it is 5:00 a.m. at cnbc global headquarters and here are your top five at 5:00. we begin with wall street kicking off a new trading month and the quarter in the red after stocks did something for the first time in seven months no deal in d.c. as the house democrats delay a key vote to push the bipartisan infrastructure bill over that finish line. this as president biden signs a temporary funding bill to avert a government shutdown until december watch out for that facebook limping home after a rough session on capitol hill where lawmakers accuse them of

using big tobacco tactics. a scar-jo settlement, after putting revenge to rest. it's friday october 1, 2021. you're watching "worldwide exchange" here on cnbc good morning, happy friday, i'm frank holland in for brian sullivan kicking off your friday morning with u.s. stock futures deep in the red to kick off a new month and a new quarter of trading right now futures down about three quarters of a percent or more, the dow looking at this point like it's going to open up about 200 points lower at the open this after stocks ended september on a down note the dow sinking 1.5% yesterday to kick off the worst month since 2020

and not that much better for the nasdaq and the s&p 500 both coming off their worst months since march of 2020 you're seeing the trends here. in this case the s&p snapping a seven-month win streak this is also the nasdaq's worst performance in a decade. 10 of the 11 sectors were down in september with materials leading the losses a 7.4% slide. all of this as the ten-year yield dips below the 1.5 level sitting at 1.491 the rising bond yields a factor in the nasdaq having a tough month. and a rough session around the world, as we see a prime minister transition happen in japan, a decline there julianna tatelbaum is standing by in the london news room with more >> good morning. after that weak september here in europe we started off the final quarter of the year in negative territory

red across the board as you can see. we have paired back the losses since the start of the session the 600 opened and plunged immediately this morning we saw selloffs in the parts of the cyclical parts of the market investors came in and quickly bought the dip and we've seen stabilization come through pretty broad based evenly spread losses we have pmis for the euro and uk come through for the final days of september still strong there but supply chain issues remain front and center fresh inflation data for september, 3.4% year on year inflation up from 3% the month before inflation, supply chain issues remain front of mind for investors. a couple hours into the session, nearly every sector is trading lower with the exception of

utilities in front a defense tilt to trade this morning. on the down side we have health care underperforming now, under 1.2% bankss have been the key underperformer, down about 2%. frank, back over to you. >> supply chain issues impacting companies globally let's get to that report let's get to this morning's other top stories. bertha coombs is here. happy friday. >> thank you it's shaping up to be a busier day in the capitol today with president biden signing a bill that averts a government shutdown and funds until december 3rd it's a band-aid while congress debates raising the debt

ceiling. elsewhere on the hill, president biden's economic agenda facing a serious setback as house and senate democrats continue to debate on the infrastructure packages the house failing to vote on the matter but speaker pelosi says there will be a vote today a rough day for facebook after u.s. lawmakers on both sides of the aisle took time to grill the company's global head of safety, over questions about instagram's impact on the mental health of teens and the social media company's efforts to build more products that target children. >> i want to be clear that this research is not a bomb shell it's not causal research it's, in fact, just directional -- >> i beg to differ with you, ms. davis. this research is a bombbombshell >> with this research we found that more teen girls actually find instagram helpful

>> reporter: among the other accusations fired at facebook is it uses tactics similar to the tobacco industry when it comes to targeting minors. a facebook whistle blower is expected to testify before congress next week as the investigation continues. meantime, tiktok is the one that's coming under fire as we've seen school district after school district talking about the new challenges the latest is to go up to a teacher and just slap them >> you know, a lot of concerns about social media and our kids, bertha thanks for that latest report. turning our attention back to the market. one of the key stories in the past month has been the rise in treasury yields. the ten year back below 1.5% but still up about 20 bases points since august the fed signals it could start tapering this year and raise rates next year.

>> good morning. >> we're seeing, as we mentioned, bond yields rise about 20 bases points, since the end of august. there's an argument on the street that treasury yields are going up and driven by technical factors as opposed to economic fundamentals do you agree or disagree with that >> i think, as always, it's both factors that come into the picture. so economically we follow something called downcasting ma macro, which is the tracking of gdp and that tracking of gdp has ticked upwards as we've seen in the third quarter gdp. that's economic fundamentals we'll continue to see inflation continue to be robust. something that's been affirmed by the fyc members in the last meeting.

and you add to that some of the other technical issues that you could be -- you could layer on top of that, including, of course, the -- the notion negotiations going on in d.c all of these things come into play within the markets. so that's how i would look at it. >> we're obviously entering the fourth quarter, historically, at least according to research from ally, the s&p is going to have the best returns in the year with november the best month out of the entire year how does that impact bond yields >> so i think the -- in terms of the bond yields our expectation is we would end the year at, you know, from where we are now to 1.8% that remains our base case but that base case is contingent upon the infrastructure package passing. so if that doesn't work out and there's no incremental deficit

that gets added, if you take that portion out we think that we probably will be the 160 type of range and you lay it on top of that, if there's any significant setback in the equity markets, you could see yields come down a shade but not dramatically as you can see, in the last few days we've seen a lot of action in the equity markets. we have the normal correlation of, you know, significant decline and equity prices correlating with a substantial decline in yields really hasn't come through, more or less yields have held in around the 150-type levels. that suggests that the momentum for yields is higher and that is done by a combination of inflation, growth that is inflecting upwards and, of course, the withdrawal of the accommodation dictating very much in price.

>> morgan stanley forecasting bond yields to reach 1.8% but only if the infrastructure package passes interesting stuff. when we come back, what's fuelling the record amount of deal making in 2021. plus looking at specialty retail amid a lagging global supply chain and later, what's in store for bed, bath and bond after losing a third of its value in a busy trading day a very busy hour still ahead when "worldwide exchange" returns. 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.

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welcome back to "worldwide exchange." according to a new report out, worldwide deal making in 2021 has reached 4.3 trillion already. that's with a t. that's already surpassed the record set in 2015 and the third quarter surpassed 1 trillion in deal making for the fifth consecutive quarter for more let's bring in matt tour thanks for being here. >> good morning. >> i have to ask you $4.3 trillion in deal, record year also basically doubling. is that a covid comp is that pent up demand or is there a catalyst for the deals being made. >> it's a combination of different things

certainly pent up demand from covid over the last couple of quarters but also friendly credit markets strong stock prices and a rising confidence in board rooms that deals can be done and we've seen that with a record stretch of deal making over the past five quarters. >> tech's been about 21% of those deals followed by financials what does that say to you about the economy and where people are looking for value? >> technology has always been a huge focus both in the ma market as well as the equity and i.p.o. market so we've seen kind of big tech deals also seen tech adjacent deals. so health care companies buying technology some consolidation in semiconductors that's the focus so much in the past five months has been reliant on technology, how we connect with other, shop. that's the biggest share of

technology m&a on record even investing the tech boom in 2000. m i think some consolidation certainly happening particularly in the u.s. banking sector. >> when you say financials when we talk about mergers and deals. are we talking about the action in the buy now, pay later space, what are we talking about there? >> it's a combination of banks, includes the fin tech, so after paying others and insurance as welt so it's a broad group of -- a big bucket but all the drivers within financials are seeing year over year gains this year. >> i know tech is a bigger part of our life, health care, entertainment, probably the big three things during the pandemic last year and it's logical to think you'll see a lot of deals from that this year. but the biggest deal this year

was metals and mining. did that shock you at all and why? >> there's a bit of a trend as far as some of the larger companies who are dual headed and listed on two different shares so it's a little bit of an interesting transaction. it's a large corporate transaction. we've seen it the last couple years particularly in london wh certainly finance activity is happening. so on top of the true mergers we're seeing companies spin off as we saw with universal and other corporate finance plays. >> one last question, kansas city southern that's one of the top ten biggest deals of the year, are you surprised we haven't sign more deals in the supply chain space do you expect to see more deals in 2022? >> it seems that will be the case a lot of people post covid were

looking at the supply chain and whether they should make some consolidation there, bring the supply chain in house. and certainly that transportation infrastructure space would expect to see much more, particularly coming out with what might be happening within the infrastructure package over the next couple weeks or how that kind of public/private partnership may affect the other role. great space to watch. >> we appreciate you being here. still on deck, our "go home or go big" series finales. they all go head-to-head defending their top picks for the fourth quarter "worldwide exchange" back after this >> announcer: today's big number $1.2 trillion. that's the total investment needed by 2030 in order to meet the goals set in the paris ime change agreement

according to an estimate by morgan stanley

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...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones welcome back to "worldwide exchange." the impact of the supply chain congestion has put a damper on u.s. importer inventories but what about specialty retailers that bank on holidays. lori rocco joins us now. a lot of stuff to talk about here and how the congestion has been no treat for spencer gifts, spirit halloween

halloween is just around the corner you have the volume of shipments for spirit halloween, how have they been impacted >> they've been delayed. it's the high priced items, when you look at the flow of trade, the importing, the re-crceipts you will for the containers and you're seeing spikes in september, talking triple the volume, you should never see that type of item coming in. in fact, they had a container come in a few days ago, on september 24th, with animatronics out of the port of long beach and eheaven knows if it's going to reach the stores >> can you give us a sense of the voyage of these specialty goods. obviously many start in asia, where do they go from there?

we talk about the port of l.a. and long beach >> we've been hearing so much about the congestion in l.a. and long beach but china is equally a mess you have 100 vessels parked outside the ports of china. we tracked a vessel called the cgm, cma vessel that was carrying 18 containers of an my t -- animatronics for spirit halloween. it really tells you the delays the vessel departed on august 9th. and then she docked over there on august 16th and then traveling again to another port where she was circling, and then finally she desparted on august 30th to make her voyage here to the united

states and she finally anchored at the coast of long beach on september 13th, but finally anchored on september 21st and it took several days, and like i said before, the containers finally got off on september 24th that just factors the container at the port. that doesn't factor in the rail times as well as the truck times that you report on all the time. >> a lot of delays across the board. have to talk to you about the big thing with the supply chain mess we're 57 days away from christmas. the super bowl for the supply chain. we spoke to the national tree company, their products in demand what are they telling you? >> they're telling consumers do not wait until black friday to buy any items because they probably will not be there we're already seeing that. this company sells items under their own brand and at retailers like home depot and amazon we are seeing product already sold out on wreaths, blow up

animation type of products -- >> frosties and stuff that people put in their yards? >> yes so it is hurry up and buy your product. and hopefully it's still on the store shelves. >> i think a lot of us are hoping that. we've been reporting on the shortage of truckers how are companies trying to mitigate that and the higher rates they have to pay with the shortage >> with the national tree company they have increased all christmas prices by 25% to offset the logistics they can they anticipated such huge demand this year because of the vaccination, more families are coming together. they actually brought their product in early, six months early. they moved it from june to january and they are still not going to have enough inventory so they're also worried about, like you pointed out, fed ex, ups, buy it now and start mailing it early because they do not believe there are enough drivers to move the product.

>> serious concern especially for those of us that want our holiday gifts and want our loved ones to get their gifts. thank you. appreciate it. francis rivera is in new york with the latest >> we start this morning with a group of new york city teachers who have asked the u.s. supreme court to block the city's covid vaccine mandate set to take effect today the lawyers told the court the state's order would violate the teachers' fundamental right to pursue an occupation and teachers who fail to get the vaccine will never be able to return to work earlier this week, mayor bill de blasio said 90% of teachers are vaccinated the postal service is making changes that will lead to longer delivery times for first class mail and package delivery prices are going up through the holidays costing anywhere from

25 cents to $5 more for the package. the jaguars looking for their first win got out to a 14-0 halftime lead thanks to trevor lawrence's first career rushing touchdown. but joe burrow rushing out the late game drive set up mcpherson for the game winning field goal the bangles win 24-21. inglewood up to no good on super bowl sunday. this might be the most stacked halftime show of all time. west coast hip-hop legends dd dr. dre, snoop dogg, emimen and mary j. blige. there's always, frank one big headliner for the super bowl and then some other acts in between. each one of those guys could take it all. but they 'all consolidated

together what a show that's going to be. >> i'm such a fan of all of them i think it's going to be hard to top bruno mars it was just him but he was amazing. amazing. >> i read the last part, amazing. amazing. i couldn't hear you in the end >> fans of all of them goingto be hard to top bruno mars, in my opinion. >> i missed -- >> audio problems. my opinion, go ahead and tweet me lawmakers burning the midnight oil and failing, at least for now, passing president 're ven c.frastructure agenda. weli id. with the latest stay with us

stocks hitting off a new month and quarter of trading in the red as the bullish streak for the s&p comes to a bitter end. deadlocked in d.c. over the president's infrastructure agenda nancy pelosi vowing to put it to a vote today. and the go big or go home series finale. >> because it's in the valuable cyber security space. >> we're overweight in technology the name we're adding right now happens to be one going through a transformational moment. >> i culled through the portfolio just for you and i picked out four dividend stocks from the portfolio. >> to me it's an interesting play in what has proven to be a weaker take.

>> that was a calm montage we're mixing it up bringing back our stock pickers from week two of our series, they'll duke it out over their top picks for the fourth quarter. it's friday, october 1st, 12021 you're watching "worldwide exchange" here on cnbc and welcome back i'm frank holland in for brian sullivan. checking stock futures about 5:30 in the morning in the new york city area we're seeing everything down just about half a percent right now. looks like the dow would open up about 170 points lower at the open this after stocks ended the worst month of the year eking out the smallest quarterly advance since the post pandemic recovery began in 2020 you see the downward trend with the worst september since 2011 trends suggest that october may not be that much better especially as bond yields

continue to head higher. the ten year this morning slipping just below that 1.5% level. you're seeing it right here at 1.489. now to our top story this morning. a government shutdown avoided at least for now as democrats continue to find common ground when it comes to the president's infrastructure agenda. chris pa loan joins us with more. >> reporter: house speaker nancy pelosi moved a vote on that key infrastructure bill from monday to thursday to make sure she had enough time to get all democrats on board but they're not there yet. house speaker nancy pelosi leaving the capitol after midnight after missing the democrat's own deadline to pass a $1 trillion spending bill to improve the nation's infrastructure, insisting a vote is still imminent. >> how gdisappointed are you there's no vote today?

>> there will be a vote today. >> there will be a vote today. >> yes. >> reporter: progressive house democrats are refusing to vote for the bill until the senate reaches an agreement on the president's top priority, a bigger plan to spend money on medicare, fight climate change and provide child care. >> they want to restructure and transform america. >> reporter: moderate democrats kyrsten sinema and joe manchin object to the $3.5 trillion price tag. manchin is proposing a bill $2 trillion smaller but all sides are expressing optimism. >> there's a lot of good in both of them. >> reporter: earlier. >> the yeas are 254, the nays 175. >> reporter: both agreed to keep the federal government open until december 3rd that money included disaster relief in several states and resettled afghans in the u.s but it did not increase the nation's debt limit. and congress now has until

october 18th to increase or extend the debt limit. fed chair janet yellen said it would be catastrophic if they didn't and went as far to say as the debt limit should be abolished. i'm chris palone, frank back to you. >> great to see you. capping off week two of our "go big or go home," special we have four pickers to help you out. yesterday, treasury partner rich sapperstein is going big on megatech let's welcome them all back. we're still waiting for indicate pattis to join us. if you missed them earlier, i'm going to start with you guys richard, i'm going to start with

you. mega cap tech, explain it to us. >> i think the rise in interest rates is going to have a primary impact on companies that have zero cash flow or multiples in -- at nose bleed levels so, you know, they talk that rises rates will impact big cap tech, it's at some point but i like the free cash flow in these companies. keep in mind every dollar that goes into the s&p, 25 cents goes into big cap tech, every dollar that goes into the cues, 40 cents goes into every one of these stocks in order for investors to keep up with the indexes, it's important to hold big cap tech >> i'm hearing some dissension in the ranks i believe i don't know who that was, but jenny toss it to you agree or disagree? >> it wasn't me.

i fundamentally agree, which is really interesting it's a different set up from times we're used to in the past. historically when interest rates go up, they hurt stocks like mine, which are dividend oriented stocks when bold yields are higher, historically the bond proxy stocks, those with high yields, are not as competitive. but now yields are so, so, so low and all these -- exactly as richard richard phrased it, zero cash flow, nose bleed companies, they're reliant on the low interest rates so in a weird way, richard's called on the faang minus n plus m, they are high cash flow companies. my dividend companies are also high cash flow companies and also low multiple. in a period of rising rates and

that, you know, creating some market dislocation, some instability, potentially in a weird way we're both hiding out in the same safe space, different superficially but fundamentally a similar call. >> so agreement in the ranks, not dissension katie to you one of the picks i found interesting was mastercard people are paying in so many different ways now >> this kind of tapers loss of momentum here. we like to look for names that look very different from the s&p 500. and that does include mastercard which corrected about 16% from its high before finally stabilizing and showing some improved short term momentum it came up to its 50 day moving average. we have a short-term counter trend buy signal there that isn't shared by many stocks right now despite their pullback we're interested in adding exposure to this type of set up,

because the market tends to penalize overbought stocks and reward stocks especially when you see this corrective price action under way also mastercard is still technically in a long-term up friend they still are pointing higher despite the corrective phase we also like sort of straddling technology, consumer discretionary and financials with mastercard. >> kate i believe you're with us now you figured out your technical difficultdifficulties you're bullish on tech two but do you agree with katie's thesi here >> on mastercard >> yes >> i tend to agree i think the main problem with the mastercard are the pay later companies. one of them was bought recently by square. and i think that's going to be mastercard needs to be creative about finding new ways to get

millennial and younger consumers. that's my only concern with mastercard and that's what's been holding the card back. >> i think they did make a move to get into that space in all fairness. kate, one of your picks was octa, can you give us a pitch why people should look to buy into shares of it? >> yes it's something you need. the identity space is huge it's an important area, it's a big part of cyber security and it's simply essential. that's why you need octa >> katie, back to you, agree or disagree >> the software names have been under pressure recently, the cyber security names as well it's that high growth arena right now that we would stay away from broadly speaking given

the short-term breakdowns we've seen in the space. doesn't mean that okta doesn't have long-term potential but i think from a timing perspective or risk-reward perspective there will be a better entry for that stock. i think when the market is consolidating, those are the stocks because they're a higher beta they tend to be under more pressure than the major indices. and you're better off hiding in more stocks in the broader market so that would be conagra, ticker cag, that came off an oversold reading and cleared the 50 day average. it's not the best long term set up but a short to medium term perspective that's what we'd like to hide in a broader phase in the market. >> we want you guys to all stay with us. we're going to talk much more

about your picks in a second but first your big money movers including disney settling a lawsuit with scarlet johanjohan. neiman marcus said the accounts of 5 million customers were breached. the incident happened in may 2020 but the retailer only recently learned of it whole foods cofounder will retire next year the current chief operating officer will take over the job. and a babe ruth bat is the featured items at auction next week experts say it could fetch as much as $1 million stay tuned you're watching "worldwide exchange" here on cnbc

welcome back time now for your big money movers three stock stories of the morning. first up zoom, they're terminating the purchase of the maker of call center software after shareholders voted down the deal a proxy firm recommended the shareholders vote against that deal citing growth concerns. stock two, bed bath and beyond, stocks are ticking higher after they reported a drop yesterday citing supply chain issues, inflation and customers avoiding

stores due to covid-19 concerns. stock three, disney. settling a lawsuit with scarlet johansson, she claimed the contract guaranteed the movie would open exclusively in theatres with earnings tied to the box office performance but disney released "black widow" if theatres and disney plus the same day terms were not disclosed but the two sides say they plan to work together still on deck in "worldwide exchange." our all-star panel is coming back with a spirited discussion on which stocks will make you the most money in the final three months of 2021 plus it's hispanic heritage month. all month long we'll spotlight business leaders and colleagues. here's katherine giralis >> if you are a young latino starting out in your career, you better bring your authentic self to work every day.

you might laugh a little louder, sing a little louder as well from your desk but let that music sing out of your heart and make sure you bring your auth authentic lfse day and that will guarantee you are happy in your career s. 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.

welcome back big news from inside cnbc today, jim cramer now delivered to your inbox with the investing club. he'll send emails, and appears in videos online you can see what stocks jim is trading. he'll tell you about his winners and losers, total transparency you can find out to win more at cnbc.com cnbc.com/investingclub speaking of taking you there, let's get to more of our

special series "go big or go home". still with us. jenny i'm tossing to you this time one of your picks that i thought was interesting, sabraw. can you explain that for us? >> sure. it's a health care real estate investment trust and they own skilled nursing homes and transitional facilities. i thought this was a cool pick because they have wind at their back it's got a high yield about 7% yield. and second of all, as we return to normal, as people go to nursing homes as they did n normally, rehab facilities as they did normally that's good for sabra's business they have about 5% earning growth and trades at a steep discount so to me -- i was joking with brian on monday with the whole go big thing this isn't a home run but my go

big was on the big dividends i think we're in for a tricky third quarter. i don't think it's going to be huge stock market returns so to me where do you think you can get the best return the next three months and into next year, i think it's like this where you know the fat, juicy dividend is coming to you and the valuation doesn't put you on the precipice of a cliff >> richard is that you clearing your throat? i can't see you. we see shares down about 14% even with the fat, juicy dividend, do you agree or disagree with the take >> our focus now is on the fact that, you know, this is going to be the first millennial generation that's going to be truly adopting technology. and we're looking for companies that have growth elements and high, free cash flow so i think in terms of nursing homes and transitional care facilities you have an aging of

the population that's naturally occurring. so companies like that are only going to benefit going forward >> richard, while we have you right here, let's talk about some of your picks, which is famgi, with basically microsoft replacing netflix. what do you feel most comfort about? >> the name we added was cisco, it was the company moving from a hair sales to a subscription services business. so in 2018, the subscription services were roughly 32% of revenues and it's moving up to 50% of revenues in 2025 so when you look at the multiple that is applied to a hardware sales company of ten times versus a software subscription company at 20, 22 times, you know, there's a rerating that

occurs there in addition, you have a 2.5% dividend yield the company has about an 8.5% operating cash flow. actually, a 6.5% operating cash flow, which is epxceptionally high in today's marketplace. i like the re-rating of the company that will occur, plus the strong, free cash flow, plus the return of that to shareholders in this ultimate zero interest rate environment. >> strong argument there katie i'm going to toss it to you. one thing with cisco, the ceo has flagged they're having supply chain issues and they have to raise prices do you agree with richard's take >> the stock is corrected -- is that for kate, i'm sorry >> no, it was for katie. >> was it for me or -- >> katie stockton.

>> forgive me. cisco has seen a corrective phase within its long-term up trend. but as you know, there's a strong top down influence for cisco and any stock that looks like the major indeindexes. when you talk about the q4 positioning it may not be the best idea given the fact it's lost momentum and has done so with other peers, the faang stocks have seen the loss of momentum in about a year that's something that sets them out of favor for now, the relative strength ratios we track when you look at the faang stocks versus the broader market, they've staled meaning they lost their leadership strong hold for now we go back to those more defensive plays like jenny that sabra health care looks more interesting to me than cisco right now. it's a little counter intuitive

because i'm a technical analyst but when you look at the reach it has a short term buy signal, much like mastercard and that suggests the decline is overdone on the down side that comes at a time when you could get that more defensive rotation you have to reconcile that with what treasury yields are doing my thought on treasury yields we've seen a short term break out there but the piece of that move should slow down. as it moves down, you'll see the recent underperformance by the likes of the utilities and what have you start to kind of dissipate. >> i hope you don't mind i'm going to throw a wild card in here. a big pick last week, that was the jets etf, huge reopening trade. kate, what's your take >> i'm going to disagree with that because of the pandemic, those

companies have had to take on a significant amount of debt travel has not been coming back. and i don't think it will come back so for those reasons, i think -- a lot of these, you have to decide, are you going to talk about a trade or talk about a buy in so i'm more of a buy in whole investor, i'm not really a trader short term price movements are random you cannot predict what's going to happen in the short term. this is a finance theory 101 so they may be fine for a trade. as a long-term buy in, absolutely not. >> jenny harrington, agree or disagree >> actually, i totally agree one of the other things that i think is lost in how we have to talk about these things so quickly is the debt the airlines took on last year. one of the things with katie is

we seem to come to similar conclusions but we look at it differently. she's looking at it from a technical perspective, i'm looking at a fundamental perspective. when i look at the airlines i see things like delta who we want from $9 billion of debt last year to $27 billion of debt so kate i think is nailing it, you might get a quick trade out of it but in the long-term, the fundamental picture has deteriorated here. so you always need to match up that story, right, and i have a younger millennial brother who is always trying to get me to buy the airlines because he thinks they're great and loves flying delta, a great story. but when you look at the fundamentals and the numbers behind it, it's less compelling. longer term these guys have a lot of digging out to do. >> you guys went big and you're already probably at home we appreciate you guys all being here thank you. one last look at futures before we go

right now futures continue to be in the red the dow looks at this point it could open 200 points lower at the open that ds oeit for us on "worldwide exchange. "squawk box" coming up next. this is worth. that takes wealth. but this is worth. and that - that's actually worth more than you think. don't open that. wealth is important, and we can help you build it. but it's what you do with it, that makes life worth living. principal. for all it's worth.

good morning, stock futures pointing to more declines now to start the fourth quarter after ending the worst september for the markets since 2011 we'll show you what's moving this morning infrastructure delayed speaker pelosi vowing a vote today. congressman josh jeimer voting grab some gatorade. billionaire investor mark lasry resigning after being in the position for three weeks

details straight ahead it's friday, october 1st, 2021 it's halloween month "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 as joe mentioned, it is october 1st, of course that's the start of the new quarter, the new month. it's time to take stock of how we got here. september was a rocky month for stocks if you were keeping score. the dow was down by 4.3% the s&p fell 4.8% and the nasdaq was off 5.3% the dow was the biggest loser for the quarter do