it is 5:00 a.m. in new york, 10:00 a.m. in dublin, ireland. your top five at 5:00, a case of the monday blues at least for stocks, stocks ticking down as oil creeps higher again. goldman sachs lower its outlook for the u.s. economy for the next two years but with a caveat inflation, nation are the ceo one of the world's largest food brands said you better get used to paying higher prices. and our rbi will show you the reason why southwest airlines canceling hundreds of flights over the

weekend. in part because they're running out of the people. and boldly going just a little later than scheduled as nature creates a snag for william shatner's voyage into space. it's all happening this monday october 11th this is "worldwide exchange. good morning, good afternoon, good evening and welcome from wherever in the world you may be watching. i'm brian sullivan, happy monday it is not maybe the most happy monday for stocks, at least right now. it is very early the futures they are slightly down, down a couple tenths of 1%. dow off 65, nasdaq off 58. nothing to go back to bed over yet. all three averages snapping three day win streaks but

remember the macro markets did well last week, ended up and, in fact, the dow posted its best week since back in june. not bad. it's been, and remains, all about oil and gas this year and energy is still rocking and rolling. up 5% last week, trying for its fifth straight winning streak in a row. we are seeing gas and oil prices up again right now, crude oil is above 81 a barrel. natural gas, it did snap a six week win streak falling at least here but in europe prices are about 500% more than we are paying we'll get more on that throughout the day i'm sure. and the wild ride for wood may not be over just yet lumber futures up more than 6% on friday. up 15% last week for their strongest week since july. lumber up 52% in the last seven weeks. had a spike, then a drop and now

it's up again. and remember the bond market is closed again today we'll watch stocks see if they ratchet back the volatility or volume because of no treasury trading today. let's see what's happening overseas, julianna tatelbaum is in our london news room with the key trades, stocks and whatever else is going to on. good morning. >> good morning. in terms of the early trade here in europe, the majority of sectors are trending lower we're starting the week on the back foot but there is a bright spot in the market. the ftse 100 here in the uk is trading higher boosted by basic resources stocks outside of that we have red for every major region the german index down about .2 the french market down by about 0.16%. and red for the spanish, swiss and italian markets as well. we are coming off a good week for european stocks as well as u.s. ones, energy performed well last week, financials as well. this morning investors pausing

for breath and die gesting the payrolls report on friday no doubt. we have the basic resources basket out in front, 2.6% higher on the back of that commodities story you just highlighted, oil and gas up 1.3%. travel and leisure underperforming down 1.1%. one stock i want to highlight, asos, the retailer, the company reporting a 6% rise in full year profit but warned on profits moving forward and the ceo stepping down as the company faces higher cost, supply chain disruptions. and investors nervous about what they heard down about 8% for asos shares this morning. >> the energy, fossil fuels story can be overstated. we have good news, your boston red sox lead the tampa bay rays

two games to one i hope you have a chance to see the highlights. >> amazing i'm going to do that now, brian. thanks for the heads up. >> i hope i didn't ruin the score. if i did, i apologize. julianna tatelbaum >> thanks, brian more on the markets and your money in a moment but right now to some of the key headlines you need to know about this monday morning. including a little more pain at the airport for already wary trav travelers. be bertha combs >> boston strong this morning. not strong if you're flying southwest airlines, brian. southwest says it cancelled more than 1,800 flights over the weekend. they blamed a combination of bad weather, air traffic control and its own staff shortages. in a note to staff yesterday obtained by cnbc, southwest told employees, quote although we were staffed for the weekend, we could not anticipate the

significant disruption created from unexpected air traffic control issues and bad weather across our florida stations. other airlines didn't report similar disruptions and recall that southwest had big d disruptions last summer. kraft hines ceo said people will have to get used to higher prices his company is boosting prices in several companies, including the united states and he says inflation is across the board from cereals to oils and taiwan's sony are reportedly considering building a new chip factory in japan the venture would receive some financial support from the japanese government and would produce chips for everything from digital cameras to cars the plant is scheduled to begin operations by 2024 you know why cars need so many chips these days

they don't have sight lines anymore. they want you to use cameras and sensors but you can't see out the back yourself. >> i don't know how you live without a backup camera? i never had one for 30 years and all of a sudden i can't drive without one. >> i'm still trying to get used to them. >> yeah. it's one reason why. don't hit a deer as we have found out because the cost of repairs are doing this as well bertha, thank you. it ended up worse for the deer apologies to the deer's family. goldman sachs cutting the economic growth forecast for this year and next year. in a note to clients last night, they're pinning this year's growth at 5.6% down from a previous 5.7 and next year from 4.4 down to 4. he says, quote, after updating our estimates of the key growth

impulses that drive our con sumgs forecast reopening fiscal stimulus, and incorporating a virus drag on consumer spending we now expect a more delayed recovery in consumer spending. although i would suggest he go to virginia. goldman also flagging the chip shortage as a major hurdle until at least next year you can't buy a car if they don't make a car, in other words. joining us to talk about this is diegas wright. i said at the top of the show goldman cutting the forecast with a caveat. number one, 5.7 to 5.6 is still a good number. 4% is a good number in most years next year, i want people to keep that in mind number two they think unemployment has come down and number three, let's remember, that these are numbers that are contingent on what the american consumer does, which is

let's be honest, really hard to know, especially in various parts of the country what do you think about that call >> yeah, so i agree with you, sully. it's difficult call because there's a lot of negative sentiment in this market i was looking at the bulls outlook, intelligence investor, it's about 40%, which is down to about the april 2020 levels. so there's a lot of negative sentiment in the market and we're maybe having a self-fulfilling prophesy as the market is pulling back >> listen, they may -- they said virus related sectors, maybe an insight of fall pop of covid in colder parts of the northeast like we got last year, seasonality, i know that's a dirty word you're down south i was in virginia last weekend -- no political statement -- i wonder

if people that don't operate in new york don't understand that a huge majority of the country it's business as usual, life almost as usual and has been for a long time. i wonder if we get a little myopic living where we live here >> i think you're correct. because ultimately what the studies show that in the south we're outside more now and so that's going to, obviously, help us get into this recovery faster and what's happening up north, as you know, it's getting colder now so you're going back inside. so that's going to still have the impact on the covid. and so, you know, we're looking forward to these boosters, to the recovery continuing and not having a negative impact on this recovery. >> unless godman has insight we don't have it's certainly possible let's get to a pick. maybe call it an opportunity monday you like companies you say the valuation has to be right. the analysts have to be off on their projections according to

you you have to have solid growth that points you to a stock like key corp., not a bank we talk about much degas >> yeah, so we really like key corp. because ultimately what they're doing is they have a very strategic acquisition plan and that's actually adding to their quality of their loans and also to the deposits so we like what they're doing. also they have a really strong reinvestment into the community. it's one of those stocks doing well and analysts can't figure out what's going on here because they're doing a lot of acquisitions and that's bringing in that quality loan book and also increasing their deposits so we really like this company >> key corp., not a name we talk about. a good year, 40% still like the name. degas we'll talk to you again soon thanks for getting up early for us on a monday. >> thank you we are just getting started

here on a busy monday. when we come back, why a multimillion dollarfine could be a big boost for big tech in china. why a tax headline from ireland this weekend may be a bigger story than it seems. martin shanahan is more with a global tv exclusive. and later on, lawmakers choose to kick the can down the road again this time when it comes to spending the tina fordham weighs in. we're back right after this.

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welcome back it is time now for your big money movers, the three key stock or stock related stovers happening right now. the first stock is not a stock at all, but it is a group of stocks in fact, it is chinese big cap tech names to be specific. they surged overnight after regulators slapped food delivery giant meituan with a fine for abusing its dominant market position why is that good news? that was less than the market feared as far as a fine goes in a note to clients it says it removes an overhang on the stock, alibaba up. they were closed for much of last week, too, so a little residual move effect hasbro has said that its ceo is

taking a medical leave of absence effective immediately. it follows the disclosure from august of last year he was undergoing cancer treatment since 2014, he served as the ceo of hasbro since 2008 certainly wish him and his family all the best and a speedy and safe recovery. stock number three, lenovo seeing its single biggest day selloff in a decade. lenovo falling more than 13% in hong kong trading. ouch all right. up next, a pricy pair of nikes, new instagram parental controls, sort of. and free breakfast for all you teachers out there we'll tell you about who it is your top trending stories. it is ahead, dow futures down, bitcoin and oil are up and we are back right after

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welcome back let's get a check on some of this morning's other key headline, including the return of one major sporting event after a year off fra frances rivera in new york with more on that good morning. >> good morning, brian a 20-year-old woman was killed after multiple suspects opened fire at a crowded bar in st. paul, minnesota. 14 others were hospitalized but are expected to survive. police arrested three men kurngtly in the hospital due to injuries from the incident they'll be booked in jail. a motive has not been determined a maryland couple is in custody this morning accused of selling nuclear secrets. jonathan toby and his wife diana sold restrictive information about the design of nuclear powered submarines toby allegedly placed the data in sd cards and hid them in peanut butter sandwiches that he

left at drop points. he tried to sell the information to a person he believed was working for a foreign power but they were an undercover fbi agents neighbors said fbi agents searched the couple's cars and homes on saturday. after 30 months the boston marathon returns for the first time since the coronavirus outbreak it's the 125th edition of the world's longest running long run. the first race kicks off at 8:02 eastern time a time to enjoy in boston but not waiting too much longer for the next one because they're usually in april so the 2022 one is set for just a few months away from now. >> yeah we've gone goth the new york one coming up as well i know these people run their you know whats off in training glad they're getting to run. it's fantastic news. thank you for bringing it to us.

boldly going behind schedule a space flight 55 years in the making but still on later this week and speaking of absolutely incredible technological achievements, follow our podcast called "worldwide exchange." we're back after this.

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will it be another manic monday maybe. futures they are down, but oil and crypto are up again and the

word of the day may be inflation. janet yellen yelling from the roof tops once again why the economy is doomed if congress does not get a debt ceiling done, is she right and states tripping over themselves to bring in bitcoin miners, new data where they're setting up shop and results may surprise you it's monday, october 11th and this is "worldwide exchange. welcome or welcome back, everybody, good monday morning it is 5:25 on the east coast thanks for getting up early and joining us here's how your money looks as we are just about half way through the 5:00 a.m. hour on the east coast stock futures are a little bit

lower, not too much. seeing dow futures 46, nasdaq down 55. could be a relatively muted day of trading the bond market is closed for the holiday. so we are seeing in no bonds that's tended to reduce the volume and volatility of stock trading as well. nothing reduces the upward volatility of oil and gas. oil up again, topping 81 a barrel, 81.33, 84 in britain natural gas prices continue to rise in europe as well more on that in a minute bitcoin also keeps popping it is above 56,000 that's the highest since may keep in mind bitcoin was under 30,000 just in the middle of july so it has had a huge run up ether and litecoin are up as well the cryptos have really taken off in the last couple of weeks. to get to some of the other top headlines this morning china calling on the u.s. to scrap tariffs amid talks between

the two super powers u.s. trade rep katherine tai holding a virt chew summit on the matter where katherine said they would hold china to the trade deal under the trump administration apple filing an appeal in its case with epic games apple one the case but lost one important claim by epic that apple violated california's antisteering rules they demanded that they let people use outside paying systems versus just using their own, bypassing fees. if apple does win that stay, which will be decided sometime in november, the rule may not take effect until appeals in the case have finished and that could take years

the lawyers always win. a battle over bitcoin as states try to attract miners setting up shop in their borders. new information from mining pool usa shows many of the crypto miners are found in four states. nearly 20% of bitcoin's hash rate which is the collective computing power of the miners is in new york. kentucky, 17% -- or 19%. 17% in georgia and 14% can be found in texas. should be noted that foundry's data does not account for all american mining since not all mining farms enlist the services of that pool still, if you are a farmer you want cheap and reliable elect electricity. surprised to see new york on that list. a lot to discuss out of d.c. and the democrats' next moves on

trillions in government spending trying to solidify the president's economic agenda. may be easier said than done as international battles in the party threaten to derail the push the house is in d.c. to pass the temporary debt ceiling deal after it cleared the senate last week the fight on the matter has been pushed to december janet yellen is once again sounding the alarm on the fallout if a longer-term deal cannot get done. >> there's an enormous amount at stake. a failure to raise the debt ceiling could cause recession and could result in a financial crisis it would be a catastrophe. >> very strong words out of the treasury secretary and the drama out of washington getting the barren's treatment over the weekend there's the cover pro claiming that all eyes are on d.c. and stressing that investors can no longer ignore what's happening

in washington and it will influence the markets. that's why i call it the capital of capitals. d.c. biggest in the world. >> let's bring in tina it's good to have you on it's an important day to have you on as well janet yellen is moderated and muted in her words but when i hear her use words like catastrophe or recession or worse. i understand she's on the pr circuit right now. is she right >> is she right that it would be a catastrophe? of course, she is. but i think that we can point out that investors have really become inered to washington political shenanigans. i'm in london but talk to wide range investors think this will

be resolved at the last second and history proves them right. but i think there is a huge consequence to sailing this close to the wind when it comes to the last minute deals and that is the absence of market volatility in response to these kinds of political shenanigans really deprives us of an important weapon to get policy makers to do the right thing so not caring -- investors not caring is a risk in itself >> i don't think -- i mean, i haven't read anything, maybe you have tina, that anybody believes we're not going to raise the debt ceiling longer term, right? could it -- i guess with d.c. nowadays anything is possible. >> what i observe is there are more people talking about how the increased polarization could lead to a policy accident. and that is absolutely true. what i would say is, in the short term, i'm optimistic that we'll get -- we'll get a deal.

we know what's going on here with the political calculus ahead of the infrastructure bill republicans wanting to ensure that they don't hand democrats a victory as we head into midterms everybody understands that what i think is less appreciated perhaps outside of wall street and the white house, is how u.s. credibility is really dim diminishing over the years and this kind of mystifying willingness to take big risks is undermining it further >> yeah and we've got the fight inside the democratic party as well and i think any rational american might agree there are probably four if not five actual political parties outside of the two brand that is we talk about, republican and democrat. the democrats seem so far apart. honestly you have the bernie sanders sort of wing here, you have the more moderates and, of course, manchin and kyrsten sinema in the senate look into your d.c. crystal

ball -- maybe i should say crystal city crystal ball outside the beltway. what do you think is going to happen >> we have the short term agreement already. i think we'll get an infrastructure bill passed, with a smaller number this is just kind of finding the space between these positions. and then biden will actually have presided over the transformational policy victory for democrats. more generally we are headed toward higher public debt levels regardless whether the left or the right are in charge. this is one of the consequences of the pandemic that we've been talking about for a long time. i think the other point is that, you know, other countries don't have this debt ceiling issue and i always like to remind people during ronald reagan's presidency, the debt ceiling was raised, i think, 17 times without incident this is a self-inflicted wound so i probably fall somewhere between investors who say it

doesn't matter, it'll get fixed. and, you know, secretary yellen whose job is to say the sky will fall, literally, if we don't raise the debt ceiling but i am more worried about u.s. political risks than i have been for some time. >> yeah. i agree. because i tell you what, tina, we know that inflation is bad. inflation is coming. inflation is already here by the way. we're starting to hear the words stag-flation popping up. debt is going to continue to rise let's be fair to all political leaders in both parties, the mcconnells, the bidens, the schumers, poelosis, they're up there in age this debt load is not on them. they're not going to be there to pay the bill that bill is going to be passed on higher interest rates with higher debt levels i just wonder if those things occur, what's going to happen

for the american company for the next 10, 15 years when millennials and gen zers are coming into prime working age. i don't see how interest rates move higher than 2.5, 3% for the next 30 years, if they can given that increased debt load if we get it. >> you're right. when i talk to the chief investment officers who remember the 70s, we were tiny, of course we're not going back to the bad old days, policy makers have better instruments we know how to do things better. but inflation is looking stickier with the ng price driver our children will be working a long time. we will be working a long time this, to me, is part of a natural evolution from the post war era. i see it as a kind of a g-7 developed markets phenomenon

so i suppose i'm less worried about that u.s. growth is still very strong unemployment is coming down. i think, you know, i never used to try to talk about interest rates. we have whole, you know, a drays of people whose job it is to think about what the fed is going to do. but increasingly i think the politics of rates of central bank action make it easier to predict. somebody said that geo politics has trumped economics. it's close to my heart but it's hard to raise rates prior to the election. we're not going to the days my dad was paying 17% interest on the house. it does mean there will be other consequences -- >> can't. >> yep >> i was just saying you can't do it with debt like that in the united states. the debt we've already got maybe the added debt >> lower for longer but not zero

>> yeah, not zero. but lower forever i think more likely what are you going to do crush the american consumer, saddle with credit card debt, student loan debt, government debt i don't see how interest rates can ever go up tina fordham, great to have you on we'll get you back on all the time this is a big topic we have to talk about tina. thanks for getting up early for us coming up, why a headline out of ireland on friday could have a big impact on big u.s. tech a global exclusive interview with ida ireland's mark shanahan on their new tax rate. as we head to break other key headlines. william shatner's trip to the edge of space on board a blue origin vessel were delayed due to high winds in texas the launch will take place now on wednesday china dropping another hammer on bitcoin, proposed

adding mining to another ban the draft of the so-called negative list comes after regulators ban crypto trading and mining earlier this year and bond making a bang at the box office as "no time to die" pulls it $60 million in the debut over the weekend the fourth best debut of any james bond movie, helping it take the top spot worldwide. aomt.e"s ckde exchang iba in men it started with an idea... and became a new tradition. this is financial security. and lincoln financial solutions will help you get there as you plan, protect and retire.

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welcome back we'll call this the tax shot heard around the world ireland on friday making the shock announcement that its corporate tax rate would be raised from 12.5 to 15%. it's joining more than 130 nation push for a 15% global tax minimum rate ireland had originally objected to the deal, it's the low tax european headquarters for dozens of million billion or trillion dollar companies, apple, facebook, amazon, many more have headquarters in dublin they estimate they could lose $2.3 billion in revenue as a result of the changes. this is not the first time ireland has raised the corporate tax rate and maintains it'll still be competitive joining us is martin shanahan,

ceo of ireland's industrial development agency i know somebody who got on a plane and you are in new york right now to meet with corporations, to meet with companies and ceos about what this change means. first off, tell us why ireland sort of changed its mind and agreed to the deal, and also what you are going to be telling these companies in america about why they should still remain in ireland? >> good morning, brian good to be with you. and yeah, the reason that we have opted into the agreement is we feel it's important that we participate. ireland has long believed that it's important that we have a tax framework which addresses the new challenges of dig digitalization and aggressive tax planning obviously we had some reservations about this deal from an earlier stage we sought some assurances and changes particularly the rate would be

15%. at that rate we believe that ireland remains attractive and it also provides stability now for investors. the fact that the rate is that of 15% i don't think this is going to come as a huge surprise to the investors that we already have in ireland this was well flagged. ireland has participated in the discussions and we had said, once we received certain assurances around the 15%, that we would participate so the discussions i'll have this week in the u.s. with companies would be about all the things we normally discuss about the operating environment in ireland, the availability of talent, our continued pro-enterprise policies and support for those companies in ireland. and i believe that ireland is going to continue to win investment from right across the globe. >> do you feel like the fact that these companies, apple, facebook, we named a ton of them, we're talking a couple

trillion dollars in global market cap, do you feel they're engrained enough in ireland with the workforce, that you can keep them there despite the fact that the playing field is now a little more level from that tax perspective? >> undoubtedly we engage with about 1,600 international companies and many of them, many of the u.s. companies, have been there for over two decades many of them a lot longer. they've weathered all sorts of storms -- global storms in ireland, whether it's the global financial crisis, brexit, the recent pandemic, and they've done well in ireland and ireland has supported those companies through all of those things i don't believe their view of ireland is going to change because of the increase in our corporate tax rate ireland is a good place to do business the number one discussion we have with u.s. companies is

around the availability of talent the ability to set up and scale up your business quickly and you can operate out of ireland serving a european market which most of the companies are there to do, or indeed the rest of the world outside north america. that hasn't changed. that's going to continue to be the case. >> we always talk about, quote, corporate taxes, there are many people that would argue there are no corporate taxes they don't pay taxes, they simply lower wages or raise prices to the consumers. we're talking about companies with the biggest revenues in the world. that 2.5% increase in taxes could trickle down a bit negatively to the worker, the people you were just talking about in dublin? >> i think, brian, you know, we need to see economic growth. it is those companies that drive economic growth, those companies have unequivocally been positive

for ireland and we started attracting foreign investment in the 1950s, it has transformed ireland positively we've seen growth even in the midst of the pandemic, it is those exporting sectors, technology, medical devices, pharmaceuticals, international financial services they're providing jobs, good, high value jobs and the companies i engage with, their concern all along through this process is around certainty. you know, they understand that it is countries that set tax rates. they will abide by whatever tax rates are set. the fact we're now doing this on a global basis provides a framework within which to work and i believe that is positive for everyone >> making the rounds in new york city

martin shanahan coming over from ireland over the weekend a big tax move there appreciate you getting up early and coming on. you're probably jet lagged but we appreciate it it's an important story globally and for ireland. have a great day. >> thank you, brian. on deck your morning rbi and maybe the hidden story in the growing global energy crisis that could hit everything from corns to cows. and it's hispanic heritage month all month long we are spotlighting business leaders and our anchors, reporters, contributors, friends, colleagues here's jose ma nigh ya >> we empower our latinx community with the hope and promise of the american dream. my parents came here looking for that american dream and they found it in making a better home and giving me the opportunities for a better life. we empower the community by giving them a path to citizenship which gives them a voice and vote to influence our

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welcome or welcome back, let's check this morning's top trending stories instagram said it will introduce a feature to nudge teens away from harmful content on the platform this comes as the controversy around the company's impact on teens' mental health continues so it seems facebook and instagram are admitting there is harmful content on the platform to be nudged away from. mcdonald's will be giving free breakfast to teachers and school staff this week they're starting a company on social media to help surprise teachers with breakfast delivery at their school. and a pair of nike airshiped sneakers worn by michael jordan could be the most valuable ever auctioned. they were his first pair worn as a pro. they're expected to go for

between 1 and 1.5 million bucks. today's rbi is about manure. not really but it is about modern day manure in some ways. fertilizers, something i'm not sure we have ever talked about before last week but now we have to talk about it it is one of the biggest parts of the global energy story that you may not be thinking about. most people wouldn't know that chemical fertilizers are in part made up of ammonia natural gas is critical in ammonia. in a previous life i used to trade chemical fertilizers, so i know this surprise price of natural gas has soared so has the input cost for federal liedsers so much so that some companies are suspending ammonia production why do you care? it's sending the cost of fertilizer higher than corn stocks in august they hit a high of nearly $1,000

per short ton, surpassing the previous high in 2008. fertilizer was just over $300 two years ago. fertilizerprices have nearly tripled in 24 months most of that in the last few months. you may be thinking i'm not a farmer, why do i care? the last time we checked you probably buy stuff grown by farmers. it's also a huge input call for things like feed stocks for cattle and pigs. which means if farmers and meat producers have to pay more, you have to pay more because those costs will largely be passed on. if you thought inflation was bad now, just wait until food prices start to spike because there's almost no way they can't put another way, stock up that freezer now. and this could be very good news for fertilizer producers like cf industries, mosaic and others as their prices rise. maybe a few things to chew on.

random but interesting as usual we have hit a lot this hour. so let's tie it together with a bow and talk about inflation and taxes. greg branch is a cnbc contributor. greg, i don't know if we can make too much of this inflation story. it's only gas, food, housing costs, health care, travel when does it hit stocks? >> right you know, as you intimated, we haven't made enough of it. you talked about one area in which the inflationary pressures are metastasizing. the others i have you look at are metal, cement, energy is a primary component in the production of those. like you said, in europe we're facing the shutdown of some of those plants where production is now not economically viable. so that will decrease supply of raw materials that are sorely needed it will certainly increase the price. so i am looking for 6% cpi plus

this year. i am looking for 5% pce plus this year. that is not priced in. every single factor that led to that sell off last week, a week ago today, is only going to get more acute, become an increasing h headwind and i think we'll hear it on the third quarter calls as the companies talk margin degra degradation, campaign about raw material availability and pricing. as they talk about continued wage pressures to the upside and as they talk about energy prices so i think we're nowhere out of the woods yet. and it has me very cautious about what sectors i have exposure to. >> and let's tie that all together back to the markets because i know it's -- listen, input costs go up, then consumer prices to your point, cpi, consumer price index, it goes

up two options, companies can pass along most or all of those price increases to you and i, so our purchasing power goes down or they probably do something in the middle, they raise prices a little bit but then they have to also eat that. which means if they don't cut costs, maybe people, their margins are going to go down and their stock prices may go down how does this ultimately play out in the equity markets, greg? >> right i think you've intimated at it here a bit what you want to look for here right now are sectors that do have the ability to either pass costs on or have insulated themselves with long-term contracts or aren't as acutely exposed to some of those pressures. so the financial services industry, for example, although we'll be looking for some long growth will probably be in short supply when big banks report this week but as we saw over the last 12 months the large integrated banks have been making a killing in investment

markets we expect that to continue even if they're at an inflection point some of the energy companies we talked about have the ability to pass on that pricing so we'll see some margin integrity there. particularly as production response or supply response hasn't been as immediate or sizable as we've seen in the past so the key is to look for those sectors where they are somewhat insulated or not as exposed or have the ability to pass that pricing onto consumers >> financials, banks and oil greg, it feels like an episode of dallas circa 1982, doesn't it >> the infinity story as well. >> appreciate you getting up early for us as well an important story which we are trying to make more of greg, take care, have a great day. thank you. >> thank you i don't think, folks, we can make too big of a deal about the

global shipping crisis, semiconductors, oil and gas prices, food prices. it's a huge story and it's not going away we're going away, at least until tomorrow we'll see you then, squawk and the gang picking up the coverage next have a great monday. see you tuesday. 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. this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills.

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good morning, chinese stocks, surging to kick off the week we'll show you what's behind that move. and we also saw, over the weekend, chaos at the airport. southwest airlines canceling 1,800 flights blaming weather and short staffing goldman sachs cutting its gdp forecast for this year and next we'll tell you why it's monday, october 11th, 2021.

and "squawk box" begins right now. good morning, everybody. welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen andrew is out today. but it's monday, and we're ready to go. let's look at what's been happening with u.s. equity futures under just a little bit of pressure this morning, the dow indicated down about 50 points s&p futures down by 12, nasdaq off by about 58 friday was a down day for the markets after the weaker than expected jobs report a bit of a surprise. if you were looking for the week last week all three of the major averages were high other the week nasdaq eked out a gain just under one tenth of 1%. the dow had the best week since