good tuesday morning. welcome to worldwide exchange. i'm susan li. >> i'm wilfred frost. here are your headlines around the world. >> european stocks are putting a stop to yesterday's losses despite declines on the dow sending the index back into negative territory for the year. >> lower for longer. the oil glut will keep a lid on prices until 2020 but the executive director tells cnbc a drop off in u.s. shell production should drive the recovery. >> we expect it to recover

around $80 around 2020 and we do not think that the $50 for many, many years is a likely scenario. >> citron turns it's sighting pushes shares into the red as the short seller says it's a far worse offender than valeant in the drug maker scandal. >> why would you buy a pc anymore? that's the message from tim cook as the apple ceo says the watch could set a new sales record this quarter. >> we're coming off the worst sell off in six weeks time. in fact, the s&p 500 is down for a fourth straight day. let's check in on the implied open at this point and we're below fair value. so looks like the s&p is going to open lower by 5.25 points. the dow jones industrials pricing at losses of 35 points and the nasdaq.

looks like we're pricing in a lower start of 11 points. here's a look at what happened yesterday and that helped push the dow back into negative territory for this year, 2015. we're flirting with that positive-negative line but looks like that's the worst for all three benchmarks in six weeks. so pushing it back into the red. here's the fear gauge and there's more fears. it's on what the central bank and federal reserve is going to do because it looks like the probability is now at 70% they're going to hike next month. >> exactly. that's one reason for markets coming off the other is its off the back of such a blowout october that some level of correction is not that surprising. we got that similar move yesterday in european markets to the downside. the likes of the dax off 1.5%. we're down again today here in europe but not in quite such a pronounced fashion. we opened above flat. we lost a bit of steam. we're down to a tune of about .5% for the dax.

less than that for the ftse 100. italy managing to get out a quarter percent gain. that likelihood of a rate hike in december weighed on oil prices over the last few at as although we are broadly flat today for wti. 43.9. brent is off about 47 on the nose. oil prices may not recover before 2020 according to the iea. in the latest world energy outlook the agency says current trends including the continued growth of alternative energy will keep pressure on producers and lead to a price of around $80 per barrel by 2020. speaking to cnbc earlier today the executive director said a decline in u.s. shell production would drive a recovery in oil prices. >> about $50 oil price today and one of the main consequences of that is that this year, the energy investment are declining

by 20 act and will continue to decline next year as well. we have never seen in the last 25 years oil investment declining in two consecutive years and this implications for the market and we expect it to recover around 80 dollar around 2020. and we do not think that if many, many years it's a likely scenario. >> what's really leading energy at the moment? >> first of all, the us. shell oil which is the main driver of the glut now is going to decline with the prices. the second driver is iraq and we expect their production growth will slow down as a result of financial reasons and at the

same time, we see in brazil, russia, and other main producing countries growth will not be as strong as it was before. >> we're looking at 5.5 year high when it comes to the two year note. at least when it comes to the yield. it's all but priced in. the fed is going to hike next month. co-manager of the strategic bond fund joining us around the desk today. 70% probability now that the federal reserve is going to hike interest rates. all but in. >> i think so. to be fair i've been saying they're going to move in september. they should have moved in september. they need to move and it's not even now about where the economy is today. it's about where it's going in the future and there's a really high chance she's going to shift. we think she moves but a slow path. >> one and done?

>> one and done this year. possible more next year, maybe two. >> given the latest jobs numbers there is but other data sets there's disappointments there but does she have to at least try it this time and deal with the consequences next career? >> it can be difficult to tell what janet yellen is looking for. suddenly external factors become important. i think she needs to move because people are making the wrong decision on investments. that's the key point. they make the wrong decisions. >> what are the wrong decisions? >> you go into schemes where you're not getting enough of the risks that you're taking and you need higher interest rates to support your banks. look at bank revenues. they have been really poor. >> people have been buying into banks with the expectations they'll hike interest rates for the first time in ten years. but everybody keeps talking about the spread with junk yields and the risk-free rates.

is that telling us there's a bubble in risk free loans? >> possibly. we think yields go higher. ten year u.s. treasuries are probably lower in europe. it's a different question to the u.s. i guess. at the moment, probably on the rich side for u.s. treasuries and there's probably not a lot. if it's one and done this year or maybe one and two next year you might pop another 10 or 15. possibly basis points. it's modest. but at what point do they start saying this is a descent rate. >> you touched on the u.k. there. are we in a similar boat as the u.s.? >> this is difficult with the u.k. when do they decide to do it? you could get involved in a lot of politics next year. >> what about changing the tune in mark carney changes his tune as often as janet yellen does. >> i think mark does follow

janet in the fact that he will put up rates after she does. if they go up in u.s. in december the chances they go up in the u.k. rise as well. that's probably second quarter next year rather than the end of next year. if he does move it's a tough one to call. a lot of politics and referendum. >> is super mario easier to follow than those two. >> well, don't play the fed and don't play mario. that's my theory on life. and in a way i think we see ecb stimulus coming in december. possibly another 10 billion a month in materials of purchases. he has a lot more things he can bring out to really try and push people out of bonds. german yields are 0.6%. that could come down lower. we're looking for .2 in german ten year yields. at that point, it's tough to hold on to them. >> between german ten year and u.s. ten year, it's at 170.

close to where it was in march. has that spread got too wide at the moment? >> possibly not. if we're seeing the u.s. go up another 10 or 20 basis points we could hit 200. >> fantastic. thank you for joining us. co-manager of the aberdeen strategic fund. >> we have a big named visitor to the euro zone. apple ceo called the death of a pc in an interview. tim cook is saying that the ipad pro said to be released imminently will replace the notebook and desktop but consumers would still need their smartphones of course. he also hinted at more wearable health technology but as for the watch itself it's not going to be a health care device because that fda approval cycle takes way too long. he gets set to address a crowd at bocconi university in millan.

he is expected on stage in about 40 minutes or so. >> the start of the academic year and it's november. when does italy go back to school. >> that's right. >> that's a nice long summer holiday. >> they break for christmas too don't they? >> i don't know. we'll have to get details on that from claudia over the break. maybe we should have gone to school in italy. anyway, still to come here on the show, a bumpy road for porsche. stay tuned on how they're impacting the luxury car makers bottom line. that and much more coming up on worldwide exchange.

the speech will mark the start of the academic year there. he's expected on stage in about 30 minutes or so. meantime, we do have the former italian prime minister and former european commissioner at the podium. really warming it all up for the main event which is apple and tim cook set to take the stage and not a bad way to kick off an academic year as you pointed out wilf. at close to beginning of november. >> but we're not quite sure whether it is the start of the

academic year. but either way a nice line-up for the university there to have mario monte himself, a big name, and tim cook too. we'll be back to that when the speech does start. meanwhile, porsche prochfits halved as the volkswagen scandal weighed on the german auto maker but shares are trading higher. they released their results already so they were some what priced in. up .5% on porsche shares today. they own over 30% of the capital stock down slightly from 32.4. >> you have to feel sorry for those flying on lufthansa in the past few days. they have been stranded at airports and getting to headlines coming through from the air carrier, big one based in germany and looks like there will be a temporary injunction. at least the airline filed a

temporary injunction against the cabin crew union. they're in the labor cores and they said the cabin crew union ufo said they will continue to strike at least until the end of this week. so hopes that there would be a swift resolution to this industrial dispute that's been costing the airline more than $10 million a day have been dealt a blow with the ufo rejecting that improved pay offer that came yesterday evening so the strike should go on until at least this friday but as you know, looks like that injunction has been filed in court. negotiations between the airline and it's cabin crew union are on going. meantime in the u.s., mcdonald's is holding it's annual investor day today in new york and analysts expect the fast food giant to announce plans to take on more debt in order to return more cash to shareholders. mcdonald's may also cut more costs and increase the number of restaurants it plans to sell to

franchisees. they expect the company to raise it's dividend by 10% or so. mcdonald's shares, we can get a check on them and how they're performing with gains arou around .1%. lions gates swings to a second quarter loss partly due to a disappointing box office take. they're taking a $7 million write down on the vin diesel flop, the last witch hunter and american ultra also underperformed. they expect revenue from orange is the new black and royals to drive it's second half results and also has a final hunger games movie on schedule this quarter which should open next friday. lions gate dropped 8% in after hours and they're looking for rescue. hopefully for the mocking jay. >> really, really long those films. >> have you watched it?

>> i watched a couple of them and they divided the books up. so that annoyed me. just stopped in the middle of the film and it was already long and boring. >> katniss. >> gap is expecting weaker than expected third quarter results. same store sales dropped 3% last month with a 15% decline at banana republic. the loan bright spot old navy. gap is expected to report earnings on november 19th. shares falling 5% in trade. >> so we have some bad news for holiday shopping procrastinators. leading brands are warning that they're already running low on supplies on some of their most popular items. courtney reports on this year's most sought after festive gifts. >> tis the season for holiday

headaches. the national retail federation says shoppers have already started their holiday shopping before halloween leaving many items already in short supply even though black friday is still more than two weeks away. for the second straight holiday season the iconic l.l. bean boots are limited in supply with some styles back ordered until the end of february 2016. jim silver, ceo of ttpm says many lego products are selling phenomenally as are the paw patrol toys. star wars collectibles are early best sellers like the figures sold only at the disney store. the baby toy is back ordered until november 20th. so with early sell outs industry watchers are telling shoppers don't wait. >> we seeing robust sells and online sellers having a much bigger role. so as a shopper, don't wait for that last minute sale. i know that's a temptation to kind of all right i'm going to hedge my bets until the last

minute. if there's a toy your child really, really wants, air on the side of buying that early. >> the fashionista might be upset when h&m items aren't there. >> the camera drone unavailable on amazon with spotty availability at toys "r" us over the last several days. according to a survey, a shortage of in demand smartphones will cause them the biggest problems followed by shortages for video games. guitar hero live and star wars battle front. many experts think inventory levels are higher than last year in part due to forecasts for a descent holiday sales year plus elevated inventories in the after past of last year's west coast port projection but predicting demand and ordering the supply is a science and an art. too much inventory is a

financial burden. too little can leave shoppers disappointed. sell outs can create positive buzz for manufacturers and retailers involved but too many empty handed shoppers isn't good either. the goal is to match supply and demand as closely as possible though hot items can be hard to predict. one in four americans say they would be willing to play dirty if that's what it takes to walk out of the store with the last hot holiday gift. >> i can tell you first in line break down the door on black friday, wilfred frost. >> oh, no, shopping when it's busy is a complete nightmare. shop out of season. >> the lesson is you have to shop in advance. think of my present now. think of it. >> i already am. don't worry. >> let's talk about starbucks. it's not all festive because there is some controversy over the coffee cup this holiday season. yeah, so that cranberry green

logo coming under fire. okay. the light obscured it. >> there's red and green and white on that. >> the light obscured it. critics have taken to social media to complain that the design is too simplistic. give us your view in our online poll and tell us whether you like them, dislike them and don't mind. that's on cnbc.com. i brought my cup. i even saved it for this chat. so we're going to chat about it but apparently it's not festive enough. >> it's november and way more festive than i would be expecting. it's good. what's wrong with it? >> a christian evangelist basically posted a video on facebook that's been watched 13 million times and he is pacicly saying it's not festive enough according to him. he says starbucks wanted to take christ and christmas off their cups. >> so far i think it's fine.

>> i think so too. but that's what starbucks is saying. you can rcreate your own christmas stories this year. we're being told to move on to talk about the 8 polling presidential candidates facing off in wisconsin tonight in their fourth debate. nbc tracie potts has been standing by. >> so tonight's debate is supposed to focus on the economy which could bring up things like the keystone oil pipeline that the president just rejected, the transpacific trade partnership. they could talk about the federal reserve, raising interest rates here as a result of a good jobs report at the end of last week but there's other issues surrounding this debate that will come up as well. especially since the wall street journal is a co-sponsor. it was them that initially reported about ben carson and the latest allegations involving

his past and whether he protected white students during a riot when he was in high school. other issues about him going to westpoint, getting a scholarship, and he says are nitpicking 20 or 30 years ago but the questions continue to plague him so those could come up tonight. also jeb bush and marco rubio, the two floridians on the panel tonight. they got into it at the last debate. this time its likely we could see that again. especially since both of them are already in wisconsin. they're both trying to get the endorsement of scott walker. that could bring the support of a lot of evangelicals along with it. >> thank you for that. now let's remind you of the headlines. losing steam. european stocks reverse gains after the dow slips back into negative territory for the year yesterday. the iea says oil investment has fallen for the second consecutive year as it predict ace slow price recovery and alt

the top of his gain, bumper profits in the third quarter thanks to higher mobile and add revenues. we're back in two minutes.

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opening down 5 points after pricing in losses, 37. nasdaq lower by 10.5. >> let's also have a quick look at european markets which despite opening in the green fractionally have slid during today's trade. you can see there the dax down 0.4%. down over 1% yesterday and only italy up in the green. let's give you a run down of what to expect state side today. october prices out at 8:30 a.m. eastern. followed by wholesale trade at 10:00 a.m. the chicago fed president speaks about managing the government's debt. tencent reports of earnings already and d.r. who are on the and holmes also coming up today. we'll be preview things like that and much more here on worldwide exchange in a couple of minutes.

>> the dow is called to open in the red after slipping into negative territory for the year. >> lower for younger. the oil glut will keep a lid on

oil prices until 2020 but it's executive director tells cnbc a drop off in u.s. shell production should drive a recovery. >> we expect it to recover around $20 around 2020 and we do not think that the $50 is a likely scenario. >> citron pushing sales deeper into the red as it's a far worse offender than valeant in the drug maker scandal. >> tim cook says pcs don't matter anymore and the watch could set new record sales. >> good tuesday morning. we're awaiting tim cook in a teach at bocconi university in

milan. >> you're not an expert but you're better. >> your pronunciation is better than mine but i'm working on it. >> very nice. >> let's check in on u.s. futures a head of the market open today and that sell as good going to continue since we saw the worst day for all three major benchmarks in six weeks. the s&p 500 is down now for a 4th straight day and fear has hit the market. the vix index at the highest now since october 15th on rate hike fears. let's check in on the implied open. we'll be down for the s&p 500 below fair value. dow jones industrial called lower and nasdaq should be opening lower. and here's what you're getting from the european side folks. we also saw the worst day for the euro stocks 600 yesterday which lead into the wall street session. the cac 40 broke the five day winning streak yesterday continuing to sell off today and the xetra dax with the worst

decline since the end of september and the ftse 100, we're on a three day losing streak. let's show you what happened in asia since we got more bad data from china with deflation pressures. there's practically no inflation. the world's second largest economy of 1.3 billion people. people are concerned now. australia was down. we are at one month lows for both of these benchmarks and nikkei 225 seeing minimal gains. >> tim cook is getting set to address a crowd in milan. the speech will mark the start of the academic year there. he's expected to be on stage at 5:50 eastern time. we have a live shot to have a look at. these are the pictures arriving about an hour or so ago. an italian member of the university is addressing the crowds. tim cook is due to speak in 15

minutes time. there we go. let's move on. the fed may be preparing markets for a rate hike in december but the ecb has a different battle on its hands. mario draghi is due to speak at a bank of england forum tomorrow and investors will be keen to hear any clues on more monetary easing. according to routers they're edging toward a rate cut in december. >> the future of the banking industry is uncertain with european banks in particular particular facing perfect storm as a result of market conditions and increasing regulation. that's the verdict of our next fwes from the guest from the ubs banking conference. >> thank you for that. and that is the president of ubs's investment bank. thank you for taking the time. why is it that european investment banks are falling

further behind their peers? is it the market environment? >> it's a number of things. clearly regulation is differentiated. they do not have the advantage of such a profitable market as the americans have in the u.s. and i think they have gotten in part of a restructuring later than our u.s. colleagues. >> but at the same time, many of the factors, excessive regulation, difficult markets, that's something that hit the u.s. banks to the same extent it hit the european banks. are they really hiding behind more regulation? is that just an excuse? >> well, i think regulation is important and it will change the business model that we all have. so far, with the exception of ubs until today people have tried to adapt to their old models. for that you need a lot of scale and size, et cetera. that is difficult to do for

europeans that have just a disadvantage by not being as present in the u.s. and by having a regulation that's more fragme fragmented. i would not say the banks are falling behind. i think they're leaders taking share in certain areas of the business. but it is not anymore a game of who has more revenues or more size. it is a game of who is excellent in business a, b, and c and capable of delivering for clients and returns for shareholders. >> what you have done has been transformational. you set the standard for many of the banks. many are trying to copy what you're doing now. take a look. does that flatter you? do you think it can work for them? >> it's good for the industry. first of all, i don't think

anybody is -- the difference between ubs and the others is that probably we saw before anyone else the need for change. the need for change because of regulation. the need for change because of the structure of the energy. the need for change because we could no longer deliver sub par returns to our shareholders. what today i think there is is an acknowledgment that there is a need for change and every investment bank is addressing that need for change differently. that is good for the industry. i don't think you can say people are doing the same as ubs because they have different competitive advantage. different starting points and they will define the strategy differently. the way i look at it is the competition goes from being everybody does everything where every to some parties are excellent in certain things in some places. some other parties are excellent in other place and the

competitive environment tend to resettle in this new environment and we'll see where they fall. >> you told your employees within the investment bank that the tweaking needs to go on. you still need to restructure. where is it that you want to be better at? where do you want to be higher? >> well, we don't necessarily -- actually, we don't look at the tables at all. >> don't tell me that. >> we feel that the tables are usually revenue based and that they lead to quite negative outcomes in terms of profitability. what we look at is we have a set of businesses that we have chosen to compete in and can we strengthen those business so gain on our competitors and can we do that while managing a return on equity and keeping it at a differential above the cost of equity where we are today and secondly growth. so i think if you have a

business that is growing at a high risk adjusted returns you're being successful and clients are really signaling that you're doing the right thing. everything else i think are metrics that try to incorporate that through tables or other things but as we know there can be many. >> so you're pretty good in the equity space but where do you want to see -- >> so, i mean, i think the mantra we have is revolution is usually the outcome of lack of evolution. we have done a revolution and now we need to evolve. we're facing an environment which we view as a perfect storm. regulation is tightening and changing again. so that will impact our business model. market is more uncertain than ever and we need to adjust to that and thirdly competitors are restructuring or repositioning and pushing in different ways and that changed the competitive

landskap a la landscape and we need to adapt. we need to navigate this without being complacent and adjusting all the time. what are the objectives? we have a very strong equity business that we want to keep as strong as it is and grow it. we have a focused fixed income business that effects business and is starting to deliver the results we anticipated and we need to keep it as the market evolves and we need to rebuild and strengthen our investment banking business which is what takes the longest given the fact that it is a business and human talent and then we need to have an offering that connects the dots. >> i'm sorry. i'm going to have to stop it here. thank you for your time. really appreciate it. the president of ubs's investment bank. guys back to you. >> thank you so much. let's talk about social media

and president obama. yes, potus has finally started up his own page on facebook and he took the opportunity to get straight down to business with a video post about climate change. he said with 3 and 4 americans now using the social network it was a good time to join for him. mark zuckerberg welcomed him to facebook. his fan page will continue to be run by organizing for action. this is a personal page by potus himself. >> i have to say the operative thing here is the word you said at the top. he's finally joined. that's a little rich coming from me because i'm not on facebook but for someone that needs votes, why wasn't he on facebook for the last two campaigns. that's crazy in this day and age not to be on facebook. >> that's a good point. he has a fan page. and i guess that's how he garnered support during the elections in 2008 and 2012 but

this is more personal for him. >> do you think he's been poked by anyone here. >> do you want to try to poke him? >> i'm not on facebook. otherwise perhaps i would have done that. that sounds a little bit weird but there we go. he's on facebook. what do you think is best for garnering votes for politicians? facebook, twitter, or instagram. >> it's multiplatform. multiplatform social media world, right? >> do you think if you poke voters you get a vote back? >> that's not a bad idea. poke for a vote. >> poke for a vote. >> exactly. if you got a poke from potus you would think fair enough. that's cool. i'll vote back. >> if he's running for re-election. >> anyway i like that and given that there's the video about climate change in reading about that i didn't realize that the back garden of the white house is a national park. did you know that? >> i didn't know that but it's not enjoyed by everyone because you need security clearance. >> still it's a nice little back garden. i've never seen that shot

before. that's cool. there you go. >> that's right. we're going to go to break here on worldwide exchange. still to come on the program, a drug maker goes on the defensive now after a noted short seller takes shots at the company's business model and it's shares tank in reaction. no matter how fast the markets change, at t. rowe price, our disciplined investment approach remains. we ask questions here. look for risks there. and search for opportunity everywhere. global markets may be uncertain. but you can feel confident in our investment experience... ... around the world. call a t. rowe price investment specialist, or your advisor... ...and see how we can help you find global opportunity. t. rowe price. invest with confidence.

>> in it's second effort and a year of consolidation and it is looking for financing. it's the 6th largest railroad operator in the u.s. and also in canada. both companies not surprisingly declining to comment on this. but they have done pretty well. do you know who owns burlington north santa fe? >> i don't. >> warren buffet. >> both of these stocks doing well in the short-term. we'll switch focus and look at one that's done poorly. that's because a short seller wiped out billions of dollars off the market cap of valeant. he is now setting his sights on another drug maker putting the

company on the defensive. let's get the details from landon standing by at cnbc hq. >> good morning. that short seller has been active in the news lately. the firm is now turning it's attention to the specialty drug maker closing down 17% on monday and fell as much as 26% after citron sweeted that at its current price the company has much more down side than valeant. it also reimburses drug makers. he will disclose information in an upcoming report. citro published a report saying could this be the next pharmaceutical enron? and that sparked a sell off in v valeant stock since august. valeant used such pharmacies to

sell conventional strdrugs to patients. they announced last week it would cut tie with the pharmacy change philidor which will start closing it's operations. the stock has closely tracked valeant over the past few months. both relied on acquisitions paid for with debt to fuel growth. they have also been singled out for the sharp drug price increases. it treats multiple sclerosis has gone from $1,600 a vile in 2007 to 28,000 dollars. it doesn't respond to market speculation and it's fully confident in it's business model. the ceo will be on squawk box today at 7:30 a.m. eastern time. andrew left will be on fast money halftime report today at 12:30 p.m. eastern time. back to you. >> landon, thank you very much. >> let's get back out to milan

and tim cook speaking to students at bocconi university. let's take a listen. >> design and craftsmanship, an artesian's focus on detail. throughout history this nation has proven the great value of design where form meets function and aspiration. this is a country that shows that excellence means making the best, not necessarily the most. time and time again italy has changed the way we think, how we live, and how we structure our societies. you have proven that a great idea can truly change the world. at apple, we believe that too. and every day, i am reminded of

the strong connection between italy and apple because i rely on something else from this great nation, our cfo. luca is here today with me and i know he's glad to be home. luca. [ applause ] >> and i'm really glad to be here too. and i'm especially happy to join you at this great university. being here with you makes me think when i was in business school at duke university more years ago than i care to admit. it makes me remember how impatient i was to start making my mark on the world. and i guess most of you feel that way. in fact, i hope you do. and i hope you hang on to that

impatience throughout your entire life. what i loved most about business school, more than any specific classes i took, was the team work, the comradery. the culture of collaboration. business school like business itself can be pretty competitive. but there was a mind set there at duke that said we'd all be better if we worked together. and you know what, they were right. my very first night at duke, i really lucked out. i happened to sit next to five other people who became some of my best friends. we formed a study group. a study group of six very different people, men and women from different region with different ethnic backgrounds and very different political views. we each had unique skills and interests and varied goals for

our careers. but we used our differences to make us stronger. together we found we were kind of unstoppable. we took some pretty tough classes. and we found that among our group there was always someone that brought a different strength to the subject area. the alliance we formed lasted throughout our two years of school and we stayed in touch ever since and we continued to support each other, to push each other in both our lives and our careers. back in california there's a peak called glacer point. >> apple's ceo tim cook speaking in milan at bocconi university in italy. he was being introduced by the former italian prime minister mario monte. let's check in on the headlines before we get to break.

european stocks are reversing earlier gains after the dow is back into negative territory for the year. oil investment has fallen for the second consecutive year as it predicts a slow price recovery and tencent posts bunker profits in the third quarter thanks to higher mobile and ad revenues.

>> european markets in the red. we're down. a little more than that for germany and france. italy managing to stay in the green. it comes off a weak day yesterday as well where the dax was off over 1%. >> worst day for global markets since the end of september. right now u.s. futures telling

us we'll be below fair value today. dow jones industrial lower at 47 points and losses deepening by the way and we're declining 15 points. let's get you a quick rundown of what to watch for on this trading day. october import prices 8:30 a.m. eastern time followed up by december wholesale trade at 10:00 a.m. chicago fed president charles evans speaking this afternoon and we got tencent in china and dr horton coming out with numbers as well and when it comes to big interviews, a first on cnbc interview, mary jo white, interview taking place at 9:10:00 a.m. eastern on squawk on the street. >> that's it for today's show. thank you for joining us. it's been a pleasure having you with us as always. i'm wilfred frost. >> i'm susan li. u.s. squawk box is coming your way next. [announcer] if the most challenging part of your day

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>> we're not likely to get back to $80 barrel until 2020. an apple a day, tim cook barn storming europe today declaring the end of the pc era. and chinese collectors buying a portrait for more than $170 million. it is beautiful. naked though. second highest price ever paid for art. it's tuesday, november 10th, 2015. 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. the bulls trying to battle back after the s&p wiped out all the gains in yesterday's session. it was the worst performance in awhile. this was only a decline of 1%. the dow was down by 179 points. still they had the worst day since september 28th. take a look this morning and the futures are once again indicated lower. s&p futures off by 6 and the nasdaq down by 15. on the agenda today, two key snapshots of the economy. october import