oil alert. crude oil continuing its surge higher shell's ceo weighing in on the big move. president trump speaking before the united nations later on this morning. we'll let you know what to expect. a big moment for brexit. a major meeting is about to get under way. we're live in london with the latest a pair of high-level departures at facebook. and starbucks making big changes in an effort to jolt sales. the details ahead on this tuesday, september 25th as "worldwide exchange" begins right now. ♪

good morning welcome from wherever in the world you may be watching. i'm brian sullivan happy birthday to superman and luke skywalker futures are not doing a whole lot right now. maybe we need a market superman. we'll wait and see what goes on with trade, brett kavanaugh, rod rosenstein we're seeing dow futures up a bit, 38 points now the big money moves have been coming in oil. crude oil once again today is higher overseas traded brent, 82 a barrel u.s. traded oil up about 72. coming up in your morning rbi, an interesting stat on what oil is likely to do now that may want you to fill up your tank today. shell's ceo sat down with cnbc for an exclusive interview we covered a wide range of

topics including climate change, the buyback program and the impact of steel and aluminum tariffs. we began with his reaction to brent crude hitting a nearly four-year high >> market is a bit tight in general. if you compare that with where we were a few years ago, the market has been tightening up. of course the market is well supplied we're not running out of oil at this point in time it's also fair to say that volumes and storage have come down spare capacity is lower than it has been before. i think there's a bit of tightness coming in the market you can see that reflected in prices >> is that why brent crude is nearing a four-year high then? >> i think that's part of it in the near-term crude prices are determined by sentiment and what's happening on the geopolitical scene it's hard to make predictions on it but $80 oil, not an unreasonable price. we need slightly elevated prices to bring new supply on

>> how do you grapple with, how does your management team strategize around the iran sanctions and the implosion of venezuela. how do you plan for that >> the iran sanctions, we have to be on the good side of the law so we are not involved in anything outside what the sanctions will permit us or not permit us to do. in events like this we will be a taker of events. of course things will happen they will happen to the industry we take a long-term view on things in the short where there's disruption you try to navigate as best as we can. perhaps take advantage of volatility in the market in the end we cannot shape events we have to see events coming, prepare as best as we can with a resilient portfolio as possible. >> do you think even with the u.s. shale boom and the u.s. producing now over 11 million barrels of oil a day, do you think it will continue to tighten the market

>> let's hope that we will find a way through this period of tightness. nobody in the end will benefit from higher priced volatility or higher prices in general as i said earlier on, 80 is not an unreasonable price. we should be able to balance the market at that oil price level of course bringing on new production is not a short-term event. it takes years to bring on new production so, you know, we will have to collectively find a way through this difficult period. >> when we spoke in houston the steel and aluminum tariffs were just getting under way you said you didn't have enough time to figure out how things will play out. we're a few months in. do you see effect from the steel and aluminum tariffs >> i do. still i think, brian, it's playing out. it's early days still. the president is trying to do the right thing for the industry, trying to stimulate the economy. but having said that, i do

believe that tariffs are generally not a good thing of course they are affecting us what is affecting us more are quota at this time, steel quota that impedes us in some construction projects that we have but, you know, i think we are, while being affected, not to the point that it makes us change our mind on investments. >> that was my next question you have been big builders of deep water platforms you have not stopped future plans because of the quotas yet? >> no. you can't. we have about $10 billion a year of investment. i think we're the largest foreign investor in the community. the president is appreciative of that and doesn't want to harm continued investments in the u.s. as well truth be told, we have seen some impact we are trying to navigate that

as best we can, and also the administration are disposed to making this not a punishment of the industry >> there is more to our exclusive interview, that's available on our website, cnbc.com let's talk more about the oil rally. iran actin sanctions, prices and everything else. joining us is angeline rawal we had aramco two days ago we had shell yesterday aramco indicated they thought the market was fine, not particularly tight shell said, no, it's kind of tight. prices would imply that things are getting a little bit tight out there, are they not? >> so, the ceo of aramco's comments, they are much the same as what the saudi energy minister said over the weekend, that they feel that the market is not demanding any more oil

than what is out there this was actually some of the reasoning behind why producers have not been ramping up as much as people had expected let's remember in june it was said countries could ramp up by 1 million barrels a day. we have not quite seen that. we're wondering why. so this is also part of why oil prices have been rising. one eye has been on iran and how severe the sanctions that are due to come into effect in november will be on iranian exports. and at the same time how much can big producers such as saudi arabia, russia and others step in that's why what we're seeing in the oil market right now. >> the saudi aramco ceo telling us that we could go up to 12 million barrels a day if they needed to it would take about three months to get there. but the market clearly seems to be indicating that they don't expect a lot of new oil to be

coming on the market any time soo soon >> saudi arabia said they have an expa 1.5 million barrels a day of spare capacity. it's also bullish in a sense if you are ramping up and using that spare capacity in the market, where is the extra buffer after that? if producers around the world ramp up, let's say there's a big blowout somewhere, where does the oil come from? that's why the spare capacity is also being watched carefully by the market >> do you think there is going to be new spare capacity put on from anybody but saudi arabia? is there anybody else out there that could fill that gap >> there's a lot of attention now being paid to the neutral zone, which is shared by kuwait and saudi arabia

but there is not huge amounts more that can come on immediately. but depends. it could mean countries have to sit there and invest for the longer term. these things take years to come online we could see prices go a lot higher there's an energy conference going on in singapore, big global oil traders are talking about seeing $100 oil. >> last night we had lester holt speaking with the head of iran listen to a sound bite from it and respond. lester holt asked rouhani what they may do. he referred to the strait of hormuz, possibly being shut down listen to this >> some of the statements from iranian officials have given the impression that iran might move to shut down the strait of hormuz, to block all exports from the persian gulf.

is that something you would consider >> translator: if the united states wishes to use force in order to sanction the petroleum industry of iran, it will certainly see the appropriate response we do have the power to secure our own waterways, and keep our waterways free. >> all right there you go rouhani saying effectively we'll do what we have to do. it's our strait. the oil market is not going to like those comments, i don't think. >> no. the strait of hormuz is an incredibly important oil choke point, huge amounts of oil goes from the middle east to there and asia and elsewhere it could be a massive security threat the question is how serious are they you've seen lots of hard-liners in iran make this threat in recent weeks and months, but it's a case of rhetoric as well. you've seen iran come out hard, that's also because the u.s.

says they want to cut exports to zero at all costs. so everybody is trying this shock and awe tactic and it's a question of, you know, who blinks first >> it is maybe the ultimate game of chicken with maybe the most important commodity in the world. always a pleasure. we'll see you soon topping your corporate news today, facebook is facing a double dose of high-level departures eric chemi has more on this. >> instagram's cofounders have resigned from the photo sharing app which is owned by facebook the departure comes less than six months after what's app's co-founder quit after clashes with zuckerberg and data privacy. there was no specific reason for leaving, reports say they also clashed with zuckerberg over the direction of instagram they say they plan to take time

off to explore their new move. saying building new things requires that we step back, understand what inspires us and match that with what the world needs. facebook bought instagram for2 o $20 billion. instagram has more than 1 billion users and is increasingly popular among younger people while facebook's core has stalled shares of facebook are lower in premarket trading. >> they'll take their billions and go elsewhere >> they're 1 billion they had to share. unless they got stock. >> if they got any facebook stock, that's what i was assuming -- >> i don't remember. people at the time thought this was so expensive -- >> they're paying what now it's they only paid what >> it's a pre-ipo for zuckerberg, people thought he

was dictator, nobody is stopping this guy if they got stock, they're doing all right. your big individual stock stories now include starbucks. the company is planning job cuts at its corporate headquarters this fall. this includes some top executives it's part of starbucks trying to tighten up decisionmaking. the number of job cuts has not been determined. boeing has won the first round of a more than $2 billion contract from the u.s. air force to replace its fleet of huey helicopters. the air force will use the choppers to protect the u.s. nuclear arsenal. and shares of century link are down today saying the cfo is leaving and joining t-mobile oversee its merger with sprint. much left to do on this busy tuesday including blasting bad deals. one of president trump's top trade advisers ripping into our allies over trade. and a big brexit moment. a major meeting about to get

under way that could lead to the uk staying in europe maybe. we'll tell you why we'll go live to london when "worldwide exchange" comes right back ignition sequence starts. 10... 9... guidance is internal. 6... 5... 4... 3... 2... 1... ♪

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and basically calling them to account and getting to the bargaining table and getting a better result for the american people >> that was peter navarro blasting our allies over bad trade deals. his comments coming moments after the president inked a new trade deal with south korea. the president calling the pact a big deal and a great day for the u.s. it is president trump's first major trade deal since taking office a senior chinese official says it is difficult to proceed with trade talks while washington is putting a knife to china's neck comments follow a new round of tariffs which went into effect yesterday. china is also accusing the u.s. of trade bullyism and said the timing of new trade talks will depend on the will of the united states. trade tensions remain front and center, but stocks still don't seem to care much. the dow is up more than 2% this month with everything else that's going on.

let's bring in ken cayman. the market has shrugged off. this kind of language has been used since march or april. the markets have not seemed to care you think they will care about the midterm elections in a couple weeks >> yeah. that's the big coming story. as far as the trade stuff goes, we have all gotten used to this brinksmanship, whether it's on trade or the government shutting down from years ago. everything seems to go to the last minute before it gets solved what will not get solved is what the tenor of the country will be going forward. that will be very interesting for the markets. if the democrats wind up taking control of the house and senate, one thing we will get is a lot of uncertainty markets do not like uncertainty. >> i would push back on that a bit, ken i would say if the democrats were to take one of the chambers, let's say they take the house that creates this

stasis you don't have this sort of -- the ability to maybe make things as politically heated as it was. >> i agree i'll push back on your pushback, that's why i said if they take both houses. if they take one, it will be that continued stalemate the narrative is not just a terrible narrative the fact we have a government so divided, which is not anything new. >> that's how it is supposed to be >> absolutely. unfortunately everything is just so politicized now if two drops of water are running down your shower curtain in the morning, there's a political reason why one is beating the other. that's the environment we're id positioned for multiple environments the environment. we've been in with tech and growth stocks have been on fire, leaving a whole bunch of other companies, you know, wanting for some attention when there's good value there. >> when i go out, the question i

get from loyal and amazing viewers and fans is not about politics, it's about how muc more do the f.a.n.g. stocks have i say listen to jim cramer, i have no idea what do you think >> i think what's interesting about the xlc, in some ways they put together a nice list of companies you might want to avoid because they're trading at so ridiculously high pes, when you look at the rest of the market taking them out, the s&p 500 without the f.a.n.g.s -- >> so you're saying tech ex the f.a.n.g.s. the f.a.n.g.less snake >> yeah. but the market in general. i was saying the s&p 500, when you move them aside it's about 14 times forward earnings, that's not expensive if you look at the fact that a third of the s&p 500 are still negative or flat for the year, and that capex and the s&p 500

is up 22% from a year ago. so a lot of companies are spending money >> if somebody has not done it, you may have created a new product, the ex-f.a.n.g. product. ken, good stuff. >> thank you still ahead, addressing the world. what will president trump say when he speaks at the u.n. later today. and we'll make you smarter your morning rbi will lay out why oil is likely to move higher only half the story? at t. rowe price our experts go beyond the numbers to examine investment opportunities firsthand. like e-commerce spurring cardboard demand. the pursuit of allergy-free peanuts. and mobile payment reaching new markets. this is strategic investing. because your investments deserve the full story. t.rowe price. invest with confidence.

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in political news, president trump is set to address the united nations general assembly later this morning tracie potts has more on what we can expect from the president at the u.n. >> the president is making his second appearance at the u.n big difference from last year when he talked about little rocket man and north korea's leader, now they have met and are in the process of getting rid of those nuclear weapons and other weapons by north korea but the big focus here could end up being iran. the u.s. is pulling out of that nuclear deal with iran, not only in his speech but tomorrow when the president chairs the u.n. security council meeting some in the white house want him to back off iran and talk more generally about nuclear weapons. the white house also says he will focus on the global drug

war in that speech today >> tracie potts in d.c., thank you. let's check the other top headlines outside the world of money and business including the latest on the brett kavanaugh situation and the fight for the supreme court. frances rivera has me on that. >> reporter: brett kavanaugh saying he will not go anywhere amid sexual misconduct allegations against him in an interview on fox news last night kavanaugh denied the accusations including those from his first accuser, dr. christine blasey ford who said kavanaugh assaulted her at a high school party. they are expected to testify on thursday. rod rosenstein is keeping his job, at least for now. with his employment still on the line, rosenstein is now scheduled to meet with president trump on thursday, same day as the kavanaugh hearings this after conflicting reports about whether rosenstein would resign or be fired at a meeting at the white house yesterday. also reports setting off

concern about the russia probe which rosenstein currently overseas bill cosby is due back in court this morning prosecutors are asking a judge to sentence cosby to five to ten years in prison while the defense argues the prison would create excessive hardship for the 81-year-old and is instead asking for house arrest. regardless of the sentence, cosby's defense team says they will file an appeal. a major milestone in sports. the red sox are now the winningest team in franchise history. with their victory over the orioles, they pass 106 wins on the year breaking a record set back in 1912 brian, over to you >> got some red sox fans here in this building. they are afraid -- they're starting to wear their hats. they're coming out of the woodwork >> red sox nation. still to come, brexit's big moment the uk hard up against the milestone and the future maybe

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energy alert why gasoline prices may be about to move higher even as tariffs take their toll. why are two high profile executives leaving facebook? we'll tell you and get the

reaction the nfl la a nhas a new playbood it's paying off in a big way we'll explain as "worldwide exchange" rolls on right now ♪ >> welcome back. thanks for being with us on cnbc i'm brian sullivan there's a lot to get to this morning. let's get to your executive recap. eric chemi has the top headlines. brent oil hitting a fresh four-year high that doesn't seem to bother the ceo of shell he says $80 oil is not an unreasonable price you can see more of that exclusive comment on our website. another big blow to facebook instagram's co-founders are leaving the company. the pair did not give a reason for their exit and starbucks is planning job cuts at its corporate headquarters the move happens as the coffee

chain tries to jump start sales. back to you. >> we'll see you in a bit. here is how your money and investments look on this tuesday morning. it's 5:30. good morning stock futures are increasing their gains a bit. no big gains dow up 49. up a little bess thless than wh came in mixed trade in asia. japan up, china down european markets are slightly higher no big gains but a mixed trade seeing more green in europe than in asia overnight. italy the bigger gainer there. let's stay with europe and happening now the uk labour party is holding a debate over brexit which could determine not just the fate of the uk in europe but the political fate of one theresa may. willem marx is live in london with more. >> yes essentially the labour party now and the congress up in the city of liverpool are talking about a

motion, they'll debate and vote on it in the next couple of hours which could reopen the possibility of an eu membership referendum if they as the opposition party are unable to force a general election their leadership said though they would prefer to have a general election as a way of trying to solve what theresa may has called an impasse over brexit negotiations, they would be willing to allow a second vote that could either be a straight up or down vote on whatever deal theresa may's government brings back from brussels, it could be a rerun of eu membership, something that6% of labour party members say they're interested in. this makes life complicated for theresa may. the labour party have made it clear they're not happy with the way negotiations have been going. they say they have not met the tst tests they set if they are joined by a few rebels from her own party they could vote down any deal in the

parliament so we could end up with another general election a few months ahead of that formal brexit deadline, march 29, 2019 >> i need somebody to write a book "brexit for dummies." i'm getting confused so they'll vote to have a vote if there's a new vote coming up what would be the odds-on outcome of that? may out, somebody else in? >> yeah. there's going to be a bunch of moving parts here. what you could have within the conservative party is a leadership challenge if four dozen members of her parliamentary party, if they decide they don't like the way she's leading the party, they could try to issue a challenge, essentially you could end up with a new conservative leader in theory they would be the new prime minister, in practice that might be seen as a bit undemocratic that's why she herself claimed to have called an election last time around to get a mandate

if she comes back from brussels and says here's the deal i managed to negotiate with the eu 27, and labour party and some of her own conservative party say we're not happy with that deal and they vote against it, that would lead to potentially also a general election there's a number of possible outcomes here and a lot of moving parts >> willem marx in london, thank you very much. let's bring in the co-head of global fixed income strategy at wells fargo and larry brainard from t.s. lombard do you understand brexit better than i do? can you help me out here >> the thing is brexit in name only >> how much does brexit matter to our viewers money in the united states? >> it's a sideshow virtually nothing. >> it's got to be something more

than a sideshow. >> she thought she had the mandate, clearly she doesn't it's in a political stance i think she's hoping for you can kick the can down the road when it comes to march. right now it's a political event. >> let's play a game this morning. it is early. people are getting started here. larry, you got brexit out there. you also got the trade fights. trade negotiations you got the president. the supreme court stuff going on you also have the federal reser reserve, and a meeting and likely rate hike tomorrow. of those things what is the most important or something else for our viewers money and investments? >> the primary thing to focus on is the economic confrontation between the u.s. and china that's the number one global risk >> is that more important than the federal reserve. >> i would put them together at the top. and the issue with the federal reserve is really not so much

rate hikes, but the fact that they're well into what i call qe exit so from the point of view of emerging markets, global liquidity is getting tighter that's a negative for anyone who has got money in emerging markets, they have to look carefully at their portfolio for that reason. >> george, agree or disagree >> i clearly agree moving from qe to qt, quantitative easing from quantitative tightening the fed meeting tomorrow is important. you will get action, the rising of rates you'll get data, a lot of employment data, inflation data, growth data, and dot plots, the future path. you are also going to get out of that some guidance from federal reserve chairman powell. that we think is meaningful, especially when you look at the idea of is he -- where does he think the neutral rate is? is he concerned about the flattening of the yield curve or an inversion of the yield curve.

>> let's connect the dots. americans love debt. professionally and personally. we know the levels of personal debt have remained fairly elevated the last couple of years. still they matter. so if we see china as some retaliatory move start to dump treasuries as some numbers have shown that they have, interest rates may go up. all of a sudden we have the fed in china spiking interest rates on a already heavily indebted u.s. population. why is that not a risk more people are talking about >> i think the other side of the equation, you're talking about the supply dumped on the market. the other part is there's tremendous demand for this debt. if you think about the interest rates now, where they stack up globally, not just domestically here, but globally it would be more attractive. there's a bit of a ceiling as to

how high they can go >> i would highlight it's unlikely that china will dump treasuries what's happening with the trade war or the economic war is really that china is going to allow market forces to totally reassemble global trade. so they're going to build -- markets will build a new trading block in asia because of the tariffs. further escalation i think is very, very likely. so that is an environmental factor overhanging the markets that will probably impact as we get closer to january. >> you know, george, we've been waiting for an inverted yield curve about as long as the browns have been waiting for a playoff appearance will we get that it stalled do you think we'll get the two-year yield above the ten-year yield >> we hope not you can't deny the significance

between a yield curve and the oncoming recession it is a concern of ours. our forecasts now don't call for that but it gets close. just an acknowledgment of it and the aol v the evaluation of it would help things we appreciate it, george, larry. good discussion. up next, trending today. you have got to see this the philadelphia flyers unveiled a new mascot, it's got the whole internet buzzing what is this grimace' sociopathic cousin? and the countdown to the fed is on. wat you need to watch outside ofhat we just talked about that's coming up is about doing things right. and there's no shortcut to the right way. so when we roll out the nation's first 5g network, it'll be because we were the first to install millions of milesof fiber o.

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welcome back. a bit of a rainy morning in times square if you fell asleep before the end of monday night football the 0-2 steelers defeated the 2-0 buccaneers in tampa last night. final score 30-27. steelers quarterback ben roethlisberger throwing for 353 yards with three touchdowns. the league has a new playbook, it is paying off big time. eric chemi is back with us the death of pro football has been greatly exaggerated >> that's true the nfl has this plan to change the game

they're trying to cut down on the big hits there were several roughing the passer penalties last night. they're trying to stress more offense. you didn't mention roethlisberger had 350 yards, but ryan fitzpatrick had over 400 yards. fans want to see quarterbacks do well we have seen a record number of penalties throughout this season for hitting them fitzpatrick is setting some all-time passing records patrick mahomes is setting an all-time record for passing touchdowns so big contracts going out all this means ratings are starting to come back up >> we are americans. we want it to be 62-58 >> right four russing the passer penalties.

jason pierre-paul, he tapped roethlisberger it is this body weight thing they almost want -- as i tweeted out last night, the body in motion tends to stay in motion i wonder if fans will get annoyed by these roughing penalties. >> they want to keep the pace of play going if they're hoping after a few weeks the defense will get the message, stay away from the quarterbacks don't touch them one twisted a leg trying to avoid the quarterback. >> we have to move on to this topic. where are you from originally?

>> los angeles any flyers fans -- any flyers fans out there, i don't know what this is let's talk about this mascot >> let's see it. we should talk while it's on there we go. >> oh, television. >> my instant reaction is no one is talking about the philadelphia flyers generally, in philadelphia they're talking about the eegagles and the sixes >> is this real or a joke? >> we see a lot of wacky mascots across the big leagues a lot of times they disappear after a short period of time whether it's real or not, the flyers did a great job they're in every time zone that thing is completely scary look at those eyes >> you know what that looks like to me, mcdonald's will probably call carl quintanilla today. that looks like grimace and fry

guy had a kid. >> most mascots have -- >> and they grew up angry. >> most mascots have bad genetic back grounds >> what is that? orange angry guy >> if you're a philly fan, if you're a hockey fan in philadelphia -- >> but your mascot is the flyer. you have this great aeronautics history. >> is that what it is? >> the seattle sonics maybe. >> john rogers was the first guy to fly to hawaii from the united states in 1919 or 1920 he was killed in philadelphia harbor coming back to new york for a parade i assume it's something to do with that, maybe not what is that >> just a fun thing for kids >> that's not fun. >> if it's something that mcdonald's might have -- >> nothing says hockey like a giant -- like a giant weird googly-eyed orange guy

all right. >> most hockey players are googly-eyed -- >> does comcast own the flyers >> we're changing our story. >> best mascot in television look at that they need two of them. eric, thank you very much. >> you got it. google's ceo will head to washington friday. he will meet privately with top republican lawmakers, talk about google's controversial plans to launch a censored search product in china still ahead, the federal reserve in focus investors eyeing another rate hike what you need to watch as the fed kicks off a two-day policy meeting hitting the brakes the reason why you may want to stop for gas before adheing into the office stick around for your heart...

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welcome back the federal reserve in focus kicking off two-day policy meeting beginning today and, yes, a rate hike is expected to be announced tomorrow. let's bring in michael gappen from barclays. if we expect a rate hike, i guess all the eyes and ears will be on jerome powell's press conference what would you like to hear the federal reserve chief say? >> i think what you'll hear is a lot of discussion about risks, all of the things dominating headlines. but i think the main message and thrust should be that the u.s. economy at present is doing just fine labor markets are quite healthy. inflation is in the neighborhood of their target. i think the message is going to be that means we keep going. i think those that are looking for signs or hopeful that there might be a pause out here will be disappointed. i think on net it will be more of a stronger message than a soft one >> why do you think we're so

much more focused on the trade fights and tariffs which as an absolute number are miniscule and not more on interest rates going up on what is a heavily indebted united states from a corporate and personal perspective? >> most people looking at the tariff story say the overall costs are modest but that, i think, belies two things one is that the costs are heavily borne by the consumer. so it's easy to identify specific industries and products and consumers that might be hurt that tends to make for better copy in the sense that we can identify where problems are. the other is that even if it's a low cost for the united states and china, it's not a low cost for emerging markets it fuels the story that emerging markets are being buffeted by a variety of shocks, including political weakness at home, fed hikes, a strong dollar and

protectionism. we are seeing that volatility show up in markets >> the tariff is a tax at the border do you believe the tariff increase will be 100% borne by the consumer that nobody will -- along that chain of trucking, shipping, nobody will bear that cost themselves or help eat it or mitigate it? >> in the long run i think a lot of it will be passed through long run is probably several years in this case this is one of the reasons why we think the costs up front to the economy are relatively modest we think that there is room for the corporate sector, which enjoys fairly high profitabilities on average and fairly high margin on average to absorb some of these input costs. in some cases the prices will get passed through, think steel or aluminum tariffs or the triftrif tariffs on washing machines. but in other cases the corporate sector will make a decision for

now we'll absorb this cost >> the average american driver uses 50 gallons of gas a month two-driver household, 100 gallons. oil prices are higher. i wonder if gas prices will be more negative than tariffs either way what is the single -- so much going on what is the most important thing that you are watching right now ultimately >> ultimately honestly it's just how the fiscal stimulus is passing through. one of the reasons we and others talk so confidently about the near-term state of the u.s. economy -- by near-term through the middle of next year, we still have stimulus working its way through, and we have the federal budget deal. the federal budget deal is interest rate sensitive spending it will come whether rates are higher or lower and that's providing a boost. we're trying to gauge the degree to which fiscal stimulus is arriving and providing the

offset against the tariffs, which is our baseline expectations >> michael gapen of barclays, thank you very much for your insight. "squawk box" team has had their coffee or tea. let's find out what's coming up. andrew ross sorkin joins us from new york with what is on deck. it's a buffet of news. >> i think the top of the news in terms of equities is facebook the founders, of course, of instagram deciding to leave late last night what that news really means. some will say it's a coincidence with some of the problems plaguing that company. but i'm not sure investors will take it that way if you look at premarket trading now, that company is under pressure >> becky has a big interview with melinda gates in a bit. that's in the 8:00 hour. we have congresswoman warren davidson we will talk blockchain with her. we will talk trade

we're on a market alert after the market took a dive yesterday. we'll talk about that. joe is laughing. it's not really a dive at all. >> you said you weren't going to say it >> warren davidson -- >> congressman -- say congresswoman? geez it's early we have a lot going on stay right here for more gaffes from me and other things >> guaranteed. >> do not -- listen, tuesday is the worst day of the week in my opinion. >> thank you, brian. a little sympathy. empathy. and it's raining >> it's raining. tuesday is terrible, you're tired from monday. we'll see you in a bit time for your tuesday rbi. you know this, oil traded overseas known as brent crude is above $80 a barrel you may want to start filling up now and saving some of that gas

because, get this, the last two times brent crude shot up like this, 2007 and 2010. it really shot up and continued to do so both times, 2007, 2010 moving above this mark -- well, or this mark, $100 a barrel. yes, it's only a control group of two times 2007, 2010, but drivers everywhere are hoping that '70s rock icon meatloaf is right and that two out of three ain't bad. nobody wants to see 100 again. random but interesting watch oil higher that's it for "worldwide exchange." paradise by the dashboard light. we'll see you tomorrow "squawk box" is next people tell me all the time i have the craziest job,

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oh good morning this is going well hi, brian. surprise departures from facebook instagram's cofounders leaving the company so they can explore creativity again president trump set to address the world. he will speak to the u.n. general assembly today and don't quit your day job. a new study of the gig economy the income found that most

people make less than $10,000 a year details straight ahead on this tuesday, september 25, 2018, "squawk box" begins apparently right now. ♪ live from new york where business never sleeps, this is "squawk box. >> all right good morning, everybody. welcome to "squawk box" on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. let's look at u.s. equity futures. yesterday we saw a rare pull dak f pull back for the markets. this morning green arrows across the board once again dow futures indicate