ending the streak. stocks pointing to a mixed open on wall street after the dow and s&p 500 snap six straight days worth of gains. betting big on drugs what amazon just did that could deal a blow to pharmacy stocks and clean up in aisle four walmart posted its worst day in 30 years what's the next step for the company? a top retail expert's take on that it's wednesday, february 21, 2018 "worldwide exchange" begins right now. ♪ good morning welcome to "worldwide exchange" on cnbc.

i'm courtney reagan here in for sara >> i'm dominic chu in for wilfred frost. wilfred had a great fund-raiser last night he's out in london best wishing to him. let's check the global markets this morning the futures are pointing us to a slightly lower open for the dow jones as well as the s&p 500 the nasdaq for now is holding on to an implied slight gain if we were to open here. this is after we had a down day yesterday across the board for the broader indices. the dow, the s&p and the russell 2000 broke six-day winning streaks. the nasdaq was down for the second straight session. look at the ten-year we've been hapaying attention to this, 2.888, very close to getting to 2.9 again. >> let's look at asian equities.

that picture, if you look at where they are, basically a green picture for the most part. the south korean posi itykospi half percent the hang seng, up 1.81%. the nikkei up by a quarter percent. let's look at the action in europe things are getting started over there now. we are seeing a little bit of mixed trading. now it's to the down side. the dax off by three quarters of a percent. the cac in france, off by a half percent. the ftse 100 off by a quarter of a percent as well. so the european side of things indicating what we're seeing in the future side for the u.s., fracti fractional, just modest losses >> let's check on commodities. oil prices on tuesday wti gained about 0.3% to settle at 61.90 today we are giving back that. we are at 61.19, down about a perce

percent. brent crude is also lower. we are going to get those numbers from the government, but delayed because of the president's day start in the united states. we won't be getting them today on wednesday, but shifted to tomorrow still under pressure as we expect another production rise from the u.s rounding things out, let's look at the price of gold gold did fall yesterday by almost 2%, breaking a three-day win streak and its worst daily performance since july as you can see here, we're gaining back a bit of that this morning up by a hair. >> courtney, the currency picture may be driving that action and the theme this morning is slight dollar strength you can see there -- we kind of reversed it. the euro is still showing signs of that. 1.2327 for the euro. the dollar/yen, 107.50 in last trade. pound sterling, 1.3960

so a bit of dollar strength across the board is the theme we're watching let's take you over to the cryptocurrency side of thing bitcoin, a lot of people talking about that after that sharp move lower. we are back above the 11,000 mark a bit of weakness today. bitcoin futures are off by 5%. 11,140 the last trade there. bitcoin on coinbase, the big u.s. exchange, 11,152. so a bit of strength there for bitcoin. crypto is something we'll be watching as a gauge of risk appetite. there's fed speak on the wall street agenda january existing home sales are out at 10:00 a.m. followed by minutes from the federal is he rev meeting. patrick harker speaks before the opening bell minneapolis fed president kneel kashkari speaks later tonight. delphi and wendy's report before

the open cheesecake factory, pandora and roku out after the close >> let's talk more about the day ahead. joining us now on the cnbc news line is "fast money" trader guy adami. we saw you yesterday you're putting in long hours what's your take on the market action were you surprised what are you doing in the wake of yesterday it wasn't a massive selloff, but maybe a sentiment indicator if the markets could retest those lows >> good morning, team. at the time i spoke to you, i think the dow was indicated to be up 160 points what did we talk about i said we made basically a textbook 50% correct sun off the a s&p, and when it bounced off the 200-day moving average i said it would not surprise me if the markets reverse and close

lower. it did reverse, closed unchanged and then the move yesterday. the world is not that neat despite your pocket square, dom, how nice you look, courtney, things are not that neat, they're messy. what does that mean? there's another flush to the down side? i'm not suggesting we will retest that prior friday low, but i think there's some pain in store. i don't think this volatility move is over i think that there are derivative books that have tremendous risk on, and there will be another painful move to the down side. >> speaking of messy, guy, i'm sure you were following walmart yesterday. >> yeah. >> i don't know. i just kcover retail, i think selling off more than 10%, biggest drop in 30 years is overdone i don't think it's fundamentally broken because the digital sales were disappointing am i wrong >> i don't think you're wrong at all. but think about this, a 10% move

in a company like walmart, on numbers that were not great but -- i mean, they were not extraordinarily bad. stocks should -- a stock of that size shouldn't move 10% on any day. that should be held off for some smaller biotech names. that is concerning i'm not suggesting it should have, but the fact it did tells you something. i'm not saying that's a tell on the consumer, but i think a lot of these stocks got way over their skis and there's a reality test coming back to the broader market i'll throwing boeing in there as well i think boeing is a stock that should continue to grind higher, but you shouldn't see intraday 3% moves up and down in names of that magnitude let alone a 10% stock in the biggest retailer in the history of mankind >> here's a question for you we're in the waning part of earnings season. we only got a fifth of the s&p

500, maybe less at that point ready to report. we also have fed minutes coming out. we will get color on inflation, price adjustments, interest rate commentary we know all of these things drive the market as a trader now what are you paying the most attention to still corporate fundamentals and earnings or the bigger macro picture with regard to interest rates, inflation and everything else out there >> hawkish fed that's what i'm paying attention to hawkish fed. brian sullivan said this a few weeks ago on our show. the market tests new fed chairs. think about it when the fed chair took over, i think it was on a monday, think about the day we saw that day. down 1,000 dow points, obviously we had a crazy week that week. i'm looking to hear how hawkish this fed will be i don't think they could thread the needle as neatly as the market wants them. yes, fundamentals matter, but right now i think fed speak and

inflation data are going to dictate where the market goes. >> guy, you're likely not the only trader out there thinking the same thing thank you. >> i'm not the only one, but i'm a fun one, let me tell you something. >> you are a fun guy a guy that we love guy ada ma ashgadami, thank youh thank you very much for joining "worldwide exchange. >> later, team. shares of lending club were down big after the company reported their results landon dowdy joins us now with more >> good morning. shares of lending club are on the move following weaker than expected fourth quarter results showing operating expenses rose 52%. they posted a miss on the top and bottom lines earnings lower than estimates. revenues at 156.5 million, versus the 158 million the street expected. the net loss increased mainly due to litigation settlement

expense of 80 million. the lending club ceo has been trying to repair the credibility of the company since an internal probe in 2016 found that the online lender falsified documents when selling loans to an investor. look at the stock. shares of lending club off more than 30% in the past year. off about 10% in early trading back over to you >> land lanon dowdy, thank you y much. glencore, the annual net profit jumped 44%, helped by the best performance by its trading arm in ten years results were in line with forecasts. they will pay out nearly p billi $3 billion in dividends this year shares are up 4% in europe. and fluor's fourth quarter profit falling due to the new tax law. there was strength in the energy, chemical and mining

business shares are up 2.25%. and la-z-boy posting a drop in fourth quarter profits due to a tax related charge and a settlement of a lawsuit over royalty payments shares are up nearly 4% in the early trade. 3m has agreed to pay 8$850 million to settle a longstanding lawsuit by the state of minnesota over polluted ground water. the state's attorney general had been seeking at least $5 billion in damages from 3m to clean up the disposal of chemicals in the minneapolis/st. paul area over the past 40 years. the shares of 3m are unchanged. boyd gaming missed analyst forecasts. while the casino operator saw growth across the board, the weakest growth came from properties in las vegas. shares of texas roadhouse

are lower despite better than expected fourth quarter results. same-store sales rose nearly 6% topping analysts estimates shares down this morning still ahead on "worldwide exchange," what amazon just did that could deal a big blow to pharmacy stocks. those details straight ahead. and walmart had its worst day in 30 years. so what's next for the company er'll get a top retail expt's take when "worldwide exchange" returns. you know what's awesome? gig-speed internet.

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welcome back to "worldwide exchange." if you're just waking up or heing inhe i heading into working modest declines for the u.s. equity markets at the open. s&p slated to open down by 7 points the dow jones off by 60. we've been floating between this down 50, down 70 range the nasdaq just about flat we'll watch that develop on the heels of that selling pressure yesterday i won't say selloff. it wasn't that massive, but a wakeup call who thought the march straight higher would continue as for the treasury side of things, we do have fomc minutes coming out later on today. we'll look for indication and commentary from the fed about what they think on the inflation

picture. the ten-year, 2.98% the last trade there. the two-year at 2.27%, maybe this fall, early september, it was closer to the 1.25, 1.27% range. a sharp move higher on the short end of the curve, that's the side people look towards for the pricing in of fed rate hikes down the line. >> amazon has quietly launched an exclusive line of over-the-counter health products the move could possibly charge cvs and walgreens and spark a price war. amazon doesn't open the products which were made by perigot but this does put the company if a position to squeeze other retailers margins. amazon launched the basic care line last august, including 60 items ranging from ibuprofen to

allergy medication. we're watching walmart shares after the company had its worst day in 30 years. the retailer seeing a sharp drop in profit and online sales growth during the holiday season forecast annual profit at the low end of expectations. the stock's big decline weighed on the dow yesterday causing the index to snap a six-session winning streak joining us is joel bynes i know you study the fundmentals of a business. we have to pay attention to the stock price in reaction to the fundamentals, but what do you make of walmart's underlying z business, is the strategy we thought was winning broken or is this a stutter step? >> i think this is -- first of all, good morning. this is just a reflection of wall street catching up to the implications of walmart's strategy of really focusing on the employee in the store for

the in-store experience and focusing heavily on digital trying to compete and catch up with amazon on the digital side. i think there was a hope it would be smooth and linear, and that everything would continue to chunk along and employee nicely that's not the nature of retail. retail doesn't work that way this is less of a stutter step, more of people coming to a recognition that the strategy is perhaps the strategy they lay out is the right strategy for them, but it won't be linear and smooth to get there. it's lots of little steps up and down along the way this is the natural ebb and flow of the analyst's view versus the company's view and trying to settle on the new normal for that company and retailers in general. >> one thing courtney brought up over the past day and a half is the idea that online sales at walmart represent 3% and 4% of their total profile. it's not a massive part, but it

seems like the selloff was driven by disappoint the over their e-commerce dizziness is that justified given the level of business they have? is this a situation where walmart has a lot of runway left because it's 3% and 4% of sales or is this a situation that's not growing fast enough for people to be excited about online shopping at walmart >> i think it's more the latter and the latter related to the growth rate that they had put up in the third quarter versus the fourth quarter and i think when you talk about a half trillion dollars in retail sales, plus or minus, with 2%, 3%, 4% of that coming online, i think anybody would look at that business and say a smart group of management folks investing in that strategy are likely to be able to grow their share over time. so 30% growth roughly, that's nothing to sneeze at that's not the same as what they had done historically. the question is is amazon going to continue to take share, but

really everybody else keep pace. that's what we saw reflected yesterday is this concern that even though there's a lot of head room, if they're not keeping pace with amazon's open growth, then at some level they're losing ground on the digital front. it's really a complex mix of things as we all come to grips with what the new world is like right now. >> thank you so much, joel appreciate your take i think we'll have you back on as these retail earnings roll forward. >> thank you very much still ahead on the show, giving the cold shoulder north koreabruptly cancelling a secret meeting with mike pence hours before it was set to begin. we'll go to washington for those details. and another look at the futures. we are still lower the dow jones down by 61 points,

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if they're legal, they need to be managed or regulated or handled in a way that can be properly implemented into society. that's what the proble retailers dropping gun sales today, it's not a big enough piece to hurt it, but it wouldn't solve the problem they're still out there. they would be sold outside the traditional retail channels, at gun shows and private sales where they're not tracked. we need to fix the problem >> trump is trying to take steps to fix the problem with tougher regulations. tracie potts is in washington with the details this is all about the infamous bump stocks, a central part of the las vegas shooting narrative, right >> right the president had already asked his administration to review them now he wants to get around

congress do something about them the focus today is those students not only from florida, from columbine, sandy hook coming to washington with a message the president's party may not want to hear. >> reporter: as student walkouts begin across the country -- >> we don't want it to happen anymore. >> reporter: students, parts and teachers join president trump for a listening session at the white house today. >> to see what can be done better, what the actual concerns of the students are, what they would like to see. >> reporter: many want to see semiautomatic rifles like the a. >> reporte ar 15 restricted >> you can't allow kids to get these guns. >> reporter: with congress in gridlock, president trump is directing the attorney general to propose new rules >> to ban all devices that turn legal weapons into machine guns. >> reporter: bump stocks and other devices that make rifles fire rapidly

flts we mu >> me must do more to protect our children we have to do more to protect our children. >> reporter: it's unclear what the administration can do. today the president hears firsthand what scared students think he should do >> some gun owners are giving up their rifles, posting pictures online with the #onelessgun. >> the gun debate raging now i want to switch gears for a moment here. we did get new information overnight from the white house that a secret meeting between mike pence and north korea was abruptly canceled. what more can you tell us about this mparticular meeting >> the trump administration and the white house say this did not happen because the north koreaen ekored out after they realized the u.s. would not water down its message. the chief of staff saying the north korea dangled this meeting

on a world stage with the olympics going on. but when north korea realized that the president made a decision that they were going to talk about issues, the north koreans backed out of the meeting. the state department adding that there was a lot of pressure, and that this pressure campaign on north korea when it comes to their weapons seems to be working. but the meeting didn't happen because they say the north koreans backed out >> tracie potts, thanks for keeping on top of those headlines coming out of washington for us. still ahead here on "worldwide exchange," today's top stories and a round up of the global market picture. later, jeff bezos has a new big project. betails behind his plan to keep his legacy going for 10,000 years. "worwi ehae"ilbelddexcng wl right back

the dow pointing to a lower open after six straight days of gains. a big bet on drugs what amazon is quietly doing that could deal a big blow to pharmacy stocks. and going for gold we'll tell you what to watch today from team usa. we're live in pyeongchang. it's wednesday, february 21, 2018 you're watching "worldwide exchange" on cnbc.

good morning welcome back to "worldwide exchange". >> let's get straight to the markets now. we are seeing a bit of a pullback this morning. the dow futures pointing to a 57, 58 point open to the down side right now 53 points. the s&p slated to open 6 points to the down side the nasdaq flat. the fomc minutes will be released late their afternoon. 2.89% the last trade there for the u.s. ten-year treasury note. >> let's look at what's going on around the world global stocks starting in asia the hang seng up by 1.8% the kospi higher by 0.6% the nikkei higher by 0.2%. mainland china closed for the lunar new year taking cues from

overseas and asia and what happened with the dollar looking at europe, starting the day lower, potentially following what happened in the united states, particularly towards the end of our session with the dow ultimately ending down about a percent in the u.s. trade on tuesday. >> as for the broader markets, that macro picture, let's check out oil prices they are lower wti crude off bay percey a percs now. a percent to the down side ice brent crude futures, $64.77. let's check out gold prices. relatively flat in trading so far today. also on the currency side of things, let's check out what's happening there. we're seeing marginal dollar strength across the board. so a weaker euro weaker pound slightly higher for the dollar/yen let's check out bitcoin prices they are above that 11,000 mark. bitcoin futures on the cme,

10,950 about 7% lower spot trading on the coinbase exchange, bitcoin 10,918 housing data and fed speak on the wall street agenda. january existing home sales are out at 10:00 a.m. eastern. patrick harker speaks before the opening bell minneapolis fed president neel kashkari speaks later tonight. delphi and wendy's report before the open cheesecake factory, pandora and roku out after the close amazon is launching a bunch of healthcare products landon dowdy has more. >> the move could challenge cvs, walgreens and spark a price war amazon does not own the products which are owned by perigot but

it puts the company in position to squeeze other retailers margi margins. amazon launched the basic care line last august with 60 items a big money maker for pharmacies, people who walk in for medicine and buy cosmetics and other goods on the wear out. amazon is cutting into that and this could give shoppers another reason to skip the store amazon says basic care does not give it a pathway to prescription drugs, but cnbc previously reported on the company's interest on getting into that space. let's look at the numbers. cvs slightly off walgreens about flat >> courtney, are you a big generics person? >> i am, especially for medications like that. if you look at the chemical makeup, they're the same >> and perigot makes about every single private labeled thing out there, walmart's equate stuff,

cvs's brand. they are commoditized products if you go in for cold and sinus remedies, i might buy the brand name stuff or pay less for the generics, you wonder if amazon gets some inroads in this way with consumers >> i think more and more consumers are opening up to private label or what we used to call generic products. both from things like allergy medication to cereal years ago that was a harder battle to fight, not so much anymore. >> my in-laws are big brand name people i'm more of a generic guy. >> me, too stocks to watch today, glencore's annual net profit jumping 44% helped by higher commodity prices and the best performance from its trading arm in ten years the results were in line with forecasts. the company will pay out nearly $3 billion in dividends this year, well above expectations. shares of glencore higher by 4 %.

and fluor's fourth quarter profit falling due to the new tax law. there was strength in the energy, chemical and mining business shares are higher by more than 2% and la-z-boy posting a drop in fourth quarter profits due to a tax related charge and a settlement of a lawsuit over royalty payments revenues did rise 6%, and that beat forecasts shares are up nearly 4% in the early trade. 3m has agreed to pay $850 million to settle a longstanding lawsuit by the state of minnesota over polluted ground water. the state's attorney general had been seeking at least $5 billion in damages from 3m to clean up the disposal of chemicals in the minneapolis/st. paul area over the past pour four decades boyd gaming missed analyst forecasts. while the casino operator saw growth across the board, the weakest growth came from properties in las vegas.

shares are off by 6% premarket shares of texas roadhouse are lower despite better than expected fourth quarter results. same-store sales rose nearly 6% topping analysts estimates shares right now are down by 4%. also making headlines, the final version of the transpacific trade deal was released overnight more than 20 provisions have been sus pecpended or changed including rules around ichbt ele intellectual property. the original deal went into limbo early last year when president trump withdrew from the tpp. the deal's official signing is set for next month we're launching a new coverage area at cnbc today. it's called closing the gap. our goal is to focus on issues facing women in the workplace from inequality in pay to the gaps in leadership and corporate culture. this morning, how the me too

movement has impacted small business kate rogers joins us with the results of a new survey. >> cnbc and survey monkey are out with the first quarter confidence numbers, and we decided to look at harassment policies at small businesses nationwide of all of the businesses that we polled here, the split is nearly even with 50% saying they have an official policy in place, but the smallest business owners, who make up the majority of businesses in the country, they were much less likely to have a policy in place. only 39% of those with 0 to 4 employees have a policy in place compared to 85% of those with 50 or more workers. what's more, at the country's smallest businesses, the business owner is often the one handling harassment claims because they don't have enough manpower the smallest businesses, 68% of business owners said they were the ones to handle those claims,

3% said those claims are handled by human resources, 10% said there's no specific way to handle harassment claims in the workplace. larger companies, 15% of owners said claims are handled by the owner. 62% said they're sent to human resources. 6% said there is not a specific policy for handling them also in the wake of me too, 11% of all small businesses said they issued company-wide communications to remind workers of sexual harassment policies and reporting procedures 9% of them have reviewed policies regarding diversity and gender equality and 7% required new training 5% have actually fired or sus opini suspended employees. >> let's talk about the themes behind it. with small businesses, the assumption is they don't have the resources to conduct the formal hr type proto cals and policies that many companies are espousing. what does that mean for small

businesses on how to tackle these problems >> awareness is top of mind. that's the whole point behind these issues these issues are not new we want to point the issues out, talk about creative solutions, how to tackle them and point to businesses doing it right. but small companies, 0 to 4, the burden always falls on the small business owner to take on things from filing your taxes and handling harassment claims, but pointing this out maybe they will put policies in place, maybe they will hire an extra person to handle harassment claims if your claim is against that small business owner, who do you go to, the owner >> for outsourcing these things, you can hire a consultant that helps you with hr policies and these things >> if there's a need i bet profit motivation will get

people out there if enough demand happens, you have to imagine an industry c p cropping up. >> we often talk about liability. what's your liability? do you want to have that on your back as well, handling harassment claims? you should want to protect yourself, make sure you're doing this right for yourself and your employees. so maybe you want to bring on an extra person to handle it. >> makes sense glad you pointed it out with those survey numbers >> quite interesting it makes sense but it's not something we talk about every day. >> thank you very much, kate still ahead on "worldwide exchange," the top stories and your full market rundown and bill gates is headed to prime time the hit show that's picking up one of the world's wealthiest men. the top trending stories are straight ahead. and we're live in south korea for a look at what to expect in today's winter games you're wchating "worldwide exchange" on cnbc.he south ngs b.

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anif you've got a lifee. you gotta swiffer welcome back to "worldwide exchange." time for the top trending stories. bill gates will reportedly appear as himself on an episode of the big bang theory in march. the microsoft founder has been mentioned on the show before, but this will be his first appearance visiting the company where penny works. sheldon has criticized gates on the show with issues of windows vista, and the episode will have

similar antics i remember when ben bernanke made a cameo, i remember when steve wozniak was also on there. they have a big bunch of geeks they like to feature >> you have a lot of good trivia about the big bang theory. >> i watch a lot of big bang theory >> amazon's jeff bezos posted a video of a 10,000 year clock the clock is 500 feet tall, and powered by the earth's thermal cycles the project has been in the works for nearly 30 years. the clock is designed to tick once per year with a cuckoo that comes out at the millennium. this is a lot of work for a clock. that's a lot of clock. >> especially when a lot of us don't wear watches because our phones have our clocks on them this is amazing to me.

>> when you have a few extra billion here or there to spare, this is the koipd of stuind of u can do >> how has it been going on for 30 years and we didn't know? >> i think it's been kept under wraps. queen elizabeth made an appearance at london fashion week check this out the queen sat in the front row at british designer richard quinn's show next to anna wintor her arrival surprised the entire crowd at the london fashion week show, as she presented quinn with the queen elizabeth award of design. >> this is so exciting i saw anna wintor a couple times, and i could hardly speak, but if the queen showed up next to her, i would pass out you would have to pick me up from the floor

i love the queen >> he's a cool lady for sure >> really cool we have another big day of events under way in pyeongchang. andrew ross sorkin joins us live from the olympics. good morning good evening whatever time it is for you. >> well, you know, it's about 7:46 we'll call it the evening for us morning for you. want to get you caught up on the highlights a lot going on here. tough day for the men's u.s. hockey team. a very tough day eliminated in the quarterfinal round by the czech republic after a 2-2 tie at the end of regulation the game came down to a shootout the u.s. team could not get it together the czech republic won 3-2 they are headed to the semifinals hopefully the u.s. women can redeem the men tomorrow when they play canada in the gold medal game we have the ladies in skating. the american athletes had all the technical errors and are now

sitting in ninth, tenth and 11th place heading into friday's free skate. sitting at the top of the leaderboard, two athletes from russia who posted perm best scores the olympic athletes from russia have yet to win a gold medal in these games, but that may change >> let's look at the medal count now. norway is in the lead. it's been in the lead from nearly the beginning with 30 medals germany 23 canada 20. netherlands 14 france 13. if you're waiting for it, the united states is in sixth place with 13 medals i think we may update that with a 14th quite soon. that's what's going on in pyeongchang. a lot of news, and other little fun things that we'll be showing off today on "squawk box" and "squawk on the street" in a bit. >> courtney and i both loved the

speed skating demonstration you were doing it was fantastic so what else are you watching? what will be -- where will you be wandering off to? >> we did a little bit of biathlon >> awesome >> skiing and shooting >> you will see a bit of that. i don't think we'll show you that we went into seoul we have a great story about the amazon of korea coming up, which we'll show you and we'll talk about this news about mike pence, when mike pence was here just last week. and i know you talked about it, but making a lot of waves. a big conversation that's on tap. >> we look forward to a full day of coverage. thank you very much, andrew. >> thank you coming up on "worldwide exchange," the dow snapping a six-day winning streak what is in store for today your full market rundown is straight head. and let's check out what's happening with the u.s. equity futures. the dow opening up 50 points to

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welcome back to "worldwide exchange." i'm dominic chu alongside courtney reagan. the s&p would open down 6 points, the dow off by 52 points, and the nasdaq higher by 4 points joining us now is tim seymour from triogem asset management. let's do the market setup here did yesterday scare you at all >> we had a tremendous bounce back, so i don't think yesterday's move was a remarkable pullback. if you look at what's going on with treasury funding, that 258 billion for the u.s. that they pushed out, the fed minutes later today, i think the whole interest rate dynamic for

equities is enormous there's a lot of uncertainty, some inflation data out of europe was hot so i think what's bothering equities now, it's what's bothering bonds. >> tim, is that what will be guiding your trading philosophy today and in the days to come, what's going on with interest rates? >> what happens to u.s. treasury yields is the most important dynamic. if you want to look at long-term charts, the ten-year has pushed up, and the two-year moved from 1.93 to 2.26 in the period since we had markets in the worst of their anxieties a week and a half ago i think this really is about that a lot of analysts want to say we're still at historically low interest rates but if you want to look at it as a 150 basis point move in the ten-year over 18 months, that

changes how you value equities volatility remains elevated. it's interesting how the fix is above 20 still that gives an indication of where markets are. having said that, the macro prospects as far as pmis around the world that were still somewhat off their recent highs, but still elevated showing the global economy is fine asia was firm overnight, coming back from the forces there so dynamics are supportive of equities today i don't think you get too worked up over yesterday's pullback >> how important are today's fed minutes being released what are you looking for there if anything? >> i think they're important you also have powell testimony next week which may be adding to potential anxiety. i think 2.:10, 2:20 people will

be glued to their screens. the cpi number was hot the payroll number coming up in march people will be all-eyes on and we'll take the fed minutes along with their preview of that and say this is where we have to assess how many rate hikes this year we're talking about seven or eight rate hikes between now and the end of 2019 that's significant. >> tim seymour, thank you very much for joining us lehere on "worldwide exchange. >> let's set you up for the day ahead with three big things to watch. keeping an eye on the consumer we have wendy's reporting, wolverine worldwide, they own sperry, hush puppies among other. boston beer, cheesecake factory reporting earnings today we'll know what consumers are eating, drinking and wearing on their feet also watching the fomc minutes. the minutes are released at 2:00 p.m. eastern time.

right now if you go to cnbc.com, it's one of the lead stories on our website. people are clicking on this one because they want to know what kind of commentary there could be out of the fed. whether or not inflation remains a risk and what that means for future interest rates. and we'll be watching any head lines that come out of president trump's meeting with high school students and teachers in florida. we know that this is a debate that will continue it's gone on for some time of course it's been reignited by the most recent tragedy in florida with the debate over gun violence and what can or should be done by legislators the students have a very strong voice that's getting a lot of attention. the student victims turned activists. >> those three things to watch let's get you up to speed with the markets overall. we are seeing a dow that will be slated to open down by 40 points given yesterday's weakness, we are seeing moves in the 10% pullback zone for utilities and

energy >> the yield on the ten-year, still below 2.9. tim seymour told us we need to watch that one carefully >> "squawk box" picks things up right now. this is your new name. this is your new house. and a perfectly inconspicuous suv. you must become invisible. [hero] i'll take my chances.

good morning stocks pointing to a mixed open on wall street after the dow and the s&p 500 snapped that six-day winning streak a full market rundown is straight ahead i think we're down about 5.5% from the highs betting big on drugs we'll tell you what amazon just did that could put a squeeze on walgreens and cvs. and going for the gold andrew has your list of the big events to watch today at the winter olympics. it's wednesday, february 21, 2018 "squawk box" begins right now.

♪ live from new york where business never sleeps, this is "squawk box. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen andrew is in pyeongchang, south korea at the winter olympics good evening, andrew >> good evening, good morning to you. >> andrew will bring us the highlights from last night's action let's get to the markets after a day when the dow closed 250 points lower, it was dragged down by walmart's worst one-day drop in 30 years all the way dak back to 1988 what happened on that day back in 1988? it was a drop of over 10%. >> safe to say it wasn't online sales. >> no. that hit things this time around we'll talk