breaking news. futures are in rally mode following yesterday's major wall street selloff it's a sea of red in parts of asia and europe. things a s ars are relatively f. this could be a make or break moment for the markets as we head into the single busiest day of earnings season strap in, pour yourself an extra cup of coffee. this special edition of "worldwide exchange" begins right now.

good morning welcome to "worldwide exchange." i'm dominic chu. brian sullivan is on assignment. futures are pushing higher after the dow dropped 680 points in yesterday's selloff. the dow and s&p negative for the year, the nasdaq is coming off its worst day since november of 2011 200 points to the upside, that's where we'll open we'll have to triple that to get back the losses we had from yesterday. full team coverage of the global market turmoil asia reporter nancy hungerford is live in singapore our european correspondent, karen tso is in london and cnbc contributor gina sanchez is ready to kick off the u.s. action. let's begin with nancy and the plunge in the nikkei overnight >> over in japan it was the worst performer of the major markets here in asia look at this move to the downside

3.7% that brings the nikkei 225 to a seven-month low. very much feeling the pain we saw on wall streetover night, spill nothing that session some big names in the tech space, similar to what you saw on wall street dragging that index lower, especially for the semiconductors that's a story we saw playing outsouth korean market the kospi off 1.6%, in bear market territory a lot of that due to big names like samsung weighing to the down side. one bright spot is the shanghai composite. it's barely in positive territory, but it was quite a bit rebound. at one point it was off more than 1%. a lot of traders were citing optimism that they could see help from beijing in the form of support especially for the property sector. we saw property stocks move to the upside that did give relief to the hong kong market and the

shenzhen, but not enough to turn them positive. back to you. >> nancy, thank you verychltthat let's turn to europe and karen tso in london with the news there. >> thank you your futures on wall street are helping sentiment here in europe we had that knee jerk move into the red right at the start of the session. but that stopped fairly quickly. two hours into the trading session we have green on some of the major markets. italy is an important one. this market is in bear market territory after the extent of the selloff. it was one of the first major indices to move back into the green. also the german market, the dax, that market has been hit by trade sentiment and also a clean up around dieselgate this year daimler also reporting today after profit warning last week they did point to the growth in the premium car segment in china. that helped that stock and also the rest of the out toes in germany. to some big losers on the stock

market, you will notice technology is not part of the mix. it's a gainer here despite that rout on wall street in terms of the losses, media stocks have be a bad day. healthcare, telecoms, food and beverages. the maker of budweiser and corona has been reporting. ab inbev slashed its proposed dividend for this year because of weakness in beer sales in the u.s. market. wpp's stock has had its biggest intraday fall in a quarter century on the back of weak guidance dom? >> thanks for that, karen. united states futures rebounding they're following yesterday's sharp selloff. the dow opening up by 220 points this would be the highs of the session so far gina sanchez is a cnbc contributor and joins us you've been with us so many times talking about the trading action around these arkets does this particular pullback feel different than the one we

had back in january, february and march? if so, why >> so, to me it does feel different. if you look at how the darling stocks have been acting in this particular pullback they can't get above their highs. they keep sort of heading into a downward trend that's a challenge because to me it feels like the market is fundamentally repricing, looking past tax stimulus, very concerned that there will be no more stimulus coming, which means that earnings will naturally slow that's starting to get priced in what was the catalyst? we've known about these things for a while, or the potential for these slowdowns what is it that's triggering this action at this stage given what we've seen now? we've known about all of these different things >> i agree there was no specific trigger. the only thing i can come up with is that i think there may be just concern ahead of the midterm elections. if you see a turn in the midterm

elections, then you could basically seal the deal that there will be no more stimulus that's really the issue. >> so that's something that national economic council director larry kudlow, the chief economic adviser for president trump has brought up, it could be the idea of democrats taking the house, which many polls and surveys suggest. that could be a catalyst what is the reasoning behind that why do you think the markets would have a negative reaction hypothetically to any move like that >> if you look at what happened post election, a lot of the positive reaction that happened was about going to a pro business environment, a deregulatory environment and stimulus those are things that the market loves. you had a stimulus package the market accepted it and it was excited about it we got to 25% earnings yeah, you'll slow. that's not sustainable you need additional stimulus

after that now, i'm not saying that's a sustainable path at all. i'm not promoting that, i'm saying the markets need that in order to sustain the levels we're getting. >> can you handicap this for us? we talk about rising rates, fear of the fed, china, trade, tariffs, i can go on and on about the wall of worry we're trying to climb. in your mind give us the top three risks you see for this market given the entirety of what we see now. >> i just spoke at a conference in los angeles for the city wire event, they did a live poll. what was fascinating is people were focused on things like geopolitical risk, trade tariffs. you know the number one concern was that day earnings misses. everybody is focused now on earnings that's whaths ama what's amazing is that earnings

are great. >> three quarters, more than three quarters of the s&p 500 companies that have reported so far -- this is still early in the season >> agreed. >> they are beating. but the problem now is those beats and the revenue -- the revenue beats are there but not quite as robust and not as many companies as you would like are beating on the top and the bottom lines and raising guidance >> right >> take us through the sentiment now. some have called this a sell the news type earnings season. what does it take for companies to then react positively to earnings as opposed to what we've seen so far? >> i think what this comes down to is the concern that tax stimulus just moved up demand. if it just moved up demand, got companies to buy more computers than they would have otherwise bought, all of this sort of moving of demand around, it means that we're actually going to sort of go into an earnings dry season if we don't have anything to replenish that

i think that's what the market is pricing in. if this was demand that was supposed to be spread out over the year, two yeerts, i'ars, i'e it into 2018, and 2019 doesn't look like such a great year. tech stocks taking the brunt of yesterday's massive selloff the nasdaq tumbling almost 4.5%. the worst day in almost seven years. let's talk more about the tech wreck. joining me is tim lesko. tim you were on the program before talking about the nature of technology. it was one of the worst two performing sectors yesterday many of the high fliers gina talked about were leading to the downside is that worrisome for you? >> it's not worrisome for us as an overall market. if the market is re-rating

itself due to the fears you have been talking about, where interest rates are at the core to all of us interest rates are at the core to a rising dollar, interest rates are at the core of a lot, but you have had momentum also driving the market since 2013. nobody is really paying attention attorneys. if there's one thing that interest rates do they make people pay attention to earnings now and start to make predictions to earnings in the future >> tim, if people shouldn't be fearful of this, what should they be fearful of this idea is there's been many parts of the tech sect their have been leading the charge over the past two, three years if those stocks are no longer in leadership, why shouldn't people be concerned

>> people should look at leadership in places where they don't need to fund themselves for growth but for business. what are those sect . >> what are those sectors? >> healthcare, where cash flow is stronger. tesla's really a fly in the ointment of that story because that's a story about future growth they have shown earnings and positive free cash flow. it's an interesting call for the market as to whether or not people believe that momentum growth story or do we start to rotate too another sector taking leadership >> tim, you are portfolio manager, managing client money are those clients adding more money for you to manage or taking money out >> clients have been somewhat, i

would call it, copacetic to this downturn it was generally an interest rate story now with those other headwinds, crosswinds, this is more concerning to us we try to reflect that to clients. we would be adding money to the market as we see this as an opportunity to be one area of the world where there is sustainable growth >> tim lesko, thank you. appreciate your help >> thank you. today's wall street agenda is all about earnings. it's the busiest day of the reporting season before the bell we'll hear from twitter, dunkin', and comcast. we'll also hear comcast's ceo brian roberts at 7:00 a.m. eastern time and hear from twitter's cfo later on in the morning.

after the bell tech takes over full bore with results from alphabet, also amazon, and then snapchat parent company snap inc. the ecb has a rate decision at 7:45 a.m. eastern time, we'll have jobless claims and durable goods at 8:30. and pending home sales at 10:00 a.m. the dow and the s&p erasing their gains for the year what's next for your money we're breaking out our protection playbook straight ahead. and tesla posting a surprise profit last quarter. the stock moving in a big way this morning we'll get a top analyst take on that turnaround. first another look at the day and how it is setting up the dow up by 209 points if these gains hold into the opening bell stick with us. "worwi ehae"illddexcng wl be

back after this break. [ upbeat music ]

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yields lower we got down to the 3.10, 3.11 range on the ten-year. currently we're a tick higher, just shy of 3.13%. a bunch of big names reporting results after yesterday's closing bell let's get to frank holland with the top earnings movers. >> good morning to you amd shares are deep in the red the company missing on revenue and slashing guidance. shares of amd are down we'll hear exclusively from amd's ceo this morning at 9:00 a.m. eastern. microsoft shares are pushing higher, the company reporting a beat microsoft shares are higher. wpp reporting a weak third quarter and slashing its guidance wpp shares are down about 17% in

london trading moving on, whirlpool topping earnings expectations. the company pointing to strong shares in north america. shares are down about 17%. moving to las vegas sands, they reported a miss on the top and bottom lines, but the casino operator is upping its dividend. shares of lvs are up almost 1%. visa shares are charging higher after topping expectations the credit card operator is pointing to a strong u.s. consumer visa shares are slightly higher. >> i see what you did there, charging higher. thank you very much frank holland. tesla shares are jumping the company turning ining a prr the first time since 2016. elon musk says this is not just a one-off. this is what he said last night on the earnings conference call. >> we expect positive net income

and cash flow in q4, and i believe our aspirations will be for all quarters going forward >> optimism from elon musk joining me now is michelle krebs at auto trader we knew for a while he had aggressive ambitions is this validation that elon musk can accomplish what he wants at tesla >> we need to see more of this this is one quarter. it's the first quarter in a long time that they made money. the third quarter ever we need to see this continue you have to make money quarter after quarter. if we look at tesla, this is a volatile stock there's all kinds of traffic with regard to short sellers people who are disciples or

apostles of elon musk and the company. are the cars that tesla makes good enough to drive consumer demand in coming years >> we'll see you know, the cars they have made so far are cars that are very expensive they're bought typically by early technology adopters. the model 3 that they've been struggling to build was supposed to be a mainstream car starting at $35,000 they have not been able to sell it at that they're making more expensive versions to really spread the ev, electric vehicles everywhere, they have to build more volume and more mainstream. >> i want to turn your attention now to what's happening with ford as well it's almost as if the two stocks have followed each other recently but ford is on a pronounced downtrend right now.

what's behind the moves? did the earnings report yesterday give you a feeling that this could be a bottom for the shares and ford could turn higher >> ford has been struggling. let's remember ford is still a very well off company. it's got lots of cash. it pays a big dividend it's not like it's in dire straits as many headlines say. they have struggled with earnings, down 50% in the second quarter and reduced their guidance for the full year i think we saw a hint of optimism yesterday the north american profits margin was good. they had a pretty good quarter in north america they're struggling in some of the foreign markets. china they're reorganizing in general ford is restructuring. what's not clear is how that will happen. >> all right a lot of uncertainty for ford in the future

michelle krebs, thank you very much for joining us. >> thanks for having me. still ahead, we're on market watch following yesterday's selloff. futures are pushing higher for right now. we'll break down everything you need to know when the opening bell rings this morning. as we head out to the break, a look at the international markets. right now in correction territory a 10% pullback or more stick with us. orwi ehae"ilbe back after this break. protect sensitive data from millions of kinds of malware, with a cloud that's secure to the core. the ibm cloud. the cloud for smarter business.

. if you're heading into work, the futures are pointing to a sharply higher open. about 247 points to the upside for the dow. the s&p up by 30 the nasdaq up by 129 points. the trump administration weighing in on yesterday's massive selloff. sarah sanders telling cnbc the fundamentals and future of the u.s. economy remain incredibly strong unemployment is at a record low for the past half century. business and consumer confidence have hit highs and women and minorities are entering our work force in droves. we remain focused on the long-term outlook for the u.s. economy and confident in our path for continued growth. we are continuing to follow a developing story, a series of pipebombs were mailed to several prominent u.s. politicians and

others fill lphillip mena has the late. federal and local authorities are investigating a series of pipebombs mailed to several prominent democrats as well as critics of president trump. that includes liberal donor george soros, the clintons and former president obama one device was sent to cnn's new york offices prompting an evacuation there the packages were all nearly identical, made from pvc pipe, containing a timer, powder and shrapnel the packages were labeled from debbie wasserman schultz nobody was injured investigators are still searching for a suspect as well as a motive. lawmakers from all sides condemned the incident bill deblasio called it an act of terror. president trump also decried the

packages at a rally in wisconsin and called for unity back to you. >> a disturbing story we're following now. we'll look to you for the latest on that front. coming up next, back to the markets following yesterday's massive selloff. coming up we're weighing the risks. what should you be doing with your money on a day like today first we'll go global. live market reports from london and ngorsiape when "worldwide and ngorsiape when "worldwide exchange" returns. valerie: but we worry if we have enough to last. ♪ cal: ellen, our certified financial planner™ professional, helps us manage our cash flow and plan for the unexpected. valerie: her experience and training gave us the courage to go for it. it's our "confident forever plan"... cal: ...and it's all possible with a cfp® professional. find your certified financial planner™ professional at letsmakeaplan.org.

breaking news. wall street pointing to a big jump at the open following yesterday's major selloff. you can see the dow up by 267 points it's a lot of red in parts of asia and europe. things are flat there. call it the good, the bad, the ugly this could be a make or break moment for the markets as we head into the single busiest day of earnings season get yourself a second cup of coffee you're watching "worldwide exchange" on cnbc. a special edition with this market selloff welcome back to the show thanks for being with us on cnbc i'm dominic chu. brian sullivan is off today. the dow is opening up 260 points the s&p by 31. the nasdaq up by 137 points.

we have full team coverage of the global market turmoil. asia reporter nancy hungerford live in singapore. european correspondent willem marx is standing by in london. let's kick it off with nancy in singapore and that big plunge in the nikkei overnight >> that's right. you're talking about the good, the bad, this would be ugly for the jach thepanese market. the nikkei 225 off 3.7%. this is a seven-month low for the index. we did see an uptick in the yen as part of the safe haven trade. we saw weakness in the big tech names. a lot of the chip names and the semiconductor space as well. that carried over into the session in japan and in south korea as well. you're looking at the kospi off 1.6% this is significant because the south korean market is now in

bear market territory. we saw samsung weigh to the down side along with some of those semiconductors you will see one big market in the green, that's the shanghai it was a late day rebound. after the lunch break we saw some buying but altogether it was flat there is optimism that the government could come through with more support especially for the property sector. back to you for now. >> nancy hungerford, thank you let's two go to europe and will marx standing by with the latest >> a bit of a mixed picture in europe these plucky brits just slightly below the flat line, that was after that huge selloff in stocks yesterday bleed nothing asian indices. the dax when it touched its lowest level since 2016. early traders are back, well

into the green in paris also the cac 40 trading positively and the ftse mib in italy, just the ftse 100 and the swiss market that is in the red. european tech stocks edged higher despite a slide in many global peers food and beverages among the worst performing sectors down almost 1% lower that's in no small part thanks to a tucmble in ab inbev shares. media stocks also significantly lower. dragged down by wpp. >> all right we'll see if those momentum shifts to the upside hold. let's turn back to the u.s. markets. futures pointing to a sharply higher open. 262 points to the upside for the dow. the s&p up by 31 the nasdaq up by 136 joining me now is bill stone, the co-cio of avalon advisers.

what do you make of the market action is this something we should be fearful of or an opportunity for investors to add to or build positions? >> i think it's going to turn out to be an opportunity certainly it makes people nervous particularly when volatility for so long was suppressed by low interest rates. as yields moved up, certainly as we've seen the volatility picked up you have to go back to the fundamentals and what's going on in the world earnings, you talked about it earlier. they continue to come in you can complain about certain pieces of the earnings, overall we're growing north of 20% in terms of earnings. that's got to be a positive. outside the u.s., europe slowing a bit. u.s. will probably slow here in the fourth quarter again, nothingcessionary levels so i think it will turn out to be a blip, but also an opportunity. >> if that's the case, bill, the

places that we're seeing really deep value are places like banks, regional banks especially places like the semiconductor industry places like the home builders. these have been in pronounced downtrends for some time banks catching a bid this morning. is this the time that you should be going for deep values like those if you think the economy is going to do well like you said >> i would point to energy as a spot that's gotten hit as the worries about the global economy have come through. you know, but you're right in terms of certainly looking at the financials, not a place where we necessarily right now go but i think you're right if we do have that comeback, and the markets start to price in the economy chugging along, you would think the financials would perk up and the semis.

>> you have emerging markets outside the u.s., that he have taken a beating. some people say this might be the opportunity. others say there's more pain ahead. also what's happening with bonds. treasuries especially it wasn't that long ago where we had the highest yields for the ten-year treasury note in seven to eight years. how would you allocate money given the opportunities that seem to be presenting themselves for investors? >> i think you can look for selected opportunities in emerging markets i wouldn't go all in on emerging markets or overweight yet. part of the problem there is with the dollar continuing to be strong, it is certainly weighing on some of those emerging markets. i think it's probably still too early there. places like japan look more interesting. getting really hurt overnight last night but there's good reason. cheap market as long as the global economy continues along, they should do well that's a place where if you look

internationally that looks attractive in terms of bonds, i'm not overly excited about bonds i don't know whether it's good news or not, i think you don't have to worry about as much a spike in yields because we have the global economy outside the u.s. cooling off i don't think it's going into recession. but that should help keep the yields from having another big spike up i think over time they'll move up but it's all right there. >> so as these rates set up as they are now, does it make it so this normalization that the fed is trying to accomplish does it make it more like the markets would have to deal with it are we seeing competition for capital because of yeields on savings ak quouccounts and treay securities >> that's what you're seeing is the competition. you could have said the dividend on the s&p 500 was better than short-term yields. now you have that really the

other way around for off and on you could have said ten-year yields, you had dividends better than ten-year treasury yields. that is the com titiopetitions. stocks are still inexpensive compared to yields, but it's a better competitor, so you will see times of back and forth and people finding better value there sometimes. i just view it as more of a normalization. doesn't feel good, but when you think about in history we usually have a 5% selloff about every two months since 1928. we just didn't have a lot of those selloffs i think you have to get your mind around that we'll move more towards that historical norm >> a shifting paradigm for investors. bill stone, thank you very much for joining us. today's wall street agenda is about earnings.

it's the busiest day of the reporting season before the bell we'll hear from twitter, dunkin' and cnbc parent company comcast. we'll hear from comcast's ceo, brian roberts, at 7:00 a.m. and twitter's cfo later this morning. after the bell we have a tech bonanza in terms of results, alphabet, amazon, snap inc reporting after the bell the ecb has a rate decision at 7:45 a.m. eastern time, we'll have jobless claims and durable goods at 8:30. and pending home sales at 10:00 a.m. coming up next, tracking the turnaround wall street looking to bounce back from yesterday's massive slide. we'll get mike santoli's take on that comeback when we come back after this break

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if you are just waking up, the futures are pointing to a sharply higher open. the dow up by 280 points the s&p up by 33 the nasdaq up by 147 let's put it in context. we have to make up 608 points just to get back to what we lost on the dow yesterday let's bring in mike santoli live

at the nasdaq market site. mike, it was just yesterday when we were together on "squawk box" talking about the market action from two days ago and how things may have felt a bit heavy. it played out in a big way yesterday. what was your take this idea that the volumes seem to be to the down side still does this pop today make you feel somewhat better or still cautious >> i don't know that the pop today is that reassuring because it would only get back that final hour, if that, after the market gave way to the downside. i think right now the market is so stretched to the down side -- 24 hours ago we were saying, yeah, it's a plausible low the prior day. we had retested roughly the levels we hit earlier this month. but it wasn't as if there was a tremendous outpouring of panic it didn't seem like it was one of those high volume flush type moments the day before yesterday you got closer to that fewer than 10% of all investable

stocks that are now above a 200-day average in an uptrend. that takes you baaick to early 2016 so the market is washed out now. it's poised to bounce. you would be concerned if you didn't get a relief bounce, but once the chart damage has been done, you have the bears in control, the old bellwethers of the tech world have no longer provided shelter i think you have to look at every rally with a bit of a squint and say is this real buying is this just a reflex? that's the mode we're in it's similar to february after we had that big volatility shock. >> just looking at yesterday's market action we were both looking through and parsing out the action there it's textbook perhaps, an idea on a day like yesterday we have

relative strength in places like consumer staples, utilities, real estate sectors. the worst performing ones in technology and communications services we've also talked in the past about this idea that there's been no real flight to safety. yet it's not that long ago, ten-year treasury note yields were 3.25% and now at 3.10 is that safety trade play not in your mind? >> it's not as dramatic as you would kind of might expect based on the recent year history if we were two years ago and you had those treasury yields down below 2% there was an instinct to flock to treasuries. it seems like that relationship has broken yes. you're seeing a decline in treasury yields as people try to hide out there a bit still sitting above 3.10 it's well above levels we were at months ago

so something in the complexion of that relationship has changed. the safer sectors of the market are working almost to the exclusion of everything else that right now is what you would expect to me the big question is is the market handicapping anything about next year's economy in the u.s. is it just kind of catching down to what the global markets have done in the last two months the u.s. and chinese market are basically in parody. there's no difference in how they perform before that the u.s. market massively outperformed so is this just an adjustment and people giving up on the idea that some of these big nasdaq names can weather anything that's a positive if you get a give in those favored stocks >> let's resurrect some of that conversation we had 24 hours ago. let's bring in joe kernen sitting near you joe, we talked about these catalysts, mike brought up a lot

of them. one thing that is interesting larry kudlow said a lot of this volatility may be tied to midterm election uncertainty do you think this market volatility has something to do with the politics happening now? >> i always supposed to before the midterms we're supposed to go down with uncertainty. might be more so this year people still argue whether the tax cuts have been beneficial to corporate earnings or the markets. so there's some people that think if those were at risk which you will not probably lose the senate, you have a president that wouldn't sign a repeal, but the things that have been going along in a republican administration, and you have speaker pelosi, i would have angst. that's good snap back in the nasdaq what struck me and santoli and i have been talking about this i

feel partially responsible, we kept saying garden variety correction, like we know >> right >> when you keep saying garden variety, things are going as planned. it's orderly the market will shake you and say really how about 400 points in the nasdaq, how does that grab you that's where you start thinking, whoa you start questioning whether it's a garden variety. i also feel partially responsible because i keep pointing out 400 points on the dow is not what it used to be. so not to worry. it's small even 600 is not 3% nothing to worry about so the market decides i will make some people worry if you buy this dip you have to buy it with some -- you'll have to decide i'm willing to be wrong. maybe we do go down 10%, 15%

i kind of like that the markets always try to confound you you arrive at a conclusion, it will shake your confidence and your conclusion again and again. i will never again say garden variety correction >> y you will. >> how far are we below the shallows >> initial highs >> with this bounce today, the s&p is in the zone >> from the record highs you're down 8.8%. >> still not 10. >> not garden variety. >> you are still egging the market on? >> yes >> i think if you do need people to get super concerned and if you have to have people doubting the fundamentals of the economy, if that has to happen before you get a decent low, we're probably not there yet. 2%, 3% down days in the s&p in a couple weeks should get peoples attention. >> and the nasdaq is off by.2%

>> i'm not tying anything that happened yesterday with -- nobody likes ieds, domestic ie-s that's not it, obviously, but there's been weird correlations in the past. in the past you've seen things like this, unsettling divisive sort of sick feeling you can't help but be human and -- >> i did say something like that in the 4:00 hour on k"closing bell." not to say that was a cause, but around the time when people are panicking for some reason there is always a convenient thing to worry about. >> let's not forget it's october. >> october 2014, the market went down we had the ebola scare in addition to the end of quantitative easing. look, the market was cheaper then, but you did rally from that point >> guys, you know what made me happy this hour?

the fact we got a quad box on cnbc for "worldwide exchange." >> you can't really get good analysis with only four. you need about -- you need six minimum. you need eight like eight-minute abs. >> i think we know what you'll be talking about on "squawk box" coming up in the next hour thanks for that update next on this show we're riding that wave. the dow and the s&p turning negative for the year. could today's slew of earnings turn all of that around? we'll discuss when "worldwide exchange" returns. can be relentless.

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results from alphabet, amazon, snap among others. big day. joining us now is christina hooper this market action what you busy, i'm sure what are clients asking what are their concerns? >> clients are simply asking what to do what we're saying is that we need to take a long-term view. in terms of being tactical on whether this is a buying opportunity we want to wait and see how the situation unfolds. the two drivers of this selloff arguably are the fed normalizing and trade wars so so much will be determined in the next few weeks in terms of trade wars >> so i shouldn't go jumping in now and buy the s&p 500 or a dow etf or anything? i should wait for a few weeks?

>> you shouldn't selloff and wait to see how this situation unfolds. these are two pervasive risks we've been warning about all year and they're just happening to come to fruition at the same time trade wars could go on for some time and that's what companies are messaging in earnings alls so they may be changing behavior as a result. they may expect input costs to increase going forward for some time so we could have a change of heart by either the u.s. or china, most likely the u.s. after midterms what are the tea leaves you're watching is it the semiconductors home builder strokes haokes ha s home builder strokes hatocks han a downturn, what are you looking for? >> it's nothing from earnings. my expectation is we'll continue to see what we've been seeing, a

third of companies talking about the impact of trade wars companies like u.p.s. who are seeing strong earnings but also saying we're seeing deterioration in international business because of trade wars i'm not just looking for that but a change in u.s. trade policy if it continues on the current course, it could be a continued erosion. some companies are more capable than others of shifting the supply chain we're already hearing that on earnings calls so they may be able to dodge and mitigate some of those input cost increases >> so trade and tariffs front and center for you thank you very much for joining us that does it for this show we have a lot coming up. futures are in the green right now. about 275 points to the upside the s&p up by 35 the nasdaq up by125.

take your razor, yup. up and down, never side to side, shaquem, you got it? come on stay focused. hard work baby, it gonna pay off.

good morning markets in turmoil yesterday 600-point slide in the dow wiped out the gains for the year we'll tell you maybe some of the things that were responsible and what it could mean for your money. it's the busiest day for the earnings season. merck, american airlines, southwest airlines and twitter reporti reporting, plus we'll hear from america's largest cable provider, our parent company, comcast. we'll bring you an interview with brian roberts it's thursday, october 25, 2018. "squawk box" begins right now.

♪ >> live from new york where business never sleeps, this is "squawk box. good morning welcome to "squawk box" on cnbc. i'm becky quick along with joe kernen and andrew is off today we have a big lineup mike santoli is on set with us dominic chu and drew mattis are watching the markets we have phil lebeau with us and ylan mui will talk about the china tariffs. let's start with yesterday's selloff. >> the dow dropping 608 points the dow and s&p 500 are negative for the year, the nasdaq is coming off its worst day since 2011 let's check out u.s. equity futures. things a