it's 5:00 a.m. on cnbc another selloff? wall street pointing to a slightly higher open following the worst christmas eve ever for the u.s. stock market. asia tumbling last night the selloff spilling overseas. president trump chiming in on the recent volatility congress remains on break as the government shutdown end dowdow fifth day. and oil sitting at the lows of the year. we'll have all those stories on this wednesday, december 26th as

"worldwide exchange" begins right now. ♪ good morning welcome from wherever in the world you may be watching. i'm brian sullivan hope you had a great christmas or day off with your family. either way, if you are hoping for a mellow week, you're getting anything but that. it's wednesday, second trading day of the week. feels like the fifth day we're coming off the worst christmas eve for the stock market ever. in fact, now this is the worst december for stocks since all the way back in 1928 even worse than any december during the great depression. here's how things look now on this wednesday morning many of the world's markets are still closed futures slightly higher to unchanged. remember this, expect thin trades in the futures market this morning

that could produce larger price swings the cost to borrow should come down in the weeks and months ahead. as stocks have sold off, bonds have gotten bought the yield on the ten-year is at 2.7% that should bring down borrowing cos cos costs. it was a disintegration in japan on christmas day the nikkei fell 1,000 points that was a 5% slide to stocks. the nikkei is down 20% just this quarter. this morning bouncing back a little bit cold comfort, hong kong market was closed most of all of europe is closed as well today for the boxing day holiday. it is not just equities getting sold oil is up a little bit this morning. we're at 43 and change per barrel whatever oil is doing today, it's been crushed in the last couple of months crude oil has lost 40% of its

value in just under 90 days. that's one of the greatest losses of value in a short time ever for crude oil lately the dollar has been down as womeell. gold is a rare bright spot bitcoin is off its lows, but it remains under 4,000. these are all the numbers. what you're probably looking for are answers. answers to questions such as what has changed in 30 days that caused such a quick and violent market response? let's try to get some answers with boris schlossberg what has changed so dramatically in 30 days that we are seeing 96% of the s&p 500 now down 10% or more from their highs >> i think the short answer to that is just sentiment this is a destruction that feeds itself because we sold off so

hard that selling begets selling. especially if you think about the fact that so much of the stock market now is basically indexed etfs they are just basically what is called flow traders. they go one way or the other way. once the selloff accelerating, there's more and more selling coming afterwards. you saw a lot of forced liquidation. the big question now is were most of that forced liquidation is kind of done, and whether we can find a tradable bottom we are certainly very, very stretched on technicals. all the bulls are making a case that the technicals are so overstretched, we are due for a bounce it remains to be seen. >> are you blaming market structure, boris we talked about this for the last two years i did a panel on it in january in phoenix where i talked about market structure and the risk to passive and etf. does the market structure have a

huge role in what we have seen there's a huge article in the "wall street journal" about this last night >> people much smarter than i made this point. the problem with market structure is investors have been lulled into a continuous buy th dip mentality. every time we come down, they buy the dip, the market continues to rally and we have a positive market. now they'll wake up and this is the critical thing the retail trader will wake up to q1, to the end of the year and look at this massive destruction on their 401(k) plans what will happen then? if they decide to sell, selling will continue irrespective to what happens in the market >> outperform what underperform what? if you're buying the s&p 500, you're buying the market, these are low costs.

ply put, if everything moves at the same rate what are you trying to outperform the only way do that would be to take specific individual bets. >> yeah, or everybody has a plan until everybody gets punched in the face the argument has been if you buy the dip over the long run you can go to outperform when they see 10%, 15%, 20% down in their plans, they decide to sell now for the first time in ten years there's interest rates in the money market funds we have 2% yields. so the short-term produces some sort of return to the investor they may decide to park their money in cash. cash outperformed everything in the past quarter >> wow let me ask a dirty little question at 5:06 a.m we ask a lot about why we're selling. i get that the market has been wiped out.

should the market ever have been as high as it was a couple months ago >> a huge amount of this buying has been because of easy credit and bubble-like conditions when the party stops, everybody starts looking warren buffett said when the tide goes out, everybody is swimming naked the interesting point here, wealth effect. if this market destruction is going to have a big psychological impact on the consumer in the first quarter of next year, that could feed negatively into further selloff in the equities. i'll watch retail sales carefully to monitor how confident the consumer is. >> we have positive data the mastercard data showed a 5.1% jump in retail sales over the holiday.

is that going to provide a floor to the market? there's no sign the economy has slowed down. maybe a little bit but not 30% in 30 days >> precisely that's people feeling good because jobs were plentiful, growth was plentiful and their portfolio was doing well now will they reassess and retrench in q1 it's the forward data i'm looking for. it's january, february, march data that we're watching >> it has to change the fed's calculus >> absolutely. i think the fed will probably hold off in march, i really think the fed is on hold for quite some time. if the fed decides to make another policy mistake and tighten, if they decide to shrug off and decide the market doesn't matter that could really create recessionary conditions

into the economy all of these negative things, the fed tightening, the fighting in washington, d.c., the problems in europe, if they unwind positively, if we get a deal out of washington, if the fed decides to sound more accommodative and we get more breathing room as far as this populist sentiment in europe, we could have a strong rally back if we don't get any of those factors, we need a positive catalyst to get a rally back we could have more selling, whatever rally we have could be anemic we could go down to maybe 2100, 2,000 on the s&p before this is over >> boris, appreciate your insight and wisdom thank you very much. see you soon back to oil. no doubt the consumer is cheering the recent crash in prices gasoline under $2 a gallon in many parts of the country.

oil the commodity tanked 43% in less than 90 days. that could have a far-reaching impact on the markets and companies. let's talk about that with tamar esther >> thank you for having me >> the consumer loves it they like low gas prices there's a lot of debt out there in the oil and gas markets >> anything below 50 we get worried about systemic issues with the debt market the high yield has been an important underpinning factor in the shale growth in the u.s. the credit markets have held up better than the energy equity markets now. that tells you credit investors out there believe in the oil story much more so than energy equity investors do. >> when you say words like systemic, i get nervous what is the systemic fallout of this >> well, as i said, a lot of

companies are high yield, about 20% of the high yield market is linked to energy companies so you start to have worries of what goes on there, particularly if the fed continues to tighten. that has been something that is called into question as well so there are a lot of uncertainties on that front. energy has been a big contributor to employment in the u.s. it's a big contributor to the u.s. economy >> so certainly consumers, we like lower gasoline prices but there are broader impacts for the economy as well as the u.s. is the largest producer in the world. >> these are important issues you are bringing up. we said for years, people say why do you like the oil markets so much? it's not that i like the oil markets, but this is a debt story. this is debt and debt equity and there's a real risk these prices at 43, 45 a barrel, a lot of these newer producers are probably deeply cash flow negative >> that is correct

the industry in a whole is in a stronger position today than we were in the last price crash of 2014 so a lot of debt has been put in much more consolidated position. >> i called these oil companies highly levered they said, no, they're not highly levered we're looking at discounted cash flow analysis. in the last quarter they weren't highly levered when you change your assumptions, 45 a barrel for a month, maybe 30 a barrel, maybe 60 it's difficult to predict how these balance sheets will look is it not? >> yes, a lot of companies during this price downturn have announced their capital programs for 2019, they said we'll cut back spending and cut back on rigs, but you've been seeing

double digit declines in capex but still double digit increases in production growth production is growing because of efficiencies >> your first point is the most important, tamar even if you don't care about oil and gas. here's why you care, 10.5 million jobs in this industry. if capital spending plans get shrunk, and i expect they are dramatically, that's going to hurt jobs. that will hurt sales across all kinds of things >> absolutely. that is the interesting thing. oil markets are cyclical the cure for low prices is low prices lower spending levels will result in the lower pace of growth there's that lag time between when you have a rig and when there's oil sales. we talk about shale being fast cycle. it is faster cycle relative to

conventional deep water and offshore wells that take years to build and to come online. relative to saudi arabia that can turn oil production up or down with the flip of a switch, it's not that way. there is still that six to nine-month lag time between when you see lower prices and lower production >> a lot harder here once that well is drilled, that pipe is in the ground and the oil is flowing, it's not something you turn and shut off. that's why production will stay high for a while in the states are you at the nasdaq later? >> yes >> i'll be doing the 5:00 p.m. show today both of us, a lot of coffee. >> we have to drink after. >> yes are you buying >> sure. >> 5:14, i already have a post-show cocktail planned we are just about ready to ring in round two on this boxing day. i know it has nothing to do with this call this a december to forget five staggering stats about the

recent selloff you have got to hear. and we do have good news what the shippers are saying about the health of the economy and some solid beta on retail sales. it's a very busy "worldwide exchange." we'll be right back. your brain is an amazing thing. but as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory.

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welcome back good morning just 83 days ago the dow hit a

new high of 26,951 now we're below 22,000 if we lose another 1% for the dow, the blue chips will have slipped into another bear market all within three months. futures right now are not indicating that will happe today. we are up fractionally or i should say we're not down anything can and has happened during the session the key to watch this morning is the pace of change of futures during this hour and of "squawk box. it's not all bad news. there's good news out there this morning that maybe could sure up sentiment. positive numbers on christmas spending mastercard saying total u.s. sales rose 5.1% between november 1st and december 24th, that number does not include cars online sales up more than 19%.

so positive retail sales data out of mastercard, we'll see if that puts a floor under stocks staying with the retail theme, let's turn to another key indicator on the health of the u.s. economy the shippers they are a leading indicator let's get more on what they're seeing and hearing from frank holland. >> the better people feel about the economy, the more they buy and send a record number of e-commerce deliveries this holiday season is an unprecedented test of the capabilities of the three major shippers this morning we have the report card for last week and christmas eve, the busiest period of the holiday shopping season. the post office with the highest marks at 99% fedex and u.p.s. a few ticks behind anything above 95% is considered excellent. this season 2.5 billion e-commerce deliveries were processed. the post office and u.p.s. said

last week were the busiest we also have a month of data that includes thanksgiving week, black friday the big spending day and cybermonday. during that time u.p.s. had the best performance because of this extended holiday season, some of this included returns. cbre forecasting that $37 billion of returns will be made this season, more than 27% increase from 2016 overall this year's performance by the three major shippers is the best since 2013. the investment in the supply chain and performance is not paying dividends with investors. u.p.s. is having its worst month so far in nine years fedex its worst in 40 years. >> there's two different things you're talking about here. the actual number of packages is strong people are buying and sending a lot of stuff the numbers on the corporation side, they may be weaker because they're spending money to upgrade their systems. >> billions on the supply chain for u.p.s. and fedex

fedex said they saw international shipments go down. there's more than the holiday season playing a factor here you would think with so much e-commerce investors would see a growth in these companies and they're not. if we look at fedex and say the stock is down x, that doesn't mean the business is down x. >> true. >> okay. that was a short answer. see you back in a few minutes. still ahead, pointing fingers. president trump lashing out at who else the fed as the markets tumble, we'll bring you his latest comments. and the lights may be on washington's capitol but congress is not there. they're on break the government shutdown entering its fifth day. we're live in d.c. when "worldwide exchange" returns

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welcome back there are four trading days left in the year and we're on track for the worst trading session for the s&p 500 ever it's been the worst december for the dow, the dow equivalent since all the way back in 1928 wow. we are following two major developing stories out of washington president trump once again blasting the federal reserve as

stock markets tumble, all while congress remains on break as the government shutdown enters its fifth day. let's get to nbc's scott mcfarland with more. >> good morning. if there are negotiations under way to end this shutdown they're happening behind the scenes because the major players are not here today the u.s. senate is out of session until tomorrow afternoon. the house is not in session. the only player who is here and talking to cameras is president trump. he again says there is no timetable for ending the shutdown and says it won't happen until there's approval of a border wall or a border fence. he spoke yesterday with to members of the military and then opened up questions to reporters. he talked about the mueller investigation, the shutdown and the federal reserve. here's what he had to say about the future of the chairman of the fed. >> we'll see they're raising interest rates too fast, that's my opinion. i think it will straighten

they are raising interest rates too fast because they think the economy is good. i think they'll get it pretty soon i really do. the fact is that the economy is doing so well that they raised interest rates and that is a form of safety >> the president went on to say things were, in his words, easier for president obama because there were lower interest rates then. he also says he has great confidence in u.s. companies and said about the treasury secretary, mr. mnuchin, that he's very smart and talented about the government shutdown, negotiations will be happening behind the scenes. we hear from the national treasury employees union over the holiday. they surveyed about 1600 federal workers they represent and 4 out of 5 reported concerns paying the rent, paying the mortgage and paying basic expenses because the golf government is closed

>> thank you very much appreciate that. we have five stunning stats about the selloff you need to hear and later on, you can love them or hate them. so-called f.a.n.g. stocks do matter to the markets. we'll dig in on whether the selloff is over and what big names in big tech you may want to be bungyi stick around super. but today you're building wind turbines. morning sir. chief, the blade isn't passing quality gate. that's why you work with watson. i detect frictional loss on the midspan. it can detect the tiniest defects from just a few images to help production stay on time and on budget. i optimized the fiberglass finish to reduce frictional loss and maximize airflow. i was also part of the maximizing. for ai that can do more with your data, choose watson. hello. the best ai for the job. (danny) (client's voice) ...that you're not using smarter tools to manage your business. you work too hard to work this hard! collecting receipts? is it the 80s? does anybody have a mixtape i can borrow?

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futures not indicating a major turnaround for the recent

selling in stocks. oil sitting near the lows of the year as the oil story seeps into a debt story. and maybe low gas prices are helping because we have a bright spot for you we'll tell you why the holiday shopping season was red hot. welcome back and thank you for being here on cnbc futures are in the green we're not seeing a follow-through in the selling right now to what was the worst christmas eve ever for the u.s. equity markets dow futures up a scant 33 points, but they are in the green. let's go to frank holland with your executive recap shoppers delivered for retailers in the final stretch

before christmas early numbers from mastercard spending poll show total u.s. sales excluding autos rose 5.1% between november 1st and december 24th, that's the biggest increase in six years. online sales were up more than 19%. investors will get the latest read on the housing market prices have risen more slowly in the past six months as higher mortgage rates weigh on sales. they are forecast to have risen 5.3% in october. wall street may be up an running today after christmas, but several markets in europe and asia are taking an extra day off for boxing day the uk, france, germany, hong kong and australia are closed for the holiday which has become a big day for retailers in those countries. for many stores, boxing day is when they generate the most revenue. in the u.s. it's exchange/return day. let's get a check on the other top headlines outside of the world of money and business.

phillip mena is in n with thone york with those. the border patrol is offering extra security after a second child has passed away this month while in custody. in a statement the boy was identified as felipe gomez in indonesia fears of another tsunami sent hundreds of residents running for their lives. the death toll stands at 420 with nearly 1,500 people injured. mt. etna erupted this week in italy grounding flights and forcing an airport to close. the volcano spewed ash into the skies above sicily

more than 130 earthquakes have rattled that region since monday >> that's a scary situation. thank you very much. now back to the markets. get you caught up on your money and investments. if you're waking up, stock futures are slightly in the green. there's the good news. up about 41. probably thinly traded keep an eye on the futures the bond market, buyers have come into bonds. government bonds one of the bright spots yields have come down to 7.2%. while our markets were closed yesterday for christmas, markets were open in japan, and many wish they were not it was a disintegration in japan. the nikkei falling over 1,000 points, a 5% slice to the nikkei 225 in japan japanese stocks now down 20% just this quarter. we won't show you europe, europe is mostly closed

not just equities getting sold dramatically, oil is being sold right now, but it has been wiped out lately crude oil down 43% in just under 90 days. one of the greatest losses of value for crude ever another bright spot has been gold gold is up about 4% this month a lot of fear out there. volatility is up people are coming in to gold so you know we have the smartest, savviest audience on television you know how tough it has been for the markets and your money the last few weeks there are some things you may not realize about this market rout here are five stunning stats for you about what's happened lately this is now the worst december for the s&p 500 ever going back to its inception in 1928 two, 96% of the s&p 500 are now

down more than 10% from their high meaning they're officially in a correction three, across all the indexes, small caps, mid caps, big caps, the average stock return this month is negative 17%. wow. incredibly amazon.com has now lost more than 350 billion in market cap over the past three months finally, you know oil prices have been slammed. but as we said, you know oil down 40% in the past 90 days that's a wipe out. let's bring in scott fulman from revere securities. we're not trying to ruin anyone's day after christmas or pre-new year with those stats. the reason we wanted to make them is to show people how monumental this kind of market has been what's to blame? is it the fed like president

trump says >> there's a lot of things playing in here. we get up every morning. we see tweets every morning. you have a government shutdown going on now that not only impacts people who work there but also impacts all the citizens of the country because those people eventually will get paid. but there's no productivity from that so that is a hurt to the government, it's a hurt to the country. then you have basically a global economic slowdown that is starting to happen why? because we have been running at a very, very fast pace here. you can't run at that pace forever. you have to slow down at some point. that's part of what we're starting to see. you had a bull market that's gone longest bull market in history now we're turning around and seeing people -- >> scott, we brought it up earlier in the show. should we talk about why we were so high, not why we sold off so

much were the markets too hot earlier? >> i don't think they were too hot. i think what's happened is you had a recovery from a very, very bad recession. back to 2008 and 2009. we've come back. we've come back nicely it lasted a long time here's what happens in bull markets as you get towards the end of them, things start to get more choppy you get more corrections you get pullbacks. that's what's happening. from a technical standpoint we were overbought. now we're oversold >> do you think the market rout is over? is the selling down? >> i don't think it's completely done but i think there's opportunities out there and people have to look for them especially if you're a long-term investor you want to turn around and plan out five, ten years. you are not planning out for the next year or two these are the opportunities you get to buy a lot of people sat on the

sidelines through the entire bull market because they were waiting for a major correction or another bear market to come now is the opportunity >> i tweeted out if you liked the stock 20% ago, 30 days ago, a stock you loved was 20% higher a month ago, how do you hate it now? shouldn't you like it more now >> especially if you're doing it on fundamentals. if you like that company, this is a good time to start buying it talk to your broker about strategies if you can, if you can buy stock and maybe sell some out of the money puts to average down further going into the future, it's a way of doing things again, you have to have that conversation >> you're buying insurance >> no i'm saying sell those puts sell those puts if it comes down further, you can buy that stock at a cheaper price if it goes up, you keep that

premium, you get a nice profit because you're putting up a small percentage of that stock value. >> overall you think there could be more selling to come? futures not indicating that now, but it's the day after christmas, thin trade in the futures. >> you have the liquidity problem today, probably for the remainder of the year, i think 2019 is going to be a more difficult year because of the fact that you are so far along in the bull market is it a bear market? a lot of bearish characteristics in here. some people will call this a bear market. ultimately credit markets are in decent shape there's opportunities there. there's more people working who need to put money away for retireme retirement >> we get fixated on numbers we are down 20.01% that's a bear market down 19.99% that's not my friends remind me gently that

bear markets are processes, not absolute numbers that's true. and you will get rallies in bear markets. you can take advantage of those and rein in some profits at the same time. remember, while we are down, we're down considerably, we're down 13%, 14% on some of the indexes and averages, the fact is that if you remember where you were a couple years ago, you're still making money in the market take some profits. a lot of people are hesitant because of taxes, take some profits. if you have the profits left scott fulman, pleasure happy new year >> same to you, brian. it has been a rough year for the big three automakers as well ford, gm, fiat chrysler all hitting the skids in the back half of 2018 will these stocks turn around in the new year here is phil lebeau with your 2019 auto playbook

>> 2019 could be a bumpy one for the auto industry. first expect auto sales to finally hit the brakes after the best four-year stretch of auto sales in u.s. history, americans have bought more than 50 million new vehicles and many believe the market is saturated. that may be, but as of now buyers cannot get enough trucks, suvs and crossovers. next year, smaller pickup trucks will see bigger demand ford is bringing back the ranger, jeep gets back into the pick jaup ga pickup game with the gladiators. buyers clearly want smaller pickups. finally the headlines will keep coming next year from the must-watched executive in the auto world, elon musk. his model 3 production push paid off with tesla turning a profit. and he's not slowing down. next year he's focused on ramping up sales in china and racing to build a plant in

shanghai he'll make plenty of news touting plans for an electric semi and other future models the established automakers will have their hands full trying to steer through a challenging year in 2019. >> that was phil lebeau with your 2019 automobile playbook. coming up on "worldwide exchange" what to expectro mark. bob pisani is here. and the one-time darlings of wall street have become duds are they set to turn around? are there any names you should be buying? that's when "worldwide exchange" returns.

welcome back and good wednesday morning. let's get up to speed on the markets and the futures. the dow futures up 25 points right now. thinly traded. we've seen a turnaround in the futures, but not really a correlation between that market and the way the market ends. a lot of people are off. so volatility could ramp up the more thinly traded that you get. the market turmoil has many wondering if the selloff will continue into the new year

let's get to bob pisani with some answers and your 2019 market playbook. cash will offer a competitive return you can get 2% on a bank cd. second, big unicorns like uber, lyft and pinterest will ipo in 2019 but at lower valuations finally let's have some fun here the big m&a deal in 2019, amazon

buys target. gene munster floated this idea a year ago amazon is up 30% this year target is down target has a $34 billion market cap, nearly three times the size of the whole foods deal, but the chance to get access to a huge retailer where amazon can perfect electronic checkout and cut target's 350,000 employees and then turn target into a turbo charged retailer, that's a chance amazon may not pass up. >> that was bob pisani with what to expect for your money in the new year wouldn't that be something amazon buying target. on tech, the tech wreck what to expect from the once-loved f.a.n.g. stocks in the new year and some names you may want to be buying. and another stat about the collapse of crude oil. it is your morning rbi you veha to hear it coming up. for your heart...

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welcome back. the technology sector, the f.a.n.g. names, have helped to lead the markets higher for years. now they're among the biggest losers in the selloff. facebook down nearly 12% this month. apple off 18%. amazon, we told you, lost 350 billion in market cap. amazon lost more market cap in 90 days than most companies have in market cap. netflix down 19% josh lipton has your technology playbook the tech sector started the year off with a bang then it fell hard on a range of worries from trade torising

rates. here are three predictions for 2019 one, amazon's cloud drives consolidation. amazon is making new moves in the cloud. introducing new server chips and bringing cloud technologies to the data center. that will force rivals to react. google's new cloud chief may have to buy other companies to catch up two, google makes moves in china. google's ceo was grilled on capitol hill by possible plans for a censored search engine for china. that doesn't look likely, but google will keep trying to attract more of china's 800 million internet users three, apple shifts the narrative. apple will begin to build a new case about why it's a smart investment, offering new data into metrics like royalty and engagement as it tries to shift investor attention away from

unit sales and to its strengths like that faster growing services business. let's talk more about what to expect from the technology sector ahead dan eaves joins us we were referencing it earlier everyone loved the f.a.n.g.s a few months ago and 20% ago now everybody seems to hate them is this wild swing in sentiment deserved. >> it's apocalyptic in terms of the trends we're seeing. it's as negative as i've seen going back four, five years ago. on apple we're getting to a bottom in terms of the bad news baked in, in terms of what we've seen with iphone demand coming out of china, you look at f.a.n.g. names, part of it is the multiples, partial worries about where fundamentals are going next year. at this point we continue to be strong buyers, especially on a name like apple where i think

the bad news is baked in >> is it overly baked in iphone sales we hear will be weak is apple's iphone sales 18% weaker than a month ago? >> the services business is cornering about 450 billion. take the cash out, you're getting the iphone business for about one times revenue. we look back and view this as bottom in apple relative to some iphone sales even though it has been weaker than expected, part of that came with cook and the iphone metrics. >> i wanted to talk about some new names. if you believe markets are oversold, if you do you want to buy things low some people wait until after christmas to buy that flat panel. they know it will be cheaper let's talk about z scaler and qualis why do you like these?

>> cybersecurity in our opinion is an area where you will see more spending, especially on moves to the cloud z scaler on cybersecurity is probably one of the best names out there. that's an m&a candidate too. we're seeing more and more trends moving to the cloud 30% going to 55% and another pure play cloud s cybersecurity name is qualys >> is that a similar story on checkpoint >> checkpoint is steady eddie. >> the name has been around. the stock has been around forever. i remember when they ipo'd, and i had a lot more hair. >> it's been around forever, but you want some high-flying names

like these, and checkpoint is the barbell approach >> how come nobody talks about oracle anymore >> when you look at the cloud they missed that cloud move in terms of the shift microsoft had the golden touch aws. now google cloud, they hire currian from oracle. but you look at m&a, that's whereracle has to be aggressive >> you referenced a new general manager, a new guy running google cloud, which to me says they will go after amazon web services and microsoft's azure is that a commodity priced race to the bottom? that's the fear. the margins will get whacked as those three big dogs chew each other up >> i would say google would have to make a significant cloud

acquisition within the first few months of the year right now it's a two-horse race. names like going thogle, redhats market will see hundreds of billions of dollars in spending over the next decade >> all right thank you. see you soon. time for today's rbi it involves the incredible wave of selling we've seen. oil is down 40% in under 90 days with it oil and gas stocks have fallen to earth like a meteor. here's your rbi. the energy sector not only having its worst month since its inception in 1998, energy having the worst month since even the peak of the financial crisis in other words, december is posting greater losses in oil

and gas than any time in the great recession. random but interesting i'll see you at noon on halftime and 5:00 p.m. on "fast money." "squawk box" is next and you should be mad your smart fridge is unnecessarily complicated. but you're not mad, because you have e*trade which isn't complicated. their tools make trading quicker and simpler. so you can take on the markets with confidence. don't get mad. get e*trade and start trading today.

good morning investors reeling from the worst christmas selloff in history we'll talk about it. the s&p 500 now trading in bear market territory a full market rundown straight ahead. crude prices are on the move regaining some of the ground lost on monday wti is more than 40% down since the start of october. and the government shutdown does continue. president trump says it won't end until congress funds his border wall. a live report from washington. it's boxing day, "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. we're live from the nasdaq market site in times square. i'm kelly evans along with andrew ross sorkin and wilfred frost. michelle caruso-cabrera is also joining us >> the gang is all here. this is like a post-christmas party of sorts >> usually it would be jokey, relaxing, memories of christmas. >> not today >> this week did not start that way. >> just now the futures turned