reagan and bush. got noriega out of panama with the 30,000 u.s. troops back in the early 1990s. is he in charge of venezuela policy the dark arts may come into play here, and maduro is clearly worried about that >> you know, on the show we've been following seven crude oil tankers that are loaded up with venezuelan crude that have been floating around or at anchor two of them in the last couple of days have successfully unloaded their crude oil in the united states. do you believe it will be the tult deciding factor here, russ? it is definitely hurting the
regime from the 587,000 barrels a day that were coming in the week before last down to 130,000 last week. it will be up because, you're right, we've been tracking the tankers as well. there are a few tankers that came in before the week was over, but hadn't unloaded yet. there were problems about who was going to get paid. the u.s. sanctions prohibit that money from going to venezuela.
>> bhooi, russ, can you imagine you're the board of a company. however illegitimate or whatever you think it is. all of a sudden a government comes in and says you're out we've got our new guys your boss, who is the president of venezuela, has not officially told you you're out. there's almost like there's two citgos that are happening right now from a very executive level. where do you think chavez is right now? where is the old board of citgo? in the bahamas in a satellite office >> that's where he was operating from because he couldn't come into the united states for the last year because he had no work permit and the u.s. wasn't about to give him one. in the united states the u.s. law rules.
>> if you want to is not the resistance, if you will, in the united states, it's ease why i next time you fill up with gas, go to citgo. thousands of men and women that got caught in the vice probably comfort to their ears as well. capital russ, always a pleasure. thank you. >> up next, it's a viral video alert. an extremely close call with a flying puck during last night's hockey game. we'll show you that video ahead. plus, waiting on wal-mart's numbers and for the retailer to do something it has not done in years stick around
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welcome back 5:47 here in new jersey. let's find out what else that you are all going to be talking about today. time for this morning's when i say you, i mean us fraipg holland is up with the trending story >> the rural -- >> all of us >> let's start off with the story. citigroup ceo mike corbin has said the tens of thousands of u.s. jobs are likely to be replaced by machines the jobs at risk specifically are in call centers and citigroup thinks they can be replaced with machines operating under artificial intelligence, helping customers with simple requests like replacing bank cards and resending statements he did admit that machines can't solve all customer issues, but it continues this conversation
around automation, outsourcing freelancing, and how all of that is going to impact the labor here in the u.s. i wonder what does he want >> i can't imagine this is helping company morale yorng people like to -- >> no. it's not something that normally they would want to say i wonder what his goal is. >> cost-cutting. >> there you go. maybe. well, the academy has been under pressure about the upcoming oscars tel cast in an attempt to avoid the big event biting the dust. this is going to be pretty funny later. they've provided queen to perform. the band has long been missing its iconic front man the late great freddy mercury former american idol runnerup adam lambert has collaborated and toured with queen since 2011, and he are take the stage with them at this year's academy awards tweeting, "we will, we will, rock the or scascars. >> i think if you don't have the
original person, it's a cover band >> jrny without steve perry? sticks without dennis d. young >> sugar hill gang without -- >> i love it frank, thank you very much >> thank you, sir. check this out a very close call in the sports world last night an errant puck almost hit him in the face. it hit the camera. thankfully, he was okay. that miss much closer than the game tampa bay won 5-1. we are glad that you are all right, pierre. up next, we are now just an hour away from wal-mart's earnings what you need to watch for when the world's biggest retailer hits the tape. the moist random but interesting thing you have heard about our mystery chart. just what is the best performing major stock in america this year it will surprise you, i promise.
it's coming up every year, our analysts visit thousands of companies, in a multitude of countries, where we get to know the people that drive a company's growth and gain new perspectives. that's why we go beyond the numbers. t. rowe price. invest with confidence. that's why we go beyond the numbers. ♪ wake up sweetie. ♪ doctor dave. ♪ here's your order. applebee's to go. now that's eatin' good
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we are getting close to seeing the numbers from the world's largest retail wrer, wal-mart's quarter will be unveiled in minutes, and it will do something it has not done in years. patrick mckooefr is president and founder of the daily on retail, and he joins us now. patrick, thanks for joining us the street is looking for 3.2% same store sales for wal-mart. u.s., that's pretty similar to what they did in the third quarter looking for eps of 1.33. i think relatively in line numbers. however, my sense is that the first half of the quarter was
stronger than the back half. the back half is where we had the government shutdown, which started on december 22nd three days before christmas. we had the polar vortex, and i think those factors played into the numbers a little bit i think we'll see -- we've got weak numbers for december retail sales from the government last week i think you'll see a little bit of that in wal-mart's report this morning >> patrick, if they do miss, i mean, basically their own estimates, but if they miss or investors seem disappointed, should they not be because the shutdown do they get a mulligan? >> i think this probably get a little bit of a mulligan, yeah if that was the case, and the numbers are a little bit light because of the shutdown. it was 800,000 federal workers that were not getting a paycheck for part of the quarter. frankly, you know, the more recent trend i think has been better the weather has improved
the shtdowns over. the stock market is doing better the checks that we have been doing over the past few weeks having pretty good from a store traffic standpoint. >> that could be a maktor as we move into 2019 the early numbers on tax refund distribution were pretty light down 7%, 8% year-over-year in terms of total dollars distributed. however, it's early. there are a lot of changes in withholdings and what not. i think that some are still saying the tax refunds will be bigger this year than they were last year. we'll have to see. it's too early to say on tax refunds, but it's something to watch for sure as we move further into the first quarter >> you know we sort of teased it
all show long about what they're going to be doing. they haven't done for the first time in years, and that, patrick, is holding a live earnings conference call why do you think doug mcmillan, the ceo, had a change of heart about this why are they doing this? >> i was thinking about that, brian, and it's -- i don't know. however, what mie sense is that they have a new investor relations head, and he is actually like me, a frmer sell side analyst, dan binder, and he has been there for a few quarters now, i but i think he probably pushed doug mcmillan to do a live conference call this morning with the investment community. yeah, they haven't done one. i covered wal-mart for 20 years or so, and during that entire time, i'm not sure they ever did a live teleconference. it was always a recorded call available at 7:00 in the morning. >> well, there you go. that's where the numbers are going to come out, and the live call patrick mckooefr, we'll let you get to, who. good to see you. thanks for joining us.
thank you. finally, your morning rbi. the most random but interesting thing you'll hear all day, and this is interesting and profitable as well you know it's one of the best starts to a year for the stock market ever, but let's get rand random, shall we, and find out exactly how good the year has been there are 109 s&p 500 stocks up more than 20% this year. 1478 of the midcap 400 are up more than 20%. that's 37% bobby brady are or maybe cindy is the real winner here. 232 of the small cap 600 are up more than 20% this year. that is a stunning 39% of that index. making it better than 20% gains. of course, they fell the most in december, but what a turn-around. three small caps have already more than doubles this year. if you want to get really random, we showed you the chart. the single best performing stock in all the major indexes this year is canton, ohio, based
dee-bold up 22% in just six weeks. dee-bold that's hall of fame kind of numbers right there. thanks for watching. worldwide exchange "squawk box" coming up next. so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally discovered in jellyfish, prevagen has been shown in clinical trials to improve short-term memory. prevagen. healthier brain. better life.
the markets remain focused on trade u.s. and chinese officials are about to kick off another round of negotiations. president trump issues a stern warning to venezuela's military that are continuing to support president maduro how the growing crisis could impact market here what will wal-mart's quarterly results tell us about the state of consumer confidence after those retail numbers and retail sales numbers have -- we are counting down to those numbers expected about an hour from now. it is tuesday, february 19th,
2019 i'm still celebrating valentine's day, i guess, because every day for me at least is february 14th "squawk box" begins right now. ♪ zpliechlkts live from new york where business never sleeps. this is "squawk box." good morning welcome to "squawk box" right here on cnbc we're live at the nasdaq market site in times square becky is off today take a look at u.s. equity futures ahead of the open. about three and a half hours from now that looks like it would open down about 20 points nasdaq off call it two points for now, and the s&p 500 off about two points as well let's show you what happened overnight in asia as we flip the board around you're going to be seeing a mixed picture there. the hang seng was off, but the nikkei and shanghai composite both up. just marginally. european equities at this hour pretty much in the red across the board with the exception o