it is 5:00 a.m. at cnbc global headquarters and 5:00 a.m. at the nation's capital. here is the "five@5." the fed heninting at a hike befe the year's end. the fed not the only game in town and investors await the latest from the bank of england and a decision from other european central bank. ipo rush looking more like a crawl after instacart looking to set the post-debut slide.

there are hopes of a deal today for the writers strike. and shares set to spike at the open for fedex. it is september 21st, 2023. you are watching "worldwide exchange" here on cnbc. good morning. welcome to "worldwide exchange." i'll frank hoho home frank holland -- i'm frank holland coming to you live from washington, d.c. it is all happening here. let's kickoff with the check of the u.s. stock futures after the fed is keeping the campaign hiking on hold and maintaining the central bank has a long way to go to reach the target. futures are in the red. the dow opening up 100 points lower.

nasdaq and s&p lower. we are checking the bond market. yields on the 10-year treasury and 5-year note are pulling back. right now, brent crude is moving lower right now. impacted by the rate hikes by the fed here in the united states. natural gas is ticking up .50% higher. we are checking the asian action right now. hong kong losing 1%. the nikkei is down 1.5%. europe is following the lead in asia. we are seeing the cac 40 is down more than 1%. we have more on the global story coming up later this hour. wall street is digesting the latest monetary policy decision where the fed held interest

rates steady. it indicated potential for another hike by the end of the year. interest rate traders are pricing in a 20% chance of a 25-basis point hike in november and 40% chance of a hike in december. chairman powell tempering expectations of two more pauses before the end of the year. >> the fact we decided to maintain doesn't mean we decided we have or have not reached that stance of monetary policy we're seeking. if you look at the s&p as you will have done, the majority believe it is more likely than not that it will be appropriate for us to raise rates one more time in the proper remaining meetings. >> let's talk about this and what it means for the markets and your money with jay wood and janet moi.

great to have you both here. good morning. >> good morning. >> good morning. >> jay, i'll start off with you. it doesn't look like the markets priced in the idea of another hike later this year. i know people thought we would see the end of the rate hiking cy cycle. does this change your view from now until the end of the year? >> it gives me reason to be more cautious and carefully was his word of the day yesterday. he did not say anything larming. t alarming. the alarming thing for me is the dot plots. six months ago, it was 4.6%. we are talking higher for longer. and the spike with the 2 and the 10. that is tis troublesome. it would be a rough few weeks. >> janet, a bit of a surprise to

the markets. it is a shock. dow down 100 points in the pre-market. nasdaq is down 1%. has this thrown out what everybody thought the end of the year would look like or do you believe this rally can continue? >> i agree with jay. we have been focused on the equity decision. the dot plot validates that. i'm surprised by the fact they took to rate cuts next year. i think this is confirmation we will see higher for longer and it will put more pressure on the economy he eveesse eventually. i think that higher for longer puts more pressure up in 2024. >> jay, back to you. one of the big take aways from

yesterday is the neutral rate might change from basically 2.5% to 3%. does that change your longer term view of the markets? i know you advise clients and we have a lot of long-term investors in the market. does that change your view? >> it doesn't change my l long-term outlook. it changes where you want to focus on where you want to put money to work right now. i think consumer staples are a safer play. if you are a little skittish, they have a lot to reverse and a lot of stocks within the sectors that are beaten down. general mills has a nice dividend or go to the strength of p&g and costco which reports next week. it will not change my overall

narrative. tech has had a nice run. it will pull back. i don't think it will be drastic, but i don't think we'll see the rise that we've seen in the first the half of 2023 continue into 2024. >> jay, i want to ask about the consumer staples play. you say it is about dividends, but bond yields gives tradition to the dividend paying stock. >> it sure does. you have options to put money away for safer plays. my focus is on equities. when i'm talking about where you want to go and rotate, right now, at this time, that's where you want to be. overall, i'm not worried that the market is going to be beaten down dramatically. i think the run that we had is on pause. we always focus on the magnificent seven. we ask about it all the time.

it is all people want to talk about. i think that is going to be impacted by this more than anything. i think staples, boring stocks, if you will, is the safer play. >> janet, i want to ask you, jay is seeing a buying opportunity with staples. there are certain sectors which are more attractive now we're in the higher for longer environment? >> i do think so. i think it is important to diversify your portfolio. there is a case for bonds in the higher for longer. in the case of the energy price volatility and we think it will be with us for a while with supplies being tight and the energy sector trading at a steeper discount. in the higher for longer environment, you want to unload duration as a hedge. i think the energy sector could be a good hedge for the

portfolio when you have other risks in the portfolio which are exposed to high growth and high duration. >> jay, coming back to you. jay made it clear that the outlook for cuts has changed. do you still believe you will see cuts for next year? >> i think we will see cuts next year. the one thing i was concerned about is the need to cut so soon. that would throw off his narrative that they have been getting this soft landing. something changed and we have to cut rates quickly. i like the pause. i like to continue to see a pause and him go carefully and digest the data. cut at end of the first quarter next year. that would be the soft landing ideal scenario. you know, the higher for longer is going to really stunt high growth names. that's the concern. that's why i think you have to rotate.

i believe energy is great sector to be in. it has been the hottest sector the last three months. >> the nasdaq is the hottest hit. janet, do you believe we will see a cut next year? the thesis about what is going to happen ands thaand has it chr you? >> we see a cut by the time we have been in the recession. i think the fact we are reluctant to cut the first time we see economic weakness. i think the risk of recession is still pretty high in 2024. i think that doesn't change your view of the cautious stance on our risk positioning and on the macro economy in general. i think we just have to keep your cautious stance and we have a preference over bond particularly uk bonds at the shorter end of the trading side.

we will get the bank of england decision today, so we will see how it plays out. >> you want to continue being cautious. did you always believe there was a solid chance of recession next year or the chance has increased dra matically because of this? >> i think we had some great times and we are having a natural pullback. as far as equities go, we think it continues. if we break 4,200 in the s&p, i'll come back and you will hear a different tune from me. right now, we are seeing tech slowdown and other sectors lift. financials are getting a lift as well. visa and mastercard look tremendous to me. i still think there are opportunities in equities. i think these are normal pullbacks. i think with one pause and

another 25-point hike could lead us higher by the end of the year. i'm not too concerned. >> jay woods and janet mui, thank you. time for a check of the top corporate stories with silvana henao. silvana, good morning. >> frank, good morning. let's kickoff with the developing story and one that is 143 days in the making. sources tell cnbc that writers are in a deal to end the strike after face-to-face meetings yesterday. according to people close to the talks, both sides are set to meetagain today to finalize a deal, but if they fail to do so, sources say the strike could last through the end of the year. sticking with labor talks. gm has idled a plant in kansas city and laid off 2,000 workers blaming negative ripple effects

from uaw workers at the missouri plant. the move by gm follows similar moves from ford and stellantis since the strikes began friday. now this as stellantis delivered a new proposal to the uaw yesterday. one union leaders are reviewing. the detroit's big three have until noon tomorrow to make serious progress before the uaw expands walkouts. shares of fedex are popping in the pre-market. up 5% now. the company topping eps estimates and raising full-year forecast despite what executives expect what is a muted peak holiday season. fedex stating the mergers with the ground units for the driver to the margins. the ceo adding the company is well positioned to deliver

profitability as it becomes more flexible, efficient and data d driven. fr frank. >> silvana, thank you. more to come here on "worldwide exchange," including the one word that investors have to know today. first, why global investors are looking to more than just the fed when it comes to rate sensitive sectors. we have a check from our friends in europe coming up. the ipo rush looking more like a crawl. pushing investor appetite for new stock to its limit. later on, disney's direction when it comes to the quote culture wars." hweave a very busy hour when "worldwide exchange" returns live from d.c. and grit in the w. ...can't overcome the boundaries we face. ( ♪♪ ) so morgan stanley is partnering with the women's tennis association to remove them.

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welcome back to "worldwide exchange" in d.c. the federal reserve not the only game in town with central bank decisions. in europe, they are calling it super thursday with rate calls. we are waiting on one more. joumanna bercetche is in the london newsroom with the look. joumanna. >> that's it, frank. super thursday. lots of central bank decisions to get through. let's recap. swedish bank and norway bank delivered .25 point hikes. the swiss national bank is ahead

of the local one from the bank of england decision with the money markets split on what to expect. of course, yesterday was a key determining of what the bank would do with the uk data inflation surprise to the down side. the markets started dialing back what the bank of england may do. the market is now 50/50 on whether they go for a 25-point hike. all trading under water. the ftse 100 is down .60%. cac 40 in france is down 1.2%. luxury is under selling pressure. ftse mib is selling off as well. in terms of asian markets. hang seng down 1.3%. again, taking inspiration from the price action on wall street. the hawkish interpretation from

the fed today. nikkei down 1.4%. the chip makers are coming down in trade today. that is having an impact on the tech stocks in the nikkei. frank, we are not done with the decisions. we have the bank of japan decision tomorrow. they may surprise hawkishly, too. we are keeping a close eye. >> a lot to watch with the central banks. joumanna bercetche, thank you. let's stick with the global picture and head to frankfurt where annette weisbach wrapped up one of the big interviews with the ceo of commerzbank. >> reporter: shares are up by more than 23% since a year's

time. at the same time, they have the fintechs on the ground which play a dominant role in the general german sector. that puts them into a worse situation than the u.s. peers. the mood is rather sober and the outlook is not great. the watch dog president is warning that the next year is tough for the banking industry. they need to invest in digitalization and to make the house sound against cyber attacks especially from russia. it is a mixed picture. on top of that, the german economy is challenging. we are talking about this being the sick man of europe again. that is a topic which i tackled with the ceo. take a listen to what manfred

knof said over the situation. >> i still believe into the power of the german economy and german sme. there will be a way out. i think the situation is no doubt challenging, but not hopeless. we have the energy and power to find the solution. >> what he is calling for is another act or regulatory or stability pact from the german government. >> reporter: they need to enact tougher or better rules for energy, but also for digitalization to prevent the german economy falling behind the industrialized nations. >> annette, thank you. coming up here on "worldwide exchange," bernstein will layout the bull case for fedex after the latest earnings beat. first, a look at the retail

numbers. today's number is 4%. that's the increase of consumer spending over the last year. bank of america says it is hard to see a u.s. recession as the great american consumer just keeps spending and spending. we have more "rlidwodwe exchange" coming back right after this. ♪ (captivating music) ♪ (♪♪) the first law of thermodynamics states that energy cannot be created or destroyed. (♪♪) but it can be passed on to the next generation. (♪♪)

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(bobby) my store and my design business? we're exploding. but my old internet, was not letting me run the show. so, we switched to verizon business internet. they have business grade internet, nationwide. (vo) make the switch. it's your business. it's your verizon. welcome back to "worldwide exchange." time for the big money movers. we start off with shares of

klaviyo. the open was 22% higher before ending the day with a 9% gain. it priced at $30 a piece on tuesday for each share. those shares are down 2% in the pre-market. we will stick with the ipo train. instacart closing down 11% yesterday after the gains on the monday nasdaq debut. it is trading below the price of $30 a share. it is down 1.5% right now. shares of kb home is hiking forecast for the year and reporting steady demand in the face of rising mortgage rates. even with the losses, the shares are down 2%. shares are up more than 49% for the year. let's check on the headlines outside of the markets and your

money. jessica layton is in new york with the latest. >> good morning, frank. the president of ukraine is heading to the national capital today ahead of the meeting with president biden at the white house. this afternoon, volodymyr zelenskyy will meet with lloyd austin and other members of the senate at the front the issue of support for ukraine as the war with russia is entering the 19th month. the biden administration is urging congress to approve more military aid for ukraine. as covid cases rise, at home tests will be available to you. you can order four free tests per household. covidtest.gov will reopen on september 25th. and simone biles is on the team to compete in belgium next mo month.

it is the sixth world championships for biles. simone biles did tell "today" that she is aiming for paris in 2024. i know our fingers are crossed for her. >> exciting return. jessica, great to see you. straight ahead, alexa is getting smarter as amazon is bringing a.i. into the suite. and join us for delivering alpha. scan the qr code or do to cnbcevents.com to sign up. i'll be there and hope to see you there. more "with -- "worldwide exchange" is coming up after this. absolutely. can we provide health care virtually anywhere?

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it's 5:30 a.m. in washington and there's more ahead here on "worldwide exchange." higher for longer. jay powell signaling a careful approach to the central bank interest rate strategy. not giving up. speaker mccarthy vowing to lock in the votes needed to pass the bill with days before the deadline. and shares of fedex getting a pop on the back of quarterly results as the shipping giant capitalizes on the struggles by

rivals. it is thursday, september 21st, 2023 and you are watching "worldwide exchange" here on cnbc. good morning. welcome to "worldwide exchange." i'm frank holland coming to you live from the washington, d.c. bureau. this has become the center of attention for wall street for the looming federal government shutdown. with that in mind, let's check on the u.s. stock futures after the fed's decision to pause the rate hiking campaign for now. looking at futures which are under pressure. dow is opening up 100 points lower. nasdaq down .50% in the pre-market. chairman jay powell stressing the central bank has a long way to go in the fight against inflation. >> inflation is moderated somewhat since the middle of last year. longer term expectations appear to remain well anchored.

the process mof getting inflatin down to 2% has a long way to go. the majority of participants believe it is more likely than not that it will be appropriate to raise rates one more time in the two remaining meetings this year. >> look at the bond market on the back of that fed decision. looking at the yields in the 5 and 10 at the highest level since 2007. the 2-year trading at the highest since 2006. and the fed indicated higher for longer and wti at $88.81. similar for brent crude at $92. natural gas is higher right now. let check on the top corporate stories with silvana henao. silvana. >> frank, disney ceo is vowing the company plans to quiet the

noise with the culture war which pitted the company against political leaders. that statement by bob iger coming as part of the analyst report. disney found itself caught in the issue with the governor over the schools teaching sexual orientation and gender. that is moving into the fight around the florida theme park. mgm hotels and casinos are mostly back to normal operations after the cyber attacks. it is working at the can sino a the mgm hotels. it will issue physical keys to the guests for time being. toshiba's more than 70-year run as a publicly traded company is coming to aen end.

the company concluding the $13 billion buyout offer from private equity firm japan industrial. it is said to be de-listed as early as december. frank. >> silvana, thank you. turning attention to the latest on the fight for a deal to fund the federal government. kevin mccarthy vowing to get a bill done with a week to do so. emily wilkins has the latest. >> reporter: good morning, frank. republicans did make some progress last night on the plan to fund the government, but with ten days left to negotiate, congress is on track for a shutdown at this point. on the new plan, lawmakers would spend $1.5 trillion. a reduction from the deal earlier this summer.

a short-term spending bill, one that will go to october 31st would reduce spending further and include border security provisions and creating a commission to deal with the growing debt. the new agreement has switched some opponents to supporters, but it is still not clear this has enough votes to pass the house. it definitely can't pass the senate and there is not more time to negotiate something to be approved by both chambers. andy barr said his party is focused on negotiating on spending cuts and border security. >> what people really want to do is reduce spending and send a border security bill in the interim while we continue to work on the appropriations. >> reporter: further complicating the debate with government funding is the debate

whether or not to give additional aid to ukraine. volodymyr zelenskyy is on the hill today to meet with lawmakers. frank, it is not clear if he will get the funding he is requesting. >> it is not clear to get a deal done to fund the federal government. emily, the clock is ticking. what should we expect today? >> reporter: today, we're going to see a vote on the department of defense. remember there was the procedure rule on tuesday. mccarthy put it on the floor and a number of his republicans blocked progress from moving forward. lawmakers last night said they would come to agreement on that. frank, that is the long-term spending bill. the question is very much on the short-term because there is no way at this point to get the long-term deal done. the question is can they get something agreed to by midnight of october 1st. otherwise, we were going to go into a shutdown. >> emily, thank you very much.

emily wilkins live in det.c. time for the money movers. fedex popping in the pre-market after raising the full-year guidance the company is in the process of merging the ground and express units to save approximately $4 billion and leads to a boost in margins. the ceo sounding optimistic about the restructuring plans. it raised the bottom line because fedex is expecting a muted holiday season. joining me for a deeper dive in the quarter is the steenenior analyst at bernstein. >> good morning, frank. >> stocks up in the pre-market up 5% right now. what was your take on what you

heard? did it change your rating for fedex? >> we did take a target up on the strength of the ground results. you know, a lot of talk in the headlines how fedex benefitted from the share take from the u.p.s. and yellow bankruptcy. they really delivered 400 basis points of margin without the operating leverage. truck rates are cheaper and they are capturing some of the pricing gains and drop the rates down to the bottom line. >> a huge beat with the margin for the ground division. 8.5% a year ago and boosted above 13% this year. was this also a read on the transformation effort?

>> it certainly points in the right direction . the long-term integration of the business is a multi-year story. this is the company focusing on execution ahead of the merger of the back office and physical integration which they are doing a little bit at the margin. 25 markets from whetat wie understand. the full integration benefit is a two or three-year story. this is the company getting back to basics and putting in cost con ttrols and getting their ar around the productivity metrics. >> i want to ask you about something. you seem to minimize this a bit. business winds of the u.p.s. negotiations and yellow bankruptcy. 400,000 packages a day from

u.p.s. 5,000 loads from yellow. it is not that big of a deal, but is this sustainable? do they hold on long term? >> it is a big deal, but at the end of the day, this is a cyclical company. ground volumes were up 20 basis points. the volume coming over did not drive the out performance. it was cost control on the ground business. cost per piece was down 2%. the first time it was down in four or five years. i don't necessarily think it hurt them. what is more important about the fedex story is this is a business where they take structure costs out at a weak point in the freight cycle. that fright cycle starts to improve and the bar for operating leverage is lower

which implies the other side. >> far out performing u.p.s. year to date. what is outlook for the year with fedex stock and competition with u.p.s.? do you think we will see a raise in guidance? >> management has had some false starts in the past around setting targets and resetting them. i think they are taking the win. they raised the comps. i think by raising the lower end of the guidance range for the first quarter gives them room later in the year to raise. based on the strength of the ground margin, if they continue to drive year over year, in the weaker holiday season, you will see that number move up. we took our number up to 19.25 which is full 75 cents ahead of the top end of the range.

i think they are being conservative because they don't need to put a big number out there. the numbers speak for themselves. the quality of the margin gain on ground is giving us attention. >> you and i were in memphis for the first investor day after he took over. a lot going on since then. dave vernon, great to see you. coming up on "worldwide exchange," the key central bank decisions taking place this morning. before we head to break, top trending stories. it may not be the sunshine state, but it is shining bright. utah is ranking as the happiest state on the wallethub list. work environment and community. hawaii, maryland, minnesota and new jersey rounding out the top

five. alexa is getting a makeover. the company revealing a smarter version of the voice assistant powered by a.i. alexa will have a human-like voice to have more natural conversations and learning about users with each interaction. mcdonald's is bringing back the spicey chicken mcnuggets. many call it the g.o.a.t. of the nugget kingdom. we'll back after this. at if al'? or what if i can do diabetes differently? (vo) now you can with once-weekly mounjaro. mounjaro helps your body... ...regulate blood sugar... ...and mounjaro... ...can help decrease how much food you eat. 3 out of 4 people reached an a1c of less than 7%.

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quwelcome back to "worldwid exchange." time now for the upgrades and downgrades. deutsche bank raises 59 rating to growth. d.a. davidson raises shopify guidance. those shares down 1% right now. the stock story of the morning. fedex. ubs raising the price earnings per share. it remain as trs attractive for. shares up 5%. time for the global

briefing. we mentioned the central banking decisions. the bank of england is expected to halt the string of hikes following the data revealing a drop in finflation there. sweden central bank hiked rates for the eighth consecutive time taking the key rate to 4%. that is in line with expectation. the swiss national bank keeping interest rate unchanged at 1.75% as inflation shows signs of easing in that country. the first pause since march of 2022. and chinese ev maker nio getting into the mart phone business. william lee says the company expect half of the users to buy the device which is to work with the vehicles. coming up on "worldwide exchange," the one word that every investor needs to know today and why our next guest says it may be a slog for the

foreseeable foout. -- future. as we head to break, we celebrate hispanic heritage month. here is henry fernandez. >> i felt strongly to succeed in the country, i needed to think like i belong in the country. that everyone else, one way or another, was an immigrant or descendant of an immigrant. you are part of the fabric of society and success. that attitude and that mindset is what helped me succeed despite any odds in any part of the career i've had. (bobby) my store and my design business? we're exploding. but my old internet, was not letting me run the show. so, we switched to verizon business internet. they have business grade internet, nationwide. (vo) make the switch. it's your business.

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exchange." time for the wex wrap up. cnbc is learning that the wga is nearing an end in the hollywood strike. gm idled a an plant in kansas city and laid off 2,000 workers. negative effects at missouri plant three hours away as stellantis delivered a new proposal yesterday. shares of klaviyo under pressure after the modest debut yesterday on the stock exchange. it ended the day with a 9% gain. shares of instacart continuing the post-offering slide. shares down 11% yesterday after the gains of the monday nasdaq debut. the stock is now trading below the ipo price of $31 a share. latest on the a.r.m. holdings closing in on $51 after

falling 19% since the first day of trading a week ago. reuters reports vietnamese maker vinfast will ship the latest batch of cars to europe after receiving regulatory approval. here's what to watch today. jobless claims and homeless sales figures. we get darden earnings as well as the bank of england decision. be sure to catch my first on cnbc interview with alex karp this morning at 10:30 a.m. e eastern. as we gear up for the trading day ahead, we digest the policy decision comments from jay powell.

powell saying the fed must be cautious moving forward with jeffery gundlach saying the fed has new hurdles in the fight against inflation. >> we are an sesssessing the ing data. >> a lot of cross currents right now in the economy. i see it in transition. the data is extremely non reliable right now because of the distortion from the government money and now the payback of excess savings and payback of loans. now the strikes showing up. we have cross currents regarding the inflation situation. >> for more on this, let's bring in kevin simpson, founder at capital health wealth planning.

>> thank you, frank. >> are you concerned about the cross currents and do you believe the data is not as reliable right now? >> i agree with jeffery's comments yesterday. i brought you the word of the day which is stalled. markets have been stalled. we are stalled. we will continue to be stalled for the foreseeable future for all of the reasons that were discussed yesterday. we have continue to navigate a stalled range-bound market. yesterday's narrative from the fed did very little to change that. we're not going from qt automatically to qe. a lot of headwinds and we need to be prepared for a market that is more choppy and not going straight up because we had the amazing dovish fed speak. >> you agree with the bond king. one thing that is not stalled is yields. will that continue to put pressure on the equity markets?

there are sectors today that will be under priressure? >> i don't think that will change. bond yields we have not witnessed since 2006 and 2007. frank, we're talking about markets which have been buy bifurcated. you have the years where a certain segment of the market has done really well and the rest is thinking about companies which are more boring. blue chip companies which have not participated. i think for the trading angle tangle, you take the profits where you have done well and delicate to the boring segment. you can allocate to fixed income and bonds. you should look at this as an opportunity. >> i want to talk where you put money to work today.

i want to ask the same question i asked earlier. are the rising bond yields competition? >> i like the divo space and high dividend payers. there was a time when investors were looking at high yielding stocks as a proxy. that is off the table. that is pressure with the high d dividend stocks. you are not looking for high yield, but you are looking for inflation theary hedge. this is a good etf which is up 4% to 4.5% on the year. these are companies which increased dividends for 25 years. you have growth there. divo that i managed. looking for dividend growth. here is the reason i like it and it is compelling. >> i hate to cut you off. we have to get going.

thank you. great to see you. quick look at futures. under pressure before the open. the dow is opening up 100 points wer. nasdaq down .50%. "squawk box" is up next. is it possible? with comcast business... it is. is it possible to help keep our online platform safe from cyberthreats? absolutely. can we provide health care virtually anywhere? we can help with that. is it possible to use predictive monitoring to address operations issues? we can help with that, too. with the advanced connectivity and intelligence of global secure networking from comcast business. it's not just possible. it's happening. every business that's why comcast business de is launching theal. mobile made free event. with our business internet, new and existing customers can get one year of unlimited mobile for free. it's our best internet. powered by the next generation 10g network and with 99.9% reliability. plus one line of free mobile for an entire year.

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good morning. potential deal in sight for the striking hollywood writers. sources tell cnbc the two sides hope to finalize a deal today. meanwhile, gm and stellantis are laying off more than 2,000 workers combined ripple effects from the uaw strike. and speaker mccarthy telling house members to stay in town this weekend as they work to pass a bill to avert a shutdown.

we take you live to washington for the latest. it is thursday, september 21st, 2023. "squawk box" begins right now. good morning. welcome to "squawk box" here on cnbc. we're live from the nasdaq market site in times square. i'm becky quick with joe kernen. andrew is off today. here we go. the morning after the fed. maybe a little bit of a hangover this morning if you look at what is happening with the u.s. equities at this hour. we are looking at triple digit losses for the dow and nasdaq. dow off 130. nasdaq down 107. the s&p is off 24. that could be because the fed is indicating one more rate hike or