it is 5:00 a.m. at cnbc. here is the top five at 5:00 down 300 dow futures sinking. stocks broke a weekly win streak what is behind the move. oil is down. opec comes together in a last-minute sunday meeting to reach a production deal following the high profile collapse of negotiations breaking news. bill ackman's spac dropping the bid for the label. music like lady gaga and taylor

swift. the white house caught in the war of words with the president saying facebook is accused of killing people with the vaccine. and providing little relief for home builders. we gear up with the latest red hot real estate sector it is monday, july 19th. this is "worldwide exchange. good morning, good afternoon, good evening. welcome from where every in the world you may be watching. i'm brian sullivan thanks for starting your week with us here on "worldwide exchange." i normallysay happy monday why not? it is monday it is looking like a rough one for your money and investments to start the week. dow futures are down big off 360 points right now taking a turn lower in the last 15 minutes check the dow futures on

cnbc.com 30 minutes ago, down a tick not much suddenly we are seeing a big drop off not exactly. to be blunt, not sure why we are seeing the turn down we are certainly going to talk about it as the morning goes on. stocks coming off the first negative week in a month nasdaq with the worst week since may. inflation fears rearing again and around data and lockdown and covid concerns with the variants we will find out what it means it is moving bonds as well as stocks go down, the yield on the 10-year continues to drop as well 10-year yield at 1.26% i guess if you want to find silver lining, good news for any of you out there trying to find a mortgage rates should see softening as that yield has come down it is not just stocks and futures headlining the news to begin theweek. a lot more going on.

including what they are calling freedom day in the uk. who better to bring you all of it is contessa brewer. >> good morning, brian breaking news overnight. bill ackman's spac a dropping the deal to buy 10% of vivendi. the board decided not to proceed with the purchase after the discusses with the s.e.c pershing said vivendi is not left at the altar. it will be a long-term shareholder of universe after the public listing don't miss bill ackman on "squawk box" at 8:00 a.m. eastern. and the biden administration is talking about vaccine misinformation the surgeon general murthy said companies fueled false

narratives about the safety and effectiveness of the jabs. platforms like facebook are killing people by allows misinformation on the services facebook pushed back over the weekend and said, look, it is not the reason the biden administration has missed its vaccination goals. england is entering a new phase of the pandemic. starting today, almost all virus restrictions are being lifted despite a spike in covid cases due to the delta variant prime minister boris johnson and his top official are self isolating because they had contact with a cabinet member who tested positive for the virus. we have conflicting push and pull trends in the uk, brian >> 150,000 screaming fans at the british formula 1 race at silverstone yesterday. when you look at it, contessa, you hear one thing and see another.

it is confusing. ee see you in a few minutes >> okay. to your markets and your money. it could have been a sleepy summer monday and now anything but. dow futures down 300 points perhaps on concern of the new lockdowns in the u.s. like california and the world the delta variant, et cetera, and all this with the earnings out this week. imb and united and chipotle and netflix and intel. look at that another busy slate let's talk about all of it together and get a view of the trading week ahead and bring in josh wein. portfolio manager at hennessy funds. i wish it was different with the story. you are a long-term macro guy. i get it off the top of your head, any clues why dow futures are off 300 to start the week? anything screaming at you with the headlines? >> nothing screaming at me i think there is the whisper or

the loud whisper of the delta variant. it is not bullish for growth and not here, but more so overseas we had the weekend to mull that over and the reaction in the bond market is quite apparent. the bond market is telling us the growth is going to moderate. above trend. as we expect the bond market says it all. slower growth. we borrowed growth from future >> i guess, josh, is there a risk to at least a temporary reopening in parts of the u.s. or the world that would seem to be the one thing that is kind of out there as concerns grow over some of the variants >> right i think that we put the cart before the horse in this country, it has been a great story of reopening we're seeing that we're not done yet. you know, the russell 2000 off

6% or 7% this month. that has told the story of a little bit of moderation of growth we will see what this means for inn app inflation. there is no new news in my mind. the weekend didn't help people too much time to think >> yeah. listen, we have to be careful. case counts on the rise. hospitalizations in certain areas. we know the stats. let's be honest. if you are vaccinated, you are not quite 100% protected, but the numbers have been solid, particularly against symptomatic or severe illness. that is good news on extrthat we will reopen fully if we haven't already. you will buy stocks now for then if we see a down move in markets, i assume you are a buyer. i know from reading your work, i know you are long-term bullish >> right

the 10,000 view is the s&p and russell 2000 at 20 times forward earnings 5% earnings yield in the back drop of the 1.5 year that is compelling for a while that spread is before where we started. we will not react or overreact the back drop is quite positive. you are right. absolutely >> is there a certain part of the market that you find more valuable right now maybe slightly under valued or more to your liking or stock here or stock there? stock pickers market >> it is always a stock pickers market i would go midcap. growth overseas is, you know, a bit delayed from where we thought it would be when vaccines are rolling out midcaps having a tough month

5% earnings yield. the back drop is a little bit more exposure to u.s. revenue streams in the midcap space which could be a positive in this environment as we look to get things open on a global basis. i would point out $7 trillion in cash of the balance sheets of the s&p 50 the m&a we saw zoom making a merger deal today. we don't see a ton like when we wake up on monday morning. the financial buyers $1.6 trillion on the balance sheets midcaps are in a nice area. they fly under the radar of anti-trust which is a bigger thing with this administration i would look at midcaps and meritage homes and mattel as we

near christmas in six months or five months. very attractive valuations >> meritage homes and mattel the midcaps and the markets are ignoring regulatory risk josh, we appreciate you coming on and kicking off the week. see you soon >> thanks, brian. all right. there is so much ahead on the busy monday, including opec. can the group really keep together and control prices or will the u.s. start ramping production again helima croft is here. and bay eijing threatening retal retaliation over hong kong. and josh talked about it zoom shelling out billions to move beyond video conferencing who they are buying for a really big number.

dow futures off 330. we're back right after this. specializing in projects like this. and this and this. everything was business as usual, until... urgent. need new contractor for town arts center development project asap. is lefranco construction in? if he was gonna pull this off, he needed to rent another crane. like, yesterday. so he turned to his american express business card, which allows him to pay off his balance over time. and boom. crane time. contract signed. art for all. get the card built for business. by american express.

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now. that is the growing tension with the biden administration and beijing with the white house now sending a warning to the american business community about the increased risk of operating in and around hong kong it is the latest move and precarious relationship. one that could impact u.s. business directly and our relationship with china. let's bring in dewardric mcneal from longview. good to see you. this could play into the markets right now. how would you characterize the state of u.s./china relations right now? >> thanks for having me on, brian. listen, we are witnessing what it means to be in a real battle for dominance. it is having a whole of society impact, especially societal impact on how businesses can

transact and cross border relationships. i'll tell you, the tech sector, unlike any other sector and the knowledge based economy is squarely in the targets of both countries looking to try to submit dominance and continue to build and grow and innovate and protect the technology sector. brian, it will impact everything of how you do business and where you do business and what you can invest in as a business. >> it feels, dewardric is the big tech wall of china i feel like there are two internets built or if not built around the world that is china, which has its own controls and largely it's own companies. no twitter no google. you have the rest of the world do you see that getting worse or is there something that our administration, their administration can do to bring

those together or do we need to do that? >> that's a good question, brian. i have been saying for a while now you that the relationship right now which is really based on a strategic mistrust of the intentions of the other. it really needs a mechanism for managing us through the turbulence many people feel we are getting toward a vulcanized internet this is not good for anyone. this is one the key he things we try to discuss when we can get that dialogue mechanism in place. >> it matters. you are a long time senior policy official around the world. we talk forever in the markets don't worry. we'll have access to 1 billion chinese consumers growing toward

an upper class and middle class and purchasing power and buying power will provide the next leg up for u.s. companies. there are many doing well. general motors, for example. selling more cars in china than here outside of that, dewardric, it is you cunlikely that the u.s. not have access to those consumers. >> i think you are right listen, it is important to note we want our businesses to do well china has its own businesses china wants its businesses to do well, particularly in the chinese market increasingly, even in third markets that compete in the u.s. if you have a long-term assumption to dominate the chinese market as a western company, as tech or knowledge based company, it is time to readjust the assumptions brian, there is a battle in china to become less dependent

on western companies and western investmenttech chinese wants to amplify in its own market some companies will do well. i hope they do well in china a 30-year plan to dominate the market is not going to happen. >> and what's not going to happen in the near term as far as i know, dewardric, is a big person sit down with president xi and president biden you see the handshaking. not right now. just a bunch of war of words dewardric mcneal, thank you. >> thank you, brian. you're welcome now to the news that broke from opec sunday morning. the group holding a sudden last-minute meeting and was able to secure a new deal to raise oil production from the member countries and opec plus group. that meeting was a continuation

of the meeting that began all the way back on july 1st it was scut tled after a few day as opec and the uae could not agree on baseline production numbers. they agreed to boost production by 400,000 barrels per day beginning next month and allowing the uae and four other nations to raise their baseline production numbers next spring production increase will not likely impact oil prices that much this deal was about more than that it was opec showing it is holding together -- we were on the sunday morning press conference i asked the minister about what the deal might mean for the group. >> i am a believer of opec plus. so shell just shared with you. opec is here to stay

we have been and there is nothing that can be better to demonstrate how effective this has been not only within the benefit of the member states, but also to the other producers and other consumers and more the industry >> now it wasn't just from the saudi side there were real concerns of opec fracturing if united arab emirates left of the group that is not going to happen as evidence by the uae minister's appearance on the conference and answering a question of their commitment to opec as well >> uae is a committed member that is our duty and at the same time, we in saudi arabia and all of the countries, many countries out there with their own initiatives that were transition to renewable energy. >> on the back of all this, oil

prices are down this morning a couple of bucks. retreating on global growth due to the rise of the delta variant in asia and elsewhere. they look to add barrels, gradually, to the market we are seeing crude oil back under $70 in the u.s the next meeting is september 1st. for now, opec does appear to be holding strong we will get more with helima croft in a moment. but, is this a move too far? democrats and parts of congress pulling the proposal to help pay for it all we are back in a moment. dow futures down 342 crypto is down as well the sun is coming up gus there's that we're back right after this.

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for the love of community. for the love of progress. citi. welcome back we will get more on the markets and your money in a moment we have to check the top headlines. including devastation from absolutely terrible flooding in many parts of europe phillip mena is in new york. >> good morning, brian clean up in germany. the area was hit with three months of rain in 24 hours causing the worst flooding in half a century neighbors and strangers working together to try to clear out the debris as rescuers search for

the hundreds more still missing. days away from the start of the 2020 tokyo olympics. signs of trouble on the world's biggest stages three athletes tested positive one is 17-year-old american coco gauff who has now dropped out of the games. and in great britain, one young american brought back to championship status. collin morikawa secured the open championship the second major in eight appearances in the golf grand slams. he won the pga championship last year, but no spectators were allowed. he got to lift the claret jug with fans in the stands. >> the fans are back congratulations to collin

morikawa he should watch cnbc to help with his phillip, thank you. on deck, helima croft is here to layout the sunday surprise from opec's meeting and more oil put on the markets. we will talk about that with helima coming up dow futureyodos u wn 300 we are back right after this power your thing... above everything? you decide fast... is never fast enough. you put muscle over matter. and you make horsepower... a superpower. ♪ welcome to the brotherhood of muscle.

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a weak start to the week futures sinking more than 300. tech stocks down as well with rising tensions with china and global lockdowns spooking the market. opec comes together to show solidarity helima croft is up next to make sense of it all. here you go. the return of the mask mandate los angeles area residents deal with the new orders with the rising case numbers. it is monday, july 19th. this is "worldwide exchange. welcome or welcome back. good morning i'm brian sullivan thank you for joining us here on "worldwide exchange. i wish we had better news to begin your week. there is, as you see, the red on

the bottom corner with a drop of futures. dow futures down over 300. just under 1%. tech faring better nasdaq futures down .40% all of this as we he come off the first losing week since may. more on the markets in a moment. right now to the other top stories on monday. contestsa is back. brian, los angeles putting a new mask mandate in place. everyone in l.a. county is required to wear face coverings indoors are regardless of the vaccination status other counties in california are urging people to wear masks inside, but stopped short of making it a requirement. one of the negotiators on the bipartisan deal say

lawmakers dropped the plan for irs enforcement to pay for the plan rob portman said it was a point of contention. monday morning deal news zoom is buying five9 for $14.7 billion. that is $200.28 per share. a 13% premium to friday's close. this had, by the way, is zoom's biggest acquisition and the biggest tech deal we have seen one more note here, brian. it is a momentous occasion today. it's your birthday i've been told 50 we are the starting mark for the second half. although, brian, you know researchers say the first person to live to 150 has already been born it couldn't be the start to the

second 2/3 maybe it is you? maybe you are the person to live to 150 >> first off, thank you, to you, and the team and everybody out there. jason and evan and angilique adam, ralph, everybody who makes the show happen every day. thank you to everybody for that. i don't know if i want to live to 150 you know, i feel like it doesn't feel that different. it is a scary number i woke up. opec blew up the weekend i woke up this morning and thought it is not too bad. >> doesn't it feel like it did yesterday? 49 and 50 kind of feel the same? >> it kind of does except for the 2:45 a.m. alarm contessa, thank you very much. i appreciate it. thank you, contessa. i appreciate that, everybody. all right.

blushing here. i'm not going to lie let's get back to the key market story surrounding opec plus. securing a new production deal during yesterday morning's last-minute meeting. happy sunday to us opec plus allowing the uae and four other countries to raise their baseline production numbers. this agreement was about more than that. let's talk about it with somebody else who is up early on a sunday morning with me yesterday. i believe also is celebrating a major birthday soon. how about that for a sunday surprise, helima a zoom call at 7:00 a.m. with o opec >> i know. i think it is a really important meeting. you said it, brian they came together they came up with a properducti increase plan. the group signalled they are not breaking up any time soon. that was the fear over the last 17 days. have another rerun of what we saw last march when the group

could not agree and put barrels on the market at huge quantities the band is staying together for now. this iskconstructive agreement for the market >> it was a love fest. you had the uae representative on the call. he normally is not on these virtual, of course, in person he is he hasn't been profiled in the virtual over the last year he was on the entire call. he took questions from me, from you, from others it was we're committed we're committed. we're friends. that's why it is a little surprising to see opec oil reaction this morning. that risk of the every nation for itself does seem to be off the table for now, helima. >> absolutely is off the table i was struck by the uae oil minister's continue yalcontinua back together. we love each other

this is a renew of opec plus vows you normally have the russian minister on. he sent a note saying i'll do whatever you want. salman said i'm good with everything it was a love fest for opec yesterday. there are lingering concerns of delta variants is this too many barrels on the market we think the market can absorb the additional 400,000 barrels per month. we are watching the could you have covid story this is a constructive agreement. >> it is to your point, what are you seeing on demand, helima i know 400,000 barrels a lot of oil to most people for a global market ingesting 100 million a day, it is not even .50%. >> u.s. demand is going gang busters. this is driving demand in the market inventory has fallen to the lowest level since 2003.

this is a market that is supported by the u.s. and u.s. drivers. there has been some recent softness in chinese buying we see refinery runs there even in india which has been hit hard by covid. signs that end-yuser demand for oil is picking up. the market looks like it can take the barrels what is really important, brian, as the saudi oil minister said, we meet every month. if there is a market that is bearish, we can pause. they have flexibility to deal with the market. that's why the agreement is important. they stay together until the end of 2022. they will meet every month and adjust as needed >> the questions i get from viewers or people on twitter or social media or in public, what is the u.s. going to do? are u.s. producers start to produce more barrels because oil is at $70 again.

it will drive down the price when i look at the numbers, i don't see it happening only because a lot of companies are hedged out in the mid-50s. they are not profiting they don't have the capital to ingest we have the rbi and this is on later on what do you think will happen with u.s. producers, helima? >> i think we will see modest growth of u.s. production next year these companies are still remaining very disciplined we will actually really need those u.s. barrels i think what is interesting is a cou couple of years ago, shale will kill the rally i don't think the u.s. production will kill the rally we need those barrels next year. this is not a story where shale, i think, will spoil the party. that's always the big concern. i think the biggest concern is opec breaking up and we have 5.8 million barrels thrown on the

market that is tabled for now >> it has with the sunday meeting. a lot of words like we're committed and we're friends. we're all together helima croft, you are committed and we are friends we appreciate you coming on. >> happy birthday, brian >> thank you very much i know yours is coming up, helima happy early birthday, too. >> thank you coming up, it is, i know -- it's the hour. it is not just oil lumber getting whacked as well so, why aren't builders seeing a lot of big savings diana olick is here with the answer. plus, from autos to smartphones. nearly every industry is dealing with the semiconductor shortage. we'll talk about what it means for chip stocks and your investments coming up. dow futures are off 300. we are back after this sofi is a one-stop shop for your finances

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need better sleep? try nature's bounty sleep 3 a unique tri layer supplement, that calms you helps you fall a sleep faster and stay a sleep longer. great sleep comes naturally with sleep 3 only from nature's bounty all right. welcome back stock futures are down 329 nasdaq futures off crypto is down as well bond yields at 1.27% a lot of stuff in the red this morning. one big thing that remains red hot is housing it is soaring nearly everywhere. builders can to the build homes fast enough. this morning, we get a big read on that with the monthly sentiment numbers. they hit a record high at the

end of last year recently have been falling a little bit all despite continued demand for strong homes let's find out diana olick is joining us with that diana, good morning. >> reporter: good morning, brian. home builder sentiment is down from the record high of last year builders blaming higher cost and declining availability for lumber lumber is down 50% in the past two months the savings are not trickling down to builders or consumers yet. the cost of other materials sky rocketing. lumber is up and osb engineered wood for panels is up 325% year over year due to supply chain issue issues lumber futures take fall and that doesn't translate into the home buldilder. prices paid by builders or

street price were sticky because of the dealers carrying costs and very large differences at the price of inventory is bought and sold retailers want to buy low and sell high. they are selling the inventory they have at higher prices despite the futures market also, given soaring demand and supply chain issues, inventory is low anyway. why would they lower prices? one supplierin massachusetts said they are still in quote price discovery mode when do builders and homeowners get relief when mill prices stabilize, prices have to lower the average cost after the epic run-up we he s saw. brian. >> this is important the idea is if you are a potential home buyer, new liab ly built home, that does not

mean your prices are going down that you pay that is the futures market >> reporter: exactly it is just what you said in the beginning which is the builders have such a high backlog so many homes they already sold and haven't started yet. their prices are going to be high again, cost for other materials are high the consumer is not going to see it if you are remodelling, it will not trickle down one more thing to note, brian. take it from somebody who knows. everything becomes more fabulous after 50 happy birthday >> thank you very much, diana. i appreciate that. i think you are right, by the way. i feel that way. have a great day from housing to another red hot sector that is semiconductors taiwan signaling it plans to build new factories in america and japan to meet the

post-pandemic surge on semis everything has a semiconductor in it these days except lumber all this with intel in talks to buy manufacturer global foundries in a blockbuster $30 billion deal for more on the group, let's bring in patrick ho who is covering the sector stifel they cannot get new cars because they cannot get the semi conductors for the cars. do you see any easing on the supply/demand imbalance any time soon >> good morning. i'll throw in a happy birthday to you, brian. >> thank you >> in terms of the improvements of the semiconductor marketplace, i think this shortage crunch will last at least through the end of the year and probably into 2022. i think the thing that investors have to remember is as these

companies are adding capacity, csm or intel getting into the foundry marketplace, the capacity doesn't come on right away you have to buy the equipment, get it installed and qualify. that takes time. the shortage will persist through the end of this year and into 2022. >> you think intel will make that deal, patrick, founderies >> i think that is interesting, brian. actually, retennentering the ma. i have confidence in the strategy i believe the ceo bringing back the old tactics and the old strategic vision of intel and

leadership and manufacturing prowess. that makes the factory business better this time around. adding global founderies would allow them to move forward today. to get into the automotive and smartphone market, it would be a good fit for intel there >> it is a bit of a confusing world. you have chipmakers. you have foundaries and equipment. they all do different things sometimes they complement and sometimes they are not you said a deal for global foundaries could be ten. what is it and why do they benefit from consolidation at that level >> in my view, the biggest

beneficiaries is the equipmentmakers and i believe they are at the early stages of growth secre secular growth we are seeing the semiconductor demand you mentioned automotive that is one marketplace. data centers high performance computing a lot require semiconductors we don't have enough capacity today. the biggest beneficiaries are the largest companies with applied materials that will be able to supply a lot of the chipmakers with the capacity to meet the increase in demand. >> patrick ho, stifel. it impacts cars to can openers atthis point patrick, thank you for the birthday wishes. i appreciate that. >> thank ou, brian. coming up, rbc's amy wu

silverman is recommending something called stock replacement. and your morning rbi it is all about oil and the question of will history repeat itself with american producers drilling more and potentially crashing prices again. survey you have to hear. if you haven't already, follow our podcast it's called "worldwide exchange." it's on all the platforms. dow futures are down 300 we're glad you are up with us. we are back right after this need better sleep? try nature's bounty sleep 3 a unique tri layer supplement, that calms you helps you fall a sleep faster and stay a sleep longer. great sleep comes naturally with sleep 3 only from nature's bounty

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this is cynthia suarez, cfo of go-go foodco., an online food delivery service. business was steady, until... gogo-foodco. go check it out. whaatt?! overnight, users tripled. which meant hiring 20 new employees and buying 20 new laptops. so she used her american express business card, which gives her more membership rewards points on her business purchases. somebody ordered some laptops? cynthia suarez. cfo. mvp. get the card built for business. by american express. today's rbi has to do with one of your top stories. oil. opec deal to increase production if you missed it, they will add 400,000 barrels a day to global prod production it sounds a lot. it isn't demand is jumping 2 million per

day going into next year assuming covid restrictions don't hit. there is a concern that american producers will do what they have always done and surge production,s thus, crashing prices according to a survey, that is unlikely we have relationships with the approximately 400 investors and close relationships with 100 approximately one is willing to give new capital to oil and gas investment think about that one in 100 or more basically, 1% or fewer would fund new exploration for oil and gas companies right now. if they need it outside funding. 1 of 100 many of the companies are hedge

in the $50 range they are not capturing price there is not a lot of money floating around texas to pay for a bunch of new drilling. time will tell it sure is random, but interesting and maybe lead to higher prices if demand continues to go up it doesn't appear to be a lot of demand in the equity markets. dow futures off 300. joining us to talk about this and stock replacements is amy wu silverman of rbc investments like i said to the guest at the top, you are a macro you are not a day trader is there anything you are seeing on the screens or headlines that is screaming dow futures down 300? i'm not going to lie i have no idea why futures are off 300. >> yeah, no. that's a good question when i was checking my screens this morning, i will tell you the one thing i thought was

interesting is i was looking at the companies that are reporting just for this week where is the most bullish options sentiment in stocks reporting this week? that is one. netflix. netflix is part of the broader faang basket which is the only small cohort that still has positive option sentiment during the whole selloff. i think that is interesting. it is august 2020 deja vu in terms of the playbook going back to the really secure mega cap tech growth names. that is where we see the bullish options sentiment. everywhere else's is quite bear i bearish. >> you bring up an important point. i'll not toot this show's own horn in the past, amy, we have talked about the concept of market structure.

how options are driving so much of what we are seeing. your point is well taken it appears for whatever reason, the sentiment swapped to the negative on the big options. do we know why that sentiment may have shifted >> yeah, you know, i think it is part of the whole rotation and rerotation theme we joked in the weeks leading up to this week that this was one of the most unloved rallies we've ever seen. the reason i say that, brian, is because equities skew. the demand pick up in hedges was essentially reaching all-time highs. at the point where the market was going higher and higher, people wanted more and more down side protection to the point where we were actually at levels that were even surpassing the height of the pandemic last year, which i found really staggering you are starting to see that actually play out now. what did people do

they go away from the value cyclical names names dependent on the reopening trade and go back to the favorites which is the covid-19 safety names apples of the world. netflix, et cetera there's one nuance i like to point out that i think is very different this time around which is the other momentum names. cathie wood ark funds or tesla these are completely broken down this is really just your apple and amazon and mega cap tech it is no longer amazon or tesla. it really is showing safety. >> and it is probably a positive because tesla, as we have said, is not only one of the most important stocks in america, but the most important stock with the options and derivative and delta i and strategies around that name.

really important points of market structure and options amy wu silverman you laid it out. i appreciate it, amy >> thank you all right. you're welcome we wrap up on the busy monday on "worldwide exchange. "squawk box" is up next. dow futures are down 309

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good morning all right. futures pointing to a 300 point drop at the open two-day drop of 600 points in the dow after the first down week in the major averages in a while. on top of all that, the 10-year yield as low as 1.25 do%. it is 1.26% right now.

worry galore we have a deal opec and allies. crude production sliding on that news. pulling the plug bill ackman backing out of the spac of the 10% of music andrew was even having a hard time explaining it let's just not we have details and interview with mr. ackman. it is monday, july 19th, 2021. "squawk box" begins right now. good morning welcome to "squawk box." i'm andrew ross sorkin along with