it's 5:00 a.m. at cnbc global headquarters top five at the five stocks on a slide again. investors getting more nervous around the globe. a federal judge ordering the united states to reunite families separated at the border. oil prices popping more on that big story shares of world wresting entertainment surging. and boeing just unveiled something that could be game-changer for all of you frequent flyers out there. it's wednesday, june 27th, and "worldwide exchange" takes off ♪

i just want to go to a rave or something good morning thank you for watching i'm brian sullivan thanks for joining us. there you go another rough day for your investments today. the futures indicating that the dow will fall almost 200 points at the open. we're down another 185 points here it's sea of red in stocks. we'll get to that in just a second a check ononds, the benchmark ten-year yield holding steady again, we're at 2.844% see some buyers come into bonds as stocks have been weak worldwide now, asharks again, all down as well the chinese domestic market now in bear territory, it's down more than 20% from its high. you may not own stocks directly in china unless you live in china. the china's ifx is down.

in europe, you guessed it, more red. major markets average there, france, germany, italy, spain, uk, all in the red spain the worst of the bunch. all right, let's talk more about the markets and your money and what's going on around the world. patrick armstrong joins us patrick, is this all a trade war fear trade or is there something maybe else under the surface that we're not talking enough about? >> it's the trade war basically, i think the global economy was still in a very good phase and the trade war, the potential of a trade war is raising questions about the viability of that and the repercussions from that. trade war more than anything else but it's trade war driving markets. >> i'm not minimizing the trade war or trade talk or trade

tussle aspect, patrick, but i will say this, you got the european central bank basically ending their quantitative easing program, we're tightening, the u.s. dollar is wreaking havoc on emerging markets, it can't only be trade, can it >> well, it's not only trade but if you look at leading economic indeck toicators they'e talking about europe boiling over u.s. is going to grow much faster than that, the fed is hiking the ecb still has negative interest rates it's going to stay negative until the third quarter of next year even if the policy isn't on the act real say or the anymore from the ecb it's still going to be quantity the that tif. if we're at the point where the economy is rolling over the ecb isn't at the point at the fed of

raising interest rate and trade wars, tariffs, et cetera, really haven't happened yet a few here and there mostly we're still talking we're throwing barbs is the market overreacting at l? what if nothing actually happens? what if china and the u.s. make out a new deal things in europe calm down it's big if, what if we get a calming, an automatic buy signal, patrick? >> rhetoric stays very strong leading into the midterms and we don't think the trump administration doesn't understand the consequences of trade wars they've actually taken steps twice back in month where kudlow came on with china and said we're getting close on markets

>> and navarrod on our network, it came off the lows. the words mattered and yeah, i think the administration reacts to market moves. trump talks tough on trade, but it also reacts to market the administration does do that. lot of rhetoric is needed probably from the trump administration leading up to midterms to gain that popularity not much follow-through and we'll probably get some sort of claimed victory where china says over the next 30 years we'll import another $200 billion worth of goods it can be the soundbite that hard talk is working. >> we'll see if that softening tone from president trump. this is a president that likes

to look at the dow and the u.s. stock market and use that as a report card of his administration we'll see you soon, patrick, thank you. >> thank you. speaking of the financial times, oil prices rallying after the state department sent a strong message to our allies stop importing iranian oil or face sanctions yourself. wti traded here is over 70 bucks. there's never a dull day in the oil markets these days how much was the market sortf taken aback by these iran headlines? >> t >> as these headlines were coming out from the u.s. state department, any big buyer of iranian oil you better cut that to zero. those headlines were coming

across the headlines asaudi arabia it was going to crank up its production to record levels. the market was paying attention to the stuff from the u.s., a big jump yesterday, more than a $1 and wti went even higher than that so, you saw both of those things counteracting. if you're the saudis right now you're pret worried. we're about to ramp up production and the market is not paying attention they either think the increases aren't going to be enough or that they're looking at all thesdifferent things happening around the world, venn sway lo la blowing up, libya blowing up, and actually could be a bit of a crunch later on in the year. >> that's the head scratcher we're all in that room at opec trying to do math based on that sort of weird calculation, a percentage of this and

journalists are breaking out their call clculators trying to figure it out. it wasn't enough energy secretary rick perry told us that he thought that the saudis could and might pump more oil. a chance that we get to that million not gross million but a net new million? >> i think there is. the saudi energy minister came out on friday and again on satu to emphasize that 1 million figure at the end of the day, regardless of what the iranians are saying, any else is saying, the production increases might be less than that. if the countries with the biggest capacities if they're coming out 1 million barrels a day you should count on that remember what mr. fowler saion saturday, stick within the

limits of the current production demand what's more important is supplying the markets. this was a indicator to president trump we're here to support the market >> see you soon. thank you. >> thanks very much. all right, let's get some of this morning's big money stories. contessa brewer here with those. your individual stock stories right now including sonic, the fast-food drive-through chain better third-quarter earnings but same-store sales decline you can see here the stock is down 8%. by the way we'll hear from the sonic ceo coming up this morning on "squawk box." > lypardz helped could expand

use of the drug. astrazen astrazeneca is off quarter oa point. world wrestling, monday night raw will stay on comcast usa network. but smackdown is moving to fox on friday nights not a cable show it's moving to network tv. wwe said the five-year deal more than triple its annual revenue the mrud onbrothers on broadcast. >> i think wwe, i was thinking worldwide exchange we're moving to fridays on fox name your favorite all-time wrestler. >> rhonda rousey pour another cup of coffee lot to do ahead.

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welcome back and good morning morning trade war fierce continue to

impact the futures down 200 points. $45 billion tariffs will cost u.s. consumers warning against new tariffs on imported cars, that group represents gm, toyota, volkswagen and other carmakers plan to file a petition with the commerce department. speaking of global trade, let's move from automobiles to semiconductors because chinese firms are upping the ante to prove they don't need to steal u.s. techny. we're live in beijing with more. >> reporter: thanks so much, brian. zte is reliance on american components has been a wake-up call for here that china needs to develop its own chip industry this week we spoke with a chinese start-up that managed to do just that china has waited a long time for this moment. a chinese start-up is unveiling

a chip that's entirely designed and made in this compauntry. its founders say they're not monkeying around china has made it a priority to develop home-grown technology. at the top is chips. they founded the company in 2014 both studied overseas and work at e-commerce company alibaba. he said the chip significantly improves voice recognition, so people can talk to their devices better and at a much cheaper price than rivals like samsung he says that the government offers subsidies, they haven't taken so far although the

government has helped in other ways >> one of the reason is, the environment in china is not mature yet the general involvement is support for us and encouraging talents. >> he now has big plans to mass produce the chips. >> we can sell the chip not only in china but outside china >> reporter: music to beijing's ears they can plan to use the chips in its own gadgets it hopes to sell the chip eventually to companies that want to use voice recognitions in their products, tvs, toys, or even cars. >> thank you we'll see you soon. all right, switching gears, we got a double dose of facebook news for you, drones are in,

bitcoin are back in. they're not connected. i hope that would be unusual. >> let's take the first one, the crypto story, facebook is reversing a ban on the cryptocurrency advertising it on its platform they tried to stop these scam advertisers on facebook. we'll ask with some perhaps documentation to prove this company's roles before it grants them access to advertising because there are still a lot of concerns that there are a lot of scams in the ico space the crypto market since it hit those record highs last year, still a lot of interest, still a lot of companies popping up. it's got its own blockchain team

as well. experiment with some of those technologies as you mentioned, drones, facebook has brought its drone program to a crash landing it w started in 2014, the idea was to fly drones over the areas of the world where there wasn't great internet connectivity to help boost the infrastructure there. this has led to heavy investment in this project, building the drone and the infrastructure there. facebook has said there's been an industry shift. they have started to develop the technology and that's where facebook sees its future this is crucial, facebook is constantly is asking where its next billion users are coming from brian, back to you. >> we're not done with you, yet. facebook said it will ban

advertisements for cryptocurrencies, it's flip flopping on that. >> yeah, i think it sees at the moment, while we haven't seen the price rises but we have seen at will of companies pop up in this space using this so-called blockchain technology that underlies many of these crypto currencies right now, facebook sees there's potentially viable companies coming out of this they don't want to look anti-innovative if this a big business in the future >> when you do anything with crypto you risk looking old like me get off my lawn and take your bitcoin with you >> you have to have a heavy dose of skepticis we'll talk to wrestling not today but soon i'm still in shock that's your

favorite sport thank you. after the break, more on the big day in d.c. for lawmakers on the immigration front. and don't try this at , insane video of a man lying on the hood of a car as it races down the highway at 70 miles an hour she thought it was a fire. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they helped make sure it was safe. we had everyone we needed to get our museum back up and running, and we opened the next day.

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live shot of the nation's capital. beautiful day there yesterday. in political news, our friend larry kudlow to fill some soon to be frequent spots on the economic teams. some say kudlow is considering dan clifton. reports say that larry is considering him for the role of deputy director of the economic council. dan was seen at the white house monday but he declined to comment to cnbc in other political news look for a big vote on immigration today. >> reporter: brian, the congress is trying to figure out what to do about immigration, what to do about family separation, what to it's not clear that alleamers, of it will get addressed overnight, a federal judge ruled that migrant families must be reunited over the next month

but in congress today's immigration vote looks iffy. it ends family separations and provides $25 billion for a border wall with no assurance president trump will sign it that's why some lawmakers say they're voting no the backup plan. >> if that doesn't succeed then we'll cross that bridge. >> reporter: the plan on keeping migrant families together, 17 states and d.c. are suing the federal government to eunite children with their parents. >> with his zero tolerance policy up in the air, the supreme court upheld president trump's travel ban >> this is a great victory for our constitution >> reporter: in 5-4 decision the high court said it's okay to ban travel from seven countries, five of them mostly muslim. >> what they said as long as the president invokes national security he has carte blanche to

do what he wants to do to anyone >> reporter: e we'll hear a lot more about that. an, the immigration issuwh president trump rallies in north dakota tonight, brian. >> will be on the table. trasie potts in d.c. the headlines, more elections. shock upset in new york. phillip mena in new york with that. >> reporter: good morning, brian. a major primary upset in new york representative joseph crowley lost to ocasio-cortez. community organizer ocasio-cortez has never held an elected office meanwhile, south carolina, governor henry mcmaster won

after getting a final push from the president and vice president on monday. overnight, the wildfire in lake county, california, grew even larger driven by heat and strong winds the pawnee fire has reportedly spread to more than 12,000 acres. an entire community in spring valley is under an evacuation order. and talk about daring darwinism, this guy spot on camera hanging on the hood of the car, if that wasn't dangerous enough this guy was talking on his cell phone as the car was going about 70 miles per hour this video has now go viral. more than a million views already, brian, ck to you. >> remember, don't do that it's not smart phillip mena, thank you very much coming up, dow futures

down -- the markets look like that guy hanging on the roof of that car theye hanging on housing hat rick, three key pieces of data and why those renovation signs you seen your neighborhood may be a bad sign for real estate. another viral video alert, what a police dog did that has all the internet buzzing 'rwahiogdow down 200 wee tcng ds.

market alert, wall street pointing to another triple-digit drop futures down nearly 200 points real estate red flag the new trade in housing that looks good but a cause for concern. what do forest fires, beatles, president trump all have in common, the answer as "worldwide exchange" rolls on. ♪ it's going down i'm yelling timber ♪ i got to get control of the music. welcome back and thank you for being with us here on cnbc very busy wednesday. let's get to your top stories. contessa brewer is back with those headlines. brian, defense secretary jim mat tis is in beijing at this hour meeting with his counterpart, first pentagon chief to visit buy china in four

years. facebook is banning drones, reversing its ban on crypto currency ads around morgan stanley is adding maria shapiro to its board. >> thank you very much. all right, your money. good morning drew mattis is joining us. drew, this is a trade war, trade tussle, whatever you want to call it dominated market, okay, every headline shakes stocks what is going to be something that can shake us out of this little funk that we have been in. >> that's a good question. it would be nice to have a few days where nothing happens >> you have been invading my

dreams. >> i'm not sure what to say abouthat but, you know, if you look at the fundamentals, you look at payrolls and claims, all the data is pointing to a very healthy economy in the u.s. for a long period of time. that could be encouraging people to be a little bit more aggressiven their stances because if you think you have this strong hand then you want to play it. >> i hear you. all the numbers and the conversations are on your side it's beginning to feel more like an emotional market, a market driven by the headlines. >> it is how do you quantity thfy any ofs you can run the trade risk but assigning probability it becomes difficult because the outcomes are binary, either nothing or it will be a massive

problem. you end up with something where you almost know you're going to be wrong because it's going to be one or the other. no one is willing to choose and you don't assign probability >> your job is to make sure that capital, it's not the return on capital but it's the return of capital in some ways keep the money safe. in this kind of market what are some strategies you're employing to maintain that even strength. >> we can invest that not everyone wants to invest or can invest in and we also have a longer-term outlook. you can look at private assets and you can look at -- private assets is a credit you have gone to the company itself and manage the loan. >> pick more on the corporate debt loan side >> you can, you can. you look for things where you get a little more protection and

maybe pick up some yield at the same time because you're giving up liquidity we don't need liquidity because we have enough liquidity but i think it's important, if there's another crisis, everyone in the bond market they'll realize the liquidity isn't there anymore. >> we get the question, some colleagues have talked about this, hey, should i sell stocks? tradwar, i'm nervous, is it time to dump the u.s. stock market >> we don't spend a lot of time investing in equities i'm not sure what to say about that one either i think the fundamentals look good to me we have models of the s&p and they look pretty good to me. they're based on fundamental and not emotions >> is there a way when you guys get together and you talk, how

do we quantify all of this trade war rhetoric, it's just rhetoric now, you can't just plug that into an excel spreadsheet? >> the issue is you have a binary outcome you'll end up somewhere in the middle >> drew, matus thank you. oil prices rallying. state department sending a strong message to our allies, you got to stop importing iranian oil. they want to bring it to zero. it's a bigger story than just commodities and as youpointed out and you tweeted out a story this morning, is there a risk that our pressure on iran and the oil story could shake up the entire iranian political landscape? >> that's what people have been saying, essentially one of the goals of these sanctions not just targeting, you know, energy but also prohibiting airbus from

selling planes to iran, precious metals transactions it's going to put treasure otremendous pressure on regime president trump is looking for an additional regime to come into play. iran, its local currency has half of its value. and protests breaking out all over the country we're looking at iran right now and saying, are these looming economic sanctions really going to change the internal dynamics of that country? >> what's the answer >> again. >> if rouhani were to fall who would it take his place? more hard line or will it soften >> that's the question in 2009 hundreds of thousands of people in the streets demanding their vote be respective do you revive the moment we saw

in 2009 or a hard-line government replacing rouhani, we don't know how it's going to shake out iran. people within the administration that internal dynamics, you either get the regime to fold in negotiations or you get a different regime >> the reason we care about this is, if we see a continued pressure from the trump administration, they export about 2.5 million barrels a day. either a, the oil will go nowhere we got the global market have a hole to fill or they'll sell the oil on the back channel for cheaper and it will drive down price. >> reporter: here's the question, i think if you say you're going to take iran out of the market you're going to ensure a significant deficit in the market, yes, china may not comply, but you're still likely to end up in a situation where more than a million iranian

barrels off the market. >> a company like reliance in india, they have signaled they'll comply they have significant u.s. exposure any company that wants to do with business in u.s. it will be very meaningful for the market the russian will put more barrels on on the market the risk is, if they use all of their barrels now and additional supply disruption, 450,000 production of libyan is offline. we can't afford a disruption >> okay, yesterday, you were in d.c. stop following me around rick perry, we got a few moments

with him offcamera he thought the saudis, he told me that the saudis would be able to add maybe more barrels than they're saying to the market, something to that effect, he was confident in the saudis' production do you agree with that. >> the saudis have stepped up for president trump. we saw it on opec, on friday, we had a statement about what type of production ads we would see on saturday, you had the saudi oil minister say, it's going to be a million barrels and we'll do it alone if necessary the saudis say they have 2 million barrels of spare capacity can they bring it on in 30 days and keep it on for 90? that's the definition of spare capacity they could ramp up to that number over a period of time can they plug that hole right away >> a day you learn something is always the best day i didn't know that spare capacity in the

oil markets had a definition >> yes 30 for 90. >> thank you still to come here -- new york to london in two hours? sounds pretty good what boeing just did could have all of you frequent flyers talking today. and the rest of your day's top stories as "worldwide exchange" rolls on

a live shot of st. louis gateway to the west. and mother sullivan's hometown mother if you're watching, i love you please call, need money. contessa brewer is back with the headlines. have you seen this viral video that has people debating teaching one pet's ability to cpr. watch the dog actually jumps and then does he have a pulse? is there a pulse clever and adorable. dogs they say lack the strength and precision to provide actual cpr. >> they also lack lips >> mouth to mouth is sort of

passe. >> just the chest compressions i worked on an ambulance >> i'm actually a doctor >> hey, think what it could do for the heimlich maneuver. what's the top price, brian that you would buy for a sandwich. >> 14.99 if there's a caviar on it. >> a new restaurant opening up in new york will offer a sandwich for $180. what makes it so special it's just a little square of beef, sourced from a single high-trend japanese farm that sends only five cows to america each month, apparently all of them ending up on a little panko bread. also served with fries for 180

bucks. >> we have been here before. >> is it possible a flight from new york to london in two hours or l.a. to tokyo in three? >> cool. hope so. >> boeing has unveiled a rendering of a hypersonic plane, traveling at mach 5. a plane of this type would probably take decades of research and development unless you supply your significant brainpower to the project. >> i will not. we had to make an unscheduled landing in heathrow, united did a great job. united handled it well we parked right next to the concord. you think what happened, 40 years ago we were going i'm sonic, supersonic, why did we go backwards in air travel?

>> have you seen the hand maids' tail it's possible to go back in many more ways. still ahead -- we'll get a check on housing and what today's key housing data means for the housing market and your again, wask, what do forest fires, wood-eati iniing e beetles and president trump have in common. dow futures down big more after this. the digital divide is splitting this country. we have parents who are trying to get their kids off of too much social media and computers, and we have parents who would only hope their children have access. middle school is a really key transition point, right. the stakes start changing. students begin to really start thinking about their futures. what i like about verizon's approach is that

it's not limited to just giving kids new tools, it's really about empowering educators to teach in different ways, and exposing kids more active forms of learning. giving technology is not a total solution. teaching technology, now that is. this endangered species is getting help from some unexpected friends. these zebra and antelope. they're wearing iot sensors, connected to the ibm cloud. when poachers enter the area, the animals run for it. which alerts rangers, who can track their motions and help stop them before any harm is done. it's a smart way to help increase the rhino population. and turn the poachers into the endangered species. ♪ ♪

yes or no?gin. do you want the same tools and seamless experience across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online. 5:48 good morning, new york city. we're starting to see a little bit of a comeback. dow futures are down triple digits down 125 all right, let's talk real estate hat trick of housing data. new home sales beating expectations

today, we get pending home sales. diane joining us now from d.c. with check on house zmrg the market remains very tight,briane and home builders aren't helping the supply situation all that much home prices were up 6.4% that was a slight drop from the 6.5% annual increase in march. sales of newly built homes increased in may but only in the south where homes were the cheaper. it's all about affordability which isn't getting much better. mortgage rates are higher than they were in january a competitive and expensive housing market means more people are staying put and upgrading their homes. master bedroom suites are big. kitchens and bathrooms still lead but master suites moved past the family room to take third place.

while remodelling is going, so are the costs and much of that has to do with the lack of labor. >> homeowners are looking at much longer duration for the start time and the xheegs of the project. that combined with the rising cost of labor and more recently product and materials we're looking at rising prices for home renovation services >> while cash is still king, a growing number of homeowners are using credit cards to finance their renovations. brian? >> it's early. i thought you said that people are using credit cards to finance housing renovations. >> i said that, i did. you would think with all of the home equity we're gaining, we're all rich again in our houses, take out a home equity line of credit with a low interest rate, have a fixed period, no,

plastic. >> with the renovations, could they be a bad sign for housing longer term? if you're going to renovate maybe means you're not going to sell >> that's the important. they're not listing their home for sale they're upgrading their systems. lot of upgrades for flooring stuff, the roof, the siding, the doors, the systems inside the plumbing, it means people are less likely to move in the short term but it does add value to the house in the long term. >> diane, stick around we have a guest we'dike to bring in >> sure. >> so, lawrence, you heard her report as well how can you sum up the state of the real estate -- not everybody invests in the stock market, some care about the real estate, sum up the state of the national real estate market right now.

>> it's healthy but we do have that inventory problem healthny in a sense that the default rates are now reaching historical lows and the home value's rising and those people with good credit and necessary down payment and income they are able to buy and they are very pleased with the outcome but the first-time buyers, young millennials who want to buy they are facing affordability challenges from two front. rising interest rates and home prices outpacing people's income growth by a large margin. >> lawrence, we talked about the supply situation, you always say we need to get so many of those homes turned into rental back into the home sales market, those who bought them don't seem to be selling them and profiting off of them, do you expect that

come into the seller's market. >> there was a time horizon was five to seven years. we're all past that and the reason there holding on to for a longer period, renlt income has been exceptional as well as price appreciation what we're sensing in the single-family market the rent growth is beginning to soften and an early cig mall for some of the real estate investors looking for rental income. maybe we'll see more inventory but that's only a hope what really needs to happen is for the home builders to crank out more production and as we have more inventory that will lead many existing homeowners to trade up and thereby release their property on to the market. >> what else will it take, lawrence, why are people not moving >> people are not moving because they're not excited about

inventory choices. so, once they see more product choices i think they'll be saying, i have built up housing equity i can use it as a down payment for my next home purchase we have limited supply of labor. >> you know, diana, i was on the train back from d.c. yesterday, i sat next to a woman who just moved from l.a. to d.c., he just relocated. as the job market gets tough, are companies going to start impacting the home owners? >> what you're seeing companies moving to cities that you might not think about, the midwest seeing a surge in tech companies. pittsburgh seeing the big surge in companies that armoving there because the housing there is cheaper where is amazon's hq2 you know

that's going to boost the housing market if you're going to move thousands of workers anywhere you have to make sure they have affordable housing obviously this moving from l.a to d.c. might feel good about getting more house >> lawrence, you're seeing any heat up in any of these markets, second-tier cities -- >> raleigh, north carolina, tight inventory. home prices rising close to double rate of appreciation. we're seeing mid size markets really starting to take off. the west coast, east coast, prices exceptionally high but they begin to translate into

other areas, dallas, texas, houston doing very well, i think this trend where companies want to relocate, they want to relocate into affordable regions of the country. >> lawrence, thank you very much diana, as always, thank you very much both of you have a spectacular day in our nation's capital. let's wrap up with the show with rbi random by interesting. what do forest fires, wood-eating beetles and president trump have in common they have pushed the price of lumber to historic highs b.c. one of the world's biggest lumber suppliers so, we're talking housing.

you want to build a new home it might cost your more. there's your rbi, random but interesting. have great day "squawk box" is next to find the best flight for me. so i'm more than confident. how's your family? kayak. search one and done.

good morning u.s. equities futures under pressure as trade talks dominate the headlines. also a stunning upset for democrats, congressman joseph crowley losing his primary to a 28-year-old activist. and boeing has a plan for hypersonic plan. we'll talk about that. "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're live from the nasdaq marketsite marketsite our guest hosts for the hour, cnbc's fast money trader guy adami. >> fired up to be here the four of us -- >> this is awesome. >> equities futures at this hour are in negligence negative territory. they have improved almost 200 points. the dow would open lower about 82 points. the nasdaq lower by 32 we had more selling in asia. china was already in a bear market more than 1% selloff in both the shanghai and the hang