Good morning warm welcome to Worldwide Exchange on cnbc. Im wilfred frost. Im court couney reagan in f sara pleasure to have you with us. We did see declines yesterday of about a half percent across all three of the major averages. Today we are bouncing back a bit. The dow up by 20 points or so. Worth noting that all 11 sectors of the s p were lower yesterday. A broad selloff. Telcos taking the brunt, down more than 2 tenyear treasury note above 2. 4 this week if we have a look at it this morning, its still year yields slipped a bit 2. 44 yesterday 2. 42 today. Looking at whats going on overseas asian equities mixed overnight we saw mixed market in china south korea down a half percent. Shanghai up about a third of a percent. And we saw in japan the nikkei led by financials and automakers the messaging service line up 17 on earnings. That was one i wanted to point out. We also got data out of south korea where the gdp grew 1. 4 in the Third Quarter. Thats the fastest pace in seven years. The kospi down about a half percent. Hyundai up about 7. 4 . Cross currents in that market. Looking at europe. We did see that region lower yesterday. Ftse down about a percent. Right now mostly higher across the board in europe ahead of the ecb. The dollar didnt do much yesterday. Not doing much today we have the pound moving, 0. 4 lower. As you can see, pretty much flat against the euro and the yen as courtney mentioned, focused on the ecb decision coming out on squawk box. Oil prices have been flat, again not doing too much exactly flat this morning. Oil prices down a half percent yesterday. Today just fractionally lower. 52. 2 for wti. We just got some new comments from the Saudi Crown Prince he says the aramco ipo will still take place next year and the valuation of the company could top 2 trillion. The crown prince also said that saudi arabia is working with all Oil Producers to rebalance the global oil market. David einhorn is calling a comeback he says Value Investing is poised to make a significant recovery like it did after the dotcom bubble. From time to time when Value Investing gets out of focus, people question, hey, is this ever going to work again the last time it happened was around 1999 when everybody was talking about eyeballs like the new paradigm for investing. And that didnt end very well. Joining us on the cnbc news line, guy adami, fast money trader how are you . Very well how are you . Very well, indeed this comment from mr. Einhorn, it presumably cant come back until we have a big Market Correction its interesting you say that if you read between the lines, hes saying passive investing now is akin to what people were talking about in 1999. I think what happens in passive investing is that it lifts all boats, stocks become sort of grouped together you cant cull the good from the bad. If you listen to what hes saying, i think hes saying were on the verge of this passive cycle running its course and seeing an environment where you can pick stocks that go up and stocks that go down. The value part of that equation would require a pullback on that note, when we see the selloff we saw yesterday, half a percent is not too worrying. But very broad all 11 sectors lower does that give you bigger cause for concern . It does as you know, im always concerned, but i will tell you, yes, it does two, if you look at the two days prior, you know, you had benign markets, actually slightly higher you had the fix which started this whole move around 10. It traded above 13 at one point yesterday. So you had a climbing vix, yesterday was the first day you had a significant let me emfra e emphasize significant is not significant like the old days, but half a percent to the down side you had the threeday steady climb in the vix, all the sectors lower yesterday. Maybe were at the beginning of something. At the beginning of something is earning season, and were right there in the middle of it. If youre not massive, obviously youre active and looking for different places to make money thats what David Einhorn does thats how he makes his money. We have a big day coming up for earnings what are you looking for what should investors be positioned ahead of all of these names, particularly the big tech guys after the bell . Tech guys are fascinating thats where everybody has been and where everybody thinks theres no lose situation. If you look at the industrials that have reported, the numbers have been outstanding, but if you really start to examine them and get the microscope out, what youll see is in a name like caterpillar, great numbers the third time this year they raised guidance. But you also had a significant inventory build amongst their people amongst their dealers. You have to wonder, is this inventory build the peak of something . People are looking for something, it might not be there on the back end. Thats concerning. In terms of earnings, dont necessarily look at the numbers. Look at the price action of the stock on the back of these numbers. Thats what im watching if you get what you deem to be great earnings, but bad price action, maybe the market is finally telling you something to mr. Einhorns point. Let me tell you one other thing, passive investing is great passive investing that turns into active is not active on the way up its active on the way down. Well, guy, there we go. Thats a quote that will go down in history mark this day mark this day done. Guy, thank you very much. Pleasure to speak with you have a great show theres a pair of economic reports on todays wall street agenda weekly jobless claims out at 8 30 a. M. Eastern, followed by september pending home sales at 10 00 a. M. In europe, we are going to get an ecb Rate Decision keep an eye out for that thats about 7 45 a. M. Eastern time that will be followed by News Conference from ecb president mario draghi that happens at 8 30 a. M. Eastern. Today is the single busiest day of earnings season with 67 companies in the s p 500 reporting. The list includes comcast, the parent of cnbc, conocophillips, ford, time warner, u. P. S. , Southwest Airlines and twitter those are before the opening bell after the close alphabet, amazon, gilead, intel and microsoft. It is going to be a big day. Lots for us to follow. Sticking with earnings, abi reporting higher Third Quarter profits. Landon has the details on that one. Good morning the Worlds Largest brewer out with results the stock moving lower on what was a mixed quarter. On the positive side, abi developed 4 Revenue Growth and 14 Profit Growth thanks to a higher synergy target and the largest brands, corona, Stella Artois and budweiser total volumes fell mainly due to weakness in the u. S. , where shipping to wholesalers was hampered by the hurricanes in florida and texas. All of the buzz in the report is brazil ab inbev saw profits rise in the second largest market in nearly two years as price hikes compensated for selling less beer in a statement the company said they remain cautiously optimistic and confident in the ability to accelerate growth there. The shares of ab inbev are down about 3 in early trading. Back over to you landon, thank you very much for that other earnings in europe lots of banks reporting over there. Shares of barclays under serious pressure the company reporting a weaker than expected pretax profit of 1. 1. 46 billion. The banks bottom line was impacted by lackluster performance at the corporate and Investment Bank including a 34 drop in fixed income revenues. The move really relative to expectation within trading the equities performance was disappointing. The Earnings Call is happening at the moment. Theyre trying to focus on targets for r. O. E. In 2019 and 2020 this is the third disappointing quarter in a row hard for investors to believe those forecasts. Jes staley said in the First Quarter of bad results in q1, having a couple of good ones last year that hes not going to get worried about one quarter of bad results. Its been three now. Certainly some concern there for him the key factor is hes waiting for the decision on that whistleblower case, which could be any day now shares sharply down. Extended the move down now 7 . The Earnings Call started about 40 minutes ago down 5 before the Earnings Call. Deutsche bank profits are more than doubling expectations. The german lender reporting a Third Quarter net income of 7 8 7. 68 million verses 3. 3. 32 million. Cost cuts helped fuel profits. Still, trading revenues came in weaker than expected the banks cfo addressed that a few moments ago on cnbc. Fixed income markets, we perform very much in line with our peers. Revenue performance was down 24 . If you take the same segmentation as our peers have, which is fixed income sales and trading and the financial segment, so 24 reflects the market environment were in. In equities, youre correct, we had a weaker quarter than some of our peers that reflects the idiosyncratic environment we found ourselves in at the end of last year, particularly in prim finance which has been a lagging indicator as we rebuild balances and rebuild margins in that business we think were seeing progress there. That leads to some confidence about the future that the the new cfo, mr mr. Von moltke the ceos of both banks m cryan and mr. Staley, taking the helm under similar circumstances, bigturn aroubi big turnarounds, but theres pressure on both ceo. Santander reporting a 14 drop in q3 profits the bank blaming oneoff restructuring costs due to the acquisition of Banco Popular one caveat for all of these stocks, they have all recovered yeartodate verses a year ago european banking share prices have had better performance year to date than a couple years ago. Still some disappointing results as shown by the share price moves today. Youre not done yet you have a big interview later today with the bank of america ceo, Brian Moynihan. Tease us a little want will y what will you be talking about this is the first interview since q3 earnings. They have performed well in that the point people want to here is deposit pricing. We had a couple of rate hikes. How much of that will be passed on we did see some pressures in numbers. We want to hear if we keep seeing this rate hike cycle, when does that start getting passed on to customers their cost control continues to be very good investment in Digital Banking continues to show results. Well talk about that. Prospects for tax reform for sure also generally what we just discussed with mr. Adami is there concern in the marketplace with these levels w tightening happening ecb meeting will happen just before i speak to Brian Moynihan as well. Well talk about that changing environment and whether there needs to be a bit more whether theres complacency in the market with these levels theres a lot to talk about i hope you get a lot of time. Coming up, hanging up on nokia. The stock falling hard on earnings were digging in on those numbers. And things got ugly. Thats what nelson peltz says happened at p g. He spoke eluve wxcsilyith jim cramer more of those comments coming up on Worldwide Exchange. I love you, basement guest bathroom. Your privacy makes you my number 1 place to go number 2. I love you, but sometimes you stink. Febreze air effects doesnt just mask, it cleans away odors. Because the things you love the most can stink. And try febreze small spaces to clean away odors for up to 30 days. Breathe happy with febreze. Witness katy perry. Witness katy perry become a legal witness. Witness katy perry and left shark. Or a card shark. Grandma . Witness katy perry work. Witness katy perry firework. Witness katy perry swish. Witness katy perry. Aaaaaaw look at that dog katy perry with music videos and behind the scenes footage, xfinity lets you witness all things me. Good morning welcome back to Worldwide Exchange. Yesterday as we said the worst selloff for two months, down about a half percent doesnt sound too big. All 11 sectors were lower. It was a broad selloff expected to bounce back today. 21. 5 points for the dow. Tho we have had record closes over the last couple of weeks lets look at currencies were focused on the euro today. Mario draghi and his fellow colleagues due to deliver the ecb decision at around 7 00, 7 15 eastern time. This morning the euro not doing much 1. 1805 he is not expected to change rates but start the tapering of the balance sheet. The question is the guidance of when that might start and what the size will be comments on that are the focus pound slipping a bit this morning. Stocks to watch today. Nokia shares getting hit hard after the Company Posted weaker than expected Quarterly Earnings the company says Network Sales fell 9 last quarter operating profits plunged 23 . Both numbers falling more than expected shares down almost 15 for nokia. Statoil reporting a Third Quarter loss despite Higher Oil Prices the company says problems at one of its north american sites weighed heavily on profits shares are off 5 at this point. Munich re is forecasting massive losses due to the hurricanes the Reinsurance Group is expecting a small 2017 profit after being hit by losses from harvey, irma and maria. Buffalo wild wings getting a huge pop in the premarket. The chain posting higher than expected earnings for the Third Quarter and raising the earnings forecast for the year. Up 20 amgen reporting a higher than expected Third Quarter profits a lower costs offset sales declines shares off 1 . Nike shares getting a nice pop as the Company Looks to shake up its business. The ceo sitting down with sara yesterday on more details on the companys big future plans the company is going through a massive transformation, when you look at the supply chain, speeding that up the product creation process, speeding that up the direct connection to consumers, powered by digital and membership is enormous this is a massive change and then the innovation pipeline across performance and sports wear we have never seen as much noninvestigation as we have up and dont pipeline nike shares flat in the premarket after a nice jump yesterday. You have ever been to Buffalo Wild Wings in. I have, but only in the airport. It was my stop off ahead of a holiday flight nelson peltz says being an activist investor can at times get ugly heres what peltz told jim cramer last night. I think it got ugly onesided. I dont think i agree with you. I think all we dealt with is facts. I believe theres a direct correlation between how poorly a pane is doing and how big a fight they put up. Okay okay. Its really interesting if you look at the proxy fights weve had, heinz, dupont, now p g, those are three truly underperforming companies when we got there and i think we helped them all shares of Procter Gamble are down more than 6 this month. Flat right now. Still ahead a major step forward. The house is expected to pass the federal budget moving the gop closer to achieving tax reform were live in washington with the latest straight ahead. First, as we head to break, heres todays National Weather forecast from bill karins. Good thursday morning to you. Rain continues in eastern new england. Its spared areas like new york city now the rain has returned to hartford it will be a rainy morning, especially that early commute through eastern new england. Things will improve as we go throughout the day it will take a while this is 7 00 a. M. , showing you where all the rain is. The storm moves northwards for the evening. Still rain from albany towards burlington showers in areas of maine. Well continue that trend early tomorrow morning it will slowly improve today. The other story is the cold air coming into the north. Well watch rain and snow today. Yes, snow in areas of minnesota and wisconsin. Beautiful day texas through ora at yflidthsour Business Travel forecast. More Worldwide Exchange when we come back is now a good time to refinance . Yes Mortgage Rates are historically low. The time to refinance your home is right now. Get started at lendingtree. Com. The only place you can compare up to five real offers, side by side, for free. Our average customer can significantly lower their monthly bills. Quick. Beat the feds next rate hike. Do not miss this window. Are you sure you have the best rate . It only takes 3 minutes to find out. Go to lendingtree. Com right now. Tha. Oh, burnton gravy . Ie. Gotta rinse that. Nope. No way. Nada. Really . Dish issues . Throw it all in. Cascade platinum powers through even burnton gravy. Nice. Cascade. Welcome back to Worldwide Exchange. Commerce secretary wilbur ross talking taxes yesterday on cnbc. Ross says lawmakers could potentially strike a deal that includes caps on deductions and talked about when we could see real tax reform. Its hard to put an exact time denomination on it. Congress is so process driven rather than results driven but it will be soon. The commerce secretary added while he wants to see a tax reform passed this year, the substance of a bill is more important than speed the house is expected to vote on the 2018 federal budget later today. Tracie potts joins us now from washington with more good morning this could send the budget to the president s desk not only as a spending plan for the nation, but it also creates a 1 1. 5 trillion opportunity for tax cuts thats really the next thing that lawmakers want to get into. The president says except for those two republicans who have been outspokenly critical of him, he insists the rest of the party is on the same page when it comes to tax cuts, we just dont know what page that is, because we have not seen it yet. It will be next week before we see that legislation a couple of things of interest, ivanka trump has been on capitol hill pushing for the Child Tax Credit to be expanded. Thats been a pet issue of hers. The other thing is 401 k s, retirement accounts. The president tweeted last week they wouldnt be touched but then he said yesterday they may be up for negotiation. The idea is that if they severely restrict taxfree contributions, lower the amount you can contribute taxfree, thats more tax money coming into the government to balance this big tax cut that the president is looking for so, it sounds like lots of negotiation on the table on how to get tax reform done theyre try doing it quickly, but that process really starts today by creating the opportunity for tax reform with this budget that the house is voting on later today. Tracie potts, thank you very much for that. Tax reform one thats hot on our radar. Still to come, the top stories and a round up of the Global Markets. Get credit, today is the busiest day of the earnings season well get you ready for the jampacked day thats comg inup youre watching Worldwide Exchange on cnbc. Buckle up. Its the busiest day of the earning season with big tech, big auto and big farm that reporting results. Snik stnike is stepping up ie to take down its rivals. Uber is making a big push into payments. More on the ridesharing apps new vbusiness venture with barclays its thursday, october 26, 2017. Youre watching Worldwide Exchange on cnbc. Its actually the 26th i think its the 26th it is i just checked i said 25th. At least someone is on the ball. Im off the ball and im wilfred frost. Im Courtney Reagan in today for sara eisen i think its thursday, but i know im here. Lets check the Global Markets futures are pointing us to a slightly higher open after we saw a selloff across the board yesterday. We know weve been hitting highs almost day after day many thing were due for a pullback yesterday didnt count as a correction but we lost 112 points on the dow jones. We are positioning for a higher open lets look at the tenyear and see where yields are we are waiting to hear from the ecb later today. Thats what were positioning the dollar and euro against. Yields on the tenyear unchanged. Asian equities for you, mostly higher. Slight declines for the hong kong market. Gains for japan and shanghai perhaps japan can start another long winning streak. Had 16 straight sessions, yesterday declined for the first in 17. Declines yesterday in european equities, the ftse 100 down the best part of a percent today a bounce back for most markets. Ftse up 0. 4 lets look at whats going on with the price of oil. We got an unexpected rise in inventories, that put pressure on prices. You can see right now wti crude just a little unchanged. I was going to say bangon for wilfred, but then we moved 52. 17 for the price of crude for brent we are above 58 that is down by about a third of a percent. Moving on to see whats going on with the dollar, we showed you earlier this chart and talked about how it was unchanged ahead of the ecb seeing some slight movement. The pound weaker against the dollar by a half percent 1. 31 the euro dollar trade is flat. Well see if that changes when we hear from mario draghi and the decision there rounding things off with the price of gold. This has not been moving as much yesterday Brian Sullivan classified this as the boring trade. Theres a pair of economic records on the agenda. Jobless claims out at 8 30 a. M. Eastern, followed by september pending home sales at 10 00 a. M. In europe, we are going to get an ecb Rate Decision keep an eye out for that thats about 7 45 a. M. Eastern time that will be followed by a News Conference from ecb president mario draghi that happens at 8 30 a. M. Eastern. Today is the single busiest day of earnings season with 67 companies in the s p 500 reporting. The list includes comcast, the parent of cnbc, conocophillips, ford, time warner, u. P. S. , Southwest Airlines and twitter those are before the opening bell after the close alphabet, amazon, gilead, intel and microsoft. I want to talk about amazon, its impossible not to joining us is jan kniffen. Thanks for being with us lets start with amazon. Well hear from them after the close. Were going into the Holiday Season you liked the stock for a while. What are you hoping to hear from amazon its hard not to like amazon when amazon has a zero cost to capital, i dont expect to hear anything unusual from amazon i think theyve been moving on to private label and apparel they have gotten nike to sign on as a partner at least on a test basis to bring in more brands. I expect to hear them talk about brands, what theyll do in grocery. But, you know, either amazon or alibaba takes over the world were not sure who yet right now in the u. S. It looks like amazon. I dont know what they could tells that you we would all decide to walk away. They would have to tell us growth was really slowing down i dont envision hearing that. I dont either. Not that they tell us much, but they dont need to that stock price keeps moving higher and higher. You mentioned nike and their Partnership Deal with amazon they have a big investor day yesterday. Mark parker was on cnbc. You joined us to talk about that what happens when and if nikes plan to go direct to consumer takes off what does that mean for the wholesale partners nike has . They have macys, kohls, foot locker, thats 70 of their business if direct to consumer goes up, what happens to those Retail Partners ive been telling you for a long time that brands win, Third Party Sellers lose this is not anything different nike can take sales out of those third Party Players, bring it inhouse, sell it direct to consumer the return on investment goes up when retailers do that, theyre basically losing roi as they move online. Nike is doing what they should be doing they want to put just enough in the third Party Players to get full price selling and first markdown selling they want to do Everything Else themselves direct online at higher returns they dont have to sell it wholesale when they sell direct to consumer. I think everything he told us yesterday is exactly the right thing for nike to do the only question is can he deliver . I think they can deliver if theres a question out there, nobody walked out of that meeting, nobody heard him talk yesterday on cnbc that didnt say if they can do what they just said they can do, i want to own the stock. The people not buying it are saying i dont believe they can do what they just told us they can do back to the amazon discussion in terms of the fact that we heard them pushing more severely into business retail earlier in the week is that priced in to the likes of staep astaples already or not gosh. I have a hard time believing that that is priced in to anybody. Its certainly not priced in to staples. So, yes. I think thats a big problem for the world at large i dont think everybody is reacting to that yet you know, once they see it actually happening, the reaction has to come. I spoke briefly with richard baker, the chairman of Hudsons Bay Company on tuesday after they announced that deal to sell the lord taylor flagship, the shared office space. It helps them reduce their burden of debt, but what does that mean for retail when lord taylor is selling their space to Millennial Retail office space its the uberization of the world. This is what we all think is happening. Things working with the younger millennium consumer that are digital that have zero cost to capital can go out and buy anything its not just amazon its uber, weworks when you see somebody like weworks who nobody heard of a few years ago, come in and spend 8 850 million on a store i thought was worth 650, thats an impressive ability to spend. I dont think it says anything good about retailing at least it says something about the value of the Good Real Estate out there jan, thank you very much. Appreciate you being here us with ill see a lot of you in the months to come jan kniffen. Thank you very much more stocks to watch shares of barclays under pressure the company reporting a weaker than expected pretax profit, 1. 1. 46 billion. The banks bottom line was impacted by lackluster performance at its Investment Bank revenues worse than some of the u. S. Investment banks. Its down 6. 4 jes staley right now staying that low volatility, low volumes hurting the trading numbers. Also some trades didnt go our way. Some specific trades as opposed to just the volatility question. Either way, pressure on the shares pressure on the ceo. Deutsche bank profits more than doubling expectations the german lender reporting a Third Quarter net income of 7 78 million versus 332 million cost cuts helped fuel profits. Still, trading revenues came in weaker than expected santander reporting a 14 drop in q3 profits the bank blaming oneoff restructuring costs due to the acquisition of Banco Popular more stocks to watch today nokia shares getting hit hard after the Company Posted weaker than expected Quarterly Earnings the company says Network Sales fell 9 last quarter operating profits plunged 23 . Both numbers falling more than expected shares down almost 15 for nokia. Buffalo wild wings getting a huge pop in the premarket. The chain posting higher than expected earnings for the Third Quarter and raising the earnings forecast for the year. Shares are up 20 . There is a high Short Interest in this stock. We should point that out as well could be some Short Covering amgen reporting a higher than expected Third Quarter profits a lower costs offset sales declines shares off 1 . Santander shares in madrid are up 0. 8 . We may be showing something that was not trading over here. Time for our top trending stories. Albert einsteins handwritten theory about happiness sold for 1 1. 3 million at auction. It reads a calm and modest life brings more happiness than the pursuit of success combined with constant restlessness. The theoretical physicist wrote the note back in 1922 while traveling in tokyo it said einstein didnt have cash to tip a bell boy and gave him the note instead i didnt have cash yesterday to tip someone, but i dont think a note would have sur fis fficed its a shame the bell boy didnt get the rewards i wonder who had it i like that its expensive but not gratuitously expensive. I kind of like the quote, too. Absolutely. Otherwise it wouldnt be worth the money it is. What is gratuitously expensive is rihannas new york apartme apartment. She paz ys 50,000 a month in rt for a penthouse that is expected to go on sale today for 17 million. The penthouse has four bedrooms, 13foot ceilings and a wood burning fireplace. She rents it. 600,000 of rent a year for something that is on the market for 17 million that seems like an extraordinarily high rent relative to price. Either way both prices are high. Quite high. I think shes been taken to the cleaners for that as she rented that. Hopefully shes watching. She can get a better deal. Perhaps she found it and thats why shes leaving. Uber is getting into the credit card business the Ridesharing Company teaming up with barclays and visa to launch its own credit card the uber visa card will be available in the app to use on uber rides, uber eats purchases starting next week the physical card to be used for any other nonuber purchase also show up in the mail. Ever wonder what your pet was thinking all the time. Wozzy is very thoughtful i dont know what it is. There could be an app a startup called pet cube is developing Machine Learning software to help people understand what their pets are trying to tell them. The software would be used to predict and spreprevent Health Problems i always worry what wozzy is thinking, my cat i bet its a gimmicky app, hes happy or sad type thing wozzy is easy when he purrs, hes happy. Hes happy all the time. Done. The iastros beating the dodgers in game two of the world series in a wild extra innings game the astros scoring six running from the eighth inning forward the series is tied at one victory each i feel like the astros will win this i dont know why i have that feeling. Could be good for houston. Ill go with that okay. Coming up, making the case for keeping janet yellen the mustreads are ahead as we head to break a look at where european equities are trading at this hour after a down day yesterday were seeing some demost gains my ambition . Helping people get what they want, understanding were not in this alone, and teaching my kids that no ambitions out of reach. Ambitions live everywhere. Synchrony financial helps make them happen with data, insights, financing and technologies. Synchrony financial. What are you working forward to . Hi, im the internet you knoarmless bowling. Lt . You got this, jimmy you know whats easy . Building your website with godaddy. Pick a domain name. Choose a design. You can build a website in under an hour. Now thats a strike get your domain today and get a free trial of gocentral. Build a better website in under an hour. I love you. My friend susie cracks and hello sensitive bladder. Ring a bell . Then you have to try always discreet. I didnt think protection this thin could work. But the super absorbent core turns liquid to gel. For incredible protection. Thats surprisingly thin. So its out of sight. And out of mind. Always discreet. For bladder leaks. Also in liners. Welcome back to Worldwide Exchange. Im wilfred frost. Time for our mustreads. My pick is in the wall street journal. Titled the case for keeping janet yellen former fed vice chair allen blinder writing the Bernanke Yellen philosophy prevailed and was fa nphenomenally successful. The economy flourished, inflation has remained low that particular hawk dove debate reflected honest differences of opinion but ms. Yellen was right and messrs taylor and warsh were wrong. This is the argument for why yellen should stay on. Has a lot of spin on it highlighted by some of the words he uses there by saying the economy is flourishing i was going to say. Its good. Its a relatively well spun argument for why shes the right pick clearly she has lots of attribu attributes sounds like well get the decision soon. My pick is in the usa today. Oip yoid crisis has a new leading killer, fentanyl fentanyl is getting laced into the drugs, and now deaths of this is killing more than 55 people a day some fentanyl is made in mexico and some is coming from china. This is all the more reason during trumps trip to china for the president to press the chinese leader, xi jinping to follow up on the ban and manufacture and sale of fentanyl they could shut down illegal laboratories in china, apprehend anyo and extradite anyone indicated on fentanyl charges in america its unclear if china has apprehended. Im from ohio, montgomery county, dayton, ohio which is the epicenter of the Opioid Crisis all the Networks Keep going to my hometown. Its not a way we want to be famous its a huge problem and it hits close to home. We dont often highlighted the usa today, but its an important one. Micrograms of this fentanyl can kill you the First Responders are being warned not touch it. If they just inhale it they can die. Huge crisis scares me to death. Relevant to lots of the lawmakers from those states in terms of the healthcare reductions and it was always an issue coming up. Definitely. Approaching the top of the hour, the team is getting ready for squawk box. Joe kernen has a look at whats coming up. I saw you struggling through that the dodgers astros read. It was confusing it, wasnt it the bowlers the bowlers, i know you call them bowlers over where youre from. That was a nice right arm over the wicket action like that. Wicket. Yeah. Im very sad i was not able to see what a lot of people were seeing, a classic. Payable is the only game ive been to. I have asked you, you havent taken me its on you. That would not be a bad place to go, dodgers stadium though people hit home runs in dodgers stadium. Theres a lot of blue everywhere that sounds good. Eight of them First Time Ever that the astros won a world series game. 20 lead in the world series is different than 11 im seeing this for the first time now just reading about it, it sounded great. It is a little weird that with thefu ful infls proble the magical game of recent yeae have said its good for teams if youre in cincinnati, its too slow suddenly were having great games. Last world series was awesome. The only game in the world slower is cricket. Thats a great day out you go with a pal and you sit and drink all day and watch. Cricket is slower it can take five days cricket is slower than soccer, football 90 minutes of uninterrupted action is what soccer is. Dont people score in cricket . Whats the score 00. Whats the score now still 00. Because the nation cant qualify for the world cup, dont be spiteful. Yeah, that is any way. Earnings from the mothership today. Comcast. Then well talk to brian roberts. And that should be interesting given at t, some comments from comcast about three weeks ago and the effect of the hurricanes and competition on hopefully the shares fair better than the former mothership probably shouldnt have said that probably shouldnt have if you watched the shares of comcast, you know already comcast has performed well for the past actually since we got senator bob corker on today. Well do a business ber vieinte. Well find out how he feels about tax reform do we do the gratuitous nastiness, the morning joe type stuff that they rub all over themselves 24 hours a day i dont know i want to talk tax reform. I have a feeling it will come up a little bit. Maybe a little. Buckle up, were about to kick off the busiest day of the earnings season. Well get you ready for what to pect stay tuned, youre watching Worldwide Exchange on cnbc cme group can help you navigate risks and capture opportunities. 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Right in the heart of the was in his financial crisis, and saw his portfolio drop by double digits. It really scared him out of the markets. His advisor ran the numbers and showed that he wouldnt be able to retire until he was 68. The client realized, i need to get back into the markets i need to get back on track with my plan. The Financial Advisor was able to work with this client. Hes now on track to retire when hes 65. Having someone coach you through it is really the value of a Financial Advisor. Good morning welcome back to Worldwide Exchange. Futures pointing higher after a broad sell ooff yesterday. All 11 sectors of the s p lower. Lets bring in john silvia from wells fargo good morning to you. Lets talk about the data side of things here gdp coming out later this week a few other releases before that what are you expecting we are looking for the gdp number to be impacted by the hur ca hurricane, so 2. 1 Government Spending a distraction from the overall pace of growth we do expect better Economic Growth in the Fourth Quarter consumer spending. As you saw with durable goods numbers earlier this week, really solid investment spending on equipment has kicked in thats a good sign for the economy going forward. John, delinquency rates, are you worried about them going up as the fed continues on its hawkish stance if that does continue with whom ever is the next fed chair you worry about what happens to the consumer and their credit . Clearly, courtney, the auto delinquency rates are moving up a bit. It seems over the last two, three years more credit has been taken out. That credit growth exceeded the increase in prices for the automobile more and more cars and automobiles are being financed with that credit we are a little concerned that with the fed on its projection for raising rates that will create some real financial strains in terms of auto delinquencies in the u. S. Economy. Does the next fed chair have the possibility of drastically changing that direction that the fed is on . Is that something you expect to happen is the appointment more of a rubber stamp over the policy thats been put into effect . Ill tell you, given the economy, the flow of inflation, i dont think it will be drastic changes going on here. The fed has that dot plot. Theyll probably go ahead in december, one or two moves next year i dont see drastic changes. The same thing with the fed balance sheet. We talk about shrinking that significantly, but im of the suspicion we wont shrink it that much in the next two, three years. Very quickly, 20 seconds left ecb, if they do start to project tightening, that does that worry you about global liquidity levels not so much global liquidity but it will move up the interest rates. John, thank you i did not give you a full time to give out a full answer. You did very well. John silvia there. 20 seconds still to go i really squeezed him. My bad main things to watch today, ill focus on the interview with Brian Moynihan coming up at 12 15. The ecb decisions coming in a couple of hours on squawk b, ich comes next good morning buckle up. Its the busiest day of earnings season we have a full rundown of the biggest premarket movers including a Healthy Breakfast of wings and beer President Trump working to build support for tax reform a live report from washington and well speak to senator corker today its thursday, october 26, 2017. Squawk box begins right now. Live from new york where business never sleeps, this is squawk box. All right. Good morning welcome to squawk box on cnbc. We are live from the Nasdaq Market site in times square. Well play this song every day from now until the end of the year, until theres a tax deal im becky quick along with joe kernen and melissa lee yesterday we saw the dow down by triple digits, decline of 112 points off the bigger losses from earlier in the session the dow and s p were down by almost half a percent. Guess what it was enough to qualify for the worst day since september 5th this morning modest advances dow futures up by over 25 points the s p would open up by 2. 5 points the nasdaq would be up by 10 points overnight in