your top five at five starts with brace for a sell off. dow futures off 630 points markets on edge. new hotspots around america as beijing locks down the market after a first of new infections. trump brainstorming new ways to get people off unemployment and back on the job action employment disincentive. tough talk from albany andrew cuomo issues warnings from bars and other businesses in violation of the policies

and social change and the impact of racism and economic growth. it's monday, june 15th and you're watching worldwide exchange right here on cnbc. >> well, good morning, good afternoon, or good evening and welcome from anywhere in the world that you might be watching thank you for starting your week with us here on cnbc if your just joining us or waking up you might want to grab another cup of coffee. dow futures are off their lows but they're down 630 points right now. a couple of hours ago, dow futures were down 1,000 points all the indexes indicating a loss at the open again, a 2% drop right at the open now we'll see how that plays out certainly a lot of red on your screen right now let's move on. dow futures again down 535 let's also check the etf that tracks the major averages

because that is subject to different moves in the futures overall. right now it looks about the same but we got in earlier and it looked like the possibility of limit down in the futures you want to look at those etf and 1.83 but the dow will bear the brunt of the loss today. it's on concern that state economic reopenings could slow down if case growth continues to accelerate that is also taking down the price of oil it's down about 3% people get nervous and maybe slow their going out, slow their driving, maybe reevaluate some plans. demand could drop and supply will strike again. bp will write down 17.5 billion in assets and lowered price expectations through 2050 again. this morning's market moves after another rough week on wall street and the dow closing down 5.5% last week the worst week since march 20th. really during the height of the

pandemic fears we have a lot to talk about around the world not just here. red arrows everywhere europe and pull back in asia overnight which is where the fears begin over the weekend with a burst of new cases in beijing matt taylor is standing by in singapore with more. >> asian markets struggle from the get-go this morning on the back of the news coming out of beijing about the possible second wave of infections there but then as we saw the u.s. futures move sharply lower we did see asian markets sell off late in the day. take a look at the numbers because japan is down by 3.5%. the kospi in south korea down by almost 5% and it was the worst day for that market since march 23rd back when we saw the markets hit the lows earlier on in the year when it comes to japan, the bank of japan is hitting it and down

3.5% and the kospi down by 5% and we're also watching disappointing economic data to come out of china as well as industrial output rising in may year on year that was below the expectations. around about 5%. retail sales, also weaker than expected declining by 2.8%. the expectation had been for a decline of 2%. better than what we saw in april when retail sales were down around about 7%ment all in all the china market holding up. down by just over 1% >> thank you very much also new this morning, concern over rising hospitalization in some u.s. states. >> more on your top headlines to start this week. >> good morning to you

you're absolutely right. originally not a primary u.s. hot spot for the virus over the weekend alabama reported a record number of new cases for a fourth day in a row. arkansas, california, reporting record numbers of new cases over the past three days as well. a spike in cases could be related to increased testing what's more troubling for officials is the hospitalization rates with arkansas, north carolina, texas, and utah all reporting a record number of new cases with covid-19 entering hospitals as of saturday in south carolina for example, 69 to 7% of hospital jobs occupy on the region. in washington they continue to try to get americans back to work despite the spike in new cases. larry kudlow said current unemployment benefits are an incentive not to return to work.

>> that's above the state unemployment benefits that they'll continue to receive is ineffect a disincentive. we're paying people not to work. it's better than their salaries would get and that might have worked for the first coup of months, it will end in late july >> adding the administration is considering a type of return to work bonus that could push more people to get back on the job and dallas federal reserve president is speaking out about systemic racism and high unemployment levels among black and hispanic americans kaplan said a more inclusive economy where everyone has an opportunity will mean faster work force growth and faster productive growth and will grow faster fed chair also saying some similar comments. >> frank we'll see you in a bit buddy. thank you very much. as we noted back to the markets,

futures point to the open down 658 right now. setting us up for another week he is the chief investment officer. and he is with us now. good morning, i think, given the futures market you remain optimistic and it seems like the market really does turn when we get a tick in cases or percentage jump or hospitalizations rise or like this news out of beijing about kind of a relock down. a small part of the city and the market has hinged on this health date >> stock prices have been too high when we get stock prices dropping, everybody says who wants those. this is never going to be a linear process on the way up there's going to be set backs along the way. i'm still very constructive. i don't think this changes the outlook at all on the economy or the markets. i think you're going to see a

turn in the economy by the third quarter toward the upside but we're right in the quarter where the data is going to be the worst but again, that's the time when you want to be buying because we're in the early phase of the new bull market i'm very confident of. the areas that you want to focus on are the small cap stocks. that's when you're coming out and entering a new phase absolutely. >> they have been hit harder at least rebounded less than the overall market is because they are domestic if we see more virus fears here in the economy and step back a little bit from the reopening and say hold on a little bit here, wouldn't the domestic companies get hurt worse? >> not necessarily first of all there's a lot of industrials and financials in addition to health care and technology when i was with you last i

talked about what is going to help us recover here is technology and health care i firmly believe that's going to be the two areas that are most important because those are the solutions to the problem we have had a forced adoption of technology as we are all working from home. and health care is where all the innovation is going to be. and we're seeing the largest expansion of health care as we look for cures and therapies but beyond that, we're seeing very early signs of dramatic broadening out of the stock market chris is seeing this in his technical work and we're seeing it in our own work as many companies that were some what left for dead are starting to see some activity and that is a great early indicator for out performance. i could see between now and the end of the year, the russell 2000 some what catching up to the s&p 500 because that's been happening over the last six or seven weeks or so but then in

2021 i could see the russell being the leadership place to be remember, unlike the s&p 500, it's peak wasn't until what was the fourth quarter of 2018 not february of 2020 like the s&p 500. and there's a lot better valuations for it within the russell that doesn't exist in the s&p. so we had almost a two year period where the russell really hasn't participated at all and it's time for those stocks to assert therm assert themselves and i believe that we'll see the russell be the leadership area. we already have dollar weakening and credit spreads normalizing make the case and stay calm and invest on. thank you for joining us on this market big market day appreciate it, buddy. >> thanks. >> when we come back, the one issue likely keeping small business owners up at night as

they work to reopen their stores after months on lock down. kate rogers is up next with the pulse of main street plus much more on this mornings look like a sell off dow futures down 700 but a quick look at the biggest premarket decliners out there as we head to a break on big market monday. we're back right after this. need better sleep? try nature's bounty sleep3, a unique tri-layer supplement that calms you, helps you fall asleep faster and stay asleep longer great sleep comes naturally with sleep3. only from nature's bounty.

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dow futures down over 2% right now. let's check out the etf to track the major outages. the futures were not as down as they were. they were off about 1,000 points a couple of hours ago. a bit of a reversal on that. as cities and states begin to ease stay at home restrictions, businesses on main street are starting to reopen their doors but many have concerns about potential liability lawsuits around the virus more on this important side of the story. good morning. >> good morning, the u.s. chamber of commerce and 200 other trade groups sent a letter to congress asking them for temporary and targeted relief legislation that would be relief for the pandemic it would be for businesses and

non-profits that follow public health guidelines and will protect companies among other threats. he owns a firehouse subs location in north carolina his workers are wearing masks and gloves and they're washing their hands for every 15 minutes and also those 6 feet social distancing in place and one lawsuit could come in and wipe out business. >> we're doing everything the state has asked. we're doing above and beyond some of what the guidelines are. there's no way to prove or disprove that someone did or did not catch it in any particular location that scares a lot of small business owners like myself and fellow restaurant owners >> the international franchise association says it tracked 1,000 lawsuits around the country against businesses tied to cov irgsid but for lawmakers

there's really no easy decision here cnbc and change research and there's a real split when it comes to liability and covid businesses should be protected against liability claims and then nearly half think that workers and customers should be able to sue a business over covid exposure what can you do. it's basically divided half and half and you're a really tough decision back over to you is there any expectation that in the bill or the package there's going to be liability wavers written into that. we're not going to look at stimulus that doesn't have some kind of businesses and doctors as well and it's a really tough call, back over to you

>> kate, thank you very much all day here on cnbc. >> well, speaking of small business, still on deck, a closer look at one sector some call the key to getting america back to work that is child care we're going to speak with one ceo with franchisees and the families they serve. >> today's big number, $110.79 trillion that's household network during the first quarter of the year according to the federal reserve. down 5.6%. the largest single quarter drop on record. ertain of. the men and women of the united states postal service. we're here to deliver cards and packages from loved ones and also deliver the peace of mind of knowing that essentials like prescriptions are on their way.

every day, all across america, we deliver for you. and we always will.

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there's webex. ♪ ♪ beautiful. all right. welcome back and good morning. stock futures are solidly in the red right now. the dow futures indicating a drop of 670 points at the open a little off the lows. down 1,000 at one point. that futures volatility should increase around 7:00 a.m. eastern time and those are premarket moves. let's get a check on other top headlines outside of the world of business. there's so much going on >> we start with a new wave of protest in atlanta after a police confrontation turned

deadly a medical examiner ruled the death a homicide the 27-year-old was shot twice in the back friday night while police were chasing him in a wendy's parking lot during an attempted arrest one officer has been fired another is on administrative duty and atlanta's police chief has re-signed. the city's top prosecutor is expected to decide if charges will be brought against the officers governor andrew uomo is warnin new yorkers against triggering a second wave of coronavirus the state received 25,000 complaints of social distancing violations and people not wearing masks at bars and restaurants at the top of the list and the major league baseball association rejected mlb's latest proposal and will not counter. they should order a return to work that will likely spark a lengthy legal battle the sticking point here, is how much players should get of $4

billion in salaries. you have nascar action and golf action over the weekend to tie us over the best we can. >> yeah. get the fans back at some point i guess carefully and slowly francis, thank you very much all right. still ahead, much more on this market volatility and what it means for some of the high flying tech stocks the big names that you know as apple gears up for its worldwide developers cop frenference in a different way. gene munster is here to weigh in we're back stick around that's been through multiple market cycles for over 85 years? with capital group, i can. talk to your financial professional or consultant for investment risks and information.

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set for a sell off, stock futures pointing to a sharply lower open after wall street logged it's first down week in a month. investors on edge over rising cases and hospitalizations across the american south as china imposes new lock downs after a surprise spike we are life in beijing and the path forward for daycare one chain responsible for nearly 30,000 children is taking on the crisis it's monday, june 15th, 2020 you're watching worldwide exchange right here on cnbc. >> starting your week with us here on cnbc we begin with breaking news. a lot of red there u.s. stock futures to a sharply

lower open off 630 points right now. the dow, s&p and nasdaq futures all indicating a drop of 2% at the open you could see that dow markets could open about 565 so we have seen a bit of a change that's how fast it goes folks. put it this way, two hours ago dow futures were down 1,000. they were down 300 when i went to bed last night. you're seeing a lot of volatility in the futures. and we'll talk about some of the etfs that also track the market moves too because earlier we were talking about dow futures down 1,000 not the case anymore but that is not subject to the rules and that is premarket move off about 2% again, dow coming off a week when we saw the first week since the height of the pandemic, march 20th dow losing about 5.5%.

it's not just stocks and also taking it on the chin after snapping a six week winning streak oil is down just about 2%. so again, off of its lows it was down a short time ago. we're seeing the markets bounce around trying to find footing on this monday morning. all of this coming off a very rough week for wall street dow closing down 5.5%. during the height of the pandemic, the dow is back down 10% for the year let's go now around the world, the red arrows are also in the european markets standing by with your moves and some of your top stories from london >> good morning, well it's a pretty similar story here in europe to what you're seeing in us. futures. we opened up on the back foot this morning, the euro stoxx 600 trading down 2.5%. we bounced off the lows. we are seeing red across the boards and across major markets

in europe. down 1.3%. the french index down 1.2. you're seeing red across the board and health care did move into positive territory temporarily and we're now back below the flat line. the worst performing part of the market is the cyclical part of the market the most exposed names to the reopening trade. so basic resources, travel and leisure, oil and gas, autos and bank a lot of nerves around the rise in coronavirus and cases in beijing and also seem to be getting investors down this morning and after last week we saw more than 5.5% of losses for the stoxx 600. back to you. >> this morning's sell off at least partially stemming from the rapid strike in new coronavirus cases.

also reporting a number of new cases from covid-19 as of saturday south carolina 69 of 77% of the beds are occupied depending on the part of the state. it's not just the u.s. china seeing it's on spike and having to make tough choices on a second possible lock down. eunice, what exactly happened over the last couple of days this is after it's now seen it's worst outbreak since february. and put 40,000 residents under lock down and it's also tested 76,000 people so far from covid after the outbreak here.

you could imagine that this is very concerning for the authorities here they have been reimposing now several restrictions including the temperature checks also sports venues all of them have a screening that's much more strict again and in addition to that, the cdc here in beijing has traced this back to a wholesale food market. this is the largest market in asia and it's also just to give you a sense of the size, a third of the size of central park, it's really big and it's been very important for the economics of the city, the city has also -- the cdc has also said that currently the outbreak origin is under investigation but they believe that the genome sequencing suggests that it's from a european direction and the state media has also been

pointing out that it appears to be from imported salmon. and preliminary judgment is that this should have come from overseas so still a lot of questions brian. trying to reimpose the restrictions. >> did i hear you say salmon fish. >> yeah. yes. so they -- the state -- the official line is that this genome sequencing is from a direction and it could have come from contaminated food from overseas or that it's come from somebody that's sick that maybe came in and have gone to the market and the state media has been pointing out that

this has been detected that the virus had been detected on a chopping board at that market and saying that that chopping board was for imported salmon so again you're kind of seeing some of the blame being layed not for what is happening here in china but from what is happening overseas. >> yeah. listen, i wonder if they're blaming if fishmonger or somebody around the fish or the fish itself. if they're blaming the fish itself that it somehow carried the virus, we'll have a whole new batch of concerns out there. a lot more to come on that story. scary stuff. thank you very much. let's talk more about the markets. he's the managing director at a cnbc contributor

this is how skittish this market is. >> you know, there's a lot of that that came out of the weekend including the lowest fatality in our country since march 26th there's some places spiking up and it hit the market at time and we were pricing in a lot of good things at the beginning part of last week. my belief was always that yes there was a lot of fed accommodations and economic stimulus behind the move to where we were. we needed real live economic data or some real live belief that the virus was definitely behind us. we're not getting that and it's really going to become the operative thing here there's going to be pull back. and it's going to represent 15%

for the highs. we're not ready to go to the highs until the story changes. a vaccine would be great >> we just have to see the consumer beginning to come back. we have retail sales tomorrow. it's probably too early to really get anything from it. but in the next two or three months this is going to take a long time before we believe that we have seen some good numbers just from restaurants. i think that it's got to be a little more sustained and a little more real >> people say don't look at the cases. only look at the hospitalizations look at the icu.

case growth rates have been fairly at about 2 to 4%. much lower in new york and new jersey bigger outbreak officially than a harder lock down what specific data points do you look at the most. >> the virus itself is definitely like you just said. if they're going higher, this is just my thumbnail to figure out what is going to worry people or not. i'm not in the medical field at all but case rates go up and the fatality rates are going down and hospitalizations are going down when they opened their lock down they had people in the hospital and 51 days later they had 800 people in the hospitals. something is going well there. someone is trying to analyze and see if people are going to get worried. everything about this is confusing so the one thing that i would stress is for me, new daily cases does nothing for me

because everyone has been increasing testing over the last couple of months i'm not sure if that's going to continue over the neck couple of months and daily fatalities it's part of how we're learning how to treat this and then we'll ultimately be a humg part in gee fatality rate. >> everybody has gotten smarter and smarter about it thank you for joining us. >> you too >> despite the overall markets, big losses last week big tech is still the best performing sector year to date saying that for about a decade now. he is founder and managing partner and big tech and apple and first off on a macro level here and we're in a nervous part of the market. and the market is jumpy volatility and fix whatever is

up i think big tech is going to do better than the broader market i really see this as the pivot a, l point in the market there's going to be a fracturing between the haves and the have notes and take a step back and that is going to be the kind of the functional war installed ve will look into it's out paced the s&p and any other by 2.5 x a lot of strength with that company specifically but this fracturing in the market needs to come from previous strengths and more importantly what has the pandemic changed in terms of how we're going to live our lives.

i suspect that there would be continued concern. different outbreaks as we emerge and progress in the next few years and i think companies have been negatively impacted if you think about the airline industry for example. and multiple anticipation of that and i think companies that are benefitting exponentially from it. big tech companies are going to have a benefit to their multiple i have them down to a hand full of critical tech companies that i think are going to fundamentally change the world >> so i don't want to mention all my holdings here i think that one of the top holdings, we talk so much about it, i want to make sure that i am judicious and don't have any

skin in the game specifically. apple is going to be one of the topper formers hard to imagine this going to 2.5 and 3 trillion i think that it actually can and the simple reason is its become a foundation of how we're living whether it's from work from home, educate from home and health and wellness so i think apple is the best company and in terms of my personal holdings this one is more of a risky play but it was zillow. urban areas to more suburban areas and the numbers were just staggering the same month of monthly users and almost the same number 200 million as facebook does 220 million in the u.s. it's quite impressive.

and popped up and coming up despite the volatility investors seeing a boom in the ipo and coming up a number of other headlines on the radar this morning. including signing a contract european government, 400 million doses of its potential vaccine against covid. also disney says the theme park will reopen on thursday being closed for nearly five months. starting today, some apple employees will return.

worldwide exchange will return rit teth ghafr is

can i find an investment firm with a truly long-term view that's been through multiple market cycles for over 85 years? with capital group, i can. talk to your financial professional or consultant for investment risks and information.

talk to your financial professional or consultant hey! lily from at&t here. i'm back and while most stores are open, i'm working from home and here to help. here's a tip: get half-off the amazing iphone 11 on at&t, america's fastest network for iphones. second tip: you can put googly eyes on your stuff to keep yourself company. uh for example, that's heraldo. he's my best friend. oh, sorry nancy, i forgot you were there. get the amazing iphone 11 for half-off on at&t, america's fastest network for iphones. among the many challenges maybe the biggest challenge for many working families is simply child care according to bls nearly 62% of families with children have two paren parents employed and they were developed in some sort of child

care how does the industry reopen and adapt? it is an important topic we're early morning on the east coast of the united states i actually heard from a summer camp operator, some are trying to open up i know that camps are different but one of them said that the regulations simply made it basically impossible even if they are technically allowed to open are you guys able to get your schools open given the current environment? given the regulations? so they're open during this period of time do remember though that they did require us to only deal with

first responder children so we were down pretty significantly probably 75% of our average attendance we do expect though by the end of june to have 100% of our schools open i do want to be clear about a couple of things though. summer camp is a little bit different. summer camp is very focused on activities and sessions that we require interaction that is very different than a child care center so we agree with the pages we have no problem dealing with it and it is an additional plus. we think somewhere between 3 or 4% of margin but the truth of the matter is, it really is something that i believe is a moment in time that will change our environment in the long run. but the fact of the matter is we just do not see a significant

push back from parents as we reopen and as we get states to reopen >> are you seeing the parents step back richard? i'm sure that they're eager for child care but they must also have some qualms how much interest from the parents are you seeing >> it's really an interesting time i have been doing this for 38 years. i've seen multiple recessions to the tech bubble to september 11th and 2009 recession and i have that 38 years experience into it. we just never really took care of population that was unemployed despite the fact of having 13 or 14% unemployment, that was really never for it. so with the 80% of the market that's usually employed, while they have to work harder, the fact of the matter is they need

child care as states reopen and as a restriction has been relieved which has only happened the couple of weeks. we only had a 30 to 40% of enrollment, so at this particular point yes i do belief i should point out this 11 pages and many states many more pages, the fact of the matter is that safety and security procedure that's in place for the parents, for the staff, for the children, you're making the parents feel very comfortable and i think that it's just a matter of time as to the states reopening and allowing parents to go back to work and then providing child care right after that.

thank you for joining us. >> thank you so much. >> coming up, well-known unicorns are raising new capital despite current market uncertainty. so what does this tell us about the broader investment climate the broader investment climate we'll ask venture capital manager. a lot going on this morning. we're back after this. with a truly long-term view that's been through multiple market cycles for over 85 years? with capital group, i can. talk to your financial professional or consultant for investment risks and information.

try nature's bounty sleep3, professional or consultant a unique tri-layer supplement that calms you, helps you fall asleep faster and stay asleep longer great sleep comes naturally with sleep3. only from nature's bounty.

can i find an investment firm with a truly long-term view that's been through multiple market cycles for over 85 years? with capital group, i can. talk to your financial professional or consultant for investment risks and information. the etfs that track the market as well and again down a little bit less still a lot of volatility out there in the markets today the price of oil is down and there was another casualty in

the bank run sy market this morning. by 2:00 this morning, extraction oil and gas filing for bankruptcy it's a tiny company now. 200 million in market cap but $1.6 million in debt at one point it was at 23 and 24 bucks giving it a value of over $3 billion but extraction oil and gas, the latest mid cap oil and gas services company to file for bankruptcy. >> despite the recent volatility, investor interest in technology companies remains strong this includes the public and private markets. the quicken loans ipo, joining us now is the founder and managing partner and a great guy. it's great to have you on the program. thank you for joining us it's good to see you the venture capital world and

more porn how do you see it impacting it >> well, actually, it's been much more active than i would have possibly imagined all of us have gotten used to and have had to get used to. seeing young companies for the first time on a screen doing due diligence through phone and zoom contacts we have all become addicted to the screen and spent our whole day in front of it and probably will not be meeting it until the fall. it's put more discipline on doing our heavier due diligence and not taking anything casually if not that we did before but now we're being even more

scrutinizi scrutinizing and it's even better discipline into the markets and it's going to continue working actually. >> he was like all i do now is sit at home thinking about deals. i'm not wasting time on a plane or at dinner there's just so much more activity around there. >> that's absolutely true. i mean, we had no less activity at all and with how it finished today we started at 8:00 in the morning with our regular annual -- regular weekly visit among our offices and we'll have 40 or 50 people on and discussing i think there are three presentations today. so it's a very encouraging time and as you have said, it seems to have brought out of the woodwork a lot of ipos in the process which is even more

surprising i would have thought during this pandemic and the market being down and you would have had another down day that we would have -- that the window would have closed. instead, we're seeing the window open and i can only attribute that fact to the fact that there must be -- there is, a lot of money on the sidelines and people are looking for new names that will have witherred -- weathered the -- weathered, not witherred. we don't want them witherring. weathered the pandemic they benefitted like zoom, like peleton who are the poster childs of this period but there are a lot of companies that are people that are benefitting and you know as well as i do they talk about stuff

and that's been going on for a long time and i think they are seeing the light at the end of the tunnel. >> in crises sometimes there's force changed. one of the risks of this time. companies may realize that they can do more with less. even as economies reopen and people go back to work they're going to realize i can do much more with less it speeds change i guess is the short way of saying it how has this changed the kind of companies that you and your team are looking at. >> i think that those who figured out how to operate from home anyone that doesn't think so has their head in the ground it's going to effect travel for

a long time to come and real estate values and certain types of real estate and love the idea of the vitality of shopping and retail establishments and we were over retail in this country as everyone has proved over the years and do at home type activities and benefit house remodelling, gardening, the gardening stores where i am are packed. hardware stores are packed could they have been open now for a few days on the other hand, i think that we are not out of this at all.

i said on a later program on cnbc just a week agatha i think this recovery one should be very cautious about getting back into the market today and going into what could be still a head start we're still going to see high unemployment for a long time to come here. >> that's the risk in june of 2021 maybe not this year. don't be a stranger. have a great day and a great week, thank you. thank you for watching us here on worldwide exchange. we'll see you tomorrow squawk box is next between ideas and inspiration, trauma and treatment. gained a couple of more pounds. that's good for the babies. between the moments that make us who we are, and keeping them safe, private and secure, there's webex.

♪ ♪ beautiful. i geh. common bird.e. ooh look! over here! something much better. there it is. peacock, included with xfinity x1. remarkable. fascinating. -very. it streams tons of your favorite shows and movies, plus the latest in sports news and... huh - run! the newest streaming app has landed on xfinity x1. now that's... simple. easy. awesome. xfinity x1 just got even better with peacock premium included at no additional cost. no strings attached. just say "peacock" into your voice remote to start watching today.

we'll talk to dr. scott gautley. new pandemic rules for summer. plus china, out with upbeat jobs and retail data and a sign that the economy there started to pick up steam. it's monday, june 15th, 2020 and squawk box begins right now. >> good morning, everybody welcome to squawk box