it is 5:00 a.m. on wall street and here's your top five at five stocks set to fall big time, dow futures down nearly 500. this after markets have just done something for the first time in nearly a year. adding to global concerns a potential lehman brothers moment for a part of chinese economy as one of the biggest property developers teeters on bankruptcy while asia falls one red hot commodity is soaring and hitting consumers right where it hurts in the wallet.

facebook fighting back, responding to reports how it deals with issues from vaccines, hurting kids' mental health. later on we're kicking off a special series, go big or go home with one of cnbc's favorite stock pickers. this is "worldwide exchange," monday, september 20th good morning, good afternoon, or good evening welcome from wherever in the world you may be watching i'm brian sullivan, hope you had a great weekend. get ready, because it could be a lot of news today and a lot of selling in the markets futures right now are down really the most that we have seen at this hour, any time this year all the major averages are down more than 1% dow futures down nearly 500, off 486. nasdaq down 153.

now stocks had already been weak coming into this week with the dow posting its first three-week losing streak since september of last year. all three major averages are now negative for the month but as always, remember context is key all still sit less than 3% below their all-time highs we're not even close to an official constrrrection but the markets all down today, the futures off nearly 500 like we said. part of the week this year selling from a stem off overseas, hong kong in particular most of asia is close today for a trading holiday but the hang seng was not as it fell 3% with evergrande group getting hit closing in on a possible debt default as soon as this week

if it cannot pay interest on the 300 billion in debt that it does own. now you may not be familiar with that company, but trust us, it is big, and some major american companies, goldman sachs, pimco, fidelity all have some financial exposure to evergrande group you can see from the charge, not only asia but australian companies falling as well. it's the mining names not just real estate that are also getting hit. that comes on fears of drying up demand from one of their biggest customers, china if the chinese economy slows down, the ripple effects for commodit commodities, oil and gas, real estate, consumer are going to be felt not only there but around the world. also, of course, in europe and like us, the european markets they are under pressure in the early going as well. we will get much more on this story in just a couple of minutes. it is right now a big one. another major market story over

the last couple of weeks has been oil and natural gas natural gas in particular, prices going nearly parabolic straight up in recent days, they are lower a little bit now but still near 5 bucks per million btu. just this morning uk government officials are calling for another round of emergency meetings with gas industry executives in an effort to stave off any kind of coming supply crisis with winter loomer. we have more on this story from our london news room good morning >> that's right, brian to give you more context you mentioned that gas prices have been soaring but particularly in the uk the uk is amongst the hardest hit. oil and gas uk said wholesale prices for gas are up 250% since january with a 70% rise since august and that is before an expected demand spike in the colder winter months.

the prime minister, boris johnson said the problem is temporary saying high demand in asia had hit uk supplies his comments come as the biggest uk groups seek support the secretary saying we'll meet with energy suppliers today as the industry is pushing to absorb the bad banks and the smaller suppliers. it's also hitting the food sector after two fertilizer plants were forced to close. this isn't just a natural gas heating phenomenon having broader ramifications for other sector, including the fertilizer sector as well as live stock that is the reason why this emergency meeting is happening today. if you looked at some of the british papers over the weekend, it was rife with reports over

these rising gas prices and how the government is going to respond. a very big theme over here, brian. i'll hand it back to you >> natural gas going and not just the power plants, heating, air conditioning, chemical production, fertilizer production we cannot emphasize this story enough and we are with your help thank you very much. let's get back to the monday markets and your money stock futures are down nearly 500 on the dow all this ahead of what is set to be a very busy period. now here's why we say that you have congress back in session this week. they are facing, remember, a fiscal cliff in just a few weeks. they've got to fund the government or it shuts down and further debate about that potential $3.5 trillion spending package. over the weekend, powerful west virginia senator joe manchin suggesting that debate and the bill itself needs to be pushed back until next year that could be playing into some

of the weakness in u.s. equity markets. you have the fed digkicking off two-day policy meeting tomorrow, not a lot expected there you have global supply chains getting worse. we should get more incite when fed ex, costco, and nike release their earnings this week and potential contagion from a chinese housing and/or debt crisis due to what is happening with evergrande group. here with us to talk about it is robert i wish we had better markets to show you and our viewers to start us off this is the most we've been down in futures so far this year. i feel like we can pin it on evergrande the markets have been a little bit weak as well, we have a fiscal cliff it's kind of a little bit of everything, is it not? >> yes, good morning, brian. i agree. we have a roster of issues here.

i think it's going to be a sprint between now and the end of the year. we'll work through most of these i think but you're right, it's not one thing it's evergrande the issues with the fed in washington d.c. in fiscal and tax policy you have sentiment declining in the last few weeks and lastly we've had the divergence between inflation and interest rates which adds up to mystery for investors and a wake up call there's issues beyond covid. >> by the way, it is as we now know the worst month of the year for stocks historically. doesn't mean it's terrible all the time but september is known as not only a month where we average a decline, but it also tends to be more volatile. you throw all this stuff on top of it, you get what we have right now, although we are still just a couple percent off our all-time highs got to put that in for context the key question then robert is, what do we do?

>> i think you're absolutely right that context is important. the market has proven itself to be very resilient if we tick through the issues we went through there, it sounds like it should be more on f a decline. we're down a couple here when you think back to the issues, it gets back to the point of sentiment. washington is not going to press forward in the face of declining sentiment. you have economic metric that will continue to get better. the outlook for next year is still reasonably strong. >> do we need this do we need the market to show even a little bit of weakness? what's the stat our viewers now know we haven't had a 5 or 10% decline over 18 months it has just been this up, up, up mentality. maybe it a healthy sort of kick

in the tush we have to remember stocks can go down, headlines like evergrande group coming out of semi-nowhere this morning, these things happen. >> i agree it's a healthy wake up call. going through the declines we had since we recovered the pre-covid highs. while we've had a few declines, they've been small and each one smaller than the one before it this is a good and healthy wakeup call that markets can go down from time to time it's an excuse to step back and see what your risk tolerance is and take the longer term time horizon and not just my position for next year. >> we know how much cash there is on the -- i hate the term -- sidelines it's not a game. if our viewers watching or listening right now on siriusxm, thank you, if they are thinking of putting more money to work, should they wait

wait until we get through funding the government the debt ceiling where this spending package may go or is it safe to put money in now, dollar cost average as you always do, maybe hold your nose today and this week and plow through it >> i think it's usually not a good idea to wait try to guess what the reaction will be to these events they're all on the table and been somewhat digested here. i think it's a good time to stay where you are, stay in place, i wouldn't dial back risk here, if you have longer term time horizon, it's good to think about what's on your buying list over the coming weeks if the issues become more dicey. >> we wake up we have the headlines out of china, fiscal cliff, everything is happening at the same time appreciate your views. thank you very much. appreciate you kicking off the show for us as well. thank you. >> thank you brian. much more on the markets and the potential selloffs for

american equities. dow futures down almost 1.5% right now. we have stephanie link with us, she'll join us, weigh in and give you some of her favorite picks right now. plus we are staying with the major developing story out of china as it faces what could be one of the bigger housing crisis we've seen in more than a decade and then fallout from a key decision later on this week over 1 covid-19 booster vaccines. we'll discuss with a doctor from boston about that and what he is seeing right now a lot to do, don't go anywhere, we're back rig aerhihtft ts.

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welcome back to worldwide exchange on this busy monday morning. let's get this morning top headlines. dow futures down nearly 500. good morning, i guess. >> yeah. that's right, brian. good morning senator joe manchin reportedly wants a quote strategic pause until next year over president biden's $3.5 trillion spending plan manchin represents a crucial vote to the 50/50 split senate it could derail spending in the

infrastructure plan. investment firms are reportedly working on a deal to merge and go public through a special purpose acquisition company. the deal with spac could be announced as soon as this week and would value the combined company around $1.4 billion. and tiktok owner byte dance said it will restrict users in china under the age of 14 to 40 minutes a day. it's the latest to fall in line with beijing's new position for technology use among the young residents. brian? >> now it's being mandated three hours of video games a week coming down from the chinese government we have kids here playing three to five hours a day on some days. >> i know. >> incredible what's happening

in china with technology thank you very much. we'll see you back in a couple of minutes still on deck here, did you miss the stock madness or do you miss it? what about bitcoin's boom, not on board for the opening trade you want to sit and wait there is still time to make up some money we'll kick off our special two-week long series go big or go home getting some of the best investment and stock ideas of the final three months of the year, stephanie link is here for you. 5:17, dow futures off 500 and we're back right after this. >> announcer: today's big number, 65 that's how many container ships were stuck waiting off the ports of l.a. and long beach as of last week. an all-time record according to the marine exchange of southern california the average wait time to get to

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we have got new debt default concerns out of a giant chinese property developer called evergrande group you have the fiscal cliff coming up in a couple weeks, will congress fund the government senator joe manchin saying maybe the $3.5 trillion spending package of the president needs to be pushed back to next year a lot happening, the stocks futures are reflecting that. could be a rough day in the crypto markets the major coins are down, ripple down almost 8.5% bitcoin down nearly as much as 45,108 a lot going on in the markets today we have you covered on cnbc all day long right now step outside of the markets and check this morning's other headlines, including more on the growing crisis at the

american border as migrants from mexico, latin america and now haiti overwhelm the border patrol francis rivera is in new york with that and more good morning >> good morning, to you, brian the united states has begun the massive operation amid a crisis at the u.s./mexico border. we're talking nearly 15,000 migrants, mostly of haitian decent have been blocked in del rio, texas migrants have been flown back to haiti with more expected in the coming days. others are being bussed to processing centers the human remains belonging to gab gabriel petiteo have been found in a national park in wyoming. we know she and her fiance had been fighting during their cross

country road trip. gabby was reported missing on september 11th but was last seen in august, her fitnessance retu to florida without her in a new twist he has also disappeared. he left with a backpack last week and has not returned. chris rock revealed he tested positive for coronavirus he told his twitter followers i found out i have covid, trust me you don't want this, get vaccinated over to tv's biggest night "the crown" ruled over most of the drama categories at the emmys. getting the supporting and lead acting awards. on the commodity side, ted lasso won the outstanding comedy award. the emmy nominations broke records for diversity, but white

actors swept the top 12 categories but rupaul made history, with 11 emmys he's the most rewarded black artist in emmy history there's your morning headlines, brian. >> i saw that seth rogan made headlines like why are we all here i was told this was going to be outdoors maybe not the way they wanted to kick it off, but i guess the night was hopefully a success all around we'll find out. >> especially for the winners, brian. >> certainly was for them. ted lasso a big winner francis, thank you very much. we'll break down more on the contagion risk out of china with evergrande group who? exactly. they are down 530 on the dow more than 1.5% and losing steam.

more on the markets, your money, follow our podcast we're back right after this.

stocks set to get slammed on this monday, dow futures down more than 500 points, the markets in the middle of the first three-week losing streak of the year. a lot going on this morning

opi one of china's biggest real estate companies warning about a debt default as soon as this week, reportedly asking employees to help pay back some of the $300 billion it owes. fallout from the surprise decision from the fda panel to not recommend covid vaccine booster shots to the general public it is all happening on this monday, september 20th, this is "worldwide exchange" welcome back and good monday morning. i'm brian sullivan it is a very, very busy start to your week. let's kick off right now the show with the markets and your money. because we are seeing stock futures under a lot of pressure. dow futures, they're down more than 500 points. that is more than 1.5% the s&p 500, the nasdaq also

down more than 1% right now. i believe it is, it's kind of going back to the old file cabinet in the brain, the biggest drop in futures we have seen so far this year. if not, please correct me but i believe it is. already a moment of weakness for the equity markets we're down in the markets three straight weeks of losses for the dow. believe it or not, that's the longest weekly losing streak since, you guessed it, september of last year a little context, though, as always, the dow, coming into this morning still up 13% this year it is not just us. you have selling pressure in the european markets as well they're following us and following asia all the major averages there, they are down led by italy and germany down more than 2%. not just equities. cryptos as well.

they've been tied lately we are seeing big selling in the major coins, bitcoin down 5% xrp/ripple down nearly 9% as well and either down almost 6% ahead of what's a busy day and a busy week and period for all of you out there. you have congress, they're back in session there's a debt ceiling debate. they have to fund the government fiscal cliff coming up at the end of september the fed, they kick off a two-day policy meeting tomorrow. not a lot to happen there. we should get more on all these global supply chain worries more than 40 ships still at anchor off of long beach, los angeles waiting to get goods to market we'll get earnings from costco, fed ex, nike, that could provide a window where we stand right now. and your developing story this morning potential contagion risks from a chinese housing and

debt crisis from a company you might not be familiar with, which brings us to that in what is arguably today's top story and the stock at the center of the crisis is evergrande group, one of china's biggest property developers sitting on billions of dollars of debt and on the verge of defaulting on a key payment due later on this week that stock getting hammered again overnight, losing 10% but it has been falling now for days and weeks. that decline sending the hang seng index with it most major markets in asia are closed for a holiday so we're only seeing the hang seng react. shanghai, japan, they're not open today you have big financial companies here, goldman sachs, pimco, fidelity, they all have some level of financial exposure to evergrande or its debt

no word from the beijing government if they plan to step in, try to bail them out and stave off what some are calling china's lehman brothers type of moment it's not just asia we are seeing the mining stock bes around the world why? because if the chinese market and economy slows down because they have some kind of real estate issue either stemming from or because of evergrande if that economy slows down, they as the world's biggest buyers of much oil and gas, commodities, raw materials, that could hit so many parts of the market as well that is why we are seeing names like bhp down 5% rio tinto off nearly 7%. all that brings us back to evergrande group who is evergrande group? how they got to this point, let's get more on the story. it's a name, ewe nice, that a lot of our american or european

viewers may not be familiar with, may have heard in passing. who are they and what is happening with the company >> reporter: well, you know, brian, the company is the second largest developer here in china. it's a name very well known among the chinese. interestingly enough, most market watchers, as well as anybody who invests chinese real estate are betting that the government is not going to step in with a direct bailout, not wanting to encourage some of the excessive lending that the company has been known for more recently it currently owes about $300 billion, and that's one of the reasons why people are quite nervous about what's going to happen next. because they're wondering whether or not beijing is going to step in at some point are they going to think that the risk of financial contagion is too great. you can see it reflected in the stock price. the stock price has been trading

today at an 11-year low. this is as the very heavily indebted company has been trying to raise funds for its many lenders, its investors, its property homeowners, even its staff. in fact, over the weekend, the company said it's already started paying back, or at least making an attempt to, pay back some of the investors in the wealth management funds with real estate. it came out with another statement that unnerved some when it said some of the top executives had been selling early off some of those investments in wealth management funds and that those people were going to be severely punished. so this whole scenario, obviously making things very unnerving for a lot of people who invest in the company, as well as its related unit the company had warned this could lead to some contagion said it's been trying to sell

off some of its other assets that are not really core to the business such as the ev business and the sales have not gone well so the next test, though, brian have been whether or not the company is going to be able to meet some of the next interest payments which are due right around today also on thursday and then later this month on september 29th yeah, there's so many angles to the story, eunice, i'm not going to pretend to be an expert in evergrande group but they are a multi-channel company, are they not i was reading a report in "the new york times," they have reports that they basically pressured employees to put their money, savings and evergrande wealth they have an autosales online platform as well and i think 1.5 million apartments this is a huge company with sort

of its financial fingers, if yo will, in a lot of different places. >> it does and it grew up in a time when a lot of these big chinese companies, especially those who have been successful in one industry, such as real estate, were encouraged to invest in other areas to borrow money, look overseas. now policies have shifted. president xi jingping has been pushing common prosperity making sure houses are houses to be lived in not speculate that's where the competing interests lie. people are wondering whether or not beijing is going to prioritize this thought that they don't want the whole system to have this contagion and collapse but then they want to push the

goal which would mean bringing down prices and controlling the property sector more. >> i'm going to bring back four words our viewers have not heard in about ten years any talk beijing may step in are they too big to fail >> reporter: you know, the state media a couple of days ago said evergrande is not too big to fail so that echos one of the reasons why market players think beijing is reluctant to step in for a private company as it has with some state companies in the property sector recently because they don't want to see this kind of risky behavior in the private sector >> eunice yoon on a story that hit us hard today. the stock down thank you. we appreciate it. wall street is bracing for a

sell off at the opening bell, dow futures down more than 500 yes, on a percentage basis that's about 1.5%. the markets are down three weeks in a row for the first time since this time last year. what better time to kick off a special two-week long series for you? "go big or go home". joining us is stephanie link, chief investment strategist, cnbc contributor and global star, of course. before we get to your fourth quarter picks, the reason you are here we have these headlines punching us in the face, you know, 5:30 in the morning on a monday morning as well. i'm not going to ask you to dig into evergrande group or who they are, but it shows you even in a market of wash and liquidity with the fed, there are global macro risks, these sort of black swans that still can pop up >> yeah, and good morning,

thanks for having me look, i think we were due for a pause. we know that september is seasonably weak. we have concerns about china not only evergrande but what they're doing to the gaming industry so there's a lot of concern with china and what they're doing, the actions. we have the seasonal issues to get through and we have delta concerns still there's always concerns, though, brian as you know, on the flip side, the economy and data last week was impressive. i'm interested to hear what fedex has to say this week i think the economy here in the states is strong i think retail sales really -- you're 10% above pre-pandemic levels, consumer is good manufacturing you have lean inventories. industrial production is 2% below pre-pandemic levels.

i like what i see on the economic front we have these concerns, up 18% year-to-date in the s&p. it wouldn't surprise me to see a pull back. but let's look for some stock ideas. >> let's do it you talked about the economy, stephanie. i spent the weekend in wisconsin, i didn't walk there, i flew airports were packed, hour long waits for restaurants in wisconsin. whatever you think of it, people are out and about. all these new cars everywhere. expedia is one of our special picks to kick off our series why? >> yes it's an absolute reopen name you just mentioned it's flights, it's cars, it's cruises. it's lagged the market year-to-date second quarter bookings were up 32%. the visibility is very, very good they're taking vary in vrbo, they have a cost savings program, cutting costs, more gins are going higher.

that will lead to like 3 billion in free cash flow and i think they can use that to buy back some stock >> another name -- this may be, by the way, stephanie, the biggest financial services company we never talk about, the only time i mention it is when we talk about where the new jersey devils play hockey. prudential, pru, totally new management, trying to reinvent themselves why do you like the quiet giant? >> it is a quiet giant you said it, new management, tl shrinking to grow the company. they're focused on emerging markets and assets last week they sold 17% of that you are variable annuity book, i think they'll use that to buy

back stock and if you think rates are going higher, which i do ultimately, they will benefit. trades at 8 times earnings and you get a 4.5% dividend return while you wait. >> sysco, not the food services company you might use to buy food at the prudential company, but sysco, another name you may like see what i did >> i see what you did. you tied everything together. >> i linked it linked it. anyway -- >> oh my goodness. i need more caffeine yes. cisco is a great story enterprise spend, bookings up in the last quarter and a great solid analyst day. 2.6% dividend yield, trades at a 20% discount to the market >> you know what, we'll let you

go get that coffee the dad jokes may be having a little bit of spark at 5:45 in the morning. we're hanging on by a thread stephanie link appreciate you kicking off our special series "go big or go home". we'll have it all week and next week as well stephanie, thank you have a good day. >> you too you may all want to get more coffee or caffeine because we're going to be talking about taxing wealth robert frank is up next with congressional plans for the estate taxes we'll give you the latest on the negotiations and what they might mean for you, dow futures off 500. we're back right after this. isn't it a paradox? that the love for this world that gets us out in it sometimes leaves behind the things that can harm it? but now, flight by flight, we can make a difference.

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a blank canvas. a second act. a renewed company culture. a temple for ideas. and a place to make your mark. loopnet. the most popular place to find a space. welcome back treasury secretary janet yellen is calling on congress to raise the debt limit warning if it doesn't happen the government will run out of money to pay bills next month, the so-called fiscal cliff we talk about she writes in part the overwhelming consensus among economists and treasury officials of both parties is that failing to raise the debt limit would produce widespread economic catastrophe as the debt limit clock ticks in the d.c., congressional leaders are also debating the president's planned

$3.5 trillion plan also how to pay for it among the many items on the table, that's the estate tax robert franks joining us with where we stand on that good morning, robert what we doe know about the so-called death tax? >> right now about 2,000 people paid estate taxes in 2020 and raised about $16 billion in revenue. that's a 50% drop from a decade ago. the main reason is the exemption which is $11.7 million per person but it's also because the massive estate planning industry has found and created massive loopholes. the house now aiming to close them it would cut the exemption by more than half to about $6 million it also effectively ends what are called grantor trusts, the secretary sauce for e statement plans. they allow business owners to

create a trust they own but separate from the estate for investors, the most important change is the so-called discount planning. that allows investors to place a portfolio of stocks or financial assets into a partnership and gift it in pieces to family members. each piece then gets discounted for tax purposes by up to a third because it is a noncontrolling stake the irs has tried for years to challenge this but it hasn't worked the house plan would actually ban it the tax foundation said all the changes would expect to raise an additional $65 billion over the first four years if, in fact, any of this passes brian? >> 65 billion over four years? is that 15 plus billion a year that's like a day's spending in the federal government or a couple of hours.

of spending we're not talking huge numbers here but for a certain amount of those families you mentioned, it makes a difference to them >> yeah. and remember, the estate tax only raised 16 billion in 2020 so you're talking about 65 over four years that's a massive jump for a tax that right now just doesn't contribute much. very few people pay and as much as it's debated, it really doesn't matter you combine this with some of the changes in the capital gains tax and pretty soon you're talking real money. >> all the talk about tax hikes we forget it's like a couple hundred billion or a trillion a year in people cheating on their taxes. maybe if we just collected what is legally owed the government could help fund some of these programs is that a novel concept or is it it's 5:50 and i'm off my rocker.

>> no, that's right. the aim here is to make them more fair and close these loopholes. that's what this aims to do. >> yeah, it's like you got a buddy that owes you 100 bucks but you demand another 50 from the guy but take the 100 and move on. robert frank, appreciate it, buddy. have a great day. >> thanks, brian. >> last week an fda panel saying not yet to a vaccine booster for most americans we'll get more on that and where we stand with hospitalizations in massachusetts next.

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and whatever comes your way, you've got it covered. saving time and improving customer service, that's why so many businesses work, with ibm. back we are seeing selling in the markets, at least in the future markets right now, could be a tough day for the equity markets we're down in the dow three weeks in a row since the first time since september of last

year dow futures are down 1.6%. that is 560 points on the futures. s&p, nasdaq also down more than 1% you have concerns about the fiscal cliff, the debt ceiling as well as a company called evergrande group in china, one of their biggest property developers, warning about a potential debt default as early as this week they own 1.5 million properties and a wealth management company right now in the premarket some of the financial companies like goldman sachs which have some financial exposure to evergrande are down as well it's going to be a busy day on wall street. let's switch gears and talk about covid and vaccines and the fda. on friday an fda panel voted against booster shots for lower risk americans under 65 years old. all this as kind of like this time last year, cases and

hospitalizations begin to crash in the south and start to head north. but thankfully, hospitalizations among the vaccinated still remain very, very low. for more on the fda decision and the state of covid, we're joined now by dr. levy, director of the precisions vaccine program at boston children's hospital and also a voting member of the fda advisory committee that made the vote on friday fantastic to have you back on, dr. levy how did you vote >> always a pleasure good morning to you and your viewers. i voted along with the other members of the committee on the first vote they posed a question to the advisory committee about whether we would endorse a third booster dose of the pfizer mrna vaccine for everyone 16 years of age and up that question received a majority of no as votes. i think around a margin of 17 no to 4 yes and then the question got

rephrased. we partnered with fda to rephrase the question for 65 years of age and up, and other individuals at risk for severe covid and that passed overwhelmingly as a yes. >> you know, there were, of course, some people that thought that was the wrong decision. why right now are for most of americans a lower risk group under the age of 65, don't have some kind of serious como comorbidity, why is that the right decision now, doctor >> as we make these decisions, look, the fact is that vaccines you're giving to healthy people. so safety has to come first. there simply wasn't a lot of safety data presented to us by the sponsor. in this case pfizer. for the younger age groups particularly in populations here in the united states we anticipate, as more data come available in the coming weeks and months, that this question

about third booster doses for the pfizer mrna will be more visited as more data comes it's possible we take the data as it comes, but it's quite possible in the coming weeks and months, there will be votes to expand third booster doses to younger and younger age groups. >> i want to switch gears too because, listen, doctor we know from a cdc survey a few months ago, the american public widely and wildly tends to overstate the risk of hospitalizations from covid something like 40% said you're going to go to the hospital. the answer is about 2% we are seeing some breakthrough data, your state the commonwealth of massachusetts great job to them for giving us in the media, clear data on breakthrough cases sadly 823 hospitalizations among vaccinated individuals but that is still 0.02% of the

vaccinated populations where do you stand in hospitalizations now i know you're more on the children's side so hopefully it's very low and what can you tell us about the state of risk we're in right now >> thank you for that. and i think that it's important that, in my opinion, to reframe this question a little bit the main goal of the vaccines against covid was really to reduce the most dreaded complications, namely hospitalization, transfer to an intensive care unit and god forbid death and the vaccines all maintain excellent efficacy against those most dreaded end my points when we say breakthrough infections it may be an unrealistic metric because the vaccines were never billed or expected to 100% prevent the risk you could get a mild or moderate infection

so the vaccines are safe and effective to do that in terms of risk for hospitalization -- >> doctor, i apologize interrupting you, we're out of time we would like to get you back on, you and your team are doing good work. >> i ran overtime, squawk and the gang pick it up next .

good morning, u.s. stocks are set to plunge. we've known for a while, october is coming. it's been after a 3% selloff in hong kong overnight, we'll show you what's moving right now. the traders are very concerned adding to global fears one of china's largest property developers is threatening to default and it could have ripple effects roh