will it be a total turnaround that tops your five at 5:00 this friday? the futures are down right now we'll show you how close we are. boeing rolling out a big fix for its 737 max airplanes. the question is this will that get them flying again? coffee, anyone at this hour, of course. but luckin gearing up for its market debut isn't really a killer and from boom to bust to boom to bust bitcoin dropping like a rock this morning it is friday, may 17th, and "worldwide exchange" begins right now.

well, that would have been the theme song for bitcoin this week until today all right. good morning and welcome from wherever in the world you may be watching i'm brian sullivan it has been a wild week for stocks that trend continues this morning on friday. futures are down about 120 points right now on the dow. this after kund of clawing back the last couple of days. so it doesn't look like we will go positive on the week. but it's something totrying to

stimulate the economy and the markets. did not work out today in europe, we're seeing a mixed trade in europe. mostly down. couple of tenths of 1% the big story this morning, one of them has got to be bitcoin. we know bitcoin had doubled this year bitcoin every day was up 100, 200. people were talking about it

again. the "fast money" gang was all over it. and i'm not going to -- i have no idea why, bitcoin is down nearly 8% drop still up on the year we told you earlier how it maybe tied to the trade fight in china based down maybe as the hedge we don't know if it's a positive move but either way. there you go let's talk about the markets let's talk about some of that. the debt levels. joining us now is the founder of the trader i did my worst impersonation trying to do that charting at the top. i want to hit credit cards in a second, but i want to talk about the macro markets first. how do you see the market setup? and why have we seen such big volatile swings so far this

season it comes back to the structures. and we have patterns on a lot of these charts and basically we're repeating what we saw in 2018. then these just broke. on the china trade deal is either delayed or possibly in trouble. so we have the mode. we saw markets rise on weakening participation. and we saw the nasdaq 100 make a new high but we didn't see larger indices than that. so now what we see this week is actually markets dropping back to the january 2018 highs. so basically markets have gone nowhere in this entire time frame. yet we're seeing these wide

price swings over the past 15 months big downs, big ups, big downs. that's not the sign of a stable, bull market. there's a lot of movement in the price action and now that that's on the fence, there's a lot of uncertainty. the earnings estimate for q4 later this year. assuming that europe is in place. and if that does not happen, then earnings estimates may be widely overstated. >> if we can get -- the point i was trying to make on the telestrator is if we can get back a positive for the week, if we can pretend it's monday in some ways, did monday never happen we may get there on futures but you never know if we do it, does that say anything technically about the markets? >> let me first say fridays this

year have been incredible. over 80% of fridays have been solidly up this year so you never know what happens today. we may see that magic rise up. to me from a technical perspective, the fact that the previous highs we just made have rejected, you know, that kind of puts you at risk of maybe having sort of have the larger topic pattern. first need to recapture 2900 otherwise you've got some of these highs. >> 80% of fridays have been higher this year i mean, is that just -- why? random but interesting >> it's -- yeah. i mean, look it's fascinating i think hollywood magic, it's a running joke on traders. we closed -- we were initially

down significantly last friday then have massive move up. that failed because you saw the lows on monday but still. you go back every week in the last couple of months. and every friday is up maybe it'll change today we'll see. >> well, we will see dow is down 120 but it's very early. i want to switch gears yesterday we had a guest on that highlighted credit card interest rates have never been higher in fact, they're averaging 17% according to the federal reserve. i kind of called it semijokingly the real tariff shaw on the consumer you chimed in, your chart was even more interesting. that interest rates have gone down down down the last number of years but individual payment, the blue line showing had gone up, up, up does that just tell you thatth american consumer is addicted to debt what are we looking at here? >> well, first, you're making a very good point.

that has been increasing on the consumers during this entire cycle. the overall household debt is now over a trillion dollars higher than it was at the peak of 2007. and revolving credit card debt has also increased significantly from $857 billion in 2012 to now over a trillion dollars. the debt levels increase, but what's fascinating is that -- you know, when the federal reserve started raising rates at the end of 2016, credit card rates really jumped higher significantly. especially in the last couple of years. on 13% in 2013 and now 17% it's causing a massive increase on the consumer. now paying 700% rate on those. and that's obviously curbing the

disposal income on the average family as much talk there is there's real information. >> trauly an incredible story that may not be getting enough attention. we appreciate your time. we'll see if it's one of the magic risk-free friday you talk about. you never know sven, thank you. because of "game of thrones," we had a special graphic here we'll show that. oh, there it is. he died in the first episode of "game of thrones." you never saw. but that's the graphic if you could see that if you're still there. you got to put that as your twitter profile picture. all right. your top corporate story is on the most important stock in the world arguably boeing boeing said it is one step closer to the 737 max airplane back in the sky. frank has the details on this. >> good morning, brian boeing shares are down just

about half a percent this morning after the company said it completed the software links. boeing would say in part, we're committed to providing the faa and global regulators all the information they need. we're making clear and steady progress and are confident that the 737 max will be one of the safest airplanes to fly. now working with the 737 max and says it completed 360 hours of extra long flights with that updated software boeing also providing updated training materials for pilots. 400 737s had been grounded for failing to provide enough training and information about the software on wednesday, the faa is asking saying boeing should have had information about it in pilot manuals. also the approval process is

looked at for the 737 max. again beau being shares down a half percent >> thank you very much we are just getting started here on a friday. "worldwide exchange" up next is one of the greatest american zess stories in china at risk? why a chinese company wants to out-seat starbucks plus one of the hottest companies in china is here from zero to 200 mliilon users in just six years. we'll meet the ceo next. en? we got to pay back an obscene amount of student loans. so...buying a house? paying for a wedding? meanwhile our parents paid for school by waiting tables. it's just not right. but refinance your student loans with sofi and you can save thousands. and get your dreams right. fast, easy and all online. get your money right with sofi.

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it's 4:13 in chicago will investors get a chance to cash in on the chinese consumer today? starbucks' biggest rival in china known as luckin coffee has priced its u.s. ipo at $17 per share. that values the chain at about $4 billion and makes it the biggest american offering by a chinese company this year. the luckin growth has been stunning it was only founded two years ago and already has about 2400 stores luckin is backed by the sovereign fund it will begin trading on the nasdaq today under the ticker lk staying with china one chinese start-up is shaking up the e-commerce market

shanghai-based company is landing in the top ten of our cnbc interrupters 50 list. they've gone from zero to 200 million users in six years we are pleased to welcome in their cofounder, miranda q thank you for joining us you have a very interesting model because you're e-commerce but not really you're social media but not really what space are you filling in china that fits the need >> thank you thank you for having me today. actually, it's a great honor to be listed as one of disrupters 50 let me further elaborate now the leading lifestyle plan to now we're proudly serving over 20050 million users

the number grows rapidly and further, i want to talk about what is this lifestyle community? it sounds familiar lifestyle and community. it's life with the style what is life with the style? every day thousands of millions of people share their lives here i would give an example about coffee because i know today is a big day for luckin if you search coffee, you would find over 7,000 -- you will find over 750,000 posts about coffee. about difference on key words. about starbucks. about luckin about grain coffee but if you consider china back ten years ago. seldom anyone drink coffee here. so it's the change of lifestyle.

it generates big market opportunity. and that's what people doing they share how they drink coffee, what kind of coffee they like and another example, it's very interesting. not only coffee but also milk tea. milk tea is another rising product in china it's a very, very popular thing among young chinese people if you search, it's very interesting. that over 60,000 people link milk tea with happiness. they think when they drink milk tea, it's way of feel happiness. so i hope this gives you a little bit of feeling about what people are doing on this lifestyle community. they share and they -- yes >> how do you make money how do you make money? >> it's actually -- our value is always we serve user first

we always define community as a two sided market on one side is the user. on the other side is the commerce if it's a two-sided market that's first here on 95% of our content are generated by users when we first study the community, we don't have any stars. we don't have any key opinion leaders. all we have is ordinary people just like you and me then all these famous people come to this community because their fans are here. i think that's the way we're doing business

if everyone lived here which is my definition of community then comes the other business. we just have a lot of situations with big brands like lou vi ton and coach. i think we'll have the new generation in china. >> miranda, one of our disrupter 50 one of the fastest growing companies in china thank you very much for joining us on cnbc good luck. >> thank you bye-bye. >> bye-bye all right. still ahead, the disaster dujour tensions rising. new details this morning on the growing conflict between the u.s. and iran.

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you wanna play again? - anncr: prevagen. healthier brain. better life. all right. welcome back in. 5:21 on the east coast new developments between the united states and iran let's get to craig boswell who is live in washington with more. >> brian, good morning good morning, everyone president trump tamping down some of that rhetoric. lawmakers still frustrated some of the lawmakers are being brought into the loop, but there's still some concerns and some confusion remaining >> reporter: a short response from president trump to a direct question about war with iran >> mr. president, are we going to go to war with iran >> hope not. >> reporter: a handful of lawmakers, the gang of eight, were the first lawmakers briefed days after the administration

cited unspecified intelligence reports that iran is planning to attack u.s. forces in the middle east congressional leaders say they're being left in the dark >> the senate is sort of outraged we haven't been briefed by the administration. >> the administration has sent military assets to the middle east on wednesday, partially evacuated the u.s. embassy in iraq >> i have not been briefed about why we withdrew people from the consulate. >> reporter: nbc news confirms patrick shanahan was told he does not want to go to war with iran >> there's responsibility in the constitution for congress to declare war. so i hope that the president's advisers recognize that they have no authorization to go forward in any way >> reporter: critics say national security adviser john bolton is to blame >> he's trying to goad iran into giving him a pretext for war >> i temper john, which is amazing, isn't it? >> reporter: the president

dismissed reports they're briefing him for conflict. the house briefing will be later next week. smashing into a war house close to the runway. the pilot was on a training mission. the pilot was on with a dozen people on the ground preliminary information from military sources suggests that the plane developed hydraulic problems new revelations in the wake of the mueller report an unredacted court filing said michael flynn told the special counsel's team that people connected to congress as well as the trump administration tried to influence his cooperation with the russia investigation. the court filing shows flynn not only told mueller about the

attempts to obstruct the probe, he also turned over a voice mail for proof from an unidentified lawyer for mr. trump the white house has not yet commented. former army soldier chelsea manning is ordered back to jail again. manning told the court she would rather starve to death than change her position on cooperating. if she does not comply within 30 days, she will be fined $500 per day. after 60 days that fine increases to $1,000 per day. back to you. >> all right phillip in new york with that. thank you. still ahead, why one well-known stock market strategist says that stock prices don't matter. he'll tell you what does next. and later, betting on the iron throne the vegas odds on who will win the "game of thrones." it's a real story and it's coming up. w?w?uhi?só'ñó

can the markets and your money turn positive on the week after monday's route >> if the dow doesn't, it will have done something it hasn't done in three years. what that is ahead the rise of the robots a staggering stat about the markets and your money that may make you very nervous. and they say that you can bet on anything in las vegas. and this will prove it the megamoney surrounding this weekend's "game of thrones"

finale "worldwide exchange" feeds the dragon and takes off right now ♪ i still don't now how that second dragon just died. welcome back thank you for being here with us on cnbc. i'm brian sullivan tgif it has been a volatile week for the stocks and your money. it's been a good couple of sessions but right now dow futures, they are down i will say this. they're down less than they were now they're down exactly 99 points now, of course, the dow gets all the attention. we get it. here's the point the s&p 500 is now just zero -- i'm going to write it down 0.2% to the downside think about that on monday, we had the huge drop. 600 points for the dow

s&p down a couple of points. but then tuesday, wednesday, thursday scratching and clawing to the point where we are just a cat hair away from being positive this week now, futures are down. so right now it doesn't look like we'll get there, but that's the key. now, your stat of the day is this on the dow. the dow was down 0.3% in the week if the dow does not reverse that and gain more than 0.3% today, this will be the first four-week losing streak for the dow in three years. think about that one wonders. outside of stocks, bonds continue to get bought 2.38%. you don't need all those lines on that. that is the number to watch. 2.38%. in asia overnight, chinese stimulus maybe not working on their markets as well. the shanghai down 2.5% japan looks like it's trying to do something kind of eking gains.

shanghai down 2.5% let's see the early trade in europe a lot of red on the screen but the numbers aren't that big. down by about 0.2% the big story of the day outside of the equity markets is bitcoin. okay bitcoin has had this incredible run this year. all right, we have doubled this year look at what is happening. bitcoin down 7.5%. by the way, folks, that's like a 700-point drop for bitcoin right now. the reason is this i have no idea bitcoin is down 7.7% i'm sure we'll hear a lot more about that on cnbc all day today. all right. let's bring in jurrien timmer from fidelity. a recent note that jurrien put out, i think i fell out of my chair. when i hear that somebody like you say stock prices don't matter, it catches my attention. but that's what you said

why don't prices matter? and if they don't matter, what should our viewers be really watching when it comes to the markets? >> good morning, brian it's not that prices don't matter, it's just that generally the. -- and i think people can get fixated on the price level of an index. but the price is just a price. you know, it's really the value proposition that matters that's a fancy way of saying that the pe is what matters. the valuation is what matters. so what are we as investors willing to pay for each dollar of earnings is a more important metric than just whatever happens to be the price of the index at the time. so the index could be high but trading at a low multiple. or it could be low but trading at a high multiple and therefore it's expensive that's all i meant to say was if the valuation that matters and the valuation is driven as it always is by the fundamentals

of earnings. you know, free cash flow, margins, et cetera the sustainability of those earnings and then the interest rate environment or the liquidity environment where, of course, the fed plays a large role and what has happened, you know, obviously in recent weeks with the trade tensions sort of escalating again is that both of those pieces of the puzzle are back in play you know, earnings growth was booming last year. it's slowing this year we may get negative growth in the second quarter although that's what they said about the first quarter. it turned out to be okay now with the curve near inverting again and the thoughts of a prolonged trade war, the fed is kind of getting back -- not into the game, but the notion of fed cuts is getting back into play and so then you have both of these pieces of the puzzle in a state of flux. and pe -- the pe is the transmission mechanism for uncertainty. right?

and we have more uncertainty now than we thought we did two weeks ago. and as a result, the pe has to come down. which is what it's been doing so far. >> i heard what you're saying too. but it feels like prices are the score. you can analyze the game all you want they had this many yards and their quarterback was this much better but we know who won. i think that's why we look at prices they're an easy score board. but inside the game, how do the markets look from a price to cash flow or price to earnings or price to sales metric >> well, i mean, that is the big question right? as you point out correctly you know, price is price right? i mean, there's only one price and that's the price pe you have to start worrying about, okay, trailing earnings, forward earnings, how good are the forward earnings are they going to change so the pe is always a moving target you know, in all fairness, obviously price is what we look at and there's a good reason for that

but this is where you start, you know, kind of gaming this whole trade situation and who are the winners and the losers if we have a protracted trade escalation going on. it reminds me a bit of this whole prolonged brexit drama the uk referendum on brexit was almost three years ago in june of 2016. and if you look at what's happened to that market since then, obviously we've had this nonstop drama of, you know, this ongoing open opera of whether or not they will do it and how. and then you always have this tail risk of a hard brexit sort of lurking in the wings. and the trade story kind of feels the same way so if you look at what happened in the uk, the stock market actually did all right earnings are actually up 30% since june of 16 so the earnings story has been fine but look at what happened to the pe it went from 16 times earnings

to 11 times earnings over three years. and that was in my opinion, that's really where you can see the damage in the uk that investors are like, you know, why am i paying 16 times for a pound of earnings when i don't really know what the future holds and i think that is the risk in the u.s. it's not my default scenario at a 17 times forward multiple in the u.s., a lot of things need to go right and if they don't, maybe it's 15 or 16 or even 14 times and that becomes the question. and on the tariff side, if tariffs are a form of tax and they're either a tax on the consumer because they're going to pay more for their goods or it's a tax on corporations because it erodes their profit margin, even u.s. companies, this is not just about chinese companies, of course then again, it kind of starts to hurt the whole cash flow argument and again, that might justify a lower pe so i think that's kind of ground zero here for the markets, i

think. >> jurrien timmer of fidelity. stock prices matter but not as much as other stuff. it was good stuff. thank you. we appreciate it all right. let's get a check on some of the big stocks on the move today they include social media semiconductors and the internet in china shares of pinterest right now are down 15% it posted a loss that was much worse than expected. pins tres says costs jumped 32% mostly related to adding new employees. don't miss the ceo of pinterest on "mad money" tonight obviously a lot to talk about there. it is not all bad. nvidia is higher today this after reporting a better than expected quarter. the company also forecasting revenue above estimates as it expects chips to benefit from a recovery in the gaming market. and rounding it out in baidu posting its first

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and housing costs. it's just not right. but with a personal loan from sofi, you can consolidate your credit card debt into one monthly payment. and get your future right. get your money right with sofi. all right. big interview coming up later today. let's focus on something else. something we talk about every sunday night and monday morning. "game of thrones" comes to an end after a decade if you haven't seen the last episode, there's a spoiler >> nobody has seen it. there's no spoiler alert because nobody has seen it >> not the last one. the last one that aired. >> oh. anyway, grammar matters.

>> here's the thing. nearly everybody has died. but among the characters that are left, they're all in the running for the win of the iron throne and now some vegas odds. some sports books are betting on who lives, who dies, and who rules. contessa brewer, of course, is here covers casinos and gambling for us >> and also splitter of hairs. because unfortunately you can't go into vegas casinos and make bets on "game of thrones," but look this show is so hot that there's office pools all over the place. and now off-shore gambling sites think my bookie.com driving traffic to their sites by asking who will rule. if you're not a fan of the show, imagine a cultural phenomenon combining murder, mayhem, dragons, demons, zombies, beheadings, even a lord of light. >> take it easy. generally fans of the show think

two leading characters jon snow and his love interest daenrys who is actually her aunt is -- >> is she his aunt or sister >> his aunt. the bookies put some as the strong favorite to win he's mostly been a minor character throughout the years a boy who's turned into the three eyed raven and all knowing being. >> after being thrown out of a -- >> in season one >> because there was incest happening. >> in season one, that happened. but if you bet on brand, you're betting on god >> or a degree that talks. >> lanister only has fewer odds to win >> looks terrible. >> this one threw me jon and daenarys' baby gets odds to win there is no baby or is there? do the bookies know someone we don't know >> maybe they saw a script

so who do you think? forget the odds. who do you think is going to take the iron throne >> jon snowe >> no way. jon and daenarys have to kill each other >> maybe an unlikable character in my opinion zplp what? >> yeah. from the beginning whiney like, ditheringdithering >> it's that tree that talks >> that's the god tree >> yeah. >> at any rate, we heard from bravada. listen to this >> i'm just dying laughing >> it's been a long week we were having fun in the break. i said i'm going to make up words like flugleshaft that explains that >> i was going to tell you that

all the bets currently being made, 17% come from new accounts they think "game of thrones" is driving new gamblers >> okay. might be frank, who do you think wins the iron throne? you're with? >> jon snow. >> i'm going with ariya. she survived the battle for kings landing. she's a changed woman. she's going to go back also gendri. >> is that the guy's name? i never knew the guy's name. >> he's already after her. >> but now he's going to go back and say, hey -- >> romance >> you know what's happening right now? people that don't watch "game of thrones" is like, this is crazy. >> mute. back to the treadmill right now. >> that's okay all right. contessa, stick around for this because you're fun frank, what else is trending >> unmute now. we're coming back to normal stuff. >> how are they going to unmute? >> i did this gesture. that's the sign for unmute >> or changing channel

>> where've you been also everybody didn't a almost die. a lat of characters are still alive. moving on. trending, bill de blasio throwing his hat into the ring of a crowded democratic primary field and blankfein couldn't resist the jokes blankfein tweeting the cover depicting people laughing, like knee slapping at the pros tepeco de blasio's candidacy. >> blankfein for the win >> contessa? >> i just think that your shot at winning the "game of thrones" in our political elections has an inauspicious start if your hometown newspaper putting up a picture of people laughing at your candidacy >> homelessness, the roads are a mess >> i'm not saying there aren't reasons. >> moving on to something else

taco bell is branching out taking over the branding and operation of a palm springs hotel. super fans can enjoy restaurant themed amenities taco bell will start taking reservations next month. the first round of check ins will begin on august 9th >> these are my old stomping grounds. okay i'm talking about the givancey spa. >> is that how you pronuounce it >> yes have you ever thought about going into a taco bell thinking i wish they had a gift shop. >> you have a weekend in palm springs at the taco bell hotel do you go mild, hot, or fire >> and does what happens in palm springs stay in palm springs >> i want this story to happen to me. >> i think a lot of people do. a mixup at a british restaurant resulted in a spreshl treat for

one unsuspecting couple. they ordered a $300 bottle of wine but they were served a $6,000 bottle instead a manager noticed the mixup and gently suggested a different bottle when the couple ordered more wine. >> they were like, this is delicious. we'll have another bottle. they're like, might i suggest something -- he never told them -- >> no. never said a word. >> they didn't notice either, apparently >> come on >> you know what you order if you order a certain type of wine >> no. >> if the restaurant doesn't know the difference, how could you -- >> they do the guy is like -- grabbed the wrong bottle >> the tweeted out a picture of the bottles. >> if you knew your vintages, you'd know >> also they ordered a $300 bottle of wine at the bar. it wasn't like fancy dinner, let's buy a -- at the bar. >> if you're having a night out with your wife, are you looking at the label like this isn't the vintage i ordered?

>> oh, that wasn't his wife. >> whoa. >> this is the spiciest. >> fire sauce. frank and contessa, thank you very much. by the way, in the sports world, the bruins of boston swept the hurricanes of carolina last night to become the first team to make this year's stanley cup finals boston owned the series. they won 4-0 last night. 17-5 in the four-game set. by the way, somebody's got a write a book on how a mid-size new england city has completely owned american sports. tom brady, the broouuins, the s. >> celtics >> the celtics have done well but not as well. but boston has owned the sports world. and i love boston. it's kind of tucked up there, right? >> i would hardly call it a mid-size city. >> the city is mid-size. metropolitan area is big on deck, a sign of the times on wall street a stat about who or what is behind these big market moves. plus american millennials have a

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and learn how janssen can help you explore cost support options. remission can start with stelara®. . all right. everything's going to be all right. it's 5:51. beautiful shot of the empire state building futures not quite as sunny down half of what they were. dow futures off 70 points right now. as we noted at the top of the show, if the dow doesn't turn positive for the week and we're down 0.3%, it'll be the first four-week losing streak for the dow in three years wow. three years. so why have we seen all of these big moves? let's bring in someone around in 1987 as a very, very, very young trader who witnessed that black monday in october when markets went haywire

you think you've got a theory about this volatility. it has nothing to do with human beings >> no. i think it's a lot of it, in fact very parallel to what happened in 1987 a lot of it is al gor rhytigorir rhythm trading certainly a factor and when volatility spikes, that's one of the big inputs in portfolio rebalancing on that basis. >> 80% of trading is done by effectively computers that are just listening to some sort of a software code and tell them what to do and then executing it with no people involved that's a little scary. >> it is and that's why in most recent terms why we're seeing really, really violent reactions to in this case spikes in the

volatility index the vix. >> so where do you see this going, jack? does it ever get fixed or does it just get worse? when i say worse, i mean do we simply have more days that come out of the blue for the most part where we drop a thousand points is that the new normal >> unfortunately, you know, if we go along current trends, yes, it is. in fact, back in -- and the reason i drew the parallel to 1987 in the research piece i wrote earlier this week is because back in 1987 there was a widely used technique called portfolio insurance. which essential ly promised its holders they would get out in the event of a downdraft and you wouldn't see much downside risk at all the problem was there were so many programs on this portfolio insurance strategy that everyone sold, the market was down 22% in a day.

and so obviously 2% i think what we were down 2.6% or something earlier this week. you know, but still very similar patterns what's going on with -- we see a rise in volatility. you have to lower your risks simultaneously i get concerned. >> think about the numbers if we fell 22% today on the dow, what's that like 4500 points? we'd have to go off air because of it here do you see the risk -- when you talk to clients who want to be in the markets long-term, you say, hey, this is going to be the way it is. you're going to wake up one day and dow futures are going to be down 500 then the next day up a hundred and that's the way it's going to be and you've got to deal with it >> the next piece we're writing is power of patience suggesting you have to look beyond this daily noise. and you can't necessarily use

these daily clues to somehow change your longer term strategy just because there's so much money piled in just for ticks and pluses on a day-to-day basis. as an individual invest per. >> really fascinating stuff. thank you. have a great weekend >> thank you, brian. time for your morning rbi. we know american millennials get a reputation for job hopping millennials in china are less likely to stick around the workforce. 28% of chinese graduates change jobs within just three months of graduation that's compared with just 4% in the united states. and 46% in china change jobs at

least three times. american millennials get knocked all the time but it's not just us it's even more crazy in china. random but hopefully anorresting. thks f watching "worldwide exchange." "squawk box" is up next and hopefully they'll have a reason why bitcoin is down nearly 8% right now. have a good weekend.

good morning stocks have been clawing back from monday's selloff in the dow. the futures this morning, though, are pointing to a drop after a selloff in china china. overnight. we'll run down straight ahead. boeing is one step closer to returning its grounded 737 max planes to service. but there are still some major regulatory hurdles that are in the way of the company and chinese coffee company luckin -- i think it should be

mcluckin it's just better set to go public today here at the nasdaq we'll have all the etails on pricing. and a first on cnbc interview with the company's cfo it's friday, may 17th. the guy that plays that stupid song is right here friday i'm in love "squawk box" begins right now. ♪ good morning we're getting luckin this morning. welcome to "squawk box" here on cnbc i'm andrew ross sorkin along with joe kernen. becky is out today take a look at u.s. equity futures at this hour they are in the red in large part because they're under pressure from what's happening in china overnight we'll show you that in a second. dow off 86 points. s&p 500 off about 10 points. nasdaq looking to op