And im Courtney Reagan in for sara eisen thanks for joining us today. This monday morning after the super bowl, if youre up, you might be a little tired. But may also want to be somewhat elated if jim is watching i hope hes asleep after a big night of celebrations. If hes not, congratulations to him and all eagles fans. Lets get to the markets a roller coaster ride last week particularly when we saw the dow sell off 2. 5 . The nasdaq and s p both down 2 . For the week as a whole, the dow was off more than 4 nasdaq down 3. 5 and s p in between those two dow about 127 points, nasdaq 12, s p, 9, clearly much more muted than that massive selloff we saw on friday. Worth pointing out on friday, all 11 sectors were lower for the week Energy Materials were the worst. Health care and tech also pretty bad. And yield has been a crucial factor for markets over the last couple of weeks. The fact that yields have been rising have spooked some investors. They got to 2. 85 on friday clearly, its still a trend, as you can see to the righthand side of that chart of yields rising which has hurt equity prices oil prices as well energy very much the worst sector this week down more than 6 . Somewhat surprisingly crude was down 1 . It was weighed partly by the likes of chevron and exxon with their numbers and oil prices declining sharply. Down alittle today, 0. 4 taking a look at what happened around the world in trade. We mentioned at the top of the show, World Markets also falling in the wake of what happened in u. S. Markets friday. You can see the japanese nikkei down 2. 5 . The hang seng down 1 . The shanghai bucking the trend that was up 0. 75 . Really the only indices across europe or asia higher. Take a look at whats going on in europe, very much sort of catching the cold that we started over here in the United States on friday and as were continuing this morning, you can see european markets are down as well you have the ftse 100 down a percent. The worst of the bunch spain down 0. 5 . Germany down 0. 6 . The dollar board for you, we did see the dollar break its recent fiveweek losing streak and rise last week but only slightly and it was only really fridays 0. 5, 0. 6 gain that was a day of meaningful gains so the dollar hasnt really been a factor in the market selloff in the way that yields have. Today, the dollar market not doing too much relative to other markets. Its down about 0. 25 but flat against the euro and pound gold prices down 1 this week. Pretty much flat this morning at 1338 and rounding off bitcoin which has had a tremendous fall, middecember highs and down below 8,000 for bitcoin. Lets talk more about the market selloff. Steve grasso director of international sales. Steve, clearly, friday, massive selloff 2. 5 for the dow are you encouraged or worried to see us down triple digits. In percentage terms were not down nearly as much as friday. Thanks for having me. I would think, indeed, we see a little more weakness from around the world. We were talking about a synchronized Global Growth story. And now its a vink crow niced global selloff i think courtney had said the rest of the world is catching whatever we had on friday. I think thats normal and natural. I think its healthy i think that we should probably sell off early what would really be constructive if we see the markets rally after the opening. We sort of need that followthrough we had that selloff on friday. It couldnt have been a oneday event. We need to see at least a half day for recovery that would be healthy to me. So, do you not think were still overvalued here. Some folks have been calling for a correction for quite sometime. Yes, we lost more than 2 . But thats 2 from where we were totally, courtney if you look at the market, this is the second longest time that the s p has been above the average in a matter of days. I should say on a day level. We were 6 basically above the 50day moving average, 8 after the 100day. And 12 on the 200day average if you think about Corporate Tax, i dont think people are looking at this as the right prism. This is the lowest Corporate Tax in a years decade what does that mean tour capx, where doll the corporate buybacks come back in. I think if people are looking for a deeper dive, maybe theyll be disappointed. Steve, its not only a u. S. Selloff, better an global selloff as were reminded this morning. When we look at the international markets, the likes of ek, the likes of germany, almost applies to japan, not quite. Those markets are now down year to date. Theyre not even still high like we are in the u. S. Because of the strong january is that something that we have to take note of it these are the markets where growth is improving and everybody is bullish and yet, those markets are fully in the red for the year as a whole. Is that a worrying sign . I dont know if its a worrying sign. We did great last year and everyone else is doing better. I think this year, you see were at the tip of the sphere, but were getting that back in line with with a more competitive Business Environment i think that would be expected im not concerned if were not but the Corporate Tax rate where you put money, i would say in the Retail Sector that courtney is fully aware people have more money in their pocket people have the Corporate Tax cut. Sentiment is high. Look for that secretary tore rebound. Steve, quickly, elsewhere, one other sectors, as i mentioned earlier, all 11 s p sectors were lower some of them huge. Energy down over 6 . Even though grud down 1 which markets are you looking to dip back into as far as you feel like its the right moment if you look at energy, energy has done nothing for energy. And its done nothing for five years. I would still avoid that you have the United States actually becoming the saudi arabia of Oil Production and basically through nat gas and the way they reproduce we have more rigs coming on more than ever now. I would avoid energy steve, thanks for joining us. Steve grasso joining us there. Among the stocks to watch, wells fargo, shares are down sharply this morning as investors brace themselves for the first trade day since friday evenings unprecedented reprimand from the banks per casive and consistent misconduct dating back to the scandal. It the fed will limit wells fargos growth by capping assets it will cost them up to 400 million in earninging this year alone, outgoing chair janet yellen admitted that the punishment, quotes was unique and more stringent than other banks in the past. The bank will risk a new risk Bank Management plan in the next 60 days. Concurrently, wells fargo is also replacing four Board Members following three changes in 2016 and three last month as we have a look at the share price, court, its down 7. 5 in the premarket. Most of that decline came late friday after the close but this is unprecedented. And we didnt know anything like this was coming no, exactly the time line is fascinating janet yellen did mention this in a press conference in september that they were looking the it. And we heard nothing since then. Clearly, the news came on the final day of the tenyear. Consent order has to be signed by the banks, the precise day it was announced when wells fargo and all Board Members signed the consent order. My senses tell me that was a couple weeks conversation either way, its coming very close to the end of her tenure you know, is that politicization in the timing of this, why did it take the fed so long to act the aim 17month delay you have to apply to the wells fargo board and deck tiffs as well theyve said they made change which is means the Risk Management structure is now in a good place and yet, the fed still feeling like its time to act. So, you know, that delay in timing from so long when these issues became public is a big question mark and blow to both sides. The bank and the fed, you have to say quite a big bit of news on friday. In deal news, broadcom planning to up itsed by for qualcomm if at first you dont succeed, try again broadcom is playing to bid for qualcomm today 120 billion the Largest Technology deal ever 80 to 82 per share broadcom plans to offer qualcomm a higher breakup fee in the event that regulators provide the deal to broadband and data it makes them attractive to qualcomm. Qualcomm is privately in talks of its own to buy semiconductors and also involved in a patent dispute with apple over licensing. Qualcomm up 3. 5 in trading. And broadcom up 4. 5 thank you, landon an investigation is under way to a deadly amtrak train crash in south carolina. It happened early sunday morning when an amtrak train slammed into a csx train the investigators from the ntsb said a lock switch diverted the train off to a sidetrack where the csx was parked csx maintenances all of the signal systems in the area csx releasing a state saying in part it will continue to work with investigators into the cause of the crash up next, the selloff goes global asia and europe both in the red today. Were live in singapore and london, straight ahead as we head to break, heres another check on u. S. Futures for you. Where we may be opening wndo 144 points on the dow. The s p down banging their head on a low ceiling. Drinking spoiled milk. Camping in poison ivy. Getting a papercut. And having their arm trapped in a vending machine. But for everyone else, theres directv. For 1 rated Customer Satisfaction over cable, switch to directv and get a 200 reward card. Call 1. 800. Directv mom anits not theirs. Car. Its mine. Mine. Mine. And it always will be, forever and forever. The new rx 350l with three rows for seven passengers. Experience amazing at your lexus dealer. The markets change. At t. Rowe price. Our disciplined approach remains. Global markets may be uncertain. But you can feel confident in our investment experience around the world. Call us or your advisor. T. Rowe price. Invest with confidence. We know life can be hectic. Thats why, at xfinity, weve been working hard to simplify your experiences with us. Now, with instant text and email updates, youll always be up to date. You can easily add premium channels, so you dont miss your favorite show. And with just a single word, find all the answers youre looking for because getting what you need should be simple, fast, and easy. Download the xfinity my account app or go online today. This is cnbc breaking news, market selloff good morning welcome to Worldwide Exchange. Im wilfred frost. Lets get to the market, comes after a 2. 5 selloff for friday. Dow up 3. 5, nasdaq up 5. 5. And triple digit for the dow, 153 points and yields has been a big factor over the past couple weeks weve seen yields rising that is a factor for why were seeing equities sell off. 2. 8 friday but the tenyear significantly elevated from the start of the year there is also a selloff around the rest of the world. Weve got full Team Coverage cnbcs Sri Jegarajah is standing by in london lets start with Nancy Hungerford live in zyngsingapor. Is. Hi there. Almost in lockstep with the dow jones move, 2. 5 for the downside here. This is the worst for the nikkei 255 since the president ial election make no mistake about it, this is a broad selloff higher by 0. 7 yes, there was encouraging Economic Data coming out of china for the services sector. The pmi beating some forecasts, going at its fastest pace in six years but there was weakness in small caps and likely statebacked funds were coming in and buying some big heavyweights take a look at heavyweights on the move in shanghai the big banks higher on the range of 4 all the way to 5 elsewhere, it was a rough day for the tech sector across asia. And bearing the brunt of this selloff. You see weakness across the board here and key suppliers for apple. This comes after we tracked the big dip in apple stock on friday overall, investors in singapore, keeping an eye on the yield in the United States. Courtney, back to you. Thank you, nancy. Lets turn to europe, cnbcs Sri Jegarajah is in london with more good morning, sri. Good morning, courtney. As nancy said its a similar overlay out here in europe a broadbased selloff. When you look at the individual bosses, the last time i checked them down around the tune of 1 . The magnitude of selling doesnt seem to be as bad as expected out here in europe, but it could worsen as the day progresses remember, in terms of time, were about midway into the morning session. I have to say its broadbased weakness in these markets led lower by financials. Remember on friday, Deutsche Bank came out with their number and it was the third consecutive loss some concerns there with the pace of restructuring at Deutsche Bank. And we have pnb paribas. Herein lies the issue, is the earning picture and the underlying economic picture robust and healthy enough to really offset this higher rate or inflationary involvement, or thats the per sessiception of e markets. Elsewhere, there is one plucky Sector Holding its head above water, thats ewe estimautiliti. Utilities up by 0. 2 overall, the picture is quite grim out here. We did get data today showing a very different story pmi numbers really knocked out of the park. Sewed improvement from the flash number sewed improvement from december final number as well and lets take a look at the euro while we are at it because the single european currency the common currency is knocking on the door once again at 125. This is where we stand they like the data but again, herein lies the problem for the equities markets especially the exporters and the backed higher currency a lot of challenges to face. Courtney, wilfred, back to you sri, thank you very much. And also weighing on the ftse 100 as you say tougher environment than theyve had the likes of the dax and ftse are down year to date which is not the case stateside still ahead on Worldwide Exchange, the early markets slide with futures down 152 points plus, former fed chair janet yellen weighing in on the global jafl but before the break, heres the Weather Forecast from nbcs bill karins. Good monday morning to you, courtney and wilfred after a stormy weekend on the east coast with that rain and snowmaker, now we turn our attention to the Northern Rockies and now the snow is spilling out to the plains during the day, its going to be a light snow event maybe minor travel concerns. Iowa, 1 to 3 inches, chicago, indianapolis, detroit, you all have the possibility of getting maybe just a dusting to 1 to 2 inches at most not a huge ordeal but cold in chicago. A powdery snow, 18 degrees no problems on the east coast. That storm is exiting new england. Maybe a leftover fog its going to clear out for a beautiful afternoon. Temperatures in the 30s. Tuesday, Stormy Weather in texas. And that storm on the east coast inkeednesday with another big ramar. Thats your Business Travel forecast more Worldwide Exchange when we come back so i got an offer on the business, and now im thinking. Id like to retire early. Oh, thats great sarah. Lets talk about this when we meet next week. How did edward jones come to manage a trillion dollars in assets under care . Jay. Sarah. So i have a few thoughts on that early retirement. By focusing our mind on whatevers on yours. Welcome back to Worldwide Exchange. Im wilfred frost with Courtney Reagan lets get you up to speed with the Market Action this morning futures down 168 points now, s p down 12. Nasdaq also down 12 points of course, coming off a week of 4 of declines for the dow 28 1 2 of which came on friday alone. Lets have a look at other asset classes, currency which has not really been a factor over the last two week selloff. We did have the dollar rise for the first week in five, last week but it was only up 0. 5 . And it hasnt played into the selloff today. Just about 0. 2 moves lower for the dollar not much with the euro and pound. Oil prices down a percent last week lower this week, 65. 3. Its lighter week Economic Data on the wall street agenda, today, well get data ism Services Index tomorrow look for trade deficit and consumer credit. Thursday, its jobless claims and wholesale claims and 80 companies in the s p 500 will be reporting results of this week. Theres just one dow component, a big one, disney. Numbers from bristolmyers, gm, chipotle, tesla, twitter and young brands and Jerome Powell will be sworn in today as the new fed chair succeeding janet yellen. On friday, yellen said solid Economic Growth means the fed will likely continue to hike rates gradually. She also said that stock prices are elevated but stopped short of saying the market is in a bubble with the stock market the issue with priced earnings which is a measure of valuation is near the high end of its historical range and if we look at, for example, commercial real estate and other assets, were seeing high valuations yellen stepped down as fed chief on saturday after one term President Trump opted to replace her with powell, something she addressed in the pbs interview i would have liked serve an additional term. And i did make that clear, so i will say that i was disappointed not to be reappointed. Yellen says shes supportive of powell whom she calls thoughtful and balanced. Shell become a fellow with the Brookings Institute where her predecessor ben bernanke also works. Shes had an interesting time, you know, as head of the fed its nice to see a woman in that role, i have to say. Definitely, i think it was interesting to hear that tidbit,