it is 5:00 a.m. in philadelphia, 10:00 a.m. in london here's your top five at 5:00 whatever happened to transitory? the fed head now warning inflation may be here to stay. this as he and treasury secretary yellen get set to testify on the hill. stock futures are taking a turn down, bond yields and oil and gas prices continue to surge a purge at the federal reserve, two regional presidents stepping down in just 24 hours all because of a stock trading scandal. lining up for gas, the fuel

crisis in england getting worse. more stations across the nation run out of gasoline. and senate republicans blocking a bill that tied government funding to debt limit suspension all this as we head toward a potential government shutdown on friday it is tuesday, september 28th and this is "worldwide exchange." good morning, good afternoon, or good evening and welcome from wherever in the world you may be watching. i am brian sullivan. thank you for being with us on this very busy tuesday let's get to it and dive in and check your tuesday markets futures are down across the board. nasdaq futures, big tech could be a rough day, they're getting slammed. they're down, look at that, 182 points double nominally the dow futures, that is down over 1%.

wow. so big tech could have a rough day. it was a mixed trades on monday, the dow was up a touch, fourth positive day in a row but still on pace for its worst month since january. nasdaq down about .5%, along with the s&p 500 on pace for their worst months since october of last year now all of this is happening, this shift or rotation, whatever you want to call it, as the bond market keeps moving. the ten year-year-old keeps moving higher. it's 1.45% this morning, the highest level since late june. the 30 year yield now at its highest level since late july. as yields move up it hurts technology stocks but it does help small cap small cap stocks tend to benefit in a rising rate environment the russell 2000 up on monday.

that move dwarfed by maybe the story of the week so far that is the spike in energy costs. particularly natural gas natural gas soaring to its highest level in seven years demand from europe is booming. natural gas up 52% this quarter. the best quarter since the third quarter of 2005. we'll get more on the historic and potentially dangerous move on natural gas later on in the show it is not just natural gas oil on the move this morning, wti and brent up another 1%. and look at that, brent crude in europe is back above 80 bucks a barrel, the highest level since october of 2018. this coming after a note last week from goldman sachs saying that brent could hit 90 by year's end adding the so-called peak oil, a lot of people talking about it,

goldman says, unlikely to happen this decade. by the way, think that comco phillips is a good stock buy here more on energy prices in a bit more on the market and the money in moments right now let's get to key headlines. including more on the shocking resignations of two regional fed presidents within just 24 hours. something we have never seen before here with more on that and more is sylvana >> that's right. dallas federal reserve president robert cap lin said he will step down october 8th, this comes amid a controversy over stock market trades. it comes hours after boston fed president's made a similar announcement rosengrand citing health issues for his departure.

goldman sachs is cutting its forecast for china's economic growth this year to 7.8% year over year from a previous 8.2% economists at the bank note the country faces yet another growth shock in the form of constraints on energy consumption, it mirrors similar calls. and amdco says the global chip shortage will become less severe in the back half of next year. she added, chip makers are catching up to demand following severe supply chain bottlenecks created by the pandemic. but manufacturing planned last year will start producing chips in the coming months which should help alleviate shortages. >> people hope she is right it impacted everything from high-tech to cars to everything, a big story there. >> it's definitely hit the automaker supply chain pretty

hard thanks, brian. >> right thank you. truly a stunning development at the federal reserve removing two of the more hawkish members of the fed chairman jay powell is set to tell congress today that the current spike in inflation is longer lasting and bigger than previously expected. powell is testifying at a hearing with janet yellen. in his prepared remarks he says the unprecedented process of reopening the american economy has resulted in a number of problems, such as supply chain bottlenecks as well as hiring difficulties he adds if inflation does not ease, the fed is ready to use its tools to lower the pressure on prices. let's talk about this and the broader markets with ben, he's the managing director of global macro strategy a great day to have you on because you look at the big

picture. in coded language is jay powell suggesting that interest rate hikes could come sooner than the market expects >> morning, brian. yeah, i think the market is catching on to that, as you say, he puts in that testimony this word "enduring," it's the bottlenecks and the market is connecting those bottlenecks with the pressures we're seeing in energy and that leads to inflation. so that should translate over time to rate hikes so the yield and the treasury this morning at 153, not really the number we're going to be sitting at for a while we'll likely move higher because if anything, it's also correlated with what's going on in europe where, for example, in the uk, as you outlined in the segment, their big lines for gas stations where the shortages come up. so uk rates move up much faster now and they're ready to hike. the big picture here, we're

going to have to accept that inflation is higher and stickier, and this will be a key part of the testimony. >> yeah, and we're going to get a live report, by the way, on that gasoline problem in the uk in moments, ben. but the market is like kids at a party with a pin yata, someone hits it, the candy comes out, no one wants to be the last to get the candy, it's not good stuff it's like the bond market, explain if i'm wrong, the big shift we have seen in not only rates but also maybe we can throw them up, one of the reasons the nasdaq futures are down 1.5%, double the nominal value of the dow futures right now, that is a yield curve move. >> that is definitely a yield curve move two things about that, it is high rates and technology shares is what people mostly say is our long duration assets

tech shares don't pay any dividend or not as much. so the sense of the rates, and there's also i think an ongoing rotation people realize this is not a weak economy we have inflation but also a lot of demand out there. you're going to get again rotation here. and i noted that industrial or energy or financials are typically do really well in a rising rate environment, technology utilities do not. so i think this rotation will continue and the track from technology and benefit the industrials as rates go up it's also a positive economic story i think. but for technologies today, it will probably be a tough day given the rates here >> we've kind of got a triple play of crises going on right now. i know the media overuses the term crisis all the time, it kind of has no meaning ben, but i think you get my point which is, in the short term you have the debt ceiling fight and

congressional issues there, the shutdown, unlikely to happen but still hanging out there. forget about gasoline in the long term, the natural gas and potential energy crisis in europe, i use that word rightly because we could have blackouts and brown outs in europe this winter, and the third part would be that's curing in china. we're seeing rolling blackouts because they don't have th power to power their economy this is a three headed hydra of uncertainty and volatility happening right now. >> it's a trifecta, all merging together some precious building but i think nobody really foresaw as china put curves on the electricity use for carbon emission and here faces these dry spell in inventory, really low gas inventories coming out

of russia and also asia, but a lot of demand for gas on top you have a situation where the spiking gas is leading, that leads to higher crude prices you get what they call fuel switching, product switching for the broad markets it means interest rates are going to have to reflect this high energy component because it does push up inflation and at the same time it's functional for the economy. again, also europe is not a weak economy at the moment. so it's all about party of strength and worry this morning. >> yeah, a lot of -- particularly injury on that wall of worry as well nasdaq futures down double on a -- yeah. you get it in number. it's early ben emons, look at that, down 177, dow futures down 179. more than double on the dow

despite being smaller. ben, thank you why am i trying to use six sill ball words at 5:10 in the morning. keep it simple when we come back, we just touched on it, england's gasoline crunch hitting a fever pitch. we're live in london with more as people resorting to panic buying plus a cnbc exclusive, commerce secretary gina raimondo will join us live and later ford shares popping as it looks to take on tesla at its own game and spend $11 billion on a big-time battery investment we have a big-time show ahead. we're back after this. we'll e u t mutseyoinwoines

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exchange." let us go now to england where panic buying of gasoline is leading to shortages at gase stations across the nation and long lines of cars at those with gas still to sell. it's apparently not because of a shortage of gasoline itself now the army is called in. julianna tatelbaum is live in west london with more. it's not a shortage of gasoline, what is the problem? >> reporter: brian, that's abl absolutely right this gasoline crisis is not about the gasoline itself. it's about a shortage of truck

drivers. we spent the morning like many around the country hunting for a gas station that actually had fuel in the tanks to show you what the queues looked like. the best we could do, the station behind us which had fuel for about half an hour this morning and as you can see the ropes are up and they've run out. yesterday up to 90% of the stations in the busiest parts of the country have run out of fuel estimates suggest that the uk is short of about 100,000 truck drivers. this doesn't affect just the petrol sector, it's affected many parts of the economy. but, of course, when it comes to gas, it has triggered panic buying with people coming out and filling up when they otherwise wouldn't have. so the government has come out and said they have taken steps to prepare the army to step in military tank drivers getting trained now to drive from the refineries, the terminals to the gas stations with the gas to get it to people

at this point not necessary but they're standing by. brian. >> truly remarkable there. the government is saying, please do not panic buy but people are going to do what's in their own best interests. we see it here human behavior kind of around the world. has it impacted prices i'm going to try to do conversion on the air, don't hold me to this. you price it per liter, roughly 4 liters per gallon -- >> reporter: they've taken down the pricing because they want to tell drivers to keep going, keep moving but the price of gasoline has been rising for sure the sentiment is people will buy it at whatever cost it comes at because they want gasoline they're hunting for it and there's a lot of activity behind me we can't see, but they

have literally taken down pricing. signs say, sorry we're closed. we don't have any more fuel. >> taking down the pricing, i guess to your point is idea is if you can't afford it, don't pull up if we have it as well. remarkable story everybody staying calm, keep calm and carry on or keep calm and fill up, back in the '80s my dad owned a gas station in l.a., fistfights would break out during the gas crunch. i was 9 years old trying to break up fights among adults everybody staying cool >> reporter: i think there's a frustration in the air when this gas station behind me did have gas earlier today, the lines of cars were building up on both sides and you saw cars cutting in front of each other tensions certainly high, people trying to get whatever gas they could. we had a chance to speak to a home care worker who said she

re resorted walking to work because the gas stations around her were empty. there's a move on the part of the government to prioritize essential workers. so there's tension and concern, but signs the situation is easing now that a lot more people than normally would have have filled up their tanks >> for now at least. we showed the video of the line going down the block earlier as well there's no line now because there's no gas don't line up for something that's not there. >> exactly. >> julianna tatelbaum, thank you very much. stunning situation there in the uk the trucker shortage not only having an impact on gasoline supplies across england but it's now creating bottlenecks at the counted's busiest ports. joining us is richard valentine, chief executive of the british ports association. richard, thank you we have reported, i have reported from the ports of charleston, south carolina we talk about supply chain bottlenecks here in the states

what's the status of the busiest ports in the uk right now? >> good morning, brian and first thing i want to say is i don't believe you were nine in the 1980s, you look far too young for that great to be with you. >> thank you. >> yes, it's probably a few americans waking up today thinking what on earth is britain doing in this situation. it comes back as you rightly said in your report there it comes back to a lack of haulage, which is caused by a number of things, not least brexit, so the departure last year has led to european nationals based in the uk driving for heavy good vehicles for trucks, et cetera, those companies. they've actually gone back to europe in the last few months. and coupled with a bit of a crisis last year during the pandemic where lockdowns meant that heavy goods vehicles, hgv, tests were not allowed to take

place so drivers were not allowed to sit tests we have seen a slow down you're right saying 100,000 shortage on drivers has resulted in a lot of these issues we're seeing at gas stations and across the sector. >> is there any sign, richard, of that truck driver shortage easing >> well, it's a big process, i would say 100,000 shortage in a relatively small country like the uk is quite a sizable amount and the government has announced a series of measures over the weekend, actually, including our armed forces getting involved temporarily, but also fast tracking tests and new immigration status for international drivers who want to come to the uk. so i can't see it being solved overnight, but the uk government and industry are working on this now. >> and you guys rely so much on

imports on everything from food to fuel, raw materials you can get them to the ports but if you can't get them from the ports to the plants or stores it doesn't matter i should say i was 9 in 1980, not the '80s richard, thank you for coming on important story. >> thanks, brian. this morning's big money mo movers including a billion dollar deal for a gambling stock. stay tuned to find out who dow futures down nearly 200. back after this.

all right. it is time for your big money movers, today it is four key stocks to watch. let's go first up is sunac, who that's right, a china real estate developer, the company rebounding from the loss after the company said it did not put a document online. the company denied it asked the government for help and is buying back more than 30 million of its own bonds stock two endeavor group it's buying the business from open

bet for $1.2 billion, it already owns the ufc and aeuro league basketball by the way, shares of scientific games, they have already doubled this year. you go vegas stock number three, huntsman, star board value has bought a 8% stake in the chemical company and plans to push for more changes. stock number 4 is merck, "the washington journal" reporting it's in talks to buy acceleron, shares of acceleron are up after that report. we're back right after this. we got this. we got this. we got this. we got this. yay! we got this.

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welcome or welcome back. hope you're having a good tuesday morning, it's 5:29 on the east coast, should be another beautiful day in the new york area. not sure it's going to be beautiful in the stock market. let's get to your money because it could be another day of rotation for the markets futures are down across the board. not a huge move down for dow futures or s&p but the story to watch is technology nasdaq futures getting hit particularly hard. they're down nearly 2% in fact, on a number basis down more than the dow, which is far

larger big tech selling off amid some big moves in bonds bond yields, they have spiked in the last couple of days. they're now back above 1.5%. while you probably are not a bond market trader is my guess, you might own a home or want to buy one or refi. watch mortgage and refinancing rates they should move high other this news as well. it is not just yields. oil and energy prices also spiking. brent crude in europe back above 80 bucks, the highest level since october of 2018. wti, here in the states, that is the highest since july and closing in on a high for the year goes up another $1.50, it will be the high point for the year all this as the fed chair, jay powell and treasury secretary janet yellen are set to take to capitol hill today powell in prepared remarks

saying the current spike in inflation is proving, shocking, to be larger and longer lasting than expected. in other words, it might not be as transitory as he and other members of the fed had originally believed it would be. we'll get more on that in a minute but now to this morning's other top stories, including the race by lawmakers to fund the government, hitting its first blockade >> reporter: it's back to the drawing board for senate democrats after the budget and debt ceiling rise failed congress has until friday to pass a bill to avoid a shutdown and need to suspend or increase the debt limit in the coming weeks to prevent a default former pepsi co ceo speaking out about leaders taking a stand

when it comes to political issues in her new book she discusses what they face in the matter. >> it's hard for corporate leaders, when they do speak up, stop criticizing they're speaking up because they want the country to be open to them to do business. they don't want employees to feel excluded from any part of the country because of their gender or behaviors, whatever. they want to be considered equal citizens of the country everywhere you can catch more of that conversation today at 3:00 p.m. on closing bell. and shares of ford are higher after it and battery supplier sk innovation, plan to invest nearly $11.5 billion in new u.s. facilities. the investment includes two lithium ion battery plants in central kentucky and a 3,600 acre campus in tennessee it's expected to create nearly 11,000 jobs. and the latest effort by the ceo

to increase development and production of electric vehicles. you can catch ford's ceo on the cnbc live at 8:00 eastern. >> a lot of things to catch today. thank you very much. >> you got it. let's catch some opportunity because here on wex we are all about opportunity and one opportunity providing plenty of that has been lately the etf that tracks the group up more than 15%. let's go to dom chu for the latest look at sector-nomics, consumer discretionary, everybody is buying everything all the time what can you tell us >> for a u.s. economy, that's two-thirds driven by spending that sector is a huge focus. but with that 15% gain so far this year, it is underperforming the overall market because the broader s&p 500 is up roughly 18% in that time and as you can see, on or about

the summer, may/june is when the out performance for the market versus the discretionary sector picked up. the fourth quarter, it's seasonably a strong time for the overall markets, at least the last ten years, been up nine of them by the way, the consumer discretionary sector does mirror that more. you look at nine out of ten years the consumer sector has been higher in the fourth quarter, same for the overall market and the performance on an average basis is almost identical, about 4.6% upside, during the fourth quarter for the sector and the market overall. as for the best and worst performers so far this year. look at the names, you mentioned ford before, it's one of the best performing consumer discretionary stocks this year bath and body works, the best, and cesars up about 57%. vf corporation, wynn reports and sands the worst performers

there. brian, back over to you. >> so i'm trying, i'm looking at that and i'm trying to understand -- i'm going to be in vegas in a couple days, you have wynn and sands, more of a macow play, cesars a vegas play, tell me if i'm wrong, my friend, the domestic economy plays even inside specific sectors are looking better than those with maybe china or other international exposures. >> it's not just that. the consumer discretionary sector of today different than ten years ago. the two biggest players, you and i both know this, amazon which you don't think of a traditional retailer, and then tesla, an electric vehicle manufacturing so those two very much override. they're 40% of the overall index. when you talk about the way these things perform from an index level, it's very much

driven by a couple of the bigger names and not a wynn or las vegas sands or a cesars as well. >> interesting swap there. cesars, wynn and sands, just two different directions as well i'm going to put it all on double zero for you this weekend, my friend >> good luck >> putting everything, the house -- speaking of consumer discretionary, let us kick off the next leg of our "go big or go home" series with founder and managing partner katy stockton she has a bunch of picks but one is tied directly to consumer spending katy, great to have you back on, great to have you on the special series who is this consumer discretionary pick >> you know, it's actually more of a staples play i would say. but canagra brands, ticker cag

to me it's an interesting play in what has been proven to be a weaker take. we want to find some defensive exposure in this kind of market which arguably could consolidate for another few weeks, right we have conagara after clearing the 50 day average and in the corrective phase it under performed the s&p 500. you see rotation into the more oversold areas of the market and out of the more overbought areas of the market which would probably most obviously be technology >> see, you tricked me katy because i know you brought also ma, master card. so i thought the discretionary play was more mastercard i do not view food as discretionary, obviously, myself

mastercard, though, ma, is one you think is perhaps also a little oversold, correct >> it's funny because mastercard does kind of cross over a couple sectors. it's technically a technology stock but it hasn't acted like one more much lately it is coming off, as you mentioned, oversold levels on an intermediate term basis. it was down about 16% from its highs, corrected far before the market started correcting this month but maintained the long-term upward we've been negative on mastercard and visa for a long time but we've seen renewed short-term momentum in an apparent reaction to the oversold readings. yesterday of its 200 day reading average, briefly so the renewed strength suggests we'll see a good retracement, if not a full retracement of that corrective phase that might be one way to position here.

>> back in april i was at a conference in colorado, i did a one on one fireside chat, it was lunch so there wasn't a fire with the ceo of dish we talked about the regulatory environment and all kinds of things. they're getting a push into mobile going to be one of the biggest cell phone operators in america following mergers they are doing as well. dish stock hasn't done squad since april. it's down 20 bucks from its highs of a couple of years ago what are you seeing in the charts about dish that you like? >> most important takeaway for dish is that it's a long-term base breakout. you have to take a step back and zoom out on the chart to see it. but on a monthly bar chart you can see a great round face and a breakout from that this year it's since been range bound as you mentioned but held support within that range and now has

renewed intermediate term momentum suggesting making a run at the next level. i tried stocks with more than 5% upside to resistance it's hard to find that right now because the market's been so strong but the names stand out as potential ways to get exposure that looks different than the major indecs that may be under pressure. >> we're talking conagara, mastercard and dish. katy, it all came together somehow. >> there you go. >> thank you >> take care >> there you go. katy stockton of fair lead strategies day two of week two of our series don't miss the final two episodes tomorrow and thursday we have kate battis and richard

sa sa sa sappe sapperstein. and then they all come back on friday to debate their picks as a reminder, our delivering alpha massive virtual conference is back tomorrow, september 29th unparalleled insight and investment strategies and i'll be hosting a panel on inflation and more importantly how it might move markets we will speak with the chief investment officer of the employee's retirement system of hawaii, elizabeth burton you can still register now at delivering alpha.com by the way, that panel is at 4:00 p.m. eastern time we'reback with the commerce secretary of the united states right after this

it's another day. and anything could happen.

it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. we have got a lot more to do coming up on worldwide exchange. we're going to talk about that, look atthat big move natural gas up against this morning. we'll talk about europe and some incredible moves there we'll break down gas prices and talk about stock plays that may be based on this dow futures not down much, about

$1.10. look at big tech as energy and bond yields move up, big tech could have a big time rough day down more than 1%. we're back after this.

welcome or welcome back and good tuesday morning, 5:46 on the east coast today commerce secretary, gina r romondo will lay out her plans in d.c kayla sat down to talk to her. big interview, what did you talk about? >> reporter: brian, good morning. the role of the department of commerce has been to help u.s. businesses export their products around the world but today commerce secretary gina raimondo will lay out strengthening and developing u.s. resources and development, a plan she said will add

1.5 million jobs and 60 million in growth. the first part is to stabilize supply chains. she said the pandemic is still to blame for these bottlenecks getting worse. >> we just shutdown our economy. we came to a screeching halt overnight. and now you can't just flick a switch and expect the economy can be turned back on. there's disruption in the supply chain, in lumber, building materials, in steel, in semi conductors, across industries and the economy. some of it will work its way out naturally. others, like with semi conductors require investments so we, quite simply make chips in america again and how can money fix it we need to incentivize companies to build companies in america,

manufacturing facilities in america. >> you said aggressive action is needed to cover the chip shortage, what's that in your mind >> investing $52 billion as quickly and efficiently and impactfully as possible. you know, we, we shouldn't be where we are we took our eye off the ball we watched manufacturing slowly move to asia over time and now, we find ourselves in a vulnerable position with no leading edge chips being made in america. we have to make investments now so that never happens again. >> you've also said that you expect to use defensive tools like tariffs and export controls robustly what's your view on whether the administration should refine and reauthorize tariffs on chinese goods being imported here? >> we need to make sure that

china plays by the rules they are not living up to the agreements that they made. they are, every day, using all kinds of unfair tactics to stop american companies from accessing the chinese market they are ripping off our i.p. they are not playing by the rules. it's not a level playing field so we need to hold their feet to the fire to make sure that they do that. with export controls, this is an area where we really have to work with our allies we have to work with our european allies to deny china the most advanced technology so they can't catch up in critical areas like semiconductors. >> she said she's working to get china to live up to its agreements to purchase boeing planes and other goods under the phase one trade deal and looks forward to meeting her chinese

counterpart eventually but today she heads to pittsburgh, pennsylvania to negotiate on tech and trade. i asked when levies could be removed or at least adjusted >> our steel industry and our steelworkers were greatly hurt by overcapacity of steel being dumped in america, mostly by china. so we're going to work as hard as we can to resolve 232 but we're going to protect the american steel industry in america and we can't allow ourselves to be vulnerable with china dumping cheap steel into america. >> those negotiations are live this fall. we also discussed her views on regulating big tech platforms and what ceos are telling her about the corporate tax rate and

where it may land. that's coming up on "squawk box. brian. >> great interview this show is seen live in china and a lot of tough talk as she said about china as well we look forward to the rest of it kayla, thank you today's rbi has to do with europe's looming energy crisis what's happening there is truly incredible, and not in a good way. prices for natural gas is through the roof, that's not hyperbole. look at the chart. it's priced in british pence, but we can do the conversion for you that's traded spot prices in the uk it basically shows that spot contracts for natural gas are actually at around 25 or 26 u.s. dollars equivalent per contract. keep it america, that same contract is just about $5.60, which by the way itself is a seven year high.

so in other words spot traded gas prices in europe, not gasoline, natural gas, are about 350% higher than they are here just bonkers, the question is why. there are a few reasons. number one you have lower supply from russia. also wind energy is only producing half as much power as predicted so they have to buy power to make electricity. the wind is not blowing in italy and parts of the north sea adding to the worries about one-fourth of natural gas production in the u.s. is still offline due to hurricane ida, which has limited global supplies literally, maybe, the perfect storm. so what does this mean it means that electricity prices in europe are likely to soar i mean, spike in a big way especially if it's a colder than expected winter. now you may not care about the natural gas market but think about the real world impact maybe your heating bill is usually, i don't know, 200 bucks

a month. suddenly it goes to 500, 600 or 700. or the grocery store paying 2,000 a month in heat is now seeing its bill go to 5 or $6,000, and everything you buy has probably been touched at some point by natural gas. costs for everything could go up not exactly a recipe for a happy populous, especially many of whom are still dealing with a pandemic this is probably the single biggest global economic story happening right now. and these days, that's saying something. random, but interesting. something to watch let's stay on the nat gas story and find out how pros are trading it and where opportunity may be john, cnbc contributor, john before i get your individual names, what's your take on this

european nat gas story am i making too much of it >> no. just the opposite, even. by calling attention to it, a lot of folks that are unaware of how much more they're paying in europe for nat gas, this is before it gets real cold, brian, are going to be shocked. because you're talking about the electrical side and then you touched on the heating side. if they have a cold winter, it's really going to be tough and demand is exactly as you said, through the roof, which is why we're seeing so many of these nat gas stocks pump to the upside throughout the last month. >> let's talk about them overall. i want to start not with an equity -- i want to be clear to our audience, this is one of those leveraged etfs, so you can make a lot of money quickly, you can lose a lot of money quickly. be careful with boil >> yep

boil is a 2x, so it's leveraged 200% to natural gas. now, yesterday it was up like 14%, brian which, of course, means, since you can do the math. that natural gas was up about 7% yesterday. and this one has been hot, hot, hot. running from about $48 to $77 or something like that, brian, just in the last month. and you named one of the reasons here domestically, hurricane ida, that shutdown a lot of facilities that are coming back online thankfully. but there's definitely a lot more volume in this one and certainly a lot of volatility in boil, boil, right now. >> yeah cabot oil and gas, i'm not sure there's a hotter energy stock and they're buying options right now. >> yeah. they're just coming for both of these stocks they're up anywhere

from 21 to 27% in the last month, brian and they continue to buy higher and higher and higher out of the money calls. and that's something that we pay attention to so watch for those two stocks to continue on their march higher >> yeah, we don't have time to dive into it, my apologies, jon, i know it's early, bio plastics play >> no problem. >> we love you, thanks for bringing the names i'm going to see you in a couple days in person in vegas at the market conference. can't wait my friend see you out west. >> yeah, see you out west, brian. thank you. >> take care, jon. that's it for wex today. i'm off the show the rest of the week but i'll see you tomorrow at delivering alpha and maybe see you live and in-person in vegas at the market conference see you back here next monday.

have an awesome day, "squawk box" is next nasdaq futures a big move down baaam. internet that doesn't miss a beat. that's cute, but my internet streams to my ride. adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me. big whoop! mine gives me a 4k streaming box. -for free! that's because you all have the same internet. xfinity xfi. so powerful, it keeps one-upping itself.

can your internet do that? good morning, how long is transitory fed chair jay powell preparing to tell congress that inflation will be here for a while details are straight ahead transitory is what we call the

length of a couple of fed presidents' tenure two fed presidents stepping down in the last 24 hours after controversy over their stock trades getting out just before the tapering plus government shutdown looming. senate republicans blocking a bill to fund the government and suspend the debt limit now democrats can do it on their own. scrambling to avoid financial catastrophe. it's tuesday september 28, 2021. "squawk box" begins right now. good morning, everybody. welcome to "squawk box" here on cnbc i'm becky quick, along with joe kernen and andrew ross sorkin. and if you checked things out this morning, the futures are under pressure the dow is indicated down by abou