here 1 your top five @5 red across the screen. european markets down big. energy prices soaring around the world. currency, gas and panic buying oil nearly $80 a barrel. facebook under fire. mark zuckerberg breaking his silence.

on capitol hill. the senate preparing and yellen preparing for a potential economic cat astro fee if it fails. and on a much lighter note, have we finally reached peak pumpkin spice. weighing in on the pumpkin bandwagon. >> good morning, good afternoon, good morning i promise much more on that pump kin price information. nasdaq and big tech down pretty big. look at that

202 points on the nasdaq futures. not a lot are trading right now. guess what, nasdaq off well more than 1%. pricing yields back 1.55%. maybe the biggest story now spiking energy prices. that is just in the u.s. at

$6.40. natural gas hitting all-time highs. natural gases going on the spot market for 25, $30 you've got oil on the ride here a lot of talk we could see power plants in china back to oil and increase the demand for oil. by the way, this european natural gas and energy is a big one. we can get ahead of all of this with the bank of america commodities research as we said, european energy prices are soaring to levels never seen before. in some ways, if you look at the

european power prices, if you convert $200 u.s. per barrel and that's hitting stocks. let's go to juliana. we are ringing the bell. i got to imagine this is a huge story where you are. >> this is a big deal, absolutely this spike is in europe is a big deal because it is now becoming a global problem. we are seeing record prices in asia let me take you to the market reaction the stoxx 600 down this morning. this is a picture from a sector

perspective. every sector trading lower banks out front in the dutch price here up further 20% and in the uk 25% higher. this is after major prize as well after the european commission president said more take a listen. >> it is a serious issue we have to take a look at the gas prices skyrocketing. the renewables have decreased the last year and are stable

we are on a negative start to the day. >> that's part of the problem. the wind is blowing. with the rolling and your bill would be in a locked rate. a concern when the fixed rate is over, you'll be in a really nasty sticker shock.

>> struggling with the fact that they can't raise prices with consumers. we've seen a lot of bigger things take place with the smaller one. >> kind of sad, you heard the politician ignoring the problem and just hitting the talking points >> tying this all together with your money we've got a little more energy independent. are you worried this global energy shock over here could hit consumer spending, confidence and maybe even the macro

confidence >> it is more of a virtuous circle right now the consumer in the u.s. you look at american households, they have $2 trillion more than they did before the pandemic confidence of the printing of money, thank you, uncle sam. what i see here, the economy is starting to boom is consumers will be able to take those price hikes. you'll see these companies increase and the consumer be able to take it. that is inflationary you have a strong consumer here. that will all work out for the foreseeable future >> it all goes to the inflation story. your point is well noted yes. prices have gone up.

you've got this wall of inflation but wages have also gone up. does that mean you are advocating for domestic equity >> oil was trading and i think that continues here you've got that rerotation seeing stocks out perform again. all of a sudden you blink. you've got oil prices

skyrocketing then those stocks out perform. then that's the longer turn trend. with this trade in a decade. now we are in an inflationary trade. not just the u.s. but a global phenomenon we'll see tightening around the world. you've got to reposition your portfolio for that the only thing better than a $1 trillion coin is a $2 trillion coin markets would boom we hope you you are right. thank you for joining us

>> energy and stocks some of your top stories that is not all going on this wednesday morning getting to more >> facebook ceo mark zuckerberg is responding to and rejecting claims from haugen's testimony saying that it is difficult to see coverage of our work many of us don't recognize the false picture of the company that is being painted. just ahead of peak holiday production, apple suppliers warn further disruption in china could create havoc to the supply chain. several companies have already had to halt or reduce operations

in certain chinese provinces after certain restricted use of electricity. the norwegian cruise line said the full fleet of 28 ships will rescoop by april for the first time since covid-19. launching service and all on board must provide proof of full vaccination before setting sail. brian. >> a lot of cruise line takers you made them happy. we'll see you in a few minutes >> we are just getting started here when we return much more on the global energy crisis and what is ahead for increstors here to weigh in plus more on the response to the

facebook whistleblower allegations. will the senate get ready for a key vote making sure the debt ceiling goes up. a very bushoy ur the stock futures are down we are back after this your doctor gives you a prescription. let's get you on some antibiotics right away. you could have it brought right to your door, with 1-to-2 day delivery from your local cvs. or same day if you need it sooner. but at a time like this,

aren't you glad you can also just swing by to pick it up? and get your questions answered. because peace of mind is something you just can't get in a cardboard box. that's healthier made easier. at cvs. baaam. internet that doesn't miss a beat. that's cute, but my internet that'streams to my ride.sier. 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? welcome back and good wednesday morning. it is 5:15 a.m

maybe you want to go back to bed or pour yourself a strong cup of coffee yesterday, a decent day for equities nasdaq back nearly 1.5%. all of the attention with all due respect is on big tech tech stocks. they are the ones driving the market we'll see how they do today. right now, not looking great that situation with china and taiwan over what it calls a, quote, separatist regime in taiwan. the last few days, china has flown a record of 125 fighter jets over the taiwan zone.

calling it a sort of parade. taiwan asked australia for help. chinese asked if they will willing to follow the taiwan regime to become cannon foder. bringing in former executive trade rep for china. we appreciate it i know there is a lot going on these stories don't make the headlines like they should i

think frankly, we have less to fear from china about what it intends. we have less of what we fear for the short term the ability of a military accident because we have so much military hardware in the seas with taiwan. that can cause a problem with consequences we can't predict. >> 145 military jet fly overs. there have been long stretches where they have been zero. why do you think they have been ramping up that long pressure now. >> for many years, the midline and they have not been crossed china has started toe c cross t.

one, china regards taiwan as a renegade province. china wants to warn taiwan and other countries. nationalism is another major factor the chinese government has been whipping up nationalism. october 1 is a holiday, the entire week is a holiday on october 10, they celebrate the revolt that lead to the republic of china. finally, this may district attention from some of the power problems and real estate problems cnbc cover so well. this is an opportunity for the chinese military to assess its own capabilities that they would want to go ahead with an

invasion, which china has not ruled out. >> with everything going on in china, by the way, i guarantee you this is blacked out in taiwan if you you are watching on a hotel screen in china, the screen will just go dark until the censors decide to uncensor it it is like an ex boyfriend or girlfriend gone for decades and yet you can't leave them alone taiwan has been its own since 1949 they have no mineral assets. what is china's goal in this why are they desperate to show their rule over taiwan or what they call chinese taipei >> the goal of national

rejuvenation he wants to achieve by 2029. pa part of that is bringing back all the homelands. macao came back and that would be taiwan. taiwan is the most important and sensitive issue. i was a u.s. diplomat for years. i can't tell you how many times chinese officials highlight that this is something western countries under appreciate it but for china is always top of mind >> that is why we are doing it on this program. we appreciate your in sight on the important topic. one that does not appear to be going away anytime soon. thank you. >> as we head to break on "worldwide exchange. futures are down across the

board. we are seeing nasdaq futures off. some of the biggest laggards are the names you know this is big tech this happened on monday. these names, many of them apple, amazon and others. they run all the etfs that run the entire market. why they are so important. we leave you with those names and we'll be back with more after this short break >> announcer: today's big number, 83%. that's the jump in u.s. export sales of cotton to china compared to last year according to the u.s. department of agriculture. trading at their highest levels in a decade. or it could be the day there's a cyberthreat.

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welcome back and good morning. 5:25 on a wednesday. a beautiful fall day in new york with a high of 70 degrees. that's not all phillip mena, no matter how beautiful the day may be, they may want to put their head under the cover.

>> we'll get to that right now, missouri has executed the 61-year-old convicted of the murder of three convenience store employees. concerning new information about the 144,000 gallon oil spill off the coast of southern california finding the workers in the control room received a low pressure alarm at 2: 0 saturday morning indicating a problem it wasn't until hours later to shut down the pipeline and that the company waited three more

hours to inform information center and the red sox beat the yankees. the yankees could not put up any runs on the board to amount a come back. boston to new york win 6-2 they move on to play the raies in the al. we have the cardinals heading west to play the 106-win dodgers in that playoff. >> go dodgers there. i think garrett coles contract himself is more than the rest of the team unbelievable phillip mena kind of money

>> i wish. >> powerball-type money. me too here is what is coming up. monday perhaps all over again, i'm sorry to say tech futures are ice cold as the global energy crisis heats up. your morning rbi putting that move into context. be sure to follow our podcast and platforms. your commuting listen to it check out the podcast today. bitcoin is back ovabe 50,000, so there's that we are back after this

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it is a monday-like melt down starting big facebook ceo mark zuckerberg breaking his silence saying they do not put profit above kids' safety and the democrats will try yet again and pooind warns his party will have to bend the rules to get it done.

this is "worldwide exchange. welcome back thank you for joining us there is a lot going on. we are just over the hours we are seeing dow futures down more than 1% those are the stocks that have led this market for a decade nasdaq futures did you know 1.6% or more than 200 points.

not just here. with sharp gains over the u.s. treasury the long bond the highest level too. the treasuries selling as well yields moving up and stocks move down natural gas off 9% it is moring at a higher pace. rbi is all about everything going on in the global markets you may want to hear it. those are the markets and will go on more than you want to

hear savannah is back with that, what else is going on today? sec chair says his agency has no interest banning crypto in the u.s. speaking against the financial services saying any sort of ban would be up to congress. following the comments that the central bank also had no plans for a crypto ban new zealand raising interest rates for the first time this year it grapples with high profit prices southwest guests making it official buying questar.

the investor sent a letter to the company pushing for it to scrap its deal and instead focus on improving its share price >> thank you so much right now, let's get down to d.c. in the stalemate over lawmakers and raising the debt ceiling. get this president biden says it is a real possibility his party may have to change senate rules to get the job done elon, what do they mean bend the rules? >> brian, democrats and republicans have been pursuing a few different strategies democrats have been wanting to suspend the debt ceiling through the end of next year

they want to wave it aways as it has been done since 2013 using the process which requires them to set a specific target. otherwise, democrats would increase the debt limit but would not be able to make it go away >> they'll have to borrow all of the money to finance the big tax and spending spree it shouldn't be easy or convenient they should deliver the votes to do it. we'll insist on that estimating the ceiling needs to be raise the another trillion to make it to january 1 and needs $2.4 trillion to make it to 2022 they discussed getting rid of the filibuster for the debt

limit that would mean democrats would no longer need 60 votes to pass the bill. i can confirm the democrats did discuss this during their weekly lunch yesterday. back over to you >> let's get deep into our civic's playbook what would be involved in getting rid of the filibuster. on the left, you got to get rid of it. on the right, you are violating history. >> the first thing you've got to do is get all 50 democrats on board. no way to come up with the procedural trick if you don't have a majority of the senate to did it you've got to get joe manchin on board with any carve outs. we'll see if their minds change on october 17, 11:59 p.m. when we are up against that deadline.

writing the language is tricky as we get closer later on in the future, they'll say, well they did it. that's how it will all go down >> blame game. >> what in d.c., never beautiful shot of the capitol hill the lights on it little construction. reason to be optimistic. thank you. coming up, the facebook whistleblower comparing the company to smoking or opioids saying we need regulations but will the millions facebook

spends on lobbying payoff with congress ending up doing nothing. dow future is down nearly 400. we are back after this

welcome back facebook ceo mark zuckerberg

popping up in a statement he posted, where else, on his facebook profile saying, many of the claims don't make sense. the argument that we deliberately push content that makes people angry is deeply arguable stopping short of accusing top execed execed shares are down pre-market although not anymore than the overall nasdaq futures bringing in a former south side analyst. well-known face on cnbc. happy to have you back on. thank you for getting upearly.

>> too much time on social m media. i'm no facebook cheerleader. facebook is not perfect but at the end of the day there are two sides to the coin. i don't think this should be a completely one-sided story

when you have other scandals that have come out, you say, there is siltch. no company that have said, we are not going to advertise on facebook until they fix these problems. zip. nada >> there have been threats made. like with youtube, we are goin to boycott these services. but at the end of the day, they are going to spend money where it works it is all about roi. that money will go where the people are and theengamement i

this company is still growing the top line at 28% and growing at 26 times earnings we still like it at this level what has revealed is that some people in their 20s are not on facebook dropping considerably. instagram has beengrowing you

have to look at the fact that facebook does have competition tiktok is moving in the same direction. the fall out with the servers on monday you saw twitters spike, telegraph spike. there are alternatives they have a lot of competition with shoppers and shopify. the runway is there. when that should focus on is data reliability

if you are stuck there it would pose a bigger threat >> that is a good point. it could be their only real game in town to hang out and connect. good to see you my friend. thank you for coming on. >> thanks, brian >> coming up, your morning rbi putting the surge of energy costs into perspective laying out what, if any, relief we'll see in the months ahead. and it is hispanic heritage month. here is our news editor. >> taking all the opportunities that come to you if it is not something you'll do the rest of your life, you can

take skills from it to lead to your dream job it could end up being something you like and you end up making a full career out of it. just take advantage of all of those opportunities tashey come along and you'll be on track let's get you on some antibiotics right away. you could have it brought right to your door, with 1-to-2 day delivery from your local cvs. or same day if you need it sooner. but at a time like this, aren't you glad you can also just swing by to pick it up? and get your questions answered. because peace of mind is something you just can't get in a cardboard box. that's healthier made easier. at cvs.

>> today's rbi is about power or lack thereof if you are not following the growing energy crisis, you should be with so many things happening all at once, maybe keep it on track here is the run down of everything globally happening right now. u.s. energy prices are up oil

nearing the level. natural gas in the u.s., the highest in the decade. in the united kingdom, natural gas has soared trading up $200 a barrel equivalent france may cut off power to the uk because of a fishing dispute. by the way, coal price traded in holland have nearly doubled in a month. not much better in asia. you've got rolling blackouts liquid natural gas prices up $30 equivalent india just passed four days of coal stocks left to power some of its power plants.

heating bills for tens of millions of people a massive cost of making everything this is a big story. likely to get bigger all happening right now as a climate submit the world's biggest ever is about to start in scotland random but interesting >> the head of global commodity. appreciate you coming on again everyone says, it is tv. making a big deal out of nothing. or is this actually a big deal >> i don't think you are this is a big deal it is a problem. i don't think the fact that we

are heading into the climate submit is not that random. heading into part of the major leaders and the global submit. part of the reason we are where we are is we have not put in for the higher submit. we aim to get net zero emissions by 2020. the first climate-linked crisis. as you pointed out, the impact of the economy could be drastic. we are one storm away from a major macro hurricane here >> let's hope and pray that happened renewables on the future are amazing and can be inconsistent. part of the problem is that we

haven't had any wind powered expectation. again this rush. with cole or natural gas the question is, how long does this last? a short-term buying that would ease or is this something that would stretch on for months. >> so the answer depends mostly on weather at this point if we have a cold natural winter, we would come out. they are very much dependent on the kind of winter we face ahead of us. >> the other issue here is the fact that we continue to maintain an extremely lax monetary and fiscal policy as everyone knows, you cannot bring commodities. the inflation in the u.s. of

5.3% the same tools we fix in the past will not be affected. you cannot print oil, copper, naurlg gas >> i have some good news and bad news you may recognize from your own research >> in a couple of weeks, i am likely to go to london for the first time and i only bring that up because so are a lot of people international travel, assuming no other major hiccups is going to boom. jet fuel is going to boom. is that part of the thesis for the barrels in the united

states that margin won't be there if jets take off? >> that's what we worry about. we have the substitution of natural gas. oil is just $80. oil is a bargain the second reason, we have a cold winter and an early start, we are going to see the incremental demand of fuel there is half a million barrels a day. the u.s. reopens its boarders as the biden administration has been talking about remember, we were expecting $100 oil by next summer springing it forward is this

kind of gas prices things seem to be opening real fast i did my first business trip last week to paris i think things will be opening up again soon. >> glad you you are getting on the plane. a lot of power plants in china planning to convert back to oil or diesel fuel because they can't afford the gas bank of america, massive store k y. thank you. stay tuned to cnbc, "squawk box" is next. and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime.

it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. 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 here we go

yields moving higher energy prices. almost an eight handle on crude. stocks headed the other way this morning set to drop. now mark zuckerberg firing back. it is wednesday, october 6, 2021 "squawk box" begins right now. >> good morning. welcome to "squawk box." andrew is off today. never a dull moment in these