all right. we have a big market day on our hands. welcome you're watching the second hour of worldwide exchange. let's get you caught up on the headlines. china pumps more liquidity into money markets. this as one beijing official blames the fed for the recent market sell off. oil begins to reverse yesterday's obstetrical letter gain which saw wti reach highs not seen since march of 2009. digging in, investor carl icahn snaps up a stake he wants to

talk about capital spending and cord cutters take a snip out of media stocks but can they turn it around? we'll hear from the chairman of charter communications and talk about the mega merger with time warner cable. >> now the chinese central bank announced plans to inject 16 billion yuan. it's latest move to put a stop to further he request ity declines. let's get straight out to sri following this china story for us live in singapore, sri. another move by the chinese central bank. >> that's right, seema. i think this is only really going to benefit sentiment in the markets and the economy at the margins and this has been a consistent pattern to try to restore the liquidity balance in the money markets.

remember as a result of the devaluations we saw earlier this month we've seen capital outflows and that's meant to drain on liquidity as well. here in lies the problem with currency reform. you have the unintended consequences of capital out flows so the aim is to try to restore the liquidity balance as i said and this will probably only have a marginal impact on the broader economy. however, what is helping to restore confidence in the longer term i think is the fact that about a week ago the pension funds got the all clear to deploy capital into the stock market. we got a figure today on the wires and this is from the initials in beijing saying about 2 trillion yuan should be deployed into the market as soon as possible. this is good news because this is patient capital, sticky capital as opposed to the hot money in and out retail

investment crowd so rounding off the week on a very positive note. the damage was already done over the course of the week. down nearly 8% on a weekly basis. as we head into jackson hole, if they are dovish they could give emerging markets some of a stay of execution but really underlying sentiment when you look at the economies and you will look at the pathway toward normalization still very very fragile out here. that's how we stand at the end of the week. back to you. >> is it significant that we're seeing decoupling between the shanghai composite and hang seng. hang seng lower in today's trade? >> yeah, that's interesting because it's really highlighted this. the valuations are quite compelling. you have this discount that's even more compelling. you would have thought that would have attracted some

inflows but the mood on the hang seng seems to be far more circumspect than on the shanghai composite. it's one of the reasons why we're down by 1%. but certainly in the medium term a lot of investors are telling me this is where you want to be. if you want china exposure and a safer bet without the volatility we share it's through the hong kong listed market. >> thank you so much. see you soon. i want to get get you what u.s. futures are indicating. nasdaq is lower in premarket. s&p 500 lower by 14. here's how markets closed yesterday. a very different picture. if you look at the 300 point rise in the dow coupled with wednesday's better than 600 point rally you might be tempted to say we turned the corner but bob was pointing out in his daily note that the crazy moves do not inspire confidence and we

could be in for another volatile day. futures pointing to a lower open. some of that might have to do with what's happening in the commodity complex. oil seeing one of the biggest surges in many years. wti crude doesn't look like that rally is going to last. down by 42 cents. brent crude lower by around 45 cents. spot gold and gold seeing a bit of buying today. does that signal they're looking for safe haven assets? gold at 1,128 up by around $4. european equities, we are lower across the board. now getting close to session lows interestingly enough. we had come off the lows but now it's down triple digits. nearly 1% loss there. the french equity index do down .5%. italian market down 1.2 and the ftse 100 after the u.k. gdp second quarter estimate came in. the underperforming down by

around 10 points. media m&a doubled in the second quarter according to pwc that says deal values reached $76 billion driven largely by the acquisition of time warner cable by charter communications. carolyn roth is at the summit in amsterdam following the story in the media space. what a great time to be speaking to these global leaders that you have been conversing with given the volatility we have been seeing in markets. >> absolutely. it's so tropical. over the last 48 hours, seema. we have talked so much about media valuations and the recent sell off that we haven't just seen in global stocks but cable and media stocks. this was very much triggered by the comments that bob iger made a couple of weeks ago and we've seen the big route in cable stocks and retracement over the last couple of trading days.

i want to bring in another voice in that industry. you are the co-founder of searchlight capital but you're also the nonexecutive chairman at charter communications. you have your hands full at the moment. what do you make of valuations after the sell off? >> you're right. they bounced back a little bit but if you look at it there's starting to be a differentiation in the market between the content players and distributors and as we talked about just now on the panel not all content is created equal and you're seeing the market looking at some -- especially in the u.s., some of the content providers being vulnerable. >> so the obvious losers here. is it the content providers? is it the satellite companies? >> just starting on the distribution side, satellite is a little bit of a piece of it. the satellite players potentially are vulnerable because they have one product they're selling. it's video. margins are still eroding.

th that hasn't necessarily changed. within content it's a mixed bag. there's some strong content players. i'm looking at the hbo europe sign behind me. they have very good content and over the long run they should be able to monetize it. other channels, with less differentiated content might be more vulnerable. i look at the cable side of the equation and those distribeutor it's a bright future for charters and others because you have a strong broadband product to bundle with other services. >> but even charter wasn't spared in the sell off. it's because we're moving from the big package to the skinny bundle. ott. streaming is all over the world and netflix is making it across the world and then we have lower advertising trends. do you actually think that the sell off that we have seen was way overdone?

>> well, in relation to charter specifically, they did -- obviously the stock came off a little bit and bounced back a little bit, a lot of those trends are positive for charter because we can develop them overtime and start bringing the content that people want to their homes. interactive advertising is an interesting opportunity for cable. if you think about being able to add to you at your home that you like around content that's valuable that's a pretty interesting process pektd for an advertiser that you don't necessarily get on the internet because it's getten thrown all over the place and advertisers are worried about where their brand is going online. other people talking about what are the only silver linings for many of the big cable operators like you that is more streaming demand and also translates into broadband demand. are you able to raise prices there as a result of that?

we have the opportunity around very high speeds compared to our competitors because we're putting a lot of value in that and the more value across multiple services and the more homes that take our services the better off we'll be. >> time warner cable deal is expected to go through when? >> i don't know. i wouldn't want to speculate on timing. we're optimistic about it. i don't want to jinx it beyond that. >> do you think they'll be in favor? when comcast wanted to go for it the regulators were against it. this time? >> there's the arguments that you've read about it are logical in terms of why this deal might go through verses the comcast

deal. >> so your hands are full. no more appetite for m&a just right now? >> no. >> okay. what about your own individual firm search light capital. you have been fairly selective in some of the deals. smaller deals obviously. where do you see most opportunity? >> we talked about earlier latin america being an interesting opportunity and just to elaborate a little bit on that. it's a very fragmented market. it's primarily one language and there's a lot to do in content and distribution that are similar to what we've seen in europe in terms of consolidation. around advertising one of the things that we love within advertising is digital out of home. people still walk around and still view advertising that way and you think about all the location in the advertising market that's a very clear and lodge dahl place to advertise so there's some themes there that we're pursuing as well. >> a pleasure speaking to you. thank you for your time as always. the non-executive chairman at

charter communications and also the co-founder at search light capital and seema let me hand it back over to you. by the way, eric as you heard is pretty optimistic about the time warner cable deal closing sometime soon. >> great stuff. thank you so much. let's now turn our attention to france. advertising firm havas has said strong growth in north america as well as europe helped lift like for like sales by 5.5% in the second quarter. also benefitting from the weaker euro. speaking to cnbc the ceo explained how he is navigating the china slow down. >> of course we can see slow down in emerging markets. you can see latin america. that has happened. last year reduce of it but i'm confident that havas has everything that it takes to gain back a chair so we can overcome

this and we can find some growth we manage to find some growth. >> carl icahn disclosed an 8.5% stake in freeport-mcmoran. in a filing icahn wants to talk about the company about capital spending and possible cost of production. freeport says it welcomes constructive input. they rose 17% in after hours trade after jumping 29% in the regular session. you can see freeport one of the bright spots in today's trade. in germany higher by almost 10%. >> now bill ackman's hedge fund is down 13% for august. they only cover returns for tuesday and don't reflect the market rally the past two days.

smart investors out there are also dealing with the recent market turmoil. coming up, chinese markets have been taking investors on a roller coaster i'd but our next guest says the volatility might be the best thing for the country. we'll explain that full story. that guest joining us after this break. shopping online is as easy as it gets. wouldn't it be great if hiring plumbers, carpenters and piano tuners were just as simple?

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you're watching cnbc and here are your headlines. chinese authorities step in to pump liquidity into the markets yet again. oil fails to hold on to gains turning negative after jumping 10% in yesterday's trade in a landmark achievement for facebook. 1 in 7 people across the globe logged on last monday. china continues to be our top story. the people's bank of china says it conducted 60 billion yuan in short-term liquidity operations. that's about 10 billion. this comes after the chinese central bank on wednesday said it is injecting about $22 billion into the country's banking system so of course the central bank in china has been maying a very proactive role. but what does it mean for the economy? let's bring in the head of em

and global fx strategy at rbc. i want your thoughts on the recent moves taken by the central bank of china. these lows were introduced in 2013 to reduce fluctuates of liquidity and stabilize funding costs. is it going to work? is it going to help the chinese economy? tnch >> the short answer is it will. you cut rates or do whatever you do in term of policy and eventually it will have an impact but there's many policies of different aims in china. the first one is to cut rates which you've seen this week and that should have a more positive impact on households. you're prosidividing liquidity because they're buying and selling local currency. it's just injecting liquidity. >> but the recent moves is met

with skepticism among investors. some saying it highlights how bad the situation really is in china. would you subscribe to that theory as well? >> i think these are all relatively young markets in china. in the west we're used to equity markets and foreign exchange markets have been around for hundreds of years and in china it's all very new. it's really happening over the past few decade so we need to be a little bit more patient when it comes to actually policies that are aimed to add liquidity and volatility into the market. >> how should investors perceive these moves taken by the people's bank of china? are these desperate attempts to stimulate the economy or is this exactly what they should be doing right now? >> this is exactly what they should be doing. i really prescribe to the latter and the reason is, again, we have an economy that has been slowing down. unemployment has been fairly steady.

we are actually transitioning and rebalancing. we shouldn't forget. in our view the chinese currency still remains overvalued. there's still more room for that currency to weaken and the central banks job is to smooth the process rather thacn to sto it all together. >> what have you made of the carnage we've seen the last couple of days? is the worst over? >> no, we don't think -- unfortunately we don't think that the worst is over and the reason is because fundamentals outside china remain concerning. we still have a lot of political uncertainty. there's a new round of elections coming up. there's a lot of uncertainty regarding leadership over in brazil. we'll have elections in argentina so there's a lot of political uncertainty. rates around the world are still too low which basically that is still funding a bad resource allocation within emerging markets so we remain quite worried about productive growth

throughout the emerging world. >> the surge we saw in oil price yesterday signal to some that perhaps we have hit a bottom, now we're back on the rebound but today oil prices moving lower and the minute oil prices moved into negative territory, european stocks took a leg lower. what do you make of the price action we've been seeing and what it means to the global economy. >> in one word, august. there's a very very large number of investors and players in the market. right now we're sitting at the beach somewhere on the greek a hand or the jersey shore and i think that we shouldn't really make up too much from price action going on in august. we should really wait until after labor day in the united states. that's still ten days away. >> when you reference these traders do you mean you were on the greek island and on jersey shore? where's your summer vacation been? >> i wish. i wish. i was actually in europe. i was in france but i think the

idea here is to try to wait until there's more liquidity in the market. the last couple of weeks in august and in particular the payroll data coming out of the u.s. next friday will be quite important. again, we need to wait until we get through this august liquidity hump and then we'll get a much more clear market outlook into september. >> we'll leave it there. could be a september to remember. head of global fx strategy at rbs. thank you for getting up early with us. really appreciate your perspective. coming up, pricing wars and online competition causing mayhem for food retailers. the latest tie up in the industry. you're watching worldwide exchange. nt's ever been the king of the campus on day one.

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apple, microsoft, jp morgan, wells fargo all up 2 to 3%. here on friday we could be in for a down day. nasdaq down 25. s&p 500 lower by 14 in premarket

trade. let's get you a run down. july personal income and spend as good out. earlier this week bill dudly signalled the market's volatility and impact on the economy. speaking of the fed, the recent turmoil has not changed her view on the u.s. economy and it's ability to support a rate hike. speaking at the fed's jackson hole symposium mester tells the wall street journal there's probably more down side risk to her economic forecast due to volatility and uncertainty about china: one stock story we're watching here in europe, a french payment company based on reports it has submitted a bid for u.k. firm world pay. this according to sources of reuters. french payment company is trading down by around 3% on

reports that it submitted a bid for u.k. payment firm worldpay. there was also speculation that j.p. morgan would be looking to buy worldpay at some point. down about 3.7%. this as european stocks moved lower due to the drop we've been seeing in oil price. fast nating to see the correlation between price action in the stock market and oil prices as well. we'll leave you with a look at how futures are trading. dow with a lower open of 112 points. we'll bring in a panel of experts after this short break.

welcome, everyone. you're watching worldwide exchange. i'm seema mody. here are your headlines. china pumps more liquidity into the money markets. this as one official blames the fed for the recent market sell off. the slip and slide continues. oil begins to reverse yesterday's stellar gains which saw wti reach the highs not seen since march of 2009. digging in, investor carl icahn snaps up a 9% stake in freeport. he wants to talk about capital

spending as copper sinks to multiyear lows and cord cutters taking a snip out of media stocks. the chairman of charter tells worldwide exchange the market melt down was excessive. >> we can start bringing the content that people want to their homes. interactive advertising is an interesting opportunity for cable. advertisers are worried about where their brand is going online. >> all right. let's take a look at futures. right now lower across the board. the dow is now down 86. nasdaq down 18 in premarket. finishing positive for the second day in a row yesterday. the big winner gaining 4.9%. technology weak to date someone of the outperformers but in yesterday's trade we did see the large cap names like apple,

intel, google all gaining ground but apple still in bear market territory. also a positive session for health care, financials, materials and consumers and utilities gaining ground but as we just said futures pointing to a lower open so we'll see how things end up here on friday. commodities a big part of the story. it was interesting to see the european trade here because we started the day higher but once oil prices moved lower, european markets moved in tandem. wti lower by 10 cents. brent crude at 17 cents. this after of course posting a 10% surge in yesterday's trade

we are seeing a little bit of buying today. continuing to hover around multiyear lows. the european markets trading in negative territory after a big move to the upside yesterday. the cac 40 due to disappointing earnings slightly lower by 10 points. u.k.gdp second estimate at 0.7% quarter over quarter. that was in line with expectations. lower though in today's trade. that is equity market by around one point. the underperformer if you look at european markets. let's get the word from the portfolio manager joining us. hey, how are you doing? >> good morning. >> let's make sense of -- let's help our audience understand how to make sense of all the moves that we're seeing today. oil prices lower after the big surge yesterday. does that suggest that the sell off is not over? >> i would just recommend they

be more pragmatic at this juncture. they're resetting expectations on their long-term growth trajectory and there's a massive dislocation in the emerging markets in regard to commodity demand. we're expecting that the markets will be quite volatile. we would recommend investors move up the quality spectrum and our expectations for down side risk is roughly 5 to 10%. we believe that the markets are fairly valued at best. >> it was a positive session for all ten s&p sectors. where exactly do you see opportunity? you were saying go up the quality spectrum. does that mean health care utilities? >> i would be investing in health care, for example, one investment that we have is abbot labs. the second one is aetna. they're growing and profitable

and they'll benefit from emerging growth also we look at the bluest of blue and the stocks i would go a hesheys and budweiser. >> up from the previous estimate of 2.3%. does this data suggest to you that the u. s. economy can with stand the slow down in china that we're seeing? >> without a doubt. we believe that the united states will not be effected a great deal from the china slow down. our expectation for growth is between 2.25 and 2.75% over the course of the next four quarters. we believe labor is moving in the right correction and we also believe that credit on the mortgage side is starting to slowly expand which will

embolden that sector. >> i think we have to put this in perspective. china for the united states is roughly 20% of imports. our exports are around 7% of gdp. the china issue is really one that is concern for the emerging nations. latin america as well as some of the other asian trade partners. they have -- china has three ways of moving their economy along. one is a massive reallocation of capital which is the stimulus programs they have been putting into place and two you also can move their rates down as which they have done but it's had very little impulse into the market and the third way is by devaluing their currency and that's one of the reasons why you had this massive disruption. look, the investors or economists are just resetting

chinese growth expectationexpec. there's going to be certain winners and certain losers so for a u.s. based investor we would suggest that you allocate capital toward health care. >> we're still waiting on how the fed is going to react to this week's volatility. what are you expecting? >> i think that the message is going to be extremely dovish and the federal reserve will not move in september, october, perhaps december. but you're going to have to see a stabilization within the credit markets here in the united states as well as the sovereign debt markets on the emerging market side but inflation expectations are 1.5% so it's far below the 2% threshold that they were looking

for but labor is starting to tighten a bit. they still have a bit of runway before they really need to raise rates. >> as oil prices move lower, of course after that 10% move to the upside we saw yesterday what do you make of emerging markets? specifically those with high exposure to the oil market? >> you're starting to see current count deficits come under pressure and you're starting to see cds markets within the emerging nations widen out so the cds market is a little bit of stress there. this is the reason why the markets have had a tremendous amount of volatility and until that market starts to at least get back into line the volatility will continue. >> it's been chaotic starting with many companies losing billions in market value earlier this week. that story has changed given the two day rally on wednesday and

thursday. do you see stocks closing higher or lower today? >> well for today, one day, who knows. i perhaps think that the united states will be in a 1% trading range up or down. traders will be squaring their books today going into the jackson hole meeting. they don't want to get surprised and we believe that the signal from the federal reserve and global central bankers will be one of dovishness and support. that won't help the impulse into the global economy and the chinese issue is one that is quite significant. the realignment of growth expectations. everyone has -- its a sobering reality. >> just today we heard from the chinese central bank once again injecting more liquidity into the economy. i guess it's the new normal every day. >> but this injection of liquidity isn't going to have a great impulse into the chinese economy nor is it going to have an impulse into trade so i believe at these little moves here and there just won't do it.

again, one thing that you could look for is a huge stimulus plan but the probability of that is low. >> thank you for giving us your perspective. have a great day. draw your attention to the screen because this price action continues to get more and more interesting. we are now higher. we are positive in the commodity complex. brent crude at $47.66 up about 10 cents. of course this after it was negative for at least two hours or so. wti crude the gauge there at $42.69 higher by around 12 cents so when oil prices move higher, european stocks also rebound and that's exactly what we're seeing. ftse 100 back above the flat line there. just around 2 points. xetra dax, cac 40 and italian market coming off the loes ws o

the day. turning to some pharma news catching the attention of investors today, mylan shareholders are meeting to vote on whether they should begin a tender offer for their rival. they have offered $205 a share for the drug maker or up to 34 blg billion. now the fda has approved amgen's new drug to treat cholesterol called repatha. it's aimed at those at high risk of art disease. it rose 1% in after hours and let's just take a look at how it's trading here in europe. it is higher fractionally by around .4%. three month chart interestingly enough is down by around 6%. and check this out, the bears came out to play in the market

this past week and two californian cubs wanted a piece of the action. soaking up sun in the backyard swimming pool and made use of the inflatables. they haven't harmed anyone in the community and just wanted to cool off like everyone else does this summer. why shouldn't they? everyone needs to may a little bit this summer. coming up, investor carl icahn goes mining taking a big stake in the major copper producer. more details on that investment after this break. don't go away.

. and copper producer shares may get another big boost as an investor is taking interest in the company. hey, landon. >> hey, seema. that certain activist investor is carl icahn that disclosed an 8.5% stake and says he wants to talk to the company about capital spending and possible cuts in production. icahn's stake is worth $900 million but an sec filing shows his position is in the red as he spent 1.2 billion on the shares. he wants to address issues such as executive pay and capital structure. the news came hours after freeport announced it was slashing it's mining budget next year cutting it's u.s. work force by 10% and will halt or

reduce activities. prices have dropped to six year lo lows. it is among the companies being tested by the steep fall in commodity prices. miners felt the impact of reduced demand from china. the top market as well as a supply glut in oil, copper and iron ore. he disploezed a-- disclosed an 8.2% stake. that's more than double the number of targets in 2013. freeport rose 17% in after hours and today in europe shares are up about 10%. seema back over to you. >> gaining about 28% yesterday and we can see free market up

about 10.8%. thank you so much. now turning to news from the world of tech. sticking with tech, mark zuckerberg says facebook achieved a new milestone this week as 1 billion people logged on to the social media service on monday alone. he says that's equal to 1 in 7 people worldwide. in his earnings report facebook had 968 million daily active users in the second quarter versus 968 million in the previous quarter. >> apple invited journalists tie september 9th event where it's expected to launch it's latest iphone. it includes a faster processor, modest camera upgrade and new touch sensitive technology compared to the existing iphone 6 range. apple one of the tech stocks that move higher in yesterday's trade. before we go to break, here's your headlines. chinese authorities step in to

pump more liquidity in the markets. oil swings between gains and losses after jumping 10% in yesterday's trade and the cleveland fed president says the u.s. economy can handle a rate hike despite the market volatile. you're watching cnbc. we're first in business worldwide.

♪ no student'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. gear up for school. gear up for great. >> the chinese central bank announced plans to inject 60 billion yuan. this is to stem further equity declines. let's get the full story from sri live in asia. just for our audience to understand what these are, they were introduced by the central bank in 2013 to reduce fluctuates and liquidity and stabilize intrabank funding costs.

the question is will this actually be a boom for the economy? >> i would say no. it was help and it was a good start and it's a good start on tuesday cutting the main lending rate but more is needed to really restore stability into the broader economy. i think what's going on here with the latest short-term liquidity operation to pump it into the money markets in china is to top up the liquidity tank. remember that lead to capital outflows and liquidity. on balance i think it will have a relatively marginal impact on the market but look at what we saw today. 5% higher at the settlement. 3,234 however we were down by

nearly 8%. what was encouraging i think for the longer term is the fact that the pension fund nos now allow capital into the market. it's possible they could deploy yuan. that's good news. it's sticky capital as opposed to the in-out hot money from the investment crowd. this should benefit the markets in the longer terms. there's more debt for participation now if you will but the big question have is whether these gains can be sustained. we're up broadly in the asian markets thanks to the back to back move that we saw on wall street overnight. two days. very solid gains. next week will be critical i think because on tuesday we have the latest manufacturing pmi for the month of august. releasing the final number for the month of august so that will be a big test of where we stand

in china. how much stimulus is needed. that's where we stand. back to you. >> thank you. a big week coming up especially on the economic front. thank you so much. draw your attention to oil because we were higher. now we're lower. the volatility continues in the oil patch. wti crude down 20 cents. we have come off the lows of the session. the french equity market down 5. the ftse 100 holding on to a bit of a gain. u.s. futures also off the loes of the session. energy the best performing sector yesterday. the dow down about 92 points. the tech heavy nasdaq down around 21 points. s&p 500 lower by around 11. the recent bout of equity market weakness and volatility and

heightened concerns around china made this a week to remember. s&p, the dow and the nasdaq are no longer in correction territory. it was another big day for the bulls but the gains did not come without a bit of drama. interestingly enough on the dow, the dow was up about 180 points in the morning and then in the afternoon it was down 300 and we saw a late day rally on the dow. it closed up better than 300 points on the day. july personal income and spending is out at 8:30 a.m. eastern. this report is viewed as the favorite gauge of inflation. just before 10:00 a.m. we get the final reading on august consumer sentiment. earlier this week bill bdudley singled out this report as the impact on the economy. todd, good morning to you.

what have you made of this week's price action? >> good morning. obviously a lot of volatility. most likely the average investor is dieing to get out of the market. of course then they change their mind and want to run back in but i think there's a big fundamental problem with that we're all waiting for when we need intervention. we need, you know, the people's republic bank of china and the fed and all of this conversation to prop the markets back up. that's more of a fundamental problem that there's a lot more underlying issues here that we're not ready to face yet. >> how much of a correlation is there between stocks and oil prices? the minute oil prices move lower european stocks moved into negative territory. do you think this will continue to be the case going forward? >> right now i think they're correlated closer than usual. overall they should not be correlated but right now we're so concerned that we have this

lack of growth and when you see oil plunging that says well maybe there really is problems so it does put pressure on the market. but i think overall oil is going to stabilize here and start to work it's way higher because there will be a bigger demand as we go through however the stock market is probably going to go the other direction here quickly because there's a lot of fundamental issues that don't add up here. >> all right. thank you for joining us here on worldwide exchange. don't forget, cnbc will be speaking first to minneapolis fed president at 7:30 a.m. eastern. there will also be a first on cnbc with reserve bank of india governor rajan coming up at 3:00 p.m. eastern time. you won't want to miss it. that does it for us here on worldwide exchange. thank you for joining us. i'm seema mody. next up is squawk box. have a great day.

good morning. it's been quite a week on wall street. it's not over yet. now u.s. equity futures are pointing to a drop at our open. i don't know if you saw it yesterday. up 350 all the way down to just up 50 and then a surge at the end. crazy. and take the money and run. new numbers show investors pulled nearly $19 million from stock funds in the latest week. the biggest outflows in a year and 1 billion people like it on the same day. a lot of people with no lives in this world. facebook hit a big user milestone. it's something even mark

zuckerberg didn't see coming when he first launched that site back in 2004 and we have the video to prove it. friday august 28th, 2015 and squawk box begins right now. >> live from new york where business never sleeps this is squawk box. ♪ >> welcome in. i'm andrew ross sorkin with joe kernen and sarah is with us this morning. becky will be back next week. it's a pronunciation issue for me. a lot to discuss. >> it's a hard g. >> i know. >> we have a lot to discuss with jason today following this week's roller coaster ride in the markets. the dow