Live from new york where business never sleeps this is squawk box. Good morning, everybody. Welcome to squawk box here on cnbc. Im becky quick with joe and andrew. Are you a millionaire in the making . If so a new Study Suggests that you are most likely a woman and youre in your 40s. The survey finds that 68 of emerging investors are female. Right now women only make up about 40 of the existing millionaire population. Well bring you the other common characteristics later this hour. But first lets get you through some of the big stories were watching this morning. As joe just mentioned china lowering its 2015 growth target. Now going down to 7 . Thats down from 7. 5 last year. Asian stocks selling off on that news and our own colleague will be joining us from hong kong with a full story in just a minute. So hang on. In other global headlines brazil hiking Interest Rates to a six year high of 12. 75 . Feels a little bit different than here. Policy makers there are trying to fight inflation to stop declines in the currency. This morning turning to europe where theyre both meeting a policy announcement around 7 45 eastern time followed by the News Conference. They could announce when they will start the Bond Buying Program so we will watch for that. In Corporate News a big Bio Tech Program is buying phamacyclics for 261. 25 a share in cash. Exactly. Plus some stock. It all comes out to about 21 billion. There have been reports that Johnson Johnson was going to buy the company and i dont know id like to know there must be some way that they got to that exact price with the 25 cents in there too. On the 260 offer. General dynamics raising its Quarterly Dividend by 11 to 69 cents. Its the 18th consecutive annual Dividend Increase and cost coast is posting better than expected Quarterly Earnings this morning. It is the countrys Third Largest retailer and were going to talk to a costco analyst in the next half hour. Now to this mornings developing story, Hilary Clinton breaking her silence. In a tweet late last night she writes i want the public to see my email. I asked state to release them. They said they will review them for release as soon as possible. A state Department Spokeswoman confirms the department will review the correspondence as quickly as possible but it could take awhile because of the volume of the documents. Yesterday the House Select Committee issued subpoenas for some emails. They were kept on a private server in clintons home and not on a secure government server. But are you up to speed on this. I am. Who is eric whats his name . Are you seen the controversy . Yes. Its the same guy. Did he set up her server . Ive only seen that stuff on twitter. Ive seen the conspiracy theory. All she is doing is asking for the release of the email which is have been vetted by her people that have been allowed to go to the state department. Nobody is not saying what she might need to do at some point, jeb just said here you go. You can see every email that i sent from this account in its entirety. I think ultimately she whereon if shell have to do that but this is not that so these are still selective emails they have been vetted by her people. Its a whole different situation. Even you are have the powers that be down the street decided on the alternative candidate thats further left to try to run that might have a better chance. Hes trying to give us the details to make sure that you understand. You dont know yet who i have not gotten the orders from headquaters yet. Theyre saying theres a lot of nervousness and hope that maybe there could be its hard to believe but an alternative candidate and i see some on the left thinks that theyre uncomfortable that this is a done deal. And theyre not sure its necessarily the right way for the party to go. I cant believe im reading it. Its not Elizabeth Warren yet. I have not gotten word. Are there people in the room. I cant disclose where we are. I cant really say where i am. I know were kidding. A lot of things said in jest. Okay lets get you caught up on whats going on in the global marks. Theyre paying attention this morning markets are paying attention to hilary. Susan has the story this morning. Good morning to you andrew. This is the new normal in china. Ahead of cemantics and then the chinese premiere threw in the world around. That has the market thinking this is vague and we might even have got it down lower for gdp. Expect a six percent handle when it comes to expansion in 2015. China is looking to increase their spending by 10 . 2. 74 trillion dollars now that is the widest for china. They dont like being in the deficit column. Thats the widest since 2009 when they had to guide it during that time. The spending that the white house might be paying the closest attention to would be the military spend because china did confirm once again, this has been the trend for the last few years. Theyre going to increase by 10 and that pays the dollars amount but if you exclude in this official figure if you exclude the nuclear reactor. They spend 40 to 55 more on their military. Thank you. Again susan lee. Lets get a check on the markets this morning. In the United States youll see at least at this point if you take a look at the futures, youre looking at green arrows. These are modest advances after a second day of declines. Yesterday we saw the markets down with the dow down triple digits. Decline of 106 points. The s p off by over 9 points. S p futures up by 1. 5. In europe and the early trading there youll see at least right now green arrows across the board for the mayor indices. The dax sitting by similar gains. Greece thing versus barely budged. Decline by 1. 1 . Shanghai down by close to 1 and nikkei up by a quarter percent. Oil prices which saw choppy trading through much of the day yesterday youll see are up by 1. 5 the ten year note right now on the bond marketing the ten year is yielding 2. 129 . Yesterday the dollar index at a high. The dollar is up across the board. Trading right now the euro at 11051. So 110 looks like a new level we have been waiting to see where it heads. And gold prices are down. In a couple of hours well hear from mario draghi and details on the Bond Buying Program over there but ahead of that and the key jobs data on friday markets were slipping and sliding away from record highs in the last two sessions. They really got out of hand. Here now with us is the chief investment officer, crt capital and also a cnbc contributor and patrick. Was it a consequence we got above 5,000 in the nasdaq and then theres a breather . I think so. People are gun shy enough. Markets are fully valued so you need to see continued positive Earnings Growth and were getting mixed signals. I can see why people want to step back and see whats next. Was a consequence. Its a stair step improvement in the markets which means they need to see incrementally positive news to want to spend more in the markets. Markets arent cheap. At least u. S. Markets arent. 200 points on the dow is nothing really. How many percent is that . Two thing versus been a head wind. The first thing has been the falling price of oil and that seems to have stabilize so markets are no longer in free fall anxiety over that but theres also the strong dollar and the strong dollar chipped away at corporate earnings abroad and expert competitiveness. The difference between 2 and 3 gdp growth if you look at the 4th quarter number is the widening trade gap. So the dollar is an issue. 200 points is 190 at 18,000. A little over. Yeah a little over. I got it. I got it. I was thinking we were over 2,000. Were not. 18,000 for the snp. Wow. I still dont understand so the s p 500 has Oil Companies so the. But all through january it didnt look like oil so people can start basically basing their expectations for first quarter, Second Quarter on solid ground now. If there was no floor that meant there was a Global Demand or slow down we didnt know about. But the other thing about it should be good for a consumer consumer went through a tough environment of having to deleverage so a couple of months of Lower Oil Prices and costs at the fuel pump isnt going to make them spend as quickly. So it needs to be more sustained. Consumers went through Something Like 60 or 70 years ago. But its not as if it happened in a month and went away. Houses are still undervalued. People need to believe this represens a permanent change rather than just a temporary blip. We had a market correction. They had a life style change that takes longer term feeling better about jobs and better about wages and this lower gas price is the reality for a longterm or at least a couple of years. To get the retail interest and just cab driver interest you know cocktail party, alibaba, things like that 5,000 on the nasdaq could be the beginning of something where the word starts getting out that you cant just sit there on your computers and iphones all day long. You might have to try to save money some day. Youre not going to live forever. But 5,000 these are the stocks they like. They understand them. Like you, the uber and all of these, you know newfangled ways off doing all of these things. Maybe thats what starts it and then people from 20 to 40 might start putting money in the stock market. Well, savings isnt the issue. The issue is whether it goes into risk on or risk off assets and theres still a lot of concern about growth globally and domestically. So you know look all last year basically the s p 500, the backward looking ratio was between 17 and 18 and that shows were not going to get growth in the market out of valuation multiples. Were going to get it out of actual earnings performance. All right. So theyre saving but theyre in 0 vehicles. Theyll learn overtime you need to put money in the stock market. But this next generation is coming out of college with pretty poor job prospects. They dont have money to save but some of them are coming out thinking theyre going to be the next steve jobs. Rather than investing theyre going to come up with the next quick business to get rich quick so they might not have grown up with slowed gradual investing. That has to come with time and also has to come with earnings. I hope in wanting to earn success all of these things need to come back into fashion. I think they still are. Young people might be better than some beaten down by the capitalist rhetoric of the last six years. Maybe it will come back. I think it will. I look at my niece is in they are senior year in high school and the amount of work she has to do compared to my senior year. Talk about good work ethic. Exactly. Still have yellen trashing the morally thats pervasive at the banks. Shes trying to outplay what happened we with heElizabeth Warren. Spreading from agency to agency. Part of her role she not just there to set the Interest Rates. Shes a regulator. And a stock picker. Front page of the wall street journal today she has a dual mandate the fed always had a man date and didnt use it. What you saw today is they basically stripped the authority because they thought they werent mining the store. That speech coming up pretty soon . I got to talk again, got to go back to headquaters, talk to them. Yeah, you probably do. Ill find out and ill bring it to you. Dont you have a hotline this morning. In the new studio theres no bad phone. All right. Thank you. You too. Thanks guys. We have a little bit of media and tech news going on this morning. Reports saying that hbo now in talks with apple and google and others as well. The network is looking for a launch partner for its hbo now Video Streaming Service at the over the top service it plans to launch next month. The expectation is they will charge 15 a month going head to head with netflix. That will be about 5 a month more than netflix. Question is are they trying to play apple off of google or are they trying to get apple and google. Maybe both. You would think ideally you would want both but i dont know how you can get that going. When we come back this morning, the chance to catch up with exxon mobil ceo when he was in town. He talked about oil prices and the impact on the energy giant spending plans. We have that conversation next. But first as we head to a break this morning heres a look back at this date in history. Opportunities arent always obvious. Sometimes they just drop in. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Welcome back everybody, exxon mobil announcing plans to trim its Capital Expenditures in 2015 to about 34 billion. Thats a 12 decline. Capex is expected to be less than that in 2015 and 2017. The ceo spoke exclusively about the plan to raise production while cutting the Capital Spending spending. We expect to capture costs out of this item. Marly here in north america were drilling a lot of the wells. So we expect our people will carry out some level of activity activity. It leads tous believe well see little in north america. Its funding Significant Development projects which span multiple years and involve billions of dollars. They were tested against a broad range of pricing. So were confident with those invest lts and were going to proceed and take those to conclusion. The part of the program we would adjust and can adjust is really reactive to the prices but the cost vuk tour is also very reactive to the prices. I know that Capital Expenditures is a longterm gain. This is something were talking about years down the road too. Is it fair for an investor to question it three or four or five times down the road . I think one of the messages today was theres no change for us. We live in a commodity world. We have been through cycles before and what has always driven our Investment Decision making is unchanged by whether the price is 40 or the price is 100. Were not smart enough to know what it will be so our question is how robust is this investment and what can it with stand and what can our people do in response to preserve the value in that investment. You know there has been a lot of pressure on the stock prices for oil, Natural Gas Companies and i just wonder if youre looking around thinking im going to cut capex and see when the prices come down and get aggressive with activity. Well those are not mutually exclusive in terms of our Capital Investment programs and being able to take advantage of the environment. Because the strength of the Balance Sheet itself we have a large holding with you are the treasury shares. We have been buying them back for years. We have a lot of capacity to get something done without having to in some way change our on going Capital Investment programs. Youre looking at places in the United States. You have been not interested in adding more canadian stuff to the portfolio. Theres a lot of things that could be interesting and you know these conditions are putting them in a position where they want to do something different. Its a debt they have taken some. Some feel they have gotten all the value they can. Time to make a change. For us its always about value and is this an opportunity that we see the ability to add some value to it. Were not portfolio investors. We dont feel compelled to have anything. We already hold the largest Resource Base of anyone in the world. 92 Million Barrels but we are always looking at how do we make that stronger and better . So something comes to the door well have a conversation. He may be leaving that door open but i spoke to one analyst yesterday, he the is talking about how that might not happen. He says you may have to wait six months or so because they havent peaked yet in terms of prices. So a lot of people waiting for Bargain Basement prices. Havent what . Puked yet. He thinks exxon is going to wait for that. Thats a horrible word. I said puked. Is it possible hes going to have missed the bottom. I dont know. Hes been doing this awhile and if you look at how people like them are positioning things they seem to think youre not going to see things change any time soon. Not looking at stuff this year. Maybe next year well see beyond that. We will have much more including thoughts on supply and demand. The Global Energy market and warren buffets decision to sell exxon mobil shares. Coming up a snapshot of the millionaire in the making. Plus before you watch another movie, youre going to want to hear our next story. Turns out that the type of movie you watch can determine how fat youll get. What . Yeah. But first as we head to break, heres a look at yesterdays s p 500 winners and losers. The real question that needs to be asked is what is it that we can do that is impactful . What the cloud enables is computing to empower cancer researchers. It used to take two weeks to sequence and analyze a genome; with the microsoft cloud we can analyze 100 per day. 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