happy friday, welcome to worldwide exchange. i'm susan lee. >> i'm wilfred frost. here are your headlines from around the world. >> european stocks see red after the fed holds steady but janet yellen is criticized for creating a third mandate as she blames growth concerns in china for the decision to hold. >> the outlook abroad appears to have become more uncertain of late and heightened concerns about growth in china and other emerging market economies lead to notable volatility in financial markets.

>> the dow swings nearly 300 points during the session while the dollar falls to three week lows but today's futures point to a higher open. >> 0, zip, nada, zilch, you got it in barclays sees no earnings growth for the s&p 500 in 2015 but they do say that the stock market sell off appears to be over. >> greece's leading parties are neck and neck ahead of this weekend's elections in a vote that could throw the implementation of the recent bailout into doubt. >> let's check in on the u.s. markets open. let's see how they're pricing right now. another decline. we do have the dow falling off a 300 point swing during the regular session because people were anticipating waiting to see what the fed and janet yellen were going to do with interest rates so as you see at the end

of it we were down .4%. we were actually higher going into that press conference but then things just turned around. let's show you the u.s. dollar. they're not going to hike interest rates and, in fact, four of the fomc members say we're not going to hike interest rates at all. that's a doubling of the numbers so yes they are sounding a bit dovish. as for the yield curve, we did have a shift in the short end and the long end going into this fomc decision but at the end it looks like people racheted down their expectations for higher borrowing rates. we had the most sensitive one on the short end of the curve. of course a two year note. we see the yield falling dramatically overnight. that's also impacting government bonds around the rest of the world here in europe and also in asia last night. wilf. >> thanks, susan, let's have a look at european markets in the red today.

of course this comes off the back of the fed meeting. slightly surprising of course given that we didn't get tightening yet we are seeing equity prices sell off but bear in mind that it comes off the back of a descent set of performance both last week and this week. we're still up on the week as a whole here in europe although the german and french indices have weakened quite marketedly over the last hour or so. almost down 2% in germany. let's look at european yields because off the back of yields slipping in the u.s. overnight we have seen yields pick up. the ten year yield at 1.84%. right. let's get back to asia. bank of japan policy makers believe a recovery in emerging economies and ill pact of weak yen will help exports rise moderately. this according to minutes at its august meeting. however policy makers also warned of risks from a slow down

in china. let's check in on markets in asia. sri has the latest for us from singapore, sri? >> yeah, fed in action and the continuation of zero interest rate policy for the time being is being seen net-net as a positive for the equities market so we're seeing something of a risk on rally and a bounce in equities in this part of the world, especially the emerging market assets so the way it's being seen over here is something of a stay of execution of a higher rates environment and it puts the risk of capital outflows on the back burner for now. let me stress for now. at some point we're going to see higher rates. that's going to hit us. how hard is it going to hit us? are we going to see a repeat of the taper tantrum is the big question out here. for the here and now we're seeing something of a firmer equity market with the express exception of the nikkei 225.

japanese equities on the offensive today because of the firmer yen against the u.s. dollars so the exporters, likes of honda, toyota, panasonic are down by well over 1% so that dragged the broader index lower but in the more medium to longer term what's worrying is what the fed said about the global economy. the risks very clearly seem to be tilted to the downside. especially in china. so we could see a return to risk aversion out here in asia in terms of the capital markets. >> thank you very much. so has the federal reserve re-signed itself a third mandate by placing so much emphasis on global financial conditions. chair janet yellen explaining her concerns for the health of economic activity outside of the u.s. >> the outlook abroad appears to have become more uncertain of late and heightened concerns about growth in china and other

emerging market economies have lead to notable volatility in financial markets. developments since our july meeting including the drop in equity prices, the further appreciation of the dollar and a widening and risk spreads have tightened overall financial conditions to some extent. and are likely to put further deflation in the near term. >> global conditions used to be number four on their list, you know, behind domestic inflation, behind domestic growth and financial conditions and now it seems to be global market conditions.

>> i'm surprised at the language and the absence in notable improvement in the employment situation in the united states and so much focus overseas. not that that's illegitimate. they go there. i'm not surprised they didn't raise. i hoped they would raise them and now i was start again. uncertainty. when are they going to raise rates. >> it's opened up a lot more uncertainty here as to how do they proceed going forward if the external developments have this much influence? it adds to a lot of uncertainty. >> welcome. were you surprised by the move and i'm probably more surprised by some of the statements in the press conference afterwards. >> they had a dovish understone and t and they were expecting some

guidance from the fed on their reaction function. the expectation was that they would emphasize also the progress that the economy had made so far and instead, what we got, was the fed holding up a mirror to markets and telling us that it's the marginal information that counts now. >> do you think that it's monetarily irresponsible to not hike interest rates because the fed has mandates. is that something that is right in your view? >> it's not as much the volatility markets but it's the volatility markets and tells us about some concerns about china and also about oil prices which have been a big mover and shaker over the past 18 months so to the extent that oil in china

tell us about global economic conditions about where monetary policy elsewhere is going to go, i think it's legitimate for them to bring this information on board. >> given that they didn't hike, given that they didn't tighten, why didn't we see a more positive reaction in risk assets and do you think emerging markets will take this as a positive or were they looking, in fact, for this uncertainty to be done and to flush them out as it were? >> it's the latter, as you said. for two reasons, one it's relative monetary policy that kounlts particularly as global rates are close to zero. so the fed has not moved the bar up and that's going to force everyone. we see this morning with the ecb and european markets to do probably more to offset the tightening in their conditions. and they basically told us what

they have seen in the unemployment rate and development of the economy is not enough to lift rates of zero and start gaining some monetary conditions and to some that may be a bit uncertain. >> i guess the bets are off for when they're going to hike interest rates. a doubling of the fomc members to four have pushed them past 2015. one even went negative in his predictions for federal funds rates this year and next. what does that tell you about the trajectory of burner rates in the u. s.? >> well, i'd say, up front, we have maintained december as our base case. we think that there's going to be sufficient agreement within the committee to regain control over monetary condition. they'll start a tightening cycle but get some of the liquidity in and try to test these for a little while to see how the economy evolves but the dispersion of these is now much wider. added 50 basis points and 1600

basis points in 17 to the range of the dots. and that is, i think, another reflection of this uncertainty that reigns over the medium run. >> do you think if the data was exactly the same yesterday as in december that they might still hike? my point is is this genuinely just a data dependent decision now? it seems to be a psychological battle between the members of the committee really debating as to whether they can afford to stop kicking the can down the road as opposed to whether the data itself is what they're focussing on. >> if the data meaning that the markets, the vix falling, oil prices starting to stabilize and the pace of job growth is the same, i would think so. that's reflected in our forecast for december. we actually have even china doing better as we go into the year and don't forget that november, december, and january

we have very strong base effects that should lift inflation higher. so they should hike ahead of this improvement in inflation and that just creates a sweet spot for them. >> great stuff. thank you very much for now. he sticks with us for a second chat in a few minutes time. >> okay. still to come on the program, we'll tell you why one major bank is now forecasting no growth. zero for the s&p 500 this year. we'll get you that right after this short break.

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helping to bridge the digital divide. welcome back. u.s. futures pointing lower after the fed stieds to hold rates steady. shares of adobe fall in after hours trade after the company cuts forecasts and qualcomm will cut 1300 jobs in it's hometown san diego. >> barclays is cutting it to earnings estimates saying it now expects no earnings growth. the bank citing the relationship between the index and turmoil in emerging markets and notes other risks sufficient as slower economic growth around the world and also the strong u.s. dollar. barclays is maintaining it's year end price target for the

s&p at 2100 so there's still upside. let's get back to the global head of macro strategy at goldman sachs. zero is better than negative. >> in general for the index, you mean? >> yeah, the earnings growth. >> yeah, the problem we have with the s&p we still in a way have even though the prices are lower so there's a bit more return is the multiples are being very stretched and the competition of that rise in the s&p driven by defenses versus cyclicals is also quite extreme so that's a characteristic of the market that is puzzling to investors. >> we touched about how emerging markets may well, in fact, welcome that hike to start, to flush out that uncertainty. is that the same with u. s. equities? a lot of volatility over the last month. a number of factors playing into

that. one of them is fact that we had the fed meeting coming up. so will that volatility continue until we have a clearer path of where interest rates are going? >> i think so. there is some information of symmetry between the market and the fed and having the fed display uncertainty as to where the outlook, you know, what the outlook may bring is something that may unsettle, you know, equity investors alike as other investors. i don't think it's very much the expectation of a rapid tightening cycle. if anything, expectations around, you know, where rates will end up in a couple of years have not changed throughout all the gyrations we've had in markets this year. >> we touched on oil prices in the first and i wanted to bring it back to that again. do you think they're leading fundamentals at the moment or are they reacting to them? is this supply demand in the oil market driving the prices or is it the financial market. >> we have a very distinctive

view around this. we think it's a supply, largely a supply-lead adjustment that we're seeing so the oil market is oversupplied. that view was challenged in april and may. i think by the policy stimulus that china started delivering. so all commodity markets over that period started going back up. in a way contradicting the fundamental picture and then as china stimulus unraveled we are reconnecting to an underlying trend and we think that oil prices will be between 45 and 60 and remain very range bound from here. >> you brought up china. let's talk about it since even janet yellen and the fomc are talking about china. do you feel that crimping of growth in china is really going to impact global markets and global economies? >> i think there's two things about china that are disturbing to the overall picture.

one is the slow down in growth. i think a lot of people come to grips with that. it's not the first time we see china decelerating. we have a sense of double dip now. but the projections for most of us are that things are going to get better as we end the year. the other side of china is the policy and the policy there is moving in different directions. >> let's talk about policy. it's interesting that janet yellen in her press conference talks about the lack of daefness from beijing authorities. is it unusual for one central bank to criticize another central bank's handling of their own markets and economy, really? >> i can't tell how usual it is. there's tensions around particularly fx markets across the central banks.

the problem with china for us investors is they're trying to do policies that have a structural nature. allow default, restructure soes and stimulate the economy. these things are contradictory. they move under different time ti horizons and they have different signs on the economy. that's what is not reassuring. >> thank you for sharing your time with us on this friday. have a good weekend, okay. global head of macro strategy at goldman sachs. >> still to come here on worldwide exchange, the ceo of novartis tells cnbc why the fed's decision to hold says more about china than the united states. that's coming up in a few minutes time. can a business have a mind?

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all right. let's look at today's top stories. texas instruments planned to boost it's dividend by 12% and will buy back $7.5 billion in stock. it issued a outlook as it continues to struggle for weak

demand for its communications chips. let's have a look at price action off 1% today in german trade. >> adobe systems reporting sharply higher 3rd quarter profit driven by higher revenue from its digital media business. the company also reporting higher subscriptions for its creative cloud software. but adobe is cutting it's full year revenue forecast and announced a leadership shake up including the head of its digital media units. adobe falling in after hours trade. over in germany, similar losses as well. >> qualcomm is cutting more than 1300 jobs in it's hometown of san diego and hundreds more in other areas. the company sent out 60 day notices to employees on thursday saying that final day is november 20th. qualcomm says it's providing severence packages and help. it said it would cut 15% of its global work force. half of its workers are based in

san diego. price action is off 2% today in german trade. >> a number of apple customers are reporting that their devices crashed after they tried to upload the ios 9 operating system just launched on wednesday. social media is a wash with complaints. some user ss say the upgrade fas after several minutes making them have to start all over again. that's probably caused by too many people trying to download the update at the same time. others say their older iphones and ipads seized up on the swipe to upgrade page. apple also had issues on ios 8. some of the bugs have never been fixed. >> i have no issues. >> let's have a look at other world news stories. croatia blocked off 7 of its main road crossings in serbia in an attempt to limit the number of migrants in the country. the country is full and advised migrants to stay away.

but despite this they continue to find routes into the country. hungary has begun work on a wall to close off it's border with croatia. he'll hold a summit of eu leaders in an attempt to find a resolution to the migrant crisis. >> russia is applying new type of air and ground weapons to the syrian military. members of the international community have expressed alarm over russia support for the assad regime. benjamin netanyahu is set to meet putin next week to discuss this issue. let's get back to the fomc issue so far after they decided to stay on hold and push out their forecast for when they're going to hike interest rates for the first time in close to ten years. markets are sliding following the losses we saw for the dow last night down half a percent for the ftse. quite a pronounced sell off. >> interesting to point out

sharp declines over the last hour or so in germany and france that of course we did have strong performance up to this point this week and descent performance last week as well. >> we'll go to break here on worldwide exchange. we'll get you the latest on the elections in greece. syriza and new democracy going head to head. we'll leave you at a look at the futures trading ahead of the open on wall street.

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i see myself as maybe an entrepreneur. internet essentials from comcast. helping to bridge the digital divide. welcome to worldwide exchange. >> here are your headlines from around the world. >> european stocks looking at red after the fed holds steady but janet yellen is criticized for creating a third mandate as she blames growth concerns in china for the decision to hold. >> the outlook abroad appears to have become more uncertain of late and heightened concerns about growth in china and other emerging market economies have lead to notable volatility in financial markets. >> the dow swings nearly 300

points while the dollar falls to three week lows. this as futures point to another open. >> zero, zip, nada, zilch. barclays seeing no earnings clothe for the s&p 500 in 2015. >> greece's leading parties are neck and neck ahead of this weekend's election. in a vote that could throw the implementation of the bailout in doubt. >> well, thank goodness it's friday. if you're jooust tuning in than you for joining us here on worldwide exchange. let's check in on the markets since we got that fomc decision and pretty much 50/50 going into it. >> exactly. everyone slightly surprised by the reaction since it because we didn't get a hike, we didn't get tightening and the reaction was not outright negative but it was

mixed to negative and the reaction today very clearly negative. one might have expected the other way around given that we didn't get a hike. >> there was quite a pronounced dovish tone in that fomc statement. so let's check in on the u.s. markets and how we're set to open later on today. after that volatile session of 300 points being swung around on the dow. so we did see declines at the end of it. today we're looking at the implied open for the s&p 500. should see another decline of 1.5 points. the dow jones industrials seeing gains of 2.25 points and the nasdaq, the implied open is looking for a loss of maybe four points or so. let's check in on other asset classes and how they perform because gold entered the day at levels not seen since early september. we didn't see much when it comes to spot gold. 1136 falling off because there is no hike in interest rates. let's flip the board and check in on volatility and the index

itself. during the regular session we did actually see the vix fall below 20 points for the first time since august 20th when it comes to an intraday basis but it's interesting because heading into the press conference and at the end of it we saw volatility tick upwards which i found interesting since it looks like there's more dovish tones from the fomc and not much tightening, at least not until the end of 2015. let's check in on chair janet yellen and her press conference emphasizing that a hike in 2015 still remains a possibility but she noted that four participants moved it into 2016 or later. investors were surprised by the heightened concern for the global economy. >> we recognize that there has been a great deal of focus on today's policy decision. the recovery from the great recession has advanced sufficiently far and domestic

spending appears sufficiently robust that an argument can be made for a rise in interest rates at this time. we discuss this possibility at our meeting. however in light of the heightened uncertainties abroad and the slightly softly expected path for inflation the committee judged it appropriate to wait for more evidence including some further improvement in the labor market to bolster it's confidence that inflation will rise to 2% in the medium term. >> most expectations favor a move by the end of the rate. most think they will hike rates at one of the two remaining meetings although 15% expect to hike in january. more than half say the fed policy is too accommodative.

a separate rbs survey is pricing the first full fed hike in marchand barclays says a move is unlikely before the end of the year. i have to say, i'm surprised. i thought we were going to get a hike. i layed it down yesterday and i was wrong so a popologize for t. i think they choked. i think they wanted to hike and they just thought, oh, the risk of doing it is too great. let's just put it off. let's kick the can once again. >> choke is a very strong word. i wouldn't necessarily use that term but you're right -- i thought the conditions were right for an interest rate hike as well since even they said in their press conference and the statements that the improvement in the u.s. recovery even impressed them and inflation, we're looking at nowhere near, close to 2% for core but that's a near term factor so why not go now. >> what worries me is i think it's too easy for central bank

to make the short-term decision. that's let's not bother worrying the markets right now. we'll decide later. you have to take a long-term decision at some point and that's a hard decision to make and avoids hiking rates and we think about the chinese authorities being short-term in their thinking and hoping that western authorities aren't like that where as i think that's becoming less clearer, a divide and this is a short-term decision not to hike at the moment. >> it shouldn't be about when they're going to hike interest rates but the trajectory of the tightening cycle, normalization and it looks like they're not too eager to get too aggressive. another risk factor is geo politics and what's happening with politics around the world. greece, is gearing up to vote for a new government with many voters still undecided. let's bring in julia covering the vote from athens. julia, we're looking at the third election in a year's time.

>> well, certainly the third vote of course. many people this time around are saying what's the use in voting? because this government and the next government has no choice but to follow on and continue implementing policies along the lines of the third bailout deal so many people and we're talking 20% of greek voters, they're either undecided at this stage or voting for parties that probably won't even make it into parliament so a lot of people here very, very weary. a lot of questions being asked about whether or not it even matter ifs they go to the polls and this is something very prevalent for young people too. what we have to say is despite the fact that the vote is pretty equally split between new democracy and syriza, the two best known parties here, what we have seen in the past is syriza

being very much underestimated at the polls and the likelihood is they do put them at the post. >> the data dropped down a little bit. the emergency liquidity assistance that the banks are using. give me a sense of what proportion of the deposits lost returned to the banking sector in recent weeks? >> the fact is that ela goes down because deposits are slowly coming back. >> exactly. >> they're not coming back in huge quantities yet but still the sign is there: as soon as we have positiveness around i expect it back in 2012 when we went through a similar kind of experience. massive outflows followed by massive inflows in the space of

a few quarters. >> it was a few quarters which is a really important point. we're talking about trying to recapitalize the banks and doing something in this space of about two months. the ecb shouldn't recapitalize the banks at this stage. you'll damage just the international investors actually invested in the banking sector here. it will hurt taxpayers too. do you agree or disagree? >> i think that we should not recapitalize the banks excessively. he meant that we should obvio obviously bear witness to the fact that they need to install it and make it easier to get out of the controls but there's no reason why we should force feed the banks with excess capital which is more likely not needed and may be waisted at the expene of the european taxpayer. >> so don't dilute existing

shareholders too much. >> excessively. it will be bad for people that supported the case of greece over very difficult times but also it will be bad for the banks going forward. excess of capital is not a good thing but we do need to have just in time capital for the regulator to address anything so it comes back. >> if we get to the point where this hasn't been agreed by december, in january of 2016 the new bailing rooms kick in and we're talking about depositors in greece and working capital and businesses. it's absolutely critical that the next government do this now. >> absolutely and there is everybody around the table, all say the same. we need to get it done, in 2015. no one wants to bring depositors in so we need to avoid that at all costs and we will. >> talk about how this will work. if we're talking about cash for recapitalizations coming in the

ecb is still the biggest depositor in the greek banks. isn't there the chance that money comes in one door and goes out the other? >> it's always been very accommodative and supportive. i don't think they're going to rush to get the money out of the greek banks. they're not there to get all of this back. so they will ask us to run down the ela balances overtime which we will while we're keeping a steady flow to the economy. >> they'll give you time to reestablish confidence. a lot of debate over whether it's the syriza lead coalition government or new democracy lead. neither has a choice. they have to abide by trials of the new bailout deal, would you agree? >> absolutely. it's a very difficult 7 months. this is the first time that we

stand a real chance to get it overwhelmingly in favor of executing the program and i think it is the best for greece going forward that after five years of this crisis this is the only time that we get all of them behind a sensible product. that's been lighter than before. we have better and all the political parties behind it. i'm very optimistic. >> you trust alexis tsipras to implemented the terms of deal even after what happened. >> i trust both to lead the government that will implemented the program. >> thank you so much: speaking to cnbc first there. >> thank you very much for that. let's switch focus. brazil's opposition parties filed a request in congress to impeach the president. they allege she manipulated

government finances to support her re-election last year. the votes would be necessary to oust the president. >> the white house is reportedly drafting new rules to further weaken the u. s. trade embargo on cuba. they would allow u.s. companies to establish offices and subsidiaries in cuba for the first time in more than 50 years. possibly through joint ventures. the regulations could be announced as early, as as soon as today. now still to come on the program here on worldwide exchange, qualcomm is slimming down with plans to cut hundreds of jobs in it's own backyard. details coming your way next.

tech stocks could be on the move today. let's get out to landon standing by at cnbc headquaters. >> good morning, let's start with texas instruments which plans to boost it's quarterly dividend by 12% and will also buy back an additional $7.5 billion in stock. in july the company issued a soft third quarter outlook as it continues to struggle with weak demand for its communications chips. it has been shifting away from digital chips to focus on analog product which is command lower prices but are used with older

equipment that generate a higher profit. adobe systems with higher profit. the company also noting higher subscriptions for its creative cloud software but it's cutting it's forecast and announced a leadership shake up including the head of its digital media unit. qualcomm is cutting more than 1300 jobs in it's hometown of san diego and hundreds more in other areas. the company sent out 60 day notices to employees on thursday saying their final day is november 20th. qualcomm is providing sef rens packages and outplacement help. the smartphone chip maker said it would cut 15% of its global work force over the next year. about half of its workers are based in san diego. checking shares in europe they're all trading lower today. adobe by 3%. back to you. >> thank you. have a lovely weekend. we'll be having a fun weekend here because the 8th rugby world

cup kicks off today and host nation is english. they take on fiji. new zealand going to the tournament as the favorites. the sporting governing body expects nearly 500,000 fans from overseas to visit england and wales throughout the tournament. so far we have been asking you do we feel that economic performance is a leading indicator for who will win the championship? of course in that case the u.k. economy doing well. does that mean that england have a bit of a chance or the u.s.? is that a sign from janet yellen yesterday? choking? feeling that she could not hike rates because the economy isn't strong enough meaning that the u.s. doesn't have a chance. if you are watching in the u.s., will you be watching the rugby world cup? do you care about rugby? >> you're already trash talking and the tournament hasn't even

begun. >> it's important. new zealand, big, big favorites but the kiwi dollar is falling. they've had to ease. perhaps that shows weakness. >> well, new zealand, there you go, that's my picture of meeting them in hong kong in 2010, maybe i was a deciding factor. lucky charm in that rugby world cup win. >> what are you doing this afternoon? let's get you to the england team and get a photo. >> i could meet them, you think? >> i think. >> will johnny wilkinson be there too. >> he retired. >> i know. >> but we could arrange for him to be there. >> excellent. >> he'll be covering it for television i have no doubt about that. he's such a legend. >> he is such a legend. >> well, you know, we're going to talk about rugby for how many weeks to come? because the tournament goes on and on. >> yeah, it's like 6 to 8 weeks. >> more to come. anyway, meantime, let's check in on the headlines this morning.

u.s. futures are pointing to a mixed open after the fed decides to hold rates steady. barclays cuts it's earnings estimates for the s&p 500 this year saying it expects no eps growth and brazil's opposition parties filed a request to impeach the president. opportunities aren't always obvious. sometimes they just drop in. 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.

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quite a lot of red across the european equity markets at the moment. as you can see germany has just weakened further in the last 10 or 15 minutes. it's down 2.3%. france also off just more than 2%. this coming off the back of that decision not to tighten in the u.s. but it has split markets today the indications are that

we're looking at another lower start when markets kick off after the dow came off with the fomc deciding not to hike interest rate which is is interesting because they still have stimulus on the table but equity markets fell at the end of it except for the nasdaq. so we're going to be down some 30 points or so. s&p futures also lower by 2 points and the nasdaq is pricing in declines of 11 points or so. let's check in on the dollar index. we did have the decline when it comes to the u.s. dollar versus all of it's major trading partners. so we have delines by .5%. the two year yield coming off by 13 basis points and instant reaction to that move to the fomc and a lot of people are not expecting a rate hike at all this year. also as you see the yield curve really push down for the long bonds as well. so has the federal reserve

really assigned itself a third mandate as well by placing so much emphasis from its rate decision on global factors and global financial conditions? chair janet yellen explaining her concerns for the health of economic activity out side of the united states. >> the outlook abroad appears to have become more uncertain of late and heightened concerns about growth in china and other emerging market economies have lead to notable volatility in financial markets developments since our july meeting including the drop in equity prices, the further appreciation of the dollar and widening in risk spreads have tightened conditions to some extent. these may restrain u.s. economic activity some what and are likely to put further downward pressure on inflation in the near term. >> now earlier on the show the

ceo told us that it was the timing of the fed rate hike doesn't effect his company's business the decision to hold was significant for other reasons. >> this was the first time that an event in china lead to global dislocation of financial markets. that is a big marker that says that china has arrived. >> did the fed choke yesterday? >> i don't think so. we did get to 2,000. that was a bigger event. 7% off the lows. 7% off the highs. that's right at the midpoint of the all time highs in the s&p to those august lows. i think the market has respect and more stability and we're getting very emotional about if, not when. >> we of course didn't get tightening and yet a soft performance from u.s. equities yesterday late afternoon and very weak in europe today. why is that? >> people are taking profits.

the event is now out of the way. i'm encouraged by the way we've seen the bounce the last few weeks in the marketplace. everything changed mentally but nothing changed fundamentally so if you look at the earnings coming up that can be a boost. low interest rates, low energy prices. nothing has changed. we just had a lot of unwinding and recovering. >> and just a final quick question, we have 30 seconds, u.s. dollar for the rest of the year, does it change the story because we didn't get a hike? >> it is drifting lower. we're stuck around the 95 level. we're talking about the strength and the weakness in the dollar. things do change and that could be beneficial. >> thank you for joining us. hope you have a lovely weekend. the chief options strategist at bullseye options. that's all we've got time for today on worldwide exchange. >> u.s. squawk box is coming your way next. [ male announcer] whether it takes 200,000 parts,

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good morning, the doves fly, the hawks cry. the fed's decision to hold off on raising rates. >> in light of the heightened uncertainties abroad, and the slightly softer expected path for inflation, the committee judged it appropriate to wait for more evidence. >> more evidence after 7 years of stimulus. the markets now betting a move won't come until next year. what do we get for all of this? down 60 on the dow. happening now, apple users reporting problems saying that their devices crashed after attempting to upload the new

operating system. i can't get certain apps and my son's phone keeps freezing up and it's all after we did this, so i don't know. and new this morning, a high speed rail linking las vegas and los angeles. a chinese train maker signing a deal to help build the project. the announcement comes days before china's president visits the united states. plus sprint ceo joins us in studio for an exclusive interview. iphone sales, upgrades and the end of phone contracts. it's friday, september 18th, 2015 and squawk box begins right now. ♪ live from new york where business never sleeps, this is squawk box. >> good morning, everybody, welcome to squawk box here on cnbc. i'm becky quick with joe