stocks under pressure after the fomc gave the green light for more rate hikes to come. barclay's ceo on the record. jeff staley talking earnings and the overall markets. plus unstoppable amazon. the stock soaring to an all-time high we'll get an analyst's take on this latest leg higher it's thursday, february 22, 2018 "worldwide exchange" begins now. ♪ good morning a warm welcome to "worldwide exchange" on cnbc.

i'm wilfred frost live from london this morning. let's get straight to the global market picture futures are pointing lower off the back of some declines elsewhere in the world we are down around 100 points or so on the dow. improving a bit. down about 80 points the s&p down 5 points. the nasdaq down about 30 points. a big intraday turnaround yesterday. a 450 point swing on the dow initially markets liked the fed minutes and then they decided to focus on the word further being added to the line of further policying tighteni inin ining ly as we come in to today, down 1% for the week as a whole for the dow and s&p. all 11 sectors were lower yesterday and a lower week to date as well down 78 points on the dow as we look at things ten-year treasury note yields rose across the board yesterday in responses to the

fed minutes. the ten-year yield hitting a four-year high the high for the ten-year yesterday was 2.957. right now 2.923 on the ten-year. asia is fully open china bouncing higher after having been closed for much of the last two weeks elsewhere it is a negative session for asia, down about a percent, percent and a half or so between japan and hong kong european trade is lower, too fla france down a half percent commodities for you, oil prices down slightly yesterday, breaking a four-day winning streak wti still some ways from the highs of $65 this morning. you can see wti down more, 61.3.

a quick look in on gold prices as well, which suffered as the dollar rebounded we're down about a percent and a half coming into today for the week down another half percent for today, 13.24 dollar board to round things off, we got to three or four-year lows late last week. we had three or four sessions of bounce back for the dollar, particularly in response to that inflation data last friday and also in response to the fed minutes that we saw yesterday. we're seeing dollar weakness today. joining me is derrick halpenny and david bloom from hsbc. good morning to you both great to have you both here. derrick, yesterday your note said fed minutes are unlikely to be market moving i guess you were surprised when the minutes came out and the interpretation markets took from it >> the contents are what i thought they would sh.

when looking through the concluding points, i wasn't particularly surprised they highlighted the positive elements which were included in the statement on the 31st of january. so nobody should have been expe expecting anything other than improving groelt,e ining growthn inflation. i think the way the markets are at the moment, in terms of nervousness on the rate side, any indications of a potential increase in the pace of tightening, you get this reaction from the markets. it's more about the fed being confidence in the current pace of tightening rather than them giving indication that they need to increase the pace >> can i ask you a question, this is the puzzle i'm asking you because it's a puzzle, when the cpi numbers come out, they're higher than expected, that tems ytells you e

will raise rates, the dollar goes down. then the fed says we will raise rates, then the cpi says okay. and then the dollar goes up. what's going on? >> i think from day-to-day the markets are interpreting things differently. there's no consistency in terms of this idea of investors becoming more and more concerned about inflation. i'm dubious of that as being the consistent narrative in pushing the markets one particular way i would go back to what i said, basically the fed just confirmed what is already priced in the market, which is nearly three rate increases >> so that's why i'm asking the puzzle, that everything is exactly as we thought it might be, inflation numbers are higher, the fed would tell us they'll deliver, on the one the dollar goes down the other the dollar goes up so everyone has scratching their head i have my own explanation for it

what is you >> what is your explanation? >> i think the market thinks rates don't matter the fed doesn't matter we can ignore rates in the u.s., then you wake up and you say you cannot ignore long rates rising. the market wakes up and starts realizing one phenomenon i'm arguing the counter balancing phenomenon >> can the economy ignore the rising rates environment or will that take an effect on growth quicker than people expect >> in the old days we used to call this the automatic stabilizers. as the long end comes up, the economy slows, long end comes back down. we already have seen retail sales in germany, in the uk, retail sales in the united states, they're all slowing down all the pmis are coming off, or isns coming off the top. yeah in a highly -- a more indebted

economy, high rates have to matter >> in terms of the european side of things, are you expecting people to be surprised on the other side of the bargain when we start to see more comments from the ecb going through the rest of the year >> i think it's clear that the current monetary message or the forward guidance from the ecb or the monetary stance of the ecb, when you compare that with the fundamental picture, and i accept there are some tentative signs and slowdown, but the bigger story is there's a stronger than expected period of growth from europe in that context, the current stance of the ecb is inconsistent. the idea that we will get communication change and that ultimately the markets will be seeing the potential of the ecb starting to move its monetary stance, that's a story that should play out. will that force the euro higher or is that priced in we have come from 105 to 125

have the markets priced that in? >> our forecast for this year is not much further appreciation from these points. i think definitely a lot of what happened last year was entirely inconsistent with what was happening on the rate side i think there is a story in fx saying we're not following rates, because ultimately there's a degree of manipulation going on from the monetary policy side, from the ecb. if you look at the flow side in terms of what happened in terms of equities, we saw a 450 billion euro inflo into european equities from foreign investors. >> your forecast for the euro for the rest of the year >> 1.25. i don't call that a forecast i have it going sideways it's one of the most boring ones we got, which is good for other currencies, but basically the euro, the big move last year, we called it sideways from october last year. so far it's worked out

i've had some testing moments. >> david, great stuff. >> thank you very much >> derrick, thank you for joining me switching focus, barclays shares are up pore than 4% despite the uk bank reporting a big drop in 2017 profits barclays says it lost 2$2.7 billion last year due in part to the u.s. tax overhaul and a weaker dollar. there were some bright spots barclays says its pretax profits rose 10%, customer deposits were up and it's raising its di dividend jeff staley said he is optimistic about the future. >> are a number of tailwinds during the next year and half we will be retiring a lot of debt interest rates are in a much better position than they were before we've closed noncore noncore was a significant drag

on this bank in 2017 you take those things around taxes, noncore expenses, that's about 150 basis points of that 350. then we have costs cost guidance of 13.6 to 13.9 billion for 2019 we have great visibility on how to get to that number. this bank dropped its costs by 5 billion pounds over the last few years. we know how to do that all you're talking about to get to that number, you have to believe we can increase earnings by 125 basis points. >> staley also talked about the overall market he says he's squarely focused on what's happening with rates. >> the markets to watch are the credit markets there's good signs and positive signs there. clearly interest rates are going up in the u.s. and in the uk what is disconcerting is credit

spreads have widened concurrent with the risk-free rate going up that generally doesn't happen. >> another quick check in on shares of barclays, up 5% this morning. in particular the return to the full dividend of two years ago, a factor analysts are citing for that share price performance. ford's north american president ousted from the company. la land land hen dowdy has the det that >> raj nair was fired following allegations of -- the ceo said ford is deeply committed to providing and nurturing a safe

and respectful culture and we expect our leaders to fully uphold these values. ford said they would announce a replacement in the future. ford shares are about flat in early trading. back over to you >> landon, thank you very much for that. shares of roku are down sharply. the maker of streaming devices is forecasting a bigger than expected loss this year. the down beat outlook overshadows a surprise profit in the fourth quarter pandora reporting a narrow fourth quarter loss. revenue beat forecast as the internet radio company added more subscribers the total number of new customers rose 25% to nearly 5.5 million. wendy's fifth quarter profit beating forecasts, but revenue missed expectations. same-store sales in north america fell short of estimates as fewer customers visited the burger chain it's down 4%

weekly jobless claims will be released at 8:30 a.m. eastern. leading indicators at 10:00. randy quarles and fed president bill dudley, raph bostic and rob kaplan all have scheduled events today. james bullard will be guest hosting on "squawk box" starting at 6:00 a.m. eastern time. that's one not to miss hormel foods and blooming brands will post results before the bell hewlett-packard enterprise and hp will report after the close this afternoon still to come, we're breaking out your rising rates playbook, what you should be doing with your money as the fed signals more rate rises to come. and we'll discuss amazon with an analyst when we return

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welcome back to "worldwide exchange." let's get you up to speed on the market action. futures are pointing lower we are improving as the show progressed we are down about 67 points. the nasdaq is down 25. the s&p 500 is down 3 points yesterday we ended up with declines, the dow down 0.7 s&p down 0.5 the nasdaq down 0.2% investors focused on the fed minutes and decided they were

slightly hawkish focusing on further policy tightening moving forward the dow and s&p down more than 1 % for the week treasury yields has been a factor we did see them rise yesterday the ten-year high yesterday was 2.957% we're below that level at 2.924% certainly we've seen yields rise over the last couple of sessions joining us now is guy steere from socgen. your take yesterday on the minutes? did it alter your forecast for how many rate hikes we'll see for the year >> it didn't because we've been relatively pessimistic in terms of the direction of bond yields. in terms of rate hikes, we're still expecting three, which is maybe the market is jittering between three and four at the moment the bigger question is with

these minutes we have the word further, prior to the minutes people expected the 2020 dot to be the terminal rate in terms of the fed rate hike expectations now people are wondering if there are not further hikes beyond that dot and that leads to a higher ten-year terminal rate >> we hit a four-year high, but we've seen all aspects of the yield curve rise over the last few weeks. the 30-year is around 3%, 3.2% at the moment. is that actually encouraging for you in terms of what it suggests about the economy, even if at the moment it's causing fluctuation in equity markets? is the fundamental picture a positive one for the u.s. economy? >> i think it tells you more about inflation expectations than growth expectations since 2007 people have not really had to care too much about inflation.

we've seen underlying inflation figures picking up that's why bond yields are rising let's touch on the ecb and the euro you're on the side of expecting mario draghi to be more dovish than the market has priced in in the last six months or so. >> i think mario draghi himself will be relatively dovish. i think the probability in terms of the way the bond markets are looking at it is i think there are two questions. first, how long -- how strong is european growth going to be. secondly, who is likely to replace mario draghi the second question we won't know for some time but i think markets themselves are likely to still look at it with a fairly cautious view. so we also expect to see five-year yields particularly in europe go higher we've actually recommended this morning to be selling the five-year part of the european

curves because of that >> guy, thank you very much for joining me this morning. up next on "worldwide exchange," a call to action. the latest on the big push for gun reform in america. we're live in washington with orwi etails on that when "wlddexchange" returns that binge watch over the weekend thing. that back from the dead or robot-cowboy thing. or maybe it's watching satisfyingly-satisfying things. organic avocado on everything thing. doing it yourself or tagging a friend thing. more checking-in or checking out things. like faaaaaaaaaar out of this world things. far out. more revolutions in the making thing. that play like a girl thing. is it a '4 your eyez only,' thing. more of a 'no role modelz' thing. that triple-double thing. "is he the g.o.a.t.? thing." no, not that goat thing. no no no no no no no more saving the world from the darkness thing. that selfie game strong thing.

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market action. we were down about 100 points. now down 67 points the s&p is down 3.5. the nasdaq is down 24 points coming into today, the dow and nasdaq are off more than a percent. all 11 sectors for the s&p are lower week to date. president trump talking gun control with a group of visiting survivors of school shootings yesterday. tracie potts is live in washington with the details of that good morning good morning there's a lot of raw emotion out there over this issue, especially a week after this shooting we saw it at the white house today and we saw it in demonstrations all over the country. >> reporter: it started in florida. >> we hope to achieve that every student feels safe in the classroom. i think we can make a difference. >> reporter: and reverberated around the country >> we're fed up with having to feel unsafe if school. >> reporter: hundreds rallied outside the white house as president trump held an

emotional meeting with victims of school shootings including florida. should have been one school shooting and we should have fixed it i'm pissed because my daughter i will not see again >> let's not ever let this happen again please please >> reporter: the president inviting suggestions and promising to strengthen background checks and restrict gun sales to the mentally ill. >> we'll get it done it's not going to be talk like it has been in the past. >> reporter: he says he'll consider a plan backed by democrats and republicans to raise the age to buy rifles to 21 despite opposition from the nra. marco rubio agrees >> i believe in this country if you're 18 years of age shoe not be able to buy a rifle. >> reporter: we heard a lot about the national rifle

association over the last week we have not heard much from the nra on this since the shooting today that changes the nra's ceo is expected to speak at conservative cpac conference outside of washington >> tracie potts, thank you very much for that. sticking with walk, we'll hear from commerce secretary wilbur ross coming up this morning. that's at 8:30 a.m. eastern time on cnbc. that will be on "squawk box. still ahead, the top stories and a round up of the global market picture let's check in on the futures market we're pointing lower, only by 65 -- now improving to 50 points lower on the dow back on "worldwide exchange" in a couple of minutes. today, the new new york is ready for take-off. we're invested in creating the world's first state-of-the-art drone testing facility in central new york and the mohawk valley, which marks the start of our nation's first

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fed fallout. stocks under pressure after the fomcgave the green light for more rate hikes to come. jeff staley talking earnings and the overall markets. we have his comments ahead and the big war breaking out tween two of the world's biggest yogurt makers. details of that ahead. it's thursday, february 22, 2018, you're watching "worldwide exchange" on cnbc. good morning a warm welcome to "worldwide exchange" on cnbc. i'm wilfred frost live from

london let's check in on the global market picture yesterday a big intraday turnaround a 450-point spread on the dow's moves during the day tended down 0.7% the s&p down 0.5%. the nasdaq down 0.2% markets focusing on the prospect of possible further rate hikes given a slightly hawkish set of fet minutes. we're lower today, down about a 45 points on the dow ten-year treasury note yesterday hit a four-year high, just off those highs today, 4.924 we saw rises in rates yesterday following those fed minutes. the 30-year hit a three-year high asian equities for you are mostly lower following the selloff on wall street hang shy is higher by i2%

it's the first day of trade after the lunar new year they've been closed for about two weeks. otherwise we're down a percent or so for japan and a percent and a half for hong kong slightly improving picture for u.s. futures, down less than 1% for the ftse 100, less than a half percent for the cac oil prices for you, which enjoyed a four-day bounce back, declining today, down about 0.6% 61.3 for wti dollar board for you, which had hit a four-year low late last week has enjoyed two or three sessions of positive trade today you can see the dollar is weaker against the yen yesterday the dollar was up 0.4% gold prices suffered as the dollar has rallied in the last two or three sessions, down about 1.8% coming into today

down further today, 13.25 is the price of gold. bitcoin enjoyed a bounce back at the start of the week. this morning bitcoin prices are down about 2% or so. that early week rise has been some what eradicated let's discuss trading with the global market strategist at jpmorgan asset macnagement did you alter what your expectations of hikes were ahead given the fed minutes? >> we always came into the year thinking there will be three or four the minutes confirmed the fed is happy about the economic growth in the u.s pointi ining out the strength oh labor market, and this was a view we held before. it's nice to see it printed out on paper and continue that view that the fed is on the path of policy normalization over the course of the year >> we had inflation data on friday, which supports that kind

of need for policy normalization. do you think there are other factors that can derail that, when we consider the pace at which longer end yields have z risen. if we cross certain levels, do you think the fed will pause rate hikes >> they have unemployment data looking good inflation which is not going through the 2% target but cutting closer and closer to it. core pce, a lot of core inflation levels are strengthening. we don't think inflation is running away but it's time to good on this path where they have a few rate hikes this year. what could derail that markets may like to think market volatility could slow down the fed. kind that issues could bubble up and slow down the fed. i think they're on a path where they set themselves up for these rate hikes it would sh strange to move away from that path given the robustness of the u.s. economy

>> when we consider the volatility over the last month or so, a big spike in volatility relative to the last year, if you look back further in history, is the volatility address pronounced as we feel it is >> that's the point we've been trying to make in 1980 to now, if you take the s&p 500's average intrayear falls, the highest point to the lowest point in those years, it's 13.8%, so 14% so what we're used to is low volatility, markets grinding upwards, and that's the abnormal state of markets markets will generally move around is what we have to get ud to. >> even if we shouldn't be too worried about it, we should expect more of it to come and we haven't had the 14% pullback yet. >> not necessarily saying we will get another 14% pullback late their year or markets

should take another leg lower, we remain positive on global markets, equity markets, les valuations maybe not justified or bond yields when they inch higher as the fed continues to tell us they will normalize policy, these will cause moves in the markets >> in terms of the growth outlook, europe still positive >> yes, the past two weeks the gdp data confirms a strong europe in different areas spain continues to outperform in terms of growth. growing stronger than germany. a sound growth picture for the core france and germany as well. we have the italian elections coming up soon that could jostle markets and cause volatility in the euro on the whole we do like it as an yir with good v area with good valuations for the stock market >> coming back to the u.s., which sectors are more right for a top off?

>> the u.s. equity dispersion of sectors is high. some tech stocks, the f.a.n.g.s have high valuations there in terms of where we see potential because of a slightly steepening yield curve or long-end yields, financials look attractive they have good evaluations they pose a bit of benefit if the deregulation policies of the trump administration come throug through. >> great stuff your positivity this morning has put the s&p in positive territory in terms of futures. we are now up 1.6% thank you very much for joining us on cnbc barclays shares are rising this morning following the bank's latest result the bank says they lost 2$2.7 billion last year due in part to the u.s. tax overhaul and the weaker dollar. jeff staley spoke with cnbc earlier today and said he's optimistic about the future.

>> there are a number of tailwinds. during the next year and half we will be retiring a lot of debt interest rates are in a much better position than they were before we've closed noncore noncore was a significant drag on this bank in 2017 you take those things around taxes, noncore expenses, that's about 150 basis points of that 350. then we have costs cost guidance of 13.6 to 13.9 billion for 2019 we have great visibility on how to get to that number. this bank dropped its costs by 5 billion pounds over the last few years. we know how to do that i think we'll go that route well all you're talking about to get to that number, you have to believe we can increase earnings by 125 basis points.

>> staley also talked about the overall market he says he's squarely focused on what's happening with rates. >> the markets to watch are the credit markets there's good signs and positive signs there. clearly interest rates are going up in the u.s. and in the uk what is disconcerting is credit spreads have widened concurrent with the risk-free rate going up that generally doesn't happen. >> another quick check in on shares of barclays, up 5% this morning. that doubling of the dividend returning it to where it was a couple years ago is a big factor analysts have been focusing on ford's north american president has been ousted from the company. landon dowdy has the information. >> raj nair fired following inappropriate behavior allegations. the specific nature of the

allegations were not clear ford's ceo said the firm is deeply committed to providing and nurturing a safe and respectful culture nair joined ford and rose up the ranks to about the president of north america. ford said it would announce nair's replacement in the future shares of the automaker took a hit when the news broke late yesterday. ford shares are trading flat in early trading. back over to i >> landon, thank you very much for that bae systems reported an 8% rise in annual profit in line with forecasts the british defense contractor was helped by demand of laser guided rockets the company expects earnings to be flat this year. it's down 2.3% british american tobacco's profits soared in 2017 they reported weaker than

expected sales growth as global volume declines with more people cutting back or quitting smoking. shares are down 4.5% axa reported better than expected 2017 profit ahead of the planned ipo of its life shirns business this year. the company says it wasn't hit as hard as some of its rivals by the series of costly natural disasters last year. it is up 0.9% in french trade. shares of avis budget jumping this morning the car rental company blowing by estimates revenues in line but earnings were ahead the company offering upbeat full-year profit guidance. in other corporate news, danone is suing a former high-level sales executive for allegedly stealing confidential company strategy and salary data before leaving for rival chiboni. according to the complaint the

employee forward business details and downloaded thousands of company files and took a sim card out of his company's cell phone in the months before his rez zig naisignatio resignation. the case is being heard in a federal district court still ahead on "worldwide exchange," the top stories and a run down of the global market picture. and heading for an m&a showdown things are heating up between broadcom and qualcomm. and later don't miss david foe v va he will be on "squawk box" at 7:00 a.m

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welcome back to "worldwide exchange." let's get up to speed on the market picture the s&p turned briefly positive about five minutes ago it's now back negative we're looking better than we were at the start of the show. the dow is down 36 the nasdaq down 13 points yesterday. the s&p was down about a half percent. the nasdaq was down about 0.2% broad come com reduced its buyot offer for qualcomm to $79.

qualcomm is down 0.6% in the premarket. let's talk more about the latest in terms of this battle. with me is the m&a correspondent of fin"the financial times." it's a lot of back and forth >> we're watching an extraordinary tactical battle. so what happened to start the week, just to rewind, qualcomm spent the weekend negotiating with funds that took pieces of nxp semiconductors, which call com coveted because they're expose to the iphone they increased a deal they offered in 2016 from $110 a share to acquire nxp to $127 a share. that appeased elliott and the activist funs who had taken nxp

hostage. so qualcomm had a deal with these funds over the weekend and got them to sign up to the deal. that meant that qualcomm is passing value to nxp because it believes this is the future of it's business. in response broadcom lowered its offer to qualcomm yesterday saying these guys are transferring value away from qualcomm shareholders to another constituency and we cannot offer the same amount we were offering to acquire qualcomm. and what do you think qualcomm shareholders will think about this they might have wanted qualcomm to take over nxp, but -- >> the key data is march 6th, when broadcom has tabled an opportunity to overthrow the board. if shareholders agree, they will vote in favor of new directors they will then replace six of

the existing directors on the qua qualcomm board and push for them to talk with broadcom. everything is a tactical battle. >> it's been a fascinating deal. clearly the start of the year everyone was expecting m&a to pick up. the fundamentals of the economy may suggest that might continue to happen. has the recent market volatility damped expectations for m&a for the rest of the year >> it has. but because we're in the late stages of the economic cycle, if you look at melrose and blackstone, you are seeing aggressive heavily levered deals that are a sign that we're in the late stage of the m&a cycle. things keep coming, but it's a different sort of tenor to the deals being pursued. >> we talked before about the deal of disney buying various

fox assets, including sky. rumors abound that comcast could still be looking to try and get in late in the game. >> it's an extraordinary situation. there's multiple levels of tactics. you have disney going for fox, which is going for sky, then you have a bunch of people watching the content players like disney and fox saying, look, i control the pipes, i want more content in the same way at&t is going for time warner. so everyone is trying to mix and match that so it's very difficult to predict how this will end. i think we'll see more twists and turns before may when we expect a ruling from the government on sky. >> that's unrelated to any takeover, that sky deal. also been very key for that share price. thank you very much for joining me still ahead on "worldwide exchange," tech check. the s&p technology sector gaining over 30% in the last year a look at what's driving its growth and what it means for

your money next. as we head to break, here's the national weather forecast from nshs bc's bill karens watching heavy rain from texas to arkansas and louisiana. we have had reports of flash flooding flash flood watch continues for 16 million more people the county there's in the red, the maroon color, that's where we currentlyhave flash flood warnings from pittsburgh down to central louisiana. another three to five inches is possible this is a stalled front. this is the boundary between the winter air and that incredibly warm air we had over the last couple of days along the east coast. this is where the heavy rain will develop so the forecast for today, still record heat in the southeast t cooled off with rainy weather inhe northeast and winter weather in the plains. more "worldwide exchange" when we come back

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welcome back to white sox wr"worldwide exchange." the dow was close to down to 100 points at the start of the show, now down 25. the s&p up a point now week to date, we were down over a percent and a half for the dow. the nasdaq down slightly for the week let's look at currencies as well the dollar has had a three or four session rally coming into today. it was up 0.4% yesterday today it's soft against the yen, down 0.4 the dollar has strengthened since friday's stronger than expected inflation data and the hawkish fed minutes. oil prices for you, down a p r. c couple percent this morning, and down slightly yesterday. toys "r" us is playing down

a cnbc report that it's in danger of violating the terms of its bankruptcy loans that could force it into liquidation. attorneys for the creditors have repeatedly told the bankruptcy court it's in everyone's best interest for toys "r" us to survive. the "wall street journal" reports that the retailer may close another 200 stores and lay off a significant number of corporate staff following disappointing holiday sales. shares of amazon hitting fresh highs yesterday, surpassing the price of $1,500 for the first time ever. the tech sector gained more than 30% over the last year amazon in the premarket is flat. joining me now is the head of investment wretch from globresel data this has not applied to broader markets across the last couple of woeeks and further accep grof

amazon >> we think this will keep growing, if you look ahead to the big themes, amazon is virtually in every single one of them it's a top three player, whether it's blockchain or cloud or artificial intelligence, machine learning it's firing on all cylinders now. >> it's also entering into new areas. healthcare recently, an entrance into healthcare. is that something you welcome given success in other areas, or are you concerned it will never fully grow into its earnings multiple >> i think it will be welcomed by the u.s. population because healthcare costs are so high in terms of what amazon can add to the pot, we have to wait and see. i suspect using the ai engines,

they can create precision medicine products that would reduce the cost of treatment and diagnosis in healthcare. >> if we talk about other big names that we discuss, facebook for example, are we at a turning point in terms of regulation facing those companies is that enough to put you off buying the stock >> i think we're at a big turning point. we're at positive on facebook because of tv. on the down side we think regulators are going to come down hard on big tech, especially on social media a number of news stories in the last year have been classified as making big tech companies like facebook bad, big, anti-competitive, addictive and detrucktive destructive to democracy as a result we think anti-competitive regulation in the u.s. will hit these companies hard >> which of these stocks is most exposed to regulation? >> facebook is most exposed, then twitter and google.

>> if we touch on apple -- >> if i could add, amazon exposed to anti-competitive regulation too the way significant market power is defined today, amazon is safe, but we predict regulators will redefine significant market power because we all know amazon is a monopoly in many views. >> and your view of apple? >> the big risk is augmented reality and we are concerned >> the reason being? >> in ten years time augmented reality, such as glasses with a smartphone in them, will replace the smartphone and we're concerned that apple is not ahead of some kcompetitors like microsoft and google in that space. >> great stuff lovely to see you as always. we have just under a minute left in the show let's set you up for the trading day with the big things to watch. ecb minutes released today at

7:30 a.m. eastern. we didn't expect too much market movement off the fed minutes yesterday. that was wrong, so another reason to keep an eye on the ecb. keep an eye on energy prices crude and fat ral gnatural gas inventories are out today. haven't hi recent highs were up to 65, but they have pulled off that high and hpe has the first earnings report since meg whitman's departure. a quick check of futures as we go improvement throughout the show. we were down nearly 100 points at the start of the show, now down 35 points the s&p in positive territory. that's it for "worldwide exchange." thank you for joining me

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stocks under pressure yesterday after the fomc gave the green light for more rate hikes to come. our guest host this hour, st. louis fed president jim bullard. shares of ford falling after hours after they announced they ousted their north american president. and a tale of two streaming companies. pandora shares higher, but roku is getting crushed we have your list of the biggest market movers on this thursday, february 22, 2018. "squawk box" begins right now. >> live from new york where business never sleeps, this is "squawk box.

good morning welcome to "squawk box" on cnbc. we're live from the nasdaq market site in times square. i'm becky quick along with joe kernen andrew ross sorkin is reporting live from the winter olympics in pyeongchang, south korea hello, we'll get to you in a few minutes. lots of big news overnight with the hockey gold. >> yes lots of news >> we'll talk about that let's talk about the u.s. equity futures at this hour there was some big news with the markets. big swings in stock prices it happened in the last 90 minutes of the day we went from the session high to the session low during that course of time the dow ended down about 166 points it came as traders sifted through what they thought about the fomc