welcome to allstate. where our new auto rates are so low, ♪ you'll jump for joy. ♪ here, better protection costs a whole lot less. you're in good hands with allstate. click or call for a lower auto rate today. it is 5:00 a.m. at cnbc. here is your top five at 5:00. a taper tantrum coming the fed could ease back the policy before the year ends. the biden administration giving the green light for booster shots for all americans as covid cases now begin to soar in d.c. and the northeast. the white house also taking new steps to try to get americans trapped in afghanistan out and the president suggests troops may stay past the

withdrawal deadline. robinhood with the steep fade of trading. and relief may be here for all of you trying to buy a car. it is thursday, august 19th. this is "worldwide exchange. good morning, good afternoon, good evening. welcome from wherever in the world you are watching i'm brian sullivan good thursday morning. let's get to thursday money. after two days of declines, the dow is a hair from negative on the month. we will go negative on the month if we stay where we are right now. dow futures are down a full 1% off 351. nasdaq lower on the percentage bas basis, but still up 126 points

why are we so deep in the red? if you asked three traders, you would get three different answers over why we are weak the fed is more aggressive hawkish. tapering reducing bond buying. you have new covid concerns. cases spiking in new jersey, new york, d.c. and the northeast or perhaps just normal august volatility remember, we have not had more than a 5% drop since october of last year. jon najarian and others will be here to talk about what they see. 10-year yields are moving lower. bond market down yields at 1.22%. crypto also hit. it has been a sell everything type of days lately. pretty much everything sold off. bitcoin down at $44,782.

the selling is not just limited to the united states the world seeing broad selloffs as well. particularly in europe look at all of the red on the screen france down 3% let's get the live trade and numbers and why we're seeing read with julianna tatelbaum julianna, that screen behind you says it all. >> certainly does, brian you talk about nearly everything getting sold that is what it feels like in europe a patch of green a handful of stocks trading higher it is a sea of red i want to put this in context. you saw a steep selloff in the u.s. yesterday european markets in contrast closed higher yesterday. closing up shop before the fmoc meeting minutes came through stoxx 600 down 2%. no doubt about it, we are seeing hefty selling.

it is a little bit of a catch up trade after resilient performance from europe this week this is what we are seeing every sector is trading lower. the most resilient is utilities. even that defensive sector down. we have cyclical sectors with the brunt of selling basic resources down nearly5%. retail down 3.6% household goods and autos. auto sectors down 2.7% we got interesting news from toyota and volkswagen. toyota announcing it will have to cut production by 40% in september due to combination of the chip shortage and the covid-19 situation volkswagen may need to cut production, but hopes bottlenecks will ease by year end. the chip shortage continuing to affect auto production brian, luxury names are selling heavy selling. nearly 8%.

on pace for the worst trading day since 2020 the lvmh trading 5.3% down this morning. one of the most beloved stocks we are seeing heavy selling in europe, brian. >> a lot of the luxury retailers. all down big time. a lot of red on the screen julianna, thank you. rising covid concerns are playing a role in what is happening with stocks. as new cases roll over in florida, they are popping in new york and d.c. and new england. now the biden administration talking about the booster shots. we have bertha coombs with that and more on headlines. >> reporter: brian, it is not a surprise, people anticipated this it is moving quickly

the biden administration and u.s. health officials will begin widely distributing the shots the week of september 20th the americans who received pfizer or moderna vaccines will get a third shot eight months after the second jab officials say johnson & johnson shot recipients will need a booster as well, but they are awaiting more data before making a formal decision. currently 60% of americans have received one vaccine dose and 51% have been fully vaccinated with both shots. meantime, shares of robinhood with a drop. following the first earnings report as a public company, the stock trading more than doubled in the second quarter boosted by the surge in crypto trading. the company is warning of the slowdown in trading activity that could hit revenue in the

current quarter. the uk court says the class action lawsuit against mastercard can move forward. the decision by the competition appeal tribunal which previously rejected the lawsuit will now allow it to proceed. that suit stems from the 2007 european commission ruling that interchange fees charged to retailers for card use and passed on to consumers in the form of higher prices broke eu competition law. that will be an interesting settlement, brian. >> it will not hitting the stock right now. up a tick. watching ma. bertha, thank you. let's get back to the markets and your money the selling is poised to continue and may be the end of the easy money party looking like it will start sooner rather than later let's talk more about this and

why there is one sector in the market that is still looking good emily hill founding partner at bowersock. emily, is there anything on the macro level that can point to why? maybe it is august or taper or why we have seen more selling the last few days? >> well, you know, i think there was a correction that we had to expect at some point after the rising market we have seen the last six plus months i don't think it is a surprise i do think part of the tapering had been priced in you know, in some ways, it is surprising that the market isn't down more. in the grand scheme of things, we think the bear market is likely in tact this is something that, you know, is frankly expected. a correction

>> yeah, we pointed out at the top of the show and we have before we have not had a 5% drop on the s&p going back to october of last year. so about nine or ten months without not even a correction. a minor selloff. it looks like, eh, we are starting to get some of that right now. would that be unhealthy in your view >> we consider it healthy. i think part of what is going on and i may have mentioned this before, back in 2019, the volume of retail traders in the market was around 12% that more than doubled during the pandemic you have huge numbers of investors and retail investors that are quote/unquote buying the dip. when you look at june when markets were down 1%, you saw retail investors pile into the market you know, the money like that that comes into the market fast

is also going to leave fast. i think if we had a correction that was relatively extended, you could see what i call hot money pull out of the market and lead to finally a healthy extended correction of more than 5% >> yeah, maybe the hot money cooling off quick. you know, what is it first in, first out? that is what you are thinking. >> that's it >> from the sector perspective, we have a story. i don't want to give too much away nvidia you are a big believer in semiconductors i cover oil and gas. you are telling me semiconductors are the new oil >> yes semiconductors are the new oil one of the things we have seen which concerns us as a possible long-term threat to global

economic stability is rising u.s./china tensions. that is directly related to the global semiconductor shortage. what you are seeing is a scrambling among countries to stockpile. the pandemic really led governments to realize that they needed self sufficiency with the vaccine, but with semiconductors which are critical to technology self sufficiency and development. we have seen a scramble for various countries to be able to produce their own. this overall industry, we expect revenues to double by 2030 it will be interesting to watch how that affects the sector overall. you know, the u.s. used to manufacture in terms of foundrys in 2000, we had 25% of global

manufacturing. that dropped to about 12%. when you look at high-end chips, semiconductors required for the most sophisticated technology processes, 90% of that is in taiwan which i don't need to remind you is still not considered or recognized as a separate country by china. those dynamics we need to watch carefully. the sector is a good prospect for long-term growth >> the communist party would agree about your comments about taiwan we are watching the semiconductor industry and the biden administration talking about the investments in the industry emily hill with bowersock. thank you. >> thank you, brian. to the latest on the tragedy in afghanistan president biden now reversing course saying american soldiers may stay in that country past

the deadline to withdrawal all with the furious race to save lives and get remaining americans out of the nation. defense secretary austin said over 5,000 people have been evav evacuated to far the pentagon said forces do not have the ability to reach those beyond the kabul airport the air carriers have been given the okay to get out of the region at the airport. dan murphy has more. >> reporter: brian, the u.n. ministry foreign affairs said ghani spoke in the emirates yesterday. he used a facebook video to deny reports he took large sums of money as he departed the palace. his decision to flee kabul to avoid bloodshed. he wants to return to afghanistan soon he welcomes the negotiations

ongoing with the former afghan leaders and karzai the situation in kabul is still tense. just in the past 24 hours, we understand the u.s. has been relying on the taliban to get americans and afghan allies to get past check points. the pace of the evacuations is improving, but still believed there are thousands of americans inside the country president biden now saying u.s. forces could remain in afghanistan past the august 31st withdrawal deadline to get every american out of the country. the white house is still facing intense criticism over what is seen internationally as a k chaotic and messy end to the wwa in afghanistan brian. >> thank you, dan murphy.

we are get justi getting started on thursday. the big money movers including nvidia with the surge all facing the shortage. and the back to school surge has teachers worried about the students emotional health. why car sales are finally showing signs of cooling off the housing market finally more affordable for you? we roll on dow futures are down 364 we are back right after this millions of vulnerable americans struggle to get reliable transportation to their medical appointments. that's why i started medhaul. citi launched the impact fund to invest in both women and entrepreneurs of color like me, so i can realize my vision and give everything i've got to my company, and my community. i got you.

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time for the big money movers of the morning. bonus five stock stories stock number one tencent. topping forecast revenue fell short of estimates as china is cracking down on big technology stock up 3.5%. stock two. cisco systems. sales above estimates. shares down 2% as it says supply constraints could linger next several months stock number three nvidia shares up 1% they posted better than expected second quarter numbers with

solid forward guidance and finally tale of two retailers that used to be one. victoria's secret after second quarter numbers fell short of numbers. stock down 8%. bath & body works is up. the companies used to be known as l-brands. they completed a spin off earlier this month. and disney may be granting the biggest wish of all for guests avoiding the long, long lines. that magic comes at a cost paying to jump the line. next on wex. ♪ music ♪ ♪ dream, dream when you're feeling blue ♪ ♪ dream, dream that's the thing to do ♪

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it is back to school time for tens of millions of students and teachers maybe not in the way everybody hoped for a few weeks ago as covid cases pop in new york and teachers asking for a virtual school option. all this as teachers remain worried about their kids and emotional and social well being. let's talk more about this with jacklin much ceo of hopeland. they have numbers out. jack, a pleasure to get you on i wish it was under better

circumstances. look at the results of the report 58% of teachers concerned that their kids will increased social or emotional well being issues going on into the fall what are the key headlines from the report >> thanks for having me, brian i think the key thing as we go back to the classroom is going back to the classroom. this stress and strain that students and teachers in the educational community experienced with the year and a half of combination of remote learning or hybrid learning or on-site learning has taken a social and emotional toll on students 86% of teachers believe we need to integrate a whole child development into the classroom, not just focus on their intellectual development, but

social development as well that 86% believe we need to incorporate social and emotional learning strategies into the instruction to ensure we get kids back on track >> of course, in the past year, we all know we had to adapt. teachers and schools and everybody had to adapt quickly kids had to adapt. we had to all learn on liline o hybrid some places in new york city say we need to go back to hybrid we don't know if other districts will as well, jack what have we learned from technology and the first few months of the school year -- what will it look like in the biggest school districts >> i think one of the things we learned is that on average , th average student is five months

behind in math and four months behind in reading. it is important the social gathering that is the classroom. returning to the classroom where a teacher will conduct a whole class discussion and students will pair up to do a math problem or group of kids work on science experiment together. that intellectual and social and what i call high-touch development is incredibly important. what we learned about technology, a year and a half ago, teachers were thrown into the deep end teaching in the classroom to teaching from the kitchen table. they went to being proficient quickly. we invested heavily in technology infrastructure over the lastyear and a half. i think what we are entering into now is a new high-touch,

high-tech era where we combine the best of the social gathering with technology that can really identify where students are on their learning journey and what they know and ready to learn next it is that kind of complementary capability in the classroom along with every student being outfitted with a chrome book or ipad >> jack, we know the last stimulus plan allocated $130 billion to schools and school districts. it starts to be paid out early this year through 2028 i think proposals are due at the end of 2023. school districts are thinking how to spend that money. do you think that money will go to companies like yours and technology >> i think definitely there is multiple needs out there

one is just stability of funding. i think overall, the american rescue plan in march, as you point out, brian is $130 billion going to k-12 districts. that is important. prior to that, the funding for k-12 is $70 billion in funding that is important as well. it will go to ventilation systems and infrastructure it is going to band width and it is going to devices as well as intervention programs like ours to address the needs kids have returning back to the classroom with pretty significant learning loss and using ai-based adaptive programs to help, you know, find kids where they are and advance learning which is an important part of the use of the funds

>> yeah, jack. not the start of the school year many hoped a few youew months a. i know everybody is doing their best to get kids back in the classroom. jackl lynch, i appreciate your time. >> thank you, brian. on deck, alleged insider trading at netflix what a now former employee did which caught the eye of the feds we'll be right back. dow futures off 317. big day. we're back right after this. i work for waste management, been there 5 years. we take pride in doing our job. we're so fortunate to have somebody like billy in our community. you looking good, like that hair, you got it down. i gotta work on mine. see you later darling. smiles are contagious. (laughter)

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fed heads have stocks in the red. futures are down big as concerns rise that the easy money party may come to an end sooner than some hoped is the red-hot housing market finally cooling down? what it is happening andhave money? jump the line. what disney is doing for families who pay up have a more magical experience it is thursday, august 19th. this is "worldwide exchange. welcome or welcome back. good thursday morning. i'm brian sullivan thank you youfor joining us let's get to the thursday money.

looking at the screens and futures are down dow futures are off 333 points perhaps it is concerned over the fed and the sooner taper, reduction of bond buying or new covid fears as cases pop in the d.c. area and northeast. maybe a combo or seasonal volatility we will have jon najarian next the s&p is up 3% over the past month. we are still higher than 30 days ago. it has been a solid year i want to get a look at the price of oil it continues to fall under pressure for a sixth straight day potentially facing the longest losing streak since february of last year. go back to the early days of the pandemic crude oil in the u.s. at $63

jud just under that at $62.94. let's get a check of the headlines with bertha coombs she is back with those bertha. >> brian, wells fargo reversing the course to end the personal credit lines amid growing backlash cnbc reporting last month the bank informed customers that revolving credit lines would be closed following the review. warning that could impact users credit scores. that did not sit well with customers. wells fargo now says it will keep the credit lines available for those who actively use them or want to reactivate old ones it will not offer the product to new customers. the s.e.c. has charged three former netflix employees with insider trading. the former software engineers and two associated made over $3 million by shaving confidential

information. it says the group allegedly made trades ahead of the earnings announcements between 2016 and 2019 and disney unveiling a new app aimed at easing the pain of planning the trip to the u.s. theme parks. genie will allow visitors to schedule reservations and pay for food and see current and forecast wait times. like anything good in life, that will cost you. the paid version of the app which replaces the fast pass offering will charge between $15 and $20 a day for the feature. of course, brian, that is on top of the $100 plus ticket you are paying for entry it's not cheap to experience the magic kingdom. >> yeah. pictures with the princesses and

giant turkey legs or whatever they are yeah, it's something bertha coombs, thank you very much pay up jump the line. now let's talk about real estate after more than a year of basically, panic buying in certain parts of the country, there are signs that housing demand may be finally cooling off. let's get insight with od eodet kushi. is it there are no houses to buy? >> we are seeing some soft earning in the market. context is important here. you see mortgage applications decline on a week over week basis and certainly from one year ago you are seeing inventory start to rise which is good news

with that said, inventory is rising from historical low inconvenient after is still low, very low and purchase applications are lower than one year ago which is when we saw the demand hit the market, they are still at 2019 levels which is the second best year in a decade we are still in a seller's market we are seeing early signs of softening. >> i think, odeta, you see my point. houses for sale. it's lime green with no windows. super post modern brutal it has some issue to it. inventory is terrible. >> absolutely. inventories are still very low you are still seeing bidding wars against the sellers market. the lack of inventory is an issue at the starter home lower price segment. the first-time home pbuyer looking to buy

still in a low home inventory environment. >> if you owned a home for years and you have equity or sell your house or buy a house some place cheaper or all cash. if you are a new buyer coming in with new equity, i hope mom or dad or your grandparents left you a lot of money you have to put down a lot of money. are you seeing cash buyers or are people mortgaging it all >> average loan size still historic highs first-time home buyers don't have the existing sale to bring to the closing table this market is challenging for that first-time home buyer we have seen growing affordable challenges as housing prices reach double digits. we may see some pull back from

the buyer on that margin which will result in modernization of home prices and fewer bidding wars and we start to maybe see the nominal house price growth start to slow. >> have you been shocked at the housing market the last year, odeta? we didn't know what to expect going into the pandemic. nobody did i'm not sure anybody predicted what we have seen the last 15 months in housing. maybe you did. >> yeah, you know, this was a service sector recession really disproportionally hurting lower-income renters home buyers were protected from this service recession those would be buyers actually saved money and we have the longer-run demographic demand of millennials aging into the home buying years and mortgage rates

hit record lows. it was a perfect storm that resulted in all of this pent-up demand flooding the market some of that has gone away and we are starting to normalize there is plenty of demand for homes. rates still remain near historic lows it is really about the lack of supply to meet that demand >> there is some homes, odeta, i put this up on social media. i was at aspen at a conference 5,000 square foot house. $13.5 million. is that your place >> perfectly price ed. >> the mortgage is $13,000 a month. i'll ski elsewhere odeta, thank you very much

$2 million a bedroom and a kitchen and i don't know $13.5 million. coming up, covid shedding more light on the short kocomess in the global supply chain now the threats making the problem even worse dow is down 300. we're back after this. does your vitamin c last twenty-four hours? only nature's bounty does. immune twenty-four hour plus has longer lasting vitamin c. plus, herbal and other immune superstars. only from nature's bounty. ♪ ♪ plus, herbal and other immune superstars. i had the nightmare again maxine. the world was out of wonka bars... relax. you just need digital workflows. they help keep everyone supplied and happy, proactively.

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welcome back to "worldwide exchange." one of the issues that popped up in the pandemic, among others, is the disruption. that is a drop in the bucket because of climate change. diana olick is here on the series of climate consequences >> reporter: wildfires in the american west, flooding in europe and drought in south is dropping sliceupplies from choce to others. >> there is no particular sector immune from climate change >> reporter: witness how the increase of the named storms

extended the areas of disruption dramatically this hurricane season is just getting started, but there are already climate related disruption for example, lumber. the canada company announced the western wildfires are significantly impacting the supply chain and our ability to transport product to market. as a result, we have short-term production curtailments at the saw mills. drought in brazil caused coffee to double in the last year and sushi rice 2/3 is grown in california which is having water issues due to drought and the wildfires. workplace disruption to lead to $2 trillion in productivity losses by 2030 according to the recent report from the u.n. development program. that is why businesses need to be pro-active. >> so, thatmeans being

innovative and creative and doing a lot of supplier engagement that you have not done before. >> reporter: students at m.i.t. did the study on climate change on mint for colgate and warned risk mitigation beyond the five-year plan and move to a 20-year plan apple will cut emissions to net zero by 2030 >> they looare looking at suppl chain partners and lowering risk to the disruption in the supply chain. >> reporter: now right now the top strategies to mitigate supply chain risk are bridging and bufferering. bridging the gap to make sure communication is strong and buffering supplies which means having some amount of products in reserve and having back-up

suppliers should main ones fail. brian. >> buffering a fancy word it seems buffering might mean there is big pop in places to store stuff that may not necessarily be at risk for certain things that you talked about from the climate there has to be -- we talked about housing. is it a warehouse boom >> reporter: i hate to say i'll bring it back to real estate warehousing is my world in commercial real estate the least sexy sector in real estate the boom in warehousing because of the change to tech e-commerce now we could see the same thing. more demand for warehousing as companies look to store more products you cannot do it with all products we could see that starting to happen always real estate >> you talk about not sexy didn't sharkespeare talk about it i think that was it.

i don't know warehouses are school. >> sounds like it. >> i have no future as a poet. diana olick, an important story. you cannot do anywhere without a new warehouse built on the side of the highway thank you. on deck, futures are tumbling down 300 on the dow is it all the fed or something else jon najarian is here with his insight. stick around tailor made or one size fits all? made to order or ready to go? with a hybrid, you don't have to choose. that's why insurers are going hybrid with ibm. with watson on a hybrid cloud they can use ai to help predict client needs and get the data they need to quickly design coverage for each one.

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with vitamins and minerals someone once told me, that i should get used to people staring. so i did. it's okay, you can stare. when you're a two-time gold medalist, it comes with the territory. staying up half the night searching for savings on your prescriptions? just ask your cvs pharmacist. we search for savings for you, from coupons to lower cost options. plus earn up to $50 extrabucks rewards each year just for filling, at cvs pharmacy. welcome back it is time for a little lesson in sector-nomics we are diving into a group that got a lot of love last year. utilities. one might say they are powerful

in 2020. now investors are a little more unsure let's bring in the man himself dom chu with the look at winners and losers and where they could be headed in a group that is a shot spot for debate dom, good morning. >> reporter: as the pandemic recovery began, we started to see a little more of the shift away from the utility stocks because people were bullish on the economy. now, in the month to date period so far we have seen in august with more down side volatility, guess which sector is the top perf performer? utilities. up 4% on the month to date basis as the markets show a little more faltering if you look at the overall picture, versus the s&p 500 on the year to date period, it has been under performing this year as more attention to economically sensitive parts of the market to benefit as the covid recovery, hopefully takes shape. if you look at the performance and what is driving the action in that particular trade for

utilities. you look at the utilities in the top. gainers of 2021. firstenergy, evergy and centerpoint and alliant now look at what has been lagging overall. some of the stocks within utilities have been a value trade. edison and pinnacle west and aes. edison is the only one in the sector that is negative. with utilities, it has been a diminished importance of the overall market because the overall market is smaller with the s&p. back to you. >> dom, thank you very much. time now you for the rbi today, it is on used car prices.

maybe, just maybe, a touch of good news for anybody out looking to buy a vehicle if you have been, you know the prices are off the charts high really any car that hasn't been in a flood, wrecked or smashed by godzilla sells fast maybe that is starting to change the manheim used vehicle price actually fell in the first half of the month the far right way at the top only dropped 0.81% it did drop. a small turn lower maybe we will see the market finally cooling off a bit. good news. unless you are in the market for a van. man, a lot of vans of fans their prices are up 25% year over year. far more than any other type of car, especially small cars compacts nobody wants them.

maybe this is the amazon effect. starting delivery companies or people going glamping. who knows? we'll call that a mystery machine. used car prices are finally, maybe, starting to rollover. maybe hold out just a bit. hopefully random, but interesting. now let's welcome in a guest who may or may not owned a van in central high school in minneapolis. hanging out with prince, by the way. market rebellion jon, co- kwfounder and cnbc contributor. jon najarian i like to talk about "purple rain" but we have to talk about the fed. is this the fed or something else 12k >> i think it is more than the fed, brian people over the weekend, obviously, we were all horrified by the scenes from afghanistan

horrified is never really a good thing in stock market. i think a lot of confidence sort of ebbed in particular, we were thinking, brian, we have that hand in addition to the fed, the hand of perhaps $3.4 trillion in the reconciliation act some of which would be, you know, rebuilding and so forth. you are seeing now things like iron ore prices plummeting china not as nearly as bullish and accumulative of that commodity. i think a lot of this is basically people haircutting that bill and they are saying, if confidence in the president has ebbed, we are not going to see a $3.4 trillion bill we may not even see a $1.5 trillion reconciliation bill because that's such a razor thin margin in the house and senate

right now, brian, i think the vix is up another 35% today. that's telling you a lot about how people feel about the market >> i guess you read my mind, jon. i was going to ask about the vix. i know the fed is going to get all of the attention i'm not trying to throw water on it the vix doesn't pop 20% because the fed is talking about a taper. if you don't know what the fed is going to do by now, consider 16 people a day talking for the fed every single day the vix is up and the market is down not because of the fed. i totally agree. >> yup it is up 42%, the vix was, through yesterday. just since last friday, brian, it was 15% or 19%. it traded over 20 yesterday. it is over 23 today. that is an additional 35% jump

overnight. that's letting you know that and that is nothing surprising out of the fed yesterday this is all about the potential for that infrastructure b bill being in peril. we were already hearing criticism of leadership with afghanistan and what it means for partnerships around the world. that is playing into investor sentiment and institutional investor sentiment a lot of block trading to the down side. >> oil is coming down as well. not fed related. quickly, jon, before we let you go, anything you are seeing on the up side? any positives? any opportunity you can throw out there for us >> well, continuing to focus in on the some of the health care plays. that is note worthy of the additional jabs that might be

going out from pfizer and moderna. >> jon najarian, i appreciate your insight and the take of the vix. jon, pleasure to have you on "worldwide exchange. my friend, take care. >> thank you that does it for us here on thursday for "worldwide exchange." we will see you tomorrow with the exclusive insider buying segment. we do it every friday. see you then have are gat day "squawk" is next >> announcer: sector-nomics is sponsored by spdr etfs sofi is a one-stop shop for your finances designed to work better together. save, spend, borrow, invest, and earn cash back rewards, all in one app.

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good morning futures are pointing to a drop of more than 200 points for the dow. that is better than where they were earlier

we did see 380 points down yesterday after the rough session on tuesday we're in the middle of something. why? fed minutes signaling the potential for tapering asset purchases before the end of the year is rising oh, no the fed might actually get out at some point. robinhood posting strong revenue gains thanks to the surge in crypto trading. also warning about the trading slowdown on the platforms. that is driving the stock lower in the pre-market. the white house unveiling the plans for vaccine booster shots for all. will a third dose soon be a requirement for getting workers back to the office it is thursday, august 19th, 2021 "squawk box" begins right now.