it is 5:00 a.m. on wall street here is the top five at 5:00 up one day and down the next tuesday turn around taking shape. snap, pop. shares of the social company losing a quarter of the value right now. what is wrong at snapchat ahead? and the upbeat outlook for zoom and price fight with the housing market an rbi you've got to see with the ceo of coldwell banker is

here. we go to davos with the one-on-one interview with the new york stock exchange president. it is tuesday, may 24th. this is "worldwide exchange. good morning, good afternoon or good evening i'm brian sullivan on a busy tuesday. let's kickoff the hour with the check of the markets stock futures are lower across the board. wit we had a beautiful day yesterday. some of the best days this year. look at the nasdaq futures dow futures down 300 points. nasdaq futures are down nearly 2% that holds throughout the day and we pretty much wipe out all we gained on monday. speaking of monday, we had a

nice gain an crocross the board. the nasdaq is still down 10% in 30 days. one of the worst runs in a long time in the bond market, yields coming back down below 2.8% energy and oil is what remains natural gas quickly becoming the story in energy. i know we talk a lot about oil and gasoline the price of natural gas ticking up to 9 bucks. natural gas is up exactly as of this morning 200% from this same day last year. that is going to hit your power cost and the industrial sector and plastics and chemicals and tires. everything is made from natural gas. spectacularly inflationary in the oil market, crude up a

touch. in crypto, bitcoin and ethereum calm right now bitcoin above 29,000 all of the major coins are down. in asia, mainland china fel on the stimulus news which is the reason we rose yesterday go figure. tech stocks hit hard there as well tech index falling 4%. alibaba down 2%. tencent down 3%. europe kicking off with the trend, i'm sorry, red across the board. spin the giant globe we're all floating on in this universe and any major market is in the red this morning. let's move on for the top corporate headlines happening right now, including a drop in shares of snapchat silvana henao is here with that and more good morning >> shares of snap sinking 25%

ahead of the open after the ceo evan spiegel says they will miss the target for revenue and adjusted earnings in the quarter. he said snap will slow hiring through the end of the year as it looks to manage expenses. snap issued the last outlook less than five weeks ago which is at the low end of the expected range the s.e.c. is set to crackdown on misleading and overexaggerated claims for products the rules are expected to require information about how esg funds are marketed and esg incorporated into investing and how the funds go at company meetings the industry has boomd to $3 trillion in recentyears. and spacex president and ceo is defending elon musk amid the report on sexual harassment

claims in the email to pemployees, she personally believes the allegations to be false. not because i work for elon, but because i worked closely with him for 20 years and never seen anything resembling the allegations. musk denies the allegations of him propositioning a flight attendant on one of his lights in 2016. brian. >> silvana henao, thank you. let's get back to the markets and your money that's why you are here. after the rebound on monday, it looks like it will not stick around the dow's losing streak is eight straight weeks coming into monday that is something that has not happened in the dow in 99 years. the last time in 1923 when old warren j. harding was president. see if better days are ahead and bring in vance howard.

vance, i had the under on the harding references this morning. it has been a tough run this year context is key we have had a heck of a run off the pandemic lows. i guess most people are still well in the money if they bought and hold i guess the markets will be higher five years from now it is a scary time right now. >> we're breaking records, brian, but in a wrong way. it is. it is a scary market a lot of negativity. you are afraid to go to bed because you don't know what you are waking up to in the morning. brian, it went negative the first part of the year we are sitting on about $2.3 billion in cash. we are sitting here with a laundry list of stocks to buy. now there are stocks like

salesforce and nvidia. if you buy today, and the market drops, two or three years from now, you would be happy. i would not be buying today. >> that means you are in the down side to come camp >> i think there is more pain to come until the trend changes and the trend is clearly down, the buy line is negative we wait until it turns back up and gives a signal the buyers are coming back. they are not there this morning. you go to bed every night the past six months and you are afraid to wake up to what you will see >> yeah. don't joke i ran into i psychologist at the grocery store yesterday. she is seeing more patients because of inflation and now economics. if we have not had enough the last two and a half years,

unbelievable markets go up over time. i understand there is a lot of new investors who came into the market whether it is stimulus checks or out of boredom great. fed dropping money from the sky. everything went up a new generation who haven't felt this pain you have seen it i have seen it give us words of comfort 77% of the time, stocks go up. this market can last for a year or two, right? bad. i'm not saying it will >> it can go on for three. you saw it from 2000 to 2002 a slow and nasty market. when everybody came out of it, there was so much money to be made if you are sitting on a good amount of capital, you should be optimistic, not pessimistic. if you bought salesforce this morning and it doesn't need to make a new high. just to where it was, you doubled your money this is creating a tremendous amount of opportunity for those

who control their emotions and control what is happening. the trend is down. be patient then you need to start -- >> he's still frozen vance howard, that is so emblem attic of the stock market. everything is going great coming into january 1st and it freezes up vance, thank you very much he liked nvidia and other semi conductor names and salesforce vance, thank you hope that is not a sign of things to come. anyway, when we come back, we have a live interview from davos with lynn martin she will talk about the markets and ipo and market structure. and an exclusive we are rolling out a new supply chain heat map where the world's trouble spots

are still. later on, snap shares down 28% right now. ouch futures also down. i'm sorry. the sun is coming up grab a c oupf coffee we're back right after this.

welcome back good morning based on futures right now, stocks are set to erase part if

not all on the tech side of the monday market gains at the open. nasdaq down 2% dow futures down 300 despite the down day, the s&p is down 17% that is from the record high on january 3rd. here is the stat from ryan deitrick since world war ii, there have been 12 bear markets and total of 17 if you include near bear markets where the index fell 19%. he notes of those, the average drop was roughly 30% and lasted an average of 11 months. we also know over the long haul stocks tend to go up in the long run. let's have a little optimism this morning and talk about the state of the markets and ipo and v volatility joining us from the world

economic forum with the new york stock exchange director lynn martin it is the hills are alive in davos. nobody wants to wake up at 5:30 and told it will with come to an end. you have seen this before. what are you seeing? is there a sense of confidence or optimism you can provide from your perch >> you know, i think the s stat you just posted with a decline, this is not the first time the market rebounds roughly 12 months after the decline we have been through this multiple times in history. this is not as pronounced as some of the more pronounced issues we had with the financial crisis and the last guest talking more about the 2000 and 2002 challenges with the market. that may be a little bit more of what it feels like as opposed to

the doom and gloom that everyone with is forecasting. it is understandable a lot of uncertainty with the market buyers are trying to figure out when to reenter the market and sellers are trying to figure out where the bottom is. i completely understand some of the sentiment. we've been here before we will get through it the important thing to know is to stay in the markets for the long term because they do rebound. we've been through this many times in the past. >> yeah, although i'll flip my script, lynn inflation hasn't been this bad in 40 years. the fed reserve may have screwed it up for lack of a better term. of course, you have national debt at record highs there are reasons to be concerned. when you are looking at your business at the new york stock exchange, and you are in capital markets, you are the advanced

indicator. when a company goes public, that means they are confident in the public markets are you seeing indications to come >> we are continuing to see a strong pipeline. we have seen companies dogood i the energy sector with amazing returns this year. we had three companies go recently focused on clean energy and sustainablie energy and sustainable finance. they are seeing really good performance. behind that, we have a tremendous amount of backlog company's demand for going public and the demand is there to raise capital they are trying to figure out the timing they are trying to figure out when the volatility starts to subside. what does that mean for them raising capital? does it follow the initial plans they have or do they go with a

slightly smaller round and come back the demand is very much there to enter thepublic markets. hopefully soon >> it has been all about, obviously, technology, spacs and other things for the last three-to-five years, lynn. you are talking about energy energy is down 4.5% of the s&p 500. is there enough of an energy pipeline sewzobszobsew solar, wind? is there enough to make up for the drop off for the latest social media start up? >> i think the most important thing you are seeing is innovation you are seeing that across multiple sectors you will always see it in different sectors. you are seeing it in the energy companies. we welcomed new scale power to the nyse we welcomed d accelerate ener

last month we are seeing challenges with the market you are seeing a lot of the listed companies, existed listed companies, focused on the clean energy transition. they made a tremendous stride when you look at chevron and exxonmobil and occidental and their focus. i think it is important to not just focus on one particular sector because you see a tremendous amount of innovation. that is what is driving our pipeline are all of the sectors. >> new scale small modular nuclear reactor company. we had them on lynn, in five or ten years, can we still walk down to the corner and get to the store they have been saying that for a while that the nyse is going

away. >> they have been saying that for 230 years. we celebrated our anniversary on may 13th this year in my opinion, the most tech forward markets really focus on technology and coupling that with human judgment. that is 100% what our floor does if you look at our systems, they are processing halfages a day. the only way you get a good outcome, a smooth outcome over that voluatility is to have tha data i think about the role our floor brokers provide, they really dampen volatility. that is we have seen less

volatility at the open and close this year. it is really helping dampen volatility and our market model has never been more applicable than it is in today's markets. >> humans matter we like it lynn martin, president of the new york stock exchange. thanks for joining us. have a great conference. safe travels look forward to seeing you >> can't wait to see you take care. >> you can't miss me lynn, thank you very much. still on deck, never before seen price spike in the housing market that makes your rbi any.om, but scar ry gorman is here. stick around we're on it.

(woman vo) sailing a great river past extraordinary landscapes into the heart of iconic cities is a journey for the curious traveler, one that many have yet to discover. exploring with viking brings you closer to the world, to the history, the culture, the flavors, a serene river voyage on an elegant viking longship. learn more at viking.com what's on the horizon? the answers lie beyond the roads we know. we recognize that energy demand is growing, and the world needs lower carbon solutions to keep up. at chevron, we're working to find new ways forward, through investments and partnerships in innovative solutions.

like renewable natural gas from cow waste, hydrogen-fueled transportation, and carbon capture. we may not know just what lies ahead, but it's only human... to search for it. (vo) singing, or speaking. reason, but it's only human... or fun. daring, or thoughtful. sensitive, or strong. progress isn't either or progress is everything.

>> announcer: today's big number $59.3 billion. that's how much the container shipping industry earned during the first quarter of the year according to the container observer reports making it the sixth consecutive quarter of record profits. welcome back we are willing to bet the supply chains are something you never thought about unless you work in logistics. you took for granted whatever you wanted would be wherever you wanted it at the time you wanted

it not anymore. that is the biggest challenges facing companies around the world. investors and the markets understanding the supply chain right now means we created a supply chain heat map with the maritime resources how does it work we have cnbc's senior editor lori ann larocco what is the supply chain heat map? >> reporter: thanks for asking this is an amazing moment for logistics history. we have 11 data providers from maritime freight, rail and all around the world all of the data is measuring vessel availability and the wait time and the products and trucks and rails. this has never been done before. we are excited to show you

today. >> that is an entrance you have to live up to it. we have to talk about china, lori ann you and i share graphics i see a blob of ships. how is china doing >> reporter: the heat map for china is showing real-time color coded. this is real-time data we are showing you. first off, we know that china has had problems with zero covid. shanghai, you see, trucks are the problem. you have a lack of manpower moving product from the warehouses to the ports. then you are looking at ningbo and quingao. you need to know about this is because it is hard to find cont containers if you can't find containers, you can't get imports in here. the yellow might have your interest piqued. it is impacting trade and

slowing things down. in tianjin, it is yellow with a tugboat collision. 13 terminals within yantian is impacted disruption is impacted so that, my friends, is the state of trade as we look at it in china >> that's amazing. i'm looking at that. first off, i know most of these. i see yantian and ho chi ming city we were talking about the shortage of containers a year and a half ago we are still here with a problem. it is unbelievable that is china. can you give us an indication of what is going on in the united states actually today i'm flying to davenport, iowa. i'll talk about the mississippi river and get on one of your

beloved mentioned tugboats >> reporter: hopefully it stays safe let's talk about the united states it is different here we are looking at the imports. you have imports wait time which is important the big story here is really not in the news in mainstream media. that's oakland the sea of red the reason why is because it is taking very, very long for the vessels to get into port and long for the rails to work look at l.a. of course, we know l.a. is a problem. the problem is the lack of railcars to pick up containers to get to the midland. all of this, of course, impacts new york and new jersey. you see there. that is increasing slightly because of the demand, if you will, of containers moving to the east coast >> you look at savannah and charleston they are green, green, green that's the story we understand. a lot of people going from the

west coast and saying i'm not going to deal with it. a threat of a strike of longshoremen on june 30th. if that happens, all bets are off. game over at that point. the west coast has been a boone to the east coast, right, lori ann? >> reporter: absolutely. we will see continued containers as we speak. >> lori ann larocco with the new heat map amazing. lori ann, we love it thank you very much. >> thanks. she will license that and sell it str it ti there any relief in sight kae stockton is here to tell you what she is seeing stick around

as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities.™

buckle up. could be another volatile day ahead. monday's melt-up is melting back down futures across the board zoom shares popping, but snap just popped. over a new warning from the ceo dragging other online ad companies with it. are you thinking about buying a home? the rbi with how much the average payment has gone up. you have to see it on this tuesday, may 24th. this is "worldwide exchange.

welcome or well cacome back. i'm brian sullivan 5:30 on the east coast here is how your markets and money look right now declines across the board. dow futures down about 300 points exactly the nasdaq on a percentage basis, if that holds and it is early, if these returns hold, we are down 1.9%. that wipes out everything we gained on monday the nasdaq is down 10% in 30 days one of the worst runs that we have had in years if not decades. with that happening, bonds are getting bought market is acting fairly rationally when bonds get bought, yields come down. below 2.8% they are way up from a year ago. that is impacting mortgages, by the way. the run up in a big way coming up in the rbi, we have

stats on mortgage costs and real estates. i promise, it may not blow your mind, but your head might start smoking. you will hear them coming up in a few minutes. now to the big money movers and the biggest is snap. sinking in the pre-market. down nearly 30%. the ceo warning the company will miss the targets for revenue and adjusted earnings for the quarter. adding snap will slow hiring as well through the end of the year as it looks to manage expenses by the way, snap shares have now completed an entire pandemic round trip they are back to where they were before the pandemic hit. they went from 15 to 72. now back to 15 truly incredible that ripple effect across the entire online ad secrsector facebook and pinterest and twitter and alphabet pinterest down more than 11% ouch on the other side of it, not all

doom and gloom there's zoom see what i did zoom video popping as well in the up direction not a lot. up 6.5%. not down 30% zoom posted better than expected first quarter numbers. the outlook fairly positive. zoom video, small comfort, down 70% in the past year joining us on the cnbc news line is jared weisfeld. good to chat with you. what the heck? i get it snap numbers were not good and outlook not great. we did a segment last week on market structure i look at a stock down 30% in a matter of hours, that's weird. >> yeah. good morning, brian. the weird is an understatement the single name stock volatility we are seeing here over the last two months is pretty epic any way you slice it

the snap core business is shocking put it in perspective. snap guided four weeks ago to have the deceleration in the four-week period is significant. take a step back they talked about the macroeconomics environment deteriorating faster than anticipated. when you look at the construct of the guidance of the quarter, they guided revenues to grow 20% to 25% year on year. what is more important through april 21st, which is the day they guided earnings, the day they reported. revenue was growing 30% year on year for snap to come in below the low end of the guide may tend to grow 10% to 15% per year it collapsed 50% in 30 days. >> okay. two ways to look at it the fact that in 30 days time,

they went from guiding one thing to missing the guidance they just gave four weeks ago which means they don't have a lot of visibility into the business they are still growing you said the growth rate is slowing. they are not contracting there is still growth. the stock is losing one-third of the value right now. >> yeah. you know, for snap, you know, as an investment case, you are underwriting and exposed to the best demographic from the advertiser perspective given the 18 to xpecting to be growing. growing from 30% to an exit rate of 10% by the end of the quarter. the stock was priced for something significantly north of that to put it in perspective, snap was high single digit revenue.

meta/facebook was seven times e evida. it is shoot first and ask questions later. we don't have a ton of information what is driving that core business. it is more perplexing. if you look at earnings reports for the last week, including from the competitor, not c comp competitor, but the ad desk. ttd reported 13 days ago it beat the quarter and got it in line. there are a lot of questions of what is happening within the ecosystem. we don't have a ton of color from snap competition. is it apple privacy or macro more questions than answers this morning which is why you are seeing it. >> well, let's see if it is an overreaction right now, you have pinterest down 13% obviously, jared, sell now and ask questions later. we shall see

snap down 30%. jared weisfeld, thank you very much >> thanks, brian >> think about that. four weeks and business visibility vanished. wow. coming up, the morning rbi and rather scary data on the cost of buying a home. the ceo of coldwell banker is here we will get his insight on what is still a hot market. as we head to break, a couple of hot headlines. closing its offices and the san francisco headquarters and moving to remote model the company is the latest to transition away from traditional office set up. airbnb closing in china. all listing taken down in july the move is costly before the covid restrictions and amazon shareholders are challenging on executive pay and

tax transparency and working conditions according to the financial times, amazon is set to oppose all 15 of the shareholder pro proposals. this is the first time for andy jazzy in the shareholder vote. "worldwide exchange" is back after this

time to get random, but interesting. the rbi is about real estate we should call it random but

scary. research out paints a picture around buying a home not amazing like that's amazing kind of thing, but wow that is shockingly amazing real estate firm redfin put out the cost of buying a home is spiking. are you sitting down redfin found interest rates and mortgages are soaring, but home prices haven't come down the monthly cost of a mortgage on average is up 43% from last year not 4.3% like richard petty 43% from under $17.50 a month last year to nearly $2,500 for the average monthly mortgage payment right now. never has there been a jump like that they called the surge in report unprecedented. of course, this is also hitting at the same time the price of everything else is going up.

higher prices, higher rates, higher payments. i guess here is what is random, but interesting. it hasn't really hit housing housing may be cooling off, but redfin says 57% of homes sold sold above the asking price with 4% of listings having to drop their price. real estate is a bigger and more important part of the economy than the stock market. no disrespect, but it is trillions and trillions and trillions of dollars it is going to be very interesting. watch it going forward to see if cracks start to show or if home buyers can weather higher borrowing costs and higher prices maybe it is the most important economic question of the year. random and hopefully interesting. > let's talk more about that with ryan gorman.

ceo of coldwell banker ryan, thanks for joining us. the redfin numbers with big. what's your take >> rates are up. that is what everyone is reacting to. the fed is trying to cool down inflation across the economy as you mentioned, housing is the enormous part of the economy pushing those rates up can have a negative impact. i have to tell you what we have seen because there is a supply and demand imbalance here and we have not constructed enough homes to meet the demanded we have seen buyers absorbing as quickly as rates increased buyers are adjusting expectations and down sizing or moving farther out or changing shopping patterns. we see the velocity of homes. the indication that buyer demand is stroke. >> strong.

>> what's normal i don't know the benchmark of that >> 17 is quick 17 days on market makes it feel you have to buy as soon as the listing comes online you call it between 35 and 45 days on the market you probably have more than one weekend to see a property before the decision today, that is not the case. you need to be qualified and move quickly when a home comes on the market. they are feeling it. >> listen, higher -- two ways to look at rates. rates are well up from where they were, but they were almost impossible and i will say artificial lows, ryan. interest rates going to .50% the fed throwing money to the sky. rates are up i remember when 5% was a good number on mortgages. >> absolutely. >> that wasn't that long ago

sdp. >> absolutely. if you look at the longer arc of history in the past 10 or 15 years and most of us, 5% or 6% feels like a normalized rate to be able to pay for a 30-year fixed rate mortgage. there are alternative products at 4.5% for a 15-year. interest only products it feels like a roughly similar rate to what people have gotten used to. i do think while it is shocking how quickly it has increased, buyers have readjusted to that folks are reminding people this is historically a decent rate to borrow long-term money for an appreciating asset. >> yeah. also, this is unbelievunbelievae a local friend in my area, one-third to one half of all transactions are cash. are you still seeing huge cash buyers come in

guess what mortgage rates go up they are the honey badger. they don't care. >> absolutely. cash buyers are still significant part of the overall picture. when we are seeing homes on the market on average 17 days and competitive market, how some buyers are differing themselves is putting higher cash down or all-cash buyer and financing after the close and not making that contingency to make it as competitive as possible. we have a product with the partnership can make you look like a cash buyer and markets today. the back to not allow the financing contingency to make buyers as competitive as possible. >> i like to look like a cash buyer. you are borrowing against our assets stocks you are not putting a lien on the home you are -- >> the product is more backing

cash buyer we underwrite the buyer and property and take the risk with the appraisal. we just absorb that risk so the buyer doesn't have to. we are confident to underwrite the property it is not a lot of risk to take and allows buyers to look stronger in the marketplace eliminating the appraisal and financing contingency so they can win in the competitive environment. >> it is still competitive we will see. ryan gorman, ceo of coldwell banker thanks very much take care. all right. on deck, another rough trading day taking shape katie stockton is here laying out the signals she is seeing and if there is a near-term bottom or pop ahead in the markets. in may, we he celebrate asin american pacific islander month. here is michael yee.

>> i'm proud of the immigrants who have come to the country and contributed to the culture of success. they have been rich over what makes this country special i'm proud to be asian. there is more work to be done for aapi in the country. it is an honor to be part of the heritage who contributed to the it technology and scientific and br breakthroughs to help make a better future and humani f l netis ahead.

♪♪ you know real chili never has beans. you know which pizza is eaten with a fork and a knife... and which one is definitely not. you know a cappuccino is for the morning and an espresso is for the afternoon. you know how to answer "sparking or still" in over 12 different languages.

you'll try anything that's not currently alive... unless of course it's highly recommended. the delta skymiles® american express card. if you travel, you know. staying up half the night searching for savings on your prescriptions? just ask your cvs pharmacist. we search for savings for you. from coupons to lower costs options. plus, earn up to $50 extra bucks rewards each year just for filling at cvs pharmacy. welcome back it's going to be another busy day ahead for investors. april new home sales figures at 10:00 a.m. jay powell speaking at the summit this afternoon. retail earnings to watch best buy and abercrombie & fitch and auto zone. the slide may wipe out most of we gained yesterday

the down trend has emerged let's find out when it ends with managing partner katie stockton. katie, you and i and we'll cause it wisdom, not age we have seen many of the market runs t two-year down cycles or a couple of month hiccups in 2020 and the lockdown does this down turn to you look like the 2001 and 2003 slow gr grind or a nice quick pop? >> the former with the indicators look like the 2008 period there is a comparison to 2015 as well it is worse with the covid corrective phase you can feel that with the character. it has been a slow grind lower

where each update seems to be met with an equal or worse down day and we're seeing more of the same right now >> okay. i was hoping you would not say that obviously in 2001 and 2002 was a multiyear or two-year bear market the average bear market lasts was 11 months. you dropped 30%. anything that looks like that could be the case to you any positive signs >> i think this is a cyclical bear the trend is long term in tact there is a lot of room to secondary support levels for the s&p 500 is a basis of 3815 i suspect that after stabilization here, it will be broken that would increase the down side risk to secondary support

to 3500. i do think that we instead of focusing on the key levels near term, we think about more of the posture of indicators that are understanding momentum and trend exhaustion the momentum is still very much to the down side inter medium term and long term. i know it is hard to feel that with the day-to-day volatility the short-term gauge is improving modestly here. that suggests stabilization before we see the next breakdown. >> you will know the stats, katie. i don't. you know the direction i'm going in we went a year or two without a 2% move or something like that the markets bizarrely calm grinding higher. .20% every day now 1.5% to 2% moves multiple times per week

what's changed what's happened? >> i think it is characteristic of a down trending market. that is when you see volatility pick up with the norm. we are in the obviously high volatility cycle or regime you see that with the volatility index or vix it is a difficult environment for traders. especially if you are trying to time this market short term, you can get whipped one way or the other. it makes for a challenging environment where it is difficult to make money especially on the upside you are counter trending trading the moves. we have been recommending folks reduced in the overall exposure using hedging strategies, of course, and generally speaking, using any relief rallies as they come to reduce exposure to existing long positions. we still like the exposure and certainly around that to manage risk and keeping very tight losses on any trading

oriented positions >> energy, of course, i talk about energy, katie. i have been following it energy is not an energy story. it is an everything story. it is pretty much everything it will be really interesting to see if these semi esg buyers find way to come back to energy. i know the charts look good. relatively are you optimistic on energy >> it is really the only sector that is in the green year to date i say that is in the green, it is up 50%. if you look at the s&p 500 sector indices. you may feel it is over extended you look at the trend and it still has momentum behind them our etf has the energy and green is defensive to me, that exposure is looking for anything on this side and

this is a place that is working. as soon as we see some down tick in momentum, we will be reactive to that. >> indkatie stockton, thank you. the rest of the market may be grinding lower in the next weeks or months. we appreciate it have a great day see you soon all right. that does it for us on "worldwide exchange. i'll be off for a couple of days flying out to the midwest. we have a special thursday night at 6:00 p.m. talking about inflation. wit "worldwide exchange will be on with frank and dom i'll see you in a couple of days "squawk box" is on after this.

good morning well, so much for the relief

rally. nice while it lasted futures point to a sharp pull back from the gain yesterday we keep running into companies saying horrible things it doesn't help the stock market we will show you what is moving right now. snap getting punished. dragging down anyone else. the stock now lost 80% of the value from the record high hit back in september. what is hurting the shares like meta and others. and ceos speaking out in davos. i think the temperature must have plunged this hour we hear from the head of nasdaq and accenture. and a conversation with alex karp it is tuesday, may 24th. "squawk box" begins right now.