it is 5:00 a.m. in manhattan. here is your top five@5. brace for selling since the worse day since may. if history is any guide, this will hold through the close. jay powell pledges to get forceful about inflation all this against the broader s&p 500 pile up. hitting levels not seen since the height of the pandemic. the bond market doing something for the first time

since the financial crisis. and futures for natural gas contracts hit the highest levels ever business owners are feeling the pain i'll tell you about it on this monday, august 29th on this "worldwide exchange. good, good afternoon or good evening. as always, welcome from wherever in the world you may be watching i'm brian sullivan maybe today we should say wherever in the galaxy because we also have cool outer space stuff coming up. it is not all bad news we have something to bring you together i i'll show you that coming up blast off with monday money. dow futures across the board u.s. dollar on the rise. nasdaq futures down 1.5% up 160 points. dow futures off 277.

we are coming off what can be called a rough friday. i'm being light on that and a rough week for most stocks s&p and dow losing 3% each nasdaq losing nearly 4% all on friday alone all this as jay powell threw a new word in the mix in jackson hole forcefully saying, quote, restoring price stability will take time it requires using our tools forcefully to bring demand and supply in better balance reducing inflation is likely to re require a sustained period of below trend growth you may want to brace for more volatility this week as we enter september which is historically the worst month of the year for the s&p 500. according to our friends at bespoke, over the past 70 years,

when s&p loses 3% on a friday, the following trading day sees an average of 1.5% decline nasdaq futures are down exactly 1.5% the 10-year treasury is 3.11%. the big move is on the shorter end of the fixed income curve. if we look at the 2-year treasury, yields hitting highest level since 2007 this morning, nearly 3.5%. the oil market, crude oil is high $93.50 natural gas is continuing to tick higher as well. two things you want to watch in oil. number one, increased fighting over the weekend factions in libya and a possible beginning of a tropical storm in the central atlantic it is early. something looks to be taking shape. so far, as we told you last week, it has been the calmest

early hurricane seasons since records have been kept going back 60 years. zero named storms in october -- october? august first time that has happened since 1997 we don't want to jinx it particularly with the spr being low, it is something to watch. also cryptocurrency. bitcoin falling below $20,000 again. it is at $19,000 and change. let's get a check of the overnight action in asia and europe with the uk markets closed that doesn't stop joumanna bercetche from working in the london newsroom with that. good morning, joumanna >> good morning, brian as you mentioned, we are seeing a global rout for stocks in asia overnight, a lot of red on the screen behind me with the

ex- exception of the shanghai. we had weaker profits on the industrial sector. hang seng down .70%. taking the cue from the nasdaq on friday. the nikkei down 2.7% taking us back to where we were a couple weeks ago the european markets are not better every one of the indices in the red. germany down 1.6%. the industrial giants that are heavily reliant on gas are trading toward the bottom. i want to show you what is happening on the front end of the yield curve. we are seeing major moves today. two-year italian yield are 17 basis higher the 2-year bund is up a similar amount investors are pricing in a 75 basis point hike from the ecb in the next meeting similar to what investors pricing for the fed. ecb is saying they will do whatever that takes to tame inflation, even if it means recession. brian.

>> yeah, getting tough adding that word forcefully here sending stocks down. joumanna, thank you. back here on wall street investors sentiment turning bearish by the day data this morning showing net short positions against the s&p 500 and rucurrently at the hight since june of 2020 and invesco qqqtracks the nasdaq 100 with apple, microsoft and amazon seeing short is selling as of late according to s3, it rose to $25 billion in the last three days joining us to talk about it is craig johnson. chief market technician at piper sandler. craig, good to have you back on at this critical time. technical damage has been done

to the markets particularly last week and on friday alone is the 4,000 level on the s&p a nice round number or does defending that level actually mean something >> brian, there's no question that is a very key technical level. it is close to where the 50-day moving average is at which is at 3996 that is an important level to watch. brian, the powell pushing this market lower last week caught a lot of people off guard on the equity side. it did not catch investors off guard on the bond market we didn't see a spike in the 2-year treasury. the 10-year treasury did not move up. we didn't see a huge move in the dollar all of these things i thought we would have seen. bring it back to equities. that 50-day moving average is an important level to watch after that, 3981, 50% of the

move off the june lows to the august highs we just put in. those will be the two things i'm really going to watch in the coming days. >> what if we don't hold 3981? >> if you don't hold, the od increase and you go back and test the june lows the june lows would get you back down to the 3636 level then you have the opportunity to say could we make another bottom here any break below those, brian, would usher in a new leg lower with that said, lets put a positive spin on it. use 2020, coming off the lows as a guide, a lot of people were looking for a double bottom low. one thing we were watching were the retracing levels 30%?

50 s 50%? we did not see that to hone in on if there is a price objective for the year correct or do we need to change it or do we break down for a further low keeping an eye on the bond market to see if more hawkishness needs to be priced in >> it is unusual, craig, friday, we had the huge move in stocks which may have been options. the idea of market structure set up going into september. the bond market, at least the 10-year treasury, maybe not the 10-year treasury, the bond market did not move much it is odd. >> that is odd bond didn't move dollar at 1.09 you need to break above 1.09 or 1.10 for something to happen brian, it is friday, it is summer 1,000 point selloff in the dow and the volume numbers at 2% below the moving day average putting it all together -- again, i want to be clear -- we

could see a deeper pullback. there are things we will watch in the market to see if this is just going to be a little bit of a pullback off the 18% move off the june lows. we corrected about 6% of it. you have 1.5% to go back to the 50 day >> yeah. i'm tired of being the grim raraep reaper this monday morning you want to buy for the low? talk about nvidia orang range reso resources. let's call it opportunity monday >> brian, we are over at the end. we still like what we see in the energy space we continue to see this as an innocent until proven guilty range resources a company. a lot of them saying it cannot work further it will take profits you have not had a big up trend. that is range resources. nvidia, despite the negative

news, the quarterly miss that occurred we did not see the stock break to a new low if stocks are not breaking on negative news, i view that as a positive sign. lastly, brian n, in the health care space crispr this is a stock off the highs. it looks like it stopped finally making a series of lower lows and low irreleer highs i define it as an attractive looking base those are three names for opportunity monday that we should focus on. >> yeah. i like it. nvidia, range resources and crispr they're brapeutictherapes craig johnson, we appreciate your views this monday morning >> thank you, brian. you are very welcome let's get a few of the corporate stories and including good news.

good news about electric vehicle jobs in the midwest. silvana henao is here with that and more >> good morning, brian happy to bring good news honda and lg are joining forces to build a ev battery factory in ohio production slated for 2025 lg engaged in the development of the lithium ion battery materials and has joint venture with general motors and hyundai and stelantis. the executive in charge of verizon and the gateway to the metaverse says he is leaving meta for a new opportunity he has been with meta for the past six years holding high ranking positions in marketplace and gaming and recently metaverse related business unit. netflix is considering pricing its new ad supported

tier at $7 to $9 per month according to bloomberg, the company is planning to sell approximately 4 minutes of ads per hour for the tier and show ads during and before programs, but not after. the report adds no commercials will be shown during children's programming. it restricts content downloading for offline viewing. i don't mind the ads it gives you a break. >> if you break on the monthly bill and start adding up -- >> yeah. >> start adding up the streaming charges. >> it's a lot. >> yeah. cable. silvana henao, thank you very much what jim gaffigan said bundle them all together and call them cable. we everare just getting sed

on this monday morning another lawmakers set to flare tensions as a visit to taiwan. and we take you live to kennedy space center this morning. and more on the friday market selloff and our next guest is finding value right now. busy hour ahead. futures are down we're back after this. you've put your dreams on hold. remember this?

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welcome back we have a developing story overseas taiwan saying the legislative official from its government is visiting washington next month the announcement follows three separate u.s. delegation visits to the taiwan island last month. this as military tensions continue to simmer the u.s. sending two war ships to taiwan strait over the weekend for the first time since pelosi's visit this demonstrates the u.s. commitment to the free open-ended indo-pacific. troops should remain alert and ready to defend any prove indication at anytime according to china we have dewardric mcneal with us great to have you back on again. what do you make about this?

it feels like both sides are almost purposely taunting each other. how does this play out ultimately >> good morning, brian thanks for having me i think it is fair to say the flood gates are open there used to be a time where there was some self restraint and censorship around how u.s. lawmakers engaged with the visit to taiwan. what we have seen, brian, over the last decade, since china continued to ramp up pressure on taiwan, u.s. lawmakers are eager to show support for taiwan tensions will increase, brian. this is not an august recess event or speaker pelosi visit. what we're seeing is sustained engagement and the u.s. very prepared to visibly show support for taiwan if i'm a business with interests in both china and taiwan, you have to monitor this there is a hypersensitive around this and the margin for error

with businesses is narrow. you will recall, brian, some people will recall that businesses have gotten this trouble for coloring in taiwan the wrong color or misstating the status of taiwan those mistakes going forward will be very difficult for businesses as this tension continues to rise. >> i read an article in "stars and stripes" over the weekend that said a coast guard ship or and naval ship was denied acces the islands. maybe some are siding with china around certain things around the solomon islands. how critical is this to global stability? >> freedom of navigation is a serious issue for the u.s. you referenced two war ships

a antidem crossed the taiwan straits. i think it is important for china and the u.s. to maintain dialogue you know china cut this off after the speaker's visit to taiwan this is the wrong time to close down communication to prevent misunderstanding and mishaps i hope china renews its military-to-military dialogue with the u.s. soon >> yeah. not have what you would call a hot war. there already is a, obviously, a cold war a lot of rising tensions dewardric mcneal, thank you very much >> thank you, brian. you're very welcome. coming up, sadad al-husse beini

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let's step outside the ominous music and doom and gloom of the markets and talk about something cool and fun this is a live look at the kennedy space center in florida where in a few hours nasa will launch the artemis 1 rocket. it will take part in a month-long journey around the moon mike atchael sheetz is live thee mike, good to see you. why is this launch so important for america in general >> reporter: brian, welcome to the world's busiest space port the sls rocket you see and orien capsule here is ready to launch this morning many here are expected to attend including vice president harris. this is a mission that

represents the first full demonstration of the system that nasa hopes to use to carry astronauts back to the moon surface and establish a presence on the moon. artemis is not carrying astronauts, but it will travel month long and return to earth in a demonstration of the full capabilities of the system >> we have been waiting for this, michael, for a long time for years. what has taken so long >> reporter: six years overdue to be exact and now running billions of dollars over budget. this is a very, very complex system that is aiming to achieve very, very difficult milestones as it tries to take a step beyond the apollo era and go further than before. one really important thing to

keep in mind is this is enjoyed strong bipartisan support in congress and in the last few white house administrations. it supports 70,000 u.s. jobs and 3,800 suppliers in every state with every big name aerospace contractors you think of involved >> i think it is ool i love space travel, michael i hope this brings in some small way, one small step for man brings the country back together over something we can agree is fun and neat i will ask this, though, why are we going back to the moon? what exactly are we looking for? >> reporter: well, the apollo program was the birth place of great technology that americans enjoy and use today. nasa sees this as an opportunity to take that even further. instead of going for a few years, they want to establish what they describe as a

sustainable presence whether sls and orion is the answer to that is really decided today. as they need this system to work due to the high dollar figure that it comes at with $4.1 billion to launch and up to $93 billion in projected costs by the time the first humans are lapded landed on the moon in 2025 >> 2025. well, then what? 60 years since we last did it? mike at sheetz, i look forward to the launch. mike, we appreciate it something very cool. let's get a check on the morning's other top headlines, including the buffalo bills making a big move after a disturbing allegation. phillip mena is in new york with more >> brian, good morning we start off with a deadly

shooting another one overnight inside the supermarket. police reporting two people were killed inside the safeway in be bend, oregon the gunman is believed to use an ar-15. the gunman was deceased inside the store when police arrived. more information is expected later this morning. the buffalo bills cut rookie matt araiza. days after he was accused of raping a teenager last year. he and two san diego state teammates last year raped the girl in the open campus party. no one has been charged in connection with the allegation the bills say the lawsuit brought forward new information, but the team admits it has known about the allegations since july araiza said he looked forward to quickly setting the record straight a grand slam for a baseball

card for auction this rare 1952 mint condition mickey mantle topps card sold for $12.6 million. the most paid for any. that card sat in the basement of the topps truck driver for years before a collector bought it in the 1980s. it passed from collector to collector until selling for the massive price. finally, one of golf's brightest stars rallied to win the biggest prize on the pga tour 31 foot birdie putt helped rory mcilroy claw back from the six-stroke deficit to win the tour championship. he edged out scottie scheffler to claim the $18 million prize mcilroy had a 4 under 66 in atlanta for the day. he is now a three-time winner of the tour championship and fedex

s fedexcup. thank you, phillip have we lost all confidence in nffed? coidence in jay powell seems to plummet we are back with more on your markets and your money after this when it comes to getting your flu shot, cvs is pretty...flex. wanna schedule one online while prepping dinner? gravy. avoid the wait by scheduling for you... ...or the whole crew. or, if you prefer to just pop in? do you.

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the markets fed fall continues. confidence in jay powell seems

to swoon europe's energy crisis is getting worse as costs soar. why some of britain's most iconic businesses may be at risk it is happening on this monday, august 29th. this is "worldwide exchange. welcome or welcome back. good monday morning. it is 5:30 on the east coast thanks for joining us. let's get to stock futures they are lower across the board. the market is coming off a tough friday and rough week for stocks here is a -- i'll wait for the music to stop. according to ryan dietrick, friday was the 13th time ever the dow fell more than 1,000

point. all this as jay powell threw a new word in the mix at jackson hole forcefully restoring price stability may take time and our tools forcefully that word taking stocks down 3% and 4% on friday alone as of this morning, fed funds futures show odds of 75 basis points are now above 70% a 70% chance we get a .75 increase at the september meeting. crude oil remains elevated it is at $94 and change right now. a terrible milestone in the european energy markets. price of natural gas is now above $100 u.s. per contract that shows 300 that is euro per megawatt hour the conversion back to dollars and how we price it comes out to $100 u.s

we are paying over $9. this morning, german electricity prices, wholesale electricity hitting $1,000 per megawatt hour we in america raiconsider $100 high your rbi in a few minutes, we highlight the real world impact on the britain iconic businesses let's talk about this and the global energy market and welcome sadad al-husseini. it is great to have you and speak with you again, mr. al-husseini. the ceo of shell came out today and said this not about one winter, but this could last a long time. do you agree if so, why or why not?

>> he is absolutely right. good morning, brian. what we have done is knocked out 10% of the world's production is russia and put it on hold. they are a big gas producer. 60 billion cubic feet of gas that is not going to europe ana any anymore. the u.s. doesn't have the capacity the opec is not gas producers. there is not lng producer in the world to make up the export. they are running 14 billion cubic feet if this situation in ukraine is not resolved and it is unlikely to get resolved, we are looking at a cease-fire or embargo that will go on for years and we have to find the resources to replace that that's going to take years yeah, i think he is absolutely right. this situation is a new world and it is not a very good one

for energy >> but there is leverage that the world has over russia. by all accounts, they can't hold out forever. they need the money, do they not? how much pain do you think russia and vladimir putin in particular, sadad, is willing to inflict on his country and his people >> yeah. brian, you are absolutely right. nobody is winning in this conflict ing both sides are taking a severe hit to the economy and future to the outlook. russia can go to china it can go to japan it can go to india it has plenty of alternatives. europe does not have alternative energy sources the u.s. is maxed out already. north africa has problems. you note know libya has the

revolution that is almost 1.5 million barrels outside of opec that has not been delivering. it is a global problem russia will probably suffer severely we know that is happening. how much will the russian people take who can tell the rest of the world is suffering with them. everybody is a loser there is no winner in this war. >> well said listen, there are new russian oil export sanctions i'm not sure our global audience understands full sanctions on russian exports don't kick in until december 5th a lot of people are predicting dire things. sadad, i was in germany a few weeks ago. i had conversations with every day citizens i can't speak for the nation, but the people i spoke with, sadad, they did not seem enthusiastic about losing their

jobs or freezing because of ukraine. do you think there is any chance the eu postpones these sanctions because they don't want to deal with an already angry populous that is really worried about making it through the winter >> brian, it it is a two-way street let's say they decide this is too fast and too deep and they feel it is prudent and extends sanctions. now you convince the russians to go along even at $70 or $80 a barrel. they are doing fairly well they are not hurting as badly as the europeans. they will not get upset like the europeans do it will be a painful negotiations for a cease-fire.

if not done, the european economy will be in shambles for a long time. russians may recover a lot sooner than europe >> we showed german power prices more than 1,000 euro per megawatt hour. sadad al-husseini, thank you this is the most important story. thank you very much. have a nice day. coming up, we will stay on that imagine your favorite local restaurant or bar had to shutdown, not because of covid, but because they could not afford to pay the energy bills that may be happening in the uk. we have it the human angle in the rbi. robert frank with new numbers of returning to the office in new york city may not mark the return to normal for many companies there's dia fference

we'll talk about it. stick around

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the urkk. we go live around the world. we have loyal fans in the uk thank you. we know it will be tough this winter heating costs will get out of control. they are in some cases for argue ameour american vieweo wonder why we spend so much time talking about this topic, this is not an energy story this is a human story. millions feeling the pain of years of poor policies and bad luck with the weather and overly rely aiant from a madman in mosw for natural gas. let's talk about this tweet. from the british pub from the rose & crown they showed followers what they are face in the next contract for natural gas n. in the uk, gas prices reset

every three months about 15 pence per unit. the next contract is 97 pence per unit 545% price jump. now they expect the gas bill to be 662,000 pounds per year $775,000 for heat. now multiply this by thousands of pubs across the uk. it doesn't seem they could ever charge enough for beer or food to cover the jump in cost. the head of the pub association said the jump in energy costs will cause more damage to our industry than the pandemic if nothing is done in the next few weeks. think about that more damage to the bar and restaurant business than covid it's very possible thousands of

pubs will have to close up and layoff huge numbers of people in the uk it's also an important part of england local culture. imagine in america if your most loved bar or restaurant just shuts down for weeks or months or forever because they couldn't pay their heating bill this winter that's a tough and sad time. if it wasn't 5:45 here in the morning in the states, i would raise a glass for all of our friends in the uk. i'll you can do is a coffee. it is not their fault. they are paying the price. hopefully not a sign of things to come. random but interesting. companies throughout new york city gearing up for more employees to return to office after labor day. expectations for bustling offices after two and a half years of work from home may be met with stark reality robert frank is here with more on figures of what return to work look like

robert, anyone who has walked down midtown, four out of five retail spaces is empty you wonder if they are coming back >> you wonder if they are coming back especially after labor day. it reached 40% this summer, but the latest numbers from the back to work barometer shows the occupancy rate of 38% in mid-august below the peak of 41% in june. more than 20% of manhattan's offices are vacant that is more than 50 million square feet. a lot of that in midtown many new yorkers go away from the summer, but the optimistic scenario shows half of new york office workers will be back in the office by the end of the year the new york comptroller showin a disconnect with employees and ceos one-third of employees expect to be back in the office more than two days a week.

among ceos, most expect three days a week or more. comptroller saying based on current data, the expectations and preferences, these rates have stabilized and appear to unlikely rise quickly in the coming months. new york city is on ptimistic. it could average 50% before the end of the year. they say younger employees are mostly back, but the biggest resistance right now is coming from older worker whoss who liv the suburbs and do not miss the commute. >> no, they don't. you know, we have friends, robert they are already back in the city they dart in and dart out. it is this weird self fulfilling downward spiral. they don't hang out because there's not a lot to do anymore. there is not a lot to do anymore because people aren't hanging

out. do you see some inflection point? >> that's what they're hoping. we're at another labor day where it is the third one since covid where all of the ceos and companies are hoping that people come back to work. i suspect we will see the highest numbers yet for return to work. until we get the critical mass of businesses of people in the office where you feel it is worth it to go to the office, we are not going to get quote back to normal. >> you know, i hate to say it, robert, crime is a big part of it i hear from people all the time. they don't feel safe on the subways or walking through times square i was just in times square a couple weeks ago open drug use in the middle of the day. not a huge deal. for many people it is. >> yeah. it has gotten better i take the subway every day.

subway has gotten better that perception of the dangerous subway and dangerous streets is part of what is keeping people away that's why it is not going to be instant that everyone comes back >> yup and the important point. i was on the subway as well. i felt fine. if people don't feel safe, perception is reality. robert frank important story. we will see. robert, thank you. on deck, stocks set to pick up where they left on friday with more selling post jackson hole we have josh wein here with us next futures are down think long term. we'll talk about names ahead if you haven't already, follow our podcast. we're back right after this.

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welcome back we get to another trading week and we watch for the dow fed manufacturing numbers at 10:30 a.m. we will hear from lael brainard at 2:15. see if she walks back the language from jay powell and outside of markets which are doom and gloom this is fun. nasa's artemis 1 rocket. set to launch from the kennedy space center t-minus 10:02. it is one of the most powerful nasa rocket ever i cannot wait to watch that. the markets rout set to not -- i shouldn't say blast off. cue the music. following friday's fed fuelled selloff. stock futures down 282 points on the dow.

joined by josh wein at hennessy funds. josh, the scary music is joljoltin us awake stocks go down and up all the time if you are looking five or ten years out, you are fine. you are looking at some right now? >> good morning, brian first, it is important to piece out the economy versus the stock market the challenges with the inverted yield curve and aggressive talk from the fed on interest rate hikes. it is a little scary i think my fear is it shakes people out of the market the market, i always think looks out at least two to four years or probably three to five. it is a good time. we are at 17 times forward earnings 10 years at 3.10.

3% back drop on the 10-year treasury remains compelling. i remain bullish >> i mean, stocks may go down. september is the worst month of the year for stocks. nobody is saying you can't go down further if you are looking at a name like scholastic corporation. there are millions of children who have a lot of making up to do because of lockdowns from education. is that the reason you like scholastic >> my kids start school today in two hours. in honor of that as well as the mental case for -- >> woo-hoo >> -- scholastic they took it on the chin in the last two years they made up a lot of lost

ground this is a holding in the co cornerstone growth funds you know, revenue growth in the last year has been phenomenal. you know, trades at 7 times cash flow this is a company that has a lot of staying power relative low business risk we are not worried about themob. this is the type of company that we know will be around in five or ten years and we don't have to worry about that so much. >> i love talking about companies that don't get a lot of attention they have a much larger rival that gets attention. costco no one talks about bj's wholesale. they have a lot of gas stations attached >> if you close your eyes and enter a bj's, and you open them, you think you are in costco.

it lives in the shadow of costco we have been talking about this name in the growth fund. bj's is about 290 stores 70% have gas stations. cheap gas luring people in and helping keep them loyal to the brand. renew rates are 90%. great name great growth great cash flow. >> yeah. josh, we have to wrap. i'm getting the hook myself. don't worry. it's not you it's me. >> all good. >> josh, bj's and scholastic have a great first day thank you very much. josh, thank you. thank you for watching us on "worldwide exchange. "saw inerre you tomoow quk"s xt

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good morning futures pointing to more losses after fed chair powell's comments at jackson hole sparked -- let's say preceded a 1,000 point selloff in the dow. now it's jobs week in america and we will get you ready for this week's employment report and the other big market events that you need to be watching. plus, countdown to launch. nasa's artemis 1 is set to take off in two and a half hours for a mission around the moon. it's monday, august 129th, 2022 "squawk box" begins right now. good morning welcome to "sq