it is 5:00 a.m. here at cnbc global headquarters. here is the top "five@5. we begin with stocks kicking off the week in the red after the friday blowout jobs report investors are waiting for more hawkish comments from jay powell tomorrow. one bank is not waiting. goldman sachs is out with a new note over the weekend that should make at least some of the bulls happy. and breaking news. dell adds its name to the list of companies cutting jobs. the search continues for debris after the u.s. shot down a chinese spy balloon over the

weekend. what whinechina is saying over it calls an attack. breaking down the wild week in tech. the dust is settling just a bit. it is monday, february 6th, 2023 you are watching "worldwide exchange" here on cnbc good morning i'm frank holland in for brian sullivan let's kick off the week with the stock futures. u.s. stock futures are mostly in the red. you see the dow down looking like it could open up 200 points lower. nasdaq down as well. this after a lower session for stocks on friday following the blowout jobs report and renewed concerns as the fed will look for more room to run to tamp down inflation the bond market now with the 10-year treasury benchmark 3.58 we are continuing to watch this.

tech is a quarter to a third of the indices depending how you look at it and looking at energy. this morning, wti is in the red. down $73 a barrel this is about $5 lower than we started the year per barrel. brent is fractionally higher natural gas is at the lowest close since december of 2020 let's look at bitcoin and ethereum strong starts for the year bitcoin and ethereum up 35% year to date. this morning, bitcoin down below $24,000 mark which was key a couple days ago. ethereum is up .50%. let's go around the world and the global economy with red arrows overnight in asia japan is the standout. europe is getting under way. mostly lower across the board.

something we will continue to watch this morning let's get into the top stories with job cuts at big tech pippa stevens is here with more. >> dell is citing market conditions that will continue to reroa erode. the latest cuts come as pc demand continues to decline. pc sales falling 37% in the fourth quarter of last year. compared to a year ago a jury finding musk not libel in the shareholder class action lawsuit with the funding secured tweet. the unanimous verdict came after two hours of deliberation. apple is selling the latest and greatest iphones at discount

in china the china mobile is among the retailer taking more than $100 off devices in recent days the move suggests struggling demand for the handset local apple stores continue to sell the iphones at full price frank, i wish i could get $100 off my phone. >> partnershipippa, i need a nee my personal one is behind. i hope the discounts come to the u.s. pippa, see you later on. u.s. stocks pointing to a lower open goldman sachs says there is a new reason to be bullish on a note from his team following the friday blowout jobs report, quote, recent macro developments have strengthened our economic confidence to a

soft landing interesting note joining me now is gina sanchez she is our cnbc contributor. we will get to her in a moment technical difficulties we turn our attention to a story with the u.s. navy ships look for the chinese spy balloon which the u.s. shot down off the coast of south carolina. china stepping up with a formal protest after calling it overreaction we have brie jackson joining us from washington, d.c >> reporter: good morning, frank. the president's allies are praising him and critics say the administration should have shot down the surveillance balloon sooner eyes were flood to the sky on

saturday >> i ordered the pentagon to shoot it down. >> reporter: first detecting the balloon in alaska on january 28th crossing over to montana, wyoming, kansas, missouri and finally the carolinas. flying over sensitive military sites before it was blown to pieces over the atlantic ocean near myrtle beach. debris picked up and brought to shore. >> the president taking it down over atlantic is like tackling the quarterback after the game is over. >> reporter: china was testing president biden's strengths. >> the president failed that test that's dangerous for the american people. >> i would use two words in answering the gop criticisms they are premature and political. our friends are playing politics with u.s. intelligence >> reporter: officials saying the president's actions weaken

china's surveillance >> you saw great example of the cooperation with a lot of players in our government to make sure everything happened safely >> reporter: tension with china are rising following the downed spy balloon. officials in china are cri criticizing it calling it a clear overreaction on february 15th, senators are scheduled to receive a briefing on the surveillance balloon. frank. >> thank you, brie. back to the stock futures near session lows. joining me is gina sanchez great to have you here first off, let's get a sense of what we are seeing this morning. this follows the blowout jobs report on friday exceeding expectations and a few days before that with comments from jay powell interpreting the way they want. what do you make of the reaction

we are seeing following the jobs report >> i think the markets are, you know, somewhat concerned that there is more to come from powell the tuesday talk will give powell an opportunity to clarify now the jobs report came out here is the problem that i see with the jobs report the jobs report is still really impacted by the fact we had a shortage of workers. if you look at labor participation and split it up to 55 plus and 25 to 55, that 55 plus is down and is not coming back that younger cohort, now is a shortage of workers, and that shortage is keeping the jobs numbers up and employment down >> speaking of jobs, dell is the latest tech company with cuts today. how big of a factor is that for the fed and the decisions they are covering we covered that tech jobs are a small percentage of the economy, but to see this continued trend

and companies cutting jobs and reduce work force, does this impact the fed >> look, you hit the nail on the head it is a small portion of the jobs market. it will not make a blip on the radar for what the fed is looking for. the fed is looking for the blip that would throw us into a massive recession. that is my concern is that the worker shortage that i'm talking about is real. if you look at the numbers of weeks between jobs which is a better estimate of how much pain people are going through, that number is still actually low compared to the great financial crisis or to the dot-com bomb. people are finding jobs quickly. if you lose your job, you are finding another job quickly. job growth is starting to slow and that is where the fed needs to focus also on tuesday, we get consumer credit consumer credit is starting to fall we ate into all of the pandemic

savings we had we pretty much spent it and building up consumer credit levels that is starting to plateau. that is an important factor the fed needs to consider when looking at whether or not the interest rate hikes are biting >> all right gina sanchez, thank you for being here when we come back on "wex," the new ban on european crude. what this means closer to home. and the adani selloff is moving closer to home. why we should pay closer attention. and the close call on the runway and now the feds are investigating. a very busy hour on "worldwide exchange." we will return in a moment get ir business ready for anything. from verizon. ♪ at morgan stanley, we see the world with the wonder of new eyes,

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welcome back to "worldwide exchange." europe imposes a ban on russian diesel and oil products. they are trying to crimp the kremlin from invading ukraine. check out the gas oil which is lower. the contract that includes diesel is higher let's talk about this now with john kilduff our cnbc contributor john, great to have you here. >> thank you, frank. >> the russian sanctions begin today. give us a sense of the price action so far, wti is $5 a barrel lower

than the start of the year >> that is right that is because of concerns over the global economy and what the central banks are doing on the economy to slow it down. it translates to lower fuel demand or the theory goes. the situation right now is the other end of the thing is we haven't lost material of russian crude oil. you know, now we are worried about the russian fuel oil situation, but what is happening is no greater group of folks who are good at evading sanctions than all of the oil producers. iran is expert at it russia has a big ghost fleet hitting the seas the market has the sense that we have economic headwinds and continued supplies of russian fuel also, what is happening, now india has ramped up production of refiners buying super cheap

russian crude oil which is heading our way. they are supplying the world with that. it is a work around. >> the bottom line, there is not a shortage that people were expecting. people expected a shortage especially with opec plus with cuts it hasn't happened. >> it is a vulnerability i aliken it to rush hour in the lincoln tunnel tons of them one accident and be it is a nightmare. that is what the oil markets is doing on pins and needles. if we have an accident and lose supply, then prices are vulnerable to go higher. right now, as long as things stay acquiacquiescent, we are o >> i want to stay with your metaphor here. if we don't have an accident, then lunar new year and we

haven't seen it. how big a factor in q1 with the reopening of china be? >> i think the fears overstated for now. there was an epic traffic jam coming back from lunar new year if you believe the pictures from beijing. that is not jumping off the chart at me. gasoline demand here for example has been recession like. although miles driven have picked up. we have seen a lag in the rebound in global petroleum. >> how big of the impact have on continued oil demand for the rest of the year >> big if they come to take a club to the market and economy and slow it down and the last jobs report on friday was a negative for oil. usually strong employment is strong gas demand. if this is a quiver in powell's

quiver, it is a head wind big time that will engineer lower oil prices. >> john kilduff, i appreciate it everybody in the united states is watching because of the gas prices hits your pockets appreciate it, john. the eu and g7 with exports on russian oil, but so far the nuclear power industry has been left out a ban on uranium has been discussed, but never formally proposed could that change in the near future pippa joins us now >> multiple rounds have yet to target the uranium industry. russia is a key player supplying 31% of the uranium in 2021 and 28% of the u.s this week the house energy and commerce committee is considering a bill that would ban russian uranium imports. a waiver process would be in

place through 2028 this is not the first proposal with prior bills failing to gain bipartisan support as the war wages on, utilities are self sanctioning the nuclear energy institute noted that the utilities are taking delivery of russian uranium under prior contracts. they have not entered new contracts since the war began. he added there is a chance that russian supply cuts off exports meaning utilities are trying to diversify supply chains. frank, nuclear power is 19% of the u.s. grid. there really is no easy substitution >> a percentage, pippa amid the global systems like oil and gas spike and then come back down to earth. how do stocks perp -- perform? >> both are up double digits

this year. and asset management manager told me he thinks the weakness from the end of last year was due to investors sitting on the sidelines and saying what will chairman powell do next. he said he has seen an increase this year. i think this is within the context of moving away from russian energy and nations look to secure their energy independence and security, nuclear power has had this renaissance in the past year with that back drop, as we keep reactors online for longer and the country's pledge to build new, there is a small supply of stock. we will need more uranium and longer >> pippa, thank you. still ahead on "worldwide exchange," we have mark hmahane

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welcome back to "worldwide exchange." let's get a check of the headlines with phillip mena in new york >> frank, good morning a 7.8 magnitude earthquake hit turkey and syria more than 1,300 people have died so far a search for survivors is under

way. > in northwest syria, the civil defense called it disastrous they are urging people to gather in open areas. after four years and one series win, kyrie irving is moving on from the nets. he was traded from brooklyn to the mavericks after asking for a trade last week. the trade has not been officially announced, the spokesperson for irving confirmed to nbc news he has been dealt to the mavs. beyonce is not just breaking souls, but smashing records. she made history at the grammys. picking up her 32nd award. the accolades add up for viola davis. she scored the egot. emmy, grammy, oscar and tony after winning best audio book for "finding me.

viola davis is the 18th person ever for the egot. >> just 18 incredible getting awards from the organizations. congratulations to her phillip, good to see you >> likewise. coming up on "worldwide exchange," the nissan and renault stake for 15%. you see shares of renault down 1% we are back right after this

stocks under pressure to start the week as investors digest the wild week for tech earnings it was with the friday's jobs report. dell cutting staff in 2023 an omen of more to come? and the adani selloff continues. why u.s. investors should pay close attention to the mess. it is monday, february 6th, 2023 you are watching "worldwide exchange" here on cnbc welcome back i'm frank holland in for brian sullivan 5:30 a.m. on the east coast. stocks are shaping up in red dow could open up 200 points lower. nasdaq is down 1%.

what a week we are coming off of with a mixed week on wall street nasdaq ending higher by 3% the fifth straight winning week. the first time since november of 2 2021 align and amd higher and dow trans ports were higher. we are waiting for the chart to change best week since november we are talking old dmominion wih the surprise paying attention to the bond market we are watching the 10-year treasury at 3.61 just a couple basis points higher than a week ago we have the inverted yield curve. the 2-year treasury at 4.4 we want to hit oil we are watching it we had john kilduff on a moment ago. $6 a barrel lower.

wti is up .50% early trading still. both wti and ice brent crude coming off the lowest close since early january. the import restrictions went into effect in europe over the weekend. we will see what the impact that ban will have. time for the big money movers the making of the merger monday. pippa is back with that. >> frank, merger monday is right. let's start with public storage with $11 billion unsolicited offer for life storage after the early bid was rejected according to the wall street journal which said public storage sent a letter to the life storage management yesterday with the details of the all stock proposal the deal is valued at $15 billion, including debt. the world's largest gold producer looking to buy up

australia's newcrest mining for $17 billion. that would be one of the biggest deals for global gold miner on record this deal comes as gold prices have a sustained period of strength since 2020 and tesla is hiking prices for its model y long-range and model y performance by $1,000 in the u.s. this after the government friday raised the ceiling on the price of crossover electric vehicles that are eligible for federal tax credits. this marks the second increase in prices for long-range models over the past two weeks. both models are still between 15% and 17% cheaper than before tesla slashed prices last month. a lot of things to track >> a lot of people hoping the price cuts to the u.s. and deeper

looking to save. pippa, thank you. it has been a wild few weeks for mega cap tech. nasdaq up nearly 15% this year after wrapping the fifth week of gains on friday. this following a busy week of earnings from meta out performing soaring 23% in its third best week ever that not far behind amazon and alphabet shares of apple turned around for the week with a 6% gain despite the drop of revenue. let's talk more about the road ahead with tech with mark maha new mahaney and alex kantrowitz. mark, does apple and amazon and alphabet change your view for

the long term or the rest of the quarter? >> we thought we would begin the year with the assets de-risked with the multiples and estimates and cost actions a nice way of saying job cuts. fundamentals across the board weaken revenue growth rates accelerated or turned negative that was finally estimated in and priced in after a year of aggressive prices estimate cuts and year of multiples. the sector became more invein investable because the estimates have been cut enough and the multiples had been brought down enough the year to date gains we have seen will probably be sustainable. >> any ratings changes for you, isn't that correct are they the same before earnings >> i tend to see price targets

on these i don't cover apple. my big group is meta not because of growth, but valuation is cheapest. 14 times earnings. they have taken aggressive steps in reducing employees. there is also the factor that they are likely to grow with ad revenue faster than google the set up is more reasonable to me given the steps they had taken and headwinds are not as strong as google with what they faced last year. we continue to have an out perform on meta, google and aea amazon >> alex, the year of efficiency. that seemed to resonate with investors. what do you think of the year of efficiency with meta what does it mean for broughtbr

tech >> it is mark zuckerberg showing he is the best ceo in tech right now. pro promising he will deliver what the market wants meta really did not slow down spending the company still spent $4 billion on meta. he spent $12 billion for the year he is not pulling back that much on spending, of course there were layoffs what they wabnted to hear is thy are listening. zuckerberg had the commitment to continue spending and losing money without regard for the market by saying this is the year of efficiency, mark zuckerberg finally said i'm paying attention. i know what you want i'll give it to you. the rest of the tech ceos would do well to follow suit with the message. if the business results are not the same. >> one thing i want to touch on is the nasdaq down 1% in

pre-market a lot of fear the fed will do more tightening. what does friday's jobs report mean for tech? the job total is three or four times higher than people expected mark >> the biggest headwind facing tech is the aggressively rising interest rates we went through several years of super easy money and a decade of easy money when you have rates go parabolic of zero to 4.5%, that is a massive change that change is not as massive going forward and the market is waiting for the interest rates growth to moderate and come back down all of that will be a shift from aggressive growth to moderating growth to eventual stabilization and decline. that is a fundamental positive

for mega cap tech. particularly speculative tech. those who don't have earnings until several years out. those are valuations that got crushed. mega cap tech is less impacted by that. it is not the gale headwind. >> i want to ask, alex, dell announcing job cuts. latest tech company to do so shares down .50% in the pre-market we will have to see if that changes. when they announce work for reductions, they see a pop in the stock. do you see that trend continuing with mega cap? >> yes, but more muted we have gone through the pain for tech already we are already seeing tech on the rebound. the conditions are starting to make sense for tech in the way they wouldn't before with the fed tailing off on interest rates. now there is a bit of predictability in the market which allows the market to come

back to the names. we see the pops on the layoffs is because we are in an uncertain moment we have no way of knowing when the rates would tail off and the companies cutting costs were a signifial of we are there with . now we see the stocks come back with the uncertain times the moves are not as meaningful as before. that is what you are seeing with dell today. >> mark and alex, thank you for the insight. great to have you both here. turning attention to another story we are watching closely and that is the ongoing selloff of shares and companies owned by adani. it has shed more than $100 billion of market value in the last two weeks following the short seller report from hindenberg research. there are piling pressures on

narendra modi. seema mody is here now with the impact for u.s. investors. good morning, seema. >> good morning, frank adani group decline and the allegations of fraud has undermined confidence in the country after two years of out performing global markets. the $5 billion etf lagging the emerging market peers by a wide margin the adani stocks are now the worst listed in the asian etf. foreign investors pump ed in $2 billion in chinese equities a and taiwan and korea india has seen outflows. the cio of lafayette university's $1 billion endowment says the allegations and lack of response from the indian government has weighed on sentiment and it is important for emerging market investors to get selective.

cnbc analyzed the stocks with the 5% with the ticker epi as tracks the index with less than 1% exposure. there is a sector specific etf the financials and consumer india etf with zero exposure there is a way to play the markets in india with limiting exposure to adani. it is seeking feedback on the adani group and securities no plans to de-list. so far, it has not reached out for adani investors. frank. >> are we expecting to hear anything this week >> reporter: he did break his silence last week since the hindenberg report came out the statement to the media expressing confidence in his

company and trying to make the point that his books are clean that message did not seem to resonate with investors as we watched shares of adani continue to move lower. now down 60% year to date. as you pointed out, adani himself lost $100 billion of wealth in that time. what investors want to hear is any plans to de-leverage announcing to pay back $1.1 billion of loans before the 2024 maturity date. any plans to do more we are looking at the other seven listed companies the other question is for the banks. adani has $40 billion of debt. h held by indian banks frank. >> a lot to follow seema mody with the latest. coming up here on "worldwide exchange," tax season is under way and there is one thorn in the side for many, the s.a.l.t.

ta we have robert frank with that story. stay with us

welcome back tax season gets under way and one is a thorn in the side of many the s.a.l.t. tax one group of americans found a way to make it disappear robert frank is here with more this is one you want to hear >> they do, frank.

you are right. the $10,000 cap on state and local tax deductions does not expire until 2025. a growing number of taxpayers are getting around with a loophole the pass through entity tax. allows owners of pass through of s-corps to get a full and state deduction of the business tax. the biggest beneficiaries are private equity partners and lawyers and doctors and car dealers. critics say this is unfair and expensive. the policy center says taxpayers in new york and california have channelled $40 billion of income through the loophole daniel hemmel estimates the federal government will lose $50 billion of revenue by 2025 because of the loophole. with most benefits going to those earning $1 million of more

of income. this practice is a scandal and the irs should rule it illegal the biden administration, he says, notwithstanding the commitment to tax fairness has acquiesced the give away to the rich new york state allowed it this month become the municipality to approach the work around in new york city. they have tried to get rid of s.a.l.t. any time soon. >> is there any movement in congress to change >> not in congress last year, the democrats tried to get rid of the s.a.l.t. cap or raise it to $25,000 that was unsuccessful. republicans have no impetus to do this. it is up to the irs and new commissioner to rule this to be illegal. the previous irs commissioner in 2020 approved it he blessed it and that is why

all of these states, once it was blessed by the irs have come on board. >> robert, i'm seeing the rush of people to go to file an llc great to have you here. >> it is happening. >> i believe it. frank, the frank podcast going robert, great report as we head to break, during february, we celebrate black heritage with stories of the cnbc teammates here is 15% pledge founder >> i launched my brand in 2013 with one simple goal supporting african art launched at $3,500 at the flea market in new york city and have gone on to sell millions of dollars of shoes in the wake of george floyd's murder, it occurred how little access my peers had.

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♪♪ i was having relationship issues with my old bank. it was just take, take, take. so i moved to sofi checking and savings. get up to 3.75% interest, and earn up to $250 when you set up direct deposit. sofi. get your money right. welcome back time for the "wex wrap-up. u.s. coast guard is looking for remnants of the balloon shot down on the coast of south carolina breaking news. dell says it is eliminating more than 6,000 jobs citing market conditions with an uncertain

future the u.s. donor network led by charles koch will oppose the trump nomination trump launched his campaign in november. and carlyle group is naming harvey schwartz as the ceo it is expected to be official as of this morning. and apple is selling the greatest iphone at a discount in china. china mobile is taking more than $100 off the devices the national transportation safety board is reviewing two yets which came within 1,000 feet of one another in texas the faa is lookingtaking a look. we are awaiting earnings from taketwo and pinterest we are watching the bankruptcy hearing from ftx that starts at 9:30 a.m we have a conversation with jay

powell and david rubenstein in washington, d.c. and the state of the union address before congress happening this week on wednesday, uber and walt disney reports and awaiting weekly mortgage application numbers. on thursday, credit suisse and lyft is expected to report let's discuss this and what it means for the markets with victoria greene. founding partner and cio and cnbc contributor >> thanks, frank >> we are sandwiched with the blowout jobs report on friday and getting jay powell speaking again tomorrow following his comments just last week. what do you think we see this morning and what do you expect for the day? >> the markets are expecting powell to be hawkish the way the markets reacted to wednesday after the fed rate decision was dovish and bullish.

it is all risk on. i would not be surprised to see him come out hawkish and walk back the expectations. every sing tle time he does thi he has to walk it back disinflation is not the end of the rate hikes and higher for longer the markets don't believe it i think the action today is a little bit of risk off we have seen the markets run up hard in january and ran up the first part of last week, especially post-fed. everybody is remembering the risk out there and we could see a selloff. >> we are talking about jay powell and jobs report hard to remember earnings left with reports this week give us a sense of the stocks that are reporting this week and how you see the reports impacting the price action going forward. >> sure. one we like is on semi they are looking to make that 765% i think they missed the pc

slowdown pcs are still in a world of hurt they are a leader in the chip which is different from the regular silicone can chip. it does better i like this company. i think they will grow their margins and avoiding the worst parts of the semi slowdowns. it has had a good run up of 30% this year, but i have faith it made money and it will make us more money coming in the next quarter. another one i do like is chipotle one of my favorite stocks. they are so innovative and digital forward. last quarter, 37% of sales still came from digital apps one of the only ones that managed to hold on to the digital revolution we saw during the pandemic they are good with the drive-thrus and innovative with the menu they have done a good job of controlling costs. they raised prices 13% they are a well run, nimble

company. >> i noticed the price hikes at chipotle i'm a fan of the burritos and things we are seeing another trend which is people returning back to work. how much with the thesis of chipotle is people going back to the office and not impacted by the price hikes because i'm at the office i have to eat somewhere. >> that is a trend you see that in the city centers where people have to get out of the home and you have to meal prep i'm too lazy to get the meal prep done. i can't do it sunday nights. you can see the boost of the returning work force especially to the urban areas chipotle does a good job of positioning their stores and some of the stores are tdigital like a store front they are not meant for dine-in they are meant for lunch on the run. they do a good job of positioning stores in a way for

diverse of dine in or carry out. >> using an app is a lot easier. i want to talk about chips on was one of your picks are you bullish or not so bullish? we keep think we see the bottom with chips and there is another knock. >> i think all of this is almost a read on what is happening with the markets. we had the big run up in the stocks and nvidia. now we're still stuck. intel is not so great. this year is a referendum, or this week, with more earnings. it will be a referendum on the state of the union the pc market is so slow and that will continue to drag on pc focus and instead of the industrial or technology on that side. >> speaking of the pc slowdown, i want to get your take. we have to let you go in a second on the dell job cuts today, that is a big trend with companies.

you cut jobs and stock price jumps. what is the take on the dell job cuts in general, what do you think that means about the broader tech sector? >> tech is still under pressure. the markets love it when the ceo makes job cuts that is protecting margins that is the thing to tighten their belt they didn't like the expansion after 2020 so much pulled forward after 2020 and they staffed up too fast amazon and microsoft any of the guys. this is fiscal discipline and the market likes that right now. >> victoria greene, thank you. before we end, one more look at futures in the red following the jobs report on friday. we are looking at the dow which could open up 250 points lower at this moment nasdaq more than 1% lower. let's look at the laggards on the nasdaq paypal down 3%

and jd.com we mentioned them selling cheaper iphones down 2.5%. that is it for "worldwide exchange." "squawk box" is coming up next thanks for watching. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones i screwed up. mhm. i'm so glad we did this. i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud.

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good morning a busy week on wall sdrtreet ahead. we get you ready for the slate of earnings. and president biden's message to the economy in state of the union. and dell is the latest to cut jobs details ahead. and elon musk not responsible for the losses related to the funding secured tweet. it is monday, february 6th, 2023 "squawk box" begins 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 along with joe kernen and andrew ross sorkin. let's take a look at what is happening with the u.s. equities last week was not a great one for the markets. s&p was down by 1.6% the nasdaq off 3.3%. you are still talking about great gains we have seen for the first month of the year. if you look this morning, there are red arrows dow futures down 244 points. the nasdaq indicated off 135 the s&p indicated down by 37 points this comes as you are looking at higher treasury yields as well all of this happening after that much stronger than anticipated jobs picture friday. good new