mueller, the markets and your money, that is what is topping your morning headlines on what is a very busy day from wall street to washington, here is your morning look japan hosting its worst day of the year the hits keep coming for germany. the yield on the german bun is negative you're being paid to buy money from germany all of that is taking a toll on u.s. futures here. they are solidly in the red. the big question, are global growth fears trumping any optimism that the two-year

hangover from the mueller investigation is over. answers ahead on this monday, march 25th, as "worldwide exchange" begins right now all right, good morning, good afternoon, or good evening, and welcome from wherever in the world you may be watching. i'm brian sullivan, so glad to be back with you you are looking live at washington, d.c. where the impact of the end of the mueller investigation continues. we're going to take you there live straight ahead. the reaction to the news stock futures are down, and the dow futures not as much as they were coming back a little bit, following the 4 point drop from the dow. futures down 43. fair value trying to turn around s&p and nasdaq are in the red. the big selloff in asia.

japanese stocks posting their worst day since december hong kong down 2 shanghai come pot sis, and south korea kospi down 2%. the-year-old on the german bun, their 10-year bond, the fact that it's not positive means you're going paid to borrow money. we're going to get more on that side of the news in a moment remember, today is the first day the market gets to react to the mueller report news. remember, that was delivered to congress after the closing bell for the markets on friday. on the political front, what else, one side claiming victory, the other side saying the president has not been exonerated at all.

eamon javers reports. >> reporter: the attorney general reviewed it over the course of the weekend and sent a letter to capitol hill detailing what he called the principal conclusions of the mueller report, not the mueller report itself but the principal findings according to the attorney general there are two central questions here one was on russian collusion did anybody in the united states work with russians in their campaign to influence the 2016 presidential election and the other question was obstruction of justice, did anything the president did in the follow up to that amount to obstruction of justice. here's what the attorney general william barr wrote on both of tho those questions. the special counsel's investigation did not find that the trump campaign or anyone associated conspired with russia in its efforts to influence the 2016 u.s. presidential election, fairly definitive on the issue of collusion on obstruction of justice, a

slightly different picture from the attorney general saying deputy attorney general rod rosenstein and i have concluded that the evidence developed during the special counsel's investigation is not sufficient to establish that the president committed an obstruction of justice offense. the attorney general going on to say there that mueller himself, though, did not draw a conclusion on obstruction of justice and simply presented facts on both sides of the issue. it's the attorney general who's stepping in and saying that in his view there was no crime committed by the president of the united states. for his part, president trump exuberant on his way back from palm beach to the white house where he is this morning here's what the president said yesterday. . >> there was no collusion with russia there was no obstruction and none whatsoever. and it was a complete and total exoneration. it's a shame that our country

had to go through this to be honest, it's a shame that your president has had to go through this before i even got elected it began and it began illegally and hopefully somebody's going to look at the other side. >> now, brian, the political fallout is just beginning here one big unknown is when exactly the bulk of the mueller report itself will be released publicly the attorney general said he's reviewing that andwill make a determination in the days to come about how much of that he can release because of sensitive information that's in there, and when that release might take place, brian. >> is there a chaps it nce it i released in fall >> yes because there's grand jury secrecy, which by law can't be released, classified information which can not be released to the public, and

overall summary and gist of it may be what william barr is trying to release here, and we could expect to see that perhaps in coming days he seems like he is aware of the urgency around this politically. a lot of the country wants answers here >> see you in a few minutes. let's talk about the mueller report and the impact on the markets and money. ben white, political chief correspondent and a cnbc contributor. ben, where does this go now? >> it goes to congress and democrats who are going to demand that the report be released obviously, and i think what they're going to focus on is this idea of obstruction of justice in which robert mueller did not come to a conclusion seemed to suggest there was evidence on both sides of it, and very quickly the attorney general and deputy attorney general stepped in and said, no, not enough to charge obstruction of justice democrats want to see what mueller came up with, what evidence he compiled on the

front to see whether that was correct, not to move forward, and there will be demands for mueller to testify democrats will want to probe deeply into the conclusions, how he made them and get the report out. it's not going away. this was a very good day for president trump. >> is this the all clear at all for the markets, d.c. policy this removes in many ways, not entirely, a 20 month investigation. >> i wouldn't say it's the all clear. i would say it's moving it to the back burner, the idea there's going to be an imminent impeachment question the big idea among democrats is mueller is going to drop bomb shells and we are going to immediately move to potential impeachment proceedings. that background noise of let's get more details on this, that will continue. really what the focus is going to be is moving on to campaign 2020 i don't think this opens the flood gates for bipartisan legislation. people want to see infrastructure not a lot of legislation but it's not going to be all russia

all the time a partial all clear. >> there's an op-ed in the financial times this morning that says mueller, the god who failed democrats. >> yeah, there are going to be a lot of unhappy democrats who are going to have to prime those mueller time bumper stickers off their cars, and take their twitter advertisers of mueller down there are unhappy hard core democrats expected a deliverance. i have always thought and this brings to the floor the point that in democrats want to get rid of donald trump, they have to do it at the ballot box in november of 2020. >> it's two years in, we're running out of time. if they want to do that, the reelection campaign for them has started. >> they did well in the 2018 midterms by talking about health care, education, bread and butter issues. >> what matters in youngstown, erie, pennsylvania >> so in a way this is probably a positive for them, get their voters off of this as the main punish and focus on bread and

butter stuff. >> they're going to have to get some of their own people off this. >> they have to do fan services to keep investigating but the bottom line is you want to beat trump, you got to beat him on issues and the economy and jobs and wages and not all the russia stuff. maybe they can move on. >> ben white, politico, cnbc correspondent. thank you very much. while the mueller report is getting most of the world and national headlines there is a lot more going on in the markets for your money than just that. joining us is art hogan, chief national strategist at market securities before we get into the other stuff, we obviously have to talk about the mueller report, are you surprised there's not more of a positive reaction given the fact that it may not be the all clear but it is in many ways ending >> i would say this, i don't know if i have pledged the mueller investigation, any of my

notes over the last 22 months. it's always in the background, this investigation is right around the corner, but the one thing we have always said about this, it probably doesn't lead to an impeachment. but i didn't ever see this as having been priced into the market so taking it out -- >> by the way, you and many others, too, because i can't remember, maybe there are but i can't remember any market guest that has come on "worldwide exchange" or other shows i've watched and listened to on cnbc is that the mueller will be a net negative is that why we're not seeing it be a net positive? >> you don't have the equal amount of reaction, now that it's gone or diminished a great deal what might get interesting and the one thing we're most concerned about is the negotiations with china. what might get interesting is an emboldened administration versus a china that says maybe we were waiting for something bad to happen there may be the possibility this puts us in a better place in the u.s. china trade talks.

>> maybe, but the markets aren't saying that. dow futures are down they're not down as much as they were you have a negative german boon. low australia yields you've got japan falling 3% overnight. the market is concerned about global growth. >> 100%, and that's very much the case of what happened last week and on friday very mild inversion of the yield curve but the global flash pmis came out on friday and none of them look good, and for a market concerned about a slowing global economy that was not good news friday and that's why we had that you weren't here, but friday was messy. >> believe me, i was paying attention, we were going to mcdonald's, not going to sizzler because things have chang changd here's the thing, does the fed cut rates this year, not raise them, does the fed cut them >> i think that's why we're exactly where we are we're at neutral and there's

nothing on the score board the fed knows this could accelerate and get wort in terms of the global economy or we could see an inflection point in the second quarter where things get better everything hinges on when we get the u.s. china trade talks behind us. >> sounds like you believe, art, that china trade, u.s. deal is the big thing for our viewers and their money. >> i certainly do, and i think we're getting closer to the end than we are to the beginning put that behind us, make tariffs go away. don't escalate with europe on autos and i think you'll have better economic, not great we're down shifting to an economy, it's not a recession. >> gronkowski is gone, we got to focus on the next thing. art hogan, thank you very much great analysis. we are just getting started on a very busy worldwide exchange russian troops reportedly

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we were down 100 points on dow futures, down about half that now. come back about half we're down about 43 right now. of course all of this following friday's big selloff 400 point drop for the dow at least for the markets and stocks right now oil also a little bit lower, but still in the high, seeing crude oil trade down 1/4 of 1% to 58.90. we'll continue drops in venezuela. one reason, oils resilience, and there's an important story out of the country according to numerous reports, two russian air force planes landed in venezuela's main airport, reportedly carrying a defense official and nearly 100 troops a flight tracking web site showed two planes leaving a russian military airport saturday headed for caracas. another flight tracker showed one plane leaving caracas last night. this comes months after venezuela and russian had joint

military exercises president nicolas maduro called a sign of strengthening relations. there are a number of other big stories out there on this monday as well it's not just all muler and venezuela in the markets let's get some of those key headlines now with frank holland. >> good morning. new this morning, american airlines is cancelling about 90 flights per day, due to the grounding of boeing 737 max. boeing held a session on saturday at its plant in washington to update on plans to return the 737 max to service. it will host a session on wednesday for 200 pilots, technical leaders and regulators the "wall street journal" is reporting if federal investigators if boeing gave incomplete or misleading information about the 737 to customers and that's part of a broader probe into how the plane was developed and certified.

boeing shares are down about a third of a percent. theresa may is under increasing pressure as she tries put her brexit plan over the lane may met with members of the party in her country residence and told them she would quit and return to their vote for her deal the meeting comes as hundreds of thousands of people marched in london to demand a new brexit referendum. pinterest is set to go public, following an ipo, listing shares in the new york stock exchange under the label pins its net loss decreased last year, and revenue rose by 60%. big apple news apple is set to unveil the highly anticipated video streaming service at an event at its headquarters today the "wall street journal" says apple will charge for that service, contrary to previous reports, it would be free for users of apple devices we will have full coverage of

the product event throughout the day on cnbc. >> what a day to have a big product release event of all the days. >> of all the days thank you very much. speaking of apple, coming up, why tim cook is urging china to continue to quote open up despite risks around trade talks and tariffs. we're going to take you live to beijing. this as top u.s. trade officials are due to visit china later on this week. we're going to speak with china expert john rutledge about what we should expect and what it means for your money, coming upment -- coming up. imagine traveling hassle-free with your golf clubs. now you can, with shipsticks.com!

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welcome back to "worldwide exchange" on this monday thank you for being with us. if you're waking up, let's get you caught on what's happening in the market. it's been a gyration for stock future the we were down triple digits as of an hour ago we have come back. we're still in the red dow futures indicated down about 43 points, nasdaq and s&p are the same but they have regained about half where they were on the lows of the overnight session. the european markets are for the most part in the red as well not huge losses there, about a half percent the big moves were in asia the japanese nikkei 225 down 3%, its biggest loss since december. shanghai and hang seng down about 2% as well asian news and the news that may move markets going here.

high level trade talks between the united states and china are set to pick back up in beijing later this year. eunice june is live -- eunice yoon is live with more. >> we're closer to a deal. how meaning for that is, not so clear. the over the weekend, chinese policy makers were meeting with top business leaders including tim cook, and the main message is that beijing is open for business and it is also very open to the idea to make good on its pledges to open up this economy to more foreign competition. now, that cooperative spirit, though, did also come with a reminder of the need for mutual respect. this is what one former central bank adviser told cnbc. >> the culture of china and the political culture in particular is a culture of respect and

harmony. unlike in the u.s., people can point at each other, right, the white house, the u.s. capitol hill, right, they are pointing at each other. the media of course is super critical of the president oftentimes, right, not china not china. so give respect and be pragmatic. >> trade representative robert lighthizer and treasury secretary stephen mnuchin are coming to beijing on thursday and friday with china's vice premier. as i understand it, if those conversations go well, the chinese vice premier will head to washington as early as next week, but brian, from some of the conversations i have been having, it sounds as though the two sides have a lot of work to do and especially are hung up on the idea of the enforcement mechanism and the ft was reporting over the weekend that china is not con seediceding to.

demands to ease curbs on technology companies and there's verba verbiage >> bring in john rutledge, chief investment officer and cnbc contributor. here's a school of thought, brilliant or bunk. >> if you're shee d iss-- you'r not negotiating with something who's going to be there in a year now that that is likely out of the way, does this open up the possibility for hard core real talks between china and the u.s. >> i think it helps. i think the mueller report or the barr report has now increased the duration of the trump administration, and so you've got more likelihood you're dealing with the same guys in two years, and you've also got more likelihood you'll have the same tax rates in two years.

this is something i think the market would like. also the trade talks should go easier i would like this. if i were bob lighthizer or steve mnuchin, i would like this. >> if you're not going to negotiate with a ceo or sure he or she will be there, does this open something up or is there a school of thought where xi jinping can say, not over yet, let's play our cards closer to the vest. >> i think it's halfway in between. we don't know how 2020 will go, and that's not that far away from now for the next election i think that the idea that trump is going to be now having more staying power than he did, definitely is a help but you know, especially with trump because a normal administration, trade talks are done between middle level people trump is calling the shots on this himself if this were a switch from one

normal president to a normal president, it wouldn't matter much it matters a lot with trump. >> 2020 is not far off but it seems a long way for a chinese economy is starting to sputter how much time do they have . >> they don't have any, and they aren't taking any. the central bank has been pumping money like crazy so far this year, and the fact is both lighthizer and mnuchin now china has been propping the currency up, not pushing it down. that makes the trade talks about the currency difficult because there's division on the team the peter navarro's have trumps ear, and they say they are cheating on the currency and the like but the truth is the foreign investors are pushing the currency down, and that's something that's going to get worse the more they stimulate. >> thoracic spiit's weapon the e >> if they did, it would

completely choke off capital flows into china >> capitals have been flowing out. >> but capital flows are the weapons they use for reserves for the banks to keep the economy going. that would kill their economy. so they're not going to do that. >> how does this end up, john? >> i think it ends up with an agreement. they're not going to get as i was telling the team, they're not going to get china to allow you to wander around china checking on them, but we do have boots on the ground. there are thousands of u.s. businessmen in china that can tell you whether the trade deal is working or not. i think we'll have a deal, and i think the chinese will cooperate because the chinese long-term plan for industrial growth cannot succeed without intellectual property, and they want it to. >> john rutledge, great to see you onset. >> nice to be here >> don't with a stranger. global growth fears following friday's 400 point selloff on the dow plus, green light or gridlock,

the real impact of the mueller report and the future of new spending plans in d.c. stick with us, "worldwide exchange" will be right back

robert mueller and recession fears, that is what is topping your wall street agenda this monday morning japan handing in its worst day of the year with nikkei down 3%, the 10 year yield in a german

bond, negative we were down triple digits we have come about halfway back the u.s. and world economy is more of a focal point for wall street, than what is going on in washington, and we are digging in on all of this as "worldwide exchange" rolls on right now welcome back, and good monday morning, thank you for being with us on cnbc. i'm brian sullivan, glad to be back with you. you are looking live at washington, d.c. where we are getting new fallout from the mueller investigation. we're going to take you live with more analysis to d.c. in just a moment. but first, let's do what we do best on the worldwide leader in business news and set you up for your market day. when we came in this morning, futures were down triple digits. not only are they not down triple digits anymore, fair value may be mildly positive for the dow. we're seeing a market gyration

here, a little concern about global growth. the markets are coming back. perhaps the fed is in play again. a lot of talk about the possibility of rate cuts later this year. did not see a turn around in asia the asia markets across the board, shanghai down 2%, hong kong down 2% nikkei, down 3%, worst day since december global growth fears continuing to hit the world's 4th biggest economy and the biggest economy in europe with the yield on the german boon mildly negative. in germany, the 4th biggest economy, you're effectively being paid to borrow money from the german government. that is a big story. we're going to get more into the markets. your top story not just a political one but a market one as well. the long awaited mueller report is out the findings have been delivered to congress on friday. the report is reverberating from

washington to wall street. eamon javers live for you at the white house. >> reporter: two central questions, one did the president of his aides collude with the russians in the 2018 presidential election, and two, did the president obstruct justice in the after math of the 2016 presidential election the attorney general william barr's letter to capitol hill begins to give us answers to both of those questions. first of all on collusion, here's what the attorney general wrote in his summary of the mueller report he wrote, the special counsel's investigation did not find that the trump campaign or anyone associated with it conspired or coordinated with russia in its efforts to influence the 2016 u.s. presidential election now, on the issue of obstruction of justice, the mueller report barr writes, was not conclusive, pointing out that there was evidence both that the president did and did not obstruct justice, ultimately not coming down with a decision on that, but barr himself did

he says, deputy attorney general rod rosenstein and i have concluded that the evidence developed during the special counsel's investigation is not sufficient to establish that the president committed an obstruction of justice offense there we are as monday morning begins, the political fallout will be unfolding throughout the day as members of congress return to washington and begin to offer their reactions as well. >> eamon javers at the whouite house, thank you very much and also joined by cnbc editor at large, john harwood, do you believe this is going to create a policy opening for democrats or are they going to dig in and go after the obstruction side of the story? >> i don't think either one of those things will happen, actually, brian. i don't think that it creates a policy opening i think to the contrary, democrats are likely to be even less willing to cooperate with the president than they were before because they're angry

about the result of the finding and bill barr's judgment as ea mon outlined it, and i don't think they're going to dig in on obstruction. i think this makes impeachment much less likely it's a political judgment, they could do it anyway nancy pelosi has said consistently, and other democrats have said that they're not going to go ahead with impeachment unless there's a very strong case for doing so, unless there's bipartisan support for doing so the conclusion of bob mueller to punt on the question of obstruction, and then bill barr to say, well, we don't think there's a prosecutable case is something that i think will discourage both of those things, and i think we're likely to now have a more straightforward political process and political battle between democrats and republicans between now and november 2020. >> tony, would you agree with that if you're a ceo watching cnbc right now, hoping for a big

infrastructure package or some bipartisan come together now that this is out of the way, are you out of luck? >> i don't think the healing is going to begin quite yet i think there's still some time to run there i agree with john, if you thought that impeachment was unlikely before and i think that's -- i said it on the air many times, i thought impeachment ultimately was unlikely, but clearly that there's still some more oversight that democrats are going to have to do now. they're going to want to look at the report, try to get it, and i suspect they will probably bring mueller in to testify. but from a policy standpoint, i think the policies that we're looking at today in terms of tax policy, whatever we're spending on infrastructure right now, where we are on issues like immigration, and regulations, where they are today are largely where they're going to be in january of 2021. i don't expect any major changes. that's fairly welcome to some

market participants. >> and a lot of that would have to do with the president's stance in all of this. if he says okay, this is out of the way, i'm ticked off, but it's out of the way, let's try and get something done somewhere. that's one thing and maybe gives optimism for a policy per speck ty if -- perspective. what's the more likely outcome >> i don't know if it's a matter of revenge i think it's very difficult to find common ground both sides say they want an infrastructure deal. however, the democrats want a much different deal than president trump and his administration want and that republicans in congress want remember, we've got trillion dollar deficits. democrats would like to spend a lot of money on infrastructure republicans simply don't want to do that. the president has come up with this public private thing, leverages on a ten to one basis private money and democrats are not going to go for that the one thing that is a potential, i don't know if you'd

call it a bipartisan achievement but something that might get done is the trade deal between the united states, mexico, and canada depends on how president trump plays it nancy pelosi has been fairly open to this new trade deal. i don't think anyone wants a rupture in those trade relations and sort of the question is does the administration actually pull the trigger on what they have talked about, pulling out of nafta and daring the congress not to improve the mca not sure that's going to happen. i think when we get to january 2021 as tony indicated, there will still be a trade agreement among those three countries. >> you know, steny hoyer at apa said there are not three new congressman, don't just focus on the stars. we have a broad team that don't feel the same way. seemed like that was a slight olive branch from a policy

perspective no >> i think he was trying to help people understand that it is a more diverse party if you only listen to alexandria -- >> sort of the star freshman. >> exactly and from my hometown, you know, someone like conor lamb is a very centrist kind of democrat he has to live in that democratic party also, and i think that's what steny was trying to stay bridging the gap on big issues like infrastructure, republicans have never wanted to fund it the one way where i could maybe see some action on infrastructure is, you know, we have been talking, and you have been talking this morning, brian, about a slowing global economy. if we see growth slowing and impacting the u.s. economy, that may -- you know, we can't do much more on tax cuts, but i could imagine then in a stimulus kind of environment doing more on infrastructure, it would take that to do it, not just good

feelings in a post mueller world. >> we're going to find out how good those feelings are over the next couple of days and weeks. >> not good. >> your blue devils and my hokies, friday night, john, you know that, right. >> we survived survived in advance. >> we're not going to survive friday ho . let's turn now to the markets, futures are lower but not as low as they were. all of this coming off the 400 point haircut that the dow took on friday. futures right now down about 43 points they were down triple digits when we came in in the night overnight in asia, that was the big story. the japanese market down 3%. the 10 year yield on the german boon, that's sinking deeper into negative territory negative nonetheless as well joining us now is and ewe

sheets, across asset chief strategist at morgan stanley andrew, you can smile, it's okay, you're on tv all across the world right now. what do you think is going to be the market reaction, not to the mueller report, but to the global growth concerns that seem to be the bigger market story right now. where do we go look, i think we're in for a volatile period, especially in the u.s. you're heading into what i think is tricky first quarter earnings season. there was a tendency in january when those earnings came out and the market was consistently rising, rising almost every day as the fourth quarter earning numbers were reported to say kind of the worst is over. yes, things are bad, but markets have already digested and put that earnings risk in a price, and you can make a story that some of the data, and the data in europe is stabilizing and bottoming out. i think the u.s. mars markket ho get through a tough earnings

season with difficult comparisons through april, and i think that will remain a test and keep markets volatile between now and then. >> last time you were on, a little bullish around the world, bearish in the united states given what we are seeing with the seminegative bun yield in germany, are you optimistic about the rest of the world over the united states? >> i still am. i think you have a number of pretty, i think, interesting and important dynamics that are going on in the rest of the world, the fact that you have repeated and pretty significant policy stimulus measures that are going into effect in china the fact that europe, i think, against expectations is going to see a large fiscal boost this year while the u.s. is going to see on net a fiscal drag, as some of the effects of the tax cut look less good on a year over year basis, the fiscal

elements will matter i think the fact that the data is worse in the rest of the world makes it easier to bounce off lower levels and show improvement. it's still a story that we believe in. >> here's what i don't understand, you know, and i think i misspoke earlier in the show it's been a long 24 hours, which is the german boon you're paying the government to lend it money. i don't understand why anybody would do that. why is there still any demand for german government debt given that it's going to effectively cost the people who borrow the money? >> i think there are a couple of issues going on here the first is that you can finance a german government bond at an even lower rate. even though on a headline basis, it makes no sense, from where you can buy it versus where you can fitnenance it, those econom look a little bit better you also have a very uncertain near term event going on in europe, which is brexit,

obviously, which has created a desire for safe assets and there are a limited number of safe assets in europe which temporarily provides a boost to the bund and if you're a u.s. invester, you take out the risk of euros, it yields more than a treasury after you do that hedging. there are a number of complicated aspects that are going on there the big picture, i think we have seen the peak in the difference between between the treasury yields and bund yields. >> andrew sheets always a pleasure to have you on the program from morgan stanley, we'll talk to you soon thank you very much. coming up, it is show time, apple gearing up for a major unveiling that could put it in competition with netflix it's a big one we'll tell you about it when worldwide exchange returns

welcome back, as we do every monday morning, let's give you the exclusive calendar, the big money events you need to focus on the most. we're going to kick off things this afternoon with apple's big product event. we are expecting a streaming tv announcement tomorrow, look for housing starts and the consumer confidence numbers on wednesday, corporate earnings, they're not done yet from lieu liu lu lemon

and our final read of fourth quarter gdp, and pending home sales numbers, we round out the week on friday with new home sales, as well as the pricing of the lyft ipo a big week for the economy and lot of visibility on new home sales as well. on deck, call it the market tug of war, on one side, the overhang of the mueller investigation likely over. on the other, fresh signs, economies around the world are beginning to slow. what plays out for your money the most also something just happened down under in australia, that has never happened before and it is something we need to pay attention to it is your morning rbi, and it's coming your way after this quick break. imagine traveling hassle-free with your golf clubs.

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right now. they have come about halfway back from their lows of the overnight session. you have two opposing pulls in this market tug of war on one side, reports that the mueller report will not result in any further action against the president. many believe that's a bullish outcome or believe they never mattered for markets anyway. on the other hand, concern over something that had nothing to do with mueller, and that's concern over a global economic slow down here to frame it up is patrick palfrey. obviously we're seeing global economic concerns, pardon me, trump, the mueller report as well should that be the main point of focus for our view skpers the money right -- viewers and their money right now. >> unless we have a presidential crisis, it's good that we will not see it, but the global economic slow down is something investors need to get a better understanding of. >> that's why you're here.

help us get a better understanding. is it a real slow down >> certainly we are seeing slowing trends in china, data from europe, last week particularly germany was again weak issues there aren't surprising the question is how much of that is leaking into the u.s. and is it a problem right now we don't believe it's a problem for u.s. gdp. >> why not though, patrick, germany is the fourth biggest economy in the world they buy a lot of our stuff. if they're slowing, do you have less money, do you buy less of the stuff we want to sell them >> true. although, there's two portions of the u.s. economy. there's the services sector and the goods sector the services sector is driven heavily by the consumer. the consumer are getting pay increases, we're seeing wage inflation pick up. in the industrial side trends are holding in there we're not seeing it weaken to either of those two components of the u.s. economy. >> is the technology the best

place to put u.s. money? >> we believe so we're talking about global economic slow down we believe investors should take back economic -- those companies dependent upon economic success, technology, communication services, the new sector, those are companies that drive their own demand they have products consumers want and businesses need. >> that's a big statement, patrick. are you saying technology lives outside of those concerns in some ways. >> in some ways. and i'm not going to say all technology companies do. certainly semis have a cyclical cycle but for the most part when you look at software, internet services, there are a big portion that are, yes, somewhat divorced from the gyration >> because often in slowdowns, companies will spend more on software to try to automate themselves and reduce costs. >> i mean, and we're talking about a cap x cycle, i think it's going to be less of a traditional i need to put a

building in, more i need to put a server in. if you look at cap x over the past year, it's gone more into those companies and less into the traditional digging up ground and putting in buildings. >> i would say the biggest knock on the amazing bull market is the fact that it's about ten years old. it's like dog years. it might as well be 70 years old. we have never seen a bull market this long unless you go back eons does the age matter or is age nothing but a number >> age ain't nothing but a number to use your words we look at the healthable market, and that's what we're concerned about. going back to the economy, we don't see a problem there. pmis looking strong for the u.s. we are still creating jobs there's still robust demand in the u.s. economy it doesn't lead me to believe we are heading into an economic recession. risk is coming in, there ever investors are taking up their exposure to the market

that's what's drooiving the snp higher. >> and your goal is 3025, you remain not wildly bullish but see a few percent up. >> we're looking around 1% per month. >> not too bad patrick, free credit s uruisse. something is happening halfway around the world has never happened before ever, and it's something that you need to care about or at least watch yields on the ten year australian bond opened below 1.8% for trading that is the first time that has ever happened there. and it's largely because of all of those worries about the global slow down perhaps no single economy is as exposed to the world, asia in particular, as the aussies if you want to be random but interesting today, go into the office and talk about those closely watched australian yields opening below 1.8%.

just something else to watch around world as we do every day on "worldwide exchange", a lot of news, mueller, the markets, "squawk box" will pick up the coverage i'll see you tomorrow. have a good day. - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life.

nearly two years, this cloud of uncertainty starting to dissipate, now investors focussing back on global economic concerns and landing a trade deal with china. new developments surrounding the boeing 737 max, we'll have the latest details there, and apple at your service. what investors can expect from ceo tim cook later today it is monday, march 25th, 2019, and "squawk box" begins right now. 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 time square i'm becky quick, along with joe kernen, andrew is off today. our guest host is sam stovall. we are going to have lots more on what the mueller report means for the markets and trump's economic agenda but first let's get a check of futures this morning which have come back a bit. you're going to see right now the equity futures are trying to make a stand here. dow futures indicated up about 17 points. this comes on the second worst day of 2019, stocks at this point look like they are hanging in there as we start a bit of volatile time in the major averages have posted weekly losses for two of the last weeks dow is lower