Shocking news, an outspoken founder leaving the company. And beta bearing down on the gulf coast as they brace for another storm. This is Worldwide Exchange right here on cnbc good morning, good afternoon and good evening thank you for joining us to start your week and lets get a check on your monday money and its looking like the sell off we have seen recently. Its early but stock futures are down 500 on the dow. Nearly 200 on the nasdaq theres a ton of news out there today. Well get to all of it in a moment but theres two big and important things happening that you have to Pay Attention to right now. Number one, the s p 500 has fallen three weeks in a rowand it just flows below its 50 Day Moving Average for the First Time Since april two, the biggest stocks are beginning to underperform. Some of them meaningfully. Take a look at these the s p 500 dropped 5 this month. But the biggest tech names, names that you know, theyre down 11, 12, 13 apple, down 19 in the month of september. Remember those stocks that were showing you and a couple of others, they are about 40 of the entire market weight two big things to watch. Selling around the world continuing in europe lets start though with asia japan was closed for a holiday so tomorrow could be a wild open Chinese Markets down across the board in europe just getting warmed up. Or i should maybe say cooled off. They are in the red as well. Lead lower by the bank stocks. Money laundering, alleged fraud and activity by criminals setting Deutsche Bank down 5 and 6 in the european markets right now. In the meantime, breaking news here at home on electric and Hydrogen Vehicle maker not being tesla. Contessa has that and more of your head lines. Good monday to you. A big change in leadership at nikola the electric vehicles maker says its founder is stepping down as executive chairman effective immediately. Board member and former gm vice chairman will take his place as chairman both the Justice Department and the sec. And Business Practices and technology and you can see now look at that stock is off by almost 24 financials also front and center after a trove of Bank Documents reviewed by nbc news and reuters and others moving large banks of funds over a period of 20 years. Despite red flags over the origins of the money and the most are hsbc, jp morgan chase, Deutsche Bank, Standard Charter and bank of new york melon and you can see how those stocks are performing in extended hours among the types of transactions highlighted by the documents, funds processed by jp morgan for potentially corrupt individuals and companies in venezuela, ukraine and money from a pansi scheme and money linked to a ukrainian billionaire processed by Deutsche Bank and President Trump says he has agreed in concept to a deal where tik tok will partner with oracle and walmart to become a u. S. Company. Delaying the ban that was supposed to go into effect last night. Still current tik tok parent and byte dance maintained it will own an 80 stake tweeting out this message adding that the company is just getting started. They added a couple of really fun dance moves just to period ka it off. The major index coming off the first three week losing session of the year. Futures right now they are solidly in the red and chief investment officers and he joins us then just showed our audience the future is down 500 it appears that people are getting a lot more nervous whats your advice and recommendations for them right now . As i said in a broadcast earlier this month, september is the worst month for the market historically and it gets worse as time goes on. And so, were down now almost 9 from the highs and september has lived up to it of course we have this big market run up to it so it was set up for that and now we have the news about the coronavirus still raging here in the u. S. And in britain and brazil and other places and now with Justice Ginsburgs unfortunate death, washington is going to be the turmoil, probably all the way through election day so we may not get the stimulus that the economy needs you look at the passing of the titan rbg and then you wonder if theres so much else to do, is this going to sort of set congress off its track . If we dont get a Stimulus Program jump, what happens oh, we have to have the stimulus given that day. Economic activity is still quite low. Unemployment rates are high but now people are not getting what they used to get so the stimulus is paramount and were concerned that its not coming so it could very well continue. You spent the majority of your career as a fixed income guy. Bonds have been boring because they havent been returning anything nobody wants to own them which is one reason that stocks have done so well should we be revisiting the way we look at woring o boring old . We think so we think the most important thing is to minimize down side risk if you minimize down side risk then people will stay invested in the market and although bonds have no yield, they will still be a great diversifier for the equity market and because of that, investors still have to have a diversifier we even like long treasury bo s bonds. Its 20 plus year treasury in order to have the diversification that is necessary. Again, you cant think about the low yield. You have to think about the price diversification that the bonds and have the protection that they have you can see bond prices continue to rise as stocks decline. By the way, thats had a pretty good run as well even though its not sexy and doesnt get the attention. Its a pleasure to get you back on, chuck. Thank you very much. Big news day. Thank you very much, brian. All right youre welcome all right. When we come back, theres a lot more to do bracing for impact as beta bears down on the gulf of mexico another major storm threatening the region well get a live report on its track coming up next plus, the passing of Ruth Bader Ginsburg sparking a new political battle for d. C. Just weeks ahead of the election. A very busy hour still ahead were back right after this. The United StatesPostal Service is here to deliver your packages. And the peace of mind of knowing that important things like your prescriptions, and ballots, are on their way. Every day, all across america, well keep delivering for you. Every day, all across america, so youre a small bor a big one. You were thriving, flourishing, but then. Oh. Ah. Okay. Time to think, plan, pivot. How do you bounce back . You dont, you bounce forward, with powerful connectivity. Serious and reliable internet that lets you go bigger and better, with more sharing, more making. Whoa. More that. More talking. The entire time, you got this okay, less talking and more doing. All driven by the largest gig Speed Network in america. And even if the power goes down, your connection doesnt. But what if no ones in the office . Bring the office to them. But is it secure . Sure its secure. Okay, sounds great. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. We are seeing the big tech stocks at the end of the day remember were down 3 weeks in a row coming into this morning the first time that has happened this year and the nasdaq below its 50 Day Moving Average for the First Time Since april all right, outside of that, we have a developing story this morning around the weather and that is Tropical Storm beta bearing down on an area from Corpus Christie to new orleans and its causing major storm su surges in some places. Beta is the 23rd named storm this year. The atlantic Hurricane Season on average has 12 bill karins is joining us now. I love seeing you but not because of this. It is just storm after storm after storm. How big is beta . In my mind i cant remember all of them. We had three named in one day last week. So lets get into what we have to do with beta because this is in the oil country we worry about delays in the Oil Production and stuff like that in this region Tropical Storm warnings all the way back through coastal louisiana. As far as the new update in the hurricane center, the winds have weakened so many storms have overachieved. So today were going to look for landfall later on this afternoon and the problem with this storm is that its going to linger sometimes even a Tropical Storm can provide a lot of heavy rain. It sits here into tuesday and then its going to drift into wednesday. If it rains too hard you get a lot of issues with flooding and thats the concern we could see flooding all the way into thursday and louisiana. So flash flood threat. Well talk about the possibility of 6 to 12 inches of rain. Im happy to report theres no other threats to the u. S. Mainland the rest of this week. Yeah, we have a few days after this one and we still have to get through it. Bill thank you very much and just thinking about the follks around lake charles. Theyre still dig out from laura. Thank you very much. Still on deck, how technology could reshape a key sector of the American Economy and its not one that you might think of. Got the cofounder and ceo next. I keep working my way back to you, babe with a burning love inside yeah im working my way back to you, babe and the happiness that died i let it get away servicenow. The smarter way to workflow. Still a lot of selling two other stocks that you have to watch the founder unexpectedly stepping down as executive chairman saying that he will cheer from the sidelines a former gm executive takes over the board. Shares are down 23 right now as he steps back against fraud allegations. By the way, General Motors which just took an 11 stake we heard from a number of ceos in this network and program. And the industry has seen a rebound since back in april. But not at full employment yet, the sector is expected to grow 4 annually from 2029 and about 300,000 new jobs expected to be added. Launching today to support those is core a labor marketplace app specifically designed for the industry connecting companies and contractors with Skilled Labor that they equire this is an industry that is n notoriously scattered. You have independent contractors. Plumbers, electrician, they all kind of operate in their own time how is that designed to bring that market together so we are really bringing the matching capability to all the countries looking for their resources. Theyre famous for having the shortage which is a really Good Opportunity for doing a lot of what to do next with all the unemployment that were facing so its that ability to match and serve the worker for the industry theres interesting ways that people are tackling this problem but this is definitely a new way. What are some of the biggest hurdles in this industry again its one worth hundreds of billions of dollars but yet still feels, you know, sometimes oneonone i mean, handshakes and a personal check. And it is the number one way that people are getting jobs in the industry now is that and i think thats one of the key issues that were trying to solve is that how do you look at that referral . How do you Bring Technology to look at it at scale and this is something that we have to break out of just our individual networks if were going to succeed in this space. So its two things one how do you better serve the workers. Theres no consistent Career Development path layed out for people so we really want to bring that consistency and scale there and then the second is from the company perspective, its more like, can you imagine logistics but for labor. And what time do they need to be there and how do you manage all of that . Im taking a page out of the playbook and how do you bring this notion into hiring. And then how do you get paid . So we get paid through the company side its completely free for the workers. Again, as an effort we think its not just about access to jobs, its access to the jobs and the training and really thinking through the entire Career Development process and then the companies, like i mentioned, if youre bringing logistic skills its something that they want to pay for. These are real challenges they have finding the right people with the right skills. If youre able to do that, theres a tremendous Economic Opportunity globally. The cofounder and ceo of core an ap to help that marketplace we appreciate you coming on. Well check out the map. The renovation market has been red hot and finding good people is really hard thank you very much. Still ahead, a lot more to do the passing of ruth bade Bader Ginsburg first lets check out the biggest s p premarket losers including some of the travel stocks the entire market is down right now. Oil and gas, carnival, down 5 dow futures off nearly 400 were back right after this. At cdw, we get that employees working from the road are a major security concern. Cdw can assess your needs, then design and implement a secure Mobility Solution using the hp elitebook powered by intel 8th generation core processors. The hp elitebook features groundbreaking builtin security, like sure view to thwart visual hacking and cdw configures them to your companys specs. For mobile security, you need hp and it orchestration by cdw. [intel jingle] axfinity is your home for the return of live sports. Futures are deeply in the red. Big tech stocks this morning n irn nikola down 25 as the founder unexpectedly quits but a number of questions about the deal still remain and the new political fistfight after the death of Supreme Court justice Ruth Bader Ginsburg. Its monday, september 21st and this is Worldwide Exchange here on cnbc. A good start to your monday depending on where in the world that you might be. Its looking like the selling. It is early and futures, they are down big dow futures on 438 nasdaq futures upright now internally in the markets theres really two big and pretty important things that are happening today that you have to Pay Attention to the s p 500 is falling three weeks in a row just close below its 50 Day Moving Average for the First Time Since april two, the biggest stocks. The ones that run the show, theyre starting to underperform some of them meaningfully. In september the s p 500 down 5 coming in this morning but the biggest tech names lost twice or three times as much in the same time. Apple down 19 in september and amazon more than 16 can the market hold up if the 6 or 7 stocks under perform. Two other stock stories were watching closely this morning. Nikola the founder leaving the Company Effective immediately. He will take his place as chairman he is saying he will quote cheer from the sidelines while defending himself over fraud allegations. He does remain the largest shareholder. That stock down 24 right now. You also have to watch shares of some of the worlds biggest banks today. This after a blockbuster story out yesterday when a trove of confidential Bank Documents revealed that several large banks moved massive amounts of elicit money over a period of 20 years despite red flags over the origin of the money. The five banks appearing most within that document, hsbc, jpmorgan chase, Deutsche Bank, Standard Chartered and bank of new york mellon. Among the types of transactions, funds processed by jpmorgan for potentially corrupt individuals and companies in venezuela, ukraine and malaysia money from a ponzi scheme and money linked to a ukrainian billionaire. By the way, theyre being hit hard in european trading now on the report they are off 6 . Well as you might have gathered its a very busy weekend in washington and around the world making it an even busier monday for the markets and your money topping the list, President Trump saying he has agreed in concept to a deal where tik tok will partner with oracle and walmart becoming a u. S. Based Company Called tik tok global. That would delay the Commerce Department ban on the site that was supposed to go into effect last night still current tik tok parent and byte dance will maintain its 80 ownership stake in the new American Company another wrinkle for u. S. China relations comes after the u. S. Sent a top state diplomat to taiwan for a visit late last week sparking the militaries in china and taiwan initiate combat drills china taking the us. As a slight to its claim over taiwan as apart of china and in the meantime, back in washington, a political fight ramping up following the passing of Supreme Court justice Ruth Bader Ginsburg at age 87 late friday night the president will nominate the successor earlier this week. Looking for any loophole to block a nomination before the november general election. At least two republican senators say they will not support confirming a nominee before election day, at least two more need to join that caucus and delay a confirmation vote. And let us begin with you and the latest on tik tok and oracle and walmart. It was a real scramble all the way through the weekend. And we gathered up all of it heres what the president told reporters. Its a great deal for america. It will be a Brand New Company and it will have nothing to do with any outside land. Any outside country. It will have nothing to do with china. It will be totally secure. That will be part of the deal and that will be oracle as you know. So there you saw the president saying that this deal will have nothing to do with china but take a look at these deal terms byte dance still owns 80 of the new company once they incorporate it under this deal its got some american investors but byte dance will own 80 of the combined entity. Oracle will own 12. 5 . Walmart taking a 7. 5 stake so the two American Companies will own a combined 20 there a couple of the promises that theyre making here as part of the deal, usipo within the deal. A 25,000 u. S. Jobs and oracle will be the secured cloud provider for this overall deal and the walmart ceo Doug Mcmillian will be one of the members of the board of all of this there was a 5 billion fund to education as part of this deal not clear where he got that number the companies dont seem to agree. Well chase that one through the day and find out where that falls if it is in fact part of this deal. So still confusion on the exact terms of what is going to happen here but overall an agreement to move forward. Stay right there. Lets turn now to the other angles of the china story this morning. Beijing, carrying out military drills amid a visit by a top u. S. Diplomat in taiwan. She is in beijing with more on that is that story getting any coverage in china . Well, it is in the way that state media here has been calling those drills in chinas military readiness something that should never be underestimated and met with the islands president. And china condemns the u. S. s visit to taiwan and threatened to retaliate that would include targeting american individuals no details on who the people might be however in the past state media said that senior u. S. Officials could be targeted as well as any American Companies that are associated with them so today theres speculation about Lockheed Martin and also spex you lags extended to other companies. China also unveiled new rules for its unreliable entity list if you remember that list was revealed as a Counter Measure against the u. S. s blacklisting of so there were no names in the list but at the same time, the language around the targeted firms was pretty fuzzy lets get back to the other major story out of washington and the passing of Ruth Bader Ginsburg theyre vowing to fill her spot with 42 days until the election. Likely overshadowing everything that they need to accomplish stimulus, what have you. What kind of fight is being set up around this empty seat . Boy, brian, the tension couldnt get any higher in this election, right . You remember the fight over justice kavanaugh. This will be even bigger than that the historical nature of Ruth Bader Ginsburg and this is going to be a knockdown drag out fight. The republicans do have the vote to move this forward the question is whether they move it forward before the election or after the election remember, even if the president loses the election and republicans lose control of the senate in november, there will still be the lame duck session afterward where they could, in theory, continue to have the votes before they turnover to the new congress and they could pass it, a new person at that point. So theres going to be an absolute fight over this thing the democrats considering their options and do they want to shut the government down . Do they want to do things in order to impede the procedures of the Senate Overall . People were talking about an impeachment effort over the weekend as a way to stall and drag this thing out. I mean, this could be really, really ugly, brian but its not clear that democrats have the votes to block this just yet i have to throw this in there. Im calling an audible right now. That huge report coming out of some of the same people that gave us the Panama Papers alleging many banks base kly pushed blind eyes to years or decades of criminal activity across their networks. It was a long read what is your take . The bank stocks are down 5 and 6 in europe right now yeah. Well a couple of thoughts. One is its worth reading, if you can. If you have the time all the different news organizations that participated in this for over a year, investigating, what they have got here are the suspicious activity reports from an organization inside of the United States. The banks filed these suspicious activity reports any time they see anything that might be Money Laundering to the u. S. Government and the government uses that as a trail of evidence to try to find the Money Laundering the banks arent doing nearly enough they let the banks off the hook. Once they flagged it, they dont have to do anything. The banks put out a statement here in washington over the weekend saying look, its ironic to say that were not doing anything to track Money Laundering when the entire story is based on our reports tracking Money Laundering they said in some cases Law Enforcement asked the banks to keep those accounts open even while the Money Laundering is going on because intelligence and Law Enforcement agents often like to follow the money and they watch where thats going. So sometimes theyre required to allow that to continue. That is amazing they basically say, dont shutdown the illegal activity because we need to follow it as well, knew youd have an opinion on that. Thank you so much. You bet. So much to discuss, lets bring in the Economic Policy analyst and fellow at the American Enterprise institute. Obviously, jimmy, we have the rbg seat fight we need to memorialize her passing. That aside, i think the market is declining because of china news i know that its not getting all the attention. China conducting military drills what do you believe . I think markets would love it if they had a better understanding of what american policy toward china was and what the goals were and how it might be implemented all of these events, its confusing what it is of these events it seems like a lot of one off things tik tok. What was accomplished in the end. Its a Chinese Company what would be the next tik tok so whether these things happen and its taiwan you dont know is it temporary or longterm and how does it fit into an overall broader strategy you have to know thats going to anger xi jingping and the officials in china and youll probably get a market on the futures. U. S. Policy over china in the last four years, it is you talk tough and get tough but do not spook the market so this is a market. This is a market spooking event so theres like this balance we want to change this relationship, we want to get tougher but we dont want there to be any costs. We dont want there to be any costs as far as sales in china, lets invest between the two Companies Prices living with these one offs and escalations market rattling kind of events. Does the upcoming political battle over the filling of Ruth Bader Ginsburgs seat. Do you think that reduces the chance of a new stimulus package being passed and if so, how much . Look, the odds are not great before this as he is running down some of these really, i think, exotic measures that democrats are thinking about and the odds are not good before this is going to consume in a big 1. 5 trillion stimulus package was your baseline about what was going to happen, it could have a very bad economic impact, you need to begin to explore that world a little bit harder right now. Yeah. Things get hit really from all sides this morning thats why we have dow futures down have a good day. Thank you very much, buddy. You too. All right coming up, the road ahead for real estate a new report breaking down the broader impact shifting trends in the way that we live and the way that we work what sectors could you hit which ones are going to get saved . As we go to break, take another look, dow futures off 500 points were back right after this. So youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Im a delivery Operations Manager in san diego, california. We were one of the first stations to pilot a fleet of electric vehicles. Were striving to deliver a package with zero emissions into the air. I feel really proud of the impact that has on the environment. We have two daughters and i want to do everything i can to protect the environment so hopefully they can have a great future. Hey, son no dad, its a video call. You got to move the phone in front of you like. Like its a mirror, dad. You know . Alright, okay. Hows that . Is that how you hold a mirror . [ding] power e trade gives you an awardwinning mobile app with powerful, easytouse tools and interactive charts to give you an edge, 24 7 support when you need it the most plus 0 commissions for online u. S. Listed stocks. Dont get mad. Get e trade and start trading today. Welcome back lets talk about real estate particularly commercial real estate and a shaky month or years ahead. Theyre out with their fall 2020 outlook. Good to have you on. What is the outlook for commercial real estate particularly those sectors in and around the retail world . This recovery is lopsided the economic recovery and commercial real estate recovery. Some sectors are doing well and retail is an area hit hard by the pandemic they have been on the front lines but if you look at the under lying fundamentals of retail, thats one of the areas of the economy thats really come back. Now were not seeing that in the Shopping Centers or the regional malls, largely because clothing spending has not come back the sector overall has adapted some hybrid changes that may last longer term so Something Like curb side pick up that is a hybrid is probably here to stay. And for the Real Estate Market that means that you still do need the physical location. Well, you probably need a physical location, i would imagine, that is smaller than the one that you had before. Thats right and what were seeing with the pandemic is an acceleration of some of the changes that had already been underway with very been seeing, you know, 6, 8, 10 years, 8 years how ecommerce has taken away some of the need for commercial real estate but youre also seeing a differential impact across the types of policies. Theyre in older cities and smaller towns that dont have the jobs and the Income Growth and you look at the markets. Thats where they have most of their properties the ones with good job growth theyre high occupancy and theyll probably still have new tenants as we come out of the clients. We structure the way that we work now for a reason. It was the best way to do things everybody i know is longing to get out of their home. How does the work from home balance change and how does it impact real estate. Work from home is here to stay work from home has been not just an acceptable work around for a lot of situations but theres a lot of tasks that people can do from home fairly well but its going to be a flexible environment. Most employers and most employees do expect that most days people will be back in the office what youre also going to see is with this flexability people need to be in the office because some things you cant do as well with an Online Meeting if youre building a new team, starting new projects, signing a big deal, you want a face to face meeting those informal, thats where you get a lot of collaboration that really helps productive. Well see people back in the offices here to stay as well we appreciate you coming back on futures are down big right now. Big tech off Big Bank Stocks theyre all in the red why hes not ready to give up on big tech just yet. Stick around we are near session lows a lot of things happening inside of the markets s p 500 closing below its 50 Day Moving Average for the First Time Since april on friday also day traders pulling the plug on shares of nikola the founder stepping down from the company. That stock off 25 right now a former gm executive will take over but they just took a big stake in that company and gm shares are being punished this morning as well. Oh, by the way, many of the Big Bank Stocks are also down big after that bombshell report over the weekend alleging years of turning a blind eye to Money Laundering that stock down 7 right now. Amazon is down 16 big tech appears to be rolling over does that make it a value or a sector to be avoided well, its still a sector to be embraced. Thats great for the month of september. If you look at the year to date chart which i prefer to look at, amazon, apple, facebook, google all for the s p 500. So itdepends on the chart that you want thats a really interesting topic. You want to talk about sentiment. And now all of a sudden a short selling Research Firm was the catalyst here and now were seeing the ceo step down about 5 hours ago but at the end of the day, they do a lot of due diligence. This is one of the biggest Oldest Companies and one of the essential companies in the United States. And its just going through halfway and this is a purchase that they made and took time thinking about were only down 2 but think about the headlines. This is a pretty tough sledding. You can talk about rolling out something but the problem is they also rolled a truck down the hill and you thought the truck was cruising and it was actually just rolling and the only reason we bring up nikola is because its a day trader Favorite Retail investors have been such a big part of this market. You have allegations of fraud, whatever might turn out to be the real story here, it it could turn people off the market its been going nowhere but up since march. Youre right but let me jump in here. Were in 2020. Allegations are flying every single morning were seeing allegations for the biggest bank trade off you dont think jamie dimon is going to wake up this morning and have coffee and come back and refute the allegations i think people have to have the ability to understand all the District Attorney traders out there that the sentiment will move but youll have to dig deeper and find facts and not just headlines. You said its 2020. Lets just move 2020 needs to go away as quickly as possible when you sent it i thought pb and j is the food etf. But no its structured differently. Why is this one to watch its Dynamic Software tech is our number one sector despite september but these are names that you know. Snap, docu sign, these are names we want to have repositioned this is the last week toward the end of the quarter and no matter what you want to plug in, were five or six weeks laout from election and youll see the acceleration. Jump in and pick up values here we appreciate it thank you very much. Folks, thank you for joining us here on Worldwide Exchange dow future down 500. Down 23 and the political fight over the passing of Ruth Bader Ginsburg theres a lot to do. Squawk wilpi ul ckp the coverage next well see you tomorrow take care. At morgan stanley, a global collective of thought leaders offers investors a broader view. We see companies protecting the bottom line by putting people first. We see a bright future, still hungry for the ingenuity of those ready for the next challenge. Today, we are translating decades of experience into strategies for the road ahead. We are morgan stanley. Xfinity is your home for the return of live sports. Good morning, Global Market sell off well tell you why stocks plunged overnight. Straight ahead plus the latest on tiktok and wechat avoiding bans for now but well take you to beijing for an update on chinas blacklist that could impact some American Companies. President trump says he will nominate a woman this week to replace justice Ruth Bader Ginsburg well cut through the rhetoric and tell you what the high court changes could mean for your money. Monday, september 21st, 2020 and squawk box begins right now. Fls flshl. Good morning, everybody and welcome to squawk box on cnbc. If youre just waking up this morning you better play pretty close attention to whats happening in the markets check out the u. S. Equity f futures at this hour dow futures are down by 482 points and thats off the worst levels w