it's 5:00 a.m. here's your top five at 5:00 a major story out of turkey, its currency and economy in freefall tech on a tear the nasdaq is up for eight straight sessions. that's its longest win streak in a year tesla's board will ask elon musk to recuse himself as that company reviews plans to go private. retail, one stock is soaring this morning thanks to a big bet on blockchain. that name an so much more coming

your way on this friday, august 10th, as "worldwide exchange" begins right now ♪ good morning welcome from wherever in the world you may be watching. i'm brian sullivan so glad you're with us on this friday futures are tumbling this morning. it could be a rough ride dow futures are down 106 points, all eyes are not on the dow, they're on the nasdaq. the nasdaq is up 8 days in a row. it's never done that this year all the talk about tech being dead, f.a.n.g. is dead that's not been the case today nasdaq could start its session in the hole. we have a ways to go as always keep your eyes on the nasdaq one big thing to watch right

now for all of you, we talked about it yesterday, is turkey. that country's currency plunging to record lows against many other currencies the lira losing a third of its value this year alone. the stock market also in free fall the big turkey etf, the tur, is down 42% just this year. that drop is starting to worry one of the world's central banks. "the financial times" reporting that the european central bank is getting worried about ecb exposure to turkey unicredit and bnp paribas among the biggest banks with operations in turkey both of those bank shares are down both off more than 3%. let's turn back to the u.s. markets and your money this is the one number you need to focus on today. that's the nasdaq. the nasdaq is up for eight straight sessions as we noted,

the longest winning streak of the year ten stocks are up more than 11% in the last month. let's bring in jeff hirsh from probabilities fund management. what was the probability that the nasdaq was going to have this kind of -- everybody said tech is over rotate out how surprised are you? >> i'm a bit surprised it shows what's going on with trump, everybody is on the seasonal bandwagon how weak august is to expect more volatility. >> low volume, blah, blah, blah. >> didn't happen seasonality is not perfect sometime there's are other forces that trump the -- >> pun intended. >> pun intended. but if you look underneath nasdaq, the advance/decline line is dipping the broad strength is not there. it's fading a bit. >> turkey is a heck of a story it's not systemic most likely.

i don't think so greece was systemic in a way because of the money they borrowed turkeyly not the shenzhen is down 25%, that's a major world market why do you think it's not impacting us more? >> i don't think it's impacting all of the u.s. growth we're having a lot of domestic fundamental growth in the country. it seems the place to be is u.s. markets, technology is strong. it's not leaking over yet. all the tariffs, 16 billion additional tariffs added on there. didn't have an impact on wall street it's not -- maybe this art of the deal is working a bit. >> it might be you guys have done good work on the historical meaning of it's a mid term election year there's all these presidential

cycle theories how does a midterm or second year of a first term shape up historically >> it's the weaker of the four years. we get a midterm low the q2, q3 is weak q4 is strong but like '06, '10, '14 strong midterm years followed by weak years. 2011 we had a bear market by our definition, that bottomed in october. 2015 we had a bear market that went from may of '15 in february of 2016. everyone is looking for this midterm election year bottom same thing happened in '06 >> if we looked at the election two years ago, the market paused effectively for 15 months while clinton and trump battled it out. the market did nothing then it soared once the results were settled

we're about 80 days out, do you think the market will take a pause for the next few months? >> once people say seasonality is not working, maybe we'll get an end of third quarter, september window dressing, a hit there. but the big surprise, the biggest surprise could be the republicans don't lose that many seat seats. >> there is the school of thought that gridlock is good. is there a school of thought that the democrats have the house, republicans have the senate -- >> not good. split congress is not good democratic congress not great. republican congresses have presided over the greatest market gains >> not a political statement, just -- >> a fundamental fact. >> even better with a democrat

president. >> republican congress, democratic president >> that's the best combination historically for market gains. >> that's not going to change in three months as far as i know >> if you want to take a sleeper bet, maybe bet the republicans keep control of congress >> is that a sleeper bet >> i think so. people expect the democrats to take some stuff back >> i think it will be surprising people have surprised us the election season feels like the british soccer season. it never ends. there's a final game, the next day the season begins. we continue to follow tesla. that company is planning to meet with financial advisers next week to explore the possibility of taking it private but the board may ask elon musk to recuse himself from the process. joining us on the cnbc news line who broke that story last night, alex sherman

we have to stop seeing each other. excellent reporting. you moved the stock, and this is a move that's expected to be around this potential transaction, not the board entirely, correct? >> that's right. yeah hardest working man in show business there with you, around the clock coverage >> that's you. >> the interesting thing about what we're reporting is it seems as though tesla is trying to standardize a non-standard process. in terms of how this theoretical deal was announced there's no more unstandard process than tweeting that you may take the company private at $420 a share, and in a subsequent amount of tweets over a period of time leaking bits of

information. that goes against almost all tradition on wall street of how you would go about announcing a theoretical take private, which usually comes with bankers and lawyers and a formal press release and advisers on media relations and investor relations. in this case once the news was out there, the board has to react to that. what i've been told is going to happen is next week they will start to do some of those traditional things they will bring in a financial adviser, ask elon muss tock recur -- musk to recuse himself the same thing dell did with michael dell when michael dell wanted to take that company private in 2013. >> also according to your reporting there could be an

independent special committee set up what would that committee be designed to look at? >> the committee would be a smaller group of independent board members, let's say two, three, four board members. and they would look at the structure of the bid and also where the money is coming from that remains the biggest question here for those not following the story. when elon musk tweeted out that he was thinking about taking the company public, he also tweeted out that the funding was secure for this it's been more than 48 hours, we still don't know where that money is coming from and when we're talking money, we're talking a huge amount of money at $420 a share, this would be a $71 billion take private. the amount of money he would need to raise is less than that

because he himself owns 22% of the company, and he's also, through these series of tweets, indicating he wants current investors to potentially roll up their stakes within the take private. so he wouldn't need 71 billion but 30, 40, 50, $60 billion. none of the wall street banks seem to have any idea where this money is coming from so he's not raising it in the traditional financing route. >> bottom line, alex, based on your reporting, things in this story could heat up, not cool down next week >> we should know more specifics about how serious this bid is next week. >> alex sherman, appreciate it see you soon in other corporate news, space sharing firm wework landing itself another big time investment landon dowdy has more on this.

>> wework raised another $1 billion in funding from softbank the company says the investment raises the cash pile to 4 billion, which it plans to use to acquire new property and leases wework made the disclosure yesterday as a part of its financial results. revenue doubled to 4$421 million its net loss in the first half of the year more than tripled to 723 million as it opened new office space and spent more to market them. membership jumping by 140,000 from a year ago, but wework says revenue per user declined slightly wework provides shared office space and services and corporate customers account for about a quarter of memberships wework is valued at $20 billion. this is the second i investment by softbank. it invested 4.4 billion in equity funding last august as wework adds more buildings

and debt, there's plenty of optimism about the company they are on the verge of surpassing jpmorgan as the largest occupier of office space in new york. >> they put in $3 billion a yea and a half ago this is another investment >> they're growing fast. >> do you know people engaged in wework >> yeah. >> especially in new york. >> yeah. >> are they able to work i knows there the we they have party fridays. is there work? >> they have those joint areas where i'm sure there's a little friday happy hour -- >> joint areas with pot being legalized, that may be saying something. to your big morning stories, dropbox shares dropping in the premarket. they're down big the company's ceo leaving the company. they beat earnings forecast.

the market focusing on the guidance. universal displays latest revenues topping revenues. they expect a pick up in orders in the second half of the year the stock is up 10.3%. if you own that stock, take your family to dinner tonight. lion's gate reporting a narrower loss and revenue topping forecasts. the studio adding more subscribers to its starz cable channel. it's also expanding the starz play channels in europe. that stock up 2.6% up next, china's big about-face the nation back pedaling on a ke tariff call. and we'll hear from a small business owner who says tariffs are hurting his company big time what he says need to be done to help him and other small businesses across america. he got up at 2:00 in the morning out in california justor y fou so stick around to watch

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the trade concerns trumping that gdp number the hang seng down 0.% t that's been a difficult market this year. what else has been difficult is russia now russia is out with a warning towards the u.s. saying any economic sanctions against russia would be equal to economic war the rsx, the russian market, has been a complete disaster in the last month. sticking with news out of asia china is removing crude oil from its latest list of tariffs against the united states. eunice yoon is live in beijing we are now an exporter of crude oil, we're a major exporter of natural gas. i found the news surprising when they talked about it because

wouldn't that just be a tax on its own chinese people >> yeah. that's what a lot of people here have been talking about. just to give you a bit of a background, china decided to drop crude oil off its $16 billion tariff list. there hasn't been any official explanation why, but there's been plenty of speculation among traders that the state refiner had something to do with it. they are the biggest importer of u.s. crude into this country and it's all been part of the government's overall strategy to import more u.s. crude to help diversify their energy sources so to give you some stats, last year china bought a fifth of u.s. crude exports, and this summer the purchases hit more than 500 million barrettes a day. the government here has very little incentive to put any more

financial cost on to its imports. the revision did come after the company suspended new bookings until october. that was reportedly because of concerns about the impact of this possible t25% tariff on supplies the pattern has been that the chinese have not been wanting to put a tariff on anything that could fundamentally impact the overall economy. >> it's a big story. appreciate you bringing it to us eunice, thank you very much. the escalating trade tensions between the united states and china could have an unintended consequence some damage to high-tech innovation, especially for start-up companies u.s. tariffs on chinese products and components are forcing many startups to rework their supply chains we're joined by aaron amy, cofounder and ceo of brilliant, a maker of smart devices that replace the light switch in your home i don't know if you're getting

up, staying up appreciate you joining us on "worldwide exchange. we've been talking about tariffs with regard to steel and soybean. how is your company being impacted >> it's something that's often overlooked in all of the discussion about big business, the fact that tomorrow's economic growth is driven largely by companies small today and not well equipped to lobby on behalf of themselves or to weather the storm in tariffs brilliant is a united states-based company all of our employees are in the united states, all our intellectual property is created in the united states, yet our products are subject to a tariff because we manufacture them in china. >> so give us the real-world impact there's been theory, if this happens, if x plus y and z, whatever what are you seeing and dealing with that you were not dealing

with a couple months ago >> exactly so to give context, we make a new kind of smart home controller that goes into the walls and gives you touch and voice control over all the devices in your home it's a new kind of product it's all created in the united states we got word a few weeks ago with the 2$200 billion round of tariffs that the category that this device is categorized under by the customs and border patrol is subject to 10% tariffs, then just a week ago that increased to 25% so what happened to us is when we hit the 10% number, we looked at our costs, we went to our channel and said we're launching this in september, we know we communicated a price, the price has to be raised now we had to go and raise the price into our channel when that was suddenly increased to 25%, we felt we couldn't raise it more and had to cut the margins. it has a profound impact on a

young company that doesn't have the financial resources to weather this situation >> the tariff story is confusing even to those who deal with it every day. the list of tariffs come out, there's thousands of numbers, different devices, you have to filter through how much time and maybe money has it taken you guys to figure out, okay, well, there's this part, there's this thing how do you know what's going to hit you? >> it's a really good question you know, in our case we heard, hey, this will hit you in eight weeks. it's rite ght at the time we're launching the product. we had eight weeks to react. two weeks later we find out it's 25%. you get only a matter of weeks, that's not nearly enough time to change the supply chain. as a startup company that's not feasible because it takes millions of dollars and months of time. so you just have to either take it in the margin or raise

prices it's inflationary to consumers and it costs u.s. jobs because it's affecting not only companies like us that are using chinese manufacturing, but also companies manufacturing in the united states with components and materials subject to tariffs. a lot of these a compacompanies being forced to offshore their manufacturing. we started an organization of 14 venture-backed hardware startups, startups for sensible trade which are affected by these tariffs to give more of a voice to the unique situation that startups are in and the threat that it poses to the u.s. economy over the long haul >> start ups for sensible trade, we will check it out thank you for joining us live from california, aaron appreciate it. >> thank you on deck, the verdict is in america's top colleges have been ranked we'll tell you where your alma mater falls and where your kids need to go so you can brag to

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welcome back it's 5:30. here is your executive summary we're following a major story out of turkey. that currency plummeting to all-time lows as the economic crisis grows the ecb sounding the alarm the latest on that developing story straight ahead. the iea also out with a warning on oil as trade tensions mount. and an out of this world idea is bringing out the best of

the internet for once. we'll explain as this friday edition of "worldwide exchange" rolls on ♪ welcome back thank you for being with us on cnbc i'm brian sullivan there's a lot to get to today. first a recap of yourheadlines landon dowdy has those >> the lira is plunging to record lows. its lost a third of its value in this year alone. that's worrying the ecb, they're worried about european bank exposure to turkey tesla topping the headlines again today. the company is planning to meet with financial advisers next week to explore the possibility of going private the board is expected to ask elon musk to recuse himself from

the process. and wework raising another 1 $1 billion in funding from softbank the investment raises the cash pile to $4 billion they plan to use the funds to acquire new property and leases. >> landon dowdy, thank you very much let's check the other top headlines outside the world of business including more on the huge and deadly fires in california phill phillip? >> that's right. good morning tragedy in northern california where the raging carr fire claimed an eighth victim heavy equipment mechanic andrew break died while battling the fire with so much fuel readily available, fire crews say fires could burn for weeks or months in yemen officials say a saudi-led air strike hit a school bus killing at least 43 people including two dozen children some of the victims are as young

as six the saudi coalition is defending itself saying it was targeting rebels and not civilians. frightening moments for travelers at a georgia airport after a suitcase started spewing smoke. the tsa releasing this video of the incident that happened last month. a passenger noticed that smoking luggage and called for help that's when the lead tsa officer jumped in there, grabbed the bag and carried it away. the smoke came from a malfunctioning battery on a vape pen. >> you know who was there that airport? joe kernen we'll query him about that story. >> find his whereabouts. >> that tsa agent leapt into action thank you very much. to your markets and money on this friday is here's t here's the question. will the nasdaq make it nine up segs sessions in a row? it could happen. if it does happen it will take a

lot of climbing out of a hole to do it. futures are down now, 30 points. the dow futures are down as well markets indicating there could be a drop at the open. we have a long way to go switching gears to the oil market the international energy agency says u.s. sanctions against iran could hit global oil demand going forward. let's bring in jackie deangelis with more. >> the iea says the markets are calm now supply and balance is tight, so it's a wait and see story. 2018 the iea says will track flat there should be an uptick in

2019 opec right now pumping steady. we didn't see a major uptick in output in july as i said, the saudis are taking a wait and see approach. they don't want to see $50 oil at this point, though president trump might ahead of the midterm elections. this is a sticky situation the iranian barrels have not come off line yet. we have to wait and see what allies do. will they stop taking that oil >> is the idea being this will wallop demand going forward? will it possibly hit demand going forward? or maybe it won't impact demand going forward? there's a lot of variables out there. >> at this point it could be any of those scenarios we're in a new range, 65 to 72 that's what you can expect until we know more >> jackie deangelis, thank you. now to your morning strategy session. let's talk about earnings season you probably heard that earnings have been good but what you may not be hearing enough about is something else

joining us is darrell cronk from wells fargo. i'm not referring to earnings -- you can mess with earnings corporations can do some things. we beat earnings by a penny, how strange. you can't mess with sales. how good have revenue numbers been >> you're exactly right. earnings have a lot of noise in them from the tailwinds from tax reform and the stimulus. revenues have been off the charts this quarter. somewhere between 9% and 10% revenues will grow year over year on the quarter. one of the best quarters of this entire economic recovery people thought rates would decelerate into q2 and q3. that has not happened. the beats ratio on revenue is the high est we've seen since te global financial crisis.

it's off the charts good >> if i wanted to be glass half empty i would say if the market discounts the future as it does, the future will be more difficult because matching these comparisons will be next to impossible next year >> yeah. i think you're right the comps year over year will get more difficult and i don't think we have to enjoy 24, 25% earnings growth or 10% revenue growth to enjoy a healthy upside market. we think the multiples on this market keep trading between 16 and 18 times 18 on the high side. 16 on the low side so as fast as earnings grow, so can the indices and stock prices move higher. >> do you think they will? >> we do think they will we think the third quarter -- the third quarter of this year, this quarter's earnings is still preelection, pretax reform so the comps will be fairly easy in q3. we still see good opportunities.

the neat thing about this market is all the dialogue about tech being narrow and the markets breadth being low and focused to a few names, it's widened out. healthcare setting new all time highs. consumer discretionary hitting all-time highs retail up 25, 30%. it's a healthy market heading into the back half of this year. >> we look at politics we try to avoid it as much as possible here's the thing, it does matter when you look out and look at your models, your spreadsheets, earnings numbers, how much is the variable of the midterm elections factoring into your analysis if at all >> that's an interesting point we've gone back and looked at that many times over mid trmterm election years, youe the markets turn sideways and flat then almost always, whether it swings democratic or republican, starting in about october when the market feels like it's got

certainty around midterm elections it rallies strongly in the fourth quarter that trend held true back to the eisenhower days. >> wow it's a pretty strong data point. >> going back to eisenhowize eir that should have been our rbi. you stole it from us i'm kidding. thank you very much. have a great weekend >> you, too. now let's find out what you will talk about at the office today. it's friday, the summer. you won't talk about work. let's talk about the stories that are trending. landon dowdy is back with those. >> get the dog out he's hot >> the white house is looking for a few good men and women to pick the logo for the space force. the trump administration sent out an e-mail asking supporters for their import in branding the new military branch.

there are six different designs in the works there's a lot of backlash on twitter about this the one on the left -- >> the blue one? >> they keep moving. >> the white one at the bottom >> the one that looks like a circus tent. >> yeah. which one do you like? viewers on the radio are -- >> viewers on the radio? >> it's friday i anchored 65 shows this week. >> you need some wings buffalo wild wings is rolling the dice the chain is looking into adding sports betting to its menu the spokesman for buffalo wild wings says the idea is still in the early stages this after the supreme court opened the door to legalized sports betting in may. >> we've been waiting for this the bdub will be the first to do it you have your wings, beer, and you're betting on it it will get peoples butts in the seats. that is the biggest challenge for restaurants. that is trending

>> that's trending now i guess this is a segue to the world of sports red sox right feeler mookie betbeth betts became the first player to hit for the cycle. he's the first player to do it so far this year he completed the achievement the team ended the night with a loss still the rox are ed sox are be than the best team in the national league, bthe chicago cubs still ahead, the most wonderful time of the year for back to school season. america's best colleges have been ranked. the guy doing the ranking is here he'll tell you where you need to send your kid to college or you're a total failure as a parent stick around a husband who snores with gusto... and marvin...

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on our power grid. (colton) this technology is helping us integrate rooftop solar, which is a very important element of getting us to our renewable energy goals. ♪ (shelee) if we can create our own energy, we can take care of this beautiful place that i grew up in. ♪ good morning, chicago. best big city in america sorry, new york. it's true. chicago, you're number one if you have kids looking to go to college, this is the most important segment of the day for you. the new college rankings are out. the princeton review looks at everything from academics to schools, to the best food and dorms. so what are the dream schools? it is stanford the number one school that kids dream about going to followed by

harvard, nyu, princeton, look at that, the university of california los angeles joining us now is the editor and chief of the princeton review. great to see you your reviews, i have a 14-year-old, it's an important ranking. what has been the most surprising thing for you this year >> well, i'll tell you so many students and parents, i'm sure to you and all of your watchers and viewers, people are nervous about debt, nervous about financial aid, they're asking the questions about return on college investment, academic investment and their family's financial investment. >> is there a way to measure roi? >> i think there is. we tried to look at a couple things career development career services what are students doing from first year on campus to last year on campus by way of co-ops, internships.

what are students doing outside the classroom to endear what they're learning inside the classroom to make them attractive to graduate schools or professions upon graduations. >> the dream schools, stanford is not a surprise. spectacular. harvard, princeton you are surprised ucla was so high >> i feel like california schools are a -- >> usc every kid in my neighborhood wants to go to usc i think it's one of the most expensive schools in the united states, but everybody wants to good to los angeles. >> you are so right. $74,000 for usc this year. no joke. they're not giving out a ton of financial aid. you're right they have a good job -- state schools and private schools on the west coast have done a great job in marketing themselves to student on the east coast. >> is there any indication that $74,000 a year hinders

applications i argued with somebody in my town last year i said you could charge $100,000 a year at harvard and you would probably have no drop off in applications >> schools at that level, 35,000 students applied to stanford, and 4.2% were accepted financial aid is not a concern for them, because they have great financial wherewithal. as long as they have that brand, they're still great schools. >> my alma mater, virginia tech, used to be the school students loved the most we've been usurped by clemson. i spent a lot of good nights at the tiger town tavern, but what happened to the hokies >> for all of these rankings, there's 62 different top 20 ranking lists in this new book, it's all based on student opinion. 138,000 current college students and their opinion went into this

book i'm a huge virginia tech fan i'm a big clemson fan as well. it's not my opinion or the opinion of folks on the editorial board. >> my fellow hokie, hoda kotb, didn't she hammer you about virginia tech? >> she did it's my 34th time on their show and i still get pummelled. >> the school most likely to produce awesome tv anchors still ahead, risks on the rise the u.s. economy is moving full steam ahead. could something throw a wrench into the works and your rbi has something to do with google, alphabet. stick around

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and jason day will win the pga i just said it >> he won before what a player. i don't know if you're right >> i don't either. >> i wish ricky would win. the pga seems like a good start. not quite the pressure maybe he played well yesterday anybody could win. tiger, did you see him i watched tiger talk about jared lyle who succumb to leukemia tiger, maybe he was still

overheated, but i thought i saw a couple tears he finally succumb justin rose, nicest guy. >> i'm looking forward to the victory celebration. mike santoli, you know his story today? >> no. >> how the dogs of the dow perform. >> you brought him up with that story? >> i think they're messing with me maybe they say you talk about it enough, we'll have poor mike on this assignment. i'd be interested. one thing that is interesting,

brian, all of this is interesting. if the end of the world comes, it might start with currencies, i think. the yuan i think that's where you see the real thing, in iran, who knows what happens with the regime in iran it will happen with currencies >> trade wars are trade wars until they become currency wars. >> we have jim o'sullivan here with us. thank you for joining us suddenly turkey in focus have you had to ratchet around your models? is turkey a systemic worry now >> i don't think so. there's always out there with the markets. certainly the us m.s. markets he

taken it in stride >> all these things depend more on what the economic effect of any single country is. it depends more on the markets and confidence >> if you had to rank the risks, is it china? tariffs? ecb or the u.s. fed? >> unemployment is low, still falling. >> you're saying inflation is a threat >> yes we'll get the cpi this morning they're still tame numbers, even if you look at the core cpi, it's running at 2.3% a year ago that number was 1.7 wage number, same story. still tame, but they're up the private sector eci wage number is at its fastest rate since 2008 tame numbers, but starting to

move up. unemployment looks like it's trending down. obviously the fed is trying to slow down employment growth. we're getting 2200,000 a month n unemployment, and unemployment keeps falling. >> what about trade? >> it depends where this escala escalates, if retaliation leads to retaliation and more retaliation. we're hearing more worries about it in the ism worths, but the data is still quite strong is there any hard data impact from the trade fears so far? a lot of talk. >> at this point the numbers have held up quite well. even yesterday's jobless claim number, the lowest since 1969. >> are we overfocused on it? >> no, this can become a big issue. so fort tariffs are tiny

there's another round in september with china at this point the tariffs are covering a small part of trade >> can the federal reserve bring us down softly >> i think it's a challenge. i think the history of the fed is that there was a soft landing in 1994, but almost every other fed tightening cycle has resulted in a recession. >> jim o'sullivan, at some point my family's boss thank you. appreciate it. let's wrap it up for the morning rbi. a big anniversary for alphabet three years ago google announced the creation of the new company, alphabet shares are up 90% in the last three years. here's what's random but interesting. did you know alphabet is the third name google was the second name the company's first name actually backrub that is true thankfully it changed to google. totally random but hopefully

interesting. thank you very much for joining us a big friday see you monday "squawk box" is next

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good morning a developing story out of turkey continuing developing story. it has to do with currency as well as the stock market there in freefall. that's causing ripples across europe details of that straight ahead lead story in the journal, the russian ruble. iran and the currency there. elsewhere, this tesla story, it's the one that keeps on giving the board will ask elon musk to recuse himself as the company reviews plans to go private. that's a cnbc story. and tech on a tear the nasdaq is now up for eight

straight sessions. that's the longest winning streak this year futures this morning are being affected by some of this global stuff. who better than boockvar to be here and tell us that the world might -- will we make it through the weekend? maybe we'll make it through the weekend but not much longer. it's friday, august 10, 2018, "squawk box" begins now. >> live from new york where business never sleeps, this is "squawk box. good morning welcome to "squawk box" right here on cnbc live at the nasdaq market site in times square. i'm andrew ross sorkin along with joe kernen and morgan brennan who is hanging out with us today the dow is off about 127 points. we'll explain why in a moment. the nasdaq looking to open down as well. 46 points. s&p 500 off by 15 1/2 points want t