breaking news, futures plunge as wall street wakes up to a major market selloff. we're digging into that big slide. that is straight ahead. arrested huawei's chief financial officer taken into police custody in canada she could be extradited to the u.s. those details coming up also straight ahead. and decision day opec ministers about to make a major announcement on production we are live at opec's headquarters in vienna it's thursday, december 6, 2018. "worldwide exchange" begins

right now. ♪ > good morning welcome to "worldwide exchange." i'm dominic chu. brian sullivan is live at the opec meeting in vienna he is live in the room where the opec ministers are meeting we'll get to him in a moment first a major selloff is under way across the globe futures pointing to a 460 point drop in the dow following tuesday's nearly 800 point drop in the dow the s&p also opening down 46 points and the nasdaq down 156 points trading suspended yesterday for george h.w. bush's funeral two-year note yields, 2.76%

the ten-year at 2.88 in asia, it's been a down day as well apple suppliers deep in the red. taiwan's largan precision reporting a more than 25% drop in revenue last month. largan makes camera lenses for the iphone other suppliers like pegatron and foxconn are following sharply as well. you can see that in trading. today in european trading and asian trading. in europe the dax is off by 3% the cac is off by 2.5% the ftse 100 off by a similar amount checking in on the broader markets. oil is in focus with that big opec meeting oil prices now $51.27 for wti crude. off by 3%. the euro/dollar is gaining

strength 1.1339 and gold at 1,243. a lot of noise in the markets with regard to weakness due to a major developing story in the corporate world whun one of china's biggest tech executives has been taken into custody in canada and could be extradited to the united states. let's get to eunice yoon for the details. canadian authorities in vancouver have arrested huawei's cfo, her name is meng wanzhou and is also known as sabrina meng u.s. officials want meng to appear at a federal court in new york as part of their investigation into whether huawei had violated iranian sanctions. her bail hearing is tentatively set for friday the news has sent shockwaves through the business community

here because meng is not just any old senior executive, she's the daughter of huawei's founder, ren zhengfei. so that has raised yao brow ey. the timing is also questioned. people have been checking out the date because canadian officials say she was arrested on december 1st, the exact same day that president trump and president xi were sitting down for dinner to work out the trade deal over the weekend. so that's been raising a lot of speculation here that perhaps this is a message from the u.s. government to china as well as itse its companies that they need to abide by certain international standards and stop with what washington believes are unfair trade practices. huawei issued a statement about meng saying the company has been provided very little information regarding the charges and is not

aware of any wrongdoing by ms. meng the spokesperson added huawei complies with laws and regulations. the u.s. has always argued that huawei is a national security threat the chinese government has also reacted strongly condemning this arrest the embassy in canada called it a gross violation of human rights the foreign ministry also just hours ago demanded her immediate release. some u.s. business executives here that i've been speaking to say say they are fearing retribution. they say they're concerned that president xi jinping will not want to look weak, that because of her status china is going to want to have her back. so they may have a tit-for-tat treatment at this stage. >> such a delicate time. eunice yoon, thank you so much another focus today is the oil market

a major opec meeting kicking off this morning brian sullivan is live at opec's headquarters into vienna with the latest details over to you. >> dom, they just let us into the ministerial meeting. so every opec minister in the world is here the saudis draw in the most, khalid al falih here this is the most intriguing and unusual meeting in years here's why everybody is focused on cuts if you want the number, the consensus is we could get a cut of 1.2 million to 1.4 million barrels per day. canada is offline by 300,000 if we don't get a cut some traders i've been speaking with think oil could drop to the low 40s or high 30s. you have qatar saying they're leaving the organization they say it's because of natural

gas, but it's more of a political move designed to send a message. iraq is here iraq -- let's go down and see iraq if we can iraq is here because there's a thought they will not cut. they won't agree to anything 92% of iraq's revenue comes from oil. they need the money. they don't have a sovereign wealth fund. they need to continue to produce oil. they're at 4.6 million barrels per day. you can see them all here, all the different country journalists, about 200 journalists are here everybody is trying to figure out what is the political dynamic. this is the saudi show in some ways, but remember kind of like the u.s. senate, they all have an equal vote. it doesn't matter the size or how much they produce, everybody has an equal vote. quickly, guys. hold on. i know i have to wrap. i want to take you to venezuela.

they've been in the news a lot will the me get a question in here live to venezuela. i had a chance to chat with them, they're at 1.6 million the question is how much can they continue to produce given the economic situation of that nation we expect a decision at some point today. we'll have that live on cnbc if we leave here with no deal, there is the expectation -- i polled five or six traders -- hold on, mike bradley. brian sullivan we're live. >> great >> guys, sorry if we do not get a deal f we leave here with no production cut deal, what happens >> brent prices probably go back down to low 50s, sub 55 for sure i think the wording of the deal is really important. it has to be an explicit cut rather than implicit cut if we

have no deal, back down to sub 55 for brent low 40s on wti for sure. >> wow if no deal -- if we get a no-deal opec, oil could continue to slide we'll be here all day for you live on cnbc >> oil prices already sliding today, not just because of opec but the broader markets overall. turning back to this big market selloff let's bring in gina sanchez, a cnbc contributor as we talk about the selling pressure, we thought things would abate just a bit we saw very abbreviated futures trading yesterday indicating possibly a slightly higher open. then we get this this morning what is playing out in your mind >> opec is dominating the day. there's other factors happening here what we're schlt here what we're seeing is the market sentiment is shifting.

as we see a kang change in dyna, cash is paying at a reasonable rate it hasn't paid in a while you're also concerned about a pause by the fed, a pause by the fed could be one of two things either the market and the economy is not strong enough to withstand more cuts, or further cuts, or the fed is caving in to the administration neither one of those is a good sign signal quite frankly the treasury markets are reacting poorly and the equity markets are following suit they cannot get back up. each new high is lower than the last one that's called a downward trend >> let's talk about that downward trend we are seeing that play out in markets. is there a sense there's a bottom in sight or at least an opportunity for folks out there to feel like it's a decent chance to maybe dip their toes in or put some positions in on the long side?

>> i think as a market aggregate it's hard to call. this becomes a stock picker's market quickly if you look at sort of average pe multiples, you could argue the market still needs to come off another 10% before we're back to long-term averages but if you look at certain companies, there are definitely certain companies, even after this fall, that continue to be very, very overvalued. they are contributing to that. i do think there are opportunities here, but they're not obvious from the aggregates. >> you mentioned the yield curve, the treasury dynamic playing out. how important is that trading dynamic to the overall markets should traders and investors be as concerned about what's happening with the flattening and in some cases the inversion of certain parts of that yield curve? >> i think it is sending a message. you basically have the front end

of the curve going up 10 basis points in the last 30 days you have the long end of the curve falling 10 that's a tough signal to send to the market we're seeing that play out across u.s. markets. qui quite frankly last year's trade was overweight u.s., large, and growth. that trade is coming to an end we're seeing a shift into value. and there are more opportunities offshore than in the u.s i would even look towards emerging markets as a possibility for next year. >> some of those really hard-hit parts of the market globally are on investor shopping lists tell us about what it is you will be watching today in terms of trading dynamic, in terms of signs and signals that will give you some indication for what will happen in the next coming two, three, four days or weeks >> if you look at what's happening in the call we're watching, the potential for emerging markets, we're looking for a change in the dynamic with

oil. so we need to see a substantial oil cut, a strong oil cut. that would be very positive for emerging markets emerging markets are getting hit by higher interest rates and currency moves i think the currency dynamic could also move in favor of emerging markets that's important to watch to see whether or not the u.s. remains in favor or we switch overseas those are two things that definitely should be at the top of traders minds right now >> as we look at what's happening with the currency market, you mentioned the fed. as we talk about what's going to happen from a policy standpoint, how much of what's happening right now with regard to not just the equity markets, but what's happening with oil markets, what's happening with treasury markets, how much of that will play into the minds of how the fed views an interest rate hike that at this point maybe is a certainty for december, but what does it also mean for 2019? >> 2019 has been called into

question everybody expecting a rate hike in december, the question is is it three rate hikes or two that sends a signal to the market that could weaken the dollar that could weaken the dollar going into next year and that would be, again, b beneficial if you're trading in emerging markets or trading overseas that's an important element. >> gina sanchez, thank you very much for your insights we are just getting started on the show. up next, more on this major market selloff it's a sea of red across the dmroeb a globe and a similar setup in the u.s. as well and are you looking for a bright spot? facebook shares are higher this morning despite a downgrade. we'll break down that call and the rest of the top movers when "worldwide exchange" returns afr isteth break place, the xfinity xfi gateway.

and it's strengthened by xfi pods, which plug in to extend the wifi even farther, past anything that stands in its way. ...well almost anything. leave no room behind with xfi pods. simple. easy. awesome. click or visit a retail store today. if you are just waking up or heading into work, futures now pointing to a sharply lower open the dow off by 450 points. the s&p off by 47. the tech heavier nasdaq off by 151. we're also keeping a close eye on the yield curve that two-ten spread, the difference between yields on the

ten-year government note and the two-year note are now ticking slightly higher. they stand at around 13 basis points as we stand you can see that tren ld lower. several reports were supposed to come out yesterday, but they were delayed due to a national day of mourning for president bush at 8:15 a.m. eastern time, we get the november adp employment report that's followed by weekly jobless claims, revised third quarter productivity and the monthly trade deficit. at 10:00 a.m., look for the ism services index and factory orders as well a pair of ceo departures to tell you about lam research's martin enstis is out as the company investigates allegations of misconduct. lam did not product details about the probe other than it doesn't involve financia issues he will not receive a severance

package. shares are up slightly and again net says tgannetto plans to retire by the middle of next year. he has led the company since 2015 shares unchanged premarket now to your other stock movers stifel downgraded facebook from buy to a hold. it says it has too many issues to not feel a long-term impact on its business model. shares are off about 4% in that trade. cloudera posts a narrower loss as they beat forecasts. s they raised their outlook for the full-year. and five below posting

better than expected third quarter earnings the discount retailer is optimistic on the holiday season it is raising its guidance for the year still ahead, we are all over this global market selloff u.s. futures deeply in the red was you need to watch when the opening bell rings general motors on the hill mary barra meeting with lawmakers again today. we're live in washington with the latest when "worldwide exchange" returns. ignition sequence starts. 10... 9... guidance is internal. 6... 5... 4... 3... 2... 1... ♪

welcome back futures are pointing to a sharply lower open the dow jones could open down by 450 points if these losses in futures carry over into regular cash trading later on this morning. the s&p off by 45 points the nasdaq off by 150 points this follows the nearly 800-point drop for the dow that happened on tuesday. mary barra is headed to capitol hill again today she is meeting with lawmakers after the company announced a big round of layoffs and plant closures blayne alexander has more on that story. >> reporter: general motors is saying this is a tough decision but one that had to be made. lawmakers are not so forgiving and already are looking at ways to punish the company.

>> so, one of the things -- >> i'm a taxpayer. >> sir, we're asking questions >> reporter: for mary barra, it's day two of a capitol hill grilling, meeting with lawmakers to defend the company's plans to close four plants in michigan, maryland and ohio leaving some 15,000 employees without jobs. >> any time we have to make the decisions like we did, they're incredibly difficult. >> reporter: the companying ending its sedan production saying demand is not there, instead focusing on electric cars and shifting production of trucks and suvs to mexico. >> this is a big issue in our community. we're trying to balance the fact that we have a lot of people getting a pension from general motors >> reporter: it's enough to outrage lawmakers in both parties. coming eight years after taxpayers spent $13 billion to bail the company out and the same year gm is benefiting from president trump's tax cuts >> the tax bill is exactly the

kind of thing that general motors should be using to reinvest in georgetown for a new product. >> reporter: lawmakers are look at legislation that would remove tax benefits for companying shifting jobs overseas but now lawmakers are split on what to do some say there should be punishment but one congressman saying he wants gm to be profitable back to you. >> thank you very much for that update. coming up, it's decision day. a high stakes opec meeting is under way in vienna. brian sullivan is there live he will join us with what's at stake for the oil market and the energy market. and we are all over this market plunge. stocks around the world in selloff mode how to trade that turbulence when "worldwide exchange" returns. for your heart...

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breaking news. stocks slammed as wall street wakes up to a major market selloff. we're digging in on that slide straight ahead. trade war. one of china's biggest tech executives taken into police custody in canada at the request of the united states the latest on this developing story. and crude tumbling as a major opec meeting gets under way. we are live at opec's headquarters into vienna, austria. it's thursday, december 6, 2018. you're watching "worldwide exchange" on cnbc.

welcome back thanks for being with us i'm dominic which yochu. brian sullivan is on assignment at the opec meeting. first your top stories stocks are in selloff mode futures pointing to a 460-point drop on the dow. a 47 point drop for the s&p, and 160 on the nasdaq. frank holland has your morning headlines. huawei's global cfo has been taken into police custody in canada she's also the daughter of the founder of that tech giant this arrest is reportedly related to violations of u.s. sanctions. she's facing extradition to the u.s. china is calling for her release. we'll continue to follow this

major developing story and bring you more as soon as we get it. apple suppliers in asia are plunging today after taiwan's largan precision reported a more than 25% drop in revenue last month. largan makes camera lenses for smartphones. other companies are also falling sharply. lam research's ceo is stepping down and the coo has been named as the new leader shares of lam, they are up almost a percent dom, back over to you. >> thank you very much for your headlines. let's check the other top headlines outside of the world of business. frances rivera has the latest from new york. usa gymnastics filed for chapter 11 bankruptcy. the organization says it is facing 100 lawsuits representing more than 350 victims.

sources tell nbc news that the filing allows for litigation to be put on hold, including ongoing discovery and depositions of key figures katherine carson the newly elected chair says cases will be consolidated before a judge, a move that will allow claims to be resolved more quickly. now to the search for a handful of u.s. marines. two military aircraft crashed, two were found but others are unaccounted for. the remains of george herbert walker bush is lying in repose at his church in texas. a funeral service is skecheduled for later this morning, from there he will be buried at the george w. bush library and

museum the state funeral was attended by nearly 3,000 family members, friends and dignitaries. those are your headlines for this thursday morning. >> thank you very much for that update. let's check on the early morning selloff. futures pointing to a sharply lower open the dow off by 480 points, if these losses carry into regular trading. the s&p off by 48 points the nasdaq down by 162 the treasury side of things, we are seeing a move below 2.9% for the ten-year treasury note yield, currently at 2.9% the two-year is at 2.76. just a slight tick higher in that two-ten spread. the difference between ten-year yields and two-year yields let's check the asian markets as well sharply lower in the overnight session. the nikkei off by 2% the hang seng off by 2.5 the kospi off by 1.5%.

that european trade reflects the negativity currently the dax in germany off by 2.5%. the cac in france, 2.5% down the ftse 100, 2.5% lower you get the idea oil lower ahead of this -- well, as this big opec meeting gets really going here in vienna. those prices for wti crude off by 4.5%. $50.58 gold around 1,241. bitcoin fprices on bit stamp up 2.5% 3,780 the trade there. let's bring in kathy lee, a cnbc contributor. as we talk about all of the macro factors at play, what stands out to you as being the most profound move in the markets? >> it's definitely not in currencies lately the volatility in

currencies has paled in comparison to the volatility in treasuries and equities. for the most part the story is the drop in u.s. treasury yields it's a big deal. it's the reason why we're seeing such a significant selloff in stocks and why we're seeing the u.s. dollar start to turn around and really present itself with some serious weakness. i think the slide in yields indicates the fed's concerns about global growth. the fact that inflation globally is starting to ease. as a result of that many central banks may be thinking about raising interest rates more aggressively like the bank of canada yesterday or the federal reserve's 2019 tightening cycle. we have to pare back those plans and expectations all of that is reflected in the move in yields and is translating to weakness in the u.s. dollar and currencies >> as we talk about things playing out with the u.s. equity

markets, the treasury markets, how much of that is factored in by the stuff happening now in europe we know we have a very contentious situation with brexit and how we will proceed with that going forward. how much of that european story is part of the overall risk sentiment in the markets >> it's playing a role but what's really interesting is that sterling has not made new lo lows except for earlier this week we did have a key parliament vote that the uk government defeated we had softer data from the uk there's talk they could extend next week's deadline to future dates. she's serious about getting this support to push this deal through. i don't think she'll take no for an answer. the talk of reversing brexit is gaining momentum i think that's a story that needs to be watched. even though we do have the euro

and sterling relatively weak, investors are reluctant to take them lower despite the market selloffs globally as well as in europe that's a sign that they're waiting things out >> kathy, the g20 meeting this past weekend in argentina, it yielded some positive headlines coming out of both president trump and president xi then we got a reversal as people started to handicap whether or not there was anything meaningful done and now that risk sentiment playing off again as we have a top executive at a chinese handset manufacturer in huawei get arrested in canada at the behest of the united states. are we seeing macro markets respond to that in some way? that china-centric trade discussion happening with those markets in asia? >> absolutely. the fear is that the u.s. may be giving up a little leeway on the trade issue. but they're hitting from another

side and that doesn't seem to be a very conciliatory attitude towards u.s./chinese relations that's the fear. this is a 90-day truce it does not mean we'll have a deal at the end of 90 days we hope we will. investors were optimistic and then immediately skeptical once this headline about the arrest came out they realized the u.s. is still tightening the noose on china and not letting them go. that's why we see this sharp selloff. it's not necessarily the beginning of the end to the trade war, that's what everyone fears. >> kathy, thank you very much for that update. we have a big interview coming up later today. imf managing director christine lagarde will join us exclusively here on cnbc catch that must-see interview at noon eastern time today. we are all over this major market selloff stocks around the globe in

negative territory coming up, how you should brace for that volatility. first crude tumbling as we start to get big headlines coming out of the opec meeting. let's get back to brian sullivan live at that opec headquarters brian? >> dom, we're getting some headlines here coming up after the break, we'll do two things, we'll put those headlines in context to better understand how many barrels are coming off the market. the stock market slide is your top story. if oil keeps sliding it will be hard for the stocks to keep afloat oraroil story and the market sty e related and we'll tie them together on "worldwide exchange."

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welcome back if you are just heading into work, futures pointing to a lower open the dow jones down by 400 points that's a bit of a rebound. we were down about 460, 470 points earlier on in the show. the s&p off by 42. the nasdaq off by 145. crude oil prices are in selloff mode on bigger headlines coming out of opec. let's get back to brian sullivan live at opec headquarters with the latest on those. >> i want to put those headlines in context the ministers in that room upstairs were waiting on their decision on production cuts. oil is sliding nearly 4% on

headlines that we may get a smaller than expected production cut. we reported the consensus out there is 1.3 million barrels her day. the headlines said a million barrels per day. just a couple days ago canada surprised everybody by turning off the pipe to the tune of about 300,000 to 350,000 barrels per day. so canada just cut 300,000 that comes out of global supply. if today opec decides to only cut 1 million barrels, they're thinking about what just happened in canada as well 1 million plus 300,000 is 1.3 million, however you slice it whether it's from here or canada i don't know if it's a smaller than expected cut, but the net effect on global supplies may be the same the big wildcard has to do with iraq iraq is at 4.6 million barrels per day and it's unlikely they can cut because they need the money. here's the other aspect that's important. where does opec go from here

qatar saying they will leave is opec going to flex its muscle and show the world that it is still incredibly important even with the u.s. shale oom? here's the other thing you want to tie together the market story and oil energy stocks, they're not as heavily weighted as they used to be in the s&p 500, but if oil prices continue to slide, oil stocks will continue to slide and that means the market -- it's fine. you can do your job. no worries if oil stocks continue to slide it will be very hard for this market to stay afloat and continue to rally. the oil story, dom, it's also a stock market story need i remind you, 2$240 billion in oil and gas debt is maturing in the next five years according to s&p 240 billion. if you don't have higher prices you may not have the cash flow to service some of that debt oil is a stock story oil is a debt story. opec is a geopolitical intrigue

story. that's why we came to vienna we're here all day >> oil in the united states very much a job story as well now that we are the largest producer in the world thank you so much for that we'll come back to you later let's bring in john laforge from wells fargo institute you've been hearing our reports and stories for the first 44 minutes of the show. as you look in your world about how these asset dynamics are playing out, what stands out to you, this idea that we do see real assets on the decline as much as we are, especially in oil? >> with oil specifically brian brings up a good point we have so much debt coming due, we're now the largest producer in the world with the u.s. i don't see oil going below 45 wti below 45 doesn't make sense. at that point that's your break-even costs we're the marginal producer now.

that's pretty much where that level is opec matters it matters day-to-day. roughly 40% of world production from an opec perspective, russia, closer to 70 they matter over the longer term in the next month, next two months, it's all about the u.s if we get down to 45, you will see production shut in and prices bounce. president trump says we need lower oil prices and gasoline prices how do oil producers and opec plus and how do the president reconcile and resolve that conflict >> never wanted to count out president trump. he could give incentives later on to oil producers, give them some breaks. but the reality is there's a lot of debt coming due when your break-even price is $45, you can't be producing at 39 i don't agree with some of these arguments that we could be in

the 30s soon, low 40s. if you get there, i don't think it holds >> brian sullivan, i know you're still with us out at opec hq let's get in on this discussion. john brings up a number of points you mentioned in your report as well >> i understand his point as well but here's the thing, i have a bunch of oil traders, some of the world's biggest oil traders are sitting to my right, we were talking yesterday and last night. it may not hold there, but a lot of these guys believe if we continue to see output where it is and demand is where it is and opec does not do much, there's the possibility that there is no deal we talked about a smaller deal we talked about an opec exit if we walk out with no deal, that's when they say oil could slide to the high $30 range. this is one thing that the president of the united states probably understands, but it's

that the goil aoil and gas indui related to the job market and the economy. oil and gas added millions of jobs even if oil prices stay at a point where the producers can make a little profit, that's not enough for them to expand, which means job growth slows down. and the economy, especially in texas and oil producing parts of the country slows down i don't think the president wants that i understand lower oil prices matter but jobs matter, too. a lower oil price means we could lose a lot of jobs >> one thing that i do i speak regularly with talk radio programs across the country. one of which is out in the denver, colorado area. that's shale country wyoming, colorado. they have a big concern about jobs are so key because of the oil sector out there yet we as consumers want lower fuel prices. as we talk about the positioning of the marketplace, what is that

balance? is it tipping one way or the other between lower oil prices and fuel prices versus job creates? >> it's such a good point. some of these tweets from trump say he wants lower prices, but lower prices may come with less jobs so he may want the balance above 50 when you add in geopolitics, probably a year from now you will be closer to 60 because of some of that he wants the balance 70 to 80 is too high we cannot hold those levels. we can hold somewhere between 50, 60, 65 >> john, thank you so much brian, thank you also for that report we'll see you in a couple minutes as well. coming up next, time to take cover. stocks in selloff mode yet again this morning how so you manage around that volatility we're breaking out your

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welcome back. we're following two major market stories. first, futures are in selloff mode still the dow opening down by 450 points s&p off by 46. the nasdaq off by 162. and oil tumbling on some big headlines out of the opec meeting. saudi arabia's energy minister signaling a smaller than expected production cut could be coming oil prices have been falling throughout the last couple of hours. wti crude at $50.61.

let's bring in jeff kilbruck as we talk about these market stories. is it shocking to you the type of steep declines that we're seeing not just in oil, but in the markets overall? >> i think it is a little neck-snapping. at the end of the day let's look at the week, we had last week. it was the best weekly gain on the s&p 500 in nearly seven years. take that and reverse it all in three trading sessions we're opening about 2.5% lower after a tough monday look at that close going into tuesday. tuesday alone in the s&p 500 was down 3.5%. we always talk about what is the actual fear on the street? people can say the vix is in the 20s. there's not a lot of fear out there. let's talk about realized volatility and implied volatility there's moves that we incur. on tuesday, that was a 3.5% move that traded into a 52 on the

vix. this morning the vix is just above 25 a lot of people can say, yes, it will be okay but a lot of people could argue that there's complacency out in the market a lot of red across the broader indices this morning >> jeff, as we talk about the volatility picture, we were at possibly much higher levels in overall stock market volatility during other points in october and certainly back in february and march. so what exactly is that telling you about the current situation? is this a panic-driven selloff is this something we should be fearing or are there buying opportunities that could emerge because of this maybe orderly selloff in the marketplace >> you're right. this is quite orderly. we are seeing a different vix level. but it's hard to gauge and measure the vix. some say it's an antiquated measurement. it is measuring the option premium people are willing to pay to protect portfolios.

at the end of the day, the suppressed volatility environment has misled a lot of investors. i see an opportunity here, as you see momentum, there's so much emotion being driven. let's look at what the trump administration did doing into that g20 meeting we saw a lot of optimism and powell have a more dovish tell the to the portfolio we saw that 5% gain last week in the s&p 500. now that wind is coming out of the sail that provides a big opportunity here, the level at 2,650 this is oversold if you miss that tech rally in 2017 as well as 2018, it's an opportunity to get into tech we like some specific sectors. it's critical going into 2019 to have the proper exposure, have that sector tilt to find a way to dance between the rain drops. there will be more volatility. >> jeff, thank you very much for that

overall the markets right now are still in negative territory. building on that 800-point drop in the dow jones industrial average that happened on tuesday. markets and cash equities were closed on wednesday in observance of president george h.w. bush's funeral. the dow off by 457 points. the s&p off by 47. and the nasdaq off by 162. for the ten-year treasury note yield we're seeing a move below the 2.9% level during the beginning of october we were as high as just at 3.25%. let's get back out to brian sullivan with some final thoughts here from opec hq >> you have to watch the saudi position not only are they the big dog of opec, but we know president trump has been putting pressure on the guest of jamal khashoggi, which looms large here the saudis are under an intense

amount of u.s. pressure over his murder the saudis will say we want a smaller cut. president trump wants lower prices maybe others say we want a bigger cut the saudis say we have to listen to the group so we might end up with a bigger cut than what headlines are suggesting, but the saudis want to say it's not us it was opec. we were doing what president trump wanted us to do. there are reports that brian hook, a state department official, the head of the iran sanctions team was here yesterday in vienna maeeeting wt the saudi contingent the saudis is to walk that fine line all day as oil supplieds. we'll be here all day. >> brian sullivan, great coverage out of opec, thank you very much. well see you throughout the course of the day. that does it here for "worldwide exchange. we are all over this market selloff. the dow down by 440 points as we head towards the opening bell. "squawk box" picks up full

coverage of this global market selloff. keep it tuned here to cnbc quk x" returns after this quick break.

good morning breaking market news the global selloff getting worse as stocks are plunging in europe and asia u.s. equity futures indicating a 300-point drop at the open crucial opec meeting under way. ministers there saying they don't yet have an agreement to cut production and oil prices are dropping sharply we'll take you live to that meeting. and lance armstrong speaks to andrew in a candid interview about doping, his reputation, and his new venture fund it's his first u.s. tv interview

since speaking to oprah six years ago. it's thursday, december 6, 2018. "squawk box" begins right now. live from new york where business never sleeps, this is "squawk box. good morning welcome to "squawk box" this morning here on cnbc we're live at the nasdaq market site in times square i'm andrew ross sorkin with joe kernen kelly evans is here. becky will be on later >> what? welcome. >> i'm excited about the lance interview coming up, oprah i did not realize this is the first one since that one >> first u.s. tv interview >> why now why you? why? >> we'll show it there's a lot of stuff -- >> he didn't come here >> i went to