welcome to the second hour of worldwide exchange everyone. i'm seema mody. >> i'm wilfred frost. here are your headlines from around the world. >> let's talk about greece. 60 lawmakers are expected to say no to the greek bailout. >> on the hawk fences, clues for a september rate hike. investors asking in problems in china might change their thinking. >> mastercard sets it's sights on a settlement with target.

this after the retailer agrees on a similar deal with visa. >> yum brand appoints a new leader for its china business in an effort to turn around four straight quarters in it's biggest revenue market. coming up on the show, guess which stock is up 1,500% on its ipo price. here's the clue, it went public 11 years ago. >> did hackers make good on their promise to expose members of the ashley madison website. a fire rips through shooting flames as much as 100 foot in the air. and you're watching the second hour of worldwide exchange. let's get a check on u.s.

futures. stocks have been up down and all around but keep in mind s&p 500 still within 1.8% of the all time intraday high. this ahead of the meeting minutes. investors looking for clues tooz whether that september rate hike will happen. that is also encouraging for the hawks out there. dow right now though indicating a lower open by 62 points. nasdaq down around 14 points. a similar set up to yesterday when it was the negative sentiment to asia that passed through to the u.s. but once we got domestic evidence it moved to the upside. a mixed day of trade following a 6% move to the downside and the shanghai composite. today slightly higher. the hang seng in the meantime closing down by 1.3%. what does this mean for european markets? negative sentiment has been weighing on investor sentiment.

something we saw yesterday and that's following through today. cac 40 seeing a loss of 1.2%. there's still specific stories also weighing on the major indices. i want to focus on the ftse 100 trading at 6,452. many miners continue to move to the down side. in specific, glencore down about 5.5% after that disappointing earnings release. >> let's also take a look at the bond markets and we're not seeing a lot of movement and you should expect that because we're waiting for the cpi data out of the u.s. today. 0.2% for the month of july and of course the fed minutes even though they might be a little bit outdated. the ten year treasury yield is lower. just on the back of the better than expected housing starts and the german yield is unchanged at 63 basis points.

we're still waiting for the vote on the third greek bailout package but that is expected to go through. also i want to show you what's going on in the currency markets ahead of the fed minutes and cpi data. euro dollar is up by a third of 1% at 11052. dollar yen lower by 0.2% and the aussie dollar is recovering after it got hammered over the last couple of trading days given the big decline in commodity prices and let's continue to talk about commodity prices. i want to show you what brent and crude prices are up to this morning. brent prices are flat but wti crude is currently changing hands at 4250 off by a third of 1%. we did see prices edging higher on the back of the better than expected u.s. data. for the week, wti is still on pace for the 8th straight weekly loss, guys. >> thank you for that. now the u.s. federal reserve will release the minutes from the latest policy meeting at

19:00 cet. investors will be watching for clues on whether the recent market turmoil could delay a rate hike. they'll also be in focus with analysts expecting no growth once the oil is tripped out. the fed watch data puts a 25 basis point hike in september at 59%. >> double line capital's jeff gundlach said it would be a bad idea to raise rates next month. if the fed does move it opens the lid of a pandora's box an tightening cycle. worries over china's growth outlook should be a big concern. last year he correctly predicted u.s. bond yields would fall because inflation was nonkp

nonexistant. thank you for joining us. let's talk about what we expect there. do you think they'll maintain a relatively optimistic outlook? maintaining that we're likely to get a rate hike this year? >> in the statement released after the last meetings, they did actually talk about that employment was going in the right direction but you looked at the participation rate which i know yellen looks at very, very closely and the fact that they did mention that the imf is expecting no rates, you know, this year and she did mention the word patience and 2% inflation and the news about china this morning and the devaluations we all saw last week and the inflation numbers tod today. there wouldn't be much of a reason to raise rates here today given what we've seen recently. >> more than ever this state of minutes have a date.

what are you expecting? and is this going to be a little lackluster? >> sure. we've seen what's happening to oil prices and they remain low so wage growth is still pretty anemic even though walmart said that was higher in the earnings report so the risk, and that's what yellen is worried about is deflation. i don't think inflation is a problem but more importantly for interest rate rises, deflation is the big concern and that's why it's a question in september. >> is it the external factors and how that could weigh on the u. s. economy in we're referring to china given the recent move to devalue it's currency what that means for the fed moving the timetable up to december perhaps? >> the fed is there to maintain domestic policy and it's been

pretty severe what's been happening actually in the world so she's going to take a view. but generally she's going to look domestically and it's okay. it's not fantastic. it's almost like a goldilocks scenario. it's not so weak she has to supply stimulus and not so strong that they have to raise rates so she's in a good place but she's there to control domestic policy and i think that's still very much on the fence which way she goes. >> patrick, if we take all of this together and bring it to the stock market and investments out there. what we saw in the market, they said it's like the beetles song, nowhere man. the market has been range bound over the last 10 or 12 months. what could take u.s. stock markets out of the very narrow range? >> that's a good point.

the dow has traded within 7% all year which is the lowest since 1900. it's stuck within a trading range but there's a concern that you're going to see a hard landing in the u.s. and we look for earnings up 5 to 6% in the next year. they're not expensive or cheap at the same time. if you see a continuation of the momentum of the economic engine of the u.s. that will surprise people to the upside. there's healthy skepticism with regard to the u.s. market today and any surprises will be to the upside, personally. >> stick with us. there's some other top stories we want to get our audience caught up on. first up yum. yum brands appoints a new leader for its business. the ceo of kfc will take over from sam su who is retiring. he made yum the biggest restaurant chain in china.

he posted four straight quarters of same store sale declines in china following a food safety scare last year but shares positive this year. rising 2%. up a similar amount in europe. >> target and mastercard are work on a settlement over the data breach similar to the terms struck with visa on tuesday. target could pay up to $67 million to reimburse card issuers from the cost incurred during the holiday shopping season in 2013. in june mastercard rejected a $19 million settlement saying it didn't come close to reimbursing their losses. shares in germany looking like this. target up by 1.9. mastercard and visa are lower. >> the u.s. government wants you to tell it how it's doing. yelp will lets you post reviews of government agencies. they'll use the ratings to try

to improve services. people will be able to review their experience with irs or rate the bathrooms at national parks. >> kiss and tell. the news that got users of infidelity website ashley madison worried. that's coming up.

welcome back. futures point to a lower open as investors eye the fed minutes. yum appoints a new leader in a bid to turn around it's china business and hackers release details from the ashley madison website. the fda has approved the first drug to treat low sexual desire in women. the so-called female viagra will carry strong warnings about potentially dangerous low blood pressure and fainting side effects. unlike male viagra that increases blood flow in men it's meant to activate sexual impulses if the brain. >> hackers dumped online personal details of more than a million users of ashley madison.com. a website that promotes infidelity. they claim to have stolen e-mail

addresses and credit card data. they threaten to publish it unless ashley madison shuts the sites down. the fbi and canadian authorities are investigating the incident. >> german lawmakers are preparing to cast their ballot on an 86 million euro greek bailout package. this after 60 in chancellor merkels conservative block abstained in a test vote. you can see it at the moment. patrick spencer is still with us. patrick, do u.s. investors not really care about greece anymore? they have a big month of volatility and moved past it now? >> the implication for the ecb is more important and the liquidity and being underneath the european economy. what is it? .2% of european gdp so, no, i

think they're more concerned about the liquidity and the ecb doing what it takes to maintain that liquidity and i had one client a little concerned about the restructuring and as long as that gets waved through. i think that's more important but i think that gets that recapitalization and assets and that investigation takes place. >> if we think about other external factors what's top of the agenda now? >> china of course but i was looking yesterday funny enough, that china only represents 1% of u.s.'s export gdp which is fascinating. represents 20% of imports. that's good for them. it doesn't really -- even though it's a headline figure, it's not economically that important. so it's more wages, housing,

which remain, you know, wage is a little bit soft but house regular mains strong. retail spending remains good. those are the sort of things they're concerned about. >> disappointing doesn't even begin to describe the recent figures out of japan. people questioning whether abenomics is working. does this raise concerns over whether qe will work here in europe? >> no, the interesting thing about qe here is it will continue and that will keep -- you're quite a ways down with japan. drag hi said he's going to do what it takes. more is the structural reform in japan. can they get that through? qe has passed and gone but structural reform i think is a real problem in japan and things are working in europe. look at what's happening in

spain, business is booming there on the employment services side and italy is doing well and it's overshadowed by greece but on the whole they're working in the u.s. and the earnings are coming through as well. >> in the meantime, are clients favoring eu stocks over u.s. stocks at this point? >> we have seen that. we have seen movement out of u.s. and europe but with the recent decline, especially in some of the stocks such as the oil match or industrial patch and the financials that's where there's weakness in the u.s. there's been strength in the health care area or consumer sectors. they have been taking money out in the u.s. and europe. there's a healthy skepticism around the u.s. at the moment. the point that we talked at earlier. what you might find is the u.s. does better in the second half as a result of that earnings trajectory. >> and also hanging around what happens in september. a pleasure to have you on the

show. thank you for joining us today. coming up on worldwide exchange, we're live from thailand bringing you the latest on the hunt of the perpetrators from the deadly bangkok bomb blast. more on that story coming up.

welcome back. thai police released a sketch of the suspect in the deadly bombing of a shrine in bangkok. let's get out to sri live from bangkok. sri. >> hi, yes. that is the latest development here. so one can only hope that that will jog the memory of some of members of the public and maybe that may bring the authorities here closer to some sort of conclusion but in the here and now you can say that the trail has gone some what cold. the authorities have drawn quite a few blanks here. here's what we do know. the police say that others could be involved. they could be foreign nationals. they could be thai nationals. the authorities however have not been able to establish the nationality of the main suspect who has been seen in the grainy cct footage. that's over the networks.

the fan that's being dubbed backpack man, yellow t-shirt man, are some of the names being applied to him, there's a 1 million bart bounty on his head now. they have asked for a suspect to come forward before his accomplices silence him. so the trail has gone cold. they have dawn something of a blank but arguably it's still early days. let's less than a week after monday's unprecedented bombing in central bangkok and at this point we can't say whether thailand will turn to other countries for help. that could be the next step if this suspect has fled the country. but you can say that really cracking this case and establishing what the motives

were are really the critical factors here in trying to rebuild some confidence in the security situation from here on in. it's very important for the thai people. it's very important for investors in the thai economy and thai business as well. carolyn. >> sri, let's talk about the impact on the economy a little bit more. in the days after the bombing we saw some pressure and also outflows in terms of equities what does it mean in terms of the longer term impact in fdi? >> it's a good question because when you've seen these kind of attacks and disturbances and unrest in the past and make no mistakes they're no stranger to crises, admittedly an attack on this scale has claimed so many lives in the thai capitol is unprecedented by thailand has a history of riding out these crisis. the longer term sticky capital. the japanese investors and big

car manufacturers with their supply lines here are staying put. if they don't think the security situation is guarenteed then i could probably argue with some certain they this they may defer capital spending until they get a better idea of the security situation. bear that in mind. the other factor is the impact on tourist arrivals. it's already having a shorted term knee jerk reaction. a lot of the people we have been speaking to are putting a brave face on it. they're saying it's going to be short-term but i'm of the opinion that the thai economy is already struggling and if this does have a impact on the tourism industry that could be the body blow that tips the economy over the edge. we'll have to wait and see and see what q-4 brings us. that will tell us how resilience the thai tourism industry is. >> thank you so much. >> back to you.

>> around 300 local residents attended a memorial service to remember the victim of the fatal port explosions in the port city of tianjin tuesday. so far 114 are known to have died in the two explosions 8 days ago with over 700 injuries and 57 still missing. an investigation has been launched by china's top prosecutor into the disaster. >> now tropical storm danny is gaining strength and is predicted to build up over the course of the week possibly turning into a hurricane by thursday. it was located in the eastern atlantic ocean yesterday and could reach the caribbean. while it may weaken the bad weather is still expected to cause significant damage. >> some amazing video out of idaho as the firefighter caught a large firenado on camera. it was sending hot objects flying and shooting flames as high as 100 feet in the air. they have the ability to launch debris of extreme heat,

sometimes as hard as 2,000 degrees fahrenheit. this wildfire burned around 280,000 acres in just 8 days. wow. >> still to come on worldwide exchange, we're shopping for stocks. we're going to ask a top edge fund manager about the sector he's buying and selling. that's straight after the break. before we head to break, here's a quick look at u.s. futures. what can we expect on wall street today? the dow currently down 56 points in premarket trade. nasdaq also lower by around 12 points. nt's ever been the king of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you the right gear. office depot officemax.

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30 minutes to go until we hit 6:00 a.m. on the east coast. i'm seema mody. >> i'm wilfred frost. here are your headlines from around the world. >> 60 german lawmakers are expected to say no to the german bailout despite the attempt to win over the defectors. >> investors look for clues on a september rate hike with fed minutes due later today. investors asking if problems in china might change their thinking. >> futures point to a negative open after the dow closes in the red for the first time in three days. commodities continue to slide after copper reports first lows

in years. >> fourg straight quarters of declining sales in it's biggest rev knew market. >> it was a down day on wall street. retail, the worst performing sector with walmart hitting a 52 week low after disappointing earnings while home builders were a source of strength. the index is now up about 14.5%. year to date we did get positive housing data yesterday. u.s. housing stats hitting a near 8 year high. we also get important housing data out today and of course the july fed meeting minutes. european equities lower. the german boat on the greek bailout is likely to go through but the dutch vote market participants are watching saying greece doesn't deserve the bailout. a lot of stock specific stories specifically on the ftse 100

with high mining exposure. disappointing earnings. that stock down better than 5%. that's one of the reasons you're looking at the ftse 100 underperforming it's peers. the shanghai composite losing 6% in yesterday's trade. today slightly higher but it was a very volatile session in china moving higher in today's trade by 1.2% but a down day for the hang seng index losing 1.3 act and after that disappointing japan growth data this week stocks have not been responding in japan. the nikkei closing down by 1.6%. how do you make money in these markets? we have been speaking to a range of investors. here's what they have been telling us. >> the slow down in china is and there is definitely some value

out there that you can start to look at if you have a longer term perspective. >> in the u. s., you can look at banks. banks are fixed in the u.s. there's a few more times and things to pay. >> in this particular situation the debt level is a little bit of a problem. like some of the other players a little bit better as far as the additional miners are concerned. >> now let's take a look at what the biggest hedge funds out there were buying and selling in the second quarter. joining us live from new york market is market development calculator from s&p capital iq. >> we poured over those to assess what the top funds in the

u.s. were buying, holding and selling and that probably accounted to 200 billion worth of assess and management. they were going into health care in a big way and selling off info tech in quite a big way as well. 7.2 billion worth of dollars and they sold them for $3.1 billion. both of those are increases to last time. so we bought more health care than they bought last time and sold more than last time. >> the stock specific basis, i'm looking at j.d..com being the second highest stock. it's one of the top five sold stocks. is there a trend when it comes to chinese names out there? they were sold off so heavily overall given the chinese sell off. >> yeah, there's a lot of negative sentiment toward china.

the devaluations of the currency as well and it's the disclosure of chinese stocks and the financial reporting over there. it's interesting because it was actually a dark horse or one of the favorite stocks when we first started doing this report nearly two years ago but now the momentum is on the negative side of things because these funds are starting to sell off in a big way. the thing that's positive is pharmaceuticals and baxter international is one of the ones we're seeing there. propping up this health care and buying this quarter. so they're involved in a 13-d filing with third point and that means they bought more than 5% of the common shares outstanding and that they want to have a say in the way the company is being managed. they want to have a couple of

their members jump on the board of baxter international. so this happened in august 5th, this is quite interesting an activist coming back into the market. >> but capital outflows out of emerging markets have hit nearly 1 tr $1 trillion. it's the front page story on the financial times. these outflows do they have further room to go and how is that impacting hedge fund performance. >> it's true but a loot of investors may be soaking up some sun rays near the beach so right now the activity tends to drop off. that's something that needs to be taken into consideration when looking at these flows but you're right about emerging flows. bricks were popular for a long time and if that's going to change, if that is going to have a 180 swing we probably need to

wait until september to see what that momentum is. >> are hedge funds continuing to trade at a six year low? >> the hedge funds that we looked at here, these guys only have about 100 or less positions so we try to hone in on the pure play hedge funds. not sometimes the passive ones or ones involved in other pooled investment vehicles like ets but they do have short positions. a lot of the times they're more of a risk of hedge than outward short play on energy going down. some of the other more aggressive hedge funds do tend to do that when it comes to energy. it's interesting because a lot of them file with how many reserves they have on their

balance sheet. they use the average oil price and everybody knows that it's plummeted. if you were to recalculate those numbers for the financial statements for this year they would be lower and a lot are looking at them more carefully. >> i want to touch on a couple of other stocks of note and particularly bought over the last quarter. what do you think is driving that? >> it's interesting. amazon is one of the biggest buys, new position. brand new position with $1.3 billion in aggregate but netflix, it's very interesting because you always get -- sometimes you think these hedge funds are going in the same direction. they're all going into health care or info tech put netflix is split. icahn sold off their position completely. $800 million worth but on the

other hand, tiger bought $1.4 billion of netflix. it's an interesting one. my colleagues and i talk about this quite awhile. it started at a low number and went into the mid 100 something and then did a stock split and it's been performing quite well and netflix is very interesting. when you have a split like this buying and selling of a particular stock you have to do more due diligence and start looking at the financials as a way that potential stock price could be going in the future. >> thank you for sharing that really interesting report. director of market development at s&p capital iq. let's look at today's other top stories. alaska's aaa credit rating is at risk due to the structural deficit. they're lowering the outlook to

negative. alaska faces problems because of energy related revenues and big drop in oil prices. they approved a budget that cut spending but doesn't come close to closing the deficit which is between 2.7 and $3.1 billion depending on the price of oil. >> jp morgan is in talks to sett settle allegations it steered private banking clients to its own products without proper disclosures. they could pay more than $150 million. it generates higher shares for the bank. lower by 1.3% over europe. >> most of gm's vehicles sold in the u.s. after it could be reported from china and europe. reuters says only two future u.s. models are expected to be

built in north america. they're planning this shift as gm is in contact talk with the uaw. the union would be bad to do that. price action up 1.5%. >> stick around because yum brands names a new top man in china. the fast food chain's biggest growth market but can the firm recover from a series of food safety scares? that full story coming up. you're watching worldwide exchange. nt's ever been the king of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling.

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happy anniversary google. the tech giant went public 11 years ago at $85 per share and is up over 1,520% from its split adjusted price based on yesterday's close. now on its first day of trade google gained about 18% closing at $100 a share. it might quite the flight to the upside. 688 in yesterday's trade. question is what happens once alphabet comes to the table? >> yeah it will be an interesting thing to watch. amazing performance and the valuation today lower than it was at ipo of course because earnings have grown even faster than the share price. let's move on because one stock

not up 1,500% since ipo is yum brands. it's seen nearly 7,000 restaurants with kfc accounting for the most of those and there's a new man in charge of the company's most important business out there in china. let's get all the details from landon. she's got them from cnbc hq. >> good morning. yum is naming new leadership for its china division as some activists investors are stepping up calls for the fast food giant to spin off that business. it's biggest driver of profit and revenue. the current veteran is replacing sam su as ceo effective today. su was instrumental in making it the largest restaurant chain in china. he'll be on the board to help with the transition. he was ceo of kfc and president of kfc and pizza hut for hum international. they're declining comment that they would spin off their china

operation. and away from the investor confidence with the sense that a china spin off is more a probability than a possibility. the sales have turned significantly positive this quarter. and recently currency evaluation is changing of risk. yum shares rose 2% in after hours today in europe. they're up about the same amount. back over to you. >> landon, thank you very much. >> target and mastercard are working on a settlement over the retailers data breach similar to the term on tuesday. they could have to reimburse them for the hack attack during the shopping season in 2013.

in june, mastercard issuers rejected a $19 million settlement saying it didn't come close to reimbursing their losses. >> target reports earnings before the bell today. this after walmart disappointed the street yesterday. shares in the company dragging on the dow. walmart hitting a 52 week low. it's the tale of two retailers. home depot hitting a 52 week high which signals that the housing market is picking up in the u.s. housing starts yesterday hitting a nearly 8 year high so positive news on the housing front. got to see if that's factored into the fed's timetable as well. >> a couple of hawkish data points but you still have a lot of dovish data points. dropping oil prices. wages. they're still not where the fed wants them to be. cpi is under pressure. >> but we're talking about 25 basis points.

positive gdp groelwth and thing were better a year or so ago. but we'll just have to wait and see. >> >> what can the u.s. learn from the u.k. on that point? >> it's just a cyclical up turn that's come through stronger here than in the u.s. that's something we all have to remember. this is toward the end of a six year growth cycle having bottomed in 2009 and frankly we have a bit of wage growth but it's not that strong given the stimulus we've had. >> but in comparison to the u.s. >> of course. but this is part of the cycle and if they delay rate hikes will it make a difference to what wage growth is doing. the fundamentals are important and not short-term monetary policy. >> and even here wage growth

dropped off. the data from last week was disappointing too. any amazing data from last month, maybe that was too. so i think it's too early to celebrate. >> absolutely. two important data points. of course inflation number that you were pointing out. cpi at 8:30 a.m. eastern. that july existing home sales number is coming out tomorrow so something interesting to watch. >> lest remind you of the headlines. investors eye the fed minutes for clues about a possible september rate hike. >> yum appointed a new leader in a bid to turn around it's china business and thai police release the sketch of a suspect of a deadly bombing in bang cook. worldwide exchange is back in a couple of minutes. can a business have a mind? a subconscious. a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit?

can a business have a soul? can a business be...alive?

weighed down by some miners. glencore off the best of 5% after disappointing results this morning. now german lawmakers are preparing to cast their ballot an an 86 billion euro greek rescue package approved by euro zone finance ministers on friday. as you can see live pictures in berlin as we speak. >> let's take a look at u.s. futures alt this moment. lower across the board. this after stocks closed lower. the dow indicating a lower open by 48 points plus july fed meeting minutes. let's get you a run down of what to watch. consumer prices expected to inch up 0.2%. at 2:00 p.m. the minutes of last months fed meeting. lowe's hormel, staple, and

target before the bell. >> meantime, jeff gundlach said it would be a bad idea to raise rates next month. if the fed does move it opens the lid on a pandora's box of a tightening cycle. it's driven by worries over the growth outlook should be a big concern. last year he predicted bond yields would fall because inflation was non-existant. >> the 50 day moving average falls below the 200 day moving average many say that's a sign the bull market is done. it's over. do you subscribe to that theory as well? >> they started this pattern going back over the last 100 years and it appeared as of now

and they're very much sub par. to the result of almost 3 to 4% lower than normally expected so it's more of an intermediate term concern and as everybody points out we have seen the death cross it makes it less likely in the short run that we would see a material break. it's important to point out that the rally has gone on thus far for about six years but the last six months have been very much range bound. we've seen these directions but the markets have held up quite well. so if anything, normally these large consolidations are resolved to the upside. when you have consumer discretionary health care but it's a concern we all need to look out for but the key levels will be july lows and until that's breeached, 4500 for the

nasdaq composite. the trend is bullish and just neutral since the beginning of the year. >> let's talk about emerging markets. we're seeing another sell off in current sis and equities today. any near term support levels there? >> there is some support for the eem. and that's been down substantially over the last 3.5 months. so you're getting to levels where you're oversold. right near the levels from 2011. so there is support down there between 3 to 3.5 to 34 for the em and that's important and we can try to stabilize wti crude and energy hasn't followed the move lower. obviously the move in precious metals has been encouraging to a lot of people and seasonably

it's still a very bullish time of the year. as the dollar starts to show a few sign of waning a bit in the last couple of months we've seen a few signs of the rally stalling out that could be bullish for commodities and the months ahead. we don't have to a lot to go on in that regard but you're see a few signs of stabilization which is a positive. >> we'll go back 30 seconds on the u.s. ten year. what are the key yield rates that could see it break up or down. >> the level near 208 is going to be important for the ten year. we started to show a few signs of breaking down in the ten year to join what we've seen in the last few weeks. we seem to have held thus far. if you look at the 50% retracement level between the move up since last january breaking that would lead us down to 2% and below. that will be key. on the upside we need to get over almost 2.25. >> great stuff. thank you for joining us. mark newton from grey wolf execution partners.

that's all we have time for today on worldwide exchange. squawk box is coming up next.

good morning, everybody, welcome to squawk box here on cnbc. i'm becky quick with andrew ross sorkin and brian sullivan. elon mosque is taking average peel to space but forget about rockets. check out these pictures. could a trip out of this world be as simple as an elevator ride? i don't know doesn't sound like a simple elevator ride to me but we'll tell you a lot about one company's idea for a free standing tower that can give you a boost. that's coming up later this hour. first the market news of the morning. check out the u.s. equity futures this morning. been under a little pressure today. the dow futures are lower. down by 48 points below fair value. s&p down by 5.5. the nasdaq down by close to 10. on the