i'll wilfred frost let's get you up to speed with the markets. futures down 25. down at 25 at the top of the hour nasdaq down 8. 2% for the s&p, 3% for the dow. >> we're 2.85% on the ten-year >>> there's one economic report on today's wall street agenda. the february ism index is due at 10:00 a.m. eastern we'll also hear in a top fed official, randi quarles is speaking >>> and axa is buying xl group for $23 billion. it's valued at 56.15 per share xl up a healthy 30%. >> big news. >>> ahead on "worldwide exchange," big business of the oscars the corporate winners and loses from hollywood's star-filleded night. >>> but first, the weather forecast from nbc's bill karins. >>> good monday morning to you, wilfred and seema. so much for the early spring another winter storm in the northern plains. and then we have another nor'easter that's coming for the east coast wednesday night unbelievable so, we're dealing with the rain and snow in areas of the northern plains that will turn into a blizzard. four to eight inches over the wide sections of minnesota and north dakota

i'm wilfred frost. cigna close to buying express scripts. are not out yet, the "wall street journal" says a deal could be announced as soon as today cigna's flat in the premarket. express scripts 14% higher this is not only deal in the health insurance industry at the moment last year cvs health announced to buy aetna for $70 billion. in 2015, aetna agreed to buy humana, but that deal was blocked. we also heard about a potential tie up moving forward between the likes of jpmorgan, berkshire hathaway and amazon. so lots of consolidation going on at the moment express scripts itup 14% in the premarket. >>> u.s. futures are around the flat line which is where they ended yesterday, which is a vast improvement from the market moves we saw 24 hours ago before the open on this show when we were down over 1%. we ended flat for the s&p, slightly higher for the nasdaq, slightly lower for the dow this morning we have the dow slightly lower as is the s&p the nasdaq slightly higher markets enjoyed that decent day on the market front and talk of a carve o

i'm wilfred frost.ig rally yesterday on wall street we gained 1.4% for the dow that broke a four-day losing streak for the dow itself. we gained a little less than that for the s&p and the nasdaq. all three indices were up more than 1%. as we said at the top, fears around an all-out trade war were easing that's the biggest single factor for the rally. some other good news as well baked into that kashcake this morning the dow is up 66 points the nasdaq up 20 and the s&p up 3 points. let's look at the ten-year yesterday we rose to the high 2.8s, today we're at 2.87% on the ten-year oil prices are marching higher with crude posting its best day in nearly a month yesterday. the biggest names in energy are gathered in houston for an annual summit organized by ihs markets. brian sullivan is there and he sat down with saudi aramco's ceo. they talked about everything from the company's looming ipo to potential trade wars and to the u.s. shale oil boom. >>> in terms of deman, it's healthy. we're looking at 98 mi

i'm kelly evans along with wilfred frost. we're an hour into the trading session. at where we stand. the dow down 44 points s&p fluctuating between gains and losses all morning down a point. nasdaq on to a 1 point gain. >> interesting in the news update from sue that travis has his new gig. i wonder how good it will look in years to come, even though forced out and forced to take a billion of cash of his 3 billion holding, valuations fall from now, even though he didn't want to take -- >> what do you mean? >> if uber doesn't come through in the end -- >> feel like they did the right thing pushing him out. >> although he didn't want to get pushed out, taking cash over a third of the stake and could be the best valuation he will get. who knows. he's able to continue with a new job, banked a third of his stake and two-thirds exposure. >> we all watch with great interest to see what the next chapters may be. still no word from mark zuckerberg or sheryl sandberg in the facebook/cambridge analytica scandal. this as regulators around the world begin to turn the heat up on

i'm wilfred frost. >> i'm seema mody. global markets reacting to news that the white house is planning to launch heavy tariffs on steel and aluminum imports let's look at how futures are setting up for trade the dow is down by 94 points the nasdaq down 16 and the s&p 500 down 8 points. the dow posting its first three-day losing streak of 2018. the dow yesterday did lose 420 points looking at the mod in asia, stocks closing there with the hang seng closing with a decline of 1.4%. in europe, stocks there were responsing negatively to the tariff move. the dax leading the declines down 2%. similar story in france. and italy were down 1.89%. >> even though we had a big bounce back last week in the u.s., european markets, asian markets never bounced back to the same extent. >>> we have team coverage of the global fallout to the new tariffs. eunice yoon is live in beijing, karen tso in england, but we start can kawith kayla tausche >> president trump's announcement that he would seek global tariffs stunned investors, white house

. >>> welcome back morgan stanley women's conference is under way in new york wilfred frost had a chancedown exclusively with head of mergers and acquisitions in the americas we'll send it to you, wilfred. >> that's right, morgan. sat down with susie fond who was relatively content haven't been a huge number of deals, high profile ones i asked whether the market volatility was something holding back m and a >> that's one of the big questions obviously, and it has been a little more volatile recently what drives confidence in the m and a market is confidence of your own business. i know how my business will go to buy something and incorporate it >> i asked whether gary cohn's departure from white house and recently announced steel and aluminum tariffs were a concern. >> we don't know exactly what it is going to look like yet, that's part of the issue i imagine people will try to think about it at some point i think it will be specific industries, i'm not sure we've seen enough yet to know how it will effect things >> now, this is the tenth morgan stanley executive women's conference sprea

. ♪ >>> good morning a very warm welcome to "worldwide exchange" on cnbc i'm wilfred frost.et's take a quick look at the market action this morning overnight reaction to president trump's meeting with the north korean leader, which we're hearing could happen by may. it has helped u.s. futures this morning, up 30 points. nasdaq up 14 points. the s&p up 3 yesterday about half a percent of gains and week to date before today up 1.5% for the dow. s&p up 1.8%. nasdaq up over 2%. all three indices will have their third positive week in four, which despite individual days of decline like we saw around gary cohn's departure, it's remarkable we have three positive weeks out of four those big pullbacks already in the distance there's the ten-year treasury note for you, 2.88%. we'll keep an eye on that. when we get jobs number, we'll see if that moves. >>> a major story out of washington president trump agreeing to meet with kim jong-un let's get to tracie potts with the latest good morning >> reporter: good morning. it came as a surprise, this announcement from the white house, but by

i'm wilfred frost. >> i'm seema mody.ood morning to you. >> good morning to you great to have you with us. let's get straight to the markets following that bombshell announcement that president trump's top economic adviser gary cohn is leaving the white house. it saw futures selloff immediately. yesterday we closed up a half percent for the nasdaq flat for the dow the s&p somewhere in between futures pulled back instantly after that announced we're still down this morning, 300 points for the dow let's get to ylan mui with reaction from capitol hill >> there's been public praise from top republicans, but privately there's fear for what his departure means for the gop agenda orrin hatch says cohn is as good as they come and his keen instincts, wisdom and talent will be sorely missed in the administration kevin brady said gary cohn served for all the right reasons, to change the direction of america for the better. he succeeded now that's a very interesting choice of words. many people feel cohn is leaving because he did not

we're just there off it's up about 1.5% our wilfred frost is with us knows all the players involved here what was your reaction when you first heard this news? >> i think it's fantastic. preparing to make the term is different than the content that liz talked us through. it could be as soon as as the end of the year, but it's not definitively that. and that it is still up to him and i think that's a very important thing to reiterate not like he's being forced out in any way, shape or form. his tenure, his extraordinary legacy wouldn't allow that many people said one to three year, wouldn't be surprised if it was on their end of that. so in terms of that sense, i think it could be that soon. but not necessarily guaranteed in terms of the potential successes, i very much agree with exactly what liz has reported, given it could be quite soon, it won't be anybody other than the two co-presidents and ceos and that gary cohn is not considered at all we know of lots of wild cards, but if this happens in the next year or two, those wild cards don't come into play it's harvey or david >> i'm wond

i'm wilfred frost. bi

. >> i'm wilfred frost today's advance just about restoring the dow's territory. what's moving the markets and what should you be buying? >>> facebook fallout the company holding an emergency meeting to address the massive data skablg data scandal we have john harwood in washington with how politicians use your data, julia boorstin in l.a. with the latest on today's meeting. julia, let's start with you and what's coming down the pike at the company? >> we just got a new statement from facebook reading, the teams are working around the clock to get all the facts and take the appropriate action moving forward because they understand the seriousness of this issue. the statement goes on to read, the entire company is outraged we are deceived. we were deceived we are committed to vigorously enforcing our policies to protect people's information and will take whatever steps are required to see that this happens. now, this comes on the heels of an all-hands meeting earlier today. they led a packed q&a session. employees pushed for answers about how the cambridge analytic

website, cnbc.com >>> cnbc will get more reaction to gary cohn's departure from wall street when wilfred frost sits down with james gorman at 21:30 cet. >>> coming up, the saudi crown prince visits london as questions grow about the country's role in the middle east and the fate of the aramco o. more after this break. overwhelming air fresheners can send you running... so try febreze one to gently clean away odors. with no aerosols and no heavy perfumes. so you can spray and stay. febreze one. but i'm not standing still... and with godaddy, i've made my ideas real. ♪ i made my own way, now it's time to make yours. ♪ everything is working, just like it should ♪ you know what's not awesome? gig-speed internet. when only certain people can get it. let's fix that. let's give this guy gig- really? and these kids, and these guys, him, ah. oh hello. that lady, these houses! yes, yes and yes. and don't forget about them. uh huh, sure. still yes! xfinity delivers gig speed to more homes than anyone. now you can get it, too. welcome to the party. welcome back to "street signs. as we were talking about,

wilfred frost joins us wilbur ross is on my brain, i apologize. >> don't worry at all.itigroup has announced a sweeping new policy in order to, quote, prevent firearms from getting into the wrong hands, according to a memo sent by ceo to employees ed skylar, the executive vice president of global public affairs also added, quote, as a society, we all know that something needs to change. as a company, we feel we must do our part under the policy, citi will require new retail sector clients or partners to number one, only sell firearms to someone who has passed a background check, number two, restrict the sale of firearms to individuals under 21 years of age, and not sell bump stocks or high-capacity magazines. citi's ceo said he was speaking to other financial services companies to see if they would enact the same policies. he said, quote, i know some will find it foo striblth, while others will find it too lenient. ifclino if clients do not want to reform, they will respect their decision and work with them to transition their business away frame citi but that the pract

. >> i'm wilfred frost two breaking news stories. one on deutsche bank but first to washington with kayla tausche. >> reporter: a few headlines on trade from the white house press briefing that just ended press secretary sarah sanders said an agreement in principle had been made on trade between u.s. and south korea there's a five-year free trade agreement in place but the president moved to renegotiate that middle of last year that negotiation has been under way. south korea has also been seeking a permanent exemption from the steel and aluminum tariffs, so those issues are likely tied together sanders said we could see an announcement on that very soon she could not provide any additional details she said we'll hopefully have an announcement on nafta soon when asked about the prime minister of canada in a readout that the two leaders, trump and trudeau, had yesterday. trump said trudeau pressed the president to conclude nafta talks quickly. the u.s. readout did not include that information sanders said hopefully there will be an an

. >> i'm wilfred frost stocks making a wild swing and well off session highs after president trump signed massive $1.3 trillion spending bill. >> dow down more than 200 points defense stocks were sharply higher after the signing of that bill because of a big increase in military spending we'll look at the biggest winners. >> dan niles weighs in on the facebook fallout you may be surprised by his view on the stock >> but first, we start with another up and down day on wall street bob pisani on the floor. an hour ago it was the markets making a comeback. now the dow is down more than 200. >> this isn't playing right. it was supposed to be a nice, quiet day. i think what's happening is we've gotten in the last 15 or 20 minutes market on close orders these are orders that are put in largely by retail investors from their mutual funds for what they want to buy or sell at the close. the mutual funds don't trade during the day they get the final print down here those orders about 1.8 billion that's a fairly large number not enormous but fairly large. i think that was a little factor let me point

." ♪ >>> good morning, welcome to "squawk on the street," i am wilfred frost with jim cramer.arl and david is off today. >> great to have you >> great to be onset today yesterday the nasdaq was down 1.8% and dow and s&p was down 1.5% it was the worst for six weeks for the s&p and the nasdaq and tech was the worse sector, it was down 2%. utilities was the best but still down 1% itself european markets holding up pretty well. most are between 1% or 1.5% 10-yr treasure note for you, we saw yield slips in the first half section of 2.8. ended in the middle of 2.85 and 2.86 we see it picking up to 2.78 on the 10-yr. treasure yield is getting a nice bump it has been down about half a percent. our road map starts ahead of a fed meeting. investors are looking for clues as to how many rate rises could be in store this year. facebook is holding a meeting this morning of data misused by a political consulting firm. let's kickoff with facebook shares down again this morning on news of the data firm cambridge analytica. >> facebook will hold a meeting today discussing of cambridge analytica

wilfred frost reporting, of course, on these tariffs >>> we've been talking about them all morning incomeey obviously impacted trading yesterday when we first heard about them and continue to be the focus, this president's plan, of course, to impose new import tariffs on steel and aluminum something he is expected to officially unveil next week. has will it mean for nafta u.s. trade, equity markets and the trump white house? bring in the u.s. commerce secretary wilbur ross who joins us of course on cnbc interview from florida always a pleasure to have you. particularly at this important time let me begin by simply asking, are these tariffs going to be exempted for certain nations, or is it your expectation when they are imposed it will be across the board? >> well, what was announced yesterday by the president is a very broad concept of 25% on all steel and 10% on all aluminum. so we'll have to see the intricate details, but that certainly is the broad outline, and, therefore, it will have a fairly broad effect, but it's a trivial effect people talk about cars it's about one ton of steel

. >> i'm wilfred frost two breaking news stories.ton with kayla tausche. >> reporter: a few headlines on trade from the white house press briefing that just ended press secretary sarah sanders said an agreement in principle had been made on trade between u.s. and south korea there's a five-year free trade agre

. >> i'm wilfred frost today's advance just about restoring the dow's territory.ould you be buying? >>> facebook fallout the compan

we'll see you again soon, i'm sure let's get over to wilfred frost who has more on the sharp rise gettingtion. good morning. >> the london interbank offer rate the main rate at which banks lend u.s. dollars to each other in the short term to meet their liquidity needs. many loans globally are often priced off libor as well it's risen sharply in recent weeks to its highest levels since 2009 libor rose around the financial crisis the reason back then banks were suddenly concerned about each other's solvency and didn't want to lend to one another which was one of the reasons some banks ran out of liquidity and ultimately failed. but this time, it's not rising because of any big red flags like that. there are clear explanations for its rise firstly simply the rising fed funds rate huge amounts of treasury supply outpacing demand lifting short-term rates and the u.s. tax law changes and making dollars more scarce to overseas participants hence rising costs of those dollars rising libor. the reasons behind the move not too worrying but does mean a rising cost of capital for companies who have l

. >> and wilfred frost coming up, chairman of the council ofors talking tax reform. >> looking forward to that shares of at&t and time warner today. both trading lower could be the last day of trading ahead of at&t's federal court date next week we have the court date with the justice department verdict is sure to have massive implications on the way deals are made especially veticcal mergers. what it could mean for media and how much more for deals in this country. >> we will get into that, and joining us from los angeles, key factors on the table julia? >> a stake in the case, how the government handles vertical mergers, where a company buy as supplier or customer ran than a competitor at stake, what the future of the media industry looks like. pretrial motions begin monday with opening statements to wednesday and trial expected to last six to eight weeks. at the crux, whether the deal forces consumers to pay more to watch content. tv bills across america will increase by $436 million at&t saying that the doj is staking its case on projections of an insubstantial 45 cent monthly incr

. >> i'm wilfred frost in for bill griffeth. >> the dow down 390 points at the low of the session we'rethe story from all angles and how it's impacting business around the globe. >> we're in beijing with china's reaction, in canada, and jackie is in wheatland, pennsylvania, reporting on steel in america. >> we begin with bob pisani, right here at the new york stock exch

facebook and other big nasdaq names this is the "closing bell" on cnbc, with kelly evans and wi wilfred frost live from the new york stock exchange. starting with advanced manufacturing that brings big ideas to life. and cutting-edge transportation development to connect those ideas to the world. along with urban redevelopment projects worthy of the world's top talent. all across new york state, we're building the new new york. to grow your business with us in new york state visit esd.ny.gov. to grow your business with us in new york state ♪ you said you're not like me, ♪ never drop to your knees, ♪ look into the sky for a momentary high, ♪ ♪ you never even tried till it's time to say goodbye, bye ♪ ♪ everybody fights for a little bit of light, i believe. ♪ geico motorcycle, great rates for great rides. when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. >>> welcome back to "closing bell." uber halting self-driving test after a fatal accident >> th

so, on we go by the way, i wish wilfred frost who will be taking this spot, all the best he starts mondayho's actually taller than kelly, so that works out great do you know, a fun fact, wilfred's grandfather was the duke of norfolk. how cool is that i wish him well and i know he'll do very well on "closing bell" starting monday. thank you, thank you and my dear friend, robert pisani, we go out up 428 points on the dow a huge rally capping off a nine-year period that has just been unprecedented on wall street here. >> more important, has been the 27 years unprecedented period with bill griffeth with us he's assuming a new role at cnbc. >> not leaving. >> not leaving the clapping you heard is because everyone down here loves bill griffeth. i have loved him for 27 years. your calming influence, your warm demeanor, your knowledge, your humor just everything about it bill's a big part of the floor everyone loves him down here i remember may 18, 1991, fnm. >> oh, wow. >> we won fnm. cnbc it was a big moment. i watched you sign off you took the redeye, as i recall, over to be with us on that ne

aptly named wilfred frost is there. see what i did there wilf >> that's right, bill, frosty the snowman here, delighted to be joined by the chairman and ceo of morgan stanley, james gorman so much to talk about, but let's start with the reason we are here specifically, executive women's conference what does this conference, the tenth year of it, really achieve for your female executives are you content today where you stand with the balance between male and female executives at moment standing? >> the conference, itself, is actually external. we invite several hundred leading executive women from companies around the country to come here to share ideas, to talk about the markets, talk about the kinds of business charges you have as ceos or c-suite offices to give the folks a chance to network. of course, we have a lot of our female executives here as well, and it works really well we've done it temperature years, and, you know, it's all part of morgan stanley's effort to improve our diversity outreach, both with the cli

everybody, live from the new york stock exchange, welcome to the closing bell, i'm kelly evans, and wilfred frost markets still trying to recover from the tech wreck. >> not doing a good job of it. anything happens in the final hour yesterday, of course, a sharp selloff. this is a look where the tech stocks stand now, netflix and amazon, hardest hit, down about 4.5%, and apple weaker by 1%, and facebook and google trying to hang on to small gains. >> let's did get to the latest. josh lipton has fresh new comments from apple, josh? >> reporter: well, we sat down with an interview with the apple interview, tim cook, covering a wide range of ftopics, and cook said, listen, in his opinion, we shouldn't have detailed users of profiles they could make money treating customers as products, but elected not to do that, perhaps, most eye-catching line in that interview, asked if you were mark zuckerberg, what would you do cook saying, i wouldn't be in this situation cook talked about that new campus apple is building, not doing a beauty contest for where the campus will be, he said, if states compete for t

this is the "closing bell" on cnbc, with kelly evans and wilfred frost live from the new york stock exchange. ♪ at&t gives you more for your thing. your snapping pics all day, all night thing. your getting the low-light, just right thing. ♪ introducing the samsung galaxy s9 with low light camera. now 50% off. more for your thing. that's our thing. but prevagen helps your brain with an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. the name to remember. >>> welcome back to the "closing bell." let's check in on the market movers today as you can see, the dow is up a full 2.5%. nasdaq up 2.7% tech financials leading the charge, having underperformed last week. individual movers, finish line soaring on news it's being brought by j.d. sports fashion for $558 million i didn't know it was called j.d. sports fashion i just thought it was j.d. sports there's the full name. stock is up some 30% today intel jumping on an upgrade at raymond james to market perform. they note strengthening underlying conditions for the

everybody, live from the new york stock exchange, welcome to the closing bell, i'm kelly evans, and wilfred frostg to recover from the tech wreck. >> not doing a good job of it. anything happens in the final hour yesterday, of course, a sharp selloff. this is a look where the tech stocks stand now, netflix and amazon, hardest hit, down about 4.5%, and apple weaker by 1%, and facebook and google trying to

. >> i'm wilfred frost we're in rally mode on final trading day of the month, the quarter and the weeke're watching the markets closely. in one hour we could see the dow and s&p break a nine-quarter win streak with worst quarterly performance since q32015. >> it's coming to an end the russell small caps are struggling to stay positive. the nasdaq is still on track to do a positive one. seven straight, in fact. >> we're also watching international stocks the ftse 100 on pace for third negative month in a row. it was down 8% for the quarter the german dax was down 6.3% we saw the nikkei down somewhere between that, about 7% for the quarter. let's get to our "closing bell exchange". >> joining us are david kelley of jpmorgan funds, steve grasso at post 90s from stuart frankel and rick santelli at the cme in chicago. welcome. steve, this is a strong session after what's been a brutal couple of days frankly, not a great quarter what do you make of it >> well, it was my belief if they were going to try to rip into them further they would have to do it ahead of earning season necessity have a

. >> and wilfred frost coming up, chairman of the council ofors talking tax reform. >> looking forward shares of at&t and time warner today. both trading lower could be the last day of trading ahead of at&t's federal court date next week we have the court date with the justice department verdict is sure to hav

>> i'm wilfred frost >> i don't welcome, by the way -- >> you don't welcome >> no. was going to say, i was going to say, welcome, first of all. >> thank you >> i'm pleased to be sharing this perch with you for a little on it while. we have a lot to get to, which is still your petition, even though you're co-hosting with us i have some concerns i'm afraid i'm going to have to start following arsenal now. >> you are. >> i'm afraid i'm going to catch your accent. even after i came -- >> you spent a year in london. >> then i said coissant. >> it's great to have you. the dow swinging more than 270 points the nasdaq hitting a new intraday high and flirting with a record close >> trudeau is talking tariffs. the canadian prime minister just spoke out to cnbc about all things trade a discussion on how tariffs could impact energy and tech stocks that's a big one coming up. >> let's start today with the top story in the banking world david solomon has been picked as h eir to lloyd blankfein decided on the 21st of february following a recommendation by blank fine solomon and sc

>> i'm wilfred frost >> i don't welcome, by the way -- >> you don't welcome >> no. going to say, i was going to say, welcome, first of all. >> thank you >> i'm pleased to be sharing this perch with you for a little on it while. we have a lot to get to, which is still

> good morning and welcome back to "squawk on the street," everybody i'm kelly evans here with wilfred frosts morning we're here at post nine. carl, david, and sara are all off today. >> first, we have economic data crossing the tape. let's get to rick santelli >> yes, we're looking for a february read on leading economic indicators, expecting a number in the neighborhood of up half of 1% and we ended up with a number in that neighborhood, up 0.6 of 1% following an unrevised up 1% you know how long it's been since we've had a negative number on leading indicators all the way back to may of 2016. this ploerobably isn't going to make much difference, but it's been steady eddie. yields dipping under 280 we haven't closed above 289 in 20 sessions. so lots of eyeballs on this lower end of that established 20-session range wilf, back to you. >> rick, a quick question. in terms of yields today, do you think the european picture is dragging down the u.s. clearly the fed was the big factor yesterday soft data out of europe this morning. german yields falling quite significantly. >> yeah, i think that

. >> i'm wilfred frost in for bill griffeth. >> the dow down 390 points at the low of the session we'reovering the story from all angles and how it's impacting business around the globe. >> we're in beijing with china's reaction, in canada, and jackie is in wheatland, pennsylvania, reporting on steel in america. >> we begin with bob pisani, right here at the new york stock exchange, reporting on how the markets are taking this all on day two. bob? >> tariff fallout is continuing. we're still seeing big international stocks, down on concerns about trade wars. small cap, the russell 2000 holding up well. they're mostly domestic. boeing biggest stock, down $6, almost 2%. that's 45 points on the dow jones industrial average another big industrial, caterpillar down almost four points that's another 30 points, down 2.5% elsewhere we're seeing some of the more defensive names do a little better, like johnson & johns johnson. they haven't done very well. one day they're outperforming. by and large, the consumer staples, they've been laggards along with the rest of the group. let's remind everyo

. >> i'm wilfred frost stocks making a wild swing and well off session highs after president trump signedsive $1.3 trillion spending bill. >> dow down more than 200 points defense stocks were sharply higher after the signing of that bill because of a big increase in military spending we'll look at the biggest winners. >> dan niles weighs in on the

. >> i'm wilfred frost we're counting down to our exclusive interview with sheryl sandberg her response to the big scandal is coming up. >> in just about an hour we also had the president's announcement on china tariffs creating those fears of a trade war. look at the markets. we're live in wash with tington what that means for your money the dow is down 364 points we've been down at 500 at one point today. bob pisani is watching the action on the floor. >> we've had a lot of deals to issue with the market did rise briefly when it was announced around 12:15 eastern time that there would be a 30-day comment period on these chinese trade tariffs. people want that, hoping individuals and companies will be able to dilute the effects of the tariffs. we're moving back down we've been watching the global machinery names, caterpillars, that's 50 points in the dow jones industrial average it's been absolutely ugly day in the global steel and materials names in general we're seeing sometimes double-digit decline u.s. steel down 7% nucore down 9% they rose briefly on the tariffs a month ago but ha

today marks ten years since jpmorgan bought bear stearns wilfred frost joins us with a look back at theest and worst deals done at the peak of the financial crisis in the banking space. >> let's start with the jpmorgan acquisitions first bear stearns for 1$1.2 billion, and washington mutual for 1.9 million six months later bear boosted their investment banking particularly in trading. if 3.1 billion was the full price tag, these would be good deals but it led to about 70% of jpmorgan's $40 billion in litigation costs in the following years. in 2015 jamie dimon said i don't think we would do anything like bear stearns again, in fact, i don't think the board would let me take the call bank of america, $50 billion on merrill lynch, but that has taken a full decade to integrate and deliver. countrywide meant to boost market share but failed and cost tens of billions in credit and legal costs. that wasa terrible deal. wells fargo for wachovia, huge east coast geographic expansion for the retail part of the bank. good deal, but didn't deliver for them improved investment banking which was a s

meantime washington lawmakers aren't the only ones who want answers from facebook want to go over to wilfred frostrk zuckerberg will not appear in front of parliament in the u.k. after he declined the invitation from the chair of the digital cultural media and sports committee damian collins. he will send chief technology officer mike schrockfer. collins has not backed down saying, quote, given the seriousness, we still believe zuckerberg is the right person to give the evidence the e.u. justice commissioner has given facebook two weeks to answer questions posed to the company. all of this comes as chris whilely appeared in front of parliament and said it was donald trump's election victory that made him come forward he also said, quote, categorically untrue that they never used facebook data this is something cambridge analytica has continually denied he also said that -- cambridge analytica said chris wiley was a part-time contractor who left in july 2014, has no direct knowledge of our work or practices since that date. guys, back to you. >> wilf, thank you very much >>> folks, let's get back t

." ♪ >>> good morning, welcome to "squawk on the street," i am wilfred frost with jim cramer. off today. >> great to have you >> great to be onset today yesterday the nasdaq was down 1.8% and dow and s&p was down 1.5% it was the worst for six weeks for the s&p an

." ♪ >>> good morning everybody, welcome to "squawk on the street," i am wilfred frost with jim cramer this hour, we'll talk to kevin johnson. lets have a look at the futures right now, the nasdaq is a little bit low all three were higher yesterday. s&p and dow is up a quarter of