it is 5:00 a.m. in new york here's your top five at 5:00 developments around the evergrande group prices. reports say the company may have to sell off part of its business this as the stock halted in hong kong we'll show you how big the story really is. faceless at facebook no more the whistle-blower at the center of the latest scandal for the company. breaking her silence just days before she testifies on capitol hill and will congress act on her incredible claims just how dangerous the company might really be. a crisis in california as an

oil spill off los angeles sends authorities in a rush to contain a potential environmental disaster president biden unveiling an all new china trade policy this morning as the supply chain and cargo crunch only gets worse. and chaos at the federal reserve as yet another senior official gets caught up in a stock trading scandal. it is all happening on this monday morning, october 4th. this is "worldwide exchange. good morning, good afternoon or good evening and welcome from wherever in the world you may be watching i'm brian sullivan thank you for being with us. it's good to be back with you. as can you tell from the show's open, there's a lot of news to get to today futures, they are lower across the board right now.

we are down about 79 points on the dow, 67 higher percentage on the nasdaq now on friday, it was a good start to the month of october, but otherwise it has been weak lately in fact, the nasdaq 100 is actually down 3.5% over the last five sessions. the s&p down about 2%. the worst weekly performance since all the way back in february now bond yields, they have been a big part of the story, the 10 year yield down, back below 1.5% right now. we have hit oil this morning, slightly lower but it has been red hot lately crude oil 9% in the past month do keep in mind there's an opec meeting later today. expectations are the group will add 400,000 more barrels a day to the market but is that enough to cut prices or is demand growing faster we will monitor that opec meeting all day. we have helima croft in a few

minutes. and the crypto markets more red than green on the screen we are seeing losses of down 2 to 5% across the board although again a lot of strength here lately, ether has been strong up about 20% in a month but all down right now across the board. as we said and as you can tell, we have a lot to get to today. we have got to begin in d.c. because we have breaking news from the white house right now on trade kayla teusche is joining us with more on this >> reporter: good morning, the last six months the administration has conducted an in depth review of the trade policy toward china and how or whether it should be continued or changed in a speech today, ambassador katherine thai will outline a strategy with four parts, the

first maintaining existing task force -- tariffs on chinese goods. she will resume direct engagement with chinese count counterparts also a plan to work with allies to align policies meant to challenge beijing and demanding that china fulfill the pledges in the existing phase one trade agreement, highlighting specific areas where china is not in compliance now the purchase targets in that deal are perhaps the lowest hanging fruit. beijing had agreed that over the two years ending this december, it would buy $200 billion more dollars u.s. goods than 2017, the highest year on record but data shows this year the u.s. has exported $82 billion to china, that's about a third of the annual goal that is stated in the text of the deal. and the deal gives the u.s. several tools to hit back at

china for noncompliance. but senior officials wouldn't say which specific tools the administration is leaning toward using. it will see how china responds to this overture first but will not wbe seeking any phase two deal brian? >> a couple questions here, kayla. time line, what do we know about time lines going forward and how is china likely to respond to some of these, i'd guess you'd call them, offers or suggestions? >> reporter: that's a nice way of putting it, brian but certainly for the timeline, the deal makes very clear that those additional purchases need to be made within the two years that end this year so essentially this is a warning shot to china saying that it has at least three months to attempt to make good or at least close some of the gap on its purchases that have remained far below what was laid out in the deal.

so we could see some movement on that by the end of the year. but on the likely response, it's really not clear on one hand, president biden did speak with president xi in early september and perhaps eluded to where this strategy was going. on the other hand, this is not what beijing has been asking for or has been looking for, nor has the business community, both beijing and the business community have been seeking more tariff relief and the u.s. trade representative is going to try to limit the impact on the u.s. economy by carving out some of those tariffs but the fact that most of them will remain in place is certainly not the outcome that they had wanted brian? >> it does sound from your reporting that the two sides are indeed talking >> reporter: they are indeed talking and we will see whether and when that call between the trade representative and her counterpart happens, if that remains on the books after the

text of the speech comes out today, brian >> big story there and for now the tariffs do remain kayla tausche breaking that news out of d.c we appreciate it thank you. so let us stay with news out of china and what has been one of the biggest market stories and maybe market risks out there. that is the fate of china's evergrande group one of, if not the, world's most indebt companies the fear that it will not be able to pay back what it owes. there is some new reports on the company this morning as well as a trading halt in hong kong. be be bertha coombs is here with this story. >> one that people are going to be watching closely. so china evergrande is reportedly planning to sell a half stake in its property management unit to hopson developments for more than $5 billion with both stocks

halted ahead of what's likely to be a game-changing transaction while both companies have yet to officially confirm the report out of china's state backed global times they pretty much spelled it out evergrande property services said the halt was pending, quote, an announcement concerning inside information and a possible general offer for the shares of the company. while hopson said its shares were halted pending an announcement about a transaction on a hong kong target company that it didn't name. but we know this is going to happen a buyout of the property services division would mark the latest move by evergrande, which stacey faces more than $300 billion to face the restructuring crisis. the company has raised some funds by unloading assets like

its electric vehicle arm and hong kong office building. uncertainly around evergrande and this morning's deal roiling asian markets in overnight trade with hong kong closing down about 2% so this could be a big overhang lift, brian, if they go ahead and announce this soon >> if they can do it i tell you what, maybe a company most of us have never heard of before and coming up in the rbi we are going to lay out just exactly how big that company really is. some shocking stats there. we'll see you in a few minutes, thank you very much. in the meantime on wall street, evergrande just one of the headwinds that we are facing lately as the markets and investors try to hit reset after what's been a tough week despite the struggles, the next guest is finding opportunity in the markets overall, including one stock he says could be an interesting sort of stay-at-home-ish play.

lee baker, we welcome him back good to have you on. >> good to be back. >> how closely, if at all, are you watching this evergrande group story? >> as closely as possible. depending on how this plays out, it's going to aroil markets around the world >> there's a lot of talk about whether or not china is going to bail them out, do they sell themselves, they came out of nowhere. if the situation resolves itself, the company selling off part of itself or the government bails them out or we just stop hearing about it mysteriously, what kind of an outcome are you looking for and connect the dots, lee, to the u.s. markets and your clients and investors >> what i'm looking forward to is going back to where most of us were probably about 45 days

ago and that's not hearing any news at all about evergrande if you talk to most people, it was totally unknown here until a month or so ago and getting out of the headlines, it's just one additional thing that adds to this boil, you know, it's october and we have halloween and i look at this and i have this image in my head of the witches stirring the pot of their brew this is just one more ingredient added to the pot that we don't need right now so looking forward to getting beyond this. >> we have these trading scandals at the federal reserve. we have this move in bond yields as well. that's what september, lee, tends to do. that's why we talk all the time about september being historically the worst month for the market there are some of the risks, give us some of the good news sides to the market story. what are the winds in our sails, if you will? >> the winds in our sails is

even though we're going in fits and starts, we are still healing for an economic standpoint this next quarter is probably going to be a little rough we started the year with gas, you know, and the markets took off. i would expect that overall, as we look to the first quarter of 2022, that things will begin to accelerate again we're getting beyond the delta variant, the covid numbers have continued to go down since around labor day those are all positive signs we're talking to our client, some of the turbulence we're seeing here in september and that i expect to continue to see into october presents some buying opportunities for a lot of people. so those are some positive aspects, where there's some volatility it's going to cost to pull back on solid companies that are going to provide solid opportunities for our clients. >> let's find opportunities for your clients and our viewers as

well one of the names you brought is what we talked about last week, in bar rens last week. and that is scott's miracle grow the stock has really sold off in the last couple of months. you think that selloff has been a little bit over done >> i think it's been a bit of an overshoot. they have solid fundamentals there's a hydroponic component, the ability to grow things without it, but as you mentioned one of the things that does give me a pause, but still with a 17, you know, forward looking pe, it looks like a good opportunity and i think it's been oversold on the side that gives me caution, natural gas prices are through the roof and causing complications around the globe so that's going to way down on some of the feralization >> kicking off the week strong, lee sanctuary city a great day and great week we'll talk to you soon.

>> will do take care. >> we are just getting started on a busy monday when we come back we'll talk more about oil and natural gas will opec decide to throw more barrels on the market? they have a meeting today. a major cleanup operation under way after a massive oil spill off the southern california coast we'll give you more details ahead. and the damning claims of a facebook whistle-blower over how the company may know it's dangerous but chooses to do nothing about it a very busy hour 'rba rhtft ts.

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welcome back here. there is a major cleanup operation under way off los angeles, california. this after a massive oil spill dumped an estimated 126,000 g gallons of crude oil into the ocean. oil has begun to show up on beaches in orange county the spill is because of a break in a pipeline from an offshore oil platform to a transfer station in long beach all owned by a company called amplify energy, and shares of amplify are down 28% right now -- actually, 30%, excuse me, on that spill news. california congresswoman

michelle steel has sent a letter to president biden requesting a major disaster declaration all this as the company and others race to minimize the damage we have seen images of oil on the water and clumps of oil washing up on california beaches. much more as the story develops throughout the day oil and natural gas prices have been surging lately crude oil up 10% in a month and natural gas up to about 20% to $5.60 but that is just u.s. traded natural gas in europe and asia prices are more than 25 or $30 equivalent on the spot market as there is panic buying ahead of the winter opec meeting later today, another virtual meeting but it could have very real world consequences for global markets as the group is expected to put 400,000 more barrels on the market but will that be enough to move prices down?

let's talk about it with heliam croft. great to have you on it must be opec day. what are your expectations for their meeting and decision later today? >> really all eyes will be on the saudi oil minister, he really is now the jay powell of the oil markets. the question is will the saudis and opec essentially say 400,000 barrels additional coming onto the market weis not enough we'r going to do more because we're concerned of an oil market the big question is, if we have a cold winter, are we going to have more demand in europe and asia for oil as a substitution product because there's real issues about power generation. so i think if there is a significant chance they say 400,000 is not enough we'll do

more if they don't put more than 400,000 on the market they'll signal they're meeting every month and adjust as needed this is the new thing, the monthly meeting structure. >> i don't know if you saw over the weekend, but scott sheffield, the only oil ceo i've seen at an opec meeting. >> yes. >> over the weekend telling "the financial times" that basically opec is in control the american producers don't have the ability to contro prices because they're not growing. it's all about opec, would you agree? >> opec is really the only game in town but it's about saudi arabia what country has the ability right now to surge production in order to pull this off we're talking about a handful of those countries and of those countries saudi arabia is sitting on the most barrels they could deploy to crew this off.

and we know the prince thinks of himself as the central banker of oil. i think, again, if they don't put more barrels on than 400,000 i expect they will but if they don't, i know he's going to signal they're standing ready and willing to do so and closely watching market conditions he has caused this fed-like meeting structure to actually happen he wanted to have a rapid response mechanism with opec remember we used to go to vienna twice a year and they were stuck with the policy, now they can change every month as much as needed. >> don't say it too soon because i hope we get back to vienna for an in-person meeting again at some point that sait d, there is a natural gas crisis in europe and asia because power producers are panic buying to stock up the supply shortages does that factor in to opec's

thinking at all given that natural gas production is largely a by-product of oil drilling and oil production? how is that? they're not a natural gas organization but it has to be in their thinking, right? >> hugely, brian i think this is front and center for his royal highness, they're incredibly concerned about the escalating energy crisis in europe and asia. and what are the replacement products if you cannot get enough natural gas in for power generation there could be a pull on oil as a substitute and so i do think this is the reason why we're even talking about doing more than 400,000 on the market the fact is we're all sitting here trying to be meteorologists saying what is winter going to look like? if it's a cold winter, the view is there's not enough additional natural gas on hand right now to meet all the needs

we could have a real situation where governments are choosing, do you supply to consumers to keep the lights and the heating on and do you essentially have to starve energy intensive industries to meet the demand for consumers. so it's a huge issue. >> so i guess i will see you on that virtual meeting later on today? >> yes thank you. yes. >> and we're both up at this hour as well got to have 25 more cups of coffee and make it through the day. >> yes. >> i will see you later on in the opec meeting thank you, helima. appreciate it. >> thanks. >> these days with three hours of sleep appreciate it. still on deck. incredible new details about a massive leak of documents exposing business and world leaders' secret stores of wealth they are now called the pandora papers it's a massive story and we have

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u.s. equity strategist passed away over the weekend. he died friday after sustaining injuries being hit by car on september 1st. he had been the chief strategist for citi group since 2001. his commentary frequently received widespread coverage in the media he was always a kind and generous voice to me and tv. he was extremely well liked and respected both personally and professionally our thoughts to his family tobias levkovich dead at 60. we'll be right back.

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democrats in chaos in congress trying to save their multi-trillion dollar spending plan and keep the government funded, can they come together to get it done or is all that new spending d.o.a.? facebook under fire as a former employee comes forward accusing the media company of putting profits before kids and public safety. >> content that is divisive and polarizing it's easier to inspire people to anger than other emotions. and the biggest scandal around wealth in years as thousands of secret documents

leaking over the weekend, e exposing how rich many world leaders are and the tactics they use to pay as little taxes as possible it's monday, october 4th and this is "worldwide exchange" right here on cnbc welcome or welcome back, everybody. good monday morning hope you're having a nice start to the day it's 5:30 a.m. on the nose let's get to your money, futures are down a touch nasdaq futures a little worse than dow futures down about 79 points about .75%. dow futures down about.2%. that's following a mixed open in the european markets as well not a huge amount of direction in any way those numbers are kind of. is that my eyes is it too early or are those numbers all kinds

of -- look what happens. bang, fix to graphics. not a lot of action anywhere weaker action in asian markets not closed for china's golden week hong kong down more than 2%. all this the evergrande group looks to sell off more assets in a desperate bid to raise money new reports saying they may sell a 50% stake in their property management division. shares of evergrande group were halted in overnight trading. we'll get more on evergrande group, why you care and how big it really is, coming up in your rbi in a few minutes for now, let's get more on some of your top stories, including the facebook whistle-blower coming forward in a 60 minutes interview overnight. it was an explosive one as well. a lot of claims, bertha coombs is back with that and more and other headlines. >> a lot of fireworks on sunday not just tom brady going back to new england.

that whistle-blower is accusing the social media giant of misleading the public and the company's investors. in an interview with "60 minutes last night she said facebook places profit over safety when it comes to its products >> the thing i saw at facebook over and over again, there were conflict of interest between what was good for the public and what was good for facebook and facebook over and over again chose to optimize for its own interests, like making more money. >> she previously worked at google and pinterest, added when compared to other social media companies, the problems at facebook were substantially worse than anything she had seen before she plans to testify in front of lawmakers on capitol hill tomorrow in a statement facebook says every day our teams have to balance protecting the rights of billions of people to express themselves openly with the need

to keep our platform a safe and positive place we continue to make significant improvements to tackle the spread of misinformation and harmful content. to suggest we encourage bad content and do nothing is just not true unquote. now to the other major leak. this, financial documents linking several world leaders to efforts to allegedly hide their wealth the leak published by several major news organizations features files from offshore companies dubbed the pandora papers these feature more than 300 either current or former public officials, among the revelations, jordan king allegedly used offshore accounts to spend more than $100 million on luxury homes in the uk and u.s. the czech republic prime minister's secret $22 million estate in france

and russian president vladimir putin secret assets in monaco. meanwhile, richard clarida is accused of trading funds ahead of a key policy announcement on the covid crisis ahead of an announcement from jay powell that comes after robert ckaplin resigned last week after facing scrutiny of trades. >> when you have those assets i'm not sure why you wouldn't put it in a blind trust so there's no opportunity for a semblance of improper trading. >> the check prime minister has a $22 million estate in france the pandora paper, there's stunning revelations coming out.

i think we knew about putin, but not the others congrats to your buddy, tom brady winning the return last night in a heavy rainstorm. now to washington d.c., as democratic leaders weigh their options to try to get trillions in new government spending over the finish line. all this as more moderate members of the party push back on the price tag, saying it has got to get smaller because the economy doesn't need the spending anymore or the tax hikes that come with ylan mui joining us with more on where we stand on the latest strategy to advance the spending bills. so where do we stand >> reporter: brian, democrats are trying to set new deadlines for passing president biden's economic agenda after failing to muster enough support for the votes last week. house speaker nancy pelosi sent a letter to her caucus this weekend pointing out the expansion to the child tax credit will expire at the end of the year and temporary funding for highway and construction projects runs out at the end of

the month. pelosi said we must pass the infrastructure bill before then, the sooner the better to get the jobs out there democrats have a lot of work to do to rebuild trust, especially among moderates who were promised the vote last week. kyrsten sinema slammed the decision to slay the vote on the infrastructure bill. she called it an ineffective stunt to gain leverage over a separate proposal, the social spending package and said she does not trade her vote for political favors josh gottheimer said it was disappointing. shelly moore capito accused democrats of holding the bill hostage to a reckless tax and spending spree after the vote was called off, many house members went home but there's still the debt ceiling to deal with and they

may be called back to deal with significant legislation. back to you, brian. >> i saw over the weekend that some agitators followed senator kyrsten sinema into a bathroom with their cell phone cameras. into a stall at arizona state. kind of sad. what's the time line at some point? is there a chance, ylan, that a lot of democrats know that 2022 could bring big changes in the house. they're nervous about their own re-election that some of this does not get done or is pushed into next year or is it just about fine-tuning the numbers? >> yeah, no. i think there is a good chance that this doesn't get done or doesn't get done until early 2022 look, what you heard pelosi try to do over the weekend was try to create more urgency and set some new potentially artificial deadlines for trying to reach some sort of negotiation but both sides have a lot of work to do progressives have to come down on their number to about

$2 trillion, the moderates are feeling burned after they were promised something that didn't happen so they are not going to be quick to give up their vote for the social spending package. there are a lot of things to still work out, brian. >> yeah. and it is the narrowest majority of any political party in 150 years in the united states there's zero margin of error and maybe not a lot of opportunity to take chances coming out of the covid crisis we'll see you all day long here on cnbc, ylan. thank you, appreciate it. coming up, combatting cancer amid the ongoing covid crisis. hoping to raise the rise in preventable diseases first, tesla, delivering more than 241,000 electric cars in the third quarter. shares are up about 2%

dow futures down a touch we are back 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.

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that is far below the expected average of 50% joining us now with a closer look at the data is hologic ceo steve mcmillan steve, without going into it too much, somebody very close to me as just successfully, thank god, gone through the breast cancer fight, her mother and grandmother both died of breast cancer and the oncologist had spoken to the woman and said the incidents of breast cancer in her office, her office, have doubled, she said it's lack of screening and perhaps the stress of the pandemic could help accelerate the growth of cancers. shout out and prayers to everyone going through the fight this person has.

what do your studies show, where do we stand right now and what do we need to do >> you hit the nail on the head, that the combination of screenings plummeted last year, especially in the april, may, june, quarter. and so while everybody focused on covid, we completely lost track of so much of the longer term issues which was cancer detection. and also frankly with women bearing the brunt of so many of the challenges of the pandemic, whether it's home schooling or themselves needing to put others first, what we've seen, and my own mother is a perfect example, who is a breast cancer survivor, also a caretaker and she put off some needed surgery last year and ended up having to have emergency open heart surgery in the fall so what we're seeing is, especially breast cancer screenings plunge dramatically, not only in the u.s. but around

the world. they're coming back but even if they're only back at a 90% level, that's way low and particularly, as you know and hopefully the person you're speaking to, if we catch cancers early, especially breast cancer, cervical cancer, if we catch them early, they are very treatable and we can get people back to their lives and it's better for them, cheaper for the health care system, better emotionally. it's better all across the board. so we have to get people back to their screenings and it's part of certainly breast cancer awareness month is always a great time to highlight that message and we appreciate you having us on for that exact reason >> well, obviously it's been a situation, steve that has been close to me and my family as well thank god your mom is doing well and so is the person i know. you know, and not taking anything away from covid, 700,000 souls lost, more to

come, it's terrible. but there are 600,000 people every year, every year who die of cancer. almost as many as covid who die every year your company, if people don't know, makes a lot of testing devices, you test for covid, it's been sort of a boom time for testing. how has covid and its sort of the rush that we've got to figure out better testing for everything -- how might that help prevent some of those 600,000 deaths every year? trying to find some kind of silver lining in this -- >> the silver lining -- you're asking the question that should be asked, brian. if it's if we just take the same urgency that we have applied to covid testing and apply it to, especially all of cancer testing and particularly women's health testing, i personally have been

tested for covid six times in in the last five days for various events, travel reasons right. we're able to put that urgency around covid, by the way, i'm vaccinated and healthy and everything else, but we're not putting that same urgency or importance -- it's almost like we're allowing the urgency of covid to crowd out the importance of other diseases, cancer frankly, emotional health. all kinds of other areas so if we could just harness a little bit of that energy and urgency to realize that catching everything is important. and i think the diagnostics industry ultimately should be looked to as a savior here for so many things where if we detect things early, we can treat them, we know exactly the course of action to take as -- particularly in the case of breast cancer but in all

cancers. so in having that diagnoses early is what we need. we need to get people tested not just for covid but all the routine screenings whether it's high blood pressure, sexually transmitted infections, anything. >> it's so true and such an important topic. and i understand the pandemic hit us, punched us in the jaw from out of nowhere. we forget there are millions of people who die early deaths from treatable diseases, obesity, diabetes, cancer we forget those millions we focus on covid and forget there are millions of people a year globally who could be saved or lived longer lives if we took that urgency you talked about to everything else. we have to leave it there, but we appreciate you coming on. good luck to you at hologic, we appreciate it and i'm glad your mom is -- made it through, steven, it's a journey and everybody out there who's been through it knows it as well.

and our best to everybody who's fighting it or knows somebody who is thank you. >> thank you, brian. same to you. >> an important topic there. they make a lot of those pcr testing machines that you hear about. as we head to break, it is also hispanic heritage month we'll highlight our leaders, colleagues, friends. here's our own bertha coombs. >> my latino heritage is wrapped up being a cuban immigrant we moved to the u.s. when i was 4. my dad felt like we couldn't make a life in castro's cuba and came here for greater opportunity. that's something that has been ingrained in me, you need to take risks being willing to explore the unknown to get that payoff in your life and your career

welcome back today's rbi is a story that rocked global markets two weeks ago today, the evergrande group debt bomb. it was just two weeks ago, if you remember, we woke up and a missed debt payment by a company probably nobody outside of china has ever heard of sent futures tanking. here we are 14 days later and the debt issue is still hanging out there and it's unclear if anything has been paid back. here's why you have got to pay attention to the story because evergrande group is big. i mean, really big look at this cool stat from "the wall street journal" over the weekend. evergrande group has 700 developments being built right now, 700 those are the total size of 513 empire state buildings that according to the journal thanks to the cool graphic remember, that's what's being built now. not what they have already built. they are funding a lot of that

growth with debt evergrande group is one of, if not the, most indebted company in the world but let's put some of those numbers, shall we, into perspective. for example, avalon bay and equity residential are two of america's biggest real estate developers they each have about 9 and $7 billion in debt represent tiffly avalon bay has about 80,000 apartments it is big evergrande group has 88.5 billion in debt and 300 billion in total liabilities, thinks like receivables and companies it owes. our two biggest real estate developers combined are just a tiny fraction of evergrande group's total debt the next interest payment on its bonds is $83 million alone that is the payment it missed back on september 23rd by the way, it also has 37 billion, with a b, due in a

year they have a 30-day grace period to make that payment, september 23rd, october 22nd circle that day on your market calendar random but important hopefully. all right. let's talk about the markets on a macro level. futures are down just a bit but up from the lows in the morning, let's talk longer term kateryna sim netty welcome back i'm just trying to highlight those evergrande numbers, not to scare people but just to kind of show them why it actually mattered to the macro markets. how closely, if at all, are you watching that situation, which by the way, nothing's been resolved >> brian, thank you for having me on the show you're right china has uncanny ability to rattle the markets w

we're watching this closely. what's important right now when we look at the market here in the u.s. is to make sure that we have a high quality well diversified portfolios and no overconcentration in any specific space or specific country exposure, which is extremely important for the investors. especially here in the u.s. because going into this fourth quarter, we know that we can expect lower valuations and higher taxes and this certainly is going to be a different kind of market for the remainder of the year in our review, 10 to 15% correction is pretty much inevitable >> inevitable? >> that's what our view is by the way, it's the most normal thing for the market as a matter of fact, we think it's healthy and it doesn't mean that we have to sell out of our equity portfolios. as a matter of fact that is never a right decision what we can do, however, is take this opportunity to take profit in the indexes and rotate to

certain sectors that are well positioned for this market there is always way to make money even during the the correctionary times. >> you think 10 to 15% correction by years end? that's the takeaway? >> that's the takeaway rotation to quality. >> coming out with a -- i guess a realist view of the market, not up, up and away. and to your point maybe it is healthy and needed we appreciate you coming on. we'll get you back on soon we had to cut it short, my apologies on that. we'll get you back on soon thank you. that does it for us here on "worldwide exchange. got opec meeting all day i guess i'll see you later on cnbc but i'll e seyou tomorrow morning on wex "squawk box" is next

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good morning stock futures back under pressure after a big day on friday, pointing to a lower open for the first full week of october. jobs friday week, all that happening. developing story out of washington the biden administration sending a warning shot to china. this has nothing to do with taiwan we're talking about vowing to enforce a trade agreement. blowing the whistle on facebook why a former employee is accusing the social media giant of a betrayal of community >> it's monday, october 4th, 2021, "squawk box" begins right now.