it is 5:00 in boston your top five at five on a thursday morning stoc stocks bracing for another day of selling stock futures are down by 240. >> the fed looking to keep cheap money for the foreseeable future amid economic challenges and we'll tell you what it means for you. it may be summer but it is all about the snow snowflake surging as the biggest software ipo

oracle's deal for tiktok hurdles as president trump is not ready to sign off on the plan. >> and hurricane sally our conversation with the u.s. energy secretary coming up this is "worldwide exchange" here on cnbc good morning, good afternoon, good morning and welcome wherever you are watching. thank you for joining us on "worldwide exchange. now your money are setding it up for the day in the red stock futures at the bottom right of your screen we call it a bug, down 225 points on the nasdaq, the dow rather, the nasdaq down 118. it looks like big technology may

be happening it is early and futures are turning around right now, we are down across the board. the dow got a minor gain it was a different story for the s&p 500 which was a better measure of the market and the nasdaq has shed more than 1% the index has been dragged down by shares of apple facebook and microsoft also big laggards. snowflake open

raised from one day earlier. at one point, shares climbed up above $300 a share after pulling back a bit off about 4% at 243.88. a lot of people, they got paid we'll be back in minutes to tell you more about the ipo and tell you more when you hear the numbers, you are either going to start crying or go back to back i might do both. >> talking about holding rates we are seeing the asian markets in the red we are seeing similar trading in europe we are down across the board now to the latest involving the ongoing saga of tiktok

with days to go to wrap up a deal before the u.s. ban on the app kicks in, more going on. more on the morning top stories. good morning, frank. >> we'll get more into tiktok. bytedance saying oracle's proposal still needs approval by u.s. and chinese authorities president trump said yesterday, he's not ready to sign off on the deal he suggested the u.s. should receive money for this deal and also said he is not in favor of oracle receiving a minority stake in tiktok's u.s. business. he'll give a full report on the potential deal this morning. president trump said the u.s. could start distributing a covid-19 vaccine as early as next month those contradict earlier remarks made expecting a release in november

or december in limited quantities the house will push to restart a bill to help small businesses impacted by the pandemic reopening applications for the remaining $138 billion in the paycheck protection program. the plan may not see much movement in the house as house speaker pushs for relief plan. back to the macro markets. another day of selling is on top for stocks fed chair jay powell signaled the central bank will not be hiking interest rates at any time in the near future. >> we are saying that rates will remain highly accommodative until the economy is far along in recovery. that should be supportive in the economic activity. what does that mean for you and your money we are joined by chief market

strategist good to have you on here an important comment but i think it is a little confusing what does controlling price gains mean for our money try to price those together, please >> what we need to do is step back and realize what the fed is seeing to us is keeping that punch bowl out for years to come i think there was quite a disappointment yesterday what is important to keep in mind is that they are keeping rates low. remaining where they are now through 2023 that suggests that risk assets benefit. that there is an upward bias to risk assets because such

accommodative policy monitor risk profiles. that is the key take away from investors. what does this mean for super cheap money? flowing liquidity push to the energy market is just going to continue if you are a sailor, it could mean the wind will be at your back for a long time >> you captured it correctly the wind will be at your back. we saw this happen post crisis where the fed was accommodative for years. there was a great fear this time around when the fed acted in march, it would be temporary in nature what it told us yesterday, what it has been telling us for a while now is that this is not going to change anytime soon

this isn't a temporary situation. that should be positive for investors of risk assets and equities >> the federal reserve does have the right to change its collective mind at any time. what they say now may not be what they do in 2023 or 2024 people change. the membership of the federal reserve changes. we might have a presidential change which might change the fed president, who knows >> you are right, brian. there is nothing set in stone. typically what the fed signals is going to be similar to what the out come is. you can expect the fed will be very accommodative when it does decide to unwind, it will be gradual all of this means an environment that is supportive of risk

assets >> meaning equities. >> meaning equities, absolutely. >> is there some point where inflation becomes a risk we can have the argument all day long about, well the fed must not go to the growcery store or have kids going to college we all know there is inflation you and me know that is the case they look at numbers the point is, is there a point at which inflation becomes a risk >> we should always worry about inflation. historically, it is a way of spiking when least expected. i think it is unlikely we see any significant inflation anytime soon

yes, we are a wash in valuation. there is not as much spending going on from what we expect i know janet cares very much for the labor market and looked at that index the reality is that right now, there is a lot of slack in the labor market likely to produce higher inflation or significant increase in inflation. we are in good shape for now investors should always be worried and thinking about it. >> we'll end on some good news we've got a lot of people still unemployed and economic problems out there. but, fall sometimes develops opportunity. depending on your data, small business creation in many states is on the rise people are using this down turn to think about, maybe, leaving

the job they've got or maybe the job left them and creating new business the key to job growth is not small business, it is new business >> absolutely. this is creative destruction at work we've seen a lot of damage out of this pandemic out of the damage are rising phoenixs we'll see a lot of innovation. again, being supported by the fed. getting closer with a stimulus bill there are a lot of reasons to be positive right now >> futures are in the red. always appreciate your view. have a great day when we come back on "worldwide exchange," if there wasn't enough going on already,

opec meeting today but is there anything it can do to keep oil prices above $40 the wild ride for nikola shares roll on and one analyst steps up to defend the company. our latest look at executives buying up most of their own company's stocks one huge buy by one little talked about name. we'll see that coming up dow futures down 270 we are back after this ♪ you can go your own way

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opec is meeting again with the huge production cut still in place. there has been some talk they could increase production. the world is still a wash in oil and demand growth remains lousy. talking with clay. they track off shore oil one of the few people i've seen at a real meeting in vienna. i look forward to being stuck back in that darn stair well and some of those bad cookies. when you look at floating storage data, is there any reason to believe opec will change their plans anytime soon?

>> there is reason for them to consider it if you think of floating storage inventories and data as the leading indicator. you've got diesel and jet. we've got 30 million barrels of diesel floating around on ships. it is the fuel of factories and trucks that take things to market jet fuel, we are seeing 13 million barrels of jet in storage on the seas. opec should keep that in mind as they consider the market >> i'm sure they are with everybody we talked to said

china was buying it up why not. if you can store it for cheap, stock up the amount of oil sitting off the coast of china implies to me there could be a lot of inventory for a long time. >> i think you are reading it right, brian think about what has happened in china. from the chinese side looking at everything they get, the united states now accounts for 7, maybe 8% of total exports. keep in mind this has come from zero this trade didn't exist as recently as early this year. what was going on, if you rewind the clock to spring time, the world was a watch with oil the chinese companies kind of

went on a buying spree and picked up from different suppliers. later, you had this opec plus supply cuts. there were fewer barrels from saudi, other middle east, russia all including china. the united states has been able to maintain this interesting foothold in this market. there is a ray of hope for u.s. oil patch that has had some headaches of late. >> i would say the next couple of months, the path of least resist tense is down more than up what would you say

>> these are leading up and starting to squeeze refineries even though gasoline is a little better the floor of the deal would approve. that is marginally profitable. you'll be under pressure to reduce through put all together and by extension crude oil purchases. this is kind of the dilemma. >> it could be a wild fall for the oil companies as well. i'll tell you what, the minute they lift this 14-day quarantine rule, we'll all be on a plane to houston. >> sounds good >> appreciate it

coming up in a few minutes, we'll continue our discussion with our conversation with energy secretary dan brouillette. had an opportunity to speak with him earlier, you'll hear that coming up. still on deck, another big name company offering its out look on when employees may be returning to the office. here is a hint, it is not anytime soon >> announcer: today's big number, $820 million that's how much berkshire hathaway made yesterday on the investment in snowflake. the data cloud company closed up 112% from the ipo icpre. the 12th stock this year to more than double in its first trading day.

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let's check on some of the stocks you need to be watching today. herman miller is up sharply. no, it's not a guy an office furniture company stock is up 15%. the first quarter was hit hard with everybody working from home but retail business is better. why? we all had to buy office chairs for our new home office.

vaccine maker moderna up higher. and biontech buys site from novartis the company says the site in germany could be operational with an annual production capacity with 750 million doses. up 3.5% ahead. >> back on to the court. news on when college basketball may make its return for the season dow tufures are down 230 we are back right after this you're not using too much are you, hon?

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back in the markets. maybe in the morning stock futures down more than 100. shares of snowflake seeing plenty of green and so are the founders we'll show you how rich some insiders just got. our conversation with the u.s. energy secretary talking the global importance and why there may be more bankruptcies from oil and gas companies ahead. it is thursday and this is "worldwide exchange" ahead on cnbc

>> welcome back. good thursday morning. will it be five higher sessions in a row for the dow futures indicating markets may want to take a breather today. it did gain the fourth positive session in a row we don't look at the dow, we look at the other indices. both the s&p 500 are lower falling more than 1.5% the nasdaq shed more than 1% both the dow and the nasdaq being down by big tech apple with the biggest impact. facebook and microsoft were also some big laggards. >> highlighting top insider segment.

what five companies have the most executives buying the most of their own stock this week let's catch you down 5 to 1. a huge buy at number one a name we don't talk about much, if ever. number five, schluberger second week in a row oil services company popped up on the list baker fews with the insider buys last week. stock four, keuri dr. pepper a board member buying up $581,000 number three most insider buying retailer, guess. their ceo buying over $1 million worth of that stock. number two, igm biosciences, a board member there buying 30,000 shares with a value of

$1.8 million the most insider buying this week, a biggie public storage the director buying $8.1 million worth of the self-storage stock. the daughter of the founder, she is the richest person in kentucky and owns more than 17 million shares that is her first buy in markets in more than four years. the richest person in kentucky buying more than $8 million in kentucky we do this top insider buying segment every week we did it a day early this week. "worldwide exchange" exclusive speaking of rich people, today's big corporate story is, what else, snowflake. stocks surging in the public

debut much better than anything i could pick up with on the record. >> i said something about snowflake founders getting rich. who turned up the heat >> you need the gif that coincides with it. we can't just leave the viewers hanging like that? >> i'm already in trouble now

rescue the show. >> shares did jump for investors in the ipo equates to almost $4 billion left on the table that otherwise could have gone to operations. our own frank slootman was surprised. >> as it looks today, this is just a hot deal. we'll have to live with the consequences of that >> that $4 billion opportunity cost appears to be the largest for any company that has gone public in at least 12 years and even surpasses that of alibaba seeing shares jump 38% in the first day of trading the bulk of that offering sold off by prior investors this dynamic caught the attention early of bill gurley

who tweeted, in many ways, snow is the fiebl prove of just how broken the process is. some in the past few years have forced several unicorns to try different ways to go public. this week, open door went public and unity used a digital system to find out its ipo price and next week, the third and fourth companies to go public via direct listing which means the stock isn't issued or underwritten and causes investors to sell in the open market if they should choose to do so, brian >> let's go tick by tick on who made some money on snowflake's ipo. i was going to make it my rbi this morning sometimes with he see different data it doesn't matter if the numbers

completely matchup you talk about making it rain. some of these insiders, generational wealth creation >> there are many billionaires made even at the ipo price, they had decent proceeds at least on paper. on paper, a lot of people are subject to lock ups and are not able to sell from 180 days from the ipo. a number of holdings are where they are sitting pretty. frank slootman has been on the job about 18 months. holds 18 million shares of class b snowflake shares $3.9 billion is what that stake is worth right now some venture capitalist also made it very big yesterday -- >> hold on now

this is lame we've got that shv on our giant wall sutter hill ventures forget about that. this guy no one has heard of michael spizer he owns three times more than frank slootman does. i think michael spiezer made $10 billion himself. maybe it is on paper i'll take it on paper. i'll go out and buy a gold stock on paper >> you are right nobody had heard of him until yesterday. he was an early investor this goes to show you some of these seed investors would payoff he owns more because he's been involved longer. another person not on that wall is berkshire hathaway who was a very unique investor

they don't do this they haven't invested in an ipo at least according to warren buffett who said so, going all the way back to 1956 with thefo the ford offering. maybe ford was the 1956 version of snowflake >> but ford makes money. leslie picker, you are good on paper. >> thanks, brian >> see you soon. other top headlines, frank is here with those >> hard to top that back and forth. down to the news watching shares of nikola this morning. the stock popping 15% from the intraday low after an analyst defending the company and reiterated his overweight

rating f nikola has been under a lot of pressure shares up this morning deutsche bank telling u.s. employees they do not have to come back to the office until next july. they should plan a return to the office with their teams this coming monday. >> hurricane sally made land fall into alabama. cut a quarter of the u.s. gulf of mexico off-shore oil and gas. >> got the opec meeting today. thank you. speaking of oil and gas, we sat down with u.s. energy secretary late yesterday we had an exclusive interview. began asking about the many challenges and whether or not a steep recovery could be on the horizon. >> no secret this industry has

seen a down turn everything is off down somewhere near 30% that includes natural gas as well what we are looking at and what the excitement about with today's panel we are having here we'll talk to the industry about what is coming just around the corner post pandemic the demand for natural gas continues to increase at a rate that is astounding the exports out of the united states will supply roughly one fifth of the world's global demand this year, 2020 will be the all-time high of exports of natural gas from the united states very exciting times. >> it is the amount of projects is

incredible the question is how many of those are necessary. do you think jordan cove will get built and how many of those 20 plus facilities will grow indeed >> we are now the number one producer of natural gas and crude oil in the world larger than saudi arabia and russia plenty of supply we move past an enormous amount of demand. i'm glad you pointed out on the west coast, that is one of two we've approved on the west coast in alaska which will allow us to serve on the asian markets more

cheaply than we have been able to do so in the past. >> we were paneling today as we have been doing now in these virtual monthly meetings a lot of concern for oil gas is around off shoot of oil production are you worried? do you think as they start to bottom out down from the peek? >>i think it is. we start to see the traffic data and travel industry start to come back on line. we'll see the demand increase. that has increased to the bottom of sorts we are roughly 2.5 million a day off our peek somewhere around 11 to 11.5 throughout 21 next year.

>> but not back to 13 anytime soon million barrels a day. >> all depends whether that opens back up. as the president has pointed out a number of times, we are beginning to see states open up here we beginning to see states around the world open up we'll see recovery from around the world. >> that will not help some of the heavily endebited oil and gas firms? do we need to let capitalism and nature take its course >> i think those folks who wanted to avail themselves have already done so. some people got into the oil

production business got into a bad rate pushing into that production i think we'll remain the number one producer of oil and natural gas. >> i wrote a piece about 10 years ago arguing renewable energy will be a great job creator in the united states we've done pieces on rare earth minerals we have one opening up in colorado as well the alternative energy boom, if we have one is one that also benefits american workers. things are made here and installed here we protect that critical rare earth supply chain

>> what we are seeing not only in the pandemic and personal production issues, we see the same things occurring in the energy business. as the president is pointing out, our supply chain and technologies that require rare earth elements, force us to look into the united states, which is what we are doing here or figuring out more efficiently than what we are doing in the past for the entire lithium market. they are the monopoly player if we are to sustain the growth as well as other forms of renewable energy.

>> thank you for joining us. that was the no the end of the interview. we spoke about the resurgence of solar stocks you can watch that full interview on line at cnbc.com. check that out coming up, this morning's top trending stories including why new york city diners will soon be paying up to eat out dow futures down 225 we are back after this ♪ with a burning love inside ♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenow. the smarter way to workflow.

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welcome back fire marshal bill is back, kind of a big new edition to saturday night live. >> i love that reference to fire marshal bill jim carry will portray joe biden on this season of saturday night live joining a list of a listers. alec baldwin will reprize his role as president trump and another to play vp nominated kamala harris. >> and new york city restaurants will be allowed to add a covid recovery charge that can only

amount to 10% of the total restaurants will open in the city september 30. and both mens and women's basketball will begin november 25 by that time, at least 75% of d 1 schools will have concluded semesters or moved classes on line so a more controlled environment. just glad to see those back. >> so good, so far the outcomes have been positive if you are playing for fire, you are going to get burned. >> doing the whole thing but on a business show, i can't >> i can't remember anybody

better than carry. it is hard to top alec baldwin's donald trump if anybody can do it, it is jim carrie >> fire marshal bill if you don't know who that is, google it. on deck, three investment themes you need to watch the rest of the year dow futures are back after this.

welcome back good morning your next guest has the three themes you need to watch the rest of the year the chief investment officer it is good to see you again, the

u shaped recovery. i don't know why are you convinced that is the way to go. the u-shaped recoveryis in place. you can look at copper copper is back to mid-july 2018 levels the recovery is in place we are focusing on the you shape. the hit on the economy with the number of people working at homes is 95% of the u.s. population you look at the v shape and suggest we have a prepandemic growth we just don't see it on average, it takes about 33

months to get the prerecession growth levels. 11 million people unemployed this is terrible it is awful. i'll add one more. fourth, there is so much caution with a look at spending and goods and services people are skidish and scare of the virus. this is why we call it a u-shaped recovery rather than a v-shape. >> more market volatility. you don't necessarily see big declines in the market >> that's right we'll got grade

news with the stimulus, what the fed has done is phenomenal applied from a fiscal standpoint how much congress has applied. you grit your teeth a little bit. the virus's impact on consumer spending you look at retail stores being closed we are on pace for 26,000 closed stores now you look back at the bounce back from the lows the s&p 500 is up 50%. the same time from 2020 earnings we are down 18%. ford pe ratio on the s&p is 22 look at the faang stocks and you look at a pe of 37 and election uncertainty the stock market is really

disconnected from the real economy. the economy is definitely growing but not to the degree the markets are growing. >> the market is disconnected from the market. talking about 18 months ago, market structure kind of like a bowling ball on a pencil is how i described it where the top five or eight stocks are not a part of the market they are the market. apple had a market cap greater than the entire russell 2000 together is that dangerous or is that an opportunity? >> historically speaking, recessions have had a shift in the landscape. we saw them come out in the tech bubble similar to this point, we do

believe the market shift we look at faang stocks here to date the s&p 500 is up about six percent. it is a very narrow market we do expect it to widen the market needs a positive rotation interesting that it wasn't a risk off day we saw the market was down, the nasdaq was down. financials did well, industrials did well small outperformed large we like that >> great segment as well three themes we need to watch. in the queen city. a pleasure to have you on.

that does it for us. "worldwide exchange" is down in the red. "squawk box" picks up the coverage dom in for me tomorrow have a great day wherever you are. take care. give you my world ♪ ♪ how can i, when you won't take it from me ♪ ♪ you can go your own way ♪

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good morning the fed sending a message to the markets. no rate hikes for years. pointing to more losses after the tech-led pull back a summer blizzard on wall street snowflake shares more than doubling the biggest software ipo ever. president trump says he's not ready to sign off on oracle's deal to buy tiktok's u.s. operations and still looking for

ways the u.s. can get paid for brokering the deal it is thursday, september 17, 2020 "squawk box" begins now. andrew ross sorkin and joe kernen they brought kelly in to make sure we behave >> all the way to the studio >> you are in the studio >> she is in the studio. >> you are on delay. >> i'm in the studio this is my studio. that's fine. just know yo