it is 5:00 a.m. at cnbc. here is the top "five@5. attention heading to earnings ahead of the jackson hole meeting. this after stocks off the worst dayin weeks. european energy prices soaring again and the euro falls below $1 in china, that country's central bank taking another step to juice its economy and its troubled property sector friday's big selloff and one meme stock favorite not doing much to deter retail investors

holding on for dear life. with all of the news of draughts and heat waves, we actually have some good weather-related news for you coming up in the morning rbi it is all happening on monday, august 22nd here on "worldwide exchange." well good morning, good afternoon or good evening. welcome as always from wherever in the world you may be watching i'm brian sullivan we've got a lot to do on this busy monday. grab a cup of coffee and buckle up here we go first up to the markets and your money. nasdaq futures off considerably. down 200 points. more than 2% from the nasdaq all this as s&p 500 four-week win streak came to an end last week with a 1% loss on friday. worst single day since late

june focus on the jackson hole meeting in wyoming this week that kicks off on thursday in the energy markets, crude oil falling with concerns of the slowdown and global recession. crude oil at $89 look at natural gas. $9.56. a 14-year high folks, natural gas goes into almost everything you make, buy or maybe is trucked somewhere. that will be extremely inflationary particularly on the utility side and likely your power costs particularly if you heat your home with electricity over the winter by the way, natural gas in europe, it says hold my beer natural gas down over $70 u.s. dollars. russia saying the nord stream pipeline will shutdown for maintenance august 31st to

september 2nd. there is growing worry that russia will not restart again. it will lead to immediate ga rationing and lead to a dire issue in europe. $70 u.s. we're at $9.56 that is simply unsustainable around the world, big moves from china's central bank overnight and the moves on the coming recession in europe a lot going on let's go around the world here on "worldwide exchange" to kick off with jp ong in singapore and then julianna tatelbaum in london jp, what is happening? >> reporter: brian, good morning. the big news that we are watching for is the loan prime rate cuts which were widely expected in china. you are talking about the loan

prime rate the chinese central bank sets for the loans. the one-year loan prime rate trimmed by 5 basis points. five-year loan prime rate with a modest or significant trim of 15 basis points lower all of this is connected to bolster and help backstop the second largest economy which is seeing a slowdown. we saw banks trim the gdp forecast to grow by 2.8% year on year basis this year this is related to the covid-19 lockdowns that hit in the first half ands also an ongoing power shortage this is caused by the heat wave which has seen many local governments with power rationing. there are hurdles to try to revive the economy we have seen this play out in stock markets today. the rest of the region saw a step back. shanghai and shenzhen close in

the green on the back of the hopes there there will be stimulus and more stimulus to help backstop the markets and economy in general the loan prime rate, five-year rate was cut back a bit because of the -- the prime rate which is usually used to set loans in china the property sector is another issue boycotting payments because they are not getting the deliveries of apartments on time and hoping for more stimulus to help soothe the issues and structure issues in the particular sector so far, we have seen stimulus markets in china this monday, but the question moving forward is will there be more in the weeks ahead. brian, back to you >> that is the big question and the answer will be in the weeks ahead. jp, thank you very much. now to london and julianna tatelbaum with the markets and key headlines. julianna, i watched the show as i prepared

you are talking big time about the european gas and energy disaster i hate to use that word, but it is an absolutely appropriate term >> it does feel like an appropriate term, brian. if you look at potential black yout yo outdays in january because there may not be enough to heat homes or provide electricity in europe, et cetera. high prices seem to be part of why we are seeing heavy selling in europe this morning it is not the only reason. we heard from the german central bank chief over the weekend calling for more aggressive interest rate hikes from the ecb to combat rising inflation if we are looking at high energy costs already and looking at higher interest rates, that creates a difficult economic back drop. we are seeing heavy selling in europe xetra dax down 1.8%. germany particularly exposed to russian gas supplies that news on friday that gaz

prom will shut for three days at the end of the month is adding fuel to the fire cac 40 in france is down 1.7%. swiss market with health care performing well. ftse 100 is down .60%. turning to fx markets. we have moves in the euro. brian, you have been tracking this euro crossed below parity with the dollar teetering around the $1 mark down .2% that would put pressure on the currency usually, but because of higher interest rates for the growth outlook in europe, investors are not taking that as signs to buy the euro here if you are thinking of going to europe and have an american passport, things are getting cheaper. brian, i want to highlight management changes at credit

suisse dixit joshi is the new ceo credit suisse shares down .70% brian. >> europe is desperate for energy going back to coal some rivers are so low, they cannot get coal they need and nuclear is not running well. the rivers are too low to run the nuclear plants to cool off it is on top on top and on top julianna, thank you very much. let's get to the top corporate stories stateside and a group of apparent an the employees saying no thanks frank holland is here. >> good morning, brian apple employees are pushing back according to the petition which was seen by the financial times, in the past two years, they

performed exceptional work out of the office. tim cook says returning to the office three days a week and keeping the in-person collaboration which is essential to the culture amazon and cvs and united health bidding for signify health it is holding a board meeting today with final offers due september 6th. warren buffett has no plans for a stake in occidental petroleum. planning to buy 50% of the shares, those close to the oracle of omaha says it is uncharacteristic to make a hostile bid. shares were up on friday with the news breaking. >> a big deal there.

occidental hot stock. frank, thank you let's get back now to the markets and your monday. we are in a wait and see mode. jay powell's speech on friday in jackson hole let's bring in ross mayfield i know the attention on the fed and europe and china in di disarray what are you and your team closely watching right now >> most closely is still the fed and u.s. inflation that leads the world markets obviously inndiosyncratic issue. it starts and ends with the federal reserve and the inflation on the u.s. side looks like to your point. we are watching powell we expect him to strike a slightly hawkish tone. they want to jawbone inflation to year end.

the talk of the pivot and rally equity markets has fed governors on edge. it starts and ends there that is what we are watching this week and weeks to come. >> powell is the epitome of the economist. on the other hand, every time he goes hawkish, he adds a dovish layer of frosting to it. so i guess he can be right no matter what the ultimate outcome is if he turns more dovish, ross, meaning they won't hike as aggressively in the next couple meetings as the market thinks. is that the green light to buy stocks >> i think the distention here is important i think if they he cocontinue te rates and hawkish about inflation and slow the rates i think that's fine. as long as they keep inflation front of mind and fighting that

battle, i think investors can feel confident you get volatility, but the green light is there if they cut rates next year, i think that's a bearish outcome they he ave been pricing the pit and cuts next year that seems like a bear they are cuts rates if something dramatic happens recession or geopolitical. if they start to slow quantitative tightening and take the baton, that is fine. it is not necessarily totally risk on for equities it is a sign to me the economy he can handle the rates and they are not going to pivot at the first sign of pain >> you wonder if our markets actually benefit from the world as investors come here because we look better ross mayfield, we will get you back on soon to talk i appreciate you getting up early. thank you.

folks, we are just getting started here on "wex." when we come back, why traders are holding fast for the meme stock favorite despite the selloff on friday. you can guess who that is. and digging into ethereum's win streak and what is ahead for crypto. someone call us for the "house of dragon" premiere lots to talk about we're back after this. dad, we got this. we got this. we got this. we got this. we got this. yay! we got this.

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concerns of recession in the next few months is not a problem just in the united states. it is felt around the world. particularly in europe the outlook for germany, the biggest economy in europe, and fourth in the world, is looking bleak. consumer prices jump which rose 37% year on year on top of soaring energy prices we are seeing again surge this morning. supply chain disruption and calling historic draught we have to ask is recession or worse in europe inevitable let's talk wabout it with carsten brzeski. car carsten, we did not realize gaz prom would shutdown again for a couple days due to quote maintenance. markets are nervous.

they may not turn it back on on time if at all $70 natural gas and race for coal how is this shaping up in europe >> brian, you used the word before disastrous maybe the other one would be we're in the middle of the perfect storm. this gaz prom is playing with germany and europe and showing who is more in charge of what will happen this winter and europe germany with the energy problems the recession is inevitable. the only question is how severe will the recession get we have too many problems. supply chain, war, high commodity prices and low water levels we will see a contraction in the third quarter and fourth quarter and first quarter of next year

>> we want to be clear gaz prom blaming this turbine issue. germany is calling it garbage. they are calling the excuse a lie. you are mentioning the water levels because of the rhine and danube are so low, carsten what is the best-case scenario storage is at 80%, which is good news, but that assumes gas flows continue and even with higher gas levels what is the best-case scenario for europe >> lots of rain would help the other would be if we he continue the national gas reserves are increased and like you said, that is the only silver lining we go have and most countries, including germany are ahead of their schedule if we were ready to see the

reserves filled 95% on the 1st of november, we should get through the winter and through january and february even if there was a complete stop to russian gas. that is the only best-case scenario i can mention this will not take away high energy prices on households. this consumer recession is inevitable even the entire recession which is inevitable. the best-case scenario, mild recession leaving no harm to the labor market in the would see the labor market turn around. >> ironically, you are talking about the weather. literally praying for better than expected weather or more rain now and milder winter is the new strategy the euro broke below $1 again this morning the lowest now it has been in 20 years. it broke below it wasn't at parity earlier

today. is there a risk, carsten, of a sovereign debt surprise in a negative way somewhere i was in greece in 2009 watching people throw molotov cocktails at banks will that happen again >> i don't see a sovereign european crisis popping up any time soon. i think the problem here is it is all about politics. the good thing is inflation is actually helping european government debt. that is positive i don't see how any european government would curb the interest in getting the euro cr crisis so europe will stick together and throw more money at it if necessary. we will not see a new euro

crisis don't for winter is explosive. we could see a social crisis we will see the households and people with low incomes suffer most when they see their energy invoice tripling or quadrupliqu. >> and a group in the uk and probably will spread and say we're not going to pay and the government can shove off i'm using nice words carsten brzeski, we will get you back on again. still on deck, elon musk raising the price again for a feature in the tesla lineup. i'll tell you about that coming up dow futures down 300 nasdaq futures off 2%. euro below $1 we're back after this. easy-to-use ke dynamic charting and risk-reward analysis help make trading feel effortless and its customizable scans with social sentiment

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welcome back time for a quick market flash. bed, bath & beyond extending losses down 10% it got crushed friday down 40% this after the stock holder ryan cohen liquidated his entire position retail twitter are not swayed by the down turn and some arguing he may not be done with the stock yet. others believe the stock could rise to more than 200 by the end

of next year that is just chatter look at amc stock. the original ape amc down 35% right now $6.45 a share. no real news here. gamestop down 5.5% that is looking mild could be another wild day for stocks buckle up. amc down 35% bbby down 40% last week. bitcoin and ethereum prices alsoing moving lower after aew days of trade. the wider crypto market fell on a longer timeline, the last couple months, but different story as ethereum is out performing bitcoin let's talk about this with my friend and colleague mackenzie sigalos. you probably just stayed up,

mac, on the west coast >> good morning, brian i did get sleep. bitcoin and ethereum down. double digit losses in the last seven days bitcoin more than 12%. ethereum more than 17% it is a similar story for other cryptocurrencies with the collective market capitalization with tokens falling 11% in the same time period this drop in prices is coinciding with the inflation worry and the data from germany which was high inflation that came out friday. we also got updated guidance from the fed officials say they remain committed to raising interest rates until they are able to curb inflation in a meaningful way. that is not surprising for a time the rate hikes might not be as aggressive as anticipated which would be a good thing for the risk assets like bitcoin and ethereum.

digital assets tend to perform better with more liquidity in the system bitcoin prices were higher in june, july and part of august when investors were talking about inflation peaked it appears the hopes had been dashed brian. >> so what's the next big thing? i know ethereum has the big transition coming up a big carbon footprint move as well does the crypto market follow the federal reserve like the stock market does or follow the regulatory issues like fdic now warning players like ftx to stop misleading customers is it following regulation or federal reserve or something else >> some combination thereof. the ethereum upgrade coming september 15th which you

mentioned. we had seen that token out performing bitcoin in recent weeks. not in the past seven days, obviously. that factors in. cryptocurrencies is not the inflation hedge that people thought they might be. the fdic update. on friday, the agency called out five different crypto companies saying they were confusing customers. this is a significant development. they sent letters to the five companies, including ftx u.s the exchange controlled by sam b bankman-fried. confusing about the insurance of the funds. the fdic covered federally regulated up to $250,000 per account. the fdic is saying it seems like your cryptocurrency is fdic insured. it is not. it is a huge sticking point in

the recent months. the bankrupt digital voyager owes $1.8 billion to creditors it was called out by the fdic for doing exactly this it is factoring in the price moves most likely. a grab bag of things that are pushing prices >> meme stocks getting crushed crypto down again. they all go together, it feels like mackenzie sigalos, thank you hope to see you again. thank you. all right. all ahead, we are watching the apple relief rally take a pause with the rest of the markets what your next guest says you should do amid the pullback and what is on tap for apple may be on the reveal day on september 7th. stk tuocfures are down big we're back right after this.

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welcome back 5:32 on the east coast i'm brian sullivan thank you for joining us a very busy monday let's get to the markets and your money and see how things look to start the week following friday's big declines. unfortunately, they are not looking better right now nasdaq futures down 1.5% dow futures down 1%.

certainly not tooting our horns. this selling is something we talked about thursday and friday with the options expiration. repositions for the funds for the options month. not to ruin the start of the week, september is historically the worst month of the year for stocks hurray stock futures are down we talked about the options volatility on thursday and friday let's take a look at the weakness in currency markets the u.s. dollar is on the rise as the euro weakens. in fact, the rising risk of the recession or maybe worse out of europe, is pushing the euro lower against the dollar, and we are back at parity an hour ago, it was below $1 .999 cents

that is something we have not seen this year in 20 years remember, a stronger dollar, particularly against currencies like the euro, can influence a lot of things from corporate earnings to the price of oil watching the u.s. dollar get stronger let's get to the top stories, including one of tesla's premier features about to become more expensive frank is back with that. we need hmore dollars >> that is everything going up tesla raising prices on the install fee for the full driving system from $12,000 to $15,000 a 25% increase that will take effect on september 5th with musk adding the current price honored for all orders made before that date musk did not mention if the subscription price for the service at $199 a month will also increase. ford will appeal the verdict

against the automaker involving a pickup truck crash in georgia. the company announcing that move after the jury ruled in favor of the plaintiff notice civil case which focused on the defective roof the husband and wife were killed in 2014 after the tire blew out on the f-250 which rolled over the suit targeted pep boys for installing the wrong size tires on the truck. and "house of dragons" impacted and hbo max said it is the consumers connected to the app with the fire tv platform or fire stick brian, the amazon connection is an interesting coincidence given the "alreadlord of the rings" s is debuting as well.

>> they have the premiere. you have yours yours went down on our -- i can see it >> brian, all i have to say is i have a fire stick. i'm glad i went to bed how upset if i stayed up and still couldn't watch it? >> you would be tired like me. i stayed up. frank, thank you that's what happens. i just do the show after being awake the whole night. let's talk about apparent a. almost, not quite, but almost going positive on the year apple expected to roll out a new phone and other products in a couple of weeks. let's talk about it all with daniel flax. daniel, apple will get caught up in the near-term market volatility we don't need to focus on the day-to-day longer term, by that the next

couple quarters. what are you watching for from y >> my focus in the next couple quarters and beyond is the product cycles we should get new iphones and new watches. wea wearables is an early part of the story. we should see new macs and ipads. service is healthy the broadening of the revenue driver which propels apple's story and stock over the next one to two years >> we're expecting that new phone on the big reveal day. i believe that is september 7th. maybe some improvements to the mac. is it all about the phone? the service business has grown apple's number two business is larger than number one

businesses for most s&p 500 companies. >> what matters for each generation of devices is the integration of the hardware and software and fun and easy to proptect user privacy. this is a big business, but you have seen it in areas of fitness plus which they extend into new areas. they will add new content. gaming with the arcade is early there. we see a lot they can do in services including areas like health care over the next several years. it is a very interesting and big growth opportunity for the company. >> yeah. truly has been if you look at the growth. services and revenue if you stripped out services, holy smokes.

this is the 50th biggest company in the s&p 500 by sales. if the services was its own business are you happy with the valuation? do you think apple is getting the respect it deserves or is it there a weird chance that apple does become two or three different companies? >> i think it is unlikely in the near to medium term they would split off services business. one example is the magic of apple is ability to take what is a terrific user experience and extend it into newer markets like fitness and health care with the watch the other or one of the other very important ingredients is the ability to attract developers and the developers help them to lay the foundation for what is an incredible user experience the idea of giving them tools in areas for example like augmented reality which is a bigger part

of the user experience in the next several years so, the health of the ecosystem and devices is integration across them and your watch benefits from the phone and vice versa. a lot of that is important as we think about where they will go, i think they will continue to extend to new product areas and new service areas. at the end, they need to deliver what is a different user can d >> you like the stock? >> i like the stock at current levels it can create additional shareholder value in the next one to two years. >> you made a lot of apple fans happy on monday morning, daniel flax thank you. have a great day. on deck, cybersecurity getting the star studded treatment. the new campaign by amazon leaning on hollywood to help keep your data safe.

dow futures down nasdaq futures down 1.5% we're back right after this.

welcome or welcome back to "worldwide exchange. the markets are the story today. that is the main job to bring you the update on how things are looking. friday, we saw a selloff we talked about options expiration and the increase of

possible volatility on thursday and friday market structure that hit on friday now we're seeing it fall through here nasdaq futures off 2% right now. dow futures down 332 points. markets across the board are selling off. a lot of options repositioning going on people will talk about why this is happen. is it the fed? is it the european economy or russian gas? it may be all of the things, but rolling into the options story that market structure issue hitting markets right now. guys, can we throw up the euro early this morning before the show, we broke the buck. the euro fell below $1 we hit parity a couple weeks ago. 1.0000 cents we are right there now early this morning, it was .99 the first time it fell below the u.s. dollar in 20 years.

that could hit corporate earnings for companies who sell a lot of stuff, especially in europe amazon turning to hollywood to help tackle an issues that has become bigger. that is cybersecurity. preventing hacks, not on major companies, but good folks like frank holland and i. frank is back. >> good morning, brian 95% of cyber attacks are caused by human error, not hacks. that is why amazon, the largest player in cloud infrastructure globally is launches this public service announcement with michael b. jordan and tessa thompson to shed light on bringing understanding to the mainstream about things likeautn you are require to enter a code in addition to the password to gain access to the network

this puts a spin on data security it is serious and it is growing. according to the fbi, losses from cybersecurity attacks have increased 383% to over $6.9 billion over the last five years. amazon has 40% of the global market the goal is to help consumers and make them feel comfortable with the transition to cloud >> customers feel better about their security with full visibility which is a core tenet of operating in the cloud. it drives online engagement. >> it can help with the adoption of alexa at home and in cars mainstream cybersecurity helps stocks that focus on multifactor authentication and zero trust and cybersecurity measures with

okta and zscaler stocks are impacted by this brian, back to you. >> is there anything viewers cao protect ourselves? >> brian, some is common sense our lives is digitally focused sometimes i'm just trying to remember my password much less other things make sure you don't click on phishing emails. if you arefamiliar with the term the cloud, you have different methods to log on to keep your personal information on there a lot of steps a lot of different things to do because human error is the way the hacks happen on a personal level and corporate level. >> i also learned you have to hover over the email what comes up is not the email

address and you realize that's not best buy that's best dot buy at something else dot com thank you, frank. now to the latest with china's heat wave. high temperatures and lack of rain is nforcing officials to reduce power consumption eunice yoon is joining us in beijing. we have been learning about the heat wave and drought. eunice, how severe has it been >> reporter: the power rationing will be in place until thursday. that is what the companies have been saying in the southwest this is all part of the top level emergency response that region has seen the river beds dry up under temperatures

as high as 113 degrees manufac manufacturers have been instructed to suspend or reduce capacity and also hundreds of malls have also been told by some authorities to cut down on opening hours. toyota, though, in terms of one industrial producer, secured a power generator to resume production today other cities like shanghai have started to impose restrictions of their own they source electricity from the southwest. shanghai said it is temporarily banning light shows and decorative lights and suspending outdoor construction projects and staggering power consumption. most companies expect to see limited imt pact from the power cuts as of now forecasts have been saying the drought could last until

september. it is unclear what the impact will be. brian, i have to say, the weather forecasters in the southwest region said they are hoping to see some rain on wednesday which would be very welcome. >> just like europe. everything is now relying on the weather. a sad state. eunice yoon, thank you very much pray for rain there and in europe. on deck, a tough start to the trading week taking shape. jeff kilburg is here and he will breakdown the technical signals on where the market may be headed next. jeff's valuable advice next. tune in to "worldwide exchange" for our conversation with kyle bass kyle is most known for subprime, but a leader in the greek debt crisis issue in 2008 and 2009. we will talk about the europe d dire situation and what he sees for china.

that is our conversation tomorrow with kyle bass. if you can't tune in, set your dvr or follow our podcast. we'll be right back. ♪ ♪ ♪ ♪ ♪♪ hey dad, i'm almost out. i got you. any questions, chris? all good, thanks maura! healthier is managing all your family's prescriptions in one app.

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welcome back let's get technical with the markets and your money and signals we are seeing as traders are gearing up for the end of summer and the worst month of the year for stocks which is september. let's bring in jeff kilburg. jeff, really great to have you on stock futures are down big we saw this friday as well we talked about options. guggenheim out with a note saying if the s&p cannot hold its 200-day moving afrnverage o break above, they believe we're on that 200-day and down trend if we do not break above that,

the down trend is in tact and it could be a rule fall what do you say? >> sully, that chart was true. i agree with it. to a certain extent, you talk about the bear rally, there is art and science. you see the move of the s&p 500 and we saw less than 20 trading days from the june low from the 50-day moving average to last tuesday where it kissed the s&p 500 at 4,320 the s&p this morning is down over 1%. the vix back up over 23 this is healthy. that move is an opportunity to back fill. that is healthy. i do agree with the fact we need to overtake the 200-moving day average, but it is a process,

sully, we are so used to this in 2022 and we are becoming i am pay impatient. >> a lot depends on the time frame. jeff, for your clients looking ten years out, you have a different strategy than someone saying what is happening next week >> you are right that's the conversation i have with advisors. should we reposition or allocate because we went cash heavy right now this is an opportunity with the s&p 500 the air is thin, sully we saw that move above 4,300 we talked about that in the s&p 500. now back over 4,200. we are awaiting the fed this week there is continued volatility. if you look at the nasdaq, the nasdaq 100 is a different lens you saw it go from the lows in mid-june back above a bull market it went back up 20%.

a lot of lens to look through here this is all about the midterm election year and volatility we have to embrace instead of running away we look at quality names look at some of the airlines you see the airlines beaten up opportunity across the board to see the dispersion from sector to sector, sully. >> i was in o'hare recently and i thought about you. >> did you have a high drive >> yeah. no i was running to catch a flight. my previous flight was delayed i don't think i have ever seen more people at o'hare. that says something. if there is a consumer recession, it is not at o'hare >> you are right i think when i travel the country, i see more and more activity i'm optimistic i remain cautiously optimistic we are not giving enough appreciation to the earnings season the bar has been lowered it goes back to the fed. right now, the cme fed watch is

a coins stoss of 50 to 765. a lot of time. >> citigroup is saying uk inflation and inflation in england will hit 18.5% we're very blessed to be living in the united states right now europe and china have bigger problems jeff kilburg, i appreciate it. talk to you soon folks, busy hour went by like that. a lot going on stock futures down euro/dollar at parity. euro energcrisy is rolls on. "squawk box" is picking up the coverage right now nice did you get my refill too? maybe healthier is auto refills and delivery made easy. you're a lifesaver. have a nice day. when tired, achy feet make your whole body want to stop, it's dr. scholl's time. our insoles are designed with unique massaging gel waves,

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good morning wall street. can the street wake up

it is waking up to red arrows. s&p down a percent breaking overnight china cutting key lending rates and meme stock mania amc down sharply as ceo adam aaron tweets about ape shares it is monday, august 22nd. "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm andrew ross sorkin along with joe kernen. becky is off today nice to see you, joe it's been a while. >> this is how you welcome me back the 3% or 2% loss in the nasdaq? it was working for a while, andrew, for four weeks four weeks we were thinking maybe things