tv Worldwide Exchange CNBC January 31, 2018 5:00am-6:00am EST
the state of our union is strong because our people are strong president trump talking tax reform and the economy in his first state of the union address. we have a full wrap up of his comments straight ahead. wall street pointing to a higher open after yesterday's big selloff, and a sign of of the times in the printing world as japan's fuji film buying xerox. details straight ahead it's january, 31, 2018. "worldwide exchange" is straight
ahead. ♪ >> good morning. a warm welcome to "worldwide exchange." i'm wilfred frost. let's check in on the markets after a significant selloff yesterday. we lost 20 points to 30 points on the dow right at the close. down 1.4%, having been down 1.2% for most of the final few hours of trading we were down 363 points. in the midmorning the dow was down about 400 points. the s&p was down more than 1%. the nasdaq down just less than 1% 10 out of 11 sectors were lower yesterday. healthcare and energy were down around 2%. but month to date the returns are impressive in this final trading day of january the nasdaq standing up around 7%
even despite those couple falls, and the dow is up this morning 74 points, the nasdaq up 20 points, and the s&p up 9 points in the premarket ten-year treasury note, still above 2.7. that crossing of the 2.7 happening with yields rising, something that has concerned some equity investors. yields about 2.7% still this morning. president trump striking an optimistic tone in his first state of the union address last night. >> this, in fact, is our new american moment. there has never been a better time to start living the american dream >> let's get to eamon javers with more on the president's big speech good morning to you. >> good morning. this has been an unorthodox presidency but a traditional state of the union address from
the president, laying out some policy objectives for the new year and hitting some emotional high notes in terms of the people in the room as icons of america. he also talked about the stock market here's what the president said on that front. >> the stock market has smashed one record after another, gaining $8 trillion and more in value in just this short period of time. the great news -- the great news for americans, 401(k), retirement, pension, and college savings accounts have gone through the roof >> the president also talked about some successes he's had in terms of bringing american companies back to the united states here's what he said there. >> chrysler is moving a major plant from mexico to michigan.
toyota and mazda are opening up a plant in alabama, a big one. and we haven't seen this in a long time. but now they are roaring back. they're coming back. they want to be where the action is they want to be in the united states of america. that's where they want to be >> the president hitting some business successes pivoting off the tax cut bill at the end of 2017 looking ahead to an infrastructure bill this year that he said would be 1$1.5 trillion a half trillion dollars bigger than we were led to believe the president was contemplating. we'll see whether that can get through congress there's questions on whether conservative republicans will vote for a spending tack cage that b package that big it's an ambitious goal for 2018.
the president having some of those moments that you also see in state of the union addresses. republicans on their featuring time and time again. democrats sitting stone-faced through a lot of it. you could feel some of the tension in the room. >> let's touch on one topic in particular in terms of how it was received by the republicans and democrats in terms of daca he went through, you know, the four pillars of why he thinks he can get to reform on that and framed it as saying it's a split down the middle of what the two parties traditionally work does that work now if they don't reach a deal can he realistically blame the democrats for it >> ra to he was offering a comp, he was saying we should have a de deal, but at some point the democrats were hissing the
president as he talked about immigration and chain migration as he calls it into the united states so the question is whether there's an underlying political basis for a deal here. the president would like to move on past the daca debate, the deferred action for childhood arrivals those are immigrants who arrived in the united states brought in as young children by parents with no say of their own that's a special class of immigration carved out republicans and democrats say they would like a deal we'll see if they can do it. >> we mentioned the economy, the stock market, what about north korea, isis, taliban and the commitment to afghanistan. will that be taken as an uplift in terms of potential spending in areas like defense moving forward? >> i think it might or the
status quo he talked about having more spending in the defense area the president is proud of the progress that the united states made against isis in terms of the territory that isis occupies in syria and iraq. he also highlighted in an emotional moment a north korean defector who was in the chamber last night who stood and raised his crutches over his head in a triumphant gesture that was a high moment for the president, talking about the divisions between north korea and south korea and what america's path forward there might be that will be a touchy issue that he will deal with in 2018. both sides seeming to be at a hair trigger there some people say it was low energy, do you agree with that or was he slowing it down to milk some big moments? >> i think the president delivered the speech slowly. it was about an hour and 20 minutes overall. he took a lot of breaks for applause he took a lot of pauses as he
delivered the words. he delivered it in almost a neutral tone there wasn't the soaring rhetorical uplift that we see sometimes. it felt deliberate to me it felt like the president walked through this a number of times. we know he practiced in the days leading um to the speech the timing, pacing all the of that was exactly what president wanted to deliver. it felt very much intentional. >> eamon javers, thank you very much. let's turn back to the markets. that global selloff we had yesterday. we already had a look at futures pointing higher this morning coming off the back of that decline yesterday. 1.4% for the dow the s&p down just more than 1% the nasdaq down less than 1%
asian equities are mixed today hong kong hanging on to its extraordinary month. we say the u.s. markets have been strong, hong kong looks to end up 10% the rest of the markets are lower. japan down 0.8%. european trade for you, down close to a percent yesterday, it's holding on to slight gains today. bouncing back from yesterday about a percent of losses for the ftse 3% of gains for the cac in france oil prices were off 2% yesterday. that's why energy and healthcare were the worst performing sectors in the s&p down again today 0.6. month to date oil prices up 5% to 6%. dollar board for you, it's not
been a factor correlating in either direction with the selloff in equities. slightly higher on monday, slightly lower yesterday and slightly lower again today gold prices down yesterday up a bit today up about 2% for the month of january. let's talk more about the markets. joining me is art hogan from b. riley fbr. good morning to you. yesterday clearly a selloff. we closed down 363 points. sum up why you think we had that two-day selloff and whether you think it will continue for the rest of the week >> it's interesting. there's three things when you look at it, the largest canary in the coal mine is the yield on the ten-year. we broke out of the 3.66 -- sorry, 2.66 resistance you went immediately to 2.7,
2.71, 2.72, the contemplation of that works into investors psychology we start thinking equity risk premium. at what price does the ten-year offer a better or more enticing investment than stocks i don't think we're close to that but the rapid move we've seen suggests that. we doubled off the 1.3 yield over two years ago there's been a significant move up, but i think we're overreacting the second thing is more important. we got off to such a strong start in january the first three weeks certainly not something we can annualize looking at last friday's close, you are up 90% on the year on the s&p 500. i don't think anybody thought we were getting there too far too fast and earnings earnings have been great low double digit earnings on the s&p 500. much better than expected guidance on a case by case basis, trying
to deal what tax reform means, it's been noisy in a market that's been priced for perfection those are the three main causes. off to a fast start, slow creep up in yields, and earnings season adding noise. what did you make of the state of the union last night? in particular the reaction from the parties, and what it means for the hope of whether the president can get the next big items on his agenda done, things like infrastructure. >> that's the key. it's a bit of a pep rally and a victory lap for the president. having gotten tax reform done. doing work on regulation those are the victories they can lean against talking about the future is much more important probably not enough detail about infrastructure we have to get through a budget process. we have a resolution that runs out february 8th if you're going to get close to infrastructure, we need that budget set there's a great deal of promise,
but 1$1.5 trillion over ten yeas could be important for the industrial companies and the amount of defense spending very important for a lot of the aerospace and defense companies. there's some real positives, but it was more of a victory lap than substantive about policy movements in the future. >> oil has had a great month of january. quite a significant pull back in the last couple of days. >> the correlation between wti and the dollar has been tight in this move up a good chunk of what's happening in the move is global economy has picked up. very much like the market, it probably got ahead of itself, probably has to pull back. the dollar firms here. we will settle in. the new range in the 55 to $65 range, and i think that's positive for energy companies.
>> art, thank you very much for joining me japan's fuji film is buying a majority stake in xerox. landon dowdy has the details >> fuji film will take over xerox and combine it into their joint future called fuji xerox the new entity will be 51.1% owned by fuji film and keep xerox's listing on the nyse. share holders will receive a cash dividend. the deal comes amid sluggish photo copier demand and a drive to cut costs in a news conference the fuji film ceo says the deal does not deplete our cash saying the company will continue to pursue mergers and acquisitions aggressively the deal comes as xerox has been under pressure from carl icahn and darwin deesen to explore a sale
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welcome back to "worldwide exchange." i'm wilfred frost. if you're just getting up, here's a look at the market picture. we're expected to bounce back today. up 61 points in the futures market for the dow nasdaq up 16 s&p up 7.5 yesterday the dow was down 1.4%. the s&p down more than 1%. the nasdaq down just less than 1% treasuries have been cited as a factor, rising yields. we were at 2.73 yesterday, 2.70 the yield on the ten we're today. stocks to watch. samsung reporting record annual profits driven bay memory chip super cycle. the comment expects demand to remain strong and sam shunsung announcing a 50/1 stock split. nintendo raised its full-year guidance thanks to the switch there was better than expected operating profit, up nearly four
fold from a year ago they expect to sell 20 million switch units in 2018. electronic arts third quarter results beating forecasts. the company expects sales of its newest title, ufc 3, to make up for the underwhelming response to the "star wars" game. in other corporate news, the nevada gaming control board has opened an investigation into steve wynn, this follows a bombshell "wall street journal" report that accused wynn of decades of sexual misconduct wynn has denied all allegations calling them preposterous. wynn operates a major hotel and casino on the strip. shares of wynn this morning are up slightly, but had a sharp fall over the last couple of days several economic releases on today's wall street agenda the latest adp employment report, followed by the quarterly employment cost index at 8:30. at 9:45, january chicago pmi,
december pending home sales at 10:00. the fed wraps up its two-day policy meeting this afternoon with a statement planned for 2:00 p.m boeing and eli lilly report before the open. at&ts,facebook, mondelez and call c qualcomm are after the bell. as we head to break, another check of futures pointing higher. back in a few moments.
tonight, i'm asking congress to pass legislation to help ensure american foreign assistance dollars always serve american interests, and only go to friends of america. not enemies of america president trump sticking with his america-first policies during his state of the union address. let's get the international reaction to the speech joining me now is peter spiegel from "the financial times. good morning to you. i've been looking at the ft website and different headlines that come off the back of the speech there's a mix from, you know, words disconnected from actions versus, you know, celebrating his economic record and giving olive branches to the democrats. is it split, the interpretation from the speech last night >> in europe we got a bit of a preview of this last week in
davos. he gave a public sort of pro internationalist rhetoric. also touting his economic record in davos, corporate heads were happy about the tax cuts there is this feeling that there is a disconnect between what he says and does. particularly internationally and in europe, he was aggressive anti-environme anti-environmental, anti-climate change even in the u.s., we have this republican memo that is supposed to come out of the house intelligence committee, trying to sort of politicize this whole russian investigation. we also have a story that went under the radar screen, the nominee for ambassador to south korea, had his nomination withdrawn because he's protested against what seems to be a march towards war with north korea it's one of those things that a lot of people have become sort of immune to his rhetoric. they've seen what he does.
people are watching what he does more than he says because there is a disconnect between davos and now the state of the union and the facts on the ground. >> i read the british press and follow it closely. i always felt the message that comes across there is closer to the sort of cnn version of events than the fox version of events would you say in the last two, three months peoples views are softening a bit towards the president? it's not quite such a hard line anti-president view in uk and europe or is that not fair? >> i think you have to separate the uk from the rest of europe given the special relationship, there always tends to be more pro americanism here than on the continent. you have elements of the tory party, boris johnson and hard
brexiters who are happy with trump in the white house many of the base for the hard brexiters here in great britain are a similar base to what trump plays to in the uk most i think still of the uk voters and on the continent are hard line anti-trump they don't see him as what they come to expect from the u.s. that comes to play i continual postponement of a trip to great britain there's political wrangling of why he didn't show up. he said he doesn't want to visit the embassy because they got a bad deal the underlying concern is that trump believes he will not be hailed as a hero here. he wants the pomp and circumstance, but we know there will be millions of protesters on the streets once he shows up. there's elements of the tory
party who are happy and softened their line, but the vast majority of people are still anti-trump >> peter spiegel, thank you very much for joining it's. still ahead a round up of the top headlines and another check of the global markets. we'll tell you what to expect from today's fed chair meeting e. how did edward jones come to manage a trillion dollars in assets under care? jay. sarah. so i have a few thoughts on that early retirement... by focusing our mind on whatever's on yours.
strong president trump talking tax reform and the economy in his first state of the union address. we have a full wrap up of his comments bouncing back. wall street pointing to a higher open after yesterday's selloff. and focus on the fed janet yellen making a final rate decision today as fed chair. we'll tell you what to expect. it's wednesday, january 31, 2018 you're watching "worldwide exchange" on cnbc. good morning a warm welcome to "worldwide exchange" on cnbc. i'm wilfred frost. let's have a quick check in on the markets. futures pointing higher after a big selloff yesterday. down 1.4% on the dow, more than 1% on the s&p. the nasdaq down less than 1% we are still sharply higher for the months as a whole. just a bit of profit taking the last few days. doesn't look like we'll get more profit taking on the final day
of january the dow is expected to open higher by 60 points. ten-year treasury has been a factor as it crossed 2.7 earlier this week. pulling back a bit in yield terms, but still above 2.7 >> president trump striking an optimistic tone in his first state of the union address last night. >> this, in fact, is our new american moment. there has never been a better time to start living the american dream >> the president also talked up the record run for the u.s. stock market last night. >> the stock market has smashed one record after another, gaining $8 trillion and more in value in just this short period of time. the great news -- the great news for americans, 401(k), retirement, pension, and college
savings accounts have gone through the roof >> mr. trump also revisited a campaign promise to tackle the high cost of prescription drugs. >> one of my greatest priorities is to reduce the price of prescription drugs that is why i've directed my administration to make fixing the injustice of high drug prices one of my top priorities for the year prices will come down substantially. watch. >> let's get more reaction to the president's speech, joining me is tony fratto, also ben white we are joined by john harwood. good morning to you all.
ben, the comments we did get about the stock market and the economy, clearly noed ed nnod e pull back, but he had strong grounds to celebrate and he did so >> he a strong stock market run in his first year in office. a lot of presidents wouldn't tout the stock market for fear that it will eventually go down. on the economic numbers, he talked about the low unemployment rate, the low unemployment rate among african-americans. on the campaign trail he called the jobless rate fake. now he believes it's real. a lot of these trends in unemployment, that trend began under president obama in 2010 and 2011 and has continued these are not necessarily trump accomplishments, but he is the president and gets to take credit for stuff on his watch. >> john, all people want to see
strong numbers, but what other topics saw republicans applauding and democrats doing the opposite >> the significant one was immigration. there he was not optimistic. he painted a dark picture of the menace that immigrants posed to america. he talked about the murder of young people and directed the camera's attention to a grooifigrooif i grieving family members who he said had been victimized by ms13 that reflects an aspect of american society, and of what the country is dealing with and of the immigration debate itself, but it patients a picture of the effects of immigration on the country that i don't think will be conducive
to making a deal with democrats for dreamers he pitted dreamers against his own base by saying americans are dreamers too not easy for democrats to come and make a deal with him with that as the back drop. >> tony, there clearly was some polarization on immigration. overall, was this perhaps a more united kind of congress and reaction than could have been given some speeches president trump has made over the last couple of years? >> yeah. if you think about some of his best speeches, aside from the inaugural address, which was combative and a dark speech, ever since then, when he gives speeches with a teleprompter and is faithful to the words on the teleprompter, it is a more modest speech without that
combative nature we saw the usual things of republicans standing, clapping for their riorities. democrats sitting during those times. that's usual we saw the accomplishments, some new priorities what was missing, i think sh, is the sense of american leadership in the world it was very much a speech for americans, for the american audience and not the global audience >> wilf, the other point to make is you saw the split within the republican party in the conduct of the speech. you had the appeal to his base on issues of immigration the appeal to investors and business on the stock market you did not here anything about entitlement reform, a big priority of house speaker paul ryan because that's something that investors and business
leaders may want to hear but not the base of his party who made him the republican nominee and the president. on the issue of infrastructure, where in theory there is a bipartisan coalition to be had, he is advancing a program that has minimal federal investment, which is what will make it difficult for democrats to go along, but the reason he's doing that is that republicans don't want to lay out a lot of money for infrastructure so the divides in the republican party were on display even though they were applauding him. >> ben, what numbers did we hear, are we sitting here thinking they will more or less likely be delivered upon >> i would say less likely 1$1.5 trillion is a big number, the number we do know is 200 billion, then he wants to
leverage state and local funding, private funding for these infrastructure projects. plenty of democrats think 200 billion is ridiculously low for an infrastructure number and wouldn't get enough done republicans don't understand how this leveraging will work. how you will get from 200 billion to 1.5 trillion. there's not big support for tont foreign policy, you mentioned there was not the leadership that eu leaders might have been after, this is a big step away from the obama administration, whether he's talking about north korea or isis or throwing in afghanistan as well in the speec speech >> it was a muss carcular speech
if you look at his comments on isis, we're able to wipe out isis with more military action and next was directly aimed at the u.s. view towards north korea, and that he will do it a different way from previous presidents what we've come to expect from a lot of presidentsis always thi sense of american leadership in terms of freedom and democracy, of lifting people up in foreign countries from an economic development standpoint tackling global health issues, leadership on other priorities whether it's on climate change during democratic administrations or on republican administration tragt administrations on trade if you were overseas now, you would see a strong, muscular military view from the united states
but not on these other areas he's saying that we are not going to focus on that i think he was explicit saying he will focus on the communities in the united states and not overseas >> great stuff tony, thank you very much for joining us john, thank you very much you. ben, just one final question away from the state of the union. janet yellen's final meeting today. main things you're looking for we're not expecting a rate hike? >> not expecting a rate hike or any change in the pace of balance sheet reductions you're looking for is there a more bullish tone about the economy, which would lead you to believe there are further rate hikes coming her swan song is to get joay powell coming in >> one thing that jay powell could change the pace of, is that deregulation? >> yeah. he could do that he's viewed as friendly to the
deregulation push to big banks and medium banks in the united states he has randy quarles as head of regulatory issues for the big banks. he'll -- powell will be pore friendly to that than yellen was. yellen was more of a proponent to dodd-frank and not going away from that. powell will be happier to change things >> thank you very much for joining me japan's fuji film is buying a stake in xerox lan land h landon dowdy has more. >> fuji film will take over xerox and combine it into their joint future called fuji xerox the new entity will be 51.1% owned by fuji film and keep xerox's listing on the nyse. share holders will receive a 2$2.5 billion cash dividend that's about $9.80 per share the deal comes amid sluggish photocopier demand and a drive to cut costs in a news conference the fuji
film ceo says the deal does not deplete our cash saying the company will continue to pursue mergers and acquisitions aggressively the deal comes as xerox has been under pressure from carl icahn and darwin deesen to explore a sale shares of xerox up 6% in early trading. back over to you >> thank you very much for that. let's check back in on the markets. futures pointing higher today. we got a significant drop yesterday. the dow was down about 1.4%. the s&p and the nasdaq down around 1%. that is not the futures market that's the last couple of days of trade that doesn't include what we're looking at this morning, which is that markets are expected to bounce back a bit. let's bring in dan ives from gbh research. clearly tech stocks are always very much focused on given the strong run they've had, but the
selloff over the past few days has been broad as a tech expert are you more relaxed that this is not just a selloff in your names? >> i think really fundamentally, i'll call it the super bowl of earnings, the next few nights, this is going to be key in terms of the underlying growth drivers. if the core growth, which we believe is there not just on enterprise, on cloud, on streaming, e-commerce, social media, those will be the leaders broadly. so we're not concerned because the underlying growth drivers are there. >> clearly, we had a healthy pullback, when we think of earnings themselves, the one we had already, netflix, blew past expectations to the upside could that happen with some names, facebook, microsoft, apple coming later in the week >> i think you have to separate them out in terms of the band-aid being pulled off that will be apple in terms of guidance. it's broadly expected there.
i think -- >> because iphone x will miss? >> if you look at demand out of china, we think that's soft. in terms of where i think you'll see the netflix type of earnings, i think amazon you will see a blowout the skeptics will say it's priced in. we believe that's one where you could see numbers come up 10%, 15%. we expect strong numbers there when you look at alphabet and facebook, the news has been a dark cloud, but numbers will exceed expectations. when you look at instagram, we expect a beat on the core facebook numbers >> and a quick comment on the healthcare announcement yesterday. massive deal or cost-cutting measure? >> we view this as the first step this is a strategic sort of step by step process to get into the
healthcare side. it's a shot across the bow ultimately amazon, this will be part of a major broader strategy on healthcare and pharmacy some pundits think this is no big deal we believe this is part of a broader effort where through acquisitions they're now going to look at pharmacy and healthcare as a bigger piece along with the whole foods acquisition and consumer strategy this is one to watch out for this is a major strategic initiative for 2018. >> dan, thank you very much for joining me still ahead, last night's state of the union making twitter history. we'll bring you the record breaking numbers, and snapchat is giving its most popular feature a makeover how the app upgraded some of your texting game. ally begins t, causing a lack of sharpness, or even trouble with recall.
welcome back to "worldwide exchange." we're expected to bounce back today by 72 points on the dow. this comes after a 363-point decline yesterday for the dow, which was the laggard down 1.4%. the s&p and nasdaq down about 1% let's look at energy prices. one of the two worst sectors yesterday was the energy sector. oil prices were down 2%. they are down a half percent today. month to date oil prices are
higher by 5.5%, 6% time for our top trending stories. >> last night's state of the union speech making twitter history with 4.5 million tweets. this was the most tweeted state of the union or joint session address ever topping last year's 3 million tweets the top-tweeted moment is when president trump said "we stand for the national anthem. i heard this it was like, did he just say that >> you would expect everyone to stand for the national anthem in that arena the success of fwi r twitter on this, a nod to the president. snapchat is helping you up your bitmoji game. you can customize your avenue star with 40 skin tones, 50 hair colors and hairstyles. you can also snap a quick selfie for comparison this is up your alley.
>> i thought it meant you tyke a selfie and it has an algo that looks into it. >> that will be next, facial recognition. >> surely we're at this point already. this allows you to take a selfie and design the two lyle ywhile look at it i can't believe that's the big announcement >> you enjoy a good selfie music is trening tod itrendy spotify has a new app called stations which creates customized stations based on users preferences. users can log in with their spotify account and station will start generating music they will like it appears only to be available in australia for now are you a spotify guy? >> no, apple music, but i'm losing faith in it >> i like spotify. this is like pandora, but you
can choose your sfagstations. >> could be time for a switch. thank you very much. still ahead on "worldwide exchange," the fed is in focus as it wraps up a two-day policy meeting. we'll tell you what to watch encowh we me back. build and run apps anywhere you like, while keeping your competitors at bay. the ibm cloud. the cloud for smarter business.
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welcome back to "worldwide exchange." futures pointing higher after a two-day selloff. down 1.4% on the dow yesterday but expected to open higher by 74 points this morning let's bring in lindsay piezza. let's start with the state of the union. reaction to that we got some numbers on infrastructure, many comments on the economy. what was your take on topics like that, economy-focused >> i think the president remains optimistic that he will be able to push through some of these more pro business agenda items that have been sidelined
if we do see additional momentum, in terms of infrastructure, spending, additional reform, that will be a net positive it remains a big if whether or not the president and republicans have enough ammunition to continue to push forward their agenda >> in terms of the fed today, what do we expect? no rate hike perhaps a bit of a change in tone >> that's right. rates are expected to remain unchanged but there's plenty of reason to watch the fed announcement today as we await for indication on how the committee is judging inflation levels a more hawkish tone would suggest a more aggressive plan to continue to raise rates, maybe in the realm of three or more additional rate increases this year. if we do see the statement more dovish, it's more likely the fed
will back away from the forecasted three rate hikes, maybe around one or two increases over the coming 12 months so it's about the tone they're setting in the text as opposed to raising rates. >> we had a bit of a risk-off moment the last week or so many have been saying that's sparked by yields crossing 2.70. high are we seeing that hurt equities if people are selling bonds, they're getting cash why is that rising yield not going into the equity markets? >> i think it's expected to see a good amount of volatility in the market at this point we're not talking about an overly robust economy. we're talking about 2-ish. though the president sounded optimistic, there are still a number of hurdles that the u.s. economy is facing.
we're talking about implementing a new amount of tariffs, still talking about renegotiating international trade contracts. there's still a lot of unknowns for the u.s. economy and i think some market participants are beginning to factor in that unknown or that volatility into their outlook for the current year >> on the tladollar, that has nt moved much, but your latest take on that? >> certainly the dollar has been beaten up as of late through 2017 we saw that downward momentum. there did seem to be indication that the dollar was gaining ground, but we've given back most of that improvement at this point, a reflection of the still modest economy, volatility in the marketplace, unknowns in terms of fiscal policy a little downward pressure we expect to come in against the u.s. currency. >> great stuff thank you very much for joining me that is it for "worldwide
good morning the state of the union >> this is our new american moment there has never been a better time to start living the american dream >> president trump applauding his first year in office, calling for major deals on infrastructure and immigration and the state of the markets, the futures pointing to a bounce back after stocks suffer their biggest drop since august. and it's decision day at the fed. janet yellen overseeing her final policy meeting as central bank chair
it's january 31st, "squawk box" begins snow. ♪ >> live from new york where business never sleeps, this is "squawk box. >> good morning. welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. let's look at the u.s. equity futures. we have seen two days of triple digit declines yesterday the down was down by 363 points, the worst daily performance since may of last year the worst two-day performance since september of 2016. check it out this morning dow futures indicated up by 0 points s&p up by 9. nasdaq up by 19. a lot of the weakness yesterday came from the healthcare stocks. healthcare was the worst performing sector. unh was the worst performer in