the top five at 5:00 president trump blasting iran warning that country to -- never ever threaten america. ceo stepping down for health reasons. papa john's making a move to protect itself from a takeover by its ousted founder. a huge french company doing a multibillion dollar deal in new york saying it's not worried at all about a trade war. consumer alert listen up. ritz cracker products being recalled over a salmonella threat it is july 23rd, 2018.

worldwide exchange begins right now. ♪ >> good morning. happy monday from wherever in the world you may be watching, i am brian sullivan today's music is your choice we asked you last week what bands or singers are most defined by a song that least represents their total body of work that song, brown-eyed girl, the clear winner nothing like anything else he did. we've got your other picks throughout the show. let's get to global markets. how they're setting up -- a slight decline in the dow. there's the show name. that's worldwide exchange. there's a slight decline futures down about 16 points the dow market not on the move ten-year mark holding steading at the 2.893 percentage points

let's go around the world. not a lot of action in the equity markets as well the japan nikkei down 1% ironically, the chinese market rising about the same. normally the asian markets tend to trade together. the shanghai composite is up, japan down not a big move in hong kong. one tenth of one percent let's get a check of those markets if we can. the german dax down. spain the only european market in the green outside of stocks, here's your global look at commodities and currencies to begin their week as well. the oil market effectively unchanged. up slightly to 68.40 a barrel. euro dollar at 117 the big mover today, the big number is bitcoin. bitcoin continues its kind of amazing bounce it's up 4% on the coin base exchange 7692 by far the bigger mover of the

morning. we'll have more on the markets and your money in a moment first, top corporate story shares of fiat chrysler are down on news that long time ceo sergio marchionne is stepping down due to health reasons we have the latest from outside turin. >> good morning, brian in this iconic headquarters behind me, the top 20 managers have just convened they have to decide how to move on now that sergio marchionne has stepped down due to his health mike manley is faced with implementing the plan. a very ambitious plan and high reaching plan presented in the past, first of june. it's a plan that sets out to -- by 2022. it's a plan that comprises 45 billions of investments over the next four-year span.

not only fiat chrysler is investing 45 billion, they will invest 9 billion in the fleet. this is the main challenge that mike manley, a long time manager for fiat chrysler will have to face, how to enter this new market sergio marchionne has been sk t skeptical about about the electric car market. but he's changed his idea. the chal ex epgs are on the industrial and financial side. producing a super car. but everyone here in turin, there's a sense of discourageme discouragement who will have the strength to carry out such a plan. >> carlo, thank you very much. let's bring in peter campbell at the financial teams. peter, first off, do we know exactly what the problem is with mr. marchionne

it's the result of a shoulder surgery which seems nusual >> well, the company told us that he is so yil he won't be returning for work we're told it was shoulder surgery a couple of weeks ago. there were complications resulting from that that escalate north dakota the closing hours of last week that's why the boards of the three companies he ran were convened on saturday to pick replacements there were statements on saturday night saying mr. marchionne would not return to work in any capacity we don't know much more than that but we understand that he is not going to be coming back to the corporate stage ever at all. >>let talk about his replacement going forward. mike manley runs jeep. jeep responsible for about 70% of fiat chrysler's profit. about 40% of their revenue this is probably not a surprising successor, is it? >> it's not terribly surprising. there's been a lot of speculation about who would take

oifr from sergio marchionne. he was going to go next year people were placing bets on whether it would be mike manley or the cfo manly has done an incredible job at jeep. he took over when it was a reasonably small brand and now it's more than a million cars a year he runs ram, the other major contributor of profit. if you look at the plan unveiled in yun fjune for the -- increasing profitability at ram and no one knows the two brand better than manly. he's an obvious choice for that. there are big questions whether he can be the ceo. as we've heard marchionne has enormous shoes to fill a huge part of the job is political. it's talking to politicians and smoothing corners in difficult situations a lot of people say he's an excellent brand manager but they don't know if he'll have the same political wiliness that

marchionne displayed during his tenure at the company. >> he's got an american sounding name he joined fiat chrysler in 2000. he's been there a long time. he's done great things they've sold over 900,000 jeep and ram models before pulling back last year to your point, peter, how complex of an organization is fiat chrysler from a global nature it is italian-based with significant operations in europe but most of the profit comes from america to your point, you've got to be that global mover and negotiator, do you not >> and marchionne was renowned for his globetrotting. he would often only sleep on his plane or in the back of a car on the way to his next meeting. as well as being ceo, manly, also takes on marchionne's other job at fiat chrysler, which is in nafta it's a hugely global complex

business, big in latin america and trying to push into china. it has huge operations in europe some of the operations are politically sensitive. fiat chrysler wants to end the production in italy. it will keep other brand there and it's got lots of questions about what it does with the north american industrial footprint and all the questions about donald trump and nafta marchionne met trump several times. now mike manley will take those meetings while a lot of people aren't surprised, there are huge questions whether manly will stick to the plan that was outlined and what changes he will make. we're expecting to hear more about this when the results are unveiled. >> very difficult time to be stepping into a big and complicated company. peter campbell the fte, thank you very much. thank you. topping your headlines, papa john's pizza making a move to limit a potential takeover by its ousted founderment landon dowdy joining us with more on this story >> good morning, brian the board members adopted the so-called poison bill just

yesterday. the move is to prevent the pizza chain's controversial founder from securing a controlling interest the board has been trying to sever ties with john schnatter after it became clear that he used a racial slur schnatter owns about 30% and he won't give up control of the company without a fight. companies dtypically adopt poisn pills. it's a defensive move to prevent a hostile takeover usually against -- last year, they prevented a hedge fund from increasing its influence papa john's rights plan would trigger once a shareholder acquired 15% interest. but schnatter's stake has been grandfathered in look at the stock. up slightly in early morning trade. back over to you, brian. >> landon, we'll see you in a bit. thank you very much. finance leaders from the g20 group of nations gathered in argentina over the weekend as you might expect, the topic

of trade warfront and center here's what u.s. treasury secretary stevenmnuchin had to say. >> these trade issues didn't occur overnight. president trump is determined to have free and fair and more balanced trade and we just want to make sure american companies and american workers are treated fairly >> now, the official statement of the so-called final communique from the ministers at the meeting said the global economy remains strong but it cautions that growth is becoming, quote, less synchronized and risks of the short and medium term have both increased. we're just getting started here on worldwide exchange on deck, a double dose of deal news to kick off the full details ahead and 160 reasons why it's going to be a big week for you and your money stk ou th shipsticks.com! no more lugging your clubs through the airport or

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reuters says the plans to surge life point was -- shares of philips under pressure in europe the dutch health care company reporting second quarter revenue was short of analyst forecast results due to weaker demand of health devices in china. down 1.5%. it is going to be a big week for you and your money how do we know that? we know that because it is the busiest week of earnings season with more than 160 companies in the s&p 500 rornting their numbers. let's bring in a guy to watch through each and every one mark after loan. mark, we won't make you do that. the small numbers are blowing away the bullish expectations. do you anticipate that that trend will continue? >> well, earnings are strong because the km i is strong global growth is strong. the g20 statement that you

referenced earlier indicated that they're comfortable with the global growth rate that under scores what the fed has continued to say and what the imf has said we expect corporate earnings to continue i heard you talk about specific company news those are going to be the two drivers. how are specific companies responding in this environment and the environment is a very positive one for stocks. >> how positive is it? we're supposed to buy stocks now, mark. not for what has happened but for what is going to happen. so it's great that earnings were good last quarter. what do you think is going to happen in the quarters to come in. >> well, i think earnings are going to continue to be strong the effect of the tax cuts here in the u.s. has not yet been fully absorbed so we have these strong underlying fundamentals. if that was truly the case, you would see the stock markets soaring this year when in reality it's been chugging along and up only slightly that's because this tariff and tweet risk

tariffs tweets and testosterone with the leaders all talking tough, that's creating the overhang in the market if that could go away, we've cleared the runway for the good o economic news. >> if the president puts down the phone, the market goes up? >> it could. he might have to walk back some of what he said. none of these leaders want to be perceived as weak to trump we're getting into a game of ks mass macho whether it's trudeau or the mech minister over the -- french minter over the weekend or china. nobody wants to look like trump's whipping boy and agreeing to the new u.s. tariffs unilaterally if we tone that down and clear the runway for earnings reports and let the global economic growth contribute to the stock market rally and pick up where we were in 2017, it's a different story. >> do you think the bigger risk is -- i guess they're related. mark, do you think the bigger risk is the quote, trade fight or as you have written, the

foreign leaders. who has the bigger stick on the playground, you push me, i'm going to push you. pretty soon someone is throwing a fist. >> you're right. there's an economic impact to this that can't be lost my point to that, how does this end? that's what the markets want to know we've had a trade war and the market held firm in fact, it's gone up since the tariffs were announced we can absorb a little of this how far does this go and what does the retaliation look like with the number trump threw out against china, that's an indication that it may continue. that's the risk. what we need is to get an understanding of what the limit to the trade war is going to be and then the market can quantify that and hopefully move forward. >> so what do we do? i guess that's the ultimate end game mark, what do our viewers and listeners do with their money right now?

>> i think you stick with your allocation i think the president is too smart to have this blow up only a few months before midterm election i think you look long-term as you're an investor through some of these bumps and be reassured that the underlying fundamentals in many ways are as good as we've seen in a long time for stocks in 2018 perhaps into early 2019. >> our monday morning optimism from mark ab low we appreciate it >> good to be here. >> take care on deck, blasting iran what president trump said that is getting the world's attention this morning we're live in the middle east. a consumer alert mond lez recalling some brands of ritz crackers we tell you what you need to know

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would be the mother of all wars and the iranian people would resist any attempt to ward off crude oil supplies president trump tweet north dakota all caps saying the following, never ever threaten the united states as you will see consequences the likes of which you have never seen before we're no longer a country that will stand for your demented words of violence. be cautious. this comes amidst a move by the trump administration to, what they seyi sengsly is convince the iranian people to resist their own government they did something similar to this in 1979 and it didn't work out so well. >> iran forced to respond effectively saying that from what i can gather from the translation, basically, if the president of the united states thinks they're not going to be able to export oil, that he's got another coming did i summarize that fairly? >> i think you did, brian.

it's something we've been following certainly here in the middle east and the uae in particular the last several days the continuing relationship with china and gulf arab countries and china and iran we understand that the iranians got arranged the sanctions last time it looks likely that could happen again >> thank you, hadley gamble. pleasure see you soon. let's get a check of the other headlines with philip mena brian, good morning. chaos unfolded after a gunman opened fire in a busy area of downtown toronto killing one woman and injuring others the gunman died after a shootout with police. the man with a handgun stormed this popular neighborhood of greektown at 10:00 p.m. sunday night while many were out and about at restaurants and shops there. investigators say there was no clear motive but they've not ruled out terrorism. ritz crackers is recalling a dozen products due to salmonella

concerns the manufacturer says this precaution is not the result of any known illness. this voluntary recall affects ritz products that may contain whey powder. more than 200 lumberjacks and jills gathered in hayward, wisconsin, to prove they're a cut above the competition. it includes log rolling and chopping and ax throwing the loggers, they were all vying for a prize full of over $60,000. coveted title, brian of world champion lumberjacker. >> you'd think they'd be wearing more ankle and foot protection he's wearing nike sneakers with a razor sharp ax >> i know. that's how people usually go and mow their lawns. this guy is playing with heavy and dangerous equipment. you're right about that. >> you call it the lumberjack

championship in hayward. they call it sunday. lots of talk this year that the multiyear stock rally is finally over your next guest said that is nuts we may just be getting started we'll find out why more on sergio marchionne. what we know and what we don't that's next. - i love my grandma. - anncr: as you grow older, your brain naturally begins to change which may cause trouble with recall.

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a shocking departure fiat chrysler tumbling on news that the long time ceo is stepping down. will the numbers match the optimism like this week, this one right now. the fight for papa john's may be just getting started why they fear the ousted founder may be making a comeback the second half of the show begins right now born in the usa ♪ >> all right welcome back thanks for being with us on worldwide exchange you wonder why we're playing these songs. you picked these as least representative of that artist's body of work get it let's get to landon dowdy with the top money headlines. >> hey, brian. this is what's leading cnbc.com. the board of papa john's adopting a poison pill to limit his stake in the company he currently owns 30% of the

shares. g20 leaders call for stepped up trade talks in the wake of new u.s. tariffs leaders just wrapped up a two-day meet not guilty argentina. atos is buying syntel for $3.4 billion it paid $41 a share roughly a 5% premium to friday's closing price. back to you. landon, thank you very much. here's how your money and global markets are trading up the dow futures maybe slightly lower. 20 points down anything can happen. it's early no real trend for the u.s. futures market a sim similar tore r story in the bond market. no inverted yield here yet the two-year is below the ten-year it's been closing in the oil market not seeing much of a move up slightly for wti traded crude more on the market and your money in a moment.

right now, the corporate story that is shocking the wofrmtd long time ceo sergio marchionne is stepping down shares are falling but there are many questions let's try to get answers and phil lebeau here on the story. this is a big surprise. >> it's huge not only a surprise, brian but it also takes a company that is, to a certain extent, at a crossroads in terms of looking at eye future with a merger or partner. that's something sergio marchionne has been working on that's left up in the air to the new ceo. he was replaced by the fiat chrysler board on saturday he will not return to work the reason, a rapid decline in his health following surgery about three weeks ago. that statement from john he will kin who is the chairman of ex or which holds large stakes in chrysler ferrari he said it is with great sadness

to i have to tell you that our ceo who recently underwent surgery unfortunately experienced kbli indicaticomplit worsened in recent hours what happened? the new ceo mike manley has run the jeep division and the ram division for several years we're going back and showing you fiat chrysler over the last week if you take a look at shares via chrysler since 2014, it's had a nice run under sergio mark cone i. it's up to mike manley who will lead the company to carry on what marchionne has started. he was a protege of sergio marchionne knows the company well this is not like somebody who doesn't understand what's going on widely expected that he would be named ceo when the day would come that sergio would step down meanwhile, take a look at shares of ferrari symbol race. we're showing you since the ipo.

remember, brian, going back to when this started, camilleri has been named ceo he knows the company wechlt former executive with philip morris and with kraft. he was expected to move into that job potentially someday he's moved into that job robert frank will have more on this throughout the day. if you go back to ferrari's ipo and saerj yoe marchionne said we're going to increase production and the purists were like, no, you cannot do that you will ruin the brand. you will ruin ferrari. hasn't happened at all his vision was spot-on with ferrari. it is the reason that you have other automakers especially on that very high end niche part of the market saying that's the blueprint for what we want to do with our particular brand. >> we have many questions. i want to get to the business side in a second, though, phil i want to ask more about marchionne's health. i know that it's early and we don't know a lot of information. but it does seem odd that --

there are questions still, apparently he went in nor shoulder surgery >> correct. >> something happened between then and now we don't know what that is, though, do we in. >> no. there's a lot of speculation that's out there but the fact of the matter is, they made it very clear in the statement that it was a rapi decline within the last week in particular, in the last few days, that led the boards of fiat, chrysler, ferrari to say he's not coming back to work we don't know the particulars. exactly what has gone wrong with his health read into the statement. this was not a case of he's not doing that well, he may not be back >> intensive care what i heard he is extremely ill. >> yeah. well look at the statements. these statements were not written like we wish him well, maybe he shall return someday. these were definitive statements

of his health has declined to the point he's not coming back to work. we have to move forward. it's a very sad and shocking situation. >> it is certainly and our thoughts go tout o him and his family for any kind of recovery there. >> on the business side, mike manley has done amazing things with jeep. that's about 70% of the company's profit about 40% of the revenue for fiat chrysler. he's done great things with arguably the most important brand. yet the stock is falling is there concern that manly may not be global enough >> no. not within the auto industry mike manley has spearheaded the expansion of the jeep brand particularly in china. if you look at their blueprint for the next five years, it's all about jeep, ram, some of the other core brands there. not about dodge or chrysler. mike manley has a vision along with sergio marchionne for the future the reason shares are down,

brian is combination of shock that you have sergio marchionne out as ceo and he was the vision of the company he was fiat chrysler when you bought shares at fiat chrysler for many investors, it was i buy into this guy. much as like people buy tesla. they buy into elon musk. that's what you got with fiat chrysler now the guy who was the visionary, who put this company together ten years ago, he's not there anymore and leading the company. that's why the shares are under a bit of pressure. >> kind of a sideways twist, you'll see -- he's actually a britt. he's the head of nafta he will be negotiating or involved in the negotiation with president trump. not only is he going to be suddenly the ceo but he's got another big job on the side. >> one other thing, brian. let's be clear here. mike manley was sergio marchionne's right hand man.

he worked closely with him this is not somebody who was in charge of thecompany but he didn't do a whole lot and he's suddenly thrust into a position of power no he has been working closely with sergio marchionne and other executives at fiat chrysler for a number of years. this is not somebody stepping into the job who has no sense of what is going on or the enormity of the task at hand. >> but the market is reacting. the stock is down about 3% right now. phil, i know you have a long day. we appreciate you joining us on worldwide exchange thank you very much. >> you bet. you're probably hearing more and more people talk about how this multiyear stock rally is finally over, it's done. your next guest says that's wrong on a couple of counts. joining us now is managing director at zor. the best named capital on the market. >> you question the basis that this is a multiyear bull market. how? >> my basic call is so far this year the market is doing what it

should do after a big year i look at this year, we're digesting the big gains from to 17 so far so good short-term, the summer is coming up a little more volatility. heading into august, september, which could be tough months for the market my call is, we eventually break out of this range and see a sustained up-trend that continues for a while. i'm basing it on history and earnings, interest rates, sentiment, technicals. >> if i say to you, this is a seven or eight-year bull market, you're going to tell me that i'm full of bull you think this is not one bull market but rather we had a bull market, it ended and this is the beginning of another one >> something a lot of people don't talk about is for -- >> let's talk about it. >> mid-2015 to mid-2016 was a bear market. i mean, i don't know who came up with the stupid definitions. beneath the circuit -- >> someone with a beard and monocle 75 years ago.

>> financials, energy, small caps, biotech they kreked between 25 to 50% during that time i say we had a bear market beneath the surface and emerged out july 2016 with a new brand new bull market. >> i understand the earnings have been good but that's looking in the periscope. that's in the past why are you optimistic going forward? you sort of factored in everything. >> yeah. >> what exactly are you seeing >> earnings are accelerating they're just start to go accelerate if you look at the big cap companies, the software, consumer discretionary, the earnings are just starting to accelerate historically, you have earnings on the table before the price catches up to it a lot of times. the earnings picture is very, very -- >> there are plenty of people taking up rvs to the peak earnings camp. they're like this is it. this is the best it's going to

be you disagree with that. >> the market tends to fool the majority the late stage and late latter stage market, late stage bull market. >> what about all this other stuff? trade fights, tweets >> i know. >> nationalism pop u lichl. it lives on earnings and interest rates that controls the market for the most part. there's a coordinated effort to keep things low. it's historically very, very low. that picture is the main backdrop a the earnings and interest rates but the sentiment, it's unbelievable do you have anyone who comes on the show, almost everyone is saying late stage. almost everyone. if you try a drinking game in the morning when someone says late stage do a shot of vodka, you'll be drunk by the end of your show. >> it's 5:00 somewhere moscow i have no idea how far ahead they are. >> everybody is saying this.

sentimentwise, everyone is saying we're late stage. when we do pull back, there's a huge spike in bearish -- >> because people are waiting. it's like that doom feeling. here it is the pullback we've been waiting for. you know what i'm talking about. >> i'm more curious why this happens. your guess is as good as mine. 2008 and '9 is still fresh in everyone's minds i don't remember what i had for dinner but it was a time that's fresh in people's minds. every time we pull back, all the major sentiment indicators move to bearish extremes because everyone is one foot out the door >> how many years, months, quarters does this new bull market last, joe i won't call it the old market you say that's not right. >> the new one started after

brexit beginning of year three, this is a very similar market to 95 to 2000 one other point in the technicals think about all the bad news that's hit the market. it goes down a little bit. but it doesn't stay down. >> remind me of a simple word, resilience the market has been resilient. i think if gdp continues to growth, we'll surprise to the upside. this is live global television you're on the record saying this is the start of something big. by the way, it's 6:40 p.m. in folk yoe if you're out there -- joe, familiar i jor. the winner of the weekend box office was a surprise. we'll tell you who pulled it off. if you wondered how big the etf is it's bigger than you think eye popping stats when we come back

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exchange don't call it a comeback it's been here for years bitcoin is up 4% $302 gain to 7696. let find out what else is trending landon dowdy is here and back with that. >> we're back with it. a battle of the sequels at the box office sony's equalizer 2 took the top spot with 38.5 million d this edged out mama mia here we go in. which brought in $34.4 million in the first weekend. >> is that a real movie. >> it's the third one. >> denzel washington kicking butt. >> yes. >> what do you want? mamma mia. >> thousands of people swam from asia to europa cross istanbul, the strait yesterday it brought together swimmers

from 50 countries. they swam for four miles to the finish a swimmer from cypress came in first with 46:58 a woman had 50:30. i think that was crazy >> it's one of the busiest shipping strait in the world i'm assuming they put that on hold look out super tanker if you knew your uber driver was broadcasting your ride to the world, would you still get in the ride? >> no. >> a man was doing that. to twitch without the knowledge of his passengers and the driver claims he hasn't broken the law. the passengers don't have a reasonable expectation of privacy since the st. louis post dispatch broke this story over the weekend. both lyft and uber deactivated

the man's account. i don't know what goes on. >> i live in the suburbs >> you also live by new york >> i burn carbon i drive myself around in circles. just burning gas. >> in your rv? >> yeah. >> next olympics in 2020 seem far off but they're drumming up excitement unveiling the mascots for the olympic and paralympic the named mary toa, fuses the japanese word for future and eternity you know what it looks like. >> like every japanese country melded into one. it's brought you sonic the hedgehog, pikachu. if somebody said design the mascot, that's what i would have pictured it. anything is better than that london thing whatever that was. landon, thank you. now to sports, another first

time winner at a major championship in golf frances owe molinari emerged at the top of the round finished 8 under par becomes the first italian to win a major. americans had won the past five. rory mcilroy and justin rose finished two shots back. tiger woods briefly took the lead in the final round. got everybody excited. he finished three shots back >> on deck, the unshakable rally. the market continues to shrug off any talk of trade, why aren't we seeing more of a reaction why 6.9 trillion is the most random but interesting number 'lr you this morning wel explain in the morning rbi coming up. jimmy's gotten used to his whole room smelling like sweaty odors.

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the situation at fiat chrysler and what it all means. we have a number of big guests including those who understand it better than anybody else. he'll be with us at 7:00 a.m also talking about cars. i know you've been talking about it as well the "wall street journal" about tesla, the rebate to suppliers i don't know if you want to call it rebate to suppliers what's really going on inside tesla. we'll talk trade and then, yes, the president's tweet overnight and what that all means. that's all we have we might discuss whether the tweet itself breaks the terms service on twitter >> how so? >> what do you think about that brie, brian? >> what's the basis for the debate so we can get amped up ahead of it? >> interestingly, as you know, you're not allowed on twitter -- like if i were to threaten you on twitter, they would kick me off twitter. >> the threat to -- >> i'm asking the question >> it's an interesting --

listen, i have a feeling that twitter -- >> i have a feeling. >> you know what i'm saying. >> commercial interests may override the -- >> intern at twitter today, you know we should throw the president off because -- >> shut up, jim. that's what's going to happen. >> we'll see i'll see you later. >> aaron sorkin. thank you very much. buckle up. investors in for a busy week more than 160 companies in the s&p 500 will release their numbers. there's all of them on a screen. the big ones you've got the tweets and the trade talk and oh, yeah, talk about an invertered yield curve. let's put it together. jeff kill ber, founder and ceo of kkm financial he's in a cowboy hat and donkey yesterday in wyoming yesterday he joins us now. it's a horse i'm kidding. i'm breaking chops it's early all the things we talk about, earnings, tweets, what is the

most important thing for our audience to pay attention to this week? >> i think you have to take all that noise and move it to the side and focus on the tech companies. we're looking for gdp. even amazon. google looking for continued strength why bring up the tech sector it's so important. every time we see a tweet from president trump, every time the asian stock market goes lower or the european stock market goes lower, they buy the tech center. the tech center is a bit of safe-haven domestically. i'm laser focused not just on the earnings of course, we're looking for a 24% growth out of google all the moving parts comes back to president trump in washington about the trade tariffs. i don't think they're being considered to be something impactful. it's more about the earnings. >> do you worry, jeff, because i saw a chart from larry mcdonald over theweekend that showed basically the tech stocks, they're all making new highs

while almost all other 3,000 stocks are being left behind don't you worry that people are just overly confident in a couple of stocks which now literally control the market four or five stocks seem to be the entire stock market right now. >> it's absolutely a great point. you can say when i was growing up on my steed in jackson hole on the range, the air is thin up here no doubt about it, mass amount of liquidity from the central bankers. we'll see the yield curve continue to move higher. president trump started aly bit of a fight with the fed. maybe they get emboldened by that as long as earnings can support that global -- the store is i intact if you look at the s&p 500, we were down about eight handles. there's room to move down to 2750 short-term, yes, i think you'll see a pop in the vix and concern. you're right, sully, look at the

ten-year the vic was back under 13 at the close. too koez. >> that's what i don't get either the vix is broken and doesn't mean anything anymore. or the world is too complacent trade fights here. talk of a recession in 2019 or 2020 over there, you've got tweets about iran and the vix is acting like it's sunshine, lollipops and rainbows. >> yes but we've been conditioned o this we get a big tweet out of president trump. we would have gotten this 18 months ago, it would be down, s&p 500. nearly unchanged right now we're so conditioned to this that is the point. you're right that's how people are caught off guard when the boat lists too far to the side. >> what is it -- netflix kind of had that everyone freaked out for six minutes and then everything was fine again. >> i think it's google maybe coming a little bit under

whelming with numbers. now it's getting global. the amazon component, if they have a fearful guidance x something that shocks the market, that could become the unwind of the massive tech buying trade we've seen it for 18 month. >> guess what? alphabet/google reports tonight. there's one of your big tech stocks that will be a big number jeff killburg you're a big guy with a big heart thanks for coming on the show. take care. it's time to wrap up the show with a monday rbi this is random but interesting if you ever wondered how big the etf market has got en, how about this $6.9 trillion. in "wall street journal" story other the weekend highlights how assets and passive funds try to match the market, not beat it, have quintupled in ten years to nearly $7 trillion the question is maybe matching

the market is the new market it's something to think about that's hopefully random but interesting and maybe a little bit imrtt.poan maybe a little abba. worldwide exchange "squawk box" is next

breaking overnight a late night warning to the president of iran. don't threaten the united states again or you'll suffer the consequences a live report from washington in a moment shares of fiat chrysler under pressure falling after the long time ceo suddenly stepping down for health reasons we'll explain. a poison pill at papa john's the ousted founder, trying to prevent him from gaining a controlling stake. squawk fox begins right now.

>> announcer: live from new york where business never sleeps, this is "squawk box. good morning of the welcome to "squawk box" here on cnbc live at the nasdaq market site in times square. i'm melissa lee. >> and bobby brown is here. >> how do you like that? not too early. >> poison. works with the poison pill >> right, right. >>let get a check on how we're setting up on the monday morning open looks like -- the dow looking to lose 17 at the open. s&p 500 down by 3 1/2. the nasdaq down by -- the s&p 500 for the fourth consecutive month of gains overnight, the action asia