Companies progresses. L brands raises its full year outlook as Second Quarter profits beat expectations. Sales at victorias secret, the main growth driver. The great rate debate wages on. We did get the fed Meeting Minutes out of july. Not as dovish as people were expecting. So the economists expecting a september rate hike has been reduced from 40 to 45 ahead of the minutes being released. Futures pointing to a lower open. Were down triple digits on the dow. The nasdaq lower by 28 and the s p 500 also indicating a lower open. This as the ftse cnbc global index, this is a good gauge of stocks around the world. Not just europe but asia as well and were sharply lower in todays trade by 16 points. Very close to session lows. A lot of that having to do with the underperformance in asian markets. Were looking at the xetra dax down triple digits. Thats a 1. 2 move to the down side. The german dax hitting its lowest level since january. Thats a significant move. Just think about how ecb qe policy has been a driving force behind equities but a lot of that being unwound here. German stocks down 122 points and a 246 point move to the down side for the italian markets. I want to point out the ftse 100 which is at a 7month low at 6,378. That u. K. Retail sales number pretty disappointing. On top of that you have the mining stocks that continue to move lower. How are bonds looking . We saw that safe haven trade continue in yesterdays trading session even before the dovish minutes yesterday. People were buying the treasury. We are seeing the ten year treasury yield at 2. 11 now. The 10 year german yield at 60 basis points so theyre moving in tandem. In term of the currency markets, no surprise, big drop in the u. S. Dollar index overnight on the back of the fed minutes. A 0. 7 drop but this morning were seeing the dollar index stabilizing some what. Its a little bit higher now and euro dollar is up by roughly 0. 2 . The dollar is higher against the yen at 123 and still no love for some of the commodity currencies. The aussie dollar is off by 0. 8 against the u. S. Dollar and 15616. Just a tad lower on the back of the disappointing retail sales out of the u. K. For the month of july. In terms of Commodity Prices this is where the action is happening. Wti crude is off by 1 today getting closer to the psychologically important 40 handle. 4039 is where were at. A lot of people say that 32 could be the new reality. Those were the lows we hit back in 2008. Thats the note coming out from citi. Brent crude off 46. 60. These are the lowest levels since 2009. Got to keep a look at that 40 handle on wti crude. In the meantime, we want to bring you flashes. Reporting its first half net profit plunging 61 on weak casino revenues. This is one of the operators with high exposure to macau and the chinese consumer. First half net profit down 61 and thats due to a slump in casino revenues. Back to economic policy. Downward pressure across the board and steve is breaking down the details. A controversial and confusing set of minutes from the july fed meeting where the markets saw them as dovish but economists and a lot of fed observers seeing them as neutral and even slightly hawkish. Peter from the Lindsey Group says fomc minutes, get me an advil. He thought they leaned dovish. What the fed actually said was most on the fomc judge the conditio for a hike as not having been achieved yet but hold on because the conditions were approaching they said and some said they either had been met or would be met shortly. They also said a prompt start to normalization. Thats raising rates and getting up to a more normal level was seen con vague confidence to the markets. Theres a whole other side of this with a minority saying the inflation data is not progressing toward the target. Some saw lower oil prices, Commodity Prices and the dollar. However most on the committee saw the effects of energy and the dollar as temporary as they have in the past. A lot of talk about china there. The spill over from china did raise concerns for the u. S. Economy but the stock market wasnt seen as a big impact. It wasnt seen impacting chinese growth overall but several on the fed said a material chinese slow down posed a risk to the u. S. Outlook. Some of the commentary after the meeting that came out said provided the august labor data arent disasterous and markets arent in disarray at the time of the meeting we expect the fed to move. They said we still lean toward a september move but with little conviction. That fed meeting is september 16th and 17th and theres still a bit of data to come including that report. Some gdp revisions along with some inflation data. So when will the fed raise rates . Lets get the Investor Opinion from peter, chief Market Strategist at cantor fitzgerald. A pleasure to have you on this morning. Theres a lot of confusion after the latest Meeting Minutes didnt tell us when the first rate hike is going to come. What did you make of the feds Meeting Minutes yesterday . And at the end of the day it will convey in my view the same thing to markets. They have to raise rates to convey the idea that policies have been successful. Weve had a very long, low period of Interest Rates here in the u. S. Of highly accommodated Monetary Policy and the fed wants to show those policies have been successful. Weve seen a drop in emerging market stocks and were also looking at the chinese stock market closing lower in todays trade. Can the fed raise rates when youre seeing such a drastic underperformance in Global Markets . Well certainly those were july minutes and oil prices have come in 15 plus since then and the deflation has raised its ugly head in a number of economies. Commodities have continued to get hit. Copper is at 5,000 a metric ton. Theres counter arguments to what im saying. The fed is in a difficult position in that it finds itself to normalize to show that its policies have been successful yet the fear of deflation cant be far from their minds. The question is, can Central Bank Policy prevent that . In fact, theres an argument that Central Bank Policies globally have created overcapacity in a lot of basic industrials and that, in fact, is one of the reasons for these price pressures on commodities. Really good point, peter. I mean, where are the Investment Opportunities here because the obvious trades right now is sell energy stocks, sell physical oil for example. Also buy treasuries. Those are the really obvious ones and are there any less obvious ones where you can still make some alpha. The energy names are something that we liked. We put out a note where we still like selling energy names so i agree with that assessment. You know, industrials in the u. S. To me are at risk here. I think the next sort of shoe to drop in u. S. Equity land are u. S. Industrials and some of the larger more well loved names because its easier for companies to make earnings when you have deflation and it tends to bleed into earning which is are stated in nominal terms. What are the less obvious trades . I think that moving out of industrials for example is one of those. Big oil has been a favorite dividend play for income investors but now theres concerns that some of these companies will not be able to fund their dividends if Oil Prices Continue to move to the down side. What are your thoughts there . Well, you know, certainly i think big oil has problems and issues. We havent seen production come off. The holes are dug or drilled and really once you do that, you know, you have a reason to go horizontal pretty much to keep yourself afloat. So they find themselves in a difficult position because they have to drill to stay liquid but the extra production keeps moving oil lower so there really sort of between a rock and a hard place in that they have to drill to stay afloat yet Oil Prices Keep going down for that very reason. We expect more pain for big oils and e and p companies in the u. S. For the longest time its really been close to 12 levels and now its come back up to 15. Do you think it should be even higher given all the global risks that were seeing . We came out with an out look in january. And our thesis was that volatility would move from the rates mock kets into the Commodity Markets and eventually it would bleed into u. S. Equities. U. S. Equities are not an island so for the longest time its been surprising to us that u. S. Equities have not been more volatile, especially given the earnings backdrop. In the first yart quarter it was impacted by the fact that we had a strong dollar which people werent expecting toward the end of 2014 and now i think thaernings and revenue picture has continued to deteriorate and its going to be very very hard for u. S. Equities to even as a safe haven for them to remain as strong as they have been for as long as they have so we do expect u. S. Volatility to pick up significantly in the Third Quarter. And gaining about 10. 5 in yesterdays trade as u. S. Futures are indicating a lower open. The dow is down 111 points in remarket trade. Peter thank you for getting up with us. Chief Market Strategist. Still to come on the show, stocks, bonds, and yoga. Well discuss the rise of medication on wall street with Deepak Chopra at 5 40 a. M. Eastern. Dents ever been the kig of the campus on day one. But youre armed with a roomy new jansport backpack, a powerful new dell 2in1 laptop, and durable new stellar notebooks, so youre walking the halls with varsity level swagger. Thats what we call that new gear feeling. You left this on the bus. Get it at the place with the experts to get you the right gear. Office depot officemax. Gear up for school. Gear up for great. With at t, strong can turn a simple lunch break. Into advanced economics. At ts network has the nations strongest 4g lte signal. The imf says chinas yuan is still not ready for reserve status and donald trump takes a swipe at jeb bush in new hampshire. Okay. Back to our top story. The low for oil is conceivable reyall for for wti. Thats according to citi but the analyst team says the key question they should focus on is what will eventually stop prices from dropping further. This comes as oil is sliding to a fresh 6 year low. Wti on track for an 8 week losing streak. Thats a run not seen since 1986. A surprise jump in u. S. Crude inventory. The latest catalyst triggering the oil bear flows. Wti at 40. 27. Brent crude, the international gauge down 64 cents in todays trade. Whats really interesting is that of course lower oil prices, a big win for some of the Net Oil Importers in emerging markets like turkey, india, indonesia. Thats not helping theirtock markets. All of their stock markets are trading at multiyear lows. Thats pushing the emerging market etf. A broad basket of emerging market stocks to trade at a four year low. Its trading down around 22 since april of this year. The point i want to come back to seema is the discrepancy were seeing between oil prices and the optimism were seeing on the part of the central bankers. The fed wants to raise rates this year hopefully. The boe will raise rates either later this year or early next year. They think the right conditions are in play to actually raise rates. Well then, maybe they missed something about oil prices or oil prices are incredibly mispriced at this point. I know it comes down to supply. I know it comes down to saudi arabia ju arabian oversupply. We saw the data there and the higher than expected stock piles in the u. S. But i mean something has to give. They clearly at this point want to stick with their guns and follow the mandate that they have been given. Focus on the domestic economy and growth in the labor market but as you point out, the renewed drop in oil prices having a Significant Impact on inflation. Thats the last thing in the feds puzzle without a meaningful rise in inflation does the fed have enough ammunition to raise rates in 2015. Wti at 40 thats huge. Thats absolutely huge. I want to point out the note that petromatrix wrote this morning, with the september wti the focus needs to be on october where theyll be watching 40. 80 a barrel and then the major test. Were at 40. 27. But thats the october contract so we need to be watching that as well. Moving on, the International Monetary fund is to freeze its benchmark Foreign Exchange basket until october of next year as it considers adding the yuan to its reserve currencies. Its used to determine the payments made by the imf. Its to be viewed on a similar footing to establish reserve current sis like the dollar and euro. It loosened controls earlier this month. Dollar yuan at 6. 3. Stick with us here on Worldwide Exchange because were going to talk politics. Donald trump has stolen the show again. This time launching a personal attack on one of his leadership rivals. The details of that story up next. Earning enough cash back from bank of america to buy a new gym bag. Before earning 1 cash back everywhere, every time and 2 back at the grocery store. Even before he got 3 back on gas. Kenny used his bankamericard cash rewards credit card to join the wednesday night league. Because he loves to play hoops. Not jump through them. Thats the excitement of rewarding connections. Apply online or at a bank of america near you. 800,000 hours of supercomputing time, 3 million lines of code, 40,000 sets of eyes, or a million sleepless nights. Whether its building the worlds most advanced satellite, the space station, or the next leap in unmanned systems. At boeing, one thing never changes. Our passion to make it real. Welcome back. Donald trump stealing the limelight at a Campaign Event in new hampshire. Meanwhile Hillary Clinton clings on to the top spot for the democrats despite the email controversy. Lets get more live from washington d. C. Edward, good morning to you. Good morning, seema. Donald trump seems to be stealing the spotlight. Theres 17 republicans on that side of the ticket actually vying for the spotlight. There trying to convince voters in new hampshire, the state with the very first primary but trump is out front and center. He criticized jeb bush during duing town hall meetings. He said that bushs audience and pointed out his audience was in the thousands where as jeb bushs audience down the road was 150. He also said that bushs audience was sleeping. Bush fired back saying that donald trump has been a democrat longer than hes been a republican. Still its donald trump who is driving this immigration debate and hes focussing it around that immigration topic. He said that a wall on the u. S. Mexican border could be called one day the trump wall and said that in his first day on the job he would kick out all Illegal Immigrants that had criminal records. Now Hillary Clintons support seems to be dwindling among democratic voters. She is now under 50 for the first time. Her closest competitor, senator Bernie Sanders is narrowing the gap in the polls so clinton is also having problems head to head with donald trump. That gap where shes ahead is now also dwindling. Thank you for getting us caught up. Have a great day. Lets take a look at todays other top stories. Wildfires burning in Washington State claimed the live of three firefighters and injured at least four others. John has the latest. Reporter we have been watching a fire burn through the twist river valley from the south to the north toward the town itself. Tonight it has been evacuated. This fire raced up this canyon. It has taken the lives of three firefighters. Details on who the firefighters are at this point unclear but this is the main focus of concern here in Central Washington. Moving fast with winds up to 20 and 30 Miles Per Hour pushing the flames through the canyon toward the town. Its been closed. Luckily most of that land and most of that black smoke comes from timber burning. On the other side of the ridge there is a neighborhood and there is concern about that. What youre looking at is the scene here. Frankly its the scene all across Central Washington right now. Dry conditions and windy conditions. Its hot. Weve been seeing fires all over the area and this fire has taken the lives of three firefighters. All right. Another sinkhole has opened up at the same location in florida where a crater swallowed a man two years ago. It is 17 feet in diameter and 20 feet deep in march 2013 jeffrey bush was asleep in his bedroom when the floor collapsed and he fell in. His body was never recovered. That is really scary. Lets take a look at todays other top stories. Valeant is near a deal to buy Sprout Pharmaceuticals. The wall street journal says theyll pay 1 billion in cash. Half up front and the rest next year. It will also take on all 25 of sprouts employees as the privately held company gets set to start sales of the drug in october. Now the owner of the Weather Channel have reportedly hired Morgan Stanley and pgt partners to explore a sale of its Digital Business. This includes weather. Com, Weather Underground and Weather Services international. The Weather Company began weighing a sale last year with a Digital Business considered to have a higher value than the cable tv network. An Investor Group lead by Nbc Universal took it private in 2008 for 3. 5 billion. Prosecutors in california are broadening their civil suit against uber filing a newcomb pla new complaint on thursday. They say that several criminals passed the companys screening process and were driving for uber until they were cited for providing illegal rides. Safety is a top priority and no screening system is flawless. Still to come on Worldwide Exchange, a big week for retail results. Find out who are the big winners and losers. Thats coming up. Plus i want to draw your attention to european mashlths. The dax down 104 points. Now trading at the lowest level since the end of january 2015. Down 1 in todays trade. Well tell you how futures are also trading. Now down 160 points in premarket trade. We could be in for a tough session on wall street. More on todays trading action coming up. Youre watching Worldwide Exchange. Lets first start with the markets. Fed minutes indicating no hike in september but the fomc maintains were still approaching higher rates. U. S. Future right now pointing to a lower start on wall street. Oil sliding to a new 6. 5 year low after an increase in u. S. Stock piles. Energy shares leading the declines in europe as the bears at city forecast another 10 drop. More losses in beijing as the yuan takes another leg lower. This after the imf says china is not ready for reserve status. Sprouting m a interest. Valeant is near a deal to buy Sprout Pharmaceuticals after its female libido pill was approved by the fda. All right. A summer break for investors is looking highly unlikely with china and greece keeping traders at their desk. The dow is down 180 points in premarket trade. Nasdaq suggesting a lower open by 44. S p 500 off by 0 after asian stocks move to the downside. We did see the shanghai composite trade lower and thats translated to losses in europe. Its the under performance in emerging markets and what that means for growth going forward. Thats the topic of discussion when you speak to traders. The xetra dax still trading at its lowest level since january of 2015. So again that ecb qe catalyst that helped drive stocks higher, some of that being unwound here but lets put this move into perspective. The xetra dax up 7 year to date where as the ftse 100 when you look at the european equities, a lot of that has to do with todays retail sales number. Nothing to write home about. Right now trading at 6,871. Yesterday the move in the commodity business not showing any signs of improving and thats weighing on the oil market. Wti at 40. 22. 40 of course considered a key psychological level for traders that continue to keep an eye on wti crude. Now with concerns about emerging markets the low levels these currencies are trading at and slow down in china is resulting in some investors looking at safety gold. Up about four goals. How do you make money in these environments . Heres what investors have been telling us. Fixed income has been a story of the rates starting to back up and widening and were starting to see a bit of reversal in that. Rate versus gone much better in the last couple of weeks and were starting to see spreads stabilize as well. So even pockets of like investment and parts of high yield as well are places that we think given the deflation nary forces going on can perform relatively well here. You wouldnt necessarily touch it if you look at the economics and ratings of it but if you understand the dynamics behind the credit markets there lebanon is what we call a very traditional market. Why is everyone looking for this great push higher . Against a market which is pretty well priced . Thats not a place to buy any equity. Other markets achieved that. Were halfway through several majors. It was another big day for retail earnings. Target reporting another Strong Quarter under the ceo that just celebrated his one Year Anniversary at the helm. They beat consensus by 11 topping expectations. Target raising its full year Guidance Range too. Same store sales rose 2. 4 including a 0. 6 contribution from online sales. Online sales in total by themselves grew 30 . That is shy though of last quarters 38 year over Year Growth Rate and the low targets 40 annual growth target. The retailer increased its focus on signature categories. Those are style, baby, wellness. They grew three times faster than the overall same store sales rate. Missing estimates by 4 with quarterly profit of 1. 20 a she. However they increase of 4. 3 . Both beat analyst forecasts and the full year erarnings. In addition to rising home values, job growth, lower home prices and cheap credit are all helping the consumer and lastly American Eagle beating on the top and bottom lines posting a same store sales gain of 11 . That also topped expectations. I spoke to the ceo that told me that consumers are responding well to their new offerings in denim, womens tops and its lingerie brand all with fewer discounts but American Eagle did forecast Current Quarter comp sales below the 2nd quarter levels it reported and as a result shares sold off. Back to you. Lets talk more about the Retail Sector and the outlook for that sector. Thank you for getting up early with us. As we saw, numbers from the big retailers have been mixed. How would you characterize the earnings season so far . Because i would think that maybe consumers with the improving economy are slowly but surely getting more comfortable about trading up but it does seem to be the case. Absolutely. What were seeing with the latest reading of the Thomson ReutersConsumer Sentiment is theres a lack of positive economic and Financial News and the consumer hasnt been fully engaged. Theyre gravitating more toward affordable fashions. We have ross scheduled to report. Theyre the one retailer poised for growth on the top and bottom line. Growth at t. J. Maxx and the only bright spot has been l brands who has been able to see growth on earnings and revenue despite competing in a very heavy promotional environment. The multiline sector is booming too and that was reflected in markets numbers. Why is that sector doing so well . The multisector i suspected to see double digit growth be near 30 . Target saw over 50 growth in earnings yesterday. But the Dollar Stores, the consumer is all about values right now and thats why dollar tree and Dollar General are poised to pose double digit Earnings Growth which is very impre impressive. Also the internet and catalog sectors are expected to do well where as on the flip on personal care are losing market share. Which part of the retail story do you think is our best position to benefit from lower gas prices . Were looking at wti crude trading at 40. 27. Thats a fresh six year low. Well t lower gas prices is helping the low end consumer which is driving them to shop more at the Dollar Stores and targets. Were also seeing that consumers despite having the ability of saving money with lower grass theyre graf stating toward value and affordable item which is is why the ross stores is expected to post strong earnings and revenue today. Their stock has nearly doubled over the past year and according to them this is not the end of that ride. They are very much poised and continue to see positive stock growth in the near future. So many retailers already they have warned about conditions in the Third Quarter, do you think so far thats been conservative enough . And also would tie into that the back to School Shopping season. Can you glean any trends from the data weve seen so far . Who would be the winners and losers here . What does it tell us about the Third Quarter. Retailers are warning us not to expect too much during the Third Quarter. We have received 29 negative guidance today up from 22 last week and we only received 7 positives so in general the retailers are telling us not to expect too much and as a result were seeing that analysts have been lowering their Earnings Guidance for the Third Quarter. Right now were seeing a 5. 6 growth for q2 however thats expected to grow to 6. 1 in the Third Quarter and the reason behind this as you mentioned is the latest back to School Season. Parents love to procrastinate and are waiting for the last minute deals fr the tax free holidays which moved into later august and also the Labor Day Weekend sales moving into september. What were seeing is that the back to School Season sales and promotions are driving shoppers to hit the mall at a later time which will help retailers post stronger numbers in september. Also by that time teenagers go back to school in iowa and hit the malls to buy the latest fashions. Thank you for joining us so early in the morning. Director of Consumer Research at thunderstorm is on reuters. All right. Lets talk earnings. Wynn macaus profit falling 61 due to weak casino revenue. It said it may renew its bank loan facilities. Taking a look at wynn results on the nasdaq its down by around 40 so a tough year so far. Meantime, a 33 raise in Second Quarter net profit thanks to online sales growth. The dutch retailer with huge presence in the u. S. , specifically in the northeast says its on track to deliver on its performance. This bodes well for the 25 billion euro merger with delhaize sending shares in both companies higher. Lets talk more about retail. L brands rose more than 7 beating forecasts thanks to continued sales growth and stronger margins. Same store sales at vick yotori secret rose and bath and body works rose 12 . Theyre below analyst forecasts. One of the reasons were looking at shares down 3. 5 in europe. Net apps adjusted profit and revenue beat forecast as the Company Shifts to cloud based storage profits. Netapp has Second Quarter numbers above analyst estimates. This is the First Quarter since the ceo stepped down in june. Frankfurt trade up by 7. 8. Still to come, the pharma sector dominated m a activity this year. Our next story coming up after this break. Now another takeover may be in the works. Lets get out to landon dowdy at cnbcs headquaters for the details. Valeant is near a deal to buy Sprout Pharmaceuticals. The maker of the pill approved by the fda on tuesday. Valeant will pay all cash with a 500 billion installment up front and the rest next year. Valeant will keep their 25 employees including the Leadership Team as the privately held company gets set to start sales of the drug in october. The fda approved the drug with strong warnings saying it has the potentially serious side effects of low Blood Pressure and fainting, especially when taken with alcohol. This would be the latest in a string of deal with valeant. Its taken advantage of low Interest Rates and low tax rates and headquatered in canada. While attempting to adapt to the latest health care market. Valeant has done more than 50 deals since 2008, to expand its portfolio of eye, skin, and stomach products. In february it bought the cancer maker for about 500 million. Valeant is projecting revenue between 10. 7 and 11. 1 billion this year and theyre up about. 3 . Thank you so much. I want to draw your attention to u. S. Futures. European stocks selling off and thats translating to mooufs to the down side in premarket trade. The dow is down 102 points. How do you stay calm when stocks are moving up, down, and all around. Meditation and mindfulness. Thats a view of our next guest that says its time for investors to embrace the downward dog. A pleasure to now say deep Deepak Chopra joining us. Good morning to you, how are you doing. Thanks for having me. American capitalism has been attracted to eastern spirituality for many years but why do you think wall street is showing this newfound interest in yoga and meditation . Wall street is having a stressful burn out syndrome. So traders and brokers and bankers are embracing meditation as a stress management technique and find their productive goes up and they make wiser decisions. Theyre not so impulsive and fr frazzeled. So many books that touch on the importance of mindful thinking. You have a new book coming out. Super genes. Unlocking the power of your dna for optimal health. We of course are a Financial Newschannel so help us understand how you can use gene activity to make you a more successful investor . Five things influence your genes more than anything else. Every experience does but good sleep, meditation, exercise healthy emotions and food that is not poisoned or processed or manufactured or pesticides or gmoed. In other words, regular food that comes from the earth and is part of our eco system because our gene is influenced by microbs and they respond to the things i just mentioned including food and theres a whole new science called epigenetics which shows the environment which includes your internal environment, they all influence the activities of what were calling the supergene which is genetic activity, epigenetics and the microbiome. Does that seen theres simple life style changes you can make to change genetic expression . You can update those responsible for selfregulation and down regulate the genes responsible for inflammation. Even auto immune disorders and some kinds of cancer. So we know that only 5 of diseaserelated gene mutations are fully penitrant which means they cannot be stopped. For that youll need pharmaceutical measures or other ways to block those genes but 95 of our genes and their mutation for illness are influenced by lifestyle and genes dont work in isolation. They work as networks that regulate other networks. So the new era is already upon us and it shows that largely, most chronic illness is preventable and some reversible like heart disease, asthma, many inflammatory disorders are reversible. You said before that wall street is pretty much burned out and the key to curing that could be yoga and meditation. Do you see that increasingly more investment banks and Financial Firms are allowing their staff to take a longer lunch break to take time off to engage in yoga. I have been visiting a lot of the big baichking firms in new york and big traders in new york and yes, theyre embracing meditation. They have facilities for medication and yoga. Learning how to destress. They are offering healthy food. Its not only actually wall street but the Big Technology firms like google and many others are taking this full on. In fact, google has a chief happiness officer. We need one, right . Yeah. Absolutely. But there are banks that actually offer yoga classes. So youre starting to see it. Yeah. I have done meditation sessions at Goldman Sachs as well. And the retreat. Cool. Well, really Interesting Research and look forward to reading your book on genetic activity and the impact it could have on our daily lives. Big message here, keep calm and carry on. Absolutely. Keep calm and carry on doing Worldwide Exchange. Futures are down. We know. Downward dog later. All right. Were going to move on here. Get out your checkbook because you could possibly own a piece of movie history. The owners of the home that appeared in the thriller silence of the lambs are looking to sell the victorian style home in pennsylvania. It belonged to buffalo bill in the film and the asking price is 300,000. Not sure who would want to buy that. These are the headlines. A dovish tone from the fed pushes out rate hike and donald trump takes a swipe at jeb bush in new hampshire. Well be back in two. No students ever been the king of the campus on day one. But youre armed with a roomy new jansport backpack, a powerful new dell 2in1 laptop, and durable new stellar notebooks, so youre walking the halls with varsity level swagger. Thats what we call that new gear feeling. You left this on the bus. Get it at the place with the experts to get you the right gear. Office depot officemax. Gear up for school. Gear up for great. The number of americans filing new applications for unemployment is expected to have dropped slightly last week. At 10 00 a. M. Well get a check on housing, july existing home sales and the august fed survey is out at 10 00 a. M. A couple of earnings to keep an eye on as well. Sales force, msg and sears holdings. Dow down triple digits in free market. Absolutely and were seeing that sell off in the european markets. Unless we see a bottom for oil i dont see this changing any time soon but citi saying 32 could be a reality once again. Yeah. Were looking at wti crude at 40. 27. That does it for us on Worldwide Exchange. Thank you for joining us. Well see you tomorrow. But next up is wasquawk box. Have a great day. [ male announ] whether it takes 200,000 parts, 800,000 hours of supercomputing time, 3 million lines of code, 40,000 sets of eyes, or a million sleepless nights. Whether its building the worlds most advanced satellite, the space station, or the next leap in unmanned systems. At boeing, one thing never changes. Our passion to make it real. Good morning, crude getting crushed. Oil prices dropping 40 barrel now. And global stocks as a result under big time pressure. Also new this morning greece making a key repayment to the ecb using money from its latest bailout fund but theres still Big Questions about the countrys financial future and no love for chocolate. While its melting some demand for the sweet treat. Well tell you about it. Squawk box begins right now. Live from new york where business never sleeps, this is squawk box. Good morning, welcome to squawk box on cnbc. Joe is off today. If you are just waking up this morning you should brace yourself. It is shaping up to be a rough market ride this morning after a pretty rough day yesterday as well. Take a look at this point it looks like the dow futures are down by 140 point bess low fair value. This comes after a 163 point decline yesterday for the dow. S p 500 also under pressure. It looks like it would open down by another 15 points. This comes after a difficult day yesterday. The s p yesterday trading below its 200 day level of 2078 on a intraday basis. It did close on its level. You can see the nasdaq down below 32 points below fair value. Oil prices are playing a huge part in this story. Oil prices under