♪ we see the economy as in a good place we they the outlook is a favorable one. inflation is muted and our policy rate we think is in an appropriate place. what we said is we would be patient. >> j. powell striking a bullish tone on the economy in a sitdown interview with "60 minutes". >> airlines worldwide grounding boeing 737 following a second deadly crash this weekend. we'll have the major on this latest developing story. also topping your headlines this morning, china says the u.s. and china are close to striking a currency deal

we'll take you live to beijing with those details. and president trump expected to ask for more than $8.5 billion in funding when he releases his 2020 budget today for that border wall. it's crunch time for british prime minister theresa may we're live on the ground with the latest it's monday, march 11st, 2019. "worldwide exchange" begins right now. ♪ good morning and welcome to "worldwide exchange" i'm courtney reagan. brian sullivan is on assignment. i'll call your attention to shares of boeing down more than 9% following a second deadly plane crash. boeings drop weighing on dow's future down triple digits right now. we'll have more on this major

developing story coming up. but first, j. powell going on the record in a rare interview with "60 minutes" last night. the chair further explained what the fed means by being patient >> patient means that we don't feel any hurry to change our interest rate policy what's happened in the last 90 or so days is that we've seen increasing evidence of the global economy slowing down, although our own economy has continued to perform well. we had growth just a touch higher than 3% we have high levels of employment, low levels of unemployment, wages are moving up, consumer confidence is high, business confidence is high. we've seen a bit of a slowing, but i would say the principle risk to our economy now seem to be coming from slower growth in china and europe and also risk events such as brexit. >> powell also telling "60

minutes" he's optimistic the record bull run still has some legs. >> i would just say there's no reason why it can't continue >> for years >> eventually expansions come to an end the business cycle has not been repealed, but i would say there's no reason why this economy cannot continue to expand >> powell also addressing his relationship with president trump. trump has been critical of the fed chair's job performance but powell says that does not influence his policy decisions and stated the fed's independence. >> i don't think it would be appropriate for me to comment on other elected officials or the president. >> can the president fire you? >> well, the law is clear that i have a four-year term and i fully intend to serve it. >> so no, in your view >> no. >> let's get instant reaction to mr. powell's comments from last night on "60 minutes" joining me now is peter thanks for joining us here this morning. >> good morning. >> as i listen to chairman

powell, i didn't hear a lot of new insights but i thought it was very interesting that as he's talking about the risks, he's really pointing the finger away from the u.s. and pointing at china and europe do you think that's appropriate? >> well, i think in terms of looking at the globe, that's where the growth really started to slow last year. and i think he's focussed on whether and to what extent that affects the u.s. and it will to some extent exports are about 10% of the u.s. economy, total trade is about 15%. so it's tough to avoid a slow-downgoing on over there one thing he did not say is in the fourth quarter and in december after that last rate hike they responded to the decline in markets, which is sort of their pseudo, third mandate is keeping financial stability somewhat in check, aka, looking a the stock market. now of course he's not going to admit that, but that's something he did not say yeah, the u.s. economy growing less than 3% this year likely.

first quarter can be less than 1% and he has no choice but to focus on growth overseas because it is a big part of the global economy. >> you didn't mention the word trade or tariffs or any of that in the interview, though should he have doesn't that have an interplay in what's going on with the u.s. and china and global growth in general? >> maybe that was his way of siting the slow down in china and europe as saying, yeah, trade had an influence on this. >> he was asked if 4% growth is totally out of the cards he didn't say it wasn't but he sort of said we could have it here and there what are your thoughts on economic growth going forward because we're all wondering is this the end of the bull run this week marks the ten-year anniversary? >> well,as he said in the interview, growth is the size of the labor growth plus activity

labor force is growing half to up to 1%, twlast the 2, 2.5% gdp growth rate comes into but also we have to see the fed hasobviously raised rates. there's also a lag effect the previous rate hikes. their rate hikes are still shrinking their balance sheets we have an economy that's trying to grow but at the same time there's a monetary drag and i think the end result will be a two handle on growth of share rather than basically the three that we saw in 2018. >> i thought his comments were interesting when he talked about the labor force and he talked about different things that are impacting it the skills app is a pretty big deal and the opioid crisis and potentially losing a generation of workers anything new there or something we need to pay more attention to than perhaps just looking at the mandate of inflation and economic growth? >>well, what made this recover somewhat discouraging is that the 25 to 54-year-old

demographic, which is really your core base of labor, participation rate never really got back to where it was pre-crisis by bringing up the opioid crisis he's trying to exchain why this very important core part of the labor market never really participated to the same extent it did before the crisis again, i think that's why he brought that up. and we need these people back in order to generate faster economic growth. >> overall, what did you make of his interview? >> it was somewhat of a non-event. he said previous to this that they are on hold if the u.s. can't handle a fed funds rate faster than this, then there is an issue with growth here and an issue with growth overseas. that has helped to explain that is because we're highly dependent on a low cost of money. you know, having rates so low for so long, we are very sensitive to an increase in

rates. i think in the fourth quarter of this year, i'm sorry of last year, proved how sensitive we are to slight changes in fed policy. >> use that word patient again. >> yes. >> very important. >> that's their favorite word. >> thank you very much, peter, appreciate you being here with us. we're following a major developing story out of ethiopia investigators are on the scene of a second deadly plane crash involving boeing 737 max aircraft frank holland has the latest. >> good morning. shares of boeing are down more than 8% following this weekend crash. it's the second for the 737 max 8 in just five months raising new questions about the safety of the company's top selling plane. the ethiopian airlines flight went down shortly after takeoff yesterday morning, all 157 people on board were killed. in october, a lion air jet in indonesia also crashed after takeoff killing 189 people ethiopian airlines is temporarily grounded its 737 max

8 jets pending the investigation of this crash. china's aviation is ordering to ground 100 planes. it will notify those airlines when they can resume flying. no other airlines or regulators say they are grounding the aircraft it's used by united, american and southwest used here in the u.s. boeing has delivered 350 of the jets worldwide since they went into service in may of 2017 and has orders for more than 4600 more in a statement out this morning, boeing says the crash investigation is in its early stages and at this point it has no reason to issue new guidance to the operators of the 737 max 8. sales of commercial planes accounted for about 60% of boeings record $101 billion in revenue last year. courtney, back over to you. >> thank you very much, frank. we appreciate the update. still ahead, some big trade news out of china. we're live in beijing with the

details. plus, facing the fallout theresa may is staring down another major deadline as the clock ticks towards brexit we'll take you live to london when "worldwide exchange" returns. [ telephone rings ] [ client ] - hey maya. hey! you still thinking about opening your own shop? every day. i think there are some ways to help keep you on track. and closer to home. edward jones grew to a trillion dollars in assets under care, by thinking about your goals as much as you do.

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nasdaq are indicated to open slightly higher. let's check in on the early action in europe we are seeing green arrows ftse 100 higher and france even as well as germany at this point. overnight in asia, we saw more green arrows the shanghai composite higher by almost 2%. the hang sang up 1% in the japanese nikkei higher by .5%. sticking with asia, china says its nearing a currency deal with the u.s. eunice yoon is live in beijing with the details hello, eunice. >> reporter: hi, courtney. central bank governor over the weekend said the trade negotiators are reached a consensus on many crucial and important issues on the chinese currency the yuan has been a point of contention for years between the u.s. and china and at the national people's congress the governor said as part of the trade deal that china, quote, absolutely wouldn't engage in competitive devaluations to help its exporters, but how do you

make sure that beijing keeps to its promises that's really where the trade talks have been unfurling. the u.s. side believes that it's been burned too many times smoch the u.s.'s point of view is that they want to have the ability and the right to reimpose tariffs in case they feel that beijing doesn't keep to its word beijing on the other hand says, yeah, no, that's not going to happen because this is our sovereignty that you're talking about. so beijing wants to have bilateral consultations but then the americans feel that there has been plenty of talking but not a whole lot of action. so, where does this leave us it leads us to aplace where there has apparently been some progress but not enough to get the trade deal across the line so that president trump and president xi can meet for their summit, but courtney, there is some hope, according to the vice commerce minister, he said that they do see signs of hope. he was pointing to the latest round of talks in d.c., saying

that the vice premier ate a hamburger and the trade representative robert lighthizer had a chinese dish of chicken and eggplant and that both had shunned the coffee and tea for water. so that that shows that the two sides are looking to find common ground or my own point of view it could mean they didn't want to be jacked up on caffeine to bring their a-game to the negotiating table. that's just me. >> very interesting color. i like the change of cuisine, let's get to each other's side i appreciate that. thank you, eunice yoon. let's turn now to europe where the countdown is on just over 18 days left until the uk leaves the eu. this could be a final make or break week for brexit negotiations and it's been a long road to get to this point. willem marx takes a look at all the twists and turns >> several months ago british prime minister theresa may negotiated an agreement for the

uk to leave the eu a majority voted against it. since then may and members of her cabinet shuttled between brussels and westminster to make tweaks to the deal so the house of commons can finally approve it less than three weeks away is the deadline how can may get from here to there? well, by march 12th, she must offer parliament another up or down vote on her divorce agreement with or without revisions. if lawmakers approve it, she could still try to make brexit happen by march 29th, but it's possible she might need more time to rush through all the necessary legislation. in which case, she could ask for brief extension to the deadline with an uncertain end date if her deal loses that first vote, may's promised a second separate vote on march 13th. that could allow parliament to decide whether it wants the uk

to exit the eu with a deal, just not may's deal, or with no deal. now, if no deal wins a majority, then without any arrangements over trade, customs or citizen's rights, britain would still leave the eu on march 29th, but if enough lawmakers dislike that option, may is guaranteed another vote on march 14th to consider a possible extension. if that idea wins parliamentary support, the uk would ask europe for more time to consider its options. theresa may wants to limit any extension to three months, but it's not clear whether the eu will suggest more time than that, demand less time than that or offer no time at all. if that third vote fails on march 14th, the uk could be back to square one. so a lot of complex options, courtney, both for british lawmakers and i wiobviously for

british prime minister theresa may over the weekend this precarious situation is bringing -- makingit very difficult for her to maintain her job if this deal gets voted down tomorrow night, but there are others in favor of a hard brexit who have been saying that actually it doesn't matter who is the prime minister. they still have a problem with this deal because of this very thorny complex issue around the border between ireland and northern ireland and without changes to that they don't see any way that this can go any other solution than seeing hard brexit, which of course, involves falling back on world trade organization rules a lot of difficult choices for the prime minister and hr cabinet to make over the next two days. >> willem, what is the tone on the ground of the british people are they frustrated? are they worried do they just want it over with >> reporter: i mean, the conversations i have pretty much everyday when i run into people is god how boring can we not just get on with this? that doesn't necessarily mean they want brexit to happen i just means that most people are bored about all of these

subjects, hearing the minutia the parliamentary procedures that are so important to lawmakers on weeks like this and it seems to me based on the conversations i've had with businesses, businesses are increasingly frustrated and even angry at the fact that they've not had any clarity. the politicians in this country have not been able to tell them what they'll be doing in less than three weeks time, what that means for their trade outside and inside of europe and what it means for their customer's ability to get their products. that's been the focus of our reporting over the last few months seeing how it will impact the supply chain, seeing what that will do to individual companies. >> very much so. i cannot imagine what goes on in those corporate board rooms as they're trying to game plan all the possible scenarios with very little update from what's going on there and the members of the government thank you so much, willem marx for that i know you'll continue to keep us updated ♪ going to turn now to the crisis in venezuela with continuing power outages and shortages of basic ecessities,

anger is once again spilling into the streets thousands of venezuelans demonstrating in the capital city of caracas over the weekend. protesters shouting murder at a massive rally against venezuelan president nicolas maduro maduro blaming the u.s. for rolling blackouts that have now entered the fifth day. they slapped restrictions on officials after recognizing opposition leader juan guaido as venezuela's interim president. we'll bring you more as we get it coming up next, we're on washington watch president trump releasing his 2020 budget today. we have an early look at some of those big numbers straight ahead. and later, we're getting a pulse check on the u.s. consumer what the nation's retailers are telling us about the health of the u.s. economy stick with us here "worldwide exchange" will be right back

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rick perry live. be sure to catch that interview today at 11:00 a.m. eastern time well, the washington news, president trump is releasing his 2020 budget today. nbc's tracie potts is live in washington, d.c. with more good morning, tracie. >> reporter: courtney, good morning. the bottom line is the country's bud jet is upside down, we're spending more than we're bringing in. the treasury department says that gap went up 77% from this

time last year and this budget that the president is rolling out later this morning is not expected to correct that any time soon. a senior administration official confirms this morning president trump will ask congress for $8.6 billion to build a border wall with mexico. >> we have a crisis down there i think the president has made that case very effectively >> reporter: it doubles what he's already set aside, six times what congress was willing to approve to end the fight that shut down the government. >> building a 30 foot high structure from sea to shining sea is the least effective way to do border security. >> democrats are saying no in a joint speaker. nancy pelosi and chuck schumer says the same thing will repeat itself we hope he learned his lesson. defense is expected to get a boost in the trump budget, but we're told the president will pitch a 5% cut to everything

else, education, health care, the environment and more he'll likely push to make his tax cuts permanent experts say that's what's driving the deficit. >> the federal government has enough money what i would do is reverse the trump tax cuts, reverse the bush tax cuts. >> also this week, congress is expected to reject president trump's national emergency that allows him to use military funds to build the wall. and the president will veto that bill and send it right back to congress, courtney, where they don't have enough votes right now to stop him. >> big numbers on a big budget tracie potts, thank you very much. well, let's get a check on this morning's other headlines francis rivera is in new york with the latest. good morning, francis. >> good morning to you we start with u.s.-backed forces who are battling to take the last area held by isis extremists in syria. spokesperson for the syrian democratic forces said, renewed intense fighting took place after the deadline for isis to surrender expired. thousands of civilians left the

village before heavy rounds of coalition bombing began. the battle is anticipated to last several days. communities across the south are cleaning up after another round of tornadoes 14 twisters touched down from texas to tennessee causing wide-spread damage and injuries. this dramatic video of debris flying into power lines was captured in louisiana just one week after 23 people were killed by tornadoes in alabama. a tornado ripped through arkansas for over six miles on saturday it expanded to 150 yard wide and reached peak winds of 105 miles per hour. a big weekend at the box office "captain marvel" dominated the box office they scored the biggest world opening of all time for a female-fronted film and raked in 455 million globally, that's 153 million in north america courtney, those are your headlines for this monday morning. >> that's appropriate after international women's day. thank you. >> yeah, girl power. >> that's right. like that.

coming up next, jay powell on the record. the fed chief giving a rare interview overnight. what he had to say about the economy and president trump. that's coming up straight ahead. and later, your protection play book. what should you be doing with your money if you think that this decade-long bull run is coming to an end stick with us. ou'll tell y "worldwide exchange" will be right back

♪ breaking news. boeing stock under intense pressure in the premarket

following this weekend's deadly plane crash in yooet yoep ya we'll have the full late-breaking details straight ahead. j. powell talking everything from the economy to president trump in a rare interview overnight. we'll break down the big headlines. and betting on retail. some names to consider if you're looking for opportunity. it's monday, march 11th, 2019. you're watching "worldwide exchange" right here on cnbc ♪ good morning, and welcome to "worldwide exchange. i'm courtney reagan, brian sullivan is on assignment today. i want to call your attention to what's happening to boeing right now. the stock tanking in the premarket following a second deadly plane crash involving its 737 max 8 jet. you can see here shares down by more than 9% boeings drop weighing on dow futures. they're down triple digits at this point down 132 points right now. boeing shaving off about 250

points from the dow overall. we'll be joined with the latest on the major developing story coming up. but first, fed chair j. powell going on the record in a rare interview with "60 minutes" last night let's get over to steve with all the latest headlines. in the wake of strong criticism from president trump explaining and defending fed policy and saying for the first time point blank he believes the president cannot fire him. listen to what he said after reporter scott pelle asked him initially to respond to the president's criticism. >> i don't think it would be appropriate for me to comment on other elected officials or on the president. >> can the president fire you? >> well, the law is clear that i have a four-year term and i fully intend to serve it. >> so no, in your view >> no. >> powell gave a similar outlook on both policy and the economy they gave a speech before the march 5th interview and at his

press conference at the end of january. >> we see the economy as in a good place we think that the outlook is a favorable one. inflation is muted and our policy rate we think is in an appropriate place. what we said is that we would be patient. >> here is the list of risks that powell talked about at the top of the list, interestingly enough, cyberattacks the fed is very busy trying to defend the financial at the banks and itself from those things head winds from china and europe economically, says the biggest challenge is increasing the u.s. labor force participation where he says the u.s. lags behind other countries. powell also said he is concerned about the unsustainable u.s. deaf sitz and the possibility that congress might not raise the debt ceiling the "60 minutes" interview taking place before the week friday jobs report we don't know how he would react to that, but he did say he watched the weak december retail sales number what we don't know, did powell feel an extraordinary need to talk to the public because of

the public's criticism or is this part of thebroader campaign by the new fed chairman to explain himself to the public, courtney >> that's a good question, steve. i also thought it was curious at least briefly we saw a moment with chair yellen and with former fed chair ben bernanke that interview was pretty brief. do you think that took a lot of convincing on powell's end, sit with me, let's do this together. that was extraordinary as well. >> it was. do you remember, courtney, it was early january i want to say he sat with those two as well. that was a big deal. i think there might be something of a rallying behind the fed here where both chairs or former chairs feel they need to step up and try to insulate the institution from the criticism from the president these are very, very unusual remarks, at least relative to the last three presidents. i guess you can go back a little further and other presidents have been more outspoken about the federal reserve. it's not unprecedented that a president would make a comment

either behind the scenes or in public about the federal reserve, but certainly president trump has been way more outspoken than others. what we don't know -- now, i do know that powell has wanted to be more transparent. remember, he went to the press conferences after every meeting. in addition, he's put two reports public that haven't gotten a lot of publicity, but two reports about the kind of peel back the layer of secrecy about the fed's bank supervision. so he's taken those steps, courtney this may be part of it but also in reaction to the president's criticism. >> his comments about the banks and whether or not we were much safer or if we could see what happened in 2008, 2009 happen again, as you would expect very careful with the way he phrased that cannot is a very strong word but he feels that we're much stronger now than we were previous. >> scott pelle was strong about asking him about the danger to the banks, the idea of too big to fail. and powell really only has one response here, which is that we've raised capital

we've reduced leverage inside the banking system, but what he didn't talk about and what he wasn't asked about frankly is the deregulatory effort going on at the federal reserve right now. they are sort of not undoing the dodd-frank legislation, but they are taking a step back and reducing some of the regulation certainly on the smaller banks as well as some of the bigger banks when it comes to stress tests. so he wasn't asked about that. i think what powell believes in this regard, courtney, is that as long as there are high capitol levels in the banks, we're unlikely to have the kind of meltdown we had in 2008. >> that's a wide-ranging interview. i thought it was quite interesting, although we follow every word that he says so closely, steve, so maybe not a lot of surprises for us which i suppose is for a good thing. >> but for the public. >> thank you very. steve. let's bring in danielle, ceo at quill intelligence. danielle, thank you for joining us here this morning we covered a lot of ground with steve and the fed chair listed a

number of things that he's worried about when he counts as risks. cyberattacks, head winds from china and europe the labor force participati participation. anything stand out for you in particular about what you're worried about as the biggest risk to the u.s. economy >> well, other senior fed officials over the past few weeks have certainly been touching on the option of implementing negative interest rates if and when the time comes. he said that the business cycle has not been repealed. so, i would have preferred to have heard pelle ask questions as to ifthe conditions weren't would you advocate for implementing negative interest rates? there wasn't anything in terms of that much of hard-hitting questions talking about, you know, what happens the next time that we're in crisis we're actually coming up on the march 15th, 2009 ten-year anniversary of ben bernanke appearing on "60 minutes" in the depths of the crisis i would have liked to have spoken a little bit more about given that the business cycle

has not been repealed what would some of your policies be in the aftermath of an on set of recession. >> and speaking of, of course, anniversaries, you mentioned ten-year anniversary of the beginning of this bull run and this long-running expansion, what do you think? have we run our course do you just agree with everyone else it's not recession but it's slow-down? where are your thoughts on when we're looking at the economic growth that we're facing in 2019 >> well, i certainly do think that there are signs of a slow-down that others maybe are not picking up on. there was a very interesting report that was out in the aftermath of friday's jobs report where there was a lot of excitement and enthusiasm about the 3.4% increase in average hourly earnings. unfortunately some of that came down to the mix of individuals being gauged in that average hourly earnings. in other words, there are more managers than workers skewing that upwards we've seen a lot of layoffs in cyclical industries. in addition to that, we've seen a historic decline in the length

of the workweek and we've seen temporary employment start to tick down. these are all signs that are very late signal that suggest that there might not have been such an aberration in last friday's jobs report obviously we'll look forward to this morning's retail sales to see if the december retail sales was also not an aberration type of report. but again, the evidence is accumulating, i think, that the u.s. economy is slowing and i would have preferred to have seen a little bit more acknowledgment of that in yesterday evening "60 minutes" interview. >> it's interesting you bring up the jobs report and the wage growth is strong up 3.4% but the number of jobs added only 20,000 was quite surprising and had that very disappointing december retail sales number. those are two reports that in a way were a bit surprising at how weak they were because we've seen other economic data points that weren't quite so weak how important does today's retail sales numbers become? you just brought up, of course, what we saw there in december. how much should we put into what

we get from this number when so many were wondering what happened in december can we take that number at face value? >> well, exactly but remember that industrial production followed and it was surprisingly weak as well and that we've seen some disappointments out of auto sales figures. people will look to that core control number that feeds into the gdp report and i wouldn't be surprised so see something of a bounce back in this morning's report, but there's going to be a hyperfocus on this retail sales report because investors are definitely looking for there to be signs that, hey, that was an anomaly, let's write it off let's get back to this bull market going up because the alternative is, of course, corroborating evidence and i think that's the last thing that investors want to see this morning at 8:30 eastern. >> thank you very much, danielle we will check back inwith you as we watch all of these economic data points quite closely. more following a major developing story out of ethiopia, they're on the scene of a second deadly plane crash involving boeing 737 max 8

aircraft boeing stock down more than 9% in premarket trade phil la bow joins us with more hi, phil. >> the 737 max line is the cash cow for boeing they've got more than 5,100 of these on backlog as far as orders they need to fill over the next several years so if they have to either dramatically alter either the training or the software involved with this aircraft or perhaps ground it while they're looking for a cause behind this crash and one in november, huge implications there let's bring you up to speed on the investigation out of ethiopia as you mentioned, this plane went down yesterday. and the situation is early similar to what happened with the lion air 737 max 8 crash in november, late october, i should say. 157 people killed in this ethiopian air accident and again, it went down six minutes after takeoff. the pilot indicated there were problems asked to come around and land again, but did not make it in order to come around and land

again. the faa issuing a statement saying it is closely monitoring developments in the ethiopian flight 302 crash early this morning or should be sunday morning. we are in contact with the state department and plan to join the ntsb in its assistance with ethiopian civil aviation authorities to investigate the crash. as i mentioned, the similarities between this crash and the crash of a 737 max 8 lion air back in late october off the coast of indonesia, this is some of the debris that was in the water there. that plane went down minutes after taking off the pilots and the crews, the data shows that they were fighting with the aircraft the question is whether or not the new max 8, which has anti-stall software and technology, which forces the nose of the plane down, whether or not it continued to force the nose of the plane down they have not found a cause for this accident this morning, boeing has issued a statement saying the investigation and with regards to ethiopia is in its early

stages but at this point base on the information available we do not have any basis to issue new guidance to operators. that guidance, by the way, was issued back in december after the initial investigation into the lion air accident in terms of how pilots should respond when this anti-stall technology kicks in, if it does kick in, how they should handle the aircraft, but the question is whether or not it was too much for the pilots in both cases, whether or not that is the cause of these accidents again, they have not determined that at this point we mentioned earlier, court, they have more than 5,100 of these max 8 models on order. that is what they are building out at a rapid basis there are 350 of these in service, courtney, and already we're seeing in china they grounded all of the max 8 models at least for today camen airway says it will not fly it while they're looking for a cause of this crash.

ethiopian airlines said it is also grounding its 737 max 8 planes while they investigate this matter. lot of pressure mounting on boeing as well as investigators to have some idea quickly in terms of how to deal with this, especially with so many of these planes in service. >> and there are domestic airlines here, phil, that are also running these planes, but they have not grounded them yet. >> they have not most of the major airlines around the world have not grounded their 737 max 8 airplanes. having said that, when you have a country like china, where a third of boeings orders, a third of them, go to china, so the max 8 is already presence in china, when they ground all of them at least for a day, that's a huge statement. you have to wonder if investigators will say, look, the similarities between these two accidents, new aircraft. new aircraft aren't supposed to go down like this. and it's very unusual that you have an accident with these kind

of similarities. that's what's going to get the interest going of the investigators to quickly make at least an initial determination in terms of okay what's going on with this aircraft do we need to take further steps. does boeing need to take further steps. >> a lot of questions this morning, phil. thank you for keeping us up to speed and getting up with us early this morning as shares of bow rg down by more than 9%. coming up next, it's back to the markets. and your wall street run down, we're helping you navigate the busy week ahead. plus, betting on retail. some names to consider if you're looking for some big opportunities. orwi ehae"ths. "wlddexcng will be right back with my annuity, i know there is a guarantee. it's for my family, its for my self, its for my future. annuities can provide protected income for life. learn more at retire your risk dot org.

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(danny) jody... ...it's time to get yours! (vo) quickbooks. backing you. ♪ beautiful shot of the sun in hong kong right now. this morning for us here in the united states. we'll get a fresh read on the consumer today with january retail sales investors will be watching for signs of a rebound after sales tumbled at the fastest pace in nearly a decade back in december let's bring in president of the s.w. retail advisers and cnbc contributor. thanks for being withus here today on "worldwide exchange." good morning >> good morning. >> that december number took a lot of us by surprise. most of us thought that holiday was pretty strong or at least it started strong then we started to see these signs of weakness in december. the government came out with this retail sales report that was completely horrible. really no other way to put it. so now we're going to get this january retail sales it's delayed because of the shutdown, but how important is

this number today because sometimes it doesn't coral late with what we hear from the retailers. what do you make of all of it put together >> absolutely, courtney. i think that's very much what we saw, yes, the last numbers we had were terrible, as you said but then of course we heard from the likes of target and kohl's and so many other retailers that are doing just fine. of course there are others like l.b., victoria secret and macy's not doing so well. so it's very much the have and have notes i think today's numbers will be a bit of a sigh of relief but also we know january is incredibly small, so not all that important and certainly we've also heard from again retailers all just last week when you and i were both at shoptalk talking about, you know, some of them were talking about a little bit of weakness january, february, but for the most part retailers were talking about status quo. >> as we try to find the themes, i know that you named some names there with some that are weak

and some that are strong as i start to think about it, we heard strong results from walmart and from target, among others but at least walmart and target, both of those businesses are quite large so they take up a big percentage of retail sales but also they sell things like essentials that's not as disposable income product as nordstrom and they saw weakness is there more to glean from the types of businesses that are doing well and what that tells us about the consumer? >> absolutely. and i think, you know, dollar general reports this week and certainly we saw that dollar tree and the family dollar combination hasn't worked out so well, but dollar general, what are they talking about they're talking about basics, great value and non-consumables starting to work here as they're really thinking about what the customer wants and they're also offering a lot of healthier options, which even the lower income consumer is really demanding now. so that's working for them i think some other things that we're talking about, you know, if you think about target,

what's working their private label businesses, great example, they're going after victoria secret in lingerie they're seeing market share opportunities to go after the brands that have stumbled and not listened to the consumer many cases we see retailers listen and not tell the consumer what they want, their businesses are incredibly healthy and working. >> we could talk about retail for hours and hours and hours, but we have to let it go at this point. we'll have you back to talk about it at another time thank you for being with us today. >> great to see you. >> you too. coming up next, the trump budget a big brexit vote and china trade. it's a busy week ahead for your money. we'll break down the key things for you to watch coming up ahead. first, as we head out, another check on futures you can see the dow futures under pressure, down by 121 points, shares of boeing weighing heavily on that index the s&p 500 and nasdaq are indicated slightly higher at this point stick with us. orwi ehae"ilbe"wlddexcng wl

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it's a busy week ahead on wall street with your money. we kick off with retail sales and budgets by president trump on wednesday, we get ppi and earnings from adidas new home sales and earnings from dollar general broadcom and oracle and round out the week with consumer sentiment, jolts and the iea oil report let's talk more about the big week ahead joining me now is president of salt financial alfred, thank you so much for being here with us today. >> good morning. >> we saw quite a downturn last week with five-straight days of losses the worst week we have seen since i believe december 21st before we saw that big falloff on christmas eve as you look forward to at least the near term, risk on, risk off, how would you advise your clients. >> last week was a risk off week

after ten good weeks of risk on and saw the market elevate nicely we had a very serious draw back. going into this week it feels this morning like there's a little more risk on type of return i think what's going to be interesting as sort of the sector mix going into q2, our fund slt rebalances this friday and we're going to be picking up a lot of energy aims so, it's good to see crude and oil up this morning. so hopefully that's a good sign. >> so energy is part of it but technology as well is also part of your fund. >> absolutely. >> as you look at technology, certainly it has not been the leader that we saw last year. >> yep. >> where tech really drove everything. >> yep. >> but it's still a driver, in your opinion >> sure. tech drove everything last year. sorry. >> no problem. >> up and down and it took us really into a downturn in q4 technology continues to be the top sector in our fund for qis and q2 the big change was going from

financials to energy as the number two sector for the fund. >> and overall, as we look at sort of the market action, this is the ten-year anniversary of the bull run, of this expansion. what are your expectations going forward? powell on "60 minutes" says he doesn't see why it should or has to end. >> he said that wonderful word patience he got the market understanding that the fed's on pause for a while. economic data continues to be good, despite the jobs report last week, but growth is still there. you know, unemployment looks really healthy wage earnings are up, so it's very healthy still and we believe that there's going to be more of a risk on type of feeling going into the second quarter. >> we talk an awful lot about what's going on with you and i know china and the trade talks big discussion over whether or not it's priced in what are your thoughts there, if we get a deal, how do we understand what that means for our portfolios >> sure.

i think it has really driven a lot of the returns this year we see every time that there is a positive mention about the trade talks, the market rips higher we see that there's any sort of doubt it pulls back considerably so there's no doubt it's been incredibly sensitive right now we would probably argue that there's more downside than upside. we have spoken about it so much that the chances of getting an incredible deal is less likely than getting a deal that may not be as so exciting as the market might want to expect. >> all of that makes a lot of good sense. >> yeah. >> we appreciate you being here with us today leading us off into what's going to be a very big week for the markets we get ready for "squawk box" look at what's going on with futures. dow jones industrial average down as shares of boeing continue to sell off after that deadly crash in ethiopia overnight. the futures are down triple digits for the dow but off the morning's lows the s&p 500 and nasdaq are indicated higher

that's it for "worldwide exchange." thank you for being with us this morning. stay tuned "squawk bo icongp xtx"s mi une so with xfinity mobile

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♪ good morning u.s. futures are starting the day mixed. there are concerns about global growth still hanging over the markets after that weak jobs report on friday, but new questions about boeing are really the key issue here with that stock indicated down over 30 points. so the impact on the dow solely because of boeing shares after that second crash involving the new 737 max. china now grounding it grounding that model for commercial flights and boeing shares, as we say, under pressure we'll have the latest on this developing story on the front

page of every newspaper. and more feds speak. this time chairman powell sits down with "60 minutes" to talk about the economy, markets and his own job security it's monday, march 11st, 2019. "squawk box" begins right now. ♪ >> announcer: live from new york, where business never sleeps, this is "squawk box. ♪ good morning, everybody, welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with andrew and joe as joe mentioned, the u.s. equifutures are under pressure after a down week for the markets last week. the dow was down by 2.2% last week nasdaq was off even more it was down by 2.5 this morning you can see both the s&p 500 and the nasdaq trying to make a comeback, pushing into the green the nasdaq up by 22. but the dow indicated down by over 100