stay tuned for the opening. check out futures, they suggest a sharply lower open dow would open lower by 170, s&p 500 by 18 and the nasdaq by roughly 31 points. another day of selling, perhaps, because of the strong dollar. >> who knows? it's an interesting session. join us tomorrow. we'll summarize what happens today. "squawk on the street" is next. ♪ ♪ i just want to celebrate♪ >> i'm carl quintanilla, david faber and jim cramer ringing the opening bell on the new york stock exchange celebrating ten years of "mad money." jazzed? >> a big one. it's really big. it's exciting. the stock exchange the pinnacle of capitalism. happy birthday to david. >> we may have a 1% drop at the

open as futures are weak. more worries about rate hikes pushing the dollar to 12-year highs. oil below 50 the group likely to maintain production at june meeting. ten-year yield in the neighborhood of 2.15. u.s. markets unpressure taking a cue from earlier declines overseas. higher dollar lower oil, interest rate related uncertainty. >> echoing through the ecosystem, find out if apple customers, investors and business partners got everything they wanted out of the presentation. >> qualcomm higher premarket, launching million dollar buyback as well. stocks are selling off after yesterday's brief rally. weaker than expected data from china, concern about greece's debt deal helping fushpush futures lower. dollar strengthening to i 12-year high against the euro. investors weighing potential for

early rate hike. dick fisher saying a rate hike needs to be prompt the wage picture is exactly as you would expect, it's a lag and there's not linearity there. >> domestically, yes it should happen sooner rather than later. if you look internationally, there's havoc. the dollar's moving up so aggressively, it's going to cause not turmoil but actual i think, wreckage in a lot of funds that have money in some of the emerging markets. logical place to look at is brazil. i think it's difficult to turn your head from greece where we focus, or europe to latin america. but there's a lot of debt issued. understand people are out of position. when i say people big mutual funds out of position. they've been buying bonds because they wanted yield. suddenly the money's coming out of them, we've seen this in '97, '98, i don't think it will be

that bad. there a contajing among companies that have issued a lot of bonds and that's what people are reacting to. plus, no one can move this fast. when you see these lightning moves people are out of position and frantically trying to get short anything and that's how you get this kind of sell-off. >> a lot of traders in various marks, of course. listen we've talked about dollar strength for months and the impact it's having on the multinationals will bring on strategists who will point out, it's only 15% of the s&p or less that are reliant for a good portion of their business on exports and are really getting nurt that hurt in that way. the real we've hit on brazil here and there but we may need to focus more on what's go on in the country. it's not just pet probrass it's getting hit not just because the strong dollar but what's going on in oil, but the state-owned banks. state-owned banks funded hundreds of billions in loans, one has to wonder about what's

going on in brazil. >> 400 billion in dollar denominated bonds we have to worry. there are a couple i don't want to point out who, but large funds that have made big bets on brazil. i've been focused on mexico. >> and the peso today, record low. >> i was in mexico recently and it was at 14. and no one could believe that it could be up from 12. these are happening with lightning speed. you're long a lot of mexican paper of which there, mexican bonds have been fabulous, you're getting withdrawals. do you short mexico? you short everything hoping that perhaps at least you can -- these are happen right now. real time. >> i know you don't like big gaps open to the upside respect a gap down here? research saying buy this. >> great question. i think that technically, to

really default to that when you're in unchartered waters people default everything hold friday's lows. i don't know if that's possible. i think there are tons of people now who are saying when does this end and when does the euro finally bottom, because david, the 12%, it's almost -- it's a -- it doesn't matter. the s&p trades with whatever's the worst part of the economy right now, whatever's the most damaged part. you can pick up health care names, like you can buy domestic restaurant, but the -- let's use an example, mcdonald's, the burgers all over the world. in the end, their earnings will get really hurt and that's just a good example of something. someone might say that stock was at 97 i'll bank it to 96 fundamentals aren't that good. there are a lot of companies in the crosshairs you would not normally think because of the dollar. the dollar's insanely

insanely -- >> as are yields are so many of the european countries. i mean, german ten-year down .28. down three basis points. ten-year paper. >> cokeca-colaoca-cola kinder morgan. our companies are saying it's free money there and we're going to take advantage of it. but who -- this is just hedge the currency. there are people frantically trying to get out of the euro frannic. this is happening because qe just started monday. definitely without a doubt they want inflation and they're going to get inflation. they'll get some nice sales. >> yes. >> speaking of sales, apple, if you haven't heard, held an event in san francisco unveiled pricing and feetatures for the watch. from 349 to 17,000. a new line of mack books,

presented a platform research kit with hospitals signing up to diagnose diseases and an update on apple tv cutting the price from 99 to 69 partnering with hbo to roll out the streaming service, of course hbo now. stock sold on the news, as it often does. >> yeah. that's why i say, don't trade the stock, own. you hit on a key, a key element of sales, which is that if you can do the health then you can prevent disease, if you can prevent disease, and i'm humana, i'm cigna, if employees get the watch, i will cut your premium, that's where we're going. it could happen. at same time i don't know if you've seen the ads, but remember, the other guys cannot put money behind something like this. and this is the most -- this is heavily advertises obviously want this to win. >> here's ad. >> what do you mean when you say the other guys can't put money

behind something like this? what does that mean? >> i don't want to single out a particular advertiser but there are advertisers for other watches, but you know this is going to be a promoted product. look, john legere tweets maybe t-mobile should do something. all of the phone companies are looking, maybe they should do something. health care companies, maybe they should do something. the apps maybe they should do something. this is big. >> yeah. >> but it does not impact this quarter. so those who say, well it's big, but so what? i get them too. it's not a quarter. >> you're not watching for units sold in calendar '15, whether it's '15 or '50. >> first throw away our watches. someone has to give you the watch. i didn't like the 18 hours. those of us who sleep 3 1/2 hours, 4 hours, what is it? 11:00, our watch runs out? what is it like cinderella. >> that's a problem specific to you, only your problem. >> don't you take your watch

off? you don't have to sleep. >> my battery ran out on my watch a while ago. >> mine never runs out. >> i don't know what kind of watch you have. canal street? >> i don't remember. >> that's beautiful. >> this is not $12. >> last week you gave it to me but then took it back. >> you were going to take this and throw it against the wall if the watch did what you thought it was going to be able to do. is that the plan. >> i need the 24-hour battery life or wireless charging. give me wireless charging then this is not only yours but go right through to hit "squawk on the street." >> one thing that -- how many iphones have they sold? >> 700 million. >> don't you think 20 million people -- >> a watch that syncs with their iphone? say you have something that indicated what you're blood pressure was going to be don't you think it if was flashing -- >> something that indicate what your blood pressure is going to be. >> know how to act.

>> i have mt. sinai, beth israel, i have hospital university of pennsylvania, they're all focused on my watch. >> i tell you what ubs call yesterday, the title was, can they sell a billion watches, was mostly based on that. down the road will it be able to tell your blood alcohol level? how that change the game? >> turn off our cars. >> right. >> bmw. >> the cardiologists i deal with are saying we don't have the blood pressure thing, 600,000 lives, there are lots of people doing cancer tests that do not involve invasive pricing the skin. it's health. it's about living to 100. that is the silicon valley mode. people there who are 20 are thinking to live to 100. what is social security going to be like then in. >> are you thinking about it. >> you're 51. >> did you have to say that out loud. >> wow that's rough. >> my nephew cliff mason, who

is here when i started "mad money" he called me at 60 you'll say 63 why? you're the youngest looking 63 i've ever seen. he says so much better young looking 63 and old looking 53. he had a point. >> true. >> you still got -- three more years till you get there. >> finally we have qualcomm today, $15 billion buyback, div hike from 42 up to 48 cents. it would finance the capital return through debt. we'll watch the stock today. going to open up almost 2%. >> did you break that story. >> we. >> you are a team player. >> interesting, because the capital return is above what i think many people anticipated. >> 12% of the company. >> 12% of the cap. talking $15 billion reauthorization, 10 billion will take place in this year. they had their annual meeting at qualcomm. they'll do an accelerated repurchase, that means in the market near-term buying a lot of the 10 billion. we don't know how much. >> how about the stock goes from high growth cut the guidance, and it goes to value, and now

it's value, dividend buyback. >> right. >> what does that mean when you talk about the growth trajectory for a company like there is? qualcomm, when you look at it's apple in terms of return to capital, buybacks apple number one, microsoft, ibm, qualcomm. do you want to be in with na group, other than apple, because it has so much cash or slower growth's here to stay we're focused on effectively allocating capital and returning a good deal of it 75% of free cash flow will be returned stocks or buybacks. >> stocks 72. announced they lost a key customer. >> samsung. >> stock drops to 62 can't resist because it's a big cash generated. remember, it's fabulous. stock goes up boom you get the buyback and it takes it over the top. urban outfitters, which we're going to talk about, announced buyback ten days ago.

that was smart. >> howment many companies are helping to support the price. gm yesterday 5 billion. qualcomm later in the day 15 billion. >> sold. >> even urban outfitters. i assume that's small but still. >> all of the companies, they're in there -- i remember when 3m in 1987 decided we're going to stabilize our stock because of the crash. first real buyback. these guys can buy back all of the stock on a day like today. i hope they space it out, buy some at 10 11 12. man, there's a lot for sale. >> the criticism will be buyback stock at the expense of not investing as much as you should be in the core business but many of the companies will tell you that's not the case. many of the investor whose argue for the buybacks say, you're not allocating capital properly issue debt the way qualcomm will be and take your leverage up a bit because that's the world we live in now. >> look a company like honeywell, spends a lot of money in research and development and

buying back stock. it's a balance. i like the balanced approach. >> a big week for jim, "mad money," celebrating ten years of that program. big week of shows as you can tell from last night's pepsi's chairman and ceo was on with jim. take a listen. i think the reason pepsico did well we have a history of being adaptable, we have had courage to make all of the right moves and delivered. performance fairly consistent over the years and it's a combination of adapt ability, resilience, courage, performance that's yielded great returns for all shareholders. >> whether it was regeneron, pepsi, starbucks, now a show as you said to be proud of. >> thank you very much. she has generated the highest growth of the traditional consumer package companies. good for you does matter. i was at a super bowl party.

they had humus. >> burger king today, taking soda off the kid's menu. >> amazing. that's what she identified and talked when nelson pelt's person comes in he may like the combination of food and beverage. howard schultz comes on coming from the roastry where he's doing craft coffee. and the stock was at $4.74, he came on he said look i've got a drug that does better than what lucentis is doing, it was a miracle drug. say 423 points later he turned out to be right. >> not bad. what stocks over ten year "mad money" viewers will take that every single day. >> you have a hanes bottom a good buy. >> on this date in '09. >> you can say, you know what? this dollar's going to kill the peso in mexico or you can look

back at say, which is today's regeneron? which is the company today that's going to get thrown away because of the real? the real? >> yes. >> len. lifer was not stopped. >> no down 14% against the dollar, the real. >> one point we thought that valet was a man with a velvet voice. today, this valley can cost us. i miss the days when it was the velvet voice. >> he was good. >> no mel torme. >> he was good. >> i met vick damone once. >> jim and "mad money" team going to ring the opening bell. jim's going up to the podium in a moment. we'll talk to him and get his view as he rings the bell in a few moments. a few different takes on apple's watch from the price, fitness, health monitoring uses. take a look at the futures. it's going to be a little rocky

at the open more "squawk on the street" live from post 9 in a minute.

15 years ago today, the nasdaq hit its all-time intraday and closing high intraday 5132. nothing like that today, futures are weak on concerns about rate hikes, the euro greece and more. oil as well. we'll get the opening bell in ten minutes.

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oil struggleing, below $50 a barrel. >> good morning to you. that's right, downtoward pressure on both side of the atlantic. right now, the strong dollar the dollar index, over 98 very bearish for crude prices. a couple of other factors traders are considering bearish as well in terms of production, chat that opec is not going to hold an emergency meeting, it's not going to cut production at its june meeting, that's the speculation in the marketplace weep have the latest eia data u.s. output this year expected to increase to 9.3 million barrels, that's a record since 1972. we haven't seen that kind of production. you also have strong production out of russia more than 10

million barrels. mexico upping its production by more than 2 million barrels. on the production side of the story, a lot of supply out there. api data this afternoon, a read on the doe tomorrow expecting another build. prices could head lower from here. back to you. >> as we said cramer's going to ring the opening bell in seven minutes celebrating ten years of "mad money." he's made his way up to the podium with a gavel and a camera. we don't get the shot too often. >> i'm rehearsing carl. if you screw this up there's no do-overs. we did on the 5th, no screwups but this is a bigger event, the tenth. also a market that's more exciting. of which obviously i should be overshadowed but it's fun for a couple of seconds. >> walk us through what it looks like and what's behind the lectern or podium. >> a guy with hairier arms than me -- can we not airbrush this. i mean do we have -- but it is

kind of very sur reason back here, which i'm not used to. it's kind of like a spa. like a spa. >> jim, take me back ten years ago, right? i mean financial media looked a lot different before you came along with this concept. what led you to it? how hard was it to break the mold, so to speak? >> the idea -- i remember talking to my dad, and i said pop, i want do this show about stocks. he said what do you think, you're like a one-man song and sans band? i said yes. we're going to go out, entertain, educate, explain the market and actually talk about stocks we like and stocks we don't like. yes, carl that was somewhat radical the idea is that all stocks were created equal. i wanted individuals to be in the game. called them home gamers from the beginning. i wanted people to be turned on by stocks there are stocks like apple, regeneron, pepsico, starbucks and people to be in index funds.

but once they had some "mad money," it was time to pick stocks. >> i'm thinking of the franchises, guys the sound board, the "lightning round," wall of shame, the college tours, jim. you didn't stop at year one. >> wall of shame, by the way, i've made pieces when they leave and stocks go up they come down from the shame. i do think that the "lightning round," i thank my radio friends, am i diversified. the idea of a show talk about what happened in the market try to make sense of it i think is still needed. who will understand today that it's the brazilian real that's driving it down. i've got to make it come alive. >> jim, we'll compact to you in a moment as you ring the bell from the very podium, after this break.

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let me talk to you about retirement. a 401(k) is the most sound way to go. let's talk asset allocation. sure. you seem knowledgeable professional. would you trust me as your financial advisor? i would. i would indeed. well, let's be clear here. i'm actually a dj. [ dance music plays ] [laughs] no way! i have no financial experience at all. that really is you? if they're not a cfp pro you just don't know. find a certified financial planner professional who's thoroughly vetted at letsmakeaplan.org. cfp -- work with the highest standard. looking for a weaker open as futures are in the red. watching cnbc's "squawk on the street" live from the financial capital of the world. cramer about to ring the opening bell in about 90 seconds. jim, people are either saying you're doing your best version of mussolini or they're tweeting don't cry for me argentina. >> you know what?

i love italy. i'm a seller of argentina right here. actually argentina's stronger than brazil. it's going to be difficult to talk about these countries because people don't think they are matter but they're matter because of a flow of funds, going to different places, a lot of guys caught the wrong direction. if you're kimberly-clark, long proctor, should it matter? it will because you have overseas sales. >> you changed -- you opened the show with the words "hey i'm cramer, welcome to "mad money," some people want to make friends, i want to make you money. argue you never swayed from those ideals in. >> no and it's tough. people whom -- we have had them on the show -- i felt very good about and numbers don't come through and the facts change and you've dot togot to change your view with them. >> boo-yah came from a call in once. >> yes a caller in new orleans radio affiliate and says that's what happens when you make a lot of money, you say boo-yah, and

that's what we did. >> jim cramer, about to ring the opening bell. ten years of changing media congratulations, we're all so proud of him. there's the opening bell. [ bell ringing ] >> on the right side of your screen our boss mark hoffman to the left side to the right, regina helping make that show happen. national instruments provider of platform based systems for engineers and, david, we should make the point the show doesn't produce itself. jim's a force of nature but it happens with a lot of support. >> without a doubt. everybody needs a team and he's got a great team. great deal of loyalty to to that show ever day is a beast, as you well know. >> yes. actually, the production of it is amazing to watch. nick our managing editor on the podium as well. that's a nice -- who is going to get the banner if nice takeaway.

>> head of business news. >> i know. they've got to sign it put it up for auction. something good. how does that sound? right? there you go. jim delivering the -- address from the lectern, quite something, i must especially up there. that worked. >> we'll let mim make his way back down. you mentions urban outfitters, david, in the first half hour. comps up 6% going positive for the first time in a long time. that's an 8% gain almost for urban. >> yeah. i mean as we've said so many times, it's sort of a tale of two cities went it comes to retail, as you well know carl. and in this case it's working. others, of course, we know even in apparel, it's not working. >> janney upgrades, blair upgrades janney's target to 48. the company's regaining inventory control. apparently the whole sale business tracking ahead of last year which might mean good things for the second half of 205. right behind it qualcomm not

as much of a gain up 1%. but of course we mentioned the 14% div hike and the $15 billion buyback. people are starting to crunch up in as to how much of the market is supported by buybacks over the past several years. >> i've seen numbers as well i don't know if they're quite accurate, but interesting, some saying a large percentage of the volume in many of the names due to the companies buying back shares. we've seen a lot of buybacks but in an environment like this where, for example, qualcomm can issue debt at what we expect will be extraordinarily cheap rates, to go and perhaps lever up your balance sheet the slightest bit and buy back enormal enormale enormous amounts, so they will access the capital marks in part to help fund this buyback. but, you can do both in this world it would seem. invest the way you need to but allocate capital so there's a return and help support the

stock price. >> intel has big factories. qualcomm's an intellectual property company and that matters tremendously. urban, don't forget urban outfitters, the flagship had good numbers. anthropology anthropology, very good catalog. we can say why are we talking about anything that's good? some of the companies are going to triumph over the turmoil. they're just going to triumph. maybe because of self-help. maybe because of -- >> speaking of turmoil, we've seen plenty of it in oil. talked a great deal about it. in fact ten years on "mad money," i think one of the things you're done is educated people so well on the revolution that took place in fracking. all of the names, trying to understand it's not just across the board, that there are differences. i've learned so much from you on that. >> drilling costs 29,000 down to 20,000 in permian or balkin

well. takes eight days to drill a gad well. some people are saying production's peaking. i don't see it peaking. >> that would argue we'll stay around 50 or go lower. >> rex tillerson and i agree on something, ceo of exxon, saying it's not coming back. rich kinder saying it's going to hold 42 43. dave cody tremendous amount of refining chemicals thinks it's 50, the right level. >> you mentioned exxon. exxon's going for its ninth day down nine days on xom. >> just went negative. chevron is up. article today in "the journal" about all of these oil companies, not up that level, that have been able to issue stock. and keep moving. we talked about it yesterday, too. >> look we've got calumet doing -- em bridge partners yield 6% 8 million units today. we have to watch these because now those are different, these are not companies that are just

doing it to -- they're not goodrich petroleums. but it does matter. everyone's amazing money, taking advantage of this and they have to. the balance sheets have to be fixed. >> with the rate hike worries and fisher today, yesterday s&p says we're in for 10% correction. you haven't said -- thought that yet. >> i do think we can go down. i'm not crazy about the market because these flow of funds do worry me. fisher wants to send it over the edge, you do that. you do it emergency rate hike i'm done think that anyone wants to necessarily send it over the edge but this is a very disconcerting market if you're sitting there running money and you're getting withdrawals in your latin -- because of your latin american exposure. many of the really i'm looking at names that have gigantic amount of fixed income in the countries, fixed income and they're not going to hold up well.

remember '97, '98, stanley fischer, some of the countries, they need the money. we done foe what the reserves are. there's a lot of opaque nature. we focus everything about greece, we know everything about greece. greece is a pimple compared to brazil. >> without a doubt. it wasn't long -- brazil was one of great growth cases for mr. o'neill. >> it's not a bric it's not rick, it's i. >> it's i. there is no "i" in team. >> just india. >> the breadth pretty horrible. maybe, what 20 names in the green on the s&p. >> the hanes level, when you get nine stocks down for every one, you've got to think about a crescendo bottom. >> you covered some of that yesterday with anniversary of mark's call was today. >> right. >> in which he said i'm going to step out on a limb here i think

we're at a bottom i really do. specifically the 200-day moving average on the dow. >> mark was remarkable in his sense of equity mimity. period lick i he said, hoe kay,jose, he said enough, and it was enough. >> responsible for putting you on tv, good move. >> yes. and was -- look he was my biggest backer what can i say? terrific. >> six years ago. >> yep. >> six years ago. >> six years, wow. >> goes by. >> everything goes by. >> i think you're 52 now. >> happened so fast. what a year that was, though. >> s&p, down -- not quite 1%. 18 points to 2060. >> the important thing we did not quite have the really awful open we've been anticipating

people think we'd be down one, 1. 25%. we're sitting near lows down 0.9%. fed may break -- hike rates in june. i think that's the major issue. the dollar seems to be the big issue as well. if you look at the dollar against the euro 1.07 right now. there you go 1.07. the dollar index, foreign currencies against the dollar a 12-year high. also seeing a big drop in european bonds today. the strength in the dollar's causing real problems out there. you look at the eem, a basket of emerging market stocks down eight straight days now, eight. this concern about the dollar strength is not a new one weep have been dealing with this for the last week and a half. the dollar strength also causing a lot of problems with earnings. i showed this a week and a half ago it has not improved. the s&p estimates for the current quarter, s&p capital

i.q. numbers are negative. we have turned negative. everybody knows about energy stocks being weak but many other sectors, lower estimates because of the strength of the dollar. and now we're starting to see a real impact. q1 is negative compared to q1 of last year. year-over-year. q2 is negative 2015 up 1% now. if we stay down on this quarter, this would be the first negative quarter for earnings in the s&p 500 since the third quarter of 2009. so, yes, there are energy concerns that are weighing on the markets but the strong dollar is also i'll figure out a way later on in the day to tease this out, the relationship between the strength in the dollar and the weak oil that we have seen and effects it's having. two major reasons we're getting negative estimates and this is a major, major concern for the markets right now. what you want to watch today is some of the high beta names. initially, we're not that bad. ibb, biotech etf, a classic high beta, down 1.25.

you often will see that move 1% on a day. that's down more than the market but not that much. new tech another classic high beta play that you would want to watch on a day like today. yelp and twitter are down facebook. pandora turned positive. that stock was initially negative on the morning. i want to talk about apple quickly. i know carl you mentioned this, this was amazing to me when i got up and said i wonder what the analysts think, the apple watches are going to sell look at this opinions out there, for what they're going to sell for 2015 on the watch. 40 to 45 million, susquehanna, 20 25. stifel has 11. i get the whole idea here i get it's an imprecise business forecasting demand for products not out there is hard. look at this. 40 to 45 versus 10 to 15 we're talking. a factor of four times difference here. you get the point. bottom line nobody knows how

many apple watches are going to be sold now. finally, a tribute you mentioned mark haines our great colleague, there's apple there, down fractionally the bottom was today. the beauty of mark's call, a simple call. he saw that the 200-day moving average as well as 50-day dramatically far off from the current price in the s&p. we had dropped to 666 on the s&p a couple of days before his call, down 57% from the high. mark's simple observation was, rarely happens that the 200-day moving average is so far away from the current price of the s&p. he could have used fancy words like standard deviation or reversion to the mean but mark wasn't that kind of guy. he didn't use those kinds of terms. he expresses the idea it was weird, really weird, that the s&p was so far way from that 200-day moving average. and on that he called the bottom. a great call. a great guy. back to you. >> fully agree. thank you, bob pisani. rick santelli joins us from the cme group in chicago.

good morning, rick. >> good morning, david. we all realize that the ecb program began yesterday. we saw some movement in markets that had been kind of stuck in a range like bunds, we continue to see how that dynamic playing into weak equities gives treasuries a renewed life as a hedge against all issues of the day. intraday of tens. set it'll with 219, trading down seven basis points but most important, we settled last year 1.65 on 5s, there not long ago, like this morning, now under 1.60. 2.17 on tens back below it. 2.75 on 30s. we're at 2.73 simple pivots that will keep you out of trouble. clearly see on the chart, starting early december how the ten year stopped where you thought it would though there were many nervous longs out there, as it looked as though we were going to see more selling, focus sheftedifted towards europe.

bunds yields overlaid with the euro versus the dollar if you believe the you'reeuro's going to parity, you can't be thinking bunds rates are going lower. if wu look at difference our tens and bund yields it's getting stratospheric. that's a 20-year start. around 1989 to find that separation close to 230 basis points. now, if we continue to look at what's going on with the euro currency, we have comp in september 2003. today's comp back towards april 2003. last, but not least, if equities get messy, think about all of the corporate issuance out there. here's a chart to watch barclays high yield spread. if it starts to tick up that will be a weather balloon for

you to pay close attention to. david, carl back to you. >> all right. >> happy anniversary to me. >> and to you. >> when we come back more on the sell-off the dow's down 164 points. when we come back katharine schmitts from the university of pennsylvania partnering with apple on the tool to help breast cancer survivors to track. she'll join "squawk on the street." apple, by the way, down along with the broader market. back in a minute. ♪ ♪ [ radio chatter ] ♪ ♪ [ male announcer ] andrew. rita. sandy. ♪ ♪ meet chris jackie joe. minor damage or major disaster,

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welcome back to "squawk on the street." nasdaq, 15 years after the nasdaq composite topped out above 5000 we're seeing a lot of red here. qualcomm one of the few components inform the nasdaq 100 today in the green after the company raised its dividend and boosted its buyback. the company is really part of the trend. we are seeing that tech companies are the big of the contributors to the s&p 500 when it comes to dividends.

generally april is the big month when we see these big moves. we'll see if that trend continues. meantime, we have seen a couple of more stocks join qualcomm in the black this morning. inindividual on upgrade from b of a. nasdaq 100 trading to the downside. biotechs among the biggest losers, they are the downdraft again. acorn, one of the losers the company seeing more generic competition, jeffries take down some numbers there. on the morning after, apple has been in and out of the positive territory this morning. a lot of folks i've been talking to in health care are very excited and looking at the idea of apple now creating a platform similarly as to what happened with music and the ipod, what happened with the iphone, and our use of mobile devices, whether perhaps these new apps research apps, watch

could also propel digital health and monitoring. guys, back to you. >> bertha thank you. we'll get "stop trading" in a moment. s&p down a full point now, sitting just below the 50 day moving average. you can see the breadth. back in a minute. can it make a dentist appointment when my teeth are ready? ♪ ♪ can it tell the doctor how long you have to wear this thing? ♪ ♪ can it tell the flight attendant to please not wake me this time? ♪ ♪ the answer is yes, it can. so, the question your customers are really asking is can your business deliver?

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♪ time for cramer and "stop trading." trading.". >> we know the late mark haines called me reverend jim bob, of the church what's happening now. always, one of keys to the mark two of them ubs upgrades hewlett-packard. why is this important? it's a weak portfolio, but meg whitman has a lot of room to do things. want that as an international play that maybe can withstand the selling. people are saying what the heck? domestic companies going down. talked about cable. watch supervalu, domestic chain of supermarkets upgraded by deutsche bank with $13 target. should the stock go down if we

see turmoil in turkey? the answer i care more about em tire turkeys than turkey when it comes to svu. kosher kosher turkeys. >> got it. >> dow and s&p, gone flat for the year. they have not had a losing quarter since 2012. >> now focused on funds that have money in these latin american countries. you get -- if you can get the dollar to have three days where it didn't go up you're going it regret you didn't buy it here. but got to get the three days i'm done see them yet. maybe we'll get a little further along in the week and the euro will make it so we don't want to get on a plane. you want to get on a plane and do a shopping spree. i don't do that kind of -- >> no never, far be it from you to actually shop. >> real estate as part of your purchasing. >> i'd love to go to mexico now but mexico goes to 17 on the peso

peso. communicating that to my mexican agents, not ready to buy. >> not yet to bring in the cramer money. >> when i do i know that pebla, the germans are building factories. a lot of the bmws made get down there, buy real estate flip to the japanese and germans. >> need help on the spanish, i can translate. >> can you do that? [ speaking spanish ] >> did you bid or just take the offer? >> looking to buy. >> you know we talk a lot about the dollar obviously it has been stronger than it's been in a decade but there was a period of time it was much stronger than it is now. >> great point weep no in the '90s there were tremendous rallies in the stock market. >> look back at 20 years or more of the dollar living just fine with it. >> larry kudlow, king dollar king dollar. the problem with king dollar you have to get adjusted and you

can't have flows of funds be so quick. but tonight i have mark fields on ceo of ford. >> yes. >> for think about it they've got big international business, can they compete against the countries devaluing their currency in front of our eyes? mark benioff will tell you growth trumps all. having a fantastic quarter in europe. the notion of social mobile cloud connectivity how to trump even the turmoil of the strong dollar. >> what's this mystery guest action? >> regina my executive producer will not tell me. >> she won't tell you. >> she will not tell me. special shout out to my sister nan, my nephew is here. i guess i'll see him on the 20th anniversary. >> stays in the shadows. brilliant. called the bottom november 2011 for the euro.

let's see what he has to say in 2021, that's when i'll see him again. >> congratulations. >> thank you for making the anniversary so special. >> see you. >> it's a good choked up. >> "mad money" tonight, 6:00 p.m. more on the sell-off that we're seeing this morning. dow's down almost 200. wholesale trade as well on the other side of this break. b ng art of it. (everyone) cheers! glad you made it buddy. thanks for inviting me. thanks again my friends. for everything for all your help. through all life's milestones our trusted advisors are with you every step of the way. congratulations! thanks for helping me plan for my retirement. you should come celebrate with us. i'd be honored. plan for your goals with advisors you know and trust. so you can celebrate today and feel confident about tomorrow. chase. so you can.

good tuesday morning. welcome back to "squawk on the street" i'm carl quintanilla with sara eisen, simon hobbs, david faber. a sell-off on our hands dow's down almost 200. both the dow and s&p have gone flat for 2015. oil not helping either kuwait opec governor does not expect the cartel to change production at their june meeting. our road map for the next hour. clearly, helping you navigate the big sell-off. find out what you should be doing with your money today. apple releasing all sorts of new details about the watch. plus a new line of mac books. morgan stanley's vice chairman of investment banking join us live she will give us her take on the market action

tonight as well as what she thinks about m&a in 2015. first up rick santelli at the cme in chicago. breaking news this time. it's wholesale trade. good morning, rick. >> absolutely. january wholesale trade, looking at whole sale inventories and wholesale sales, these are important to handicap gdp. up point 3. no revision to december. sales side disappointing news. we expected a down number maybe down a half percent, down .6 we ended up with count to 3.1. last month doubled down from .4 to down .9. on the sales side now, this represents the third month of negative month over month change. you have to go all the way back to the end of '08, beginning of '09 to find a string like that. the string then was five negatives in a row. pay attention to this. we see yields moving down on the weaker data especially the

30-year bond below 2.75 where it settled last year. with the dow down 196, the big worry this morning for investors, the strong dollar. getting stronger by the minute here. the euro weakening to levels we haven't seen since fall 2003. the dollar really's the story of the last year. but this got supercharged in the last 24 hours. better u.s. jobs report on friday fueling the idea that the fed will raise interest rates, this year at the exact same time the european central bank does the opposite begins to buy bonds, flooding the economy with euros. next stop parity one euro to one dollar could happen in a matter of months. the dollar's shooting up versus pretty much every other major currency. brazil, which jim and david and carl were talking about, the mexican peso at a record level.

basically every currency getting hammered. our currency in the u.s. is going straight up. beyond the worry about corporate profits, and we are feeling it proctor & gamble coca-cola, microsoft, mcdonald's, hurting overseas. also the hit to funds. cramer was talking about this called it wreckage on portfolios that have been poring into the countries especially emerging markets and it's the destabilizing impact of not only the size of the dollar move but the superfast speed of the dollar surge. that's what's unsettling broader marks today. you have the currency of the world, reserve currency most wildly held currency a steep, aggressive change in value, could be damaging. some of the concerns we foe about, some of them, not so much. that's the big worry. >> the big question of course for the world, whether the united states will be a sufficient engine of economic recovery to pull everybody else out when faltering. as the dollar continues to rise global markets are stumbling.

major european indices down more than 1% on day two of the trillion euro sovereign buying from the european central bank. oil, priced in dollars, down for the third day in the last four sessions. energy stocks taking a big hit as crude falls below $50 a barrel. joining us now rbc capital markets, and scott wren of wells fargo. good morning. >> good morning. >> jordan when the fed, when janet yellen very explicitly warned four months ago of rising mark volatility dramaticic market movements, is this what she meant? how far does it go? >> no i don't think this is it yet. talk about the strong dollar you're talk about a weaker situation in other currencies. overnight, you have the dutch finance minister say the negotiations over the laugh two weeks have been a complete waste of time. you had the irish agriculture minister say, whatever you do

for greece you're going to do for ireland. a strong dollar may not be attractive to yellen and the fed but the alternate of a weaker dollar and a stronger euro is more challenging. when you layer that with emerging markets which were a problem before yellen even spoke, and now since the jobs report, it's only getting more aggressive. crosswinds are starting to kick up. >> the fundamental phenomenon is that this economies strong enough to deal with moderately higher interest rates from the fed. that's the big picture, isn't it? >> that is the big picture, simon. i really think that if the fed funds rate was at a percent and a half or even 2% i mean our economic situation here in the u.s., which is modest dependable growth, would be exactly the same. the problem is getting it from here to there, janet yellen is exactly right, you know. whenever the fed goes from easy money to tighter, there's volatility. we're going to see a lot of 20

30-point swings in the s&p on a day-to-day basis. we've been trying to prep our clients for that for a long time. i thought 2014 would be more volatile than it was. 2015, we're going to see more volatility before the end. >> four months ago, scott, forgive for overlapping, janet yellen said when she was warning about volatility, we will strive to transparently communicate monetary policy strategy to minimize the likelihood of surprises. does that mean it's no coincidence there's nobody coming out from the fed to say, don't worry about it maybe scott we'll hang fire on the interest rates? >> i think the fed always -- they always think they can do a smoother job of raising interest rates than what actually happens. you know they need to be coming out which i think they will do they're going to come out and pretty much tell us three or four months in advance when they're going to hike. the problem is simon, not when the first hike occurs. june or september, that's splitting hairs.

it's the magnitude and speed and i think the fed is going to go very, very slowly. they know they have to be careful. they're going to be careful. but the market's so going to be volatile. but that's buying opportunities. >> so, i mean given that backdrop, jordan we have not seen a 10% correction from the highs on stocks since back if 2011 during the depths of the european debt crisis. is this normal even though it could be unpleasant to see these 200-point swings lower in the dow,s this something that's part of the process as we get to higher interest rates? >> in percentage terms we're at higher levels 200 points isn't what it used to be. to your point, volatility, within we get into april may, and june and you have a uk election this year the party getting more -- much more popular in spain not only the uk election the greece negotiations iranian negotiations -- >> with the great et of respect

everybody do i need to worry in this country if i'm being told to buy large cap stocks about what's happening in the elections, really? >> absolutely you do. look at the global picture, the a huge mistake to assume you can only focus -- it has not reached the boiling point, no concern to the united states but enough things out from the emerging markets to uk through europe of course to oil, that you cannot be immune to what's happening internationally. the volatility we're seeing now is a small foreshadowing of the volatility that will only pick up as we get into may and june of this year. >> the greatest mistake retail investors make they sell as the market's going down correct. >> absolutely. >> what should you do now? >> what you have to do is stay with the upside. u.s. is still very good place to be but be aware of the unt national situation, what yellen has warned about, what they have put on the docket, this is not just an american story there are enough issues that any retail investor must have a global view. >> scott with the dollar move picking up speed here throughout the morning, if i'm janet yellen, i'm not advocating for

policy, why not hold off on an interest rate hike because of the adjustment in the dollar and they're not meeting their inflation target to begin with. >> you know as well as anybody else, you mentioned it earlier, when currencies move fast that's the problem. i definitely think the fed's taking that into consideration. but also the market always overestimates the effect of the currency moves and i think that the head wind in reality will be a lot less than what the market's anticipating from a stronger dollar. >> scott jordan thank you for your time. >> thanks guys. for more on the sell-off, over to dominic chu with a market flash. >> this idea that with the s&p 500 and the dow jones industrial average down by a percent today, we have erased all of our gains for 2015. so we are again back to hitting the reset button for the market. back to zero. again, all gains erased on the s&p 500 as well as the dow.

also watching a couple other things. 50-day moving average, shorter term batting average for the market, if you will guys finding maybe some support. see if that holds throughout the course of the day. one sector just one, holding on to ever so slight of a gain in the s&p and that's of course the utility stocks. back over to you. >> thank you very much. apple, of course unveiling pricing and details on the features of the apple watch with a new line of mac books. should it change the way you look at the stock? which is still hanging on to 13% gain for the year. more when "squawk on the street" returns.

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with the dow down over 200 points shares of apple down after the apple watch relawn of. the company introducing pricing for the watch that started at $350 goes up to $10,000, even $17,000 for the rose gold version. but does the world really want smartwatchs? is the question that analysts are trying to answer. andy hargraves, senior research analyst. i thought bob pisani did a nice job showing that estimates were all over the map for demand of the smartwatch. anything in yesterday's presentation that led you to some answer to that question? >> no. i wish i had the answer.

you know there's battling forces in this thing that's what makes it so interesting. within hand you say, well not that much incremental functionality and i don't know if i need it on the other hand. you've got the weight of apple's distribution capacity manufacturing capacity and marketing ability. and there's no doubt it's the best selling smartwatch ever i just don't know what that means. >> one thing point to the health and medical research either in the watch or the new set of apps from apple. will that do it for you? that is going to be the must-have function for the apple watch or some of the other products? did you get enough clarity on that yesterday? >> yeah the keystone if you will and the medical research functionality was interesting and new. to me though that's largely data collection. and there's a lot of devices out there that can do data collection. some of them are probably better for fitness and health purposes than the watch will be. so i think it's still sort of

unclear whether or not we want the full robustness of an apple watch or weather purpose-built data collection like you'd get from a fitbit or something small somewhere lighter and have longer battery life. >> some people were speculating that yesterday's presentation was maybe a shadow of what they had hoped to say because of things they could not get done with the fda. you think that's true? >> well i haven't heard that. could be. i suppose. i'm sure moved slower than apple would like them to. it was a surprise not to see new third party apps to me. i certainly expected normally one would get things like this you'll see them co-launch with specific app developers. i was definitely surprised we didn't see that in maybe the fda's part of it i don't know. >> the pricing, jpmorgan suggesting that the profit margins are 39% to 44%, which would be among the highest in the product line. >> yeah. >> what do you make of that? what does that say about the

future? >> i think the margins initially could be lower than that only because, right, it's obviously they put a ton of money into this and custom tooling, custom manufacturing line all of that stuff, and some of that will come out of the gross margin. over time yeah i think it should be a high margin product. there's not a lot of bomb to it. you look at the comps they tend to get margins like that. it's a reasonable number over time. but initially i think it might be a little bit lower than that. >> i walked into work one of the security guards here said $10,000 for an apple watch? and i said they have price points at $350 he's like really? i saw the headline for $10,000, because that grabbed so many headlines it might keep people from inquiring about it even on the margin? >> yeah. you should have told him you're getting two, one for each wrist. >> i'm going for the $17,000

rose gold. just kidding. >> with four different bands. i don't think so. i mean that's the headline grabber, just because it's so expensive. but people will figure out quickly and apple will help them figure out not all costs that much and you can get into the watch for 350. >> you sound underwhelmed. anything in the presentation? there were new announcements, the sleek new mac book the exclusive deal with hbo now. anything that excited you or could move the needle when it comes to revenues. >> we were focuses on the watch because that's the new product and the thing that can drive the incremental leg of growth. mac book incredible. i don't know how to put that into context, though of the watch because it's a continuation of a product line and i don't think materially changes things. >> what's the upshot for the stock, quickly, while we have you. for the stock, that's now

trading at 125.50 how much is priced in. >> a lot, i think, you know over/under on the watch probably 20 million units and got to have the phone be at least flat as we look forward to the next year. so those are probably reasonable bars to send but they're's certainly risk on both sides. >> thank you, morning after the apple event. andy hargraves. more on the sell-off with the dow down 233 points. also morgan stanley's vice chair of investment banking joining us live to talk about the market action and her outlook for m&a for the rest of the year. "squawk on the street" will be right back.

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welcome back to "squawk on the street." watching shares of electronic arts, down by 3% the stock is

falling sharply after the open after down graded to a whole from a buy citing krerns about valuation, electronic arts down 3%. that's on track for its worst percentage drop since october. back over to you. >> thanks very much. morgan stanley holding its executive women's conference in new york city. mary thompson is there with the vice claire of investment banking at morgan stanley. good morning, mary. >> carl as you mentioned, here with suze wong vice chairman of investment banking. thanks for joining us today. >> thank you. >> you're one of the founders of the conference. why did you think it was so important solely for female clients. >> it's a unique event. it's a signature event for morgan stanley and it's a blend of content, which we take seriously, but also networking. and we have a lot of repeat attendees, they look coming back and seeing each other. i think it's a special event. >> and you've had great success. this is i think the highest

attendance you've had in the decade or so you've been having this event. >> it is. every year we have more attendees. we've had to go to a waiting list. i think it's partly there are more senior women in management and as there are more senior women, we have more people we want here. it's a sign of the times, i think. >> a good sign. let's talk go the markets and your business m&a because we're seeing choppiness in the marks right now. and while m&a's gotten off to a good start in 2015 do you think this will give your clients a little bit of pause that we see up and down movement in the markets. >> i don't think so. i think it's a robust year for m&a. we've announced rescale nxp, we work for free scale and abbvie. big deals are up. what i'm seeing in the boardroom is that boards are proactive thinking about what that dream deal is.

despite choppiness there's that choppiness, people are being strategic and proactive in the boardroom. >> tell us how they're dealing with one of the things you'll talk about here at the conference, that being the activist investor. they've had a good start on cnbc.com, we did a story how the funds have been abelong the best performers so far this year still early. but what's the response in boardroom? how are your clients approaching the activists? >> go back to the word proactive again. i think people are thinking hard, whether in he have an activist or not, thinking hard from the outside in what would somebody say about our strategy and performance trying to think critically what they're doing. i think it's been occasion for boards to look at their own thinking from a different perspective, it's been helpful. >> there was some concern thinking about gm with the buyback and some worried act in innistin avivists have gotten to much

into theingeing the engineering. what do clients do to balance that. >> boards have their eye on the ball. thinking about dream deals. they ask the questions they think an activist might ask but i think they think about long-term value. >> talk about one area your specialty, that being health care. it's been very very active. are we getting to the point where the deals are becoming too pricey has it reached that point yet? >> i really think it's individual deals. so i think for a lot of the pricier deals there's a lot of growth. so it's commensurate with price they're paying. i think it will be a robust area of activity. >> we have a stronger dollar here. how that is playing into the activity we're seeing? >> cross border was up 72% last year over the year before so it's obviously a huge area of activity. and we're seeing it continue this year. i think that obviously there are -- there's volatile in

things like if x but i think you're going to see cross border continue to be robust. >> you foe a lot of people i want to ask cow one last question about europe waiting for that figure and there will be opportunity but was we haven't seen activity pick up why not? >> it actually has picked up. overall, global activity is strong, but in fact activity relating to european targets is up quite a bit this year year to date. >> thank you so much for joining us. >> thank you. >> we've been speaking with susie wong at morgan stanley. back to you. >> ahead on the program, what is it like to work with apple on one of the new apps? joined live by a university of pennsylvania professor that's using apple's new research tool for the study of breast cancer. she was in apple's presentation yesterday and attended the event. we'll be back with her after this. mfs, we believe in the power of active management. every day, our teams collaborate

around the world to actively uncover, discuss and debate investment opportunities. which leads to better decisions for our clients. it's a uniquely collaborative approach you won't find anywhere else. put our global active management expertise to work for you. mfs. there is no expertise without collaboration. 80% of the poor in africa are rural farmers. 96% of them are doing rain-fed agriculture. they're all competing with each other; they're all making very low margins making enough to survive but not enough to get out of poverty. so kickstart designs low cost irrigation pumps enabling them to grow high value crops throughout the year so you can make a lot of money. it's all very well to have a whole lot of small innovations but unless we can scale it up enough to where we are talking about millions of farmers, we're not going to solve their biggest challenge. this is precisely where the kind of finance that citi is giving us

is enabling us to scale up on a much more rapid pace. when we talk to the farmers and ask them what's the most important thing. first of all they say we can feed our families. secondly, we can send our children to school. it's really that first step that allows them to get out of poverty and most importantly have money left over to plan for the future they want. now with the xfinity tv go app, you can watch live tv anytime. it's never been easier with

so many networks all in one place. get live tv whenever you want. the xfinity tv go app. now with live tv on the go. enjoy over wifi or on verizon wireless 4g lte. plus enjoy special savings when you purchase any new verizon wireless smartphone or tablet from comcast. visit comcast.com/wireless to learn more. good morning. here is your cnbc news update at this hour. a bit later today, president obama will tell students at georgia tech how he wants to make the process of repaying student loans easier to understand and manage. more than 70% of u.s. students who graduate with a bachelor's degree leave with an average debt of $28,400. ride hailing app uber committing to hiring 1 million female drivers by the year 2020. the company's been unscrutiny

following a handful of assaults on passengers. passengers do not have the ability to request female drivers. the secret service will be testing drones in the middle of the night over parts of washington. the a.p. says the agency's testing the drones for law enforcement and protection. the secret service says the details are classifies. and bugger king is dropping soft drinks from kids meals. made the change to offer options that match lifestyle needs. will offer fat-free milk apple juice or chocolate milk. back to you guys. thanks very much sue. welcome back to "squawk on the street." apple moving into health care with a launch of their research kit, taking research out of the lab and into the world. share the journey one of the unique apps focuses on breast cancer patients. is this a game change for health

research? joining us catherine schmitts. welcome. >> thank you. good to be with you. >> a lot of promise in this tool. can you talk about the app and what it tracks for? >> share the journey is the brainchild of a group of researchers, including dr. dr. gantz, dr. partridge at harvard and sage bionetworks and myself. i have done other work on developing apps in the space of breast cancer research. and what we're really doing and what is really a game changer is our ability to recruit on the order of thousands and tens of thousands where in the past we're been only able to recruit on the order of tens and hundreds and maybe a thousand. >> right. this is -- it tracks issues that are related to breast cancer

treatment, fatigue cognitive difficulties, sleep disturbance, mood changes. how does it work? >> really important point, it's not so much about what we have chosen to track in this particular app at this time. it's about the platform. and the fact that researchers will be able to collaborate with sage bionetworks and research kit to be able to build whatever they want to track in breast cancer survivors. that is the promise and that is what's really exciting. we have chosen a few things that are common complaints among breast cancer survivors for us to bill the platform to show that it works and to be able to do the early work to show other researchers the power of this kind of platform. >> in the meantime professor, just to really underline the point that you're making for people watching you now, we're not at a stage where you can monitor ekg, for example, blood alcohol levels or blood

pressure, which might point to an instrument that the fda would certify in some way. this is more about the general feeling of a very large control group amongst that army of breast cancer supporters that's what you're heading for? >> that's absolutely correct. that said we have the power of being able to have visuals so we have the potential to take pictures with an iphone we have with the advent of the apple watch we can get heart rate data and we certainly can get movement. and we can get sound. so when we put all of those things together, you know i just need to say that you know for example, in the parkingson's app which i didn't work on but is another project in this space, they have over 2000 research participants in a very short time frame and they're getting sound and they are getting movement from those people and they are getting research quality data very

quickly from a huge number of patients. >> to that point katharine, we are going to generate through biometrics a volume of data points that probably we have never as human kind generated before, because it's in real-time and there are so many data points collects perhaps every millisecond. how on earth do you control that information, on the one hand and how do you analyze it on the other. >> this is not our first rodeo. we've done this. so, people who have been working in the field of acceleromtry in research have been dealing with massive data sets for decades. we already have the software. we already have engineers who know how to parse out and understand large volumes of data. that is not going to be a problem. >> a lot of people are hoping down the road this does monitor your blood pressure right, your

gloe glucose, stress level. do you think that's possible? how far away is that? >> i don't think that's very far away but i think it would be foolish of me to predict how things will go in an effort to try to get fda approval. >> indeed. that's the billion dollar question, i think you could argue. it's going to be interesting to watch. our thanks to you. >> you're very welcome. >> markets are in sell-off mode today with the s&p now down about 1.2%. the dow is down about 233 points let's bring in ben willis senior floor broker with princeton securities group for more color on what's driving the sell-off. jean claude trichet used to use the word brutal talking about currency moves getting extreme and painful. is that the primary concern when it comes to the dollar. >> absolutely. amidst of the currency war that

started several years ago and seeing fallout continue. the united states trying to figure out how to defend a rising dollar and the euro i believe will break below parity. 2000-2002 the euro trading around 80 cents. shouldn't comes a surprise as they drive their economy versus ours. >> it helps them. they have a bigger growth problem than we do. what is the concern for u.s. stock market investors at this point from the move? >> the biggest impact will be on the s&p 500 stocks rather than say, the russell 2000. those that have the exposure to earnings in the eurozone. basically every stock in the s&p 500 earnings more than 50% generated in another currency other than the dollar. with that said that's part of the reason you see the sell-off that takes momentum that brings us to the more important with lack of fundamental data other than the currency move now you're talking about the technical numbers like mark

newton from grey wolf will put out as you break levels the market starts to pick up its own momentum because of lack of anything else driving it. >> utilities the only group in the green and that's on low yields. pfizerness the only dow stock in the green now. >> at the same time ben there are as set managers in europe who are looking at record low yields looking at a euro declining and they will be making decisions over the next few weeks and months about where they put their wealth that their guardians of. some like deutsche bank talk of a ur re euro glut and a vast amount of money will leave the eurozone. they put a note out talking about 4 trillion euros reassigns outside the eurozone. isn't that the benefit of these marks. >> absolutely is to the benefit. but the greatest benefactor will be the u.s. treasuries with yield on a 10-year above 2% the

real story in the last month, i think that will be part of the drive of the euro coming out of negative interest rates, having to find a place that's considers safe halven. what is the response of the federal reserve? if the aim of the fed is to slow the u.s. economy, why it's raising interest rates, but the yield can't rise because of that influx of money, does the fed have to be more aggressive? its the best-case scenario for the fed if the natural marketplace is holding down the yield by foreign buying rather than just a simple quarter point adjustment on our own side we don't have to worry about being choked off too much and therefore the dollar continue to drive against that earnings in my opinion. >> so where do you go right now? what's the safe haven du jour? utilities? >> i think utilities probably are a place because of the fact thefb been driven by fear is not the place.

you want to continue to increase exposure. if you want a specific zone i look at regional banks. i he think master limited partnerships, they were crushes going into the sell-off of the oil complex. there's a great deal of trading going on in the energy sector right now, not just for traders like me but for institutional investors buying bond issues buying second dear floats or companies in lock tock and barrel. so there's -- i don't think you want to lose face of or direction of a market that continues to grow in light of what's transpiring in the united states of america when you have an opportunity to buy them on sale as we are today. >> seeing wti crude oil slip below $50. that strength in the dollar is translating to lower oil prices. >> i'm in the belief that lower oil prices are one of the great stimulus packages ever created. while it's having a negative

impact on the oil complex the rest of the world will benefit, not the least of which japan and china. >> thank you for joining us. with the dow down almost 250 points. credit suisse named a new ceo, the ceo of the uk insurer from prudential. he was on worldwide exchange on cnbc and spoke about the move. you've done a good job as ceo you have to take a company, leave it in a better condition that you found it i've been able to do that. and you have to leave it with no cloud and you have to leave it -- there's a bit of i think probably a wobble or unsuccession. i'm confident we have good succession in place. it's a formality. the chairman made a statement this morning. will be announced shortly. >> widely respected for the time that he spent at the pru.

a prop nents --minent -- he was a government minister in his home state of ivory coast and has french citizenship. whether his appointment marks a move or emphasis on wealth management and also of course that perpetual question whether there needs to be some sort of capital raised at credit suisse. brady dugan has said for a long time they didn't need one, if he's at the helm or his successor at the helm does that change. mark gurman joins "squawk alley." only 59% plan to buy an apple watch. only 59%? i would have thought that's quite high. what does it say about the product and future revenue streams for apple? all that and more on "squawk alley."

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an hour and a quarter in trade a rough open dow down 235 points. but the utility sector actually getting some respite today. let's get more from dom chu. >> if you look at it one sliver of green in an otherwise sea of red for the s&p, utility stocks clear outperformer today. the sector is a defensive play notice mark. of course known for heavy dividend yields. today's standouts, ever source energy xcel energy entergy, excel lon. all up by around you can see there 1% to 2% today. every single stock in the sector is green on the day. there are 30 of them right now in the index and i think all of them are 29 of them in the green. back everybody to you. thanks, dom. and on that note treasury yields lower across the board. out to chicago to the cme group. rick santelli with the santelli exchange. good morning, rick. >> good morning, sara. for viewers, plight know yra

harris, one of my favorite guests. fired up today. >> not me. i went to yoga. >> logistics wise i didn't agree with most of the qe programs. from the standpoint of logistics the fed did it right, transparent, you knew what the issues they were buying with regard to the numbers, they made itty it easy to see on balance sheet, reverse auction information, like a regular auctioning contrast that with the ecb. >> it's broken the ecb has a problem, they don't know whose currency they're setting rates for. you're setting rates for germany you're going to have 4% gdp growth possibly in germany this year with zero interest rates. >> your eurozone 1.5 zblrs if you run that with zero interest costs, your budget they're going into supreme surplus. there's not a german debt that needs to be sole on the market.

you can't set policy for 19 country because that all in different places. >> my xlnts years ago we come up with together if the eurozone isn't going to stay in its current form the only form i see that will work will be if who leaves? >> germany. >> merkel will be in dangerous political water. why? interest rates in germany are going to be negative because growth is going to be strong. >> it's the beggar thy neighbor with currency wars. listen, do you think the euro could go to parity quick. >> for sure. >> what do you think will happen to bund yields? >> of course they will go down further. >> probably zero. parity and zero a high possibility. >> punishing savers in germany. ben bernanke and yellen punishings savers said stop being small-minds, everybody

else is benefiting. shut up and absorb. it's going to be very tough to tell that to the burgers of bavaria so to speak. >> fed's balance she's, talk about the trillion dollars on the balance sheet everybody maybe what gets lost three times that amount in china. talk china. >> well, china, you know it's an enigma because you have to understand what they're trying to do and it's a difficult situation. >> we can make it simple. most likely advertise the new group getting together to form new policy that they're aiming for 7%. boy, the whisper numbers, significantly less. can the u.s. maintain a nice glide path towards 3% growth if the rest of the world is having a problem and germany's distorting the growth numbers of the eurozone. >> no. i've been trading currencies for 37 years and watched the dynamics the world's far different place. when they use too talk about united states could be the locate comoatsive of the wore.

>> japan got through their 20 years of no growth because there was growth in the rest of the world. there's not enough growth in the rest of the world. the united states is not providing enough. this is a dangerous situation. and you are, i don't care what anybody says, i don't care what jack lew says this is a currency war. it was started by the fed. not with qe-1 but qe-2 and 3. way too much. they had a hammer and everything was a nail and that's the way they look at. now you can't extract yourself. as simon and garfunkel said it best, all my words come back to me in shades of mediocrity and this is where we're at. everything the fed has done and everything they thought they weren't responsible for is coming back to them in spades through the action of the dollar. >> will we see 5000 retested soon. >> that's beyond ply pay level. >> it's ironic we're there one day and look what happened. back to you.

>> can't get over the simon and garfunkel reference, that was great. thank you, guys. the market's down 239. the worst day for the nasdaq since january 27th. one month lows on the dow and the s&p which have lost their gains for the year. when we come back look at the individual drivers in a moment.

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nasdaq -- parks deep in the red. nasdaq down it late november highs. oil prices one of the things driving the sell-off. jackie deangelis is at the nymex with more on that. >> good morning to you, carl. that's right. the selling pressure is intensifying on both sides of the atlantic when it comes to oil prices. again, the culprit today is the strong dollar, dollar index over 98. traders are talking about 2009 when we saw oil prices drop from more than $140 to around the 30s. the strong dollar was a culprit then as well. this is something they've been talking about for some time that we can see the dollar index go to 100 or perhaps past that and

that will be a very bearish factor for crude. when you take that into account with some of the production numbers we're getting out from the eia that the u.s. is upping production, so is russia so is mexico, this is not a good supply/demand story for oil either. this could potentially be the perfect storm that gets out of this bouncing around range we've been sort of hanging around 50 there is for some time. traders saying we needed the catalyst to take us out either way. this could be it potentially to the downside. they're watching these prices closely and we will get another inventory report from the department of energy as well more than 4 million barrel build expected last week that could send prices down too. this is something to watch as it's impacting the equity market today as well. >> the financial times put it this industry here fighting with one hand tied behind its back because it's not able to export the oil and the huge differential. look at the market overall the exporter down the most goodyear, ford amazon

priceline, bob peseny has more. >> we are just off the lows of the day, essentially take a look at the s&p 500. this has not been a great start to march. remember we hit our highs for the year at the end of february and match has been pretty much straight down. we're just off of the lows for date. i said at the open what you want to do on a day like today is watch some of the high beta names. when you get volatility they move the post. high beta like new tech names, groupon, for example, twitter, work day, some of the names here. they're the ones down the most. that's true of other names that are sort of high beta cyber security space, for example, take a look at your fireeyes palo alto networks all those are down a little bit more than the rest of the market. interest rate sensitive stocks not doing too much. reits, utilities, either side of positive or negatives. u.s. yields had been rising through february generally a negative for alternative yields

alternative instruments lick ss like reits and utilities. a rise in bond prices declined today is really slightly new trend, so i don't see a big trend going on here. banks, though, when you get lower rates as we're seeing today banks don't behave pretty well. flatter yield curve not good for them. some of the big names, not just money center buying citigroup but the super regionals like huntington zions and m and t below the market. finally the dollar rally has been -- dollar rally as well as higher rates recently have been playing halve voj with emerging markets. i noticed the eem a basket of emerging markets stocks exchange traded fund widely traineded out there for emerging markets is down 8 days in a row. that is a definite trend. when you get higher rates as we've seen recently and the dollar strong that knocks around the emerging markets. you get a pullback in liquidity in those areas. back to you.

>> thanks for rounding out all the movers. we will stay on the markets here and send it to jon fortt with a look at what's coming up next on "squawk alley." hey, john. >> we're going to continue to follow the markets as well with the dow more than 200, the s&p off 1% but we will talk about the apple watch now that we've digested the announcement from yesterday. is it any good? mark german from nine to five mac is going to join us and a report that the crycia tries to crack apple's security and messaging. that and more on "squawk alley." there's nothing stopping you and a lot helping you. technology that's with you always. this is our promise. it's never been better to wander because wherever you go, you'll find us doing everything we can, so you can.

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we are looking at 1% declines across the board for the stock market indices with the dow down 212 points s&p down a percent, the nasdaq falling 1.3%. the dollar is important every day, today it's really spooking investors. the strength and magnitude of the strength particularly against the euro causing all sorts of ripple effects hurting crude oil prices commodity prices in general. >> flip side least affected health care, consumer staples and utilities down 7 or 8% so far this year. with that let's send it over to "squawk alley." >> thank you. good morning. it is 8:00 a.m. at apple

headquarters in california 11:00 a.m. on wall street "squawk alley" is live. cup ♪ ♪ good tuesday morning. joining us jon fortt, kayla tausche, we're all back together like a family here at post nine. kayla, of course, the apple event yesterday in san francisco, jon in barcelona at the mobile world congress. a lot to talk about in tech but markets are the story of the morning. dow down 218, lost gains for 2015 on the dow and nasdaq on the s&p and the nasdaq's worst day, lowest level since january 27th. joining us is jeff clinetop. good morning to you. >> good to be