good morning it is 5:00 a.m. on wall street here is your top "five@5." stocks kicking off the month in the red. major averages looking to extended the losing streak. and what the likes of nvidia and amd are turning to sh shareholders this morning. and this time, lockdown a city of 21 million over 700 infections in china. and disney taking a page

from amazon with the disney service package. and first super bowl ads with matt damon and now cryptocurrency.com fighting with a $7 million refund. you are watching "worldwide exchange" on cnbc. a very good morning to you i'm wilfred frost in for brian sullivan this morning. let's kick things off with the look at what markets are expected to do this morning. of course, it has been a four-day losing streak for the major averages yesterday, down a percent for the dow. .50% for the nasdaq and between for the s&p. we have a decline of 2.5% of nasdaq

0 .9% for the s&p. 0 0.76% for the dow. last month was a rough one we saw the russell around 4% or some of declines for the dow, s&p and nasdaq tech was the worst performing se sector energy is the best particularly interesting with the first two weeks of the month positive continuing the rebound we have seen in july the final two weeks of the month are negative that we ended up down 4%. bond markets this morning. yields shot higher yesterday the 10-year treasury crossing 3.2% briefly this morning, 3.20%. we remain significantly inverted 3.5% for the 2-year treasury let's have a look at the oil

markets. crude off the 9% slide of the month of august. worst month going back to november when wti lost 20% in a month. august marked a third straight down month for oil the first time it happened since april of 2020. you see it is down 2% this morning. down below $90 $8 $87.70 oil is down 5% again continuing the weakness from the elevated levels we got to in the early part of the year let's have a look at cryptocurrency bitcoin and ethereum holding their ground for them. down a percent below the 20k level for bitcoin. pulling back in light of the strong dollar. let's go back to equities and dive into the story from the semiconductor space. shares of amd and nvidia confirming u.s. officials

ordered them to cease importing types of chips used in ai to china. amd telling clients the policy shift will likely not have a material impact to business. nvidia could lose $400 million of sales in china in the quarter. that has contributed to the weakness in futures and particularly to the nasdaq which is down the most of the major averages stocks down 4% or 5% the other thing to contribute to negativity in the futures is tradeo overseas. we saw hong kong down 2% nikkei down 5% shanghai down 0.5% with latest lockdown in china coming in a moment australia down 2% and this comes after a negative month of august for china. let's look at european trade which opened briefly, but hasn't

got better during the course of the first few hours of trade we see europe down over 1% close to 1.5% now. 1.4% for all three of the biggest markets. that comes off a bad month for august stoxx 600 down 5.3%. time now for the top corporate stories and silvana henao joins us now good morning >> very good morning wilf we start with netflix. it is looking to charge premium prices to advertise on the ad supported platform according to ad buyers, they say netflix is looking to charge $65 for reaching 1,000 viewers a number substantially higher than most other platforms. some of the ad buyers say they were told by netflix an ad supported version would be ready on november 1st. in july, netflix was targeting

an early 2023 launch for the tier. meta platforms is looking to add more paid features to facebook, instagram and what's app. it is looking to further monetize the network it is committed to ad business, but quote opportunities and experiences that people would be willing to pay for crypto.com, the app made famous by matt damon's super bowl ad is looking to return $7 million it accidentally tr transferred to a woman in australia. some of the money has already been spent, including $1 million on a five bedroom home in melbourne. a court ordered the home be sold and proceeds be returned to the company.

the woman was innentitled to a$ refund, wilf this error went on more months. >> i love it fair enough. silvana, thank you see you later in the show. let's discuss all of the news joining me is john stomtsz had st stoltzfus. do you think the august decline will material materialize in th next few months? >> there is a good chance you have a tough month we look back over 28 years all the way back to 1994 and we discovered 15 positive sep septembers versus 13 positive

septembers it is a toss up. we have to see the economic data tomorrow is very important the news today from chendu, the potential for a shutdown of that city of 20 something million people all of that upsetting the markets. the point now we are after a terrific rally the bears regard as a vicious valley you have a vicious take back the bears have been mounting the last few days. the normal uncertainty that you get with fed fund hike cycles. >> you mentioned the sentiment coming from asia today and we have chip stocks lower because of the news we mentioned just a few minutes ago. on top of that yields with the 10-year treasury at 3.2% is it very hard for u.s. equities to rise when we see yields try to settle and settle

high sner. >> i think you said it there the market is looking to see where it will settle one thing we understood after the message from the fed chair last week in wyoming at jackson hole is the fed serious about ending inflation it is a good thing it will likely end a period of free money which is not good it builds pocket bubbles and crypto currency and meme stock and it can extend valuation in core asset classes all in all, the market is looking for stability. right now, it is early in the fed funds hike cycle that it is likely to last into next year. the longer you go into one of the cycles, the more the market likely is to get the message that the fed will be successful at curbing inflation the market should come down and consider the fundamentals of the

companies that are likely to navigate this well as they move forward. >> john, sum it up for us. would you advise clients to be buying following that big dip we saw in august or do you want to get closer to the june lows before you advise people to do so >> the first thing is we're not big on backing up the truck. our particular advice is intermediate to long-term investors. we layer in dollar cost averaging and seeking babies thrown out with the bath water a lot of the stocks get thrown out with every day not important stocks or stocks that don't deserve to go up look for the good ones at times like this. you have to remember short-term investors tend to be leveraged and traders and impatient. that is where the risk is. intermediate to long term, the u.s. economy and markets shown a

tendency to show over the longer term period to rise, past performance. no guarantee of future results when i got in this business in 1983, the s&p 500 was between 121 and 161. we were at 3,900 at close yesterday. that's a big difference. >> it certainly is we will see if the long-term starts to out perform. john, thanks so much very much appreciate it. we are down at the moment more than 1% on the nasdaq. developing story i this morning. former president trump responding to the justice department and its objection over the appointment of the special master to review documents seized by the fbi during the mar-a-lago raid we have brie jackson from washington with the latest on that good morning, brie >> reporter: good morning, wilf. the trump team doubled down for

the master and downplayed the jthe justice department concerns saying there was no cause for alarm. the public legal battle over the fbi search of former president trump's home heads to the courtroom this afternoon trump's team arguing left to their own devices, unchecked investors would leak bits of the investigation. this in response to the justice department's bombshell filing including information on top secret documents as well as other classified evidence seized and displayed in this photo. >> the public believes this is top secret documents on his floor. >> reporter: trump's lawyers insist the need for special master remains in place. renewing the push for independent assessment of attorney/client privilege documents and what falls under executive privilege. >> it is a little odd to seek a special master we you can't

identify the documents you say are privileged >> reporter: trump family members believe the federal government investigation is political. >> my father in law has nothing to hide. >> reporter: the justice department filing suggests the former president could face legal trouble. the doj laying out evidence that government records were likely concedaled and removed and efforts taken to obstruct the investigation. no word on charges yet >> we need to let the fbi and federal prosecutors do their work and gather the facts and make the best judgment >> reporter: later today, a federal judge will determine in a neutral third party will review the documents found the justice department argued appointing a special master could hinder the federal government investigation the judge in the case signalled she is likely to appoint one, but would not rule until after the hearing today. wilf >> brie, thanks so much for that update. when we come back here on

"worldwide exchange. much more on the trouble for chip stocks this morning what my next guest says the number one risk is for the sector. disney reportedly launching a disney prime service similar to amazon prime. the full story ahead. first, we discuss china locking down a city of 21 million over just 700 covid cases. a very busy hour here on "worldwide exchange" with futures pointing sharply lower but i spoke to our advisor, and our vanguard investments are on track. “we got this, babe.” so go do what you love. thanks for being our superhero. only at vanguard, you're more than just an investor—you're an owner. giving you flexibility to follow your dreams. that's the value of ownership. flu shots at cvs are pretty...flex. schedule one for you... ...or the whole crew.

plus, they're free. really? healthier is getting a flu shot on your schedule. cvs. healthier happens together. another busy day. healthier is getting a flu of course it is -dule. you're a cio in 2022.

so what's on the agenda? you guys have a look at that and see... morning security briefing - make that two. share that link. send that contract. see what's trending. check the traffic on your network. in real time. with the next generation in global secure networking from comcast business. lunch? - sure. you've got time. onboard 37 new people. with 74 new devices. does anybody have any questions? and just as many questions. shut down a storm of ddos attacks. protect headquarters. and the cloud. with all your data on the nation's largest ip converged network. whoa, that is big. ok. coffee time. double shot. deal with a potential breach. deal with your calendar. deal with your fantasy lineup. and then... that's it? we feeling good? looks like we're feeling good. bring on today with comcast business. powering possibilities.

welcome back china locking down a city of 21 million people today over just 700 covid-19 infections. this mark moves the biggest city in china to be locked down since shanghai and could involve multinationals with operation in the city eunice yoon is live from china eunice, gauge the scale of the lockdown relative to the number of infections. are they getting increasingly more restrictive with the chinese authority? >> reporter: they are. also, the southwestern city of chendu is a major city it accounts for 1.7% of chinese gdp. it is home to several factories including intel and toyota and foxconn. chengdu authorities said they

will allow factories to operate as long as they are in a closed loop system. workers who meet and live and work on the premises these lockdowns are just the latest in the series of tightening covid curbs for factories and china port cities. the port city is imposing targeted lockdowns residents in shenjen is told not to leave the city. residents here have gone through four mass testing rounds through the weekend. this is a sensitive time for the leadership which is six weeks away from choosing its new leadership the ex-faction is that president xi jinping is getting an unprecedented third term the belief is the leadership does not want to see anything disrupt that political gathering and one of the reasons why we have been seeing tighter

controls for covid around the city now the lockdowns are also bad news for the economy which has been struggling under a property crisis and poor consumption and factory slowdown the latest numbers on the private factory survey today shows that missed expectation and factory activity contracted. this matches the official number one last thing, wilf, there is good news for anybody who wants to travel here for business in china. hong kong got early support from beijing to become a reverse coring team in mainland. you isolate in hong kong, possibly for 7 to 10 days and maybe come to the mainland without any quarantining that would be amazing if it happens. >> it is amazing that you name it as amazing.

it is not strcreamingly attractv process to get into the country. quickly, what is the reaction domestically to the u.s. decision to stop certain chip exports? i guess it was sort of expected and plays toward the leadership authoritarian position some of these things >> reporter: right wilf, most private companies in technology or the ev vector come out and said they declined to comment or chips don't effect them they don't see any impact. however from the government perspective, commerce ministry said it is disappointed in the u.s. it believes the export controls are a way to harass centrally chinese companies. the u.s. is promoting the concept of decoupling instead of trying to work together for improved global economy.

this is a line you hear a lot from china which is always critical of u.s. and u.s. policies >> eunice, thank you so much we will discuss what it means for the u.s. chip stocks in particular shortly shanghai was only down .50%. the rest of the china down 2%. futures are lower. nasdaq down 1% we will be right back. don't go anywhere. rking 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 converged network. from the most innovative company. bring on today with comcast business. powering possibilities.

welcome back to "worldwide exc exchange." time for the big money movers. the data storage provider reporting better than expected second quarter results and raising revenue outlook for the year the ceo of pure storage says the company continues to see strong growth from its cloud business stock number two is okta it is listing guidance for the year on strong demand for the identity software. shares are falling as business growth has impacted by the rival company which it bought last year it is down 14% in pre-market and the hybrid cloud computer company nutanix is down from a year ago

sales beat forecasts nutanix is beating guidance for the current quarter. hence the bounce this morning. still obviously down 38% year to date let's check in on other headlines this morning nbc's phillip mena is in new york >> wilf, good morning. sarah palin has been defeated for the house seat in congress the voting results released after two weeks. democrat mary peltola is the first native alaskan to represent the state. this is to fill don young's term she will face palin in november to determine who will serve the two-year term. in california, wildfires are forcing evacuations. this is racing through n northwestern los angeles county.

the flames have shutdown highways eight firefighters have been injured. six of them needed to go to the hospital the fire has burned over 4,000 acres and zero percent contained. this comes as the heat wave with triple digit temperatures will scorch over the weekend. the governor ordered to ramp up the electricity supply and asking residents no conserve power. the comeback queen serena williams strikes again proving she is still a force to be reckoned with. serena won her second round match against number two seed. it was a hard fought battle. going toe-to-toe with the 26-year-old. take a look. >> game, set and match

>> the grueling match went on for almost two and a half hours. tonight, you can watch serena playing doubles with her sister venus. then on friday, she is in the third round singles match. wilf, she is not done yet. >> not at all. it is so great to see. phillip, thank you so much very good morning to you. ahead, results of the record corporate profit and living wages and disparity between the o.be wel right back after this short break. futures pointing lower to the tune of 0.8% on the s&p.

power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the market.

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

welcome back to "worldwide exchange." u.s. stocks under pressure to kickoff september, but jeff kleintop will discuss where to go from here. and disney plus is streaming park to other videos in one package. and china in a battle with semiconductors and ai. it is thursday, september 1st, 2022 you are watching "worldwide exchange" on cnbc. welcome back to "worldwide

exchange." i'm wilfred frost in for brian sullivan this morning. it is 5:30 a.m. on wall street here is how futures are looking. pretty bad 0.8% for the s&p 0.6% for the dow or 140 poibts it comes, of course, off declines four days in a row sharp declines for the month of august 4% for each of the averages. tech is the worst in august. energy the best. big news for disney this morning. let's get that story silvana henao is back with the story for us silvana. >> wilf, disney is exploring a membership program to offer discounts and perks and bundles for the theme parks and retail stores the program would be somewhat similar to amazon prime which offers free shipping a discounts

and whole foods for one monthly fee. some are prreferring to it as disney prime it is not the name of the program. it is still going through details of pricing and timeline. i know a lot of disney fans will be very excited about it >> you know, quite a few that attend parks that might not be as interested. when amazon introduced delivery of packages plus video product, did we think that would be a perfect pairing at the time? probably not >> now look. kpa exactly. >> exactly probably end up subscribisubscr. silvana, thank you so much. another developing story in the chip space nvidia and amd down 2% officials ordered them to cease exporting computer chips used in

ai to china. amd saying this will not have a material impact on the business. nvidia could lose $400 million in sales to china in the current quarter as a result. in response, china's commerce ministry says this move undermines the rights of chinese companies and stability of global, industrial and supply chains both stocks down nvidia down 5.6%. amd is down 3.6% ben harburg is with us very good morning to you, ben and then cyrus mewawalla the futures market suggests this wasn't down 5% was there some level of people

expecting this to happen >> fully anticipated if anything, a bit late to the game we start off the beginning of this in 2017 when the ete was add the to the entity list and restricted from excessing a lot of core input and components needed for hardware. most of us in the ecosystem in china for the last five years have been investing into the high end graphic processors and ai accelerators with the expectation that american chips will be accessed and cut to china. now we're seeing not only chip access, but the high-end processing machines and software to design future chips restricted in china. >> cyrus, how good is china's innovation in the area will this really hurt their interests? >> yeah, i agree with what ben said this was seen.

the catalyst for this was nancy pelosi's trip to taiwan. in the china innovation in taiwan f you look at the semi industry in total. chinese companies are not featured they are behind in semiconductor technology the two companies is nvidia, the world designer and tsmc. they make the high-end chips like ai chips. the whole issue is around china's determination to have one nation in terms of taiwan. they said clearly in public that they are willing to use force to unify taiwan that is what the u.s. is worried about. it is not the 1990s where the u.s. was the sole military super power. it has a challenger that is equal or almost equal to the

u.s. we don't know which one of those is correct because they have not had a war for some time. the ukraine war gives an inkling what the west could do >> ben, could this back fire and incentivize china or does this actually damage them >> this is akin to providing a battle plan to your competitor years in advance we are not in a hot war today, but by putting access to the core inputs and having done so for the last half decade, that threat stated to the chinese and ecosystem, they have spent the last five years in overdrive to all the doubters and naysayers who said china is not able to develop a chip industry and lagging far behind the report two days ago that smic took two years to achieve

14 meter to 7 nanometer. faster chips than tmc or s samsung. this is fruitful for the chinese that weans itself off u.s. core inputs and to american detriment. 30% of american chip revenue comes from china >> cyrus, in terms of what to do with the stocks, obviously trading down today, do you think that is legitimate does the china demand piece add to it and then what if a big recession hits and if people are bullish about chip demand? >> i think chip technology, especially ai chip technology the products we're using today have some kind of chips in them. ai is the future ai has military uses and

civilian uses. for civilian uses, the chips will be available. the chinese market loss will be a massive hit. the growth of the ai market will be enough to get nvidia and amd back on track in time. >> cyrus and ben, thank you for joining me today you can see nvidia and amd both down 4% or 5%. nasdaq futures down 1.3% as we stand. companies big and small are pushing to bring workers back to the office after the labor day holiday weekend coming up next monday workers across all types of jobs and political devices are asking for a big tradeoff with their prior prioritize well being. we have alison omens joining us now.

al ali so, n, thank you for joining me in terms of the core inflation a topic of discussion and decent return in general for companies over the last five to ten years, the key finding is people across america of all sides of the political divide, think corporate wages increase are awful. >> companies should pay a living wage wages do not rely or require workers to rely on public assistance we are also hearing from the survey that wage transparency is important. people are not just looking for wages that cover cost of living, but transparent about what those wages are so workers and consumers know which companies are paying what amounts.

they are also seeing the business case for investing in workers through wages. they say as consumers would pick a company or a company with a competitive advantage. the customer experiences is better the final thing to note across the political divide, people are very, very insistent on this americans are saying anywhere from the mid-70s to low 90s. this is an important issue that should be prioritized. despite the conversation of the divided america, this is a consistent issue to pay attention to >> would we have thought it traditionally to be a divisive issue? it is a topic that one can understand across the political divide that people should be paid enough to survive >> it's true yet, we do talk a lot in the

broad sense of how americans are decivided on every issue. talking about a minimum wage or something else i think more importantly, companies are navigating a lot we know from supply chain disruption to how to respond to climate and how to respond to worker demand and consumer demand this topic in particular shows a way forward for companies that are looking at how to navigate it prioritizing and talking about that prioritization of workers from paying well which, you know, we know is often not true according to past estimates about 50% of workers in the russell 1000 don't make a living wage despite this cross political expectation of americans, we know there is a pretty significant gap. that's something to just be thinking about as a business and finance leader when we talk about corporate success that

americans believe part of the success is are workers making enough to get by and get ahead every month. >> what is the view, alison, on buybacks that benefit shareholders versus pbonuses or wage increases that benefit workers? >> we didn't do anything in this survey in the past we have done recent polling and it shows people are fine with profits and including buyback and dividends and other expectations at the end of the day, the pie is not split well is the way to think about it we hear often that americans believe and understand that companies should be making a profit and should be reinvesting that into the business and that is important for long-term growth what is also very important and more important to people is that they see that companies are investigating in creating an environment where workers can

support themselves and also see career advancement the current waeighting of that i not correct. it needs to be rebalanced. >> alison, thank you for joining us for the survey. coming up, a coming crisis at the largest ports in the u.s. or at least it has been averted for now. we'll discuss that story look at futures. s&p down 0.8 dow down 200 points or so. we'll be right back. ♪ ♪ ♪ ♪ ♪ ♪

it's time for the biggest sale of the year, on the sleep number 360® smart bed. it's temperature balancing, so you ♪ ♪ both say cool. our smart sleepers get 28 minutes more restful sleep per night. don't miss our labor day weekend

special. save 50% on the sleep number 360® limited edition smart bed. ends labor day. welcome back to "worldwide exchange." time for your big money movers three stock stories of the morning. first up, the database software maker with a second quarter loss for mongodb. you see the shares are up to the tune of 17% year to date they are expecting a looss in th second half of the year. stock number two five below the retailer's second quarter missed forecast. five below is lowering its sales outlook for the year it expects the benefit this holiday season it is up 5% in the pre-market.

stock number three c3ai a first quarter loss, but shares are tumbling as they slash revenue outlook. switching from subscription to consumer based model it is likely lutilitylike electric or water. the more service you use, the more you pay that is down 14% in the pre-market 50% year to date to a developing story around global supply chains the largest port delaying implementation of the new container fee that was supposed to take effect today cnbc's editor lori ann larocco is herewith more

>> i have been told by port officials they are not going live because of the discussion w with the ocean carriers the program needs to be restructured once the modification is made, the goal is to have the tariffs in place so the first will be issued in january. the ocean carriers have been engaged and responsive to help restore ports. several are making commitments and working to move out empty container. the empty boxes are sitting for 30 days. marine traffic has been tracking the port congestion as more containers move to the east coast out of the fears of the west coast labor strike. the vessels off the east coast is double the amount of the west coast. the port of new york ranks third in the number of containers and

vessels. savannah is in the top spot followed by houston. looking at the supply chain heat map for the u.s., delays of the rails are hampering the west coast. the delays being recorded by logistics managers at 12 days. the wait times for containers that use truck and rail is ballooning to a wait time of 30 days port of oakland is digging out from the five-day trucker strike in july. a container at rest is impacting the supply chain wilf. >> lori ann, this issing inter interesting on the u.s. said what is status of supply chains and shipping >> reporter: when we saw what happened in felix, the damage has been done. it will go until late december the hair ball of trade spread to

the european trade in germany. looking at the supply chain heat map for europe is a sea of red vessels that divert to the german ports are seeing significant delays port of bremerhaven jump thed t the highest count of the year at 18 >> lori ann, thanks so much for that futures pointing lower at 1.2% on the nasdaq less for the other two coming off sharp declines for the month of august. we discuss with jeff kleintop from charles schwab next cvs. healthier happens together. only at vanguard, you're more than just an investor—you're an owner. we got this, babe. that means that your dreams are ours too. and our financial planning tools can help you reach them. that's the value of ownership.

does your vitamin c last 24 hours? only nature's bounty does. with immune 24 hour plus... you get longer-lasting vitamin c... plus herbal and other immune superstars. get more with nature's bounty.

welcome back to "worldwide exchange." futures sharply lower. dow expected to open down by .30%. nasdaq down 1% it comes off the declines in asia to the tune of nearly 2% for japan. europe down 1.5%

the picture has been settled for the last couple of hours here in europe 1.5% clearly not settling at a particularly attractive point. chip stocks in the u.s. are lagging sharply because of the story out of china this morning. 5% lower for nvidia. joining me is jeff kleintop at charles schwab very gchood morning to you, jeff good to see you. i guess we are getting a glimpse of the moves under nationally are affecting u.s. sentiment >> we have a lot of volatility ahead of us here there is negatives for the overseas markets which improved whether it is tied to china delisting or electric prices in europe coming down sharply this week. we have the negatives with the potential for 75 rate hike in europe and bringing supply chain backs up all of that washing over the

markets. that is the story of what's to come for the next several months positive and negative volatility and not allowing us to break out either way. >> this is clearly touches on the international picture first. stocks suffered like in the u.s. and did not have a strong decade coming into the pull back. are there attractive places to put money internationally or do you focus on the u.s.? >> you can shift to europe in particular i know we're concerned about recession and concerned about the growth globally. if you take a look at what we're seeing, valuations priced in with a mild recession in my opinion. it if you look at the chair ak after ice icks, that is what we find in europe energy and larger weight in the u.s. dividends paying more.

it is something that could help. what is hurting is the rise in the dollar that is impacted european and international stocks compared to the u.s. we think the dollar has more strength ahead of it, but stabilizing this year and due for a decline in the anynext ye or two >> u.s. stocks expected to open lower for the 1st of september following the sharp decline in august that is a buying opportunity >> i don't know. i don't think there is great buying opportunity you can dollar cost average. late this year as inflation comes down in the near term, expect more ups and downs. i'm focusing on companies with strong cash flow and those paying strong dividends. if you get paid to wait and ride

it out >> what about the mega cap tech stocks that obviously feature in that list of strong companies and secure companies, but still have a premium valuation multiple given the way rates have risen this year >> they may continue to suffer these are not necessarily big dividend payers. they might be considered higher quality companies. they are suffering from a draining global liquidity. the bank of england and draining liquidity. that is the driver of theat valuation in the stock i expect the stock valuation to suffer. >> you can see the stocks all down 1% in the pre-market. jeff, thank you for joining us good to see you this morning let's have a quick look at markets as we leave this morning. europe is down 1.5%. following decline in asia. it is dragging down sentiment for the u.s. futures

nasdaq down 1% s&p wndo about .20%. that does it for "worldwide exchange." "squawk box" is next with becky and melissa. 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 converged network. from the most innovative company. bring on today with comcast business. powering possibilities.

good morning futures pointing to lower open after jackson hole ruined the august rally for stocks. we get you ready for a new month of trading. developing now new covid lockdowns in china details straight ahead. the u.s. government planning to limit semiconductor sales to china. it is thursday, september 1st, 2022 "squawk box" begins right now.

good morning welcome to "squawk box" here on cnbc we are live from the market site in times square. i'm rebecca quick along with melissa lee. we will get you through this let's take a look at what has been happening with the u.s. yektsz at this hour. it is not a great picture s&p futures down by 25 the nasdaq off 190 this is coming as we see a couple of concerning stories the first is the lockdown that melissa mengtioned lockdown of 21 million people in china. we will talk about the implications for that. you are seeing issues with chips and some companies are not abl