r, print everything you need, slap the label onto the box, and it's ready to go. our costs for shipping were cut in half. just like that. shipstation. the #1 choice of online sellers. go to shipstation.com/tv and get 2 months free. it is 5:00 a.m. at cnbc global headquarters. here is your top "five@5." stocks look to wrap up a tough week futures pointing to a lower open shares of fedex tumbling as the shipping giant pulls earnings guidance and looks to cut costs with the company ceo warning of potential for a global recession it's not just fedex facing those headwinds. shares of ge sliding as it warns of supply chain woes weighing on

its bottom line. pulling the plug kanye west talking with cnbc on his decision to terminate his deal with gap. what he had to say about the move coming up. your exclusive weekly look at the biggest insider buys. including a first time by a c-suite purchase and biggest so far. it is friday, september 16th you are watching "worldwide exchange" here on cnbc good morning i'm dominic chu in for brian sullivan let's kickoff friday morning with a check on the markets and your money futures pointing toward losses at the opening bell. dow is implied lower by 243 points s&p down 37. nasdaq continues to be the epicenter of so much of the selling pressure implied lower by 131 points right now.

we want to get a check on the bond market. yields driving that big picture narrative in the marketplace yields ticking higher. 10-year treasury just about 3.47%. right now, just a hair, sitting below the cycle highs that we have seen for the benchmark 10-year treasury and 30-year treasury which is 3.47 and 3.48. turning to the oil market. west texas intermediate is 12 cents to the down side $84.95 ice brent crude is just about flat on the session. $90.83 natural gas down in trading. checking cryptocurrency after the merge in the ethereum blockchain we have seen selling pressure on the sell the news type reaction.

ethereum prices continuing to slide nearly 3%. $1,457 bitcoin prices below 20,000 at $19 $19,718. let's get worldwide in the london newsroom with julianna tatelbaum with the action overseas and all i see is red, julianna >> dom, that is right. red across the board overnight in asia, every region pulled back. shanghai dropped 2.3%. the main benchmark in china suffered the worst daily fall in four months. this came despite fairly up beat retail sales data from china under performance from the security nirms led the losses we bounced off the lows of the morning in london. dax was trading nearly 2% lower. now we're down 1.7%.

cac 40 in france down 1.5% we got confirmation of the eurozone august inflation fi numbers. inflation continues to run hot in europe. dom, you mentioned the fedex profit warning here is a picture of the key low d logistics names. the fedex driving risk-off in europe royal down 11% major moves lower in europe. dom. >> julianna tatelbaum, thank you. checking the big money movers julianna mentioned shares of fedex getting hit hard after the announcement it is withdrawing the profit guidance and implementing cost cutting measures silvana henao has more details on that move >> dom, fed seex announcing it pulling the guidance and implementing significant steps

to cut costs over softness in global volume of shipment. this comes after the first quarter results which were well off expectations earnings of $3.44 per share is far from the forecast. fedex cited specific weakness in asia and challenges to service in europe for the under performance in the first quarter. speaking with crjim cramer on "d money" last night. >> of course, i'm disappointed in the results that we announced here you know, the headline really is the macro situation we are facing in u.s., consumer is spending less you know, the u.s. has been insulated because the dollar is the currency of choice for the world. there is some insulation there

you know, i see the u.s. loslown down >> fedex will close 90 office locations and corporate facilities and defer hiring efforts and reduce flights and cancel projects, dom >> silvana henao, thank you very much. back on wall street. all three indexes set to notch another losing week in what would be the fourth negative week of the five the catalyst for another choppy session today. we have the quadruple witching day with the options and single stock futures all expire today and it could lead the volatile final hour of trading. let's talk more about this with robert teeter, head of asset crest management

robert, the quadruple witches aside, this is an environment right now and fedex showed it last night where people have to worry a little bit more about the bigger economic narrative. is this the time to continue to worry about recession is inevitable >> that is a great question. you are getting squeezed from both sides with ratesing movin higher as you mentioned, earnings are called into question here. we think earnings will be positive next year although lighter than consensus forecast some of the news is mixed on the economy. from the shipping sector you had with the news reported on fedex lighter, you had, as we have seen over the course of the past week, strong news on the consumer airlines talking about strong demand it is a mixed economy here different sectors are going through the economic cycle >> the economic cycle is key

here, robert, right? when fedex gives guidance like they did and shares fall 19%, that is not just i'ddiosyncrati but this is a re-rating. is hathat re-rating going to happen now is fedex a bellwether? >> i think it is a bellwether, traditionally. i think what we have seen in the pandemic and post-pandemic cycle, i think it is important it is a big tell the revenue miss was lighter than the earning iss not talking about the individual stock, but the macro read points to a mixed economy some of the other news from the consumer side was a bit stronger that is indicative of the switch from goods to purchases and

things at home companies are seeing less pressure on the supply chain shifting consumeptconsumption. the news was not positive. it is a tell going forward we think it is a company by company issue. >> seeing what you have seen over last few months, especially the longer and medium down turn for stocks in 2022, with the benefit of hindsight and your view as investor, is this the time we re-test the lows or make new uones because people are skittish and we haven't had a down tour urn in the markmarket >> we think everything is key. if you get inflation pressure, that alleviates the pressure until that comes and you get a

couple of solid cpi reports, it will be a volatile market. we think the economy will be okay and slow growth we think earnings will be okay slow earnings growth we will get a couple of months in a row of easing inflation you are right. in the short-term. it is a cautious time and volatile time. everything is keyed off inflation. >> robert teeter, thank you very much. coming up, uber revealing a data breach on the systems the latest on what information hackers accessed. diving into the worst challenges of the year the real estate and stocks that could build momentum. and apple fans repairing to g preparing to get their hands on the phone. a very busy hour still ahead when "worldwide exchange"

returns after this break

welcome back let's check on the futures right now. we have the dow implied lower by 235. the s&p lower by 35. the nasdaq which has been the epicenter of the selling down as well in a big way. if you look at some of the laggards in the dow, salesforce, boeing, caterpillar and amgen.

boeing and caterpillar down 1.75%. if you look at the overall picture for markets with the weakening of the session, it is the instance where investors will figure out if they want to enter this weekend a little bit tilted toward the down side or whether or not there is stability that can be found after another week of selling pressure still on deck for the show, more on the top stock story of the day. fedex shares losing one fifth of the value in the decision to pull earnings guidance we talk to one analyst who thinks better days are ahead for the shares his take when we return. >> announcer: today's big number 80%. that's the anticipated drop in newly minted unicorns during the

current quarter compared to the same period last year. according to data by insights. 27 ucos nirnare expected to be born this year compared to the same quarter during 2021

want more from your vitamins? get more with nature's bounty. from the first-ever triple action sleep supplement. to daily digestive support. to more wellness solutions every day. get more with nature's bounty. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones when you work in it complaints are part of the job. bill says the coffee is weak today. but since cdw helped us switch to mac, everyone's happier. dan from finance likes getting performance without a big price tag. bibi digs the power of the apple m1 chip. mac is easy to manage, compatible with all our apps and came preconfigured by cdw.

now we're even getting compliments. that was bill again, says he loves his new mac. he's right about the coffee. welcome back it has been the worst performing sector this year we are not talking technology, but real estate. off more than 22% from the recent 52-week high in december.

you have names like simon property, vornado and boston properties down 28% or more this year our next guest says all is not lost joining me is piper sandler's alexander goldfarb alexander, we look at this through residential real estate because we buy homes with mortgages. how bad has it been for commercial real estate >> first, thank you, dom, for having me on here at piper sandler on the reit team, this is the replay of the 1970s. you have stagflation environment and a fed that wants to continue to raise interest rates to arrest inflation when we looked at what happened in the '70s with real estate and today, there are similarities. first, supply is in check.

when you look around at the major property types, the availability of apartments and industrial and retail are all very much in check second, the reits have good balance sheets you highlighted names like vornado which is trying on adjust the balance sheet, but wished it probably had a better position going into the pandemic when you look at the fundamentals and retail because you have simon on the screen retail is in the best shape it has been in in over a decade there hasn't been new supply in over 15 years. retailers have pivoted from the decade of ecom only focus and investing in the store fleet what it has done for simon and other centers, it brought a lot of pricing power to the land 4r landlords to the likes they have

not had in years that is increasing dividends. >> alexander, it is interesting only because we're just about two years removed from a time when all we could talk about was the death of commercial real estate especially in places like retail because nobody was going out during the pandemic. this was changing the paradigm of shopping. nobody was ever going to go back in stores. we would all have stuff delivered. awe all of a sudden, fedex says global shipping is down and people are going back to malls what gives >> it is funny it took 100-year pandemic for the death of retail to be firmly put in the ground. people were shopping the malls and people were shopping at centers pre-pandemic occupancy rates dipped a few hundred basis points yes, rent growth moderated it was in no way comparison to the 50% drop in the stocks

when you look currently, it is interesting because ecom penetration dipped what the pandemic showed is that people were trapped in their homes and the only socially acceptable place to go out was the shopping center. if you wanted a bottle of wine or hand sanitizer, you could not get it online. things were out of stock people were looking for an escape everyone rediscovered the shopping center. overnight, curbside pick up was available. what happened for retailers, they realized after a decade of focusing on ecom, the bulk of sales come from the traditional shopping center or mall and they better invest in fleets. for them and good for landlords, they have not been investing and they have done the 180 the other critical thing is we are over retail.

we have 25 feet per square feet per capita europe is around 5 we have way too much for every great story of the dying mall, you have a center like the westchester or shore hills which is dominant. they consolidated their power when you look at shopping centers, i love industrial those that focus on last mile are crushing it as far as rent growth and tenant demand the closest distribution point to a household like you mentioned and we are all moving out to homes is the neighborhood shopping center. these companies have centers that are right next to the people's homes retailers realize that is the most efficient way to get products to customers. >> location, location, location.

alexander goldfarb we appreciate it. turning overseas celebrations honoring the life of queen elizabeth ii will continue today ahead of monday's fun funeral. king charles iii is set to take part in a service for the queen and others view her coffin as she lies in state. tania bryer joins us from london >> reporter: good morning, dom that is right. thousands of mourners are paying respects to her majesty the queen who lies in state behind here at westminster hall what's happened now, so many people want to go and see her majesty, dominic, they had to pause the queue. the queue is up to 14 hours and now they are pausing it for 6 hours while they catch up. this morning, we just heard also that tonight there will be a vigil. king charles will stand guard in front of his mother's coffin

with princess anne and princes edward and andrew. and the duke of sussex and prince of wales will take vigil in front of the grandmother's coffin they will close westminster hall for anyone and at 10:35 summertime, the gun carriage where the coffin will be placed for the funeral. >> tania bryer, thank you very much. let's get the latest from new york with frances rivera and the headlines. >> dom, good morning we know who will review the documents easeseized from

mar-a-lago judge raymond deering will serve as the arbiter he will go through the trove of documents recovered from the florida home and determine if they are protected by executive privilege. the justice department has said it would appeal the ruling the u.s. is providing ukraine with additional $600 million in military assistance the secretary of state blinken said it includes weapons and ammunition and other equipment from the stockpiles. over to the sports world michael jordan's last dance from game one nba finals sold for $10.1 million at auction that makes it the most expensive piece of game worn memorabilia he scored 33 points owith the wn

over the utah jazz justin herbert put a pass in place as the chiefs battled back to reach 17-17 and then breaking the tie with watson taking the interception for the go ahead score. kansas city would hold off a late comeback with a win 27-24 for friday morning, you are set with the news headlines. dom, back to you >> frances rivera, thank you very much. still on deck, kanye west talking about his decision to terminate his deal with gap stores what the rapper told cnbc about walking away from the partnership. nearly 30 years after the original series ran, "quantum leap" is back. the new series premieres monday at 10:0 p.m. eastern time on

nbc. streaming next day on peacock. "quantum leap. not scott bakula, but a revamp we're back after this.

the renewed slide by stocks set to continue in what's been another volatile week for markets. futures pointing to loses. deep in the red. shares of fedex tumbling on

pulled earningsguidance. we speak with one to see if they deliver over the longer term the look at the biggest insider buys, including a first for the executive level purchases. it is friday, september 16th you are watching "worldwide exchange" on cnbc. welcome back to the show i'm cdominic chu in for brian sullivan it is 5:30 a.m. eastern time here is how your markets and money are looking right now. they are not looking well. the markets pointed to loses dow implied lower by 230 the s&p down 37 and nasdaq down 132 at the opening bell if these hold let's get a check of the morning's top stories with

silvana henao. >> dom, uber is investigating what it is calling a cybersecurity incident according to reports, the company's network was breached and they had to shut several communications and systems down. the hacker compromised an employee's workplace messaging app and sent a message announcing the company suffered a data breach. the hacker was able to gain access to other internal systems. shares of general electric also falling ahead of the open after its chief financial officer issued a profit warning. the manufacturer's finance chief saying supply chain challenging are making it harder to deliver to customers on time ge has faced ongoing shortages of parts and materials. and kanye west not holding back on the decision to terminate the company with his

company and gap. west now known as ye told "closing bell" the retailer failed to meet obligations he was disappointed by gap and progress by aspects of the deal. >> they had one individual on the planet to save the gap don't bring the leader in. why would i argue with people getting paid by the gap? i'm sorry, i'm not arguing with people who are broker than me about money. everyone knows i'm the leader. i'm the king, right? a king can't live in someone else's castle? >> dom, ye plans to branch out on his own without corporate partners to move forward with his brand. >> interesting >> we will see if we see stores in the mall. >> the shoes are still made by

adidas now moving to fedex. shares are tumbling. on top of that, they missed forecast and pulled guidance for the fiscal year. fedex is warning a slowdown in global demand accelerated at the end of august and on peace to gt worse. on "mad money," the ceo spoke out about the issues out of asia >> asia is the central manufacturing in the world when you see these things happen, i feel it is profound we are the bigger player in asia we see things happening before others do. that has me concerned which is what is happening in asia. >> fedex plans to cut costs by closing more than 90 fedex

office locations and 5 corporate offices. let's bring in amit mehrotra i'm sure you watched the interview with jim cramer last night. take us through whether or not this basically 20% move lower in fedex is something where it is a re re-rating of the overall macro snikt. >> good morning, dom the expectations for fedex in the last 24 hours has gone down by 40% with the 20% move down in the stock, the stock relative to its earnings power is actually more expensive today than when it was prior to close yesterday most importantly, we do not believe this is entirely macro

focused. we think a lot of this has to do with fedex specific issues let me give you two numbers. revenue was up in the company's express business which is the key problem for this quarter and the next quarter outlook revenues were up in that business profits were down almost $500 million. this is indicative to me of a situation where some of the macro change, but the company did not do a good job of adjusting cost structure in a more real-time fashion last thing i'll say is i met with the cfo and ceo of u.p.s. they reiterated guidance we are deutsche bank we have a lot of contacts in europe and the partial industry. we don't believe what others are seeing is inddicative of what fedex announced yesterday.

>> you are claiming these are company specific or idiosyncratic issues because in your mind or opinion having spoken with u.p.s. and seeing the macro down turn signs that raj is seeing at fedex >> it is true that fedex has a huge presence in trans pacific lift capacity and it is true that we think fedex leaned into the pricing opportunity that was created as a result of exit during the pandemic. some of that is payback there. let's be clear in europe, there are two other players with a stronger market position than fedex. fedex acquisition of tnt express. i think stronger players get stronger and weaker players get

weaker that's what we're seeing play out. i think this is more a company specific issue for fedex we're very close to freight flow to deutsche bank with rails and truckers and brokers and marine. demand is slowing, for sure. we are not seeing the collapse in pricing power because let's be clear at 760% of capacity in north america is trucking. new trucks were not produced we didn't have the capacity to create new trucks the last two years than prior upcycles. we are not going to have a peak season the moderation we are seeing is no related to the collapse in price. >> amit, before we let you go, given what you have seen with fedex and conversation with u.p.s., give us the top pick in transportation and logistics is. >> we have written notes talking

about chess versus checkers. u.p.s. is place chess and fedex is playing checkers. it is so bad, it could be good in terms of making it clear to everybody that there's a dramatic overall need at fedex u.p.s. provided that road map. the equity has doubled under the new ceo. i think that is a really great road map for the new ceo of fedex to follow is the better, not bigger strategy. also dealing with a little bit more collaboratively with the contractor which is a big source of market share losses recently. >> amit, thank you very much coming up on the show. it's launch day for iphone 14. we look at the newest smartphone and if it will yield big ruretns

with the macro challenges we just referenced. go. go green. go wind turbines. go gorgeous reliable grid. go emerson software. go science people. go breakthrough meds and safe science. go space age welds for super silent cars. go big. or go home. from software that delivers new cures at warp speed, to technology that makes clean energy reliable, emerson innovation helps make the world healthier, safer, smarter and more sustainable. go boldly. emerson. ♪♪ energy demands are rising. and the effects are being felt everywhere. that's why at chevron, we're increasing production in the permian basin by 15%. and we're projected to reach 1 million barrels

of oil per day by 2025. all while staying on track to reduce our carbon emissions intensity in the area. because it's only human to tackle the challenges of today to help ensure a brighter tomorrow. any questions, chris? all good, thanks maura! there you go, one new inhaler! nice did you get my refill too? maybe healthier is auto refills and delivery made easy. you're a lifesaver. have a nice day. ♪♪ ♪♪

♪♪ be ready for any market with a liquid etf. get in and out with dia. welcome back to "worldwide exchange." time for the weekly insider buying segment for that we go to brian sullivan >> time for the weekly insider buying segment we highlight the top five stocks bought by the c-suite executives with their money this comes from verity data.

this is a special week for three big reasons. number one, it is the first week in a long time, maybe ever, every single insider buy is more than $2 million. bigger this is the biggest single insider buy we have seen it is about ten times bigger than the next biggest we brought to you it is the first time that we have ever had back-to-back weeks the same company and a different buyer on the list. wow. remember, we count down five to one. let's go stanley black and decker board member $2.65 million of stock. the smallest of the week douglas emmett it was also on the top insider buy list last week another buying $6 million. shares of the california biased r reit is one to watch

then is american homes for rent. another big buy by a board member who is the daughter of the founder. $15.4 million. that should sound familiar because she bought nearly $28 million of amh back in may at the same price those are big buys the top two are bigger energy transfer. et founder and executive chair continues to pour money into the company. $3 million at $12 a share for a total buy of $26 $36 million on a normal week, $36 million would be the biggest then former facebook big wig and now asana. now he bought $349 million in a

private placement. nearly $350 million. that is easily the biggest insider buy we have seen with that, he has bought nearly $1.6 billion of stock only since may. shares up 34% over three months. this could be one reason why and he keeps buying at higher prices stanley black & decker and douglas emmett and american homes 4 rent and energy transfer and asana. you can watch it on cnbc pro see you next week. back to you. brian sullivan, thank you. see you later on thanks to brian for that apple's iphone hitting the shelves. the tech giant with the launch of pre-orders last week despite inflation issues and the

strength of the american consumer and global consumer apple is holding the line on the price hikes for the devices. for more, let's bring in alex kantrowitz alex, we talked about these types of products as being evolutionary or revolutionary. it is still important for apple. it is part of the income stream. should people go out to buy the phone? >> i think we will see a lot of early adopters to buy the phone. there is enough carrots in the 14 to make people feel the need to get the iphone go out and get it the new camera looks nice and it is faster. i still think this is an evolutionary versus revolutionary device i like the way you put it. we will see the early surge. the question is what will happen after that

>> it is interesting, alex we have been talking about the release for a while now ever since apple rolled it out during the product launch one person tweeted at me and basically said save your money wait for the 15. we expect better thing things cg from that. what does apple have to navigate with the inflation environment and consumer more discerning how they spend their money does apple need to position differently given the broader economic environment for phones or will people shell out $1,000 for a smartphone >> i think it is funny that someone told you to wait for the 15 i feel we have been doing that every moment since the 10. all right. wait for the next one. you know, i'm on the 10. is the 10 that different from the 13 or 14 i don't think so i don't feel the need to upgrade. i don't think a lot of people

do that's why hundreds of people are waiting on two or three or four-year-old iphones. that event to upgrade is not there any more is this going to be the purchase that people are going to make now their money is not going as far as it used to? maybe their portfolio is smaller because of the rising interest rates and the contracting margins. these are the key questions that apple is going to face moving forward. like i said, the early adopt afadopters will laike it the rubber meets the road is still to come. >> alex, the timing of the product launches is always very deliberate it happens right after school starts the pre-orders start up and deliveries come and the next ffe weeks after that

it positions itself for the holiday shopping season. what is the expectation of how the phones and hardware that apple announced will perform this holiday season given that inflationary consumer environment? >> i think we still know that apple always sells well. no doubt about that. this holiday season is going to be tough for lots of consumer companies. people are trying to figure out ways to save money and trying to figure out ways to be more financially responsible. if you are apple, you are coming up against that like everybody else that being said, we are seeing the bifurcation of the economy luxury items are doing well. staples like target and walmart are struggling by typical standards, iphone is a luxury product the iphone is now the number one

phone surpassing android phones in the united states i don't think it can continue to rely on that status of luxury item where customers are going to be safe now exposed to the broader population and it will feel pain moving forward i think that will extend into the holiday season as well. >> alex kantrowitz, thank you very much. ahead on the show, veritas' greg branch will have more on the open. and if you haven't done so, follow the podcast check us out on apple or spotify or podcast app of choice we'll be right back.

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, for all-day comfort and energy. find your relief in store or online.

welcome back to "worldwide exchange." let's dive in the market action for the sa&p 500

we are 10% below the highs we hit in the month of august and we are just about 7% above the lows back from mid-june of the we are a little lower than halfway between the latest trading range we have seen if you look at some of the moves from the more sector type perspective, the dow industrial and s&p 500 are down between 4% and 5% sector wise, it has been energy, by the way, as the only, only positive sector over the course of the last week or so even then on a one-week basis, it has not been that positive here the s&p 500 down 5%. real estate down 7%. technology is the worst one out there. for more on the trading day ahead, let's bring in greg branch a cnbc contributor from veritas.

there is one that is talk of the town right now the most important sector. it has gotten hit the worst. is this a time now that this worries you because that sector is the worst performer out there? >> it doesn't worry me quite frankly, it is to be expected frankly, i think we will re-test the lows from june if not sea levels a little bit less than that there are three reasons why. number one, we are embarking on a quantitative tightening program that is more aggressive than the previous months that will drain liquidity from the system number two, estimates need to come down. we are looking at 60 in the quarter. 246 on consensus for 2023. both of those are over where i think we will see estimates come in in the midst of the downward revision cycle specifically with

2023, that will be a headwind. the last is that for whatever reason, we continue to debate what the fed will do i think they have been quite clear what they will do. particularly in light of the persistence of the inflation they think the right policy rate is 4% on the fed fund rate that implies another 1.5%. we could see another full point in september as they move that forward rather than have this creep into next year all three of those things will continue to put pressure on the markets. i think we will re-test the lows sdplc lows >> greg. it is fair to say that these stories are all intertwined in some way in your mind, i'm curious if you feel the threat from the interest rate picture is on the valuation side, mathematical side, or if higher interest rates will slowdown the overall economy which hurts everyone

>> i think there is a threat from both, frankly as you intimated earlier, growth, non-profit growth, will feel the ramifications more than the rest the market came to consensus that we will see 75 bips if not more the threat is to both. obviously, the fed doesn't have a precise formula. they are reacting to lagging indicators to some degree. they are trying to get it right. i believe that will be difficult to do. it is both you have the decreased liquidity effect and access to credit effect and slowing economy effect >> let's talk about the environment you put out there for us what is the opportunity? what is on the shopping list what are you staying away from >> you look for two things

in th inelastic demand and tailwinds hospitals and energy regardless of what kind of macro environment we're in and regardless of what economy we're in, they tend not to see the top line suffer. mobile t-mobile and verizon and at&t. those are safe havens. the other thing you are looking for is secular tail thewinds. things that can sustained growth there are tech names particularly tethered to the cloud. there are credit card names, but i'm cautious on the back half. we have transition from paper to plastic. you will see the credit card companies do well during the summer of spend. that should continue for a few months >> greg branch thank you very much. have a nice weekend. that does it for us here on

"worldwide exchange. markets are pointing to loses at the opening bell dow implied lower by 230 and s&p down 35. "squawk box" picks up market coverage next. we'll see you on monday. here. aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. an xfinity rewards special offer. xfinity customers join xfinity rewards

and get an early access code to play the open beta. early access begins september 16th, first on playstation. visit xfinity.com/rewards.

good morning red arrows red arrows stocks on track for a losing week a significant one. fedex shares part of the problem. getting slammed. the shipper ceo warning he sees a worldwide recession. plus, a big business of live sports an nfl game carried by a streaming service. revi reviews are coming in this morning. it is friday, september 16th,

2 2022 and "squawk box" starts right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick with joe kernen and andrew ross sorkin. here we go it's friday at the end of the precarious week for stocks at this hour f you look at the u.s. equities, you will see red arrows dow indicated off 250. the dow was down 173 yesterday it was the best performer relatively speaking compared to the other two. s&p off 1.1% nasdaq off 1.4%. before you see the red arrows with the nasdaq down 130 and s&p off 36, look at the damage this week this is before you see wha