it started with a guy named peter rock. lou: and some would argue a guy named president obama. good night from new what i'm saying here to you into the market is going to succeed or fail. the stocks are under pressure again. market fears over a trade war with china. but now new concerns. from chinese telecom giant. that really is affecting futures. building on the 1800. sell off. the nasdaq futures are down 151. we are also looking at wheel this morning.

are they going to be able to convince russia. two and half% decline across the european market. in the ceo is seeking that for exclusive. it starts right now. it is 5:01 a.m. good morning. a lot of news. let's get right to it. we begin to date with the markets.

they are falling sharply. a news that a top chinese executive. taken into custody on saturday. that is a same-day as the presidents of china in the u.s. met in argentina at the g20. so the details of the arrest have not been released by u.s. authorities. over possible violation of sanctions against iran. were they selling us-based equipment. this is a very sensitive time for u.s. china relations. on the ongoing trade dispute.

let's talk about the implications of all this. i think you guys for having me. what an important story. we will see. this definitely does come at a very interesting time. and particularly because canada is now involved as well. that is just a cooperative agreement between canada in the united states and in the last 20 years will likely see this one go through. and then canada will step out of the picture. and then it will depend on whether or not this particular company that has been a concern that several senators had raised. this will be the main issue. a lot of the senators including marco rubio our concerned about the dominance

in 5g technology and the u.s. is trying to curb that. were even seen a british firm british firm today saying that they will dismantle the equipment in the country because our concerns about espionage and spying on citizens. how much of this is a national security risk. certainly americans in particular value our privacy even from our own political government. if we are talking about china potentially having products in the connections with iran and violating the u.s. sanctions it becomes and not only a u.s. risk but it can deftly affect u.s. china relations. i think from the standpoint of an american citizen in perspective we are certainly going to want our government to take action. not only to our own trade agreement.

and so forth. it just to make sure everyone is in compliance here. it does pose a security risk. there also government officials who may be using these products. as we are also in a trade dispute. or trade truce. thank you so much for your perspective this morning. there is this from china. it's calling a meeting between president trump and the chinese president. the futures are not reacting to that. but the headlines do say the ultimate goal is to remove all tariffs. that comes from the chinese. the two leaders agreed to a 90 day positive the trade war. now the ministry said that beijing is very confident competent about reaching the trade deal.

i can futures are ignoring that. the good headlines. in looking at this arrest. and what it means for the entire market. it is also the general mortar motors story. they are angry over the plan to close plants and lay off workers. they got an exclusive interview. they got an exclusive interview. ceo met with lawmakers on capitol hill to explain why she needs to cut about 15,000 jobs and close for plants in the united states. one of those plants near baltimore. and she got a ear full from the delegation. we committed to them. another walking away.

whether they could move new technology cars. they have stood with general motors over the years. we've expected it to stand with us. and give them a chance. she needs the restructured in order to ensure the survival of gm for the future. when i ask about the money that gm saved because of the corporate tax cuts. we need to make sure that general motors is around for the next several decades. we have responsibilities to many of our stakeholders and responsibilities. we are trying to make sure that we have were strong general motors that is going to be ready and lead in her rapidly changing market. we are can have more on that story a little bit later on in the show. the top tech ceos are gathering at the white house today. we are more on that story.

the trumpet ministration will hold a roundtable on innovation with top tech executives. some other things expected to be discussed artificial intelligence. as fears have gripped wall street. facebook is under fire once again. the uk parliament has released 250 pages of secret internal facebook e-mails that has access to user data to developers willing to spend at least $250,000 a year this contradicts the denial that his company was willing to monetize access to its users, data meanwhile the board of directors is supporting sheryl sandberg saying that it was appropriate facebook is lower

in premarket trading. it's down 4%. a major market selloff this morning. a possible speedbump for this at&t in time warner merger. it's a big one. today in appeals court said to consider whether the district judge was a right to greenlight the merger between at&t in time warner. the government had been able to prove that it would be the paid tv competition. at&t is lower in the premarket. prove that it would be the paid tv competition. at&t is lower in the premarket. president george hw bush is going to be laid to rest today and at his presidential library. he has been lying in state in

houston overnight. the service is going to begin their as of the the church and he and mrs. bush went throughout their lives. to the final resting place. there is a live picture right now. thousands and thousands to pay their respect. the u.s. and navy will honor him with a record breaking 21 jet fight flyover in texas. his son bush three -- bush 43 gave the eulogy to his father. not totally perfect. his short game was lousy. the best father-son a diet a dad could have. i know he is hugging rahman --

robin and hugging mom. it involved his son when he greeted president obama. and former first lady michelle obama. it turns out a long running joke between the two since senator john mccain's funeral. it was nice to see all living former presidents together. the is going to be a tough day the last time it was open. fell 799 points. they are down about 47 points one and three-quarter% decline.

still have the white house still trying to ease concerns over the u.s. china trade truce. we had 90 days to see progress on that. it's easy for people to lose faith in that process. does have a fighting chance after the telecom giant cfo arrest. he was behind that massive marriott data breach. so a tree falls on your brand-new car and totals it. and as if that wasn't bad enough, now your insurance won't replace it outright because of depreciation. if your insurance won't replace your car, what good is it? you'd be better off just taking your money and throwing it right into the harbor. i'm regret that. with new car replacement, if your brand-new car gets totaled,

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once again u.s. stock futures remain sharply lower this morning. a lot of news breaking overnight. they violated u.s. sanctions on iran. let's bring in a dominic. good morning guys it was good to see. hank i want to start with you on this. the news breaking it was jeopardizing potentially. what are investors worried about here. what's really important is

what's it say about the trade deal or the potential for negotiations. this really seemed so is self inflicted. i think this market would be a couple thousand higher. we need to have more clarity we haven't gotten any more clarity it seems to be even more disorganized. but we have done some comments that also breaking overnight. and that is not helping. we believe we are can get a deal done. it's can be a positive deal in 90 days. and investors are blowing that off dominic. >> that announcement actually announcement actually came

after the arrest. clearly they're trying to soften the blow on this one. i've very significant company in china very significant company around the world. it's can have an effect on the trade negotiations. what u.s. companies doing business in china. it might be subject to reprisal. clearly the futures are reacting to the potential of a relatively negative situation. there is a great piece. not just technology companies. 80% of consumer goods in the review verse as you just mentioned. as all of these companies that actually had facilities.

it is a huge problem. >> absolutely. and again there is a tremendous amount of fear that it will end up turning into an all night trade war and worse. these are other things that china could do and you alluded to them that they could go after executives and technology and in technology and regulations. there are other things they can do to businesses there. it's a good point.

the threat for american executive. and i think that's can happen. i think you guys for getting up so early. i really appreciate it. they are taking 450. we do have the job report.

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>> one more alarm clock a cell up on wall street. nasdaq down 1504 points. the senate and house are expected it to pass the short-term spending bill. the border while funding remains a key point on both sides of the aisle. it wraps up homeland security.

they are raising the prospect of the arms race with that u.s. the cold war era treaty that stops the production of an immediate and a short range missile. if the u.s. would have such weapons russia will as well. clues in the massive marriott data hack point to the chinese government has a culprit. it was previously seen from the chinese hackers. it closes the records of up to 500 million customers in the star wars alto -- hotel reservation system. this was caught on the cap traffic camera. it is now gone viral. many people comparing to the famous christmas vacation.

i don't even know how that van was able to do that. speaking of maybe a white christmas. a massive storm is set to bring a wintry mess to millions. i know you have a pretty big christmas tree. i'm skeptical of that. i actually want to see the vienna moving to really believe it's real. that's can be happening across portions of the southern plains. all because we have this energy coming from the west. so rain and mountain snow for california. and that's can continue to make its eastward trek across areas like texas and oklahoma. depending on where that cold air sets up to see the potential for ice indoor rain and then snow. and then quite a bit of it. at least 6 inches of it.

towards the ohio river valley. that's when you start to see the winter weather advisories. we could actually see the potential for severe weather across the gulf coast. but then whole of snow for areas thank you very much for keeping us informed. and this is big. more than two and a quarter percent. where to to talk more about that in a minute. they're known for a lot of things. if you did score one. we have to tell you about some big news coming up.

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>> at the end in 90 days if they don't do what they say they gonna do that we put the tariffs up. thanks to a new twist in the trade war with china. the top executive of the chinese telecom government. futures taking a big hit on the news. it's down for 84. s&p down 50. a lot of china exposure here. down to a half percent. they are sinking also.

oil is now down almost 4%. this of course is the effect coming out of asia as you can see about two and half percent for all of those markets. it's down to half percent. how much would you pay for an autograph from steve jobs? fbn:am continues right now. it is thursday, december 6. we have so much news to get to it this morning it's incredible. take a look at futures right now. we are down more than 400

points this morning. we have it on tuesday. a lot of it is about trade. guys, good morning. talk about the technicals in the market right now. and all of the volatility that we been seen over the last several weeks. i wish i have better news for you this morning. it's just a bad time right now. all it does is just accentuate the problem. i think we are in a trading range. this comes down to revenue and earnings. in all the unknowns in terms

of the trade tension. we are in a time when people are trying to sort things out. probably looking at a little bit more fluctuation here. the banks and analysts that the economy is going to slow. that slow has generated a lot of fear in the market. those are leading indicators. and very indicative of some issues going forward. i think that helps. i think they are stronger than people think they are. i think the outlook will be slow.

it is below 3%. that's an indication of things. we have a fundamental issue starting to collide. this expected december rate hike. i think jerome foul pulling back a little bit. their they're not can it be as aggressive as they would've been have been the thought a couple weeks ago. we have a little bit of a slowing economy. it's still stronger than what we have a year or two years ago. what's going on with china. we are probably in a position right now. where someone in the

neighborhood. what you say to that person. just tell but hang on and look the other way. and go play golf or something. there can have a difficult time. it's can be a tough market. i think it's getting very interesting because all the sudden it's not 100% certainty anymore. i think most people agree with that. but they have to let the economy absorb the rate hike. and you can't have never ending stimulus.

let the guessing games begin. a great perspective on the market. oil is just about $50 a barrel. confirming of the the production cut. they have not decided how much it plans to cut. joining us now. matt, thanks for joining us. the oil in stocks. does it signal that the production cut despite what they said. is unlikely.

>> thank you very much for having me today. there's just too much oil in the market right now. how much do you think brescia cutts is my question. i think there is can have to be asked fairly substantial cut saudi arabia added over 600,000 barrels per day to their production. we could see a pretty hefty a million barrel a day cut. brescia is the big question right now. we don't really know what's can happen with that. if you get a cut of less than a million barrels per day we

will see how much they actually cut. we have so much oil here in the u.s. and many of these other global producers they haven't even started fracking yet. we would have a much more stable market right now it is can it take a little while. enjoy the low gas prices while we have them. i think so. there is enough rhetoric coming out right now about the car it should. we know a cut is coming. it has to.

matt, thank you for joining us this morning. let's look at those banks again. wells fargo continues to clean house. tracy carrasco has that story for us. wells fargo is firing around 300 district managers for failures related to the sales scandal more than two years ago. these district managers were mostly spared after they hired --dash mecca fired some 5300 employees. these are the first district manager firings. wells fargo is down 15% this year. that is right. alphabet has launched it's a

self driving taxis. and that are actually generating fares the company now charging passengers to use its driverless vehicles. they had been testing in the technology the technology here since 2016. said they can download the app. and use it like other ridesharing apps. the human driver will be behind the wheel just in case. it is up less than 1% this year. i'm glad there is a human in the car. you never know. so as steve jobs did not like to give autographs but now they're worth a lot. and because of that they are worth a lot. they are worth about 51 thousand dollars. that is according to an analysis by paul frazier collectibles his autograph has jumped in value since 2000. of course thanks to apple's growing status.

some other valuable autographs. i have a dollar right here. a promotion at cheesecake factory turns into complete chaos. police in cuffing a door --dash delivery driver. tensions obviously running high. as the restaurant got backed up trying to fill all of the orders. they gave 40,000 slices of cheesecake away for their 40th birthday. happy birthday cheesecake factory. we have a news to follow in the markets this morning. we have a major selloff on our

hands this morning. it is up in canada. it's down for 23 right now. the big story here as the tech heavy nasdaq down to a quarter percent. mike bloomberg talks about what he's willing to give up for a chance to go to the white house. and then there is this. >> i know you're dancing in your living room right now. why is there a movement to be in this winter classic. from the airwaves. you're watching fbn a.m. once i started looking for car insurance, it was a no-brainer. i switched to geico and saved hundreds. that's a win. but it's not the only reason i switched. the geico app makes it easy to manage my policy.

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♪..home following a major market selloff futures are down sharply. nasdaq is down 156. it was issuing out an arrest warrant. bipartisan measure introduced by senators lindsey graham.

the investigators believed caused the plane crash. usa does gymnastics has filed for bankruptcy. the national teams dr.. they put an automatic stop there. he may sell his company if he runs for president. he owns 90% of bloomberg at the very least he -- he has thought of selling his company. >> citing the need to movement. and now other stations are doing the same darn thing. lines like say what's in this drink and the answer is no are

not appropriate however a denver station wants to pull to let it decide. that's what's happening. >> lets you check out futures at this time because right now we are seen it default 434 points of course after a hundred point plunge back on tuesday. how would the trade affect the futures. they release hundreds of internal e-mails. we're going to london for reaction.

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>> sabrina maine comes in at a time for u.s. china relations. they are confident about striking up trade deal with president trump. will the latest flareup and jeopardize a deal in with the markets reacting pretty negatively this morning what with the fight with china mean politically. justin, thank you for joining us. good morning. do you think donald trump might be thinking he picked the wrong fight with china. >> i don't think donald trump questions himself much. but it's a difficult issue. if you look at different parts of america society republicans who tend to be the core of donald trump supporters are free free-trade supporters and yet republicans give the president remarkably high

support as the president. and policies tend to come a little bit secondarily. combine that with consumer sentiment doesn't seem to be down. spending is up. while americans largely support free trade the impact where the potential impact has yet to be felt. and as of now earlier in the year in yesterday's news of the arrest notwithstanding they appear to have and some action. they don't view china as a positive actor. if he's able to navigate this. and achieve some degree that is favorable to america. i think it will be huge win for american. they are showing beijing. we are going to hold you accountable. for whatever ron run doing that you do.

we saw that with that shock arrest. in canada. the thing is, republicans as you say and many americans have to be willing to come along for the ride and as the president likes to use the stock market and its rise he has to own it on the way down and are americans going to get to be comfortable with the falling wealth. he has tied himself to the policies and stock market. there is a lot of volatility. it hasn't actually come back to hitting spending people were referencing that of course. they are going to see their investments taken a hit. it will cause angst and concern. he does have dullness and if he is able to achieve change that he needs to do with china quickly it's going to pay off but in the meantime, it's treacherous for them. it's a dangerous road.

three months of uncertainty. we will discuss all of this in 2019. incorporation you very much. >> we have a lot coming up. we hope you're looking at another big a selloff here. we will be right back. better off throwing your money right into the harbor. i'm gonna regret that. with liberty mutual new car replacement, we'll replace the full value of your car. ♪ liberty. liberty. liberty. liberty. ♪

. .

cheryl: major selloff on wall street. stock index futures, expected to

be extradited to the united states, scott shellady, scott, is it the executive, worries about trade relationship between the u.s. and china, what is it? >> well, markets definitely jittery and i'd say this. in the big picture, this is what happens when you get too many people on one side of the boat and the market is finishing him. near certainty of oil going 100 bucks a barrel or 400 bucks a barrel. so the market will go to where it can hurt the people. this is just the market teaching us a lesson, again, that nothing is for sure and that's why the market is doing what it's doing right now. i don't see any dark clouds. the newell's has been positive, consumer spend asking good and look what we have gotten from the last job's report. the market teaching us a lesson that nothing is for certain.

lauren: what if wages go up significantly tomorrow, does that change the story? >> that will be sign of inflation. >> right. >> are wages going up recessionary. we are going up because things are good not bad. at the end of the day, this is a reaction to people getting too sure about what's going to happen in the future and you have seen what the bond prices have done. it's not that the u.s. has been a bad place to be right now but quantitative easing around the world that's suppressing the 20 to 30-year yields. cheryl: looks like possibly against that, what do you make of what's happening with brexit right now and is the eu and uk going to stay together or -- >> well, yes, i think -- first

of all it's going to be okay whatever happens, number one, number two, theresa may is a survivor. right now things don't look too good for her but the alternative is much, much worse. you might have to find people to to, with the line. lauren: so much uncertainty. we have covered jobs, oil, brexit, what's left? cheryl: facebook. britain's parliament released documents, emails, that's bad for facebook. >> i'm not a fan for facebook. the social media websites will have a problem because they have now proven to us over the last 8 years that they haven't police themselves and here comes the government and when the government gets involved like that that will stump growth and those types of website are going to really struggle. lauren: we say we are going to cancel our accounts, let's see

if we actually do. cheryl: probably not. scott shellady, thanks for perspective from london. lauren: good morning to maria bartiromo. maria: happy thursday, everybody, i'm maria bartiromo, it is thursday december 6th, your top stories right now just before 6:00 a.m. on the east coast. stocks are sliding again. futures are indicating a sharp sell ah at the start of trading this morning extending the 80 point selloff on tuesday before the market closed yesterday, dow industrials down 427 points right now, the s&p is also down 1 and 3 quarters percent. 43 points lower. nasdaq 151 point selloff. the dow and s&p 50 will fall back in negative territory for 2018, investors rattled by the arrest of chief financial officer in canada. news sparking fear about trade truce between the u.s. and china and the relationship getting