good morning it is 5:00 a.m. at cnbc. here is your top "five@5." stocks under pressure after every major average finished the week in the red. invest or attention to jay powell. and president biden doubling down on the support for tietaiwn especially with the military invasion by asia. and the country says their

final farewell to queen elizabeth ii. and hurricane fiona striking puerto rico. today is monday, september 18th, 2022 you are watching "worldwide exchange" on cnbc. good morning i'm dominic chu with contessa brewer we kickoff with futures after a lower week if you look at what is happening right now, we are just near session lows for the futures market s&p 500 implied lower by 33 points dow implied lower by 250 nasdaq down 116. we are paying attention this morning to the transportation industry after a 5% loss on friday and worst day for the index since may. we have more on that in a moment we are checking on the bond

market yields are always in question. a hair below 3.45% for the 10-year treasury the 2-year treasury is 3.86% in the oil market, we are seeing continued down turn for the u.s. benchmark prices lower by 1.5%. $83.86 brent crude with 1% loss in cryptocurrency, we are also seeing selling pressure build. you see bitcoin off 6.5% we are talking 1$18,400. our big stock story today has to be fedex still coming off the single worst session ever going back to the ipo in 1978. it closed down more than 20% in

friday's trade the company's weaker outlook and grim warning sending shockwaves across wall street it is one thing to watch this morning. the shares of fedex still down .50% after friday's massive drop around the world, the markets in england are closed. hong kong is down 1% fractional losses for the shanghai composite markets in the uk are closed in observance of queen elizabeth ii's funeral today you can see the cac in france is down 1%. ftse 100 is down .50%. contessa. world leaders are gathering for the queen's funeral at westminster abbey in london. the service begins in less than an hour. our steve sedgwick joins from us london steve, i know you have been watching the mourners gathering.

1 million people are expected to gather in london to observe the queen's funeral. >> reporter: contessa, good morning. good morning, dom. it is an extraordinary event the largest security event in the history of post-war britain is occurring with the hundreds of thousands and perhaps 1 million of people on the street here in central london and on the processional route that the hearse will take after the ceremony here in london to the west of the capital to windsor with another huge number of crowds and two more parts of the day's proceedings. at 6:30 this morning, the doors closed on westminster hall and the final people who observing the queen's lying in state were ushered through westminster hall the ancient part of the palace of westminster behind me then the preparations for the

funeral began as well. at 10:44, in less than an hour, a short journey from the queen's coffin on the state gun carriage moving from westminster hall to the short journey to westminster abbey. it goes through the great west gate there and the main state funeral will begin we have seen enormous numbers of troops and security forces and police on the streets of london and it is going to be an absolutely enormous operation when you consider the attendees. past presidents of the united states we have the president himself, mr. biden, has been in london since saturday evening we have the japanese emperor here in london host of families from england and sweden and king william alexander from netherlands and the leaders of many countries from around the world. the french president emmanuel macron and the leader of the

european commission. the prime ministers of canada and australia and of new zealand to name but a few. the proceedings will be relatively short for the state funeral. the order of service conducted by the dean of westminster from 11:00 bst. there will be readings from the barroness of scotland and liz truss, the new prime minister. at the end of the service, there will be two minutes silence. the last post played by a bugler the national anthem with the new words god save the king before the procession leaves westminster abbey and up to constitution hill and the coffin transferred to the state hearse to the journey to windsor. >> i want to interrupt we are seeing the motorcade for

president biden and first lady dr. jill biden they did attend the reception last night with king charles iii and other royal dignitaries. they were seen on the balcony with justin trudeau and other world leaders saying hello to the well wishers now walking into westminster abbey to join leaders from other nations for the final good-bye to the monarch steve, can you talk about the other uk leaders coming and what this moment may represent for the future of the monarchy and the united kingdom itself? >> reporter: i think you made important points we just don't know what will happen yet, contessa national mourning has gone through every part of society. most of us have only ever known queen elizabeth ii as her monarch. someone like my grandfather on

duty for the coronation on the queen in 1953, he would have lived through six. including king george vi who had his state funeral, the queen's grandfather, george v. i think it will take adjustment. king charles iii will have to change slightly. he is known for be stuffy on some issues. actually you cannot express your views as freely as when you are the heir apparent and prince of wales. the king is passionate about environment and architecture and farming. he has been ahead of the curve this is a huge change. there are 2,000 attendees in the church we mentioned up to 500 foreign leaders and including the president. also some people have been awarded the highest awards in the united kingdom

the military cross and george cross and all parts of society, contessa >> steve sedgwick, thank you president biden and first lady dr. jill biden have arrived. they met with king charles iii and expressed condolences to the king anticipated meeting with the president and prime minister liz truss has been postponed it was supposed to take place as she met with other members of the commonwealth, justin trudeau, for example she will meet with president biden later this week at the united nations general assembly. we will check in with steve sedgwick later this hour and continue with the proceedings here. let's get a check on the corporate stories with silvana henao. good morning >> good morning, contessa. more u.s. consumers are taking on credit card for longer periods of time. according to the report from

credi creditcards.com. 60% have been in debt for a year the number of those in dead over two years increased to 42% volkswagon is valued up to $75 billion for the upo the company will list shares and raise about $9.1 billion trading is set to begin on september 29th and damage control mode after a hacker published pre-released footage from the company's anticipated grand theft auto video game this is the look at the biggest game in the industry the final version will be more refined than what was leaked no comment from take-two

the last game came out in 2013 back to you, dom >> thank you, silvana henao. on wall street, lots in store including the decision out of the federal reserve's two-day meeting with the rate decision on wednesday futures right now are weaker much so in anticipated of the meeting. we have vance howard at howard capital management vance, i don't know if this is a secret or not that the fed is raising interest rates is the market prepared and does today's market action indicate that the market is not as p prepared even though the fed will be on this path for a considerable amount of time and rates snhikes? >> dom, i had a conversation

with a business owner who owns stores in houston. she is talking about how the business is slow you want to watch them overdoing it he will hit us with 75 with this next meeting they need to take a look at it the work on the economy and if they want a soft landing, they should pace it after the next meeting. >> isn't that the big fear, vance? fighting the fed or not fighting the fed. the idea of the fear in the market right now and the fed is going to overdo it and that's why yield curve inn invest and are we doomed to be in recession in the next 6 to 12 months >> i think we are headed in that direction quickly.

there is opportunity in the market our bond portfolio is 87% cash that is how negative we are on fixed income the bond market is going lower and it will raise rates if he throws too much at it and too fast, i think we could end up having a good recession in the soft landing that we talk about may be a wishful gift we don't get. he has to be careful here. he is slowing down quite a bit i i go out to restaurants a bit. we ask how business is and it has been negative. people said it is steady and dropping off i think it is impactful. they have a chance to overdo it. >> that's a heck a lot of cash you are basically all cash what will get you to deploy? >> that is our bond portfolio.

mutual fund i manage is 87% cash the trend is clearly down. take the emotion out and look at the trend. you don't want to be 100% equity if you look at the bond market, it is terrible you know, dom, you mentioned fedex. i would caution investors taking individual stock risk right now. the volatility and uncertainty everybody is nervous any news that comes out, especially bad news with the individual stocks, they are getting beat to death. 23% in one day on fedex? that is amazing. play high dividend etf to get broad exposure playing individual stocks, i would be cautious. >> vance howard, thank you very much >> thank you, dom. you can see dow futures down 200. when we come back, president

biden doubling down on the military support for taiwan in the face of the chinese invasion reaction from beijing ahead. more on the federal reserve policy decision this week and is the central bank too far behind the curve? later, more from london and westminster where foreign leaders, royals and anticipated 1 million mourners in london gather to honor the life and legacy of queen elizabeth ii it is a very busy hour still ahead when "worldwide exchange" returns. 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.

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well come back to "worldwid exchange." a look at the dow. implied lower by 250 the s&p down 34. the nasdaq, the epicenter of weakness, you can argue. president biden doubling down on the support for taiwan especially when it comes to military experience with the invasion by china, hypothetically here is the interview on "60 minutes. >> taiwan makes their own decisions on independence. that is their decision >> would u.s. forces defend the island >> yes, if there was an unprecedented attack >> following that interview, cbs says a white house official said

the u.s. policy on taiwan has not changed. this morning, china is responding to the comments from the interview from the president. the country's foreign ministry saying it firmly opposes the remarks adding it reserves the right to take all necessary measures contessa we just want to take a moment now and take a look here at the funeral of queen elizabeth ii happening in westminster abbey. we have just seen former prime minister boris johnson arrive. he stepped aside to make way for liz truss and the queen had appointed liz truss the prime minister just two days before her passing. we are expecting the funeral to get under way and ceremony to begin in about 40 minutes from now. president biden and dr. jill biden have arrived and are now inside the abbey

wit we continue to see world leaders arrive to observe queen elizabeth's funeral. turning back to china. teams of u.s. inspectors arrive at the hong kong office of the accounting firm pwc and kpmg to review the records of u.s. listed china based companies of the according to the south china morning post the inspectors arrived earlier today. key here is the results of the inspections as the findings could determine the fate of more than 160 chinese companies that face potential de-listing from the u.s. exchanges as we get more information, we will bring that story to you. to europe now and the energy crisis france will likely start to export natural gas to germany around october 10th. according to the head of france's cre energy regulator with officials working on tariffs linked to the reverse of

flows at the border crossing technical issues there german buyers resumed request for supply on the nord stream 1 pipeline for the first time since it was shutdown three weeks ago. requests for supply are not an indication that gas is flowing through nord stream 1, but a critical first step and indication of what would happen in the future. con contessa dom, thank you here we go back to london. you see the former prime ministers like tony blair and boris johnson among the crowd of mourners today the new prime minister liz truss anticipated as well. you are seeing them walk in. procession of not only the political leaders, former and current, of the united kingdom, but from 200 countries around

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in london right now, the arrival of prime minister liz truss at westminster abbey she was appointed by the queen just two days before the queen's passing. you see her arriving right for we will keep our eye on the queen's funeral throughout the

morning. let's get a check on the headlines outside the markets outside of the queen's funeral phillip mena is in new york. >> contessa, good morning. hurricane fiona has made landfall in the dominican republic it also hit puerto rico. 1.5 millio electricity. the power company warned it could be several days before it is restored. crews are e ss ss are helps re. now to alaska hit by the strongest storm in 50 years. the storm slammed the west coast. five communities have been impacted by flooding and erosion and electrical issues. the storm is sktill lingering i the oldest rivalry in

the nfl. >> inside the 5 and the end zone >> packers found the end zone early and often against the bears. aaron jones scored twice and aaron rodgers threw for 234 yards as green bay hit chicago for the 27-10 victory. a chippy moment in new orleans with a drawl with the saints and buccaneers. evans and lattimore were ejected. from there, tampa with the 20-10 win. and cleveland browns led at the two-minute warning, but the jets soared. 22 seconds left and sealed the comeback new york stuns the crowd in cleveland 31-10. that's it from here. dom and contessa

>> we didn't talk about the miami and baltimore game i was saying to contescontessa,s is the most dramatic weeks of football in ages >> six touchdowns for tua. >> thank you very much, phillip mena digging into the tech wreck. the stocks that our next guest says are looking attractive. yes, attractive, with the down turn and these beaten up prices. we'll be right back after this break. 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.

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bracing for the fed. st stocks come off another week and another round of rate hikes for the fed. and president biden defending his administration's handling of record inflation levels his comments and why he says context is key when it comes to the inflation figures. the united kingdom and world coming together to bid final farewell to queen elizabeth ii we are live in london as the royal family and heads of state prepare for the funeral of britain's longest reigning monarch. it's monday, september 18th, 2022 you are watching "worldwide exchange" on cnbc. welcome back to "worldwide exchange." i'm dominic chu alongside

contessa brewer. as contessa pointed out, we are lower. dow down 266 points. the s&p implied lower by 36 points at opening bell nasdaq down 120 points the bond market is seeing that activity play out there as well. interest rates are on the rise in key parts of the treasury yield curve. the 10-year treasury is a hair below 3.45% the inversion is in place. let's get a check of oil prices. getting hit again. oil prices are lower west texas intermediate is d down $83.46. contessa dom, thank you let's get a check of the top stories. silvana henao is here with those. >> contessa, good morning.

president biden is attempting to down play the record high inflation in the u.s in the interview last night, the president responding to the question on the read showing inflation remains at a 40-year high saying context is key when looking at the figures >> first of all, put it in perspective. inflation rate month to month is an inch. >> you are arguing 8.3 is good news >> no, i'm not it was 8.2 before. i could say oh, it went to 8.2%. >> the highest inflation rate in 40 years >> i got that. guess where we are we're in a position where the last several months it hasn't spiked it has been basically even >> sticking with the biden administration, a group of bank

president are weighing new rules. the rules would require the firms to add cushioning in times of crisis and raising long-term debt the journal says the group includes u.s. bancorp and pnc. tesla an aiming to double its vehicle sales in germany the ev maker is looking to sell 80,000 vehicles in the country where tesla built the first factory. that figure would be up from 40,000 sold last year. dom, back to you >> silvana henao, thank you. leaders gather in london this hour for funeral services for queen elizabeth ii the united kingdom is bidding farewell to the longest reigning monarch. we have tania bryer with the

latest it will be a long morning for the royal family, tania, and the dignitaries that gathered in london >> reporter: that's right, contessa of course, the state funeral in london at westminster abbey will start at 11:00 british summertime it will finish at 12:15 and they will have a procession after that which will end 1:00, also, uk time. after that, the queen's coffin will be transported in the state hearse here to windsor windsor castle the behind me, where you can see, many members of the public are still coming to pay tribute and lay flowers here for their beloved queen at 3:06 british summertime, the queen's hearse will arrive and start procession down the walk

of windsor to st. georges' geor chapel the king and his family will head with the queen's coffin into st. georges' chapel there willcommital service. this service will last 4k congr 8 800. you will have the household past and present and prime ministers among dignitaridignitaries. the burial will be at the george vi's chapel. that will be private and for the close members of the royal family during the service, a key moment

prior to the last hymn where the crown jeweler will take the crown, orb and sceptre to mark the end of her 70-year reign. >> thank you, tania. you are seeing the queen consort in the motorcade we have seen king charles out of the car here here is catherine along with the royal family going now to westminster abbey. we did see, as i was saying, king charles and william and harry and peter phillips out of their cars and now some of the members of the royal family beginning to arrive at westminster abbey. again, this is a morning of great pomp and circumstance.

we have seen president biden and the first lady dr. jill biden arriving we have seen a parade of prime ministers from the united kingdom and the current prime minister liz truss who was appointed by the queen two days before the queen's passing you are seeing the queen's granddaughters coming in with their families this is a morning with personal grief and public grief on the part of the countries that long maintained relations in the united kingdom and whom the queen was a great friend and supporter and who spearheaded relationships going through the century or decades for generations of presidents. we see that now. quite a moment as westminster abbey is filling and the funeral

is set to begin in 20 minutes. contessa, we will continue to monitor the developments. the fed starts the two-day policy meeting tomorrow. it will release new economic forecast on wednesday at 2:00 p.m. followed by jay powell's news conferenceat 2:30 p.m. on wednesday. markets are pricing in 80% chance the fed will hike rates by 75 basis points for a third straight time. according to the cme fed watch tool months ago, the investors were worried the fed was behind the curve and not fighting inflation aggressively enough and not raising interest rates high enough now some fear the fed will push the economy into recession by tightening policy too quickly. let's bring in peter boockvar. cnbc contributor

peter, at the top of the hour, the top of the show, we spoke with vance howard. he expressed that concern that the fed is going to be the one, the entity that puts us into recession. first of all, are we in recession right now? second, if we are not in one, will the fed put us there? >> well, i think at best, the u.s. economy is flat lining. if we see modest growth in the third quarter. if you look at where third quarter gdp ends up relative to the fourth quarter of 2021, you problably see no growth will the fed put us in recession? they will when they tighten at the most aggressive pace in 40 years in response to the highest inflation in 40 years. it is impossible to avoid recession in the economic downturn it is the question to what degree and to what degree of a

slowdown will inflation make them happy >> peter, let's interrupt you quickly. we are showing the arrival of princess kate. the princess of wales, along with the queen consort camilla, along with the three children of william and kate as well >> all right we will continue to monitor that at westminster abbey peter, turning back to the fed you mentioned the idea and soft landing. it is a term that many of us outside of wall street understand the idea that the fed is trying to engineer a soft economic down turn that doesn't send shock waves and job losses through the economy. president biden last night was on "60 minutes" telling scott pelley that there is context

with inflation and it is flat lining is it safe to say inflation is in the process of peaking or has peaked already or do you need to see more >> i think it has peaked on a rate of change basis and on the good side, prices are going to be slowing down their increases. on the energy side, you cannot say confidently we have seen the peak in energy prices. after the recent fall in energy prices, they will go back higher again. i think on the year over year basis, inflation is high it is above wage growth. it is not going to be until next year that we see more broader relief on the inflation side we will probably end the year with year over year cpi growth of 6% to 6.5% which is better than what we have seen, but

still rather aggressive on the up side. >> this is a tough spot, peter you are saying we have to be vigilant on inflation and scared the fed will do too much to send the economy in recession by raising rates too much is the fed and fed chair jay powell doing the right thing by continuing this pace of interest rate hikes >> now they are doing the right thing. i think the big question after the 75 basis points this week is are they going overboard with the pace of the increase the fed funds rate was zero in the early part of the year and on wednesday, it will be 3% to 3.25% that is a quick move in a short period of time i think the fed wants it by 4% by year end. that is going to be dependent where the unemployment rate is and where cpi goes in the next

couple months. >> peter boockvar, thank you very much. these are live pictures. funeral of queen elizabeth taking place at westminster abbey. you can see the clearly behind the coffin and harry behind as well as the queen's sons the crown, orb and sceptre and flowers and greenery gathered from the queen's gardens steve sedgwick is following all of this pomp and circumstance happening in london for us this morning. steve, we're seeing the procession about to begin to westminster abbey. >> reporter: this is the shortest of three processions that we will see today it is a very, very short walk from the house of parliament,

palace of westminster where you see the live pictures from now where the queen's coffin with on the royal standard and the sceptre and orb and crown placed upon the gun carriage. it is a gun carriage used for all monarchs queen victoria and george v and george vi which was used in winston churchill's funeral. he was the queen's first prime minister what you are looking at are 142 members of the royal navy who since queen victoria's funeral at the turn of the 19th and 20th century have pulled the state gun carriage on that journey toward the state funeral as well they will be accompanied by the pipes and drums of the scottish and irish regiment

air force and the band of the royal marines who will be accompanying her majesty's coffin on a short journey from the palace of westminster to westminster abbey where they will enter the great west door the journey, as you can see, will be accompanied by key members of the royal family. you can make out clearly the duke of sussex, prince harry to his left, as you can see, we have the prince of wales, prince william. princess anne and king charles iii and princes andrew and edward >> the pulling of the casket began when queen vehictoria's

funeral. the members pulled the coffin along. that tradition has remained and that walk to westminster abbey one of the oldest parts of westminster. the last time we saw a state funeral here was that of winston churchill more than 50 years ago. now you can see the casket on the move >> you know what is interesting, contessa and steve, as we watch what is happening is the symbolism. you have the crown on top of the coffin and orb and sceptre for you who don't know as much about this, the orb and sceptre are important. they represent the monarch the orb is important because it signifies she is the head of the church of england. steve, could you give us a sense right now as americans, we have a very delineated and separation

with church and state. it is not the case in the uk what is it like morale wise for the uk citizenry because the head of the church of england is now being laid to rest as opposed to the queen of england. >> reporter: you make a good point, dom it affects the psyche of the nation one thing the queen was keen was to point out she was not only the defender of the faith and the leader of church of england, but also the defender of faiths. one thing you will see inside westminster abbey is all kinds of denominations not only with the church of england, but from different faiths and catholic church and muslim faith. other faiths are represented the queen thought it was important to be of all of them again, as we can see now, the pictures with the royal navy

carrying or pulling the state gun carriage first used at queen victoria's funeral in 1903. moving along you can hear perhaps the bands of the scottish and irish pipers huge moment. we mentioned on the program already. few people in the country have known any other monarch apart from queen elizabeth ii. she reigned for 70 years she saw over a dozen u.s. presidents and certainly a similar number of uk prime ministers. >> steve, let me point out that king charles is now marching behind the casket. we had a close-up view of him and his sister princess anne walking along with prince andrew and prince edward as well. followed by the new prince of wales william and harry and the

queen's oldest grandson. this pomp and circumstance, a fitting tribute to the monarch bri britain's longest reigning monarch. steve, this heralded in the question of the future of the nation and its relationship with other parts of the united kingdom, but with the broader world and commonwealth as well >> reporter: yeah. i think president biden put it very well that the world was a better place great britain was a better place for having had her majesty the queen. you've got to look at the magnificent life born in the '20s was the first member of the royal family to go on active duty in the armed forces at the end of the second world war. she had the opportunity with the

queen mother, queen elizabeth, to leave the shores and seek safety during the blitz. the king, her father, king george vi, wanted the family to stay close as well of course, great britain, allies, the united states, did pre prevail. only a few years after the second world war, the young princess, when she was on vacation in kenya, found out that george vi passed away in 1952 in 1953, she was crowned queen of england and thereafter, saw procession of presidents and prime ministers and starting off with winston churchill and millen, wilson, margaret thatcher over those years in 1980s and those now. blair and gordon brown and david

cameron and boris johnson and truss tru. it it is two days before her passing and she insisted on taking the resignation in person at balmoral and welcoming in liz truss. that was her last public act of service. you see the procession moving on now. you see prince harry, the duke of sussex, on the right of picture and prince of wales, prince william and king charles iii. >> steve, stay with us we do understand that futures are lower and we want to get caught up on the market day ahead. we will keep these pictures up while we're having discussion. >> let's bring in david katz and daniel flax.

david and daniel, thank you for joining us as we keep the shots up of the queen's funeral. david, i'll start with you from the macro picture. this is a time right now in the markets at a cross roads, if you will we are trying to figure out if the markets and economy is turning to the down side is this, david, a situation where we feel comfortable about investing or are we due for the down turn that we haven't seen since the depth of the pandemic? >> we think the economy is slow, but we will muddle through this. it is easy to get caught up. you need to take a 6 to 12 month t timeline we think the market will be a batch higher there would be buyers in the weakness >> daniel, one of the places hit

hard and most important from the mathematical perspective to the overall market story in america is technology and communications services the mega cap names microsoft, calphabet and tesla and others if the fed has to continue raising rates, the growth companies are maybe doomed, if you will, to under perform for some time? >> good morning, dom i see a lot of opportunity even in the face of the fed continuing to raise rates and obviously incremental and cyclical headwinds i'm focused on the innovation and growth of product cycles if you look at amazon, they have been investing throughout the pandemic they have become more valuable to customers they have a lot of growth in areas like grocery amazon web services and cloud business is healthy. nvidia, leader in ai which plays a key role in drug discovery or

fraud detection. i'll round it out with qualcomm. it has a significant turned with the automobile industry. pulling it all together, the innovation that will translate to better growth over the next one to two years will help the companies create value for customers and shareholders over that time frame. >> david, there is focus on one sector that is not technology. that is energy the reason i bring it up is we are looking at live shots right now of the queen's funeral you can argue the uk is at a cross roads with the energy picture. energy has been an out performer for some time now. would you still be investing in energy given what we are seeing across the global energy complex? >> we would not. short-term, we think energy prices could go higher and it is a problem for the world. if you take the 6 to 12 months,

there is a likelihood that energy prices will be around here or lower and we think the stocks which run up in anticipation will likely be lower for a while. we take profits in energy and redeploy in areas that have done poorly we agree on the technology companies that the other guest just mentioned financials are very good we think you can buy select industrials. we like some health care companies. the product companies rather than the drug companies at this point. >> daniel, the last word here. what is your feravorite pick wi the coverage >> dom, i like google at current levels i think core search is durable over the next two years. youtube is attractive. the google cloud platform. it is early. it is doing well there is significant opportunity. we likie google

>> thank you, david and daniel we appreciate it >> have a great day. we have now seen the coffin of queen elizabeth ii moving from the houses of parliament to westminster abbey. you are seeing it move there followed by her son, king charles iii, as well as his brothers edward and andrew and sister princess anne with prince of wales prince william. you see the movement of the coffin inside is heads of state from some 200 countries including president biden and dr. jill biden we know 1 million people are anticipated on the streets today to pause for the day of mourning a national day of holiday for

people of canada as people observe this day of mourning for queen elizabeth ii we continue to follow the story and the pictures from london we hand it over to "squawk box" now. as a business owner, your bottom line is always top of mind. 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.

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good morning it's fed week and how. investors in the wait and see mode ahead of the fmoc meeting president biden says u.s. forces would defend taiwan in the event of the chinese i invasion united kingdom and the world saying good-bye to queen elizabeth ii it is monday, september 19th,

2022 "squawk box" begins right now. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. u.s. equities this hour and after last week, a rough one where the averages were down 4% to 5%. you see the red arrows continuing this morning. no relief in sight with the dow indicated down another 2773. s&p down 36. nasdaq down 117. treasury market is looking at higher yields. 10-year treasury at 3.44%. 2-year treasury at 3.9%. getting close to the 4% leve