it is 5:00 a.m. at cnbc. here is your top five at 5:00. another rough ride stocks look to open lower again. mortgage rates jumping to the highest level in 13 years. we'll tell you what it could mean for buyers and sellers and broader economy. money losing uber cutting more costs the ceo is saying hiring is treated as a privilege bringing the metaverse to reality. facebook opening the first physical store this week where you can test out what the fake world is like.

and the daily rbi is back. you need this one. it has some good news for many of you investors out there happy monday it is may 9th. this is "worldwide exchange. >> good morning, good afternoon or good evening. welcome from wherever in the world you are watching i'm brian sullivan great to be back with you. wow. let's get right to it. it could be another tough day and there is a lot of nervousness out there. stocks keep taking hits. stock futures are, i'm sorry to say, down across the board dow futures down 300 nasdaq looking to take the biggest hit. that future is down by more than 1.5% the big catalyst this week will be a lot of talk from federal reserve officials and investors will be listening for any clues about possible changes to the

aggressive rate hike and winding down the balance sheet strategy. all of this off stocks last week with the nasdaq ending down 1.5% the fifth consecutive week of declines the longest losing streak in ten years. all this as bond yields surged to multiyear highs ten-year yields are up 3.15% this is also spiking mortgage rates with the average 30-year fixed mortgage at 5.27%. that is the highest level since all the way back in 2009 13 years ago, folks. >> what with the energy complex? a major part of the inflation story. oil down a little bit right now. down 1% to 10$108.42. natural gas is up $8

it this is going to jack up the cost of really everything, particularly electricity prices for the summer just keep in mind the overall cost of energy is a lot more controlled by natural gas than it is by oil in the cryptocurrency market that market never closes we saw a lot of selling over the weekend. right now, more red on the screen bitcoin and ethereum and other coins are all down again bitcoin down $1,200. that is on top of sizable drops over the weekend i don't want to call it capitulation, but a lot of selling pushing ethereum down 5% as well. bitcoin at $31,600 that's what is happening here. this show is called "worldwide exchange" for a reason it is seen all over the globe. let's find out how the rest of the world is doing today and overnight in asia. the nikkei is dropping 2.5%.

red arrows in south korea and hong kong as well. the chinese stocks ended up. china's april trade data came in better than expected the chinese government going the opposite way of everyone in the world. they are starting to stimulate their economy. of course, they had covid lockdowns and the rest of the world has not done that is asia let's find out what is happening in the european trade with julianna tatelbaum joining us live from the london newsroom with more red on the screen. julianna >> brian, good morning if you were looking for calm after the last week's storm, you will be disappointed european equity markets are lower this morning and sizable selling. off 1% in france we were off 1% in germany just moments ago. now down .9% 1.1% lower for italian market. in the uk, ftse down 0.9%.

there are a lot of jitters in markets. investors die ggesting the trad from china and keeping an eye on the ukraine war as president putin in moscow remembers victory day. all eyes on him and if we will see escalation in the war in ukraine. from the sector perspective, the split here the only sector in the green is the utility defense sector on the down side is basic resources and travel and technology the tech index in europe with the lowest level since 2020. fixed income markets are seeing a lot of action. last week, the big move was seen in german bund the ten-year german bund crossing the 1% mark for the first time since 2015. we are still trading above 1%. trade bing at 1.12%

brian. >> julianna tatelbaum in london. thank you very much. let's talk about the dow on the six week losing streak other indexes are not far behind other finger pointing at the fed reserve. what is happening right now? is that fair we have gina sanchez here with us happy to see her in person at the conference good to see you across the tv screen as well is this all -- by this, i mean the markets big drop in 2022 is this all the fed's doing or is itt something else? >> i think it is a little bit of something else we basically had a pandemic that destroyed supply chains and a war with ukraine that elevated oil prices i think most of what we are seeing right now is actually the

effect of higher energy prices and food prices more than anything i think that is coming out of sanctions with russia and supply shortages we have had that we were not able to, you know, to replenish before russia invaded ukraine. everything coming out of inflation that has forced the fed into the corner has really been about energy and food prices and not about real wage hikes. we have seen some wage inflation, but it doesn't explain an tthe majority of the picture. if you see the big picture, it is all about energy. >> it is we have been trying to ring that bell for a couple of years now in the reporting from the u.s. and around the world about 75% of the jump in energy and food prices, gina, came before the invasion by putin it accelerated as he amassed

troops on the border and people speculated what he might do. we had inflation well before anything happened in ukraine, did we not >> you are absolutely right, brian. much of that was really pandemic related labor shortages that led to commodities and supply shortages. supply shortages put us in a precarious situation if you look at the peak of inflation expectations, they occurred before the beginning of the year they occurred in late 2021 when inflation expectations were at the highest. believe it or not, inflation surprises have been lower and lower. the numbers are still high, but the absolute terms are still high we have been trending down in terms of what is expected versus what we get. >> yeah. i want to show and i don't know if we have the chart ready we are looking at the run-up from when the fed began and

congress, you know, fiscal and monetary stimulus. guys, thank you very much. from the pandemic lows back in march 2022 and then the fiscal and monetary stimulus. s&p 500 more than doubled. 110% from the low to the recent high, gina we're down, but we're only down 14% off that top it feels like the fed and congress giveth and now they taketh away. that is a market that doesn't have a lot of support. what do you think is going to happen going forward could the fed flip and get more dovish and try to protect the equity market? >> i don't think the fed will try to protect the equity markets. i think that the fed could get some more evidence of softening inflation and softening demand

energy prices act as a tax on consumption. they can only remain elevated for so long. like a parasite, it will kill its host they will always come back down. i think that if wages stay put and don't continue to exa accelerate, i think the fed could have room to maneuver by the fall >> well with, in the uk, by the way, where they get the utility bill, it resets in april and october. the head of the one of the biggest utilities said expect the jump i'm not saying that will happen here to that extent, gina, energy prices this summer will mean sticker shock not just gas pumps, but energy

wise you are saying energy costs may keep the federal reserve jumpy for lack of a better term. >> absolutely. energy costs are going to cause a slowdown much faster than the fed can do through rising interest rates and tightening lending standards. energy costs will cause people to step back we just haven't seen -- there's been so much pandemic pent-up demand, but that has been slowing. add on express prices. it costs more to fill my jag right now than it costing for a barrel of oil. that is mind numbing to me that will, you know, continue to keep demand at bay and it will cause a quicker slowdown >> having been out west and i know it was a nicer area of

l.a., but seeing the $6.50 a gallon up on the screen for self serve, not by the freeway, wow you may trade in the car for a scooter. thank you very much. have a terrific day. appreciate it. >> thanks, brian >> scooters were everywhere. laying around on every street. when we come back, we have more to do uber's ceo telling his employees about a plan to address what he is calling a seismic shift in sentiment. here's a hint. it involves cuts as we head to break, check out the biggest pre-market s&p 500 movers red across the board and bigger names down as well we're back on "worldwide exchange" after this emerging investors are absolutely investing with their heart. they're two times more likely to invest in companies that have social and environmental goals. ♪ ♪

there are so many more investors coming in and participating in the financial marketplaces today, and that's really due to advancements in technology. there's a proliferation of innovative technology solutions to be able to interact and invest in the financial markets. younger investors today are engaging in social media in ways that we've never seen in the past. they're in forums, actively engaging with their peers on certain topics and certain investment ideas. 75% of them believe that their investment decisions can influence climate change, and 90% of them want sustainable investing options in their 401(k). they believe that they can really impact with their investment dollars more so than prior generations. i'm naeema huq abrar, and we are morgan stanley.

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the indexes, but also the biggest stocks and macro market etfs when they move, when they go down, it is hard for the rest of the market to go up. they are down across the board right now. let's get to the other top money headlines, including money losing uber getting ready to cut costs more contessa brewer is here with more >> reporter: brian, good morning. uber is cutting back on spending and working to be a leaner business the ceo e-mailed employees outlining plans to address the seismic shift. he wrote, we will treat hiring as a privilege and be deliberate we will be more hard core about costs across the board uber will focus on achieving

profitability on free cash flow rather than adjusted evi ta lockheed martin will double production of the anti-tank missiles a key weapon in the defense against russia for ukraine shares are up 26% so far this year significantly out performing the s&p. facebook parent meta will open the first physical store for vr head set technology today. it is located in california. customers will try on and purchase multiple products this reminds me, brian, remember br brookstone with the massage chair? we will see the same thing now people putting on the head sets and putting arms out and try to feel around for them it will be an awesome experience and for free you can watch the show >> two things.

that was the highlight of any mall trip, by the way. it makes me think about the end of silence of the lambs where jodi foster was in the basement and it was pitch black and she was reaching and doing that thing. >> yes >> she had a loaded .44 in her hand >> that is a real stretch from the image i had. i'm with you, buddy. >> i'm twisted and you're nice contessa brewer, thank you we'll see you in a bit >> okay, brian. still on deck on "worldwide exchange." are you looking to put a little bit with of money with the stocks hammered? futures and bonds and crypto are lower. we will have a market update

after this short break stick around >> announcer: today's big number $52.4 billion. that's how much credit was extended to american consumers last month according to the report by the federal reserve. 's more than twice what analysts were expecting. >> announcer: this cnbc program is sponsored by ibm. ibm. let's create so you partner with ibm consulting to bring together data and workflows so that every driver and merchandiser can serve up jalapeño, sesame, and chocolate-cove with real-time, data-driven precision. let's create supply chains that have an appetite for performance. ibm. let's create.

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all right. good morning welcome back to "worldwide exchange." good morning you better get a strong cup of coffee it is looking like another tough day. futures down across the board. dow futures down 300 points. nasdaq futures off 1.5%. inside the dow, boeing, apple, microsoft, salesforce.com. they are all down more than 1.5% to 2%. we are seeing travelers unchanged. insurance companies, utilities viewed as havens pretty much everything else sold off. it is not just technology being sold off this year bio-tech a pandemic winner through 2021 is getting hit hard this year. bio-tech etf it is down nearly on 40% this year versus 13% decline broader. it is sold well more than the s&p 500.

in fact, more than 20% of the nasdaq bio-tech index members are trading for less value than the value of their cash. that is the most since record keeping on this thing began 20 years ago. joining us now is salim syed salim, good to have you on that is an incredible stat i want viewers to know it is early. thinking about numbers and money. 1 in 5 companies that trades in the bio-tech sector publicly is trading for less value than simply the value of their cash in other words, the market is placing zero dollars of value on their actual business. what is going on with bio-tech >> thanks for having me on, brian. so, look, bio-tech had a great run-up in 2020 with covid.

there was a lot of a halo effect put on the sector which was viewed as the solution to a lot of the problems in the market at the time it was seen as the solution to the pandemic, right? what essentially happened is companies ended up getting funded easily. a lot of crossover funds that people talk about in the space and putting money to work was converting to public easily. the market got really frothy quickly. what we are seeing is essentially a reversal of that part of the reason we are seeing that is the companies that had been made from private to public and we have not seen that clinical data pan out yet. that on top of the macro environment with rising interest rates has been difficult for the sector >> listen, we love etfs and

index funds. low costs and steady eddie investing. they can make a lot of money over long term that said, salim, when people dump etfs, they often dump stocks, even if it is a synthetic relationship in the etf and not all bio-teches are equal. some will have amazing businesses and hopefully defeat all kinds of nasty diseases. others will go away. are we dumping out a lot of really good stocks just as a part of the broader market selloff? >> i think we're going through the process right now trying to figure out which stocks are higher quality and deserve investor capital right now, we have 800 bio-techs publicly traded. if you go back three years ago, we had half of that. 400 or 500 companies

we are going now through that process. so, people often ask are we sort of at the end of this? it doesn't feel like we're at the end of this. i think we're going through the process. at the same time, when you look at the index you mentioned, xbi it is close to the levels. those companies are not weeded out with the quality versus lesser quality companies >> that, salim, is your job as an analyst to go through the companies that you cover and find out the good companies sold off unfairly you believe, based on your ratings and targets that gilead sciences is one of those names how come >> gilead. we like gilead service the other large caps,

gilead trades close to the values it is in the free cash flow basis best in class on the dividend yield we're in the ballpark best in class. we like it primarily on the st. valentine's day -- valuation basis. it is hard to see. it is trading at $60 levels which is where it was five years ago. we like it on the valuation basis. that's why we're buy rated on it it >> is there a company, quickly, salim, that you do love? we like gilead do you love anyone >> we tend to love the smith caps we cover. one that we're constructive and long on is cybesom cyber kineti.

and bristol myers squib. what we have seen so far supports the valuation that could be higher and what it is trading. >> salim syed. thank you very much for joining us on bio-tech drop. have a great day thank you. coming up here on "worldwide exchange" get ready to pay more at the pump. what gasoline prices are doing that may shock you even with the big spr release this week. reminder, if you haven't already, follow our podcast. if you missed the show, we get it check it out later on at your convenience. walk around the kitchen wearing the headphones ignoring the kids i do it. dow futures down nasdaq down. we're back right after this. [sfx: street ambience]

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welcome back let's get to the monday morning money. a lot of nervousness out there the selling we saw last week will follow through today. stock futures down across the board. dow futures down 300 all are down over 1% nasdaq futures down 1.5% right

now. big catalyst as earnings roll off. it will no doubt have a lot of talk from the federal reserve officials and listening for clues of the aggressive rate hike strategy. all that coming off drops in stocks last week where the nasdaq ended the week down 1.5%. all of this as bond yields surged to multiyear highs. 10-year yield going up again right now. nearly at 3.2% with that move in bonds, we are also seeing a spike in mortgage rates. 30-year fixed rate mortgage now at 5.27% according to fannie mae. the highest level in 13 years. you have it go back to 2009 to find a mortgage rate on average higher than that we are seeing oil down a little bit right now. not by much. off $1 a barrel to $108 and

change natural gas has been almost more of the story natural gas continuing to rise at $8.18 you care because as the weather begins to warm up and you start to think about cranking that air conditioner in the home, remember, natural gas prices, utility costs and energy costs, if you are not on a fixed rate plan, it will adjust higher, could maybe go up 50% this summer from last year. not out of the question. certainly another major inflationary force speaking of gas, let's talk about gasoline here is some news you may not know although oil prices, while high, oil is down from the march high. it hit $129. the price of wholesale gas is not getting a lot of attention whol wholesale gas is under $3.80 a

gallon that is higher than in march a tough combination of surging demand and lower supplies, particularly on the east coast, and concern of the lack of ingredients needed for refining. sorry to say, the prices at the gas pump are likely to go higher from here. by the way, it has been a great run recently for some of the refining stocks. look at the year to date returns. valero up 72%. delek up 86% and pbf energy is up 140%. they have six refineries and one of two operating in the state of new jersey as the east coast has had a shortage of refineries and that explosion of the philadelphia refinery in 2019

just reducing jut put. pbf up 140% since january 1st. as you know, energy is the only thing that has been working consistently in the stock market this year. the sector is up nearly 50% to begin 2022 it is one of two in the s&p that are above water. utilities, they're up less than 1%, but they're not down 10% let's talk more about the energy sector and get more into the refiners is biraj borkhataria. good to see you, biraj last time we met was in november in london. good to have out the program you heard me talk about the smaller independent refiners in the united states. obviously exxon and chevron do refining as well are there any names in the u.s. or globally that stand out more

to you right now >> thanks for having me on i think this global refining rally is really a global phenomenon we see it across regions exxon is highly exposed to this. it is the big of the refiner of the super majors 4.5 million barrels a day. they will definitely benefit bp will also benefit as will shell and total. chevron is up stream a number of the companies will drive earnings >> i don't want to get into politics, biraj. here is a big debate about the oil companies as oil prices go up and they automatically start printing money we know earnings are up from 2020 and 2021. oil briefly going negative can you clear it up generally when the price of oil goes up,

does that necessarily fall to the bottom line of many of the biggest names? a lot of them have to buy it as well and do their margins stay relatively similar tell us how it works >> so you think about the upstream some of the costs will be linked to commodities which are going up you will see some offset there and higher tax bill to pay some will float. if you think about the down stream refining. the oil is in input. that is surprising refining margins are going up despite the oil prices going up. that is just telling you that the market is extremely tight and incentivizincentivizing. despite the oil market price increase, your prices are still going up. >> we know you recently upgraded exxon. we forget and i know it is early

2022, but back 18 or 24 months ago, exxon was talking about cutting dividend and talking about major cost cuts and capital spending it collapsed everybody was talking about the end of oil that was less than two years ago. you recently upgraded exxonmobil how surprised are you or how surprised should we be about the change in what has happened for the big oil companies? >> yeah. a lot has happened in the last two years. also shouldn't forget the ongoing war with russia and ukraine. that stoked the geopolitical fire and raised commodity prices as well. when you think about exxon, they really stuck to the plan that plan actually took them to the brink of the dividend cut in 2020, i would argue. the commodity price helped them in 2021. in 2022, things changed again.

you have the big rally in r refining margins exxon invested in the upstream through the downturn in recent years and end up with the project which has a lot of unariun running room that is something other companies don't have >> is there any company besides exxon you like, biraj? >> shell is remaining constructive in the energy market it trades at a discount. >> biraj, great to have you on the program. i appreciate it. thank you. all right. coming up, mortgage rates jumping to the highest level in 13 years diana olick coming up next on what this could all mean for the real estate market stick around

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welcome back good monday morning. if i told you to go back to bed, i doubt you would listen given the futures, you may want. dow futures down 400 points. nearly 2% drop there nasdaq futures down 1.7% dow futures off 1.25%. big tech is again the hardest hit sector it is early. things can change. nasdaq futures down 1.7% that would come off 1.5% drop last week. it is not just gasoline,

food and macro energy prices on the rise lately. if you want to buy a home, you have to pay more mortgage rates are now at the highest level in well over a decade as many say it may not come at a worse time diana olick has the numbers. diana, the bond markets have moved quickly. >> reporter: absolutely. rates are sizable jump higher from last week adding insult to injury in the heart of the spring market the average rate of the 30-year fixed 5.64%. that is two percentage points higher than it was a year ago. we were in the very low 3% range last year. mortgage rates follow the yield on the 10-year treasury which spiked in over a decade to the highest level. the rates hitting from the fed

that kept rates at more than a dozen record lows in the first year of the pandemic when they were buying in low rates fueled the high home prices this spring home prices are 34% higher than they he were at the start of the pandemic two years ago they keep moving higher due to high demand and low supply that increased the mortgage payment for the average home by $1,800 since the start of the pandemic we are now seeing sales start to fall and reports anecdotally from realtors that bidding wars are cooling off. prices lag sales by six months this summer, brian, it should be telling and potentially ugly >> well, yeah. i guess the big question, i don't know if you know the answer, diana. are prices going to come down? people don't buy homes based on the prices they buy based on the monthly

payment. if rates go up, that's okay as long as prices go down enough where the monthly payment may be roughly the same is there any indication that prices and thus that all-important monthly payment will come down >> reporter: the short answer is probably not here's what happens. usually prices lag sales by six months you have four or five months of sales coming down. you see prices cool. when we say prices cool, i'm not saying prices are coming down. i'm saying the 15 to 20 and in some markets 30% annual price gains we see now will shrink to 6% gains from a year or 4% gains from a year ago. something more historical. not the crazy gains. will they come down? i doubt it seriously that is because there is nothing on the market and still the very strong millennial dedemanded you get competition in the

market shrinking the gains and not pulling back the prices. >> are they tightening mortgage lending? is it harder to get a mortgage today than six months ago? >> reporter: i would say no. that's because you have so much more competition now among the lenders. lenders are bleeding because there are no refis we were between 60% of the refinances they were making record profit all of that business has fallen off. a 70% drop in mortgage applications to refinance. how will they make that up they will loose en a little bit they will want that business how will they get that business? they will only get it from buyers there is a small pool now of people who can benefit from refinance. we all refinanced in the last two years with rates in the 2%

range. >> i think i saw a stat. 90% of mortgages are under 4 or 4.5% no way are you refinancing >> exactly >> reporter: unless you need to do a cashout remember, people have equity in their homes. record equity. there will be people who pull the equity out will they refinance to a higher rate or take out a second home equity line? i would say the second option. there will be people who do cashout refinances nothing like the market in the last two years >> don't cashout refinance and put the money in gamestop stock on leverage. diana olick. thank you. time for the morning rbi it's back. today, let's get random but interesting on good news in the stock market yes, we said good news because as bad as it has been,

there are stocks making people money. it's early it's monday. futures are down nobody wants doom and gloom. let's try to rollout and end out the show with positivity we dug in over the weekend and found stocks that have been doing great this month as the overall markets stink it up. they are not all oil and gas in fact, plenty of names and past performance in the past 30 days you may not know. here we go software company epam up 25% in the past 30 days western digital. hard drive maker up 24% mohawk they make carpet stock up 21% bath & body works. up 16% used car part company lkq. like, kind, quality. rising 14%

campbell's soup? up 10% we eat so we all need toilet paper. kimberly-clark is up 9%. those are a few stocks there are actually many more in fact, this is the part, i hope, you find really random but interesting. in the past month, 123 stocks in the s&p 500 are higher that is nearly 25% of the index. up given all of the huge drops and nasty headlines and faang getting whacked, it is hard to believe, but it is true. it has been a better year than you think because we end with another pricing nugget as the s&p 1500 dropped 13.5% this year, 139 members, at least as of now, that could change today, have stocks that are higher 139stocks in the index are up

this year. the point is this. index funds and etfs are great in years like this, it may be single stock owner whoss who cot on top as jim cramer says, it is not so much as a stock market, but a market of stocks happy 2022 at least as of this morning, maybe a bit better than you think. random but interesting up next, real world advice on what to do right now from one of america's top financial advisers. during may, we celebrate asian american pacific islander heritage month here is cnbc closing bell producer crystal lau >> my best advice for the community is to speak up growing up, my parents taught me and my sisters not to be the squeaky wheel. what we learned is how important it is to find our voice and be the voice for others

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welcome back let's get to the markets and your money stock futures are down dow coming off the sixth down week in a row. the nasdaq down five things may get worse before better market handicappers see if the s&p falls below, we could fall another 5% to 8% from there. a technical destruction that could send the market down another leg. all of this does not mean it is time to cash out and sit on the sidelines afraid

managing director pat fruzzetti is here with us. one of the top advisers we need. we need the advice you have nervous people out there right now. what is your best advice >> so long as interest rates are moving up, the market will continue to experience a lot of i indigestion. the interesting thing and you brought this up in the last segment. there are 139 stocks this year that are positive from the s&p 500. that means there is rotation in the market there is a change in leadership. from the relative standpoint, interest rates are going up every day. the old narrative, t.i.n.a., there is no alternative. investors are looking away from the equity market as we speak. within the equity market, there

are opportunities. >> okay. now, in the 139, by the way, patrick, it is early morning my viewers don't want to cry themselves to sleep or on the way to work. half of those are oil and gas. are you recommending oil and gas names now with the big gains that many have had >> yes, i still think you want exposer to energy. there is a huge subset that have no exposure to the sector. i think it is under owned. you should own the majors. i still like energy infrastructure enterprise partners. there is global demand for ngl they will profit from the export demand this is a yield producing play you can invest energy is still a focal point for people it really hasn't been for years. i think we will see the secular

trend continue and also commodities in general when you look at precious metals, that is a great way to hedge the portfolio and hedge what we think will be future debasement of the dollar >> are you suggesting and dare i say it, does it roll off my tongue, just buy gold, patrick i thought it was all about bitcoin and the metaverse. >> come on, i think owning gold makes a lot of sense in this market it's under owned when you look institutionally. compared to 40 years ago, it is still under owned by retail. i'm saying just own some raw gold even if it is physical gold. there are plenty of instruments out there. you can trust that exposure. >> buying gold buying oil and gas and energy.

practical advice in a time where we could use a steady hand patrick, have a great day. thanks take care. all right. folks, that's does it for us on "worldwide exchange. we'll be back in 23 hours. it could be another tough day. crypto is down bond yield are up. a lot more to do on the network all day. see you tomorrow quk x"s xt take care. ore? at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪♪ we see companies protecting the bottom line by putting people first. we seeght future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley.

good morning futures pointing itto a big dro. cryptocurrencies down. the ten-year we have not seen levels like this we will show you everything elelse moving in the market uber ceo warning of a seismic shift. now planning to slash costs and slow hiring. pain at the pump how much gasoline prices rose in the last two weeks it is monday, may 9th, 2022. "squawk box" begins right now. good morning

welcome to "squawk box" here on cnbc we are live from the nasdaq site in i'm rebecca quick along with joe kernen and andrew ross sorkin. s&p is down by 61. nasdaq down by 233 if you are looking at percentage drops, the nasdaq tech is leading the way. the dow down by 1.2% s&p futures off 1.5% the nasdaq down 1.8% that is after the major indexes ended the week with modest declines for the week. dow industrials down by 9.5% s&p down by 13.5%. nasdaq down by