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. all this as berkshire

hathaway stockpiles cash and slashes stake in one of the top holdings. it's monday, august 5th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning and welcome to "worldwide exchange." i'm frank holland. thank you for joining us on this morning. we begin with the check of u.s. stock futures after wall street's worst day since may. you can see the futures. sharply lower this morning. the s&p down 133 points. the nasdaq down 735 points. believe it or not, this is off the lows of earlier this morning. earlier this morning, the nasdaq down just about 1,000 points. with that in mind, we want to look at the percentage change. keep it in perspective. s&p down almost 2.5%. the dow down 1.5%. the nasdaq that we're pointing

to down 3.7% in the pre-market. we will continue to watch the futures throughout the morning. we are keeping this in mind as we look at where we stand interest all-time highs. the dow down nearly 4%. the s&p down over 5.5% from its highs. look at the russell. the recent rally, but more than 14% off of its highs. all this after the july jobs report on friday which showed the slowest payroll growth in months. it also added to a string of weaker than expected economic data. adding to the fact that the fed may have waited too long to cut rates. a quick check of the biggest laggards. right at the top of the list is arm holdings down 9.5%. nvidia, as you see, mega cap tech player down 8.5%. apple down over 7.5%.

nearly 8%. we are checking the bond market and the yields hitting the lowest level in months as the prices for bonds surged. benchmark 3.75%. the two-year below 4%. the 30-year hovering just above a 4% read right there. we want to take a closer look at the tlt. that tracks the 20-year treasury prices. sharp move to the upside from friday. a lot of people calling this a flight to safety. up over 5.5%. again, we will talk more about bonds throughout the show. we want to look at cryptocurrency. assets lost in the crypto space. you can see bitcoin down 11%. xrp down 12.5%. ethereum is hard hit with litecoin down 15%. as we said, a sea of red on wall street and overseas.

japan and europe. we have silvia amaro in the london newsroom and we have jp ong in asia. silvia, over to you. >> good morning, frank. indeed, those concerns started stateside about the potential u.s. recession are having ramifications across the global. the benchmark stoxx 600 is trading at a six-month low. as you see to my left, it is red across the board. we see the swiss market down 2.5%. here in the uk, the ftse 100 down by more than 2%. over in germany, the dax is down by about 2%. when you think about what we are also seeing in terms of the sector moves, this is the picture at this stage. at the moment, you see that basically investors are choosing more defensive names at this moment. of course, it is still a red sea across the board. in terms of the worst performing

sector, it is oil and gas. banks down 3.2%. when you think about the banking sector, it could be one of those to have the most to lose on the potential recession. that is what with we are seeing at this stage in the equity session. i want to mention briefly tech. it was the worst performing sector down 4%. those losses in the meantime, but nonetheless, one of the sectors we are keeping a close eye because we watching a potential u.s. recession for some of the tech naimes. >> we will talk about the recession possibilities throughout the show. silvia, thank you. we turn to the trade in asia. jp ong is live in singapore. jp, good morning. >> good morning, frank. you call it historic, but some call it horrendous. the biggest intraday losses in

the japanese market. we saw them hit the highs in the last three weeks and in that time, they lopped off 10,000 points and officially in bear market territory. that is how stark the session has been for the nikkei 2225. we know the yen strengthens and it doesn't bode well for the nikkei 225 which pulls equities lower. we see the yen come down the 143 level. to put it in context, we started the year just under 142 against the greenback. it seems the year-long weakness has been wiped out in the span of days. the volatility is keeping japanese markets ham strung. crazy eights for the kospi and taipex, they had the five-minute trading curbs for the first time

since the early months of the covid-19 pandemic. it was so bad that not even an encourages pmi service index which showed signs of brighter macroeconomics growth in china. that barely lifted market sentiment there. we saw it start in the green in mainland china and revert back to red and pull down. you saw the intraday losses. not as stark for mainland hong kong. capping off a forgettable monday and with the wall street futures trending lower, it might mean volatility for the next couple days. frank, back to you. hopefully it is a good morning. >> good to see you, jp. rising the carry trade is something we will talk about in the show. jp, thank you very much. coming live from singapore this morning. turning attention back to futures pointing to more selling today. the pull back compounded by the jobs report adding the fears we

could be headed to recession and the fed may have made a mistake by not cutting rates last week. traders are pricing in a 95% chance of a 50-basis points cut in september according to the cme fed watch tool. jpmorgan and bank of america is sticking with that. goldman raising the odds for a recession now to 25% and jpmorgan is higher at 50%. joining me now is gene goldman. good morning. great to have you here today. >> good morning. >> so much to talk about. i think the place we have to start is, gene, i'll start with you, what is your thought with a 50-basis cut point in september? do you believe it is likely? if so, what is the impact on the markets especially with the big selloff we're seeing right now? >> frank,good morning.

thanks for having me back on the show. the 50-basis point cut is unlikely right now. keep in mind, we just had one data point. the market is trying to make a conclusion out of one or two data points. we have so many other data points including gdp at 2.81%. third quarter at 2.4%. the data is still respectable. it is lower. the unemployment is 4.3%. we don't see a 50-basis point cut in september because we get a lot of data points before that meeting. we also have jackson hole. we are still on the page and i've been saying this. three rate the cuts. 25 in september, 25 in october. 25 in december. >> gene seems to think a lot of people are expecting a 50-point cut. a bit of a knee jerk.

we are seeing weakness in the jo job market. what is the potential impact on the snmarket? the market has been moving on economic reports and data. >> i think the 50-basis cut point now is excessive. we see the market reacting to the shift in sentiment. i think a lot of this is driven not by the fundamentals, but global market deleveraging. i think there are a lot of carry trades in the last couple years. what we are seeing now is the sudden stop to the carry trades which is why markets are starting to panic. i don't think we need a 50 yet. i feel the fed is nervous at this point. i think friday's payroll report is showing them job growth is starting to slow. we're at a 4.3 unemployment rate.

i don't think that is his historically a need for a 50-basis point cut yet. i don't want to rule anything out. we expect cuts here through the end of 2025 with the fed reaching 3% by then. >> you are expecting a cut, but 25 basis points. i think everybody agrees we are getting a cut. has the situation turned so serious that we get a 50 point cut. i want to switch to mega cap tech. we have seen reports that really spooked investors. amazon is the recent one with soft guidance and the consumer. are we overly concerned about the consumer? you mentioned the jobs growth which is slowing. wages are 3% higher year over year and 96% of people are employed. >> i an agree. we have seen consumer spending slow down, but it hasn't fallen off the cliff.

market is showing we have hit recession territory. we are not there yet. there are a lot of issues to friday's numbers. some of the recent data has been a little bit softer, but we're not quite in the territory that the market is expecting a 50-basis point cut for fundame fundamental reasons. a lot of this is probably more about global market deledging rather than the fundamentals. srn certainly the fed will go faster, but not panic yet. >> i did throw a lot at you. gen gene, i see nvidia reports on august 28th. a few trading days between now and then. how do you see mega cap tech and the magnificent seven moving between them? >> i think mag seven and all this taken together is moving together. this is hit by the nasty triple

whammy. a.i., mag seven have been the market leaders. this earnings season is a show me the money moment. it is underwhelming. you have high con send indication. you take all this together and we had a correction in july and october last year. we think we have another one coming up. the good news is we don't see a bear market. the data looks good. $23 trillion of cash on the sidelines waiting for better valu valuations. you need the fed to cut and you need a recession. we don't see a recession. >> thank you both for being here. i appreciate it. >> thank you, frank. >> for more on the market, head to cnbc pro for insights and analysis. we have more to come on "worldwide exchange," including warren buffett raising cash and cutting stake in one of the top

equity holdings. we will speak to a long-time buffett watcher coming up. and later, oil takes a hit as recession fears overtake rising mideast tensions. a very busy hour when "worldwide exchange" returns. stay with us.

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it's gold for team usa. noah lyles with another gold medal. in case there was any doubt, who was the breakout star of these world championships. welcome back to "worldwide exchange." look at futures in the red across the board. the s&p down 2.5%.

the dow down 1.7%. the nasdaq is down 750 points and 4%. apple at the top of the list. shares down more than 8%. followed by microsoft down 5%. intel down just about 5%. now turning to warren buffett's berkshire hathaway out with second quarter results. now sitting at a record $277 billion after disclosing it sold $7655 billion in the second quarter. in all, buffett has been a seller of u.s. stocks for seven quarters. apple is the number one holding at $84 billion followed by bank of america and american express and coca-cola. joining me now is barbara goldstein. many of the members consider berkshire hathaway an essential

part of their portfolio. barbara, good morning. >> good morning. >> it is important we found berkshire had a big beat with earnings. everybody is talking about the cash. $277 billion. how do you view that? >> well, buffett's recent moves show he is playing offense and defense at the same time. he is playing overvalued sectors and keeping his powder try for major acquisitions or investments which is consistent with the consensus of our most recent market opportunities and risk calls. all of the mholdings are lookin for investment opportunities. >> at the annual meeting, he did say he would like to spend, but things don't look attractive right now. you believe he is being honest and transparent. he is looking for something, but valuations are not right. we have seen a selloff on wall

street. in your mind, is an acquisition or m&a coming up? >> you can't tell. these look like seismic shifts. he could be betting on a recession. his cash pile has exploded since 2022 and he has been dumping his tech and bank stops. he doubled occidental from march of 2022 to $205 million. he is preparing for a downturn and long-term value in the sector that is crucial to economic recovery and sensitive to global and political shifts. >> what did you make of berkshire trimming apple by nearly a half? in your mind, is that the right call right now or do you have questions about that? i'm sure you have questions about what warren buffett does, but you have questions about different moves. >> again, it could be related to his goal of taking profits and portfolio re-balancing or a

strategic shift on the market or valuation concerns. ultimately, we see him keeping his powder dry to he is ready to go if there is a big opportunity. he's now got more, more cash than the treasury does. he now owns 4% of all t-bills. he sitting on a record of $277 billion in cash. we think he's ready to go. he's waiting for big opportunities and he will not move until he sees them, which is consistent with our market opportunities consensus. >> barbara, it is funny you mentioned the t-bills. i read that as well. what is your read? we have seen higher yieldsand i imagine warren buffett and berkshire hathaway locked in the higher yields when they were available. in your mind, how do you view the u.s. treasuries? >> it looks like he is sitting on all this cash so he can be

opportunistically positioned. that's why he is ready to take any offensive position if he sees it. he still is a major shareholder in the different companies where he reduced his holdings. he is just sitting on cash so he has the flexibility. that is our recommendation as well to members. be ready to move, but not move abruptly. >> not move abruptly. one thing we have not heard much about is berkshire hathaway and warren buffett's investments in japan. we have seen the rising yen impact the carry trade. what is your view on japan? are you surprised you haven't heard warren buffett make changes in japan? >> his holdings in japan are relatively small compared to the rest of his portfolio. the bigger bets and bigger news is his reduction by 50% in apple

which he reduced as well. we will watch closely. our take is some of these deci decisions suggest he is preparing for a recession. >> barbara, thank you. >> thank you. coming up on "worldwide exchange," mortgage rates plunge to the lowest level of the year. eaupig aerheg rhtft t brk. business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities.

welcome back to "worldwide exchange." we are hurricanturning to the o markets as recession fears outweigh the rise in the risk. we have dan murphy with more. >> frank, we are seeing losses exaccelerate in the oil patch wh wti and brent down 2%. tracking an eight-month low and getting caught up in the global market sell down from asia to the u.s. oil getting caught between two fa factors. you have the selldown and fears of the u.s. recession and the bull case which is the rising tensions in the middle east. make most mistake, thenext 24-to-48 hours are critical.

israel is in a state of high alert with fears growing and expectations growing that we will see iran and its proxies retaliate with a potential strike on israel after the killing of senior figures within hamas and hezbollah last week. this is going to be absolutely critical to watch. an israeli official is looking for a multi-day attack with a strike from lebanon in the north and long-range weapons from the east. in response, we have seen the united states moving its military resources in the region to try to calm the tensions and deter an attack. this is a significant movement of the u.s. military in the region. we will see additional resources to protect american assets and israel as well. this includes a squadron of fighter jets and more war ships and cruise ships and the "uss

abraham lincoln." >> i'm looking at wti down to $72 a barrel. brent $75 a barrel. i know opec met last week. do you expect any intervention into the oil market? >> it's a great question, frank. look, i have been reaching out to the opec ministers to get a sense of how they are reading the declines and the market sell down. the word we're hearing is status quo for now. opec is constantly monitoring the market and constantinly assessing the market balance. the signal is they are unlikely to change course because they already have a strategy in place to manage the supply side. what we don't know at this point is what's going to happen on the demand side. if we really did see the data really unfolding in the united

states in an unfavorable way that could, perhaps, force the fed to act more aggressively, that could ultimately impact the outlook for oil demand. that is the most important thing to watch at this point as we continue to track the market declines. >> dan murphy live in london. great to see you. as we head to break, intel adding to the 26% loss and the worst day since back in 1974. look this morning. intel down 5%. the chip sector is trading lower. chip makers like nvidia down 9.5% appand taiwan semi down 8%. we're back right after this break. stay with us.

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a sea of red. the global stock market selloff is picking up steam. europe opening up sharply lower. red arrows in japan and the nikkei sees the worst day since 1987 after closing down more than 12%. u.s. stocks looking at triple digit losses following friday's payrolls pull back. tech stocks rel-rated and sink in correction territory. it's monday, august 5th, 2024.

you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm frank holland. we pick up with the stock futures. you can see they are in the red across the board. the s&p looking like it would open 130 points lower. the dow 670 points lowlower. the nasdaq down 470. believe it or not, it is off the lows from early this morning. we saw it down 1,000 points. we want to look at the percentage basis of the futures. looking at the s&p, down more than 2.5% in the pre-market. the dow down more than 1.5%. 1.7% right now. the nasdaq is the hardest hit down more than 4% in the pre-market. the nasdaq 100 futures over the past six hours well off the lows, but they were down more than 1,000 points. taking a look right here. you see the moves in the pre-market when it comes to the

nasdaq. mega cap tech under pressure. we'll talk about that momentarily. this follows the july jobs report showing the slowest payroll growth in months and adding to a string of weaker than expected economic data. only adding fuel to the argument that the fed may have waited too long to cut. with the nasdaq 100 taking the biggest hit. arm holdings down 10%. super micro down 10%. nvidia down 9%. we are checking the bond market with the yields lowest level in months. 3.75% is the tefn-year treasury. we want to take a closer luook t the tlt. the sharp moves to the upside here. one of the few arrows to the

upside. more than 5.5% in the past week. a lot of people calling this a flight to safety. we are looking cryptocurrency. cryptocurrency loses $270 billion in value. xrp down 12%. ether down more than 15%. back to stocks now as the selloff is hitting all parts of the market. the tech sector coming off the worst three-week decline in years coming off amazon and intel. excluding apple, all are now 10% off the 52-week highs and officially in correction territory. weaker than expected earnings and a.i. growth rates are causing investors to question whether these expensive names are worth the sticker prices, but many of them relatively lower valuations compared to just a month ago. is it time to reposition or should you avoid tech completely? here to answer that question is nancy tengler.

microsoft and amazon and apple are some of her holdings. nancy, great to see you. >> you, too, frank. thank you. >> we have seen a big dip with the tech sector. is this a buyable dip or more pain to come? >> there is probably more pain to come, but ultimately, this is a buyable dip. in 2022 and 2023, we had the summer swoon where we have been told the tech trade is over and come into the fall and there's new technology or the valuations have gotten to a point where people are compelling. i think that is mostly going to be the case today with all of the dismal economic numbers last week, the one bright spot was productivity growth and unit labor costs. that is ultimately good for economic growth. while we've been advocates of

the narrative of the economy is slowing and the labor market was rolling over, we think that that's what it is. it's not necessarily going to be a full-fledged recession. >> i talked to a lot of traders. we have seen a sharp decline in bond yields. the ten-year now below 4%. you mentioned valuations a short time ago. does that change some of the math? you mentioned bond yields might move higher in the coming days, but significantly lower than most of the year. >> if you are a borrower, take advantage of the mortgage rate decline. look, these companies have pristine balance sheets. starting with google at $111 billion in cash on the balance sheet. they're still growing at a really healthy pace. i dare to say there isn't another sector that is generating this kind of growth. if you are in a slowing economic environment, are you willing to

pay up for a service now that's growing over 20% or microsoft is growing cloud business 30, sorry, not 32%. a lot of this is the algorithms reading the headlines and driving the volatility. in the 40 years i have been doing this, that is the great time to take advantage of picking off high quality names at lower prices. remember that microsoft was trading at $220 a share in october of 2022. if you have to take a little bit of pain to get that kind of gain, i think that's what investors should be thinking about. >> nancy tengler, thank you very much. >> thanks, frank. coming up on "worldwide exchange," a quick check of the overseass action in japan and europe. much more "wldde eorwixchange" coming up right after this. stay with us. appening here. students are inspired and engaged.

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res resumption of f-35 deliveries. morgan stanley says there are enough data points to not take a cautious view of the disney parks business in 2025. coming up, bond prices sky rocket and mortgage rates plunge for 2024. that's coming up right after th bak isre. energy fuels, a leading american uranium producer,

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welcome back to "worldwide exchange." we are watching the global markets. ftse mib is down 4%. not very far behind is the german dax. germany is the biggest economy in europe. the overall market down 2.3%. we are looking at the asian markets with japan coming off the worst day since october of 1987 closing down more than 12%. hang seng down 1.5%. the kospi down nearly 9%. turning attention now back to the u.s. mortgage rates are plunging following the weaker jobs report that could have a big impact on the potential home buyers and current homeowners. diana olick is here with more. >> reporter: good morning, frank. rates dropped sharply on friday, but they have been falling from

6.81% on monday to 6.4% on friday. that is the lowest level since may of 2023. the high was 7.5% in april and home sales have been plunging. buyers were battling interest rates and high home prices and lack of supply. supply has improved a little, but prices are still overheated. the difference in just a few months is stark when it comes to affordability. in april, a buyer looking to purchase a $400,000 home with a 20% down payment and 30-year fixed mortgage would have been facing a monthly payment of $2,240 not including insurance and property taxes. today, that monthly payment would be $2,000. more buyers would also qualify for the loan at today's rate. an even bigger impact is the huge jump in the number of borrowers who benefit from the refinance. many have rates below 5%.

for those who bought in the last two years, this is the big opportunity. at today's rate, twice as many borrows can benefit from the refinance compared tie year ago. there was a more than 25% jump in that population in just the last week. now, that's all according to ice mortgage technology which based the number of borrowers with rates at least 75 basis points or higher. while the percentage jumps are big, the volume is lower with the qualified candidates in the market right now. frank, if you are one of them, you bet a couple of people are calling their lenders. >> i'm sure more than a couple. i know this site you use is mortgage rates daily. we talked about the sentiment levels. how low does it have to get? 6.4%. is this good enough to get more

inventory on the market? >> reporter: most people say you need to see a five handle to get more sellers to sell their homes. again, most owners right now have th3% or 4% or 5% interest rates. some people are moving for life reasons and there are that's want to change cities or up scisss size or down size. that 5% range is what you want to see to really get sellers to get up and move. >> we have to wait and see. diana olick, thank you. coming up on "worldwide exchange," trouble at nvidia and reports of delays in the newest blackwell chip set. shares down 10%. berkshire hathaway cuts exposure to more stocks outside of bank of america. what it could mean for broader investor sentiment. we'll be right back after this break. your skin is ever-changing, take care of it with gold bond's healing

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welcome back to "worldwide exchange." look at u.s. futures. take a look. this is the percentage basis. down on the s&p at 2.8%. the dow would open 670 points lower. nasdaq is down 4% in the pre-market.

we are looking at the laggards on the dow. shares are down 8% for apple. intel down 5.7%. amazon following with weak earnings last week. down 7% in the pre-market. as we monitor the selloff, we continue with the "wex wrap-up." nvidia's blackwell chips have been delayed and not expected until q1 of 2025. the commerce department is expected to propose the chinese software in the cars in the cocome ing years. and mars is looking to buy kellanova for $30 billion. it has a market value of $22 billion right now. it is known for pop tarts and eggos and pringles brands.

and crowdstrike is blasting back at delta airlines. they are not responsible for the meltdown and the narrative by ed bastian. goldman sachs is boosting the odds of the recession in the next year to 25% from 15% adding the risk remains limited. berkshire hathaway second quarter results showing the jump in the cash pile after it sold more than $70 billion in stocks in the last three months. debby is now a category one hurricane with winds of 75 miles an hour and upgraded overnight. forecasters are expecting major

flooding in that region in the broader southeast in the next week. here is what to watch. the stream of earnings slows down from last week. another 15% of the s&p reporting with three dow compocomponents. we hear from am gen and disney. we look for the ism index services reports today. markets around the world under pressure after the steep selloff. we look at futures in the red across the board. take a look at the numbers. the s&p down 145 points. the dow down more than 670 points. the nasdaq is what we continue to watch down more than 830 points. it is off the lows of this morning of 1,000 points earlier. volatility is surging to the highest level in two years. up nearly 150% over the past week. look at the cboe volatility index. joining me now is victoria

greene at greene investments as well as nimra kang. great to you have here. >> good morning. >> i'll start withyou, vicky. what do you make of what we have seen in the global markets bleeding into the u.s. markets? >> it's painful. a lot is being absorbed with berkshire cutting apple and the yen speak with the carry trade. as we talked about abbefore, its a bend, not break. rally quickly at these levels, but it has happened before. if you look back in the fall or end of july in 2023, between july and october, the markets pulled back 10%. it is a lot of bad news absorbed. not as many catalysts.

i do think it is overblown. we will not see a fed emergency meeting. the fed is not here to make your 401(k) portfolio look better. so much of this is so panic after so record setting great. we flipped into panic mode. that is never a strong strategy. take a deep breath. it is probably not the end of the world. >> nimra, over to you. how do you view the pullback in the equity markets? keep in mind that the nasdaq is officially in correction territory. >> i agree with victoria. we have seen declines in the market off 15%. as victoria said, we went 10% last year and 5% earlier in the year. there is a lot of froth built into the market. it seems like your normal

intra-year decline here. >> nimrit, i'm stick with you. 96% of people still employed. wage growth over 3% year over year. is that possibly overblown? the idea that the economy is really slowing down? >> the economy is definitely moderating, no doubt about that. we have had a weak employment number in april as well and a regain. we believe the economy is supported by a lot of infrastructure investment. the investment with the chips act and inflation reduction act. don't forget the $200 billion a year that google, amazon and meta are spending just on the a.i. infrastructure build out. there is a lot of support in the economy. also, yes, the lower-income consumer and younger consumer has been feeling the pinch.

the wealthy americans and older americans are benefitting from the savings rates they have been getting and keeping the economy afloat here. >> vicky, coming back over to you. some people think the economy is slowing. how does it impact the cyclical trade with the idea of fed cuts? industrials and materials and financials. in your mind, does that change your view on the trade that people saw as attractive that we will get a cut coming up in september? >> sure. all of a sudden, we went from soft landing to hard landing in 72 hours. unemployment, like you pointed out, we still added jobs. some of this is over reaction and panic. it is probably not all horrible. we will watch caterpillar. they look like they may come in soft. that is a bit concerning. you are seeing the cyclicals and

economically exposed facing more headwinds. we are on track to grow gdp in q3. let's just get a bit more data. obviously, industrials are getting hit a bit. it is a flight to sensitive and safety. people need to be careful where positioning is and realize we are in a period of economic growth. some of us need to take this as a grain of salt. >> vicky, your pick today is amazon. are y you are buying on the weakness. how attractive is it at this level? >> i like it, but there is more down side. i'm nibbling. we still have down side left. >> nimrit, your pick for the sprouts farmers market. up 100% year to date. why is this attractive with the slowing economy and weaker consumer? >> for long-term investors,

frank, we picked this because it is a nice reminder how important it is to be diversified. regional grocer. continues to grow. they are offering value to customers. >> ladies, thank you very much. great to see you. that's going to do it for "worldwide exchange." futures in the red across the board. "squawk box" starts right now. good morning. u.s. futures taking another real nose dive with the dow, s&p and nasdaq all sliding after last week's brutal finish. the ckcarnage around the world. the nikkei has the worst session since the crash of 1987 down more than 12%. it has given back almost 19% from the highs, that's almost a bear market. and warren buffett adding to the record cash pile at

berkshire hathaway. that's another way of saying he has sold a lot of stock. in fact, selling nearly half his stake in apple. a head's up would have been nice. thanks for that. it's monday, august 5th, 2024. "squawk box" begins right now. ♪ good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm andrew ross sorkin back from paris along with joe kernen. becky is off today. >> welcome back. >> thank you. welcome back to this. we have a lot given the nice feelings people had in paris. i'm not sure they were thinking so much about -- >> the ratings are amazing. >> amazing of the olympics. the fallout from the friday jo