freely within china, but that's about it. he will be a fugitive from the united states for the rest of his life. and the united states will never stop looking for him. -- captions by vitac -- ♪ welcome to "street signs." i'm silvia amaro. >> and i'm dan murphy. let's get to your headlines this hour. >> manic monday. european equities deep in the red with the stoxx 600 down 2% and tech stocks nursing the worst of the losses. in asia, the nikkei closes 12% lower with the steepest daily decline since 1987's black

monday. kospi tanks close to 9%. the nasdaq seen opening almost 4% lower adding to friday's losses as the market prices in a more aggressive fed cut starting with 50 basis appoi points in september. and berkshire slashes its apple stake in half by more than $50 billion. very good morning, everyone. this is the moment in the show where i'm supposed to tell you about the european equity session, but before we look at this, we have to park it and decide for a moment because we have to address first and foremost what happened on friday. we know and we talked about it on "street signs" that investors were concerned about the outlook

of the u.s. economy going into friday's session and then we obtained non-farm payrolls and new unemployment figures from the united states and that's when concerns about the u.s. economy actually exacerbated. non-farm payrolls were less than expected and the unemployment rose to 4.8%. you have to think about that background and context. at this stage as you look at the equity session here in europe, you have the stoxx 600 down by 2.3%. we are seeing red across the board. look at the wall behind me. very few pockets of green at this stage. indeed, as those concerns about the potential recession in the united states are translating into some of the moves of the global equity session. on top of that, a lot of investors considering the possibility that the fed actually made a mistake last week in not cutting rates. at this stage, many investors

are thinking about the next fed meeting in september and considering the possibility that the fed might have to cut by 50 basis points. now, i want to look at the main bourses at this stage so we get a better picture in terms of what we have in the equity session in europe. as you see, it is red across the board. we have more pronounced moves to the down side. in it thatly, the main market down 3%. similar moves in germany with the dax down 2.4%. in switzerland, the main market down by 2.6%. let's take a look at the sectors as well. some very interesting moves there as well. one of the worst performance at this point, this morning was actually tech. it was tracking a lot lower. we actually saw the overall index for the tech sector the lowest since january. on top of that, governments were

tr tracking lower. some of the lowest moves seen since march. i have to take you to oil and gas stocks as well down 3.6%. the worst performing sector. this as the investors are tracking lower oil prices because those concerns about the potential recession in the united states are actually offsetting some of the middle east tensions we are witnessing as well. as i told you, these moves are a global trend and in asia, that was clear. let's look at the nikkei 225. we cannot ignore this. the market in japan closed down by more than 12%. these are some of the low of the moves since the late '80s. indeed, we actually heard from the japanese finance minister this morning saying it is hard to say what's behind the decline in stocks and they are monitoring what's happening with quote concerns. authorities monitoring closely

what is happening in the markets. we also saw the kospi at one point halting trading down 1.8%. back to you, dan. the worst day since the 1987 stock market crash. look at this, the selldown is expected to continue when it gets black under way. the dow also off 600. the s&p 500 is expected to open 126 points lower. we saw on friday u.s. stocks down sharply after thecipated jr july. worries the market could fall into recession and now the fed is accused of being behind the curve on rate cuts. here is a look at how pre-market trade is shaping up for p apple, tesla and nvidia. you see losses expected.

nvidia with the weighting on the s&p 500 is key to watch down 7.3%. apple down by 6%. microsoft, amazon and alphabet also expected to continue that decline. we are going to be discussing the pull back in tech stocks later in the show with dan ives at wedbush securities. who better to unpack the de decline? that interview is coming up at 16:45 cet. we have peter joining us who is at rbc capital markets. peter, here is the ultimately, what will happen next? do you think the weak data and the selldown will force the fed to aggressively cut interest rates? >> first of all, i would like to say one of the things that happens in the very large moves is the market creates moves intrinsically. when you look at people with

some kind of positions, those positions get lopsided because the market moves in the other direction. you have spiking and a sharp volatility and they have to sell into a falling market and buy no the rising market with the case of treasuries. i think we are in a position now where the market moves create market moves which is very foreign recognize. as regards to the fed, at the moment, when you look at the labor market report in detail, there are legitimate concerns about it being as weak as style est styleed. we are trying to analyze the data. they will is still go 25 and they will have pressure to do something else. >> we see the market re-tragcin

two months of gains. now we are talk about the all-out market revolt. what are the signals are you looking for to say the worst is over? >> well, the dynamics. the dynamics as i was just trying to say in my opening remarks and we're now at a point where the market moves reinforcing market moves because other people will look at that and say hang on a minute. i have the wrong position. i need to get out or i need to get in. as long as you see the dynamics unfolding at increasing speeds, particularly in asia, i think you must assume there is still a lot of people out there positioned the wrong way around. by the way, if i may say, on top of the story of recession in the u.s., i think the moves in particular with the yen, must not be disregarded.

they are driving part of that as well. >> peter, it's silvia here. i would like to get your thoughts on the opportunities here. we know there is a selloff and investors look at the buy opportunities. we heard over the weekend that warren buffett cut exposure to apple and holding more cash and treasuries. is this the right approach with the selloff we are witnessing today? >> i think it is probably too early to think about that as opposed to saying there's a lot of people who ultimately have to take a view even if they don't want to and even if you look at fair value in the environments and see the valuations in certain stocks or the amount of rate cuts priced on the front end of the curve. at these points in time, these valuations matter very little. they might come in an opportunity in a week's time or two weeks' time with too many rate cuts or the spread levels

might be wrong or something like that. i think at this point in time, we are less than 24 hours into the market trading. that is definitely too early. >> i also would like to understand what you are looking out for because it seems it is very far in the future, really, until we get the next fed meeting. what economic data will you look at to understand will they go ahead with the 50 basis points in cuts? >> first of all, the fed has told us and all of the central banks have told us they will be looking at a broader sweep of data. i think, by the way, this is very important in my mind and that range is from the fed to the ecb and bank of england last week where they said they are not focused anymore on just inflation. i think that's very important. therefore, i think initially, most of the macro data that comes out now becomes important with the focus on labor markets and growth and all of the

leading indicators. this morning in europe, we had the latest batch of peripheral european pmis which came in weaker. anything to give us a guide to growth picture is concerned, i think that is important. if i may say one of the other things that has sparked the rally that -- sparked the rally in treasuries and selloff in equities is becoming more important as individual earnings calls. we have to look at those as well particularly with the announcements of layoffs embedded in that. >> peter, before we let you go, investors are looking at what this means for their portfolios. as we track through the rest of the trading day and into the u.s. open, what is the most important thing to watch? >> i think first of all it is credit spreads. credit spreads have been extremely low and you have to -- they have been rising, but the magnitude of that is very important. you mentioned the equity market already.

of course, that is important. the magnitude and st. petersburg speed of that. those who performed well into the summer, with the creditor sovereign markets, volumes have been spiking and vix has been up and volatility has been up. i think all of these things that people were expecting a more quiet period and now we have everything but. >> peter, i appreciate your analysis at this hour. global macro strategist at rbc. sylv. i want to take you to inf infineon. they posted $3.7 billion for the third quarter. that is missing expectations. we have the stock trading higher by 1.2%. the chip maker said it narrowed the full-year sales guidance and sales of 15 billion euro and

announced plans to cut, listen to it, 1,400 jobs worldwide. this is important because we had a similar message last week from intel as well going ahead with somehow really a drastic announcement in terms of reducing their head count. when you think about the outlook for some of the chip names, really, there is a question mark about where are we going p next? there has been a huge hype around some of these stocks, but as we are witnessing the broader tech selloff, are we going to see them perp form well? let's look at the overall market with the chip names. infineon is among the four which is moving slightly higher at this stage. when you think of the other names, asmi is down 2.7%. asml is down almost 2%. as investors continue to think

about what the potential u.s. recession could mean for some of these names as well. we know generally speaking a u.s. recession or recession overall is not good news for tech names and some of the chip names, too. i also want to take you to the banking sector because it is an important one when you look at the possibility of a recession, too, because it does put pressure on the balance sheets of banks as well. at this stage, looking at the european names, we have deutsche bank down 4%. in france, it is down 4%. all in all, we are seeing red among the names. ubs is down 3.7%. ubs reporting next week. we will bring you those numbers as well. when it comes to oil and gas, it is one of the sectors under pressure this morning. looking at some of the names at this stage in the session, we

have bp down by 3%. more pronounced moves by shell down 3.5. when it comes to the trading in spain, down 3.5% as well. as i mentioned earlier in the show, it is not just about the considerations of the u.s. recession, too, this morning, we are tracking what is happening with oil prices moving lower as well because investors are considering potentially looking at that potential u.s. recession and offsetting some of those concerns that we are seeing in the middle east. of course, then we will have an update. back to you. >> thank you. still ahead, japan's nikkei just posted a bigger point drop since black monday and erased all of the gains for the year. we will take you through all of the numbers on the other side.

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back to the program. we are tracking a global market selloff at this hour which, of course, began in asia. significant percentage points declines with the indices with nikkei down 12.4% at the close falling 4,451 points.

that is the largest digit decline in the history of the index. significant losses as well for the kospi down 8.7 and taiex down as well. jp ong joining us from singapore. jp, walk us through what you were watching through the session and what your contacts are saying about what might happen next. >> dan, that is anybody's guess what will actually happen. where do you start with the selloff that gripped asia? a lot of this stemming from the concerns of the u.s. recession which has a lot of sentiment zap in the region. you see the nikkei fall into bear territory and lost 10,000 points in the last three weeks alone, that starts how the selloff and battered the markets

have been. the sharp reversal in the equities and the japanese yen. you will see the japanese yen here and keep in mind it started down against the greenback. once again, zaps the confidence from a lot of exporters on the nikkei 225 in the last report stated they boosted profits in the last quarter. there is a concern of the yen strengths to keep the bank of japan from raising from last friday. you talked about the kospi selling off signifisignificantl. the korean exchange had to actually halt trading for five minutes because of the futures falling by more than 5%. the last time they did this was actually the early months of the

covid pandemic. t it was so bad, dan, even chinese markets with china reporting the pmi index that lifted equities in china a little bit. you see they were swiftly brought back down to earth and saw significant losses. not as what you see in seoul an ana and t'aipei. will there be room to recover? judging by futures, we may be in for more pain. we have to wait and see how the u.s. session unfolds. again, there is little hope that, perhaps, markets can revive themselves. it is a case of nowhere to run, nowhere to rhide for this day. dan, back to you. >> i'll pick up. thank you, jp. to understand what has happened through the asian equity

session, we have the managing director at delta investments joining us for more. good morning. first and foremost, i would like to see the comments from the japanese finance minister this morning saying it is hard to say what is behind the decline in the japanese stocks this morning apart from the concerns of the potential u.s. recession. what would you highlight around these very, very deep moves? >> yeah, so i think it's actually been a quite surprising move. it is a surprise and we did not expect this especially with the boj easing and having accommodating policies in place. i think it's currently seeing a reversal of somewhat a crowded trade. earlier in the year, we saw a lot of retail coming in with japan introducing a new tax exempt channel. we had a lot of retail investors come in and the tse reform was

actually picking up and corporate government reform is picking up in japan. we thought nikkei traded up 26% year to date and we have now given back all of that and trading back down 6% year to date. i think from here, i think japan is still a very attractive market. i think the move is a little bit overdone, especially with the move in the nikkei or move in fx. i think in japan, we have still a lot of great companies, high quality companies, with a lot of cash on its balance sheet. if you think about the price earnings, topix is now trading 12 or 13 times. and i think, you know, with the japanese corporate government reforms in place, i think there is a lot of opportunities for

the investment community to take this opportunity and enjoy the upside. >> i would like to get your thoughts more broadly on what is the outlook for the corporate sector here because this has been quite an important year in terms of announcements of share buybacks for the japanese stocks. ultimately, do you think the outlook here could actually be in jeopardy for some of the share buybacks? would they have to perhaps change what they communicated to the markets thus far given these significant moves in the stock market today? >> yeah, so japan has more of a return on equities and r.o.e. issue. to improve the return, it is going through record level buyback. i think it creates an opportunity for japanese corporates to increase the

amount of buyback. with the nikkei trading at 31,000 yen, i think it is a no-brainer for the japanese corporates to improve the balance sheets. this is what the tse wants. i think we will see that toward the nd of the year. >> it's dan here jumping in on the conversation. how do you think the strength in the yen is impacting the japanese exporters? as an extension to that, what does this mean for the boj? we know this is a significant issue on the currency side. what does it mean for policy moving forward? >> yeah, so i think all exporters might become a bit of a challenge. i think exporters were enjoying the fact that the dollar/yen was trading at 160. if you look at the forecast, whether it is toyota or other exporters in japan, they set 140

to 145 and for those conservative slightly below 140. i think from the earnings perspective, that doesn't change from the forecast side. from the boj perspective, i think they were maybe a little bit too -- they sounded a little bit too hawkish than the market had expected. so i think they will likely turn down the language, but i think with dollar/yen trading at 145, it is actually quite comfortable for japanese companies overall because we are exporting, but for the people that live in japan, the cheaper yen doesn't always benefit from -- japanese people don't benefit from the cheaper yen.

>> we have to leave it there. thank you for sharing your analysis there. as we track into the break, i wanted to flag what we are seeing right now with the german chip maker infineon. shares reversing course up 2.7%. silvia, is this a sign of things to come? we will continue the conversation on the other side. it has been a month since the uk got a new prime minister. does that mean anything for the assets? we will bring you more. stay with us. step one be terrible. step two be slightly less terrible. ugh. ah! come on. step three. que gusto conocerte por fin discover that practice doesn't make perfect. practice makes progress. hola tio! listo para improvisad. espanol. muy bien. vamos. babble. every step is a step in the right direction.

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drinkcirkul.com. live from london, this is "street signs" on cnbc. i'm dan murphy. >> i'm silvia amaro. here are the headlines this hour. >> manic monday. european equities join the global selloff with mining stocks nursing the worst of the losses. in asia, the nikkei closes more than 12% lower. the index suffering its steepest daily decline since 1987's black monday. the kospi and taiex tank close

to 9%. the s&p closes lower as markets price in a more aggressive fed cutting path starting with a 50 basis point in september. berkshire slashes its apple stake in half as tech names gear up for another negative session on the street. let's take a quick look at the uk economy. it's been a month since labour a one twon the election. looking at the corporate names. burberry has seen the worst of the selling in the last 30 days.

this in a month which saw the bank of england delivering its first rate cut in more than four years. gilt yields are down on the month, but that may be more to do with the global equity selloff. i want to mention the latest pmi figures for the uk. the june figure came in at 52.3. above that contraction line of 50. when it comes to the overall uk july pmi was 52.8. that was the number for july. i'm pleased to say to discuss in more detail what is happening in the uk economy, we have with us a guest. before we get there, i want to briefly mention the chancellor rachel reeves is flying to new york to meet with top executives

which include citi's jane fraser according to bloomberg to drum up investment ahead of the inve investment summit. reeves stating this is banging the drum for investment. we have our guest from bank of america with us. >> thanks for having me. >> first and foremost, i would like to understand what we have for the uk government? we had the first rate cut from the bank of england and now concerns of potential recession stateside. what do you think about when you think about the outlook for the uk economy? >> we see it has surprised on the upside. q1 growth was .7. q2 is higher as well. it will hold up from the second half of last year.

there are a few factors of heigh highlighting that. you have inflation coming down. i also think that some of the peak impact of the monetary tightening and rate hikes that we have seen over the last few years is potentially behind us. there is some positivity from those figures. at the same time, we have a new government. the government is promising political stability after a very long time and we also got quite a bit of mainstream policies about drumming up investment and we have rachel reeves drupmming up innmvestment. we have the uk economy restrained by weak supply the last few years. there has been investment problem and market labor shortages which actually is what the labour government needs to address. we will see what they do in the budget. that is very important. >> of course.

before we address the economic landscape, i would like your thoughts on the monetary policy, of course. when you think of the expectations at this stage, they are suggesting another cut in november, not before. now we are seeing the expectations for the fed changing more aggressively to 50-basis point cut in september, does that change the way you think about the bank of england? >> the bank of england delivered the first cut last week, but i characterize it as a hawkish cut. they were close to cutting and it was a close vote at 5-4. they also said we are not going to cut rates too quickly or too fast. i think the issue in the uk is we still have fairly persistent wage growth in the uk. i think uk has a more risk of persistent problem. i think the bank of england is

aware of that which they said they will go gradually and data dependent. t they are influenced by what is happening globally and what is happening with the fed, but more importantly is what happens with the uk economy. that will determine the uk story more than what is happening with the fed. >> what does this most recent cut mean for the growth and inflation outlook mean? what does it mean for the numbers on the ground here? >> i think the rate cuts are going to eventually have an effect. you have policy still fairly restrictive even with the rate cut which is a point that the bank was trying to make last week as well. in terms of expectations ahead, we agree and we expect another rate cut to come in november. we have four more rate cuts next year. i think the boe delivers less

cuts with the domestic inflation we are seeing. in terms of the growth story, the data and there is still some impact of policy tightening in the system which will probably reduce over time. eventually, as the rate cuts become more aggressive, we might get more boost to growth coming from there. >> are you surprised by the reaction we have seen in the pound after the boe move? what is your outlook long-term for pound-sterling? >> i'm not an fx strategist, but i think the pound would be determined if there is a divergence in the monetary policy story between the uk and maybe the fed. over the last few months, we have seen pound appreciate on the back of, you know, again, political stability and more positive sentiment around the uk. i think that actually helps the inflation dynamics. if you have higher pound, more

goods inflation comes down as well. that helps the bank of england, but we need to see that be a long-term move or a short-term move. that depends on the monetary policy. >> great to speak with you. perhaps, next time we can address what is happening in the budget. that was the uk economist at the bank of america. time to get a check on the european equities. we have been tracking a global selloff of equities. that continues to be the mood as well as we look at the european session. we have the dax in germany down 2.3%. here in the uk, the ftse 100 down more than 2%. in italy, the ftse mib down 2.7%. we are seeing a more pronounced move to the down side in switzerland down by 2.of%. i want to take you to the fx

space. this is an interesting one in the context of all of the rate announcements we got last week on top of that as markets are pricing in a higher chance of the fed cutting rates by 50 basis points in september. at this stage, we have the euro tracking slightly higher against the u.s. dollar by .6%. we are seeing, overall, a run to safety. for instance, the swiss franc was actually tracking higher against the euro early near the session as well. when you think about the dolladol dollar-swiss franc, the dollar is down against the swiss franc as investors are more focused on other safe havens at this stage compared to the u.s. dollar because of the changes from what the fed might do. i want to look at dollar-yen. we are seeing the yen moving higher and getting stronger

against the u.s. dollar. at the moment, at 142. some traders, however, questioning whether it will move to 140 or even lower in terms of the outlook for the yen. i want to take you to the bond market, too. at this stage, we are seeing a bit of a mixed picture so far. looking at italy, the yield is tracking slightly higher at this stage. if you look at the other yields in europe, they are moving lower. i would like to look at the benchmark yield on the ten-year german bund at this stage moving lower at 2.14%. we haven't heardfrom the ecb recently. however, some of these moves we are witnessing this morning are also related to what is happening stateside. to briefly not in terms of what to expect today, we are going to hear from two fed officials, including chicago president who will speak to our colleagues stateside.

mary daly will give a speech as well. we will see what comments they have as we track what happens in the u.s. bond market and also what is happening in the equity space as you see on the screen with the u.s. futures suggest a lower start to the trading social wall street as well. this after what was a very significant session on friday. we had all of the major indices seeing steep declines. this was across the board, not just in terms of the tech space. the nasdaq was, indeed, down by more than 3% for the week f. if you look at the russell 2000, it was down more than 6% on the week. let's go to the big scene of the crime. the pull back started on friday after the non-farm payrolls totaled 114,000 for july. the rate hit 4.3%, the highest since october of 2021. this is adding to fears of the

economic slowdown with the ramping up of the cut expectations. the fed is expected to cut by 50 basis points in september with the target in the 400 to 425 basis range or lower come the pd of end of the year. experts are sure the fed will cut in accept. september. >> i think it would be a miss if they don't cut in september. the unemployment rate has moved up by about a point. the payroll gains today were very modest. >> it still feels like risks are pretty balanced on both the inflation and employment mandate. i would say rates at 5.5% is probably 100 basis points above where you should be if you want to be back to neutral to address risks to either inflation or employment. >> we still think they will go 25 in september. we do now expect consecutive cuts in the remainder of 2024.

september, november, december. we'll pull forward 125-basis point cut. i think 50 is a possibility if you get further weakness between now and november and another employment report. >> it is a busy week for unemployment and data for the united states. we expect numbers from bayer and uber and the reserve bank of australia rate decision. attention will turn to the united states president race. vice president kamala harris is seeking the democratic nomination and she is expected to unveil her choice for running mate. we will bring the numbers from novo nordisk and sony and disney and inflation numbers from chchina and germany close our friday. and the paris olympics with the

closing ceremony on friday. >> i'm surprised the olympics are about to come to an end. >> blink and you miss it. >> when it comes to this week, the huge question mark is whether the selloff is going to continue. what will take to see stabilization in the markets? on top of that, we are tracking corporate earnings season. we will hear from novo nordisk later this week and one of the questions i have is really what is the outlook they are providing us with because there are significant concerns to the economy and what it means for the global economy as well. then, are we about to see significant layoffs in the next couple of months? that is one of the questions i have. of course, this also is very related to what you cover. what will happen in the middle east? it feels it is somehow a little bit under the radar because we see the moves in the equity space. what is the outlook for what is happening in the middle east?

is this likely to ease in the future? will we see a cease-fire? we are at a point that many were concerned a couple of months ago which is basically the whole region involved in this war. that feels like that's what we are witnessing. >> make most mistake, the middle east is on fire at this hour. the next 24-to-48 hours are critical. we have seen the secretary of state antony blinken say to his counterparts, we could see an israeli strike in the next 24-to-48 hours or as soon as today. if you are a market investor tracking the action in oil markets or regional equities or cr currencies, that will be critical to watch. when it comes to the push-pull factors on oil, it is bullish, but the broader market selldown is bearish. it is little changed in this

session. that is going to be interesting moving forward. let's update you on what is happening on the other side of the break. u.s. tech selling off in the pre-market extending last week's losses. we'll discuss more on the other side of the break. stay with us. what is cirkul? cirkul is the fuel you need to take flight. cirkul is your frosted treat with a sweet kick of confidence. cirkul

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welcome back. berkshire sold off more than $75 billion of stock in the last quarter, including half of the stake in apple. berkshire's cash pile rose to $277 billion. berkshire has also starting paring back in bank of america and trimmed holdings in chevron. it did hold on to coca-cola and american express. let's get you a check on apple, tesla and nvidia are trading pre market. you see they cooled down significantly. apple off 7 percentage points and tesla off 5.21%. microsoft, amazon and alphabet also called lower here when trading gets back under way. microsoft down 4%. amazon down 3% and alphabet down

4.42%. let's unpack this with dan ives from wedbush. dan, great to have you on today. thank you for being here. look, last time you were on, we spoke on july 18th. you said this market wasn't necessarily breaking. it was just taking a breather. it looks a lot like a break to me, dan. now what's your view? >> look, it's clearly white knuckles what we are seeing here in tokyo in the nikkei. i just look at what we saw with earnings. if you look at tech earnings, tech earnings overall are actually very strong. i think the a.i. piece is playing out with clearly a risk-out piece. this is not the time to panic. this bull market is clearly going through just a major test here, but it is not the time to hit the exit button.

for tech, i continue to think the next few years, this market goes higher despk paid despite today with the nikkei. >> the nasdaq is on track to hit 20,000 by year end. eating humble pie or still holding on, dan? >> look, for the last two years and for the last really 24 years, i mean, we've navigated through all these macro geopolitical white knuckle moments from the covid period and other periods. we hand hold these periods. my view of the tech market in the next few years is unchanged. these are panicked periods, but i also say the hand holding we've done over the decades in our career in tech, that's how we established ourselves with the investors globally, not just when stocks are going up and to the right.

>> dan, i would like to get your thoughts also on the overall trend here. when you think about the latest earnings and were you happy from what you heard from some of the tech names, but intel announced significant layoffs. on top of that, there are the concerns of the potential recession in the united states. that would not be good news for the tech names either. why do you remain bull usual on t the sector? >> that remains to be a train-wreck situation. compare that with amd. we will hear from nvidia in the next few weeks. i think what is happening with semis and with what i see is reaction upward. look, in terms of the recession fears as dan talked about, obviously, a lot of nervousness here. we are still not seeing anything similar that on the enterprise on our checks here in asia.

that's why it's very easy in periods like this to yell fire in a crowded theater. i get it, the bear is coming out in force today. to me, this is not the time to waiver in terms of our thesis. when i look at intel, that was a disaster two years ago and it remains today. >> let's look at apple in more detail. the news that berkshire hathaway cut its position. i understand you are bullish on the stock. why do you remain bullish on apple when warren buffett is cutting exposure to the stock? >> for buffett, buffett cut in q1, too. it is still his number one position by more than double over bank of america. clearly this is going to put gasoline on the fire in terms of

worries in terms of overall tech. when you look at apple right now, they're going into what i view as the biggest a.i. driven super cycle in terms of the action cycle in last five years. we saw this bet on cook. it is the wrong time to get off the name in my upon. i get what buffett is doing with tax as he has been 100% right on tech. this is not the right time to sell apple in my opinion. we have been talking to investors and you buy apple on weakness today. >> dan, as we come into the start of the equity trade, what are you watching? if you take a step back and think about this, who is to blame for the selloff we are seeing right now? is it weak data or the fed or the tech ceos who got up on stage at the big events in

leather jackets and promised us the world in a.i. and failed to deliver? >> i feel it is the yen carriage rate falling apart in terms of what we saw here in japan obviously triggered and contributed to the nervousness with the jobs numbers and ism. the a.i. revolution, this is not denting that. we're in a once-in-a 40-year buildout in tech. nothing we have seen in any way takes away from that. i get the bears will come out. this is a nervous period. i don't view that we look back at this day and say this started as a tech market that just goes south from here. i think this is one where it is more of a buying opportunity and it continues to be. it's not time to panic. that's what we're telling investors.

that's why even today throughout asia and europe and u.s., investors ask what do you buy and where do you buy it? that's how we made our reparationrepr reputation in the last 40 years. >> dan ives, i appreciate it. a quick check on the european markets before we go. you can see a sea of red. ftse 100 down 2.22%. we are seeing significant losses there. a quick check on u.s. equity futures ahead of the open. right now, the dow, nasdaq and s&p 500 all down by triple digits. that wraps up this edition of the show. i'm dan murphy in london, i should say. >> i'm amaro amaro. "worldwide exchange" is coming up next.

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across the board, the global stock market selloff picking up steam in the massive market meltdown. the nikkei seeing the worst day since 1987 after closing down more than 12%. u.s. futures are pointing to triple digit losses at the open as investors react to the jobs report on friday and what they are saying about the fed and the moves they should make in september. al