it is 5:00 a.m. at cnbc headquarters here is your top five at 5:00. stocks snapping their losing streak as u.s. markets look to build on last week's big gains futures are facing some pressure after the long holiday weekend here pledging a more hawkish fed to tackle inflation. new comments by one central bank chief making the case for the ongoing rate hikes to cut rates in the future. and president biden out with a pledge promising to back the fed as he and chairman jay powell

prepare to meet later today. not helping the cause. oil prices climbing once again this morning after european leaders reach a deal to ban most imports of russian crude oil we are live in brussels with the latest there. and plenty of headaches for those flying during the holiday weekend as u.s. airlines cancel more than 2,500 flights as they kickoff the busy summer travel season it is tuesday, may 31st. last day of may. last trading day of may. you are watching "worldwide exchange" here on cnbc good morning welcome to the show. i'm dominic chu in for brian sullivan on tuesday morning. let's jump in for tuesday morning. the final trading day of may the futures are relatively muted. you see the dow implied lower by

66 s&p lower by 6 points. just about 12 point gains for the nasdaq overall this comes on the heels of the best week in more than two months we ended a seven and eight week losing streak. all three averages jumped 6% overall for the week those gains helping the indices erase the losses in may. the dow and s&p in positive territory for the month. although just slightly you see fractional gains for the dow and s&p. the nasdaq is still down more than 1.5%. turning to the bond market the ten-year yield is moving higher selling pressure in the bond market pushing yields to 2.83% for the 10-year treasury note. 2-year note is 2.55% the 30-year long bond below 3.04%. taking a look at oil prices.

they are jumping after european leaders agree to ban most russian crude imports. you see u.s. bench market crude wti up to $119 a barrel. $3.88 gain there ice brent crude. $123.53. 1.5% gains there as well you see a real general bullishness to the market with the european oil imports from russia mostly banned we will have more from brussels in a moment. look at the cryptocurrency market bitcoin above $31,000. ethereum prices at 2.5% gains there. smaller alt coins moving higher as well. let's go worldwide to julianna tatelbaum live in london with the european trade

julianna, a lot of focus on oil and gas right now. it is a mixed picture on the continent. >> it is a mixed picture out performance in oil and gas in europe. we are overall experiencing a down day contrast to what we have seen recently in europe yesterday, european stocks extended gains on the back of optimism with china reopening and lifting covid restrictions after last week's strong week for european equities as well. inn investors taking profits we see red out performance in the ftse 100. one big reason is outside of the oil and gas performing well is unilever shares of unilever trading sharply higher this morning after the consumer giant is putting nelson peltz on the board as a non executive director from july this after the firm took a 1.5%

stake in dove soap and ben & jerry's ice cream. unilever held constructive discussions with peltz who is known for revitalizing p&g dom, credit situatuisse is tradg lower after the cash injection to boost the balance sheet it had one of the key shareholders come out this morning in defense of the bank saying capital raise is not necessary. shares are down 3% dom. >> julianna tatelbaum, thank you very much. live from london. to the morning's other top sto stories. bertha coombs is here with those. >> good morning, dom president biden is vowing to support the fed reserve in the efforts to fight high inflation. the president making that pledge in the op-ed in "the wall street journal. a three-part plan to combat high prices biden says he is looking to boost the productive capacity of the economy and also reduce

federal budget deficits. the op-ed comes ahead of the meeting with jay powell today at the white house. the sit down marks the first time since powell was tapped by biden and confirmed for a second term as fed chairman a new version of the collapsed crypto luna is getting off to a bad start as it rolls out after reaching a peak of $19 on saturday and the new luna dropped to $4.39 hours later according to coin market cap data it has since settled at a price of around $5.90. binance says it will list luna starting today. the kickoff to the summer travel season is facing serious hurdles. u.s. airlines cancelling more than 2,500 flights over the course of the memorial day

holiday weekend. more than 1,500 coming just yesterday according to data from flight aware stormy weather in florida and new york and the mid-atlantic this weekend were a big part of the cancellations and delays dom, this comes as airlines are working to ramp up staffing to handle expected record travel demand this summer looking at some of the flights, it there are not as many flights as there used to be >> betterth tbertha, tickets to parent are now in the $800 range. you never know with the demand bertha coombs, thank you very much summer travel season is not the only thing facing hurdles. inflation as well. what to do about summer travel and inflation? what do they have in common?

demand that's right airlines are overlioaded by the hike in demand, but inflation is an issue let's bring in anneka treon. the managing director. bertha and i were talking about flights and demand for travel. that is anecdotal. there are many more signs the inflationary picture is very, very strong still. is there any end in sight? >> good morning. absolutely there are signs everywhere regarding inflationary pressure. i think the key thing right now is you are starting to see inflation expectiation rolling over the five-year break even rate. that is a big difference in the narrative which inflation is high and accelerating versus

inflation which is high and moderating you mentioned demand destruction. inflation has been the key component behind that destruction. if that starts to slowly moderate, hope nfully you will e demand start to pick up. >> anneka, it is interesting, we were going over the information before the show. one story that is making its way now is the severe drop in lumber prices lumber, i mentioned, because it was one of the poster children, so to speak, with the inflation picture over the last two years. is that something that we see happening with regard to the rest of the inflationary picture that we do see that when prices get to a certain point and if it is discretionary in nature, people shy away? >> absolutely. we have to always remember the comparison base. we are all obsessed with the year on year changes let's go back to may of 2021 let's look at the vaccination

rates in the u.s the level of economic activity the comparison base in terms of year on year inflation figures starts easing massively. that is a big driver to why expectations are coming down to the point of the sources of pricing pressure that is it manpower was saying about wage inflation. at one point companies say we have done as much as we can. you are seeing that rollover in multiple sources of pricing pressure bond markets are telling us we could finally see moderation in this area. >> if you were to say to your clients, the people asking about how positioning should be looked after in terms of the situation, what exactly do you do we have seen a lot of moves toward utilities and consumer staples despite the rising interest rates that erode the power of the dividend payments why the defensive tilt and why

is it justified? >> it is something i mentioned earlier and keep on mentioning it what we've seen is a massive valuation change the egregious er rich multiples is gone. to a certain extent, that's what the fed was trying to achieve. we lost three pe points in valuation. what market participants and asset managers need to look at is the "e" of the pe you can look at stocks which appear attractive because it has three pe points vanished is that "e" realistic and susta sustainable? we see downgrades come in, but we need more evidence of which companies are able to truly generate the cash flow to support the businesses and which ones aren't. >> all right anneka treon thank you very much. we appreciate it. when we come back on the show, more on the decision by

the eu to ban the oil imports sending prices surging. and several major chinese cities beginning to relax -- yes, relax covid controls with case numbers waiting the deep impact of the government's zero covid impact has had on the economy 36-year gap between sequels doing little to keep "top gun" from soaring at the box office more ahead when "worldwide exchange" returns after this break. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with comcast business. powering possibilities.™

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welcome back to the show oil prices soaring today you see crude prices for u.s. benchmark and world benchmark up 2% after the european leaders reached agreement to ban a large majority of the russian imports in the region. rosanna lockwood is in brussels where they are hammering out the agreement. rosanna, what exactly will this and won't this involve >> reporter: what won't involve is absolutely key in that, dom this is the sixth and toughest round of sanctions by the eu against russia since that invasion of ukraine by russia on february 24th. we have seen a lot of unity up to the point of banning a complete ban on oil into europe. this was what they were calling

for on may 4th it has been more than 26 days to get to the agreement overnight the reason being is landlocked countries like hungary and czech republic and slovakia are relying on the friendship pipeline they say if you cut off oil, we have nothing they have been standing in the way of the agreement we have a carve out in the agreement. 2/3 comes by ship. all of that is banned. 1/3 of it is coming by pipeline. hungary secured an exemption for the pipeline and on top of that, they secured the exemption if something happens to the pipeline, they can get oil from the ships. it is a major achievement by hungary. western leaders understand the difficult position that hungary is in. this was just the compromise to get to this.

it will cold ut off 90% of the russian oil by the end are the year >> roosanna, we have russia cutting off the gas supplies to more countries in europe what can you tell us about the natural gas situation? that is a huge sticking point as well >> reporter: it is also, dom, what people are calling for in the seventh round of sanctions from the eu. whether or not it will get into that europe has a big problem to wean off russian gas on top of oil which is highly dependant. they have cut off the gas supplies to the netherlands. it is partly owned by cshell an exxonmobil these companies have decided to stop paying for gas in russian

cru rubles which is what putin wanted to do these companies and countries voluntarily choosing not to do so they are joining bulgaria and finland and popoland they are saying we are not finding a way around the sanctions. they have enough gas to last enough for the next few months they don't quite know what shock it will put if europe with the supply levels. >> lurosanna lockwood, thank yo very much. the u.s. and china all appearing ready to tackle the ongoing tensions with the two countries. including taiwan details on the first fial-to-face meeting set for top ofcis from each side

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welcome back to "worldwide exchange." beijing and shanghai relaxing the covid rules as the two cities move to open. eunice yoon is joining us from beijing with more on the zero covid policy and how much it cost china eunice >> reporter: thanks, dom there has been a lot of issues with the cost of the supply chains and factory closures.

there is another cost that is not getting attention. that is the loss of time and money created by the obstacles that zero covid presents in the daily life and work in china in zero covid beijing, the morning commute for cy has looked like this with public transport restricted, wong pedals 12 times round trip my back side used to hurt in the beginning, but now i'm used to it his ride to work is one of millions disruption taking place across the city and country that added all together is paralyzing business here. what took him 20 minutes on the subway takes double the time for nearly a month, there was no public transport or ride hailing services in the area where i live in beijing either if i had to go to the office, i would walk 30 minutes. the office compound restricts who gets in and how many people

could be there at any one given time if there is emergency and i have to go to the office, it takes a while. the rules can seem random. on the right side of the road, people are mandated to work at home on the left? they can go to the office. many people are working from home as a technician at a hearing clinic, wong had no choice but to take his bike ride. i have to give myself more time he says for unexpected situations like traffic. i get up at least 20 minutes earlier now. wong is looking forward to getting back on the subway how is it? i'm kind of sweaty, he says. and we had another data point that indicates the drag on the economy. the official pmi for may came in at 49.6. it is an improvement from april, but still shows contraction because of the covid controls,

dom, weighing on production and demand. >> eunice, let's talk about data and the basic of it. the case counts. what is the latest with regards to the case numbers there over in china and the situation that is evolving? >> reporter: the case numbers for china are increasingly trending in what the leadership would believe is in the right direction. they are currently under 100 for all of china in beijing, just in the past hour or so, the authorities have said there has only been one case of community spread i think what will be interesting is to watch over the next couple weeks what the chinese government response is going to be to these cases because i'm not sure if you can see behind me a testing site. it has been jam packed as a lot of other testing sites have been all day because people are going back to work and they are deciding to get tested some of them maybe haven't been

doing it as often as they had. we will see a surge in the number of people tested which could potentially mean more cases. so, what is the government going to do? tolerate it or clamp down again? >> that is the big question. eunice yoon live in beijing. thank you very much. let's get to phillip mena in new york with the latest headlines. >> good morning, dom the first funeral services begin today in uvalde, texas, for the 21 victims killed at robb elementary some mourners wore lilac and shades of purple the favorite colors of amerie garza. the girl scouts honored her with the rare bronze cross award. visitations were held for maite rodriguez. she planned to study marine byo

biology. meanwhile, a group of senators are weighing several gun control proposals. including red-flag rules to bar those deemed in danger expanded background checks and more money for schools democrats are hopeful a plan will come together by early next week jury deliberations are set to resume in the johnny depp and amber heard defamation trial the jury has the power to find either party at fault or without blame. the jury is not bound to the multimillion dollar claims. this morning, the new york rangers were down 3-2 last week. now they he are off to the eastern conference finals. new york stunned the hurricanes on the road 6-2 to take the series in seven games. they now face the defending champion tampa bay lightning tomorrow back to you, dom. >> they are the talk of the town, phillip. my texts blowing up with people

talking about that rangers game. a huge win congrats. >> exciting to watch >> thanks, philip mena still on deck for the show aggressive fed. one central chief calling on the fed to do more to tackle inflation. as we head to break, a deal to tell you about as well. south africa's gold fields is buying canada's yamana gold in a stock swap deal. they will have operations across ca canada, australia and africa and south africa as well a big merger in gold we'll be right back. to freeze your pain and your doubt. heat makes it last. so you'll never sit this one out. new icy hot pro with 2 max-strength pain relievers.

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stocks looking to keep momentum going after the major indices look to stop the losing streak the futures pointing to a tough start to the post-holiday trading week. the new comments from one central bank chief saying the fed needs to do more to tackle inflation. sky high prices with the meeting with president biden and jay powell the government looks to back the fed. it is tuesday, may 31st, 2022. you are watching cnbc.

welcome back. i'm dominic chu in for brian sullivan let's look at your money and the final trading day of may futures are setting up for a negative start dow implied lower by 130 points. s&p down by 15 points. nasdaq is implied lower 10 to 12 points as well this is coming off our best week in months. all three averages jumping more 6% just over the course of that past trading week. the en-year treasury note yiel ticking higher at 2.839%. the two-year note is 2.55% > let's look at oil prices eu leaders agreed to ban most, if not all russian imports wti is 11$118.70.

ice brent crude $123.66. that is up 1.5%. checking on the top stories now is bertha coombs >> good morning, dom fed reserve governor chris w waller sees interest rates continuing for the rest of the year as the plan to tackle inflation. speaking yesterday in germany, waller said the fed should be ready to raise rates at every meeting until inflation is curbed waller says they can raise rates and tamp down demand without the severe economic down turn. u.s. and china looking to the first face-to-face meeting with the defense officials the meeting with defense secretary lloyd austin and china's defense minister would likely take place on the

sidelines of the conference in singapore next month the proposed sit down comes amid tension with the two sides over taiwan with beijing slamming president biden over comments during his asia trip that the u.s. would get involved militarily in response to any chinese invasion of taiwan and the new "top gun" film taking the top spot at the holiday box office during the debut weekend. sequel to the 1986 original soaring past expectations pulling in more than $150 million in north america and nearly $250 million globally "top gun: maverick" dethroning the previous box office record we are talklking when "pirateso

the caribbean" hit the box office this is a big aarp plus. tom cruise still has it. >> i'm glad you called it a sequel a lot of people say it is a remake it is a sequel bertha, thank you. see you later on. back to the markets. the strong showing by the indices helping to face the losses as earnings season winds down big names left to report are salesforce after the bell. let's bring in jon najarian. you willsee him on the halftim report jon, thank you for being here. let's take you through the stock market volatility has, in fact, right now topped at least near term >> very well may have, dom we saw a significant shrinka

dprk ge on friday trading down to the 26 level and threatening lower. we thought this was a positive we had a big blowout on volume of options traded a week ago 52 million traded hands. the peak of volatility and peak of volume for stock and options trading. they were close. is it close enough was that the bottom? it has been for 7% or 8% in the market we have to wait a few weeks in the future to know if that was it, dom. >> let's say maybe that's it none of us know. >> maybe >> maybe jon, one place we have seen historical data, at least over the last week, of buying activity has been many of the

names that have been beaten up the most we led the rally for the last five or seven years. i'm talking about big cap technology and big cap communication services is that still the buy the dip tr trade? you think investors are in the habit they are looking to buy? >> i don't think they are still in the habit i think selectively when we did see washouts and there's really no better example than nvidia. when it reported and top line/bottom line were great, but guidance not so great. the stock went from $169 on a regular close to $153 in the post market. that washed out a lot of people. it turned and burned to use your "top gun" expression to the upside dramatically and continued higher since i think selectively you will see

people willing on to buy dips. i don't think it is broad market that they are just buying every dip like they used to. i think it is more selective >> jon, let's keep on the "top gun: maverick" sign. where is the sign of negative ghost rider? where are they staying away? >> they have been staying away from salesforce. you talked about it because they have earnings on the close tonight. the stock has lost half of its value, dom this was a $330 stock, i believe, at the peak it was $165 on friday. that wasn't even the low that it put in there's a fair amount of bets that maybe this is a similar sort of move to nvidia or some others where people are betting to the upside on these calls not in a huge way. they are betting on the 180 stripe, dom. i don't blame them

be benny's company is a great company. to buy that 50% off is something people are willing to do especially in a market that seems like it is holding maybe not rebounding as strong as a week ago. >> $165 and change you are seeing the pick up in the call options a bet that moves toward the level there. where else are you seeing activity before we let you go here >> sure. charge point chpt this is just like the name implying charging stations for evs and so forth. they bought 30,000 of the two week out of june 10th expiration 13 calls was it. let me see here. no, 14 calls june 14 calls. 30,000 is 3 million share equal, dom. that's a very significant trade

as well. also a stock that has just been hammered you think with all of the money we're putting into evs and supporting that infrastructure, that this would be one of the winners. it has been a big loser this year maybe that losing is about to stop, dom. >> jon najarian at market r rebe rebellion. thank you very much. see you later on today coming up here, president biden and jay powell set to meet on the strategy to tackle record high inflation numbers jimmy pethokoukis is talking about how to get the prices back under control. we havth srye atto coming up when "worldwide exchange" returns after this break ♪ ♪ with a little help from cvs... ...you can support your nutrition, sleep, immune system, energy...even skin. and before you know it, healthier can look a lot like...you. ♪ ♪

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(whistle blows) your money never stops working for you with merrill, a bank of america company. all right. what you are seeing there at 5:42 a.m. eastern time a live shot of the white house in washington, d.c later on today, president biden and fed chair jay powell will have the first meeting face-to-face since jay powell was confirmed in his second term as chairman. they will talk about the infl inflationary picture president biden vows not to influence the central bank process. the president will meet with jay powell later on at the white house today. the first in-person meeting since powell, again, was confirmed to a second term in november in a wall street journal op-ed,

the president said he will support the fed. the most important things we can do now to transition from rapid recovery to stable growth is to bring inflation down he says that's why he has made tackling inflation the top priority let's talk more about this with jimmy pethokoukis with the american enterprise institute. he is a cnbc contributor jimmy, thank you for joining us. we are feeling it. millions of americans are feeling it millions around the world are feeling pricing pressure is there anything that can be done from the white house and/or the federal reserve to tackle this in a meaningful way in the next coming few months >> dom, i think what the president is saying both by the lunch or this meeting today and that wall street journal op-ed is the main thing the president

can do which is to say i support the federal reserve. i, unlike my predecessor, i support the fed. that seems pro forma with the previous administration and the president's allies talking about reflation and monopoly, the fed can do mo monetary policy. there are issues in the op-ed of productive capacity. that is long term. right now, this is the fed's job and the president's job to support the fed. >> in your mind, what needs to happen we've heard talk about0 basis points or half per sent rate

r rises for the foreseeable future in your mind, what is the correct strategy how do you good about this is inflation a problem where you go nuclear to tackle it or can you be more measured >> i would keep the nukes in the silos. listen, the problem before the fed got behind the curve i'm extremely concerned about inf inflation and have been for a long time. you don't want to overcorrect. higher prices -- we are looking at consumer sentiment. higher prices will under cut demand what is tricky here for the powell fed is not go nuclear that may seem like the right thing to do right now and still try to thread that needle. you have tightening. consumer sentiment is weakening.

to a degree the problem is already fixing itself, the fed has more to do, but we don't want this to turn radioactive. >> you are seeing signs, jimmy, of the moderation everywhere but the energy market. that energy market is key. it is consiste ently in polls ad surveys. what messages does the biden administration have to put out to reassure the american public that the energy issue is under control as well? >> obviously, there is no messaging like actuality people may not know gdp numbers or pce number. they know how much a gallon of mil milk costs or meat costs or a gallon of gas costs.

i urge the viewers to read the op-ed. he addressed energy. that is a criticism from the right. anti-energy administration that is the role the president can talk about energy i would like the president to do more to enable more drilling both oil and gas and geothermal on federal land and helping nuclear. a lot of this is longer term this sends the message that energy abundance is important. >> absolutely. energy is the talk of the town no doubt jimmy pethokoukis at the american enterprise institute. always great to get your thoughts on deck, check out what is happening right now because we are seeing in the last half hour or 40 minutes a rather steep deterioration in the markets you may recall when we started the show the dow was implied lower by 20 points it is now 5:47 we are now implied lower by 200

points 216 points we'll have more on what is going on with the markets with david katz he lays out if markets are able to kee momentum if you missed "worldwide exchange" check us out on the podcast app of choice. we'll beig bk. rhtac ♪ ["fly me to the moon"] ♪ ♪ ♪ imagine a community where millions share ideas and trade stocks, crypto and beyond. to the moon? in other words... etoro.the power of social investing.

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well come back. the u.s. markets are returning from the long holiday weekend. several on tap today we get the housing and march home price index at 9:00 a.m that is followed by the may chicago purchasing manager index at 9:45. consumer confidence at 0:00 a.m. at 10:30 a.m., the monthly manufacturing survey from the

dallas fed of course, earnings are trickling out. we hear from dow component salesforce.com and hp after the closing bell. let's see what is happening with the s&p we entered the bear market territory down more than 20% at these levels here. we now gained 7% to 8% over the rally the last couple weeks. has it bottomed out enough maybe. some bulls are trying to make the case and bears say there is more to go if you look at growth to value, over the course of the year-to-date period, on growth versus value, the etfs track white line for value and orange for growth you see the widest gap in the overall performance are just here right now that orange line partticked up e there is a mean reversion.

of course, a big part of the thesis has to remain in mega cap technology and communication services stocks. apple, microsoft and alphabet, the parent company of google, the pull backs from the recent record highs has gone anywhere from 18% to 26%. that is maybe one of the reasons why you see a little bit of an uptick on the right side of the screen are the mega cap stock plays ones that investors focus on more let's talk more about this and everything else in the markets with the trading day ahead with david katz chief investment officer at asset advisers i mentioned the mega cap technology trade we talked to jon najarian about the habit investors have had do you feel investors are in the mode of buying mega cap technology when it goes on sale? >> ultimately, they will be. the stocks pulled back a bit last week. that is an attractive valuation.

we think if you have a 9-to-12 month timeline, there is an opportunity. apple, microsoft, google, facebook are compelling. >> if you feel that is the case, the 9-to-12 month horizon. we are seeing the weakness from the holiday weekend. what goes on the shopping list for an investor like yourself with the price action we have seen it has been to the down side this near-term uptick is comforting to some, but do you expect the prices to go down further in the coming weeks? >> short-term, the market is impossible to predict. you have to look at companies and try to set prices that are not attractive in the valuation basis and buy the weakness buy days like today. don't chase rallies. if you have the longer time horizon, you can take advantage. if you are looking to call low,

that is an impossible exercise the only time you know there is a low is three-to-six months later. you really can't do that as a trader you think the per way to be a successful investor is buy good businesses and more likely than not, they he ggo down after you them a company like paypal which is off 60% from the highs has good long-term prospect you are buying a great growth company and buying in 17 times earnings which is attractive >> you read my mind there, david. i was about to ask about the shopping list. paypal is on there a good business trading at a discount valuation with growth value ahead. what else fits the bill? i can think of a lot of stocks in the s&p 500 and nasdaq 100 that are down 30% to 40% from th chis your best buy

>> the ones that are long term growth and buy under 16 times earnings which is attractive we think there are growth stocks that fallen out of favor like facebook orr google. starbucks is down. it is a very good company. the ceo bought $15 million of stock. truist gol g goldman sachs. this is a large under performer for consumer staples it has a lot of catching up to do managing has under performed. it should catch up to others >> david, before we let you go you mentioned consumer staples

out performer in the market volatility where else do you look for value besides unilever >> so, we have one or two companies there. we have kellogg's. for new money, there are better places than consumer staples unilever is the staple that has to do catch up it has more upside that is where we put consumer new money. we are less inclined to throw new money at that area. >> what do you stay away from? >> we think the things that have done well that are on the upper end. utilities have had a great run they are selling 18 to 20 times earnings we would be taking profits in things that have done well like the utilities and redeploying the money in the laggards. >> david katz with the call. thank you very much. have a good day. that does it for us on

"worldwide exchange. let's show you futures we are near the low of the session. about a 200 point deterioration in the last 50 minutes keep an eye on the markets "squawk box" picks up the market coverage coming up next. worth isg the people who build it a solid foundation. wealth is shutting down the office for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime. ♪ ♪ wealth is watching your business grow. worth is watching your employees grow with it. ♪ ♪ this is xfinity rewards. worth is watching your employees grow with it. our way of saying thanks, with rewards for the whole family! from epic trips...

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good morning stock futures are under pressure right now after big gains from the major advantages last week we will show you what is moving. by the way, oil is moving and it is moving up eu leaders agree on the deal to m ban most russian imports a big move overnight unilever announcing nelson peltz is joining the board it is tuesday, the last day of may and "squawk box" begins

right now. good morning welcome to "squawk box" here on cnbc we're live from the nasdaq market site in times square. i'm rebecca quick along with brian sullivan joe and andrew are off today >> good to be here >> we are will look at the u.s. equity futures not off to the best start so far. dow futures are off 225 points this is a decline we have seen in the last 15 or 20 minutes the s&p and nasdaq had been in positive territory now the s&p futures down 28. nasdaq off by 45 of course, this comes after stocks are coming off the best week in more than two months all three of the major averages jumping by more than 6% last week ending losing streaks of seven and eight