and welcome everyone. you are watching worldwide exchange. i'm seema mody. >> i'm wilfred frost. here are are your headlines from around the world. >> the price of oil spikes higher after air strikes on yemen. they call the operation u.s. backed aggression. >> they agree to pay $235 million for violating u.s. sanctions in iran and sudan capping a six year investigation. >> global markets in the red. the biggest loss in ten weeks aztec shares sell off. this after the nasdaq has its

worst day in nearly a year. >> media reports surveillance quest one of the pilots on the crashed german wing's plane may have been locked out of the cockpit during the aircraft's descent. welcome everyone to the show. if you're just waking up and looking at your portfolio yesterday was a rough day on wall street and what made yesterday's price action particularly interesting was we did see a rebound in oil prices but despite the out performance in energy shares stocks fell across the board. the dow down about 1.6%. the s&p 500 still holding on to the psychological level. but nasdaq biotech shares moving to the down side.

that's what really drove the nasdaq to the down side. taking a look at futures, what can we expect in today's trade? the sell off could continue. the dow down triple digits. 110 point move to the down side. the s&p 500 down about 15 points. the nasdaq down 37 points. taking a look at european markets, generally an optimistic view on the rebound with manufacturing and the data yesterday surprising to the upside but that resulted in the euro gaining ground against the u.s. dollar. that's the opposite of what draghi wants. we're looking at investors taking some money off the table. it does look like we have a sell off here. the dax down triple digits. 180 pound move to the down side. the cac 40 seeing a loss of 1.2%. in italy a move to the down side. 1.5% move and the ftse 100 with

a loss of around 1%. so it is red across the screen here. not just in response to what we saw in the u.s. but here in europe investors taking money off the table. that has to do with the currencies market. >> definitely but a very odd spark. very tech focus and equities in the red. oil prices in the green today. bouncing after those saudi backed air strikes in yemen. a lot to discuss with our middle east correspondent going forward but the effect on the oil price has been clear. climbing over 4%. it was much as much as 6% earlier. wti, 51.6. just under 5%. brent just shy of 60. 59, excuse me. that's up 4.34%.

gold rallying as well. that's at 1212, up 1.4%. also the euro is back above 110 up .5%. the turn around in the u.s. dollar has been very pronounced. is it just a correction? the u.s. dollar had been very strong or is it an outright change of direction. is that story over? we'll be talking to citi strategist toward the end of the show to discuss that but the euro dollar at 11030 today. let's check in on markets in asia. sri is standing by for us as ever. over to you. >> the situation here is grim in a word. we're seeing some fairly widespread risk aversion because of two negative factors. the first one is what you talked about earlier. the drop on wall street

overnight one on the nikkei pulling it down to 1.4% on the close. the other factor is the surge in the price of oil. we saw it in the trading sector continuing on where you are in london as well because of the saudi led gcc military action against the forces in yemen. big spike in the price of oil so that created ripples of risk aversion in equities and currencies as well. so we have seen safe haven in flows into the relative safe harbor of the japanese yen as we have another impetment for the nikkei 225. higher oil is bad news for some of the big importers over here. india is one of the reasons it's

on the offensive. >> thank you so much. back to our top story this morning, overnight saudi arabia hit yemen with air strikes. the president fled the country by sea. the air assault was announced by saudi arabia's ambassador to the united states 30 minutes after the bombing began. he said the kingdom would do whatever it takes to restore the yemeni government they have taken over the armed porss of the yemeni state. they have taken control of military bases and ports. the legitimate president of yemen was able to escape and relocate to yemen. other ministers were able to also escape and move to southern yemen, the city offed aen where they continue to run the operations as the legitimate

government. >> let's recap the effect this had on the oil price. strong gains today. brent and wti both up the best part of 5%. let's also look at the saudi stock market which is off about .8% as we look at it at the moment. i just want to bring you the latest flash on this situation as well. yemen shut all major seaports due to the escalating conflict coming from local industry sources. reuters is reporting that we're joined now by hadley. just to set the background, what is this about? and the broad coalition. it's not just saudi making the attack. >> we're also hearing that the sudan also took part in this strike. 150,000 troops on the border.

yemen has been falling apart for quite sometime. back in january there was a big question about what was going to happen there. we knew it was going to fall apart. we're talking about the soft underbelly of saudi arabia. they have a divide 30% shia and 70% sunni but you also have to remember saudi arabia isn't going to allow a government in the south backed by the iranian regime. >> you were addressing this growing conflict could spread to the eastern province where the oil deposits are. what's the likelihood of that happening? >> the likelihood of that spreading to the eastern provinces is low. that's where the oil plants are. when we talk about the gulf of aden we're usually talking about

somolian pirates. yemen has been falling apart for sometime. it's a great place for terrorists to hide. it's been an area of concern certainly for the u.s. government and we've seen the rise of the drone war pair in that country. >> stick with us because u.s. led coalition launched it's first air strikes against islamic state targets in tikrit after a request from the iraqi government. they're the first in a series to come in coordination with iraqi troops. iran has also been providing support to baghdad to try and destroy isis strong holds but this isn't the first time we heard of this growing conflict taking place. >> but you have to remember what's happening here the middle east makes for strange bedfellows. so in one place we may be against them but if that's helping the situation in iraq then we'll be working along side

them. you have this ideaed that if you allow the militias to work within their own country and within their own system of tribes and within their familiar relations here quite close ones. if you allow them to do the work for you have a better chance of rooting out the isis backed elements as well. it makes for strange bedfellows and you see this across the region. >> thank you for that. now they agreed to pay $2,233 million for a sanctions relating to iran and sudan. as part of the deal with the justice department the company will pay 155 million criminal fine. the largest ever imposed for a sanctions violation. this caps a six year investigation. as you can see they're up though today 1.2%.

>> weekly jobless claims are out at 8:30 a.m. eastern. jobless claims are expected to hold below 300,000. >> atlanta fed president dennis lockhart is also speaking today at the engage conference in detroit. the largest student investment conference. before he does that he'll sit down with steve at 8:30 a.m. eastern on squawk box. meanwhile charles evans continues to make the case for patience when it comes to rate hikes citing low inflation. i spoke with him after a speech in london he made and asked about the likelihood of a june rate hike. >> we're in so hurry that we should monitor the economic situations look for growth to

continue. have confidence that we'll pick up to the 2% objective. i'd like to have confidence that inflation is going to be moving up. it's a challenging environment with the headline inflation down around 0 due to energy price declines and there's a lot of uncertainties and i think we would benefit from having more time to assess those fed policy continues to grab headlines. yesterday the fed downgraded the economic forecast and this highlights the growing concerns around the health of the u.s. economy. yesterday's number nothing to write home about. we had five months in a row of poor durable goods numbers. >> it's the direction and momentum behind growth and gdp figures. in europe we're seeing it pick up. in the u.s. we're seeing it slow down. we had that strong bounce back last year and that will create harder comparatives as we go

forward. that could have a big effect. yesterday as we discussed the moves are more focused because of semi-conductor stocks but these corrections have to be expected when we have disappointments. >> when you have a multitude of external factors like the stronger dollar and weakness overseas and a lot of progress was needed. that's one thing he did speak to as well as the external factors could derail the kpik growth story. that's why he doesn't think a rate hike should happen until 2016. >> last week we broke three consecutive weeks of declines in u.s. equities but yesterday's moves putting that to bed. >> premarket right now suggesting another ugly day on wall street. >> also still to come here on worldwide exchange speculation mounts in the germanwings investigation after a surprising report tied to the aircraft's pilot. we'll bring you the latest on that devastating story after the short break.

welcome back. oil jumps higher after saudi arabia launches air strikes on yemen. the nasdaq has the worst day in nearly a year and adidas aims to step up it's game against nike

and underarmor. a number of reports suggests one of the german wings pilots may have been locked out of the cockpit when the flight crashed. we're waiting for an update from our sales public prosecutor on the crash investigation expected at 12:30 cet. in the meantime annette is in frankfurt with more on this story. over to you. >> thank you very much. we have just confirmation that they're also giving a press conference. germanwings at 2:30 to update us on recent developments and probably also with all the

rumors flying around. they're probably picking up that toir which is reported and also by the new york times that one of the pilots have been locked out from the cockpit allegedly and tried to even slam the door to get back in. when the other one was not responsive at all. another report is saying the very aircraft itself was the one grounded the most among the fleet of german wings having technical difficulties quite often and another report is also saying here in germany and the pilot was new to germanwings and didn't have experience. nothing confirmed yet from the official side but it's just

based on rumors from newspapers. another rumor as well citing a senior official on the ground down in the south of france that the black box located but it's very difficult to access we are expecting a lot more update during the course of this afternoon. >> thank you very much for that if you're interested in learning more about how black boxes work check out our explainer video. >> a series of tornados that ripped through tulsa, oklahoma area left one person dead in a mobile home park and several others injured. authorities also said up to 70 people were inside a gym when it collapsed but no injuries were reported. more than 79,000 people were left without power across the state according to utility

companies. we'll keep you up to date on that story. >> still to come setting up shop. we'll check in with facebook as it opens it's marijuana to app developers and retailers. we'll be back in a couple of minutes.

gook announced the opening of its messenger app. >> mark zuckerberg is focused on building out the portfolio of apps and making them a richer experience. part of that is turning the app into a platform. it has 40 developers on board from espn to the weather channel to help users create and share content without ever having to leave the app and for the first time its launching for businesses to allow them to interact directly with consumers consumers. also announcing an extension of its ad tools so brands can buy, and manage their video and display ads across mobile apps

and facebook is also taking on youtube launching an imbeddable video player. so instead of uploading videos to youtube and sharing them across the web now you can upload to facebook's players along with facebook ads. it has 3 billion video streams on its site every day. a number that's sure to be bigger when the player is not limited just to facebook. >> this is really interesting. facebook wants to make its messenger service a big player in the game and independent within the social media platform. for me it's too little too late and i can't see it working. they were so far behind on that front. >> i think these are being welcomed by the developers and as well as consumers. they're saying that messenger is no longer a platform to communicate. it's about sid owe, photo, payment, doing everything through the messageing platform.

there's multiple players out there in the messaging servicing space. >> i think it's far behind. people have how they use their phones and book has a slightly different dna for me. i do think that the developments on video is interesting. it doesn't have to be a link to a different site. that's separate. >> in the meantime the stock down slightly yesterday but it has been trading in record high territory and he did mention that 600 million people already use the messaging platform. >> that's my nickname for him, zuck what's going on. >> we'll get him on the show. >> he's coming soon. apple is planning to overhaul it's digital music business. they're going to launch it's own subscription streaming service.

it won't have a lower price like rivals like spotify. taking a look at shares of apple, this is what i found interesting. despite the sell off we did see it wasn't just apple that moved to the down side. it lost about 3% but those semi-conductor stocks is where we saw the pain on the nasdaq. >> seema i'm afraid to say i've got some bad news. you have to brace yourself for this. >> i'm ready. i'm holding on. >> all right. teenager girls the world over including seema mody are likely to be in a state of shock as one direction's zane malik decided to leave the group rendering it a lonely 4 piece band. going public with the decision he apologized with fans but said he has to do what feels right. he had been diagnosed as suffering with stress last week.

there was a big reaction with fans on twitter including the classic omg and always in our hearts. i have to say we're joking about this story. i had no idea how big they were. >> they're huge and from the u.k. you should be a big fan of them. >> i thought they were a relatively big boy band within the u.k. i didn't know how big they were globally. >> they have a massive following in the u.s. i remember seeing them in times square. there was always a could of women. mostly teenagers. not me i just walked bypassively and engaged from far away. he is dealing with stress i feel a little bit compassionate. he's so young and you're in the public eye, sometimes clearly you need a break. >> we wish him and the rest of the band the best. >> absolutely. we'll leave you with a look at how futures are trading ahead of the open on wall street as we have been telling you. a rough day across the board for the s&p, dow and has the tack.

and the dow down 150 points in premarket trade. we're back in two. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. in new york state, we're reinventing how we do business so businesses can reinvent the world. from pharmaceuticals to 3d prototyping, biotech to clean energy. whether your business is moving, expanding or just getting started... only new york offers you zero taxes for 10 years with startup ny business incubators that partner companies with universities, and venture capital funding for high growth industries. see how new york can grow your business and create jobs. visit ny.gov/business

here are your headlines from around the world. the price of oil spikes higher after saudi arabia launches air strikes on yemen. iran calls it u.s. backed aggression. >> u.s. futures point to another

down day after the nasdaq has the worst sell off in nearly a year yesterday. >> media reports suggest that one of the pilots on the crashed germanwings plane may have been locked out of the cockpit during the aircrafts descent. >> and adidas unveils a new play book to catch up with u.s. nike and underarmour. this as we gear up for earnings out in just a few minutes. >> let's get you up to speed on what happened on wall street yesterday. it was a day of red across the board. the dow jones seeing a loss of 1.6%. the s&p 500 down 1.5%. a pronounced sell off in the nasdaq dragged down by biotech stocks. the worst day for the nasdaq in nearly a year on pace for its worst week since october. a rare green arrow in oil

prices. oil prices moving to the upside. energy responding or outperforming and even in today's trade. the wti crude up about 4.4%. brent crude seeing a spike of around 4% at $58.71. taking a check at european markets following that global market sell off european stocks also moving to the down side despite encouraging economic data over the past couple of days. the dax down 216 points. the ftse 100 with a loss of 1.3%. the cac 40 down 1.5%. the italian markets down 1.7. investors keeping an eye on what's happening in greece. the pressure on the prime minuter is of greece to unveil a convincing reform plan to its creditors. of course time is is of the essence. >> thanks seema. we just got numbers out of lululemon. revenue $602.5 million.

that was bang on in line with what the forecast was. the earnings per share 1.$85 previously and it's gone up to 1.9 dollars so just about in line. perhaps fractionally ahead of expectations. those numbers of course not opiate for trade but we he will of course be following that throughout the day here on cnbc. let's also have a look at u.k. retail numbers which have come out better in the last few minutes. we're looking at retail sales stronger than expected in february. they have come out plus .7% month on month. the forecast had been .4%. so u.k. retail sales coming in better than expected of course. earlier this week we had u.k. inflation at 0% but retail sales managing to surprise results. >> we'll talk a little bit more about some of the sports talks.

lululemon they just said their inventory at the end of 2014 was at $208.1 million compared to $188 million at the end of fiscal 2013. it's been a challenging time for the company. they had to deal with the sheer pants but we have been seeing a rebound in the stock. we should point out they're down about 3.3%. there's another sports apparel company we're also focused on. isn't that right? >> yes, so there's lululemon earnings also disappointing. frankfurt shares reacting. let's move on to adidas which unveiled a plan. they hope to increase sales by focussing on investment in six global cities. l.a. new york paris, shanghai and tokyo and they'll place a great emphasis on globalization. they lost it's number two

position to under armour. nike held the top spot. let's have a look at adidas stock prices which sharply underperformed those rivals over the last 12 months. have to say the thing that stands out for me. >> you were surprised. >> the fast rise of under armour. >> i think this speaks to the broader that takes place in the sports consumer business. they want yoga wear and running clothes specific attire for high action sports and that's what helped drive sales for companies like underarmor which are a play in the sporting apparel world. >> absolutely but under armor started off as exactly what the name suggests as what you wear as underneath the outer layer. >> but they're diversified. >> and i'm also interested to hear them announce they'll be working customizations of products because that helped

with the jordan shoe in basketball which has almost total market share. >> and help lululemon as well. >> moving on t they boost food stocks in yesterday's trade in the u.s. mondelez general mills, campbell soup and kellogg all ended the day higher. warren buffet had this to say about the merger. >> i first went into general foods on behalf of berkshire hathaway in the 1980s. we were the largest shareholder of general foods and these brands that kraft, a lot of them come out of that general foods holding. i like these brands today and i'll like them 30 years from now. >> erin good morning to you. thank you for joining us. now both of these companies, they do have international revenues but really they're u.s.

exposure. is this an all out bet on the u.s. consumer? >> i think that that could be part of it but heinz is fairly diversified from a global perspective. they generate 60% of their sales outside of north america. including 25% in emerging and developing markets so one of the intentions will be to utilize heinz's global distribution platform to extend the sales and reach of craft's domestically based products. >> they would become the third largest food beverage firm in north america surpassing coca-cola. is bigger better? we've seen in some sectors like finance and tech if a company gets too big it's hard for management to achieve their core strategy and their goals. >> absolutely. you have seen that in food and beverage as well. things have trended from

focussing on scale to focussing on specific niches. obviously following the break up of craft two years ago into both kraft and mondelez. there could be scale leveraging the negotiating power as well as retailers and suppliers. kraft had been working to achieve it's efficiency since becoming independent and those efforts will be accelerated under the new management team. >> do you think this highlights a broader trend in the consumer food space given that we're seeing changes toward healthier options? is consolidation needed in order to achieve success? >> you continue to see consolidation consolidation. a lot of companies are focussing on growing their niche. the acquisition of annie's

speaks to that. campbell's acquisition also goes in that direction. while we haven't seen large scale acquisitions i think you continue to see consolidation in the space and we expect that that will persist. >> thank you for joining us this morning. senior equity analyst for consumer package goods at morning star. >> still to come on worldwide exchange, speculation mounts in the german wings investigation after a surprising report tied to the aircraft's pilot. we'll bring you the latest on the devastating story after this short break.

and if you're just waking up and looking at how stocks traded yesterday it was an ugly session to say the least. the nasdaq was witnessing it's worst day in nearly a year. a 2.4% move to the down side. a pronounced sell off in the biotech sector and on a trailing basis the nasdaq biotech index is trading at more than 500 times earning with a market cap in excess of $1 billion. more than half are not expected to have positive earnings in 2015. so valuation concerns is one of the reasons they saw stocks sold off yesterday and some of the big losers include ptc theer

pudices. some of these are mid cap to small cap names. they also moved to the down side. the index up double digits over the past year one. some also point to valuation concerns as to the reason we did see a sell off. some of the big losers inobstetrical lost about 3% and qualcomm down 2.5%. >> let's look at u.s. pu tours. they were pointing to a negative open. the dow expected to open down 150 points that negative move yesterday sparked similar moves in asia overnight late yesterday

and today as you can see. over 1% of gains in all the major indices. significant declines across europe and the u.s. germany down 1.8% today. >> officials leading the investigation into why a german wings plane crashed expect an official read out of content in days. however the accident investigator warned it could be months before they get a full interpretation of the voices and sounds and are able to draw any conclusion as to what happened to the german wings flight. a number of press reports this morning are claiming one of the pilots may have been locked out of the cockpit when the plane crashed. however nbc news has not been able to verify the claims. over to you. >> we haven't had any official confirmation of those reports

from the new york times that there was one pilot left. they tried to enter the cockpit slamming the door but didn't manage to enter it. this pilot was not responsible to air traffic control or to the other pilots trying to get into the cockpit. they're now planning a press conference at 2:30 to answer questions on the voice recorder. that might have changed by now. 2:30 is the time when you have to watch out for more news coming out regarding the fatal crash in the alps. back to you. >> thank you very much. we will be bringing more on that when we get it. now as we head to break let's remind you of the headlines at this hour. oil jumps higher after saudi

arabia launches air strikes on yemen. european stocks follow the u.s. and asia sharply lower after the nasdaq had the worst day in a year yesterday. and lululemon earnings beat the street after revenue ahead of forecasts. we'll be back in a couple of minutes.

>> despite the weakness in the dollar stocks tanked on wednesday. tech, bio tech and small caps lead the decline. another rough day on wall street. dow jones down 140 points. s&p 500 down about 16 points. the nasdaq which is so interesting, we were talking about the nasdaq being in striking distance of its all time closing high of 5,048 but it's around 4900 so far off of touching those new highs. >> absolutely last week we

thought we got through the late february, early march correction but it's back again. of course we might have further weakness to come. equities over the course of the next few days. let's also look at oil prices. they have not corrected today into the down side. they with bouncing back. both up over 4% this follows the news overnight that saudi arabia hit yemen with air strikes. the president has fled the country by sea. in the last hour yemen shut all major seaports due to the escalating conflict. hadley joins us on set with more. >> essentially what we know is 150,000 troops have massed along the border. this is a coalition effort in terms of the air strikes which is interesting. it's the gcc countries.

basically yemen is the soft underbelly of saudi arabia. the question is whether or not the leader of that country is going to be friendly to their regime and of course the last two leaders have been and the big problem now is these rebels are iranian backed and that's something they will not allow in their backyard. that's what you're seeing being addressed at this point. they're not overtly doing it but they're not doing anything to stop them. this is all related to the nuclear agreement on going with iran. >> the markets have been responding. the saudi arabia stock market as well as the dubai stock exchange. there's a lot of fear on what's happening right now. >> dubai is more exposed to international investors and head winds. as opposed to what's happening at saudi arabia they can't be

involved yet. the saudi market rebounded quite quickly. it shows they're not going to get bogged down in that country too long. some were saying we might have to go in with troops but the market isn't reflecting that. >> we also have nbc's teheran correspondent on the phone with more on the story. what are you hearing? >> hi there, yes, the iranian foreign ministry issued a strong statement today saying iran strongly condemns today's air strikes where many innocent people were killed. this attack is very dangerous for the region and regional governments should expect one another. they went on to say this will only complicate matters.

it's to counter iran allied forces with the u.s. backed yemeni presence but this also points to a much greater regional problem which is the tension between iran and saudi arabia. the two most powerful players in this neighborhood with opposing interest. they want to build momentum and influence where saudi wants the region to be a strong hold and among other places they overlap in yemen. they want the sunni government in place. the crisis in yemen is now spiraling into a proxy war at a time of heightened tension over the nuclear program. back to you. >> thank you for giving us more details on this developing story. in the meantime let's get you a run down of what to watch this trading day. weekly jobless claims are out at

8:30 a.m. eastern. they're all reporting earnings today. the atlanta fed president is speaking as well today at the engage conference in detroit. the largest student investment conference. before he does that he'll sit down with steve on squawk box. >> let's have a quick look at the u.s. dollar and see what's happening today. it's losing a lot of ground against the euro. so a significant move that we've seen in the u.s. dollar in about the last week or ten days. it was on the 105 handle a week or so ago. steven joins us. the u.s. dollar rally you put in your note as a sub heading delayed, not derailed in your headline. so you think that recent move

the recent u.s. dollar weakness is just a correction; is that right? >> yes, i think so. they had no incentive to sound hawkish because it would be three months before they could do anything. they would be getting a lot of criticism this week given what's emerging emerging. we need to wait until the data rebounds. in the chart you just showed the safe havens are the strongest currencies. japan and switzerland so it's telling you what's moving the market in the short-term. >> you said that the euro dollar trade is driven by medium term divergen divergen divergence. the fed is in to rush to raise rates. should investors expect the dollar to weaken further from

here? >> if they don't move they should expect the dollar to weaken but perhaps you should interview bullard and see what they're saying about lift off. my assessment is evans is on the dovish minority at the moment that sees the longest lift off as opposed to the center of the fed and sees it this year and most of them focus on september rather than any later. >> over the last few months of course we've seen a lot of emerging market currencies all lumped in together on the opposite side of the long-term strong dollar trade. are there any of those in particular you would recommend going long on? >> well in the current environment it's very difficult because unless oil is bouncing as it is today the main theme in the market is this risk aversion related to the oil price bouncing up and certainly high beta currencies high yielders

aren't going to do well in this environment nor will they do well if the fed does lift off because they have been very sensitive to any pull back in liquidity. so it's a very difficult environment for them right now. >> absolutely. thank you for giving us your perspective. we are seeing a dramatic reversal in the euro right now at 110 against the u. s. dollar. what does this mean for u.s. futures? a sell off across the board yesterday. the dow, s&p and nasdaq on the down side. a big sell off due to bio tech stocks. dow down 130 points nasdaq down 45. s&p 500 down just about 16 points. >> european equities very weak today as well. some green on the board though. oil prices strong after a saudi backed air strikes in yemen happened overnight. that's all we have time for in today's show. thank you for watching.

>> same time, same place tomorrow. for now, squawk box is now. how we do business so busines ses can reinvent the world. from pharmaceuticals to 3d prototyping, biotech to clean energy. whether your business is moving, expanding or just getting started... only new york offers you zero taxes for 10 years with startup ny business incubators that partner companies with universities, and venture capital funding for high growth industries. see how new york can grow your business and create jobs. visit ny.gov/business

if you blinked yesterday maybe you missed it but the markets are down for the year. we're waking to a market sell off with u.s. equity futures down more than triple digits right now. even 150 if you take out fair value. plus oil prices are soaring. the big catalyst here is geo political uncertainty. we knew it was possible any day. saudi arabia now launching air strikes in yemen and breaking overnight shocking details on the german plane that crashed in the french alps killing all on board. a new report says one of the plane's pilot was locked out of

the cockpit and pounding increasingly harder on the door before the aircraft went down. squawk box begins right now. >> good morning, everybody and welcome to squawk box on cnbc. a lot of news on our plate as we bring you up to speed. let's start by checking on the futures. you're looking at the futures right now. the dow futures down by 132 points below fair value. nasdaq down by 46 points and s&p down by 15 points. this comes with the dow down close to 300 points yesterday. that's a decline of 1.6% pay attention to the biotech