i'm seema mody, it's 5:00 a.m. at cnn global headquarters. general electric gets the boot after more than a century on the dow ge is being replaced by walgreens. starbuck shares getting rested aftres roasted after announcing lower guidance and a slew of store closures. and fresh comments from the ceos of jpmorgan and microsoft on the border controversy. and oil prices down ahead of the big opec meeting. and canada approving

recreational marijuana use it's wednesday, june 20, 2018. "worldwide exchange" begins right now. good morning welcome to "worldwide exchange." i'm dominic chu. brian sullivan is on assignment today. we'll hear from him later on in the show let's check the market action for this wednesday morning as you can see behind me, futures are pointing to what should be a higher open. the dow up by 100 points s&p up by 7. on the treasury side of things, a check on the ten-year u.s. note yield finds stability for right now. just about 2.90% not a huge amount of movement. still well below the 3% mark to-year treasury note yield, 2.55%. we have wti crude at $65.37, up

0.74%. ice brent crude, 75.50, up by a half of a percent. a lot of green on the screen so far. we'll see if that carries into the opening bell >> turning overseas, a positive session in asia with stocks making a comeback in china, hong kong, south korea as well. 1.24% gain for the nikkei. hang seng up about 0.75% the ashanghai composite also up look at early trade in europe. a positive set up for stocks in europe waiting for economic data on growth the dax up a half percent. ftse 100 up 1.5% the french equity index up about 0.30%. a big corporate story,

general electric getting booted from the dow jones industrial average. ge was one of the original components of that blue chip index. it's been in the index continuously, consecutively for 111 years. ge stock has been battered this year, down nearly 27%. they're off 2% again in the premarket session. responding to the news ge says it is still focused on executing a plan to improve performance adding today's announcement does nothing to change those commitments. that's ge's formal statement ge will be replaced by walgre walgreens. that stock up 3% on this news. the change will go into effect on tuesday >> a historic move ge a founding member of the dow in 1896, historic news overnight. >> just the idea it's been there over a century on a continuous basis. if ge is not the iconic american

company, i'm not sure what is. >> joining us is dan verio good morning to you. your thoughts on this move, ge out of the dow, walgreens in >> it's one of 30 stocks it's an arbitrary 30-stock index. it's clearly a sign of the difficulties ge has had -- and they're very well documented, but to me the contrarian in me makes me think that you're at a capitulation point, and there could be real value in ge here >> it's so interesting you bring that up. as i am getting e-mail alerts overnight about what's going on, i think to myself this is it, right? it getting booted -- if you were to make a call on ge, 5, 10, 15 years from now, will we say remember that time, dan, you were on "worldwide exchange" the day ge got booted from the dow, it's up x percent. i don't know if it will be or not because it has problems, but

what does the contrarian out there feel about this situation? do we feel as though ge is at a point where it couldn't get worse for this company in. >> right there's a lot of really terrific people at ge there's a lot of tremendous assets there, too. they're out of cycle in a lot of their businesses but they have some good ones, too, like the energy business coming back strongly aerospace is a strong point for ge always has been a dominant place for them but they struggled in other areas. the portfolio needs repositioning. management is doing what they can to do that as quickly as they can >> ge down 2% nearrl in early mt trade. we sold off yesterday on brewing trade tensions your thoughts on buying opportunities there? industrials are down interest rate sensitive sectors like telecom closed higher >> my sense is that is a short-lived trade. we have been talking a lot about convertible securities as a

place to move into that's a place where there's a lot of value the convertible bond market is a market unto itself it's the only place within the bond market where you can profit in a rising interest rate environment. my colleague, bill lee, wrote an interesting paper on our website that talks about the structure of the convertible bonds index a controvertible bond a security with attributes of a bond and attributes of common shares. >> just a few moments here as you talk about the way you're investing in convertible securities, options essentially, what does that say about the cycle of the market right now? does it mean we're late stage? is that the only place we find opportunities? >> no. we're in a period where you have really rapidly rising revenues and earnings but you also have interest rates

that are likely up into the right. the pace and timing of that is uncertain. you have geopolitical issues that are going to impact the timing of all this you throw on temperature of that trade tensions, and some of those other issues it's not going to be a linear path i think convertibles are a great way to profit from that environment. >> dan, thank you for joining us >> thank you in corporate news, shares of starbucks under pressure after the company issued weak guidance and announced some store closures kate rogers has that story it's 150 stores. how big of a deal is this? >> certainly if the stock is any indication people are concerned. starbucks is forecasting sales growth will be slower than expected this quarter. the company anticipates global same-store sales to rise 1%, that's below analyst estimates of 3%. starbucks has missed sales forecast in the u.s. in five of the past six quarters. the company is closing 150

underperforming u.s. cafes in 2019 that is triple the number it's closed on average in recent years. they will also slow the growth of the licensed stores, those are the ones in airports, supermarket the and retail outlooks most of the growth has come from those license stores but they're less profitable than company-owned cafes. the company opened more than 2,000 new stores in the past three years, there are now more starbucks than mcdonalds in this country. most of the locations that will be closed are in more urban areas where rents are high they plan to return $25 billion to shareholders through fiscal 2020 this all came out yesterday. kevin johnson was presenting it at this oppenheimer conference in boston. they also said they will bring in an outside consultant to work with the company, find areas of growth, but also mentioned in closing some of the stores and cafes that are in these densely

populated markets will accelerate u.s. comps which is something analysts are focused on >> steam seems like they're streamlining things, which could be a good thing for investors. >> and another focus is in china. they want to get to 6,000 stores in china by 2020 >> timing is interesting >> that's right. we'll hear a lot more about this particular story coming up later on today starbucks ceo kevin johnson kiting down exclusively with cnbc catch that must-see interview at 9:00 a.m. eastern time later this morning on "squawk box. > up next, big business sounding off jamie dimon and satya nadella coming out strong against the trump administration border policies their comments straight ahead.

and oil prices front and center brian sullivan is live on the ground in vienna ahead of that meeting. what's on tap? >> what's on tap is whether or not oil and gas prices will go higher or lower, and how you pay for your car and what you put your tank will be largely determined by what happens from a rather obscure palace in vienna, austria. anybody who is anybody in global oil is here. we'll tell you what to watch for and what is likely to happen after this

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welcome back to "worldwide exchange." just two days away from opec's big meeting. brian sullivan is out in vienna, us austria for us to bring us the details. it seems like opec's relevance has diminished over the past few years, how importantly will we view this production cut or production issue coming out of vienna today >> as always you nailed it this meeting is important because opec needs it prove to the world that it's still a viable organization. about a third of the world oil is being pumpedthrough opec. they need to come together and get an output deal done. this is called the opec seminar. the meeting where they will make the decision is on friday.

ahead of that, every major oil minister is in vienna, austria now. there's a lot of themes, but there's one major outcome. that outcome is how much, if at all, are the opec nations going to increase production right now they've been operating under a 1.8 million barrel per day cut. they did that a year and a half ago to raise prices. they will try to raise output here the question is will they get a deal done? if so, how much. some american ceos are here as well a few minutes ago we caught up with one of the most legendary guys in oil, scott sheffield i asked him whether he thought a deal would get done. he said it would here's why >> they will have to because we're taking off a million barrels a day off the market from venezuela declining, plus the iranian sanctions. now you have libya off 400,000

barrels a day. they have to read more barrels then you have the permian reaching capacity. the u.s. will not grow as much over the next 12 months. they have to add some more supply to the market >> dom, sheffield things the deal will get done maybe 300,000, 600,000 barrels a day because of that production coming offline down the road >> when should we expect a decision from opec and when does that response from russia come in >> yes okay call it ropec. russia plus opec russia and saudi arabia have come together. you have these unlikely alliances formed ironically, even though the seminar starts today, the meeting is on friday, all the -- you'll forgive me -- palace intrigue began last week at the world cup. mohammad bin salman the ruler of saudi arabia and vladimir putin sitting together watching the

opening game of saudi arabia and russia alexander novak was also there along with the head of saudi arabia's oil ministry. they were there. the negotiations began really last week. their whole goal is to get everybody in this building on board. iraq, iran, and venezuela are opposed to a production output increase because they want prices to stay higher. we know why. they need the cash flow. >> brian, i know there are a lot of ceos where you are now. we always focus on the oil ministers, the government officials themselves, but what's the feel outside of things, what is the tone people feel about oil given the dynamic with opec, russia, the u.s. >> i think it's one of cautious interest, dom. the united states has become the price taker, not the price

maker. we have become the swing producer, sheffield told us he thought the u.s. would hit 11 million barrels a day by the end of this year that's something that has never happened before. opec was all powerful, fair to say, about 20 years ago. their hpower has been diminishe by the rise of the u.s. shale boom your point at the top was spot on, opec needs to come away from here with a deal to not only control production but more importantly to show the world they are still aligned as a 14-nation cartel if they can't come to a deal, i'm not going to say the future of opec is in jeopardy, by certainly it looks more fractured than it already does so a deal will probably happen the question is how much will it raise oil prices which has been falling, as you know while the concern about trade, tariffs, a trade war and a slowdown in the global economy still vienna, austria is where everything is happening.

i thought it was houston, the capital of oil now is vienna >> a lot to digest, thank you. we'll hear more from brian in the coming days, but joining us now is john kilduff, a cnbc contributor. this is shaping up to be a contentious event. iran's energy minister says oil is not a weapon and urging opec to condemn president trump your thoughts? >> absolutely. to brian's discussion here, there is a path to a deal, i think, that may emerge i was not confident of that even just earlier in the week here. so what do they do right now the compliance with the 1.8 million barrel per day cut agreement is about 150%. so, if the saudis and russia and others are able to put oil on the market that would get them to 100% or to 1.8 million, iran

could save face and say they're maintaining the agreement at the same time more oil gets put on the market so they sort of finesse this thing that way they keep iran in the agreement. they keep the parties together that is the path forward >> this is an opaque group to say the least with regard to how they get things done the policy stated is that everybody has to agree in opec about a production cut >> that's the opec bylaws. >> when you talk about a narrow path of getting a deal done, how likely is it everybody agrees with iran, facing sanctions and giving up market share because everybody else may increase outputs. >> you have two wings now. you have saudi arabia and kuwait, uae and russia against iran, venezuela and i'm missing one, iran and venezuela sticking together, and iraq opposing an

increase they come together if they can get each other to save face, that's how they can do it. if not the market will react badly to a fractured agreement this happened once before in 2011 the former saudi oil minister said it was the worst opec meeting he was at. they want to avoid that. the fact of the matter is the market is december bratly needing the oil. the sanctions coming out on iran will be purt there's new strife in libya. there's a lot. the oil is needed. >> john kilduff, thank you for joining us. big business is sounding off. top executives sounding out against president trump's immigration policies that's when "worldwide exchange" returns. i am home, i am home, i am home

welcome back to "worldwide exchange." we're following a developing story on the immigration front big business is weighing in on the trump administration's controversial border policies. jpmorgan ceo jamie dimon coming out strong in an internal memo to employees obtained by cnbc. dimon calls separating children from their parents as cruel and contrary to american values. dimon adding his heart goes out to those impacted. separately, microsoft's ceo, satya nadella sending a letter to his employees calling the

poliicy abhora nshgabhorent andl big business again weighing in on these particular issues we'll see how that moves going forward in today's trade and everything else that develops with border policy. the president is scheduled to meet with law makers this morning at the white house tracie potts is live in washington with what to expect good morning >> good morning. expect more talk about what the fix is going to be and one of the issues here in washington is that critics say the president caused this problem with his zero tolerance policy. they think he can fix it on his own. he's pressuring congress to do something. that fix includes billions of dollars for the border wall. votes could happen this week on two laws that would end separating migrant children from their parents. >> we'll try and see if we can

fix >> mr. president, i'll lend you my pen, any pen, you can fix it yourself >> president trump tell s republicans he's 1,000% behind immigration reform it's not clear which plan he's backing. >> we hope to reach out to the democrats and see if we can get a result >> reporter: one compromise would limit immigration and provide a path to citizenship and nearly $25 billion for a border wall. >> children should not be a bargaining chip in this process. >> reporter: lawmakers are under pressure with courts overflowing, and thousands of children in government custody >> people i have not heard from in years who got my cell phone, who know my personal e-mail who are saying i have not bothered you in a long time, this is urgent >> reporter: ranchers at the border blame parents >> it's terrible that they are

using their children as pawns to gain access to our country. >> reporter: children in cages, congress in limbo. >> free our children now. >> reporter: and america at a boiling point. more on that today the president's meeting with lawmakers again, this time at the white house. >> thank you for that update. let's check on the other top headlines. frances rivera is live in the new york newsroom with the latest good morning to you. another bold withdrawal from the united states after announcing it is leaving the united nations human rights council nikki haley called the council a "cesspool of political bias. it did not come as a surprise. haley threatened do it last year citing u.s. complaints that the council is anti-israel. a school now will become barack obama elementary. after listening to the majority of the student body, j.b.

stewart elementary school was renamed after the 44th president. and steph curry is getting rid of one of his famous possessi possessions. he will be letting good of his mouthpiece from game four of the nba finals to be bid on at an auction in california. this is his second mouth guard sold by the firm the president of scp says the mouth guard could be worth at least $25,000. it hits the auction block july 26th no word if they dip that and soak it in mouth wash or disinfectant before you get it >> i don't care how famous he is >> i know. thank you very much. still to come, big changes north of the border. what canada just did that could be a game changer for the marijuana market those details coming up. and the world's biggest ad firm moving forward following the abrupt departure of its ceo.

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wall street looking to rebound following yesterday's trade-induced selloff. what you need to watch in the day ahead. ge gets the boot after more than a century in the dow. general electric is being replaced by walgreens. talk about a buzz kill the beer problem brewing at the

world cup. it's wednesday, june 20, 2018, you're watching "worldwide exchange" on cnbc. ♪ welcome back to "worldwide exchange." i'm seema mody >> i'm dominic chu we have a lot to get through let's get a check on what's leading cnbc.com kate rogers has your morning headlines. >> here's what's happening now general electric is getting booted from the dow. it will be replaced by walgreens. the change takes effect june 26th ge was one of the original components of the dow jones industrial average starbucks is forecasting sales growth to come in weaker than expected. the company also planning to close about 150 underperforming stores we'll hear from the starbucks ceo coming up at 9:00 a.m. eastern. a south korean cryptocurrency exchange says it was hacked thieves made out with $30

million. the exchange says it will cover the stolen coins from its own holdings back over to you >> thank you let's check markets. yesterday was a big day for the market with the dow tumbling about 300 points wiping out gains for the year on escalating trade tensions we are rebounding now with the dow up 124 in premarket trade. nasdaq higher by 21. s&p higher by 9. look at the bond market. you can see where treasuries are trading. the ten-year knolled yie yooe-y 2.90%. >> joining us is ken mercadian there's a lot to talk about, trade, tariffs, but i have to ask you, general electric. you have been covering markets for a long time. ge, in my mind, ever since i've been in the markets, one of those iconic american companies.

probably still is, but what does this say about ge and the overall dow. how do you feel about ge getting booted from the index. >> what's interesting about your question is what does it say about the index? ge is one of the founding members of the index the index has decided it was irrelevant to being in the index. now a lot of people say the dow is not the thing to follow anymore. i'm not sure i'm in that camp. when a stock gets that low to $12, movement in that stock really don't change the index much i guess they felt that trying to get something that was more indicative of what's happening maybe in healthcare, broader sectors as we change from an industrial country >> is it a buy now >> it's closer to a buy than a sell whether this causes more of a ripple down, but i do think that if you are looking towards the long-term, it's probably buy it. >> it's down 25% this year

let's pivot back to trade. a big topic of discussion. the dow was down significantly yesterday as was the broader market on trade tensions it's hard for economists to quantify the impact of these trade tensions and tariffs on the economy. as an investor, what should you do do you trade these trade headlines? do you sit tight >> you have to sitti tight there's no facts to the stories. the market is responding to random tweets and comments it seems like the president's new art of the deal is threaten with a big stick but then bring some chocolates and give a hug because a lot of these things don't nearly turn to be as bad as the rhetoric suggests >> tweets and headlines do lead to some kind of policy president trump did impose $50 billion worth of trade tariffs on china at 25%. we have to watch those things because they do sometimes lead to policy, right

>> no doubt, but to seema's question it doesn't create 2%, 3% moves in a day. a 50 billion dollar tariff type of thing will work through an economic over time they're not knee jerk reactions to markets and investors that respond that way could be at a disadvantage when sentiment two days later shifts. >> you could argue if you look at the russell 2000 performance, investors want to stick to domestic smaller cap names that's worked for the market over the last three weeks. is that where you want to put your money >> that's been the theme for a while. i've been doing this show consistently and have always been an advocate for small caps. you know, all the tax benefits that we're going to start to -- not start, but continue to see through the economy will benefit small and local companies. that speaks well for them also >> stock market volatility

historically speaking, pretty low levels right now let's talk about how these particular headlines, we don't see massive market movements up or down these days how does this market compare in terms of event risk to everything else you've seen? >> if you look back over history, certainly longer than my career, you get things like -- you look at the bay of pigs the market was down 2.7% on a potential nuclear war or 3% when president kennedy was shot today you can get the market going down or up 2%, 3%, because a tweet or some kind of new stance that the algorithms are firing off in a different direction. that's why it's important to have historical context to recognize that, you know, things that affect your portfolio over the long run take a long time to develop. they're not things that happen quick. any any jerk reaction you get it's better to sit on your hands, come back the next day

and see if things turn the other way. >> thank you so much for joining us shares of wpp have gained ground following the departure of its long-time ceo martin sorrell. the question is what's next for the world's biggest ad firm? >> let's get to andrew ross sorkin live in the south of france we're live in cannes, here with mark reid, co-coo and now man in the middle at wpp. welcome. >> thank you very much >> what's it been like the past couple of weeks since the departure of martin? >> it's been an eventful ten weeks. i spent most of the time talking to clients, talking to people, making sure we're focused on delivering to them >> how much of the conversation is about these -- when your clients call, do they want to talk about their business or find out what happened with martin >> we talk about martin, but really the conversation is about our business that's what they're concerned

about. our clients have confidence in the teams and people that work with them to deliver >> okay. i have what may be a difficult question martin sorrell is here, we should say, in cannes. he will speak tomorrow wherever you go, i have to say, people are talking about him, trying to understand we're reading in the papers he was with a prostitute, there's money involved, might have been company money. i know you can't really say anything, but here's a corporate governance question, it's hard to ask he's denied all of this, we should say the question is is the problem, if there was a problem, the company money part or is the problem that he may or may not have gone to a brothel >> i'm not here to talk about martin and those allegations ou can ask the question, i'm here to talk about wpp, how we're here to -- >> but let me ask it in a different way. from a corporate governance perspective, there are

shareholders who have said it before, should how old shareholo what happened to the leader of this company >> the board are handling the situation with martin, and how we communicate on that they're the people really to address those questions. they asked andrew and i to operate the business while the board deals with the corporate governance questions i'm clear about the type of company we want wpp to be. as you may know, we want wpp to be a company where people get treated with respect that's what i expect when i go into the organization. that's the type of company we need wpp to be in the future as i talk to people they're appreciative of those efforts to make wpp a much more inclusive company. >> one thing people have talked about is the fact that martin does not have a noncompete and that most of the other employees do how do you square that

he will go off and try to compete with the company >> martin's contract was done a number of years ago by a largely previous board so i think he will make his decisions on what he wants to do what we're focused on, as i said before, delivering day-to-day, working for our clients. here we are, this fantastic place, talking about ideas, innovation, that's what we're focused on not really the past. i want to focus on the future. >> one piece of the future is you, and you potentially running the firm what is the timeline looking like in terms of leadership? >> wpp is a fantastic company. who wouldn't want to lead it the board are looking at that. they want to get on it with quickly. they have not set a timetable because the process takes time they will come to a decision quickly. >> how difficult is it to manage a company in the middle of this with questions about whether you will be running the company, the news stories, tim armstrong from

oath is here >> i talked to him last night. strangely you might not believe this, running the business is a lot easier than it appears from the outside. we are setting a future direction of the company >> let's talk about the future direction of the company, i know that's what you want to talk about. there's a book about the current state and future of the advertising business one thing that it does bring up is the question of the model from an agency perspective, given the transformation to digital. wpp is a global institution with lots of different pieces all over >> yeah. >> if we have this conversation five years from now, what would wpp look like? >> i interviewed ken yesterday, yesterday afternoon, i sort of disagree with a lot of ken's book i felt quite depressed about the

future of the business from that book, i feel optimistic about the future, but getting back to wpp we will be a reshaped company. simpler, easier to navigate, more data driven, more technology enabled we have to be a destination for talent >> does that mean pieces get sold off spun off >> i said yesterday i don't think the company will be smaller. i think it will be simpler, more collaborative. we're not looking at disposing it it makes no sense to break wpp up >> do you ever think you become a content company. >> we do produce a lot of content for our clients. >> do you think there's ever a true transformation where wpp becomes a media company? >> no. i think we need to stay close to roots. but all of these businesses are converging i'm doing a panelled discussion tomorrow with google, the "new york times," clients at gsk, it's about those businesses that are doing similar things

>> all right we wish you luck with it come on back >> i will. >> guys, back to you >> thank you very much for bringing us that interview. still ahead, canada goes to cannabis what our neighbors to the north just did that could be a game changer for the marijuana industry and fresh comments from the iranian opec minister. we're headed back toie vnna when "worldwide exchange" returns

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we are just getting fresh comments from iran's opec governor brian sullivan has that. what do we know now about iran's stance on opec and this meeting. >> that's the reason we're here. some of these governors and ministers are walking by and walking straight through iranian opec governor -- we couldn't go on the record with the numbers comments he wanted to say, but he did say iran stands by the current deal we have some people here live as well some of the ministers. that's the deputy foreign minister for the country of russia he stands by the current dole. that's something that iran has been saying all along. here's the thing when i asked him what would it take to get a new deal done, in other words, cut back on their current production cuts, ie raise production, he said somebody, meaning saudi arabia, would have to walk away from the

deal like trump walked away from the nuclear deal in other words, a few moments ago to us he said that in order for something to be changed, he compared the opec deal to the iran nuclear deal, effectively saying our president, president trump, walked away from that deal and in order for things to change here, something would have to happen i tried to corner him on the numbers, he said he would leave that to the energy minister. some new comments there. some interesting and provocative comments from iran which obviously, dom and seemseema, is unhappy with the nuclear deal on comparing that to the opec deal. >> all right bring us more as you know more on the ground. time for the top trending stories. kate rogers has those. we're talking about pot. >> canada is going to cannabis

the senate approving the recreational use of marijuana last night that makes canada the first g7 nation to legalize recreational pot. the law will go into effect this fall this legalizes possession, home growing. it will take about 12 weeks to get the framework in place canada is part of the international drug treaties, so they're violating international law by doing this. a lot of people say this is a good frail womework for the u.so follow you have senator elizabeth warren trying to come in and say the states should be able to do this on their own. so it's an interesting development here >> thank you very much, kate rogers. we're approaching the top of the hour the team at "squawk box" is

getting ready. becky quick is in new york city with a look at what's coming up. >> good to see you guys. a lot of big stories out there swirling around. general electric getting kicked out of the dow afte111 years. we've been talking about starbucks, same-store sales were down that leaves that company in question, too. we have the perfect guest host this morning david novak is the former ceo of yum brands he will be telling us what he thinks management should be doing in some of these situations. and andrew is in cannes. he has a bunch of guests coming up, too, including the head of advertising for at&t, the ceo of pandora and the co-founder of reddit a lot of things coming out of advertising. and we will be talking with jimmy dunn

so many questions about what's happening in the market, what to do now jimmy dunn is the principle manager at sandler o'neill also we'll be talking to senator rob portman about those trade issues, what congress might be doing next. and we have the volvo ceo joining us to talk about the expansion of volvo in the united states a lot of things coming up. >> a hugely packed show as always look forward to seeing you at 6:00 a.m still to come on "worldwide exchange," the big battle for the cloud. up next, you'll hear from one of the fastest growing companies in this industry. we're speaking with mondo db when "worldwide exchange" returns.

. mongodb is one of the fastest growing companies in the cloud space.

since going public last october the stock is up more than 80%. joining us now to talk about this is michael gordon, chief financial officer of money gogob let's talk about the data source business, what does mongodb do that's different than other companies? >> we're the leading modern database platform. the reason why that's interesting or relevant for investors, we're at the heart of a large and strategic market so many companies today are going after and competing on the basis of competition is software and technology, the heart of that software is the database. you see people like ge advertising for developers, and goldman sachs, lloyd blankfein talking about how they're more of a technology company than a

financial services economy yesterday in a meeting somebody was saying dominos thinks of themselves as a technology company, not a restaurant. they are competing for customers,nd at the heart of the applications is the database it's one of the largest markets in all of software about $45 billion according to idc, growing to $63 billion. so we occupy a large space in the market >> when you look at amazon, alphabet, microsoft making strides in not just database but cloud computing. does competition from these big tech companies, does that hurt your business or help it >> they've been great partners, but like anything in software and infrastructure, they're competitors and partners our overall business is growing quite quickly. last quarter we reported 53%

year over year growth in our subscription revenue business. the fastest growing piece of that business is the cloud business each of those three players, amazon, google, microsoft have all partnered with us, and they have invested in the success and growth of atlas. they know at the core, if they can get the data into their cloud, that's what creates the stickiness for revenue and their selling of storage >> how big of a market is china to your company? we're early on in china because it is a global opportunity for us we have some initial successes there like with china eastern airlines, last quarter volkswagen china but we're continuing to see the market, and it's become one of our largest. >> are you worried about what's happening on the trade front >> on the trade front it doesn't affect us directly business leaders as well as investors don't like

uncertificate tichlt we'un uncertainty. if you step back, the way i look at it, what this is about is about growth mongodb has been helping our customers drive growth, which it's new players who are building the entirety of their business on mongodb or others looking to replatform on mongodb to enhance competitiveness in the market >> how big is fortnight for your company? only a few seconds >> we don't comment on specific customers, we have a lot of great customers including them >> thank you very much there michael gordon of mongodb >> futures are higher. the dow up 115 points in premarket. s&p higher by 9. the nasdaq up by 21. >> let's see if we can build on this six straight down days for the dow. let's see if today is a streak breaker. >>ha tt does it for us on

"worldwide exchange. "squawk box" is next

. good morning after 111 straight years, general electric getting the boot from the dow jones industrial average kind of the cherry on top of the excrement sundae that shareholders have been served the last couple of years it doesn't mean anything, but full analysis of what is just a dismal end result. ceos speak out against the president's immigration policy we have the comments from jamie dimon and satya nadella. and canada's senate cleared the way to become the first g7 nation to legalize recreational

marijuana. it's wednesday, june 20, 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 ross sorkin is live in france at the cannes lions you saw him talking to one of the new heads of wpp, he will be back talking with another guest. >> good morning. let's check in on the markets. u.s. equity futures at this hour are indicated higher after a down day for the markets yesterday. right now the dow indicated up by 118