Im sara eisen. Good morning from me as well. A big day ahead on cnbc as we bring you a front row seat to the sixth annual delivering alpha conference. Bringing together the most important players in Asset Management and tackle the Critical Issues facing investors in todays economy. Among the headliners treasury secretary jack lew kicking things off. His predecessor tim quite quite speaking, paul singer, steve are schwartzman karl icahn. Another tripledigit move here in the premarket. We saw this kind of move yesterday completely reverse course and the dow closing up more than 200 points. Dow futures under pressure again, minus 112 there. S p futures are down 14 half points. Nasdaq futures are down about 30 points as well. Again this after yesterdays reversal that clawed back more than half from fridays big selloff. Amazing turn around. Yesterday we were looking at similar futures declines. By the end of the day two sectors were up less than 1 , energy and materials. A massive rally that we saw during the course of the day particularly around about lunch time. Lets have a look at oil prices. International Energy Agency cutting its forecast for global demand. They cite would belibbling asia. Quick look at the ten year note as well. And were seeing yields at 1. 653, the high yesterday before the turn around was close to 1. 7, 1. 697. Quick look around the rest of the world. Interesting thing here is european equities ended down yesterday. They didnt enjoy the late rally that wall street had so we expected a bit of a catch up. Same true of asian markets. Neither saw it highlighting the difference of what we saw. We have a change of expectations for the fed, markets rallied but not a change of expectations from the ecb thus european stocks are not rallying across the pond as you can see germany and france eking out slight gains. Asia similar story. Didnt take part in that rally or catch up today. Nikkei fractionally higher, hong kong down around a third of a percent. The dollar reversed and weaker after a rally on friday. Back to its stengthensing way just fractionally here. 112. 27. It reflects nerves of barely a move this morning. Well see how that goes into the u. S. Below the critical 1. 02 level. Quickly lets show you gold. We should also mention china released some data overnight which well get to in a moment. Better overall in terms of the tone, Industrial Production retail sales and the like will go in a moment. Gold higher about 7. 13. Will the selloff that were seeing risk aversion continue throughout the morning . Thats the question after that head fake yesterday. The other big question was yesterday the fake out or was friday the fakeout . Thats what our before the drop. Thats because people are trying to figure out its one hawkish fed comment on friday, one dovish fed comment yesterday, a lot of noise. They will be quiet now until the meeting next week. Expectations are no move in september, yes move in december. Is the market and economy going to be okay with that. That will drive us forward. What an amazing lineup to break those recent market moves for us throughout the day. Goldman sachs cutting the odds of a fed rate hike next week to 25 from 40 . The firms goal came after fed governor, the fomc member caused about the central bank moving too quickly. To the extent that the effect on inflation of further gradual tightening in labor Market Conditions is likely to be gradual the case to tighten policy preemptively is less compelling. A fed black out policy will prevent any policymakers to speak publicly until after next weeks decision. Light day for Economic Data. National federation for independent business releases its monthly Small Business survey at 6 00 a. M. Eastern followed by the monthly federal budget statement at 2 00 p. M. Later in the week we get Industrial Production, retail sales and other data. Maybe the markets will trade on the data. Wishful thinking. Now to one of this mornings top stories. More headlines on the wells fargo sales practice issue that broke last friday. Its emerged that the executive who oversaw the knit that created 2 million unauthorized customer accounts who stepped down in july did so with a pay package worth nearly 125 million according to reports. But wells fargo said the Executives Department was a personal decision after 27 years with the firm and was aware of the wrongdoing and working to reduce it. Regardless, it raises questions whether some of her pay should be called back. This comes after wells was handed a 185 million fine for those questionable sales practices. Today market watch reports its analysis raises the possibility that the practice is not just limited to wells fargo, however speaking to cnbc yesterday the head of the cfbb said he does not see problem similar to those discovered at wells fargo occurring on any kind of systemic basis. The government taking further action with the Senate Banking committee announcing plans to hold a hearing into the banks sales practices. They intend to question wells ceo john stumpf. Hell be on mad money tonight with jim cramer. Expecting comments from the ceo on squawk box this morning. I suppose this additional sort of realization of how much money the head of this department was paid, albeit stepping down in july, not just in the aftermath of the find and more of a pr disaster level to it for the company. But i suppose if you look at the other factor on the stock price 185 million maintains quite a small fine. Wells themselves have paid 9 billion in fines since 2010. 185 million isnt huge. Terrible embarrassing reputation thing which this executive was paid quite so much in the face of it. Again the stock price we talked to richard on closing bell and i brought up this squuf this executive departure why they werent going after. He said they dont do that but there will be follow on and hearings as you mentioned in congress. They did what they do which is impose a fee and fine and thats the biggest fine in the history of that office. It will be interesting to see. Do they come out and downgrade the bank. Banks are supposed to look out for their clients. Thats their business. How many years since the financial crisis it doesnt surprise the public these tactics go on. But it certainly is an investor issue. It surprises the public because its hurting the consumer. Not sort of what people expect. I think particularly for wells which relies very much on cross selling and the customer its very embarrassing for them. Just coming back to the size of the fine, yes its the biggest for the cfbb relative to fed and fines its peanuts. On top of that why arent they going after the executives. Wells has gone away without having any admission of guilt. That was part of the deal. This is an issue thats rambled on since 2010, came to light in 2013 and now getting closure with these headlines. They are getting headlines with small fine and no admission of guilt. It could be seen as a win for them particularly if it blows over time. Its not blowing over yet. Headlines of the size of the pay embarrasses them further. No admission of guilt. There might be a Senate Hearing but no guilt. Which is why it would be important to listen to what stumpf has to say. European commission to slap apple with a tax bill sparked jack lew to respond. Wrote an oped in todays wall street journal just hitting the wire and landon dowdy joins us with the high likes of that piece. Reporter this is a must read. In a letter to the European Commission learning ew noting retroactive penalties threaten the Business Climate pointing out the commissions action jeopardize americas Corporate Tax base because u. S. Companies can claim foreign tax credits for any payments to eu countries. Still acknowledging paying taxes is a global problem. U. S. Corporations holding more than 2 trillion in deferred overseas income and urging congress to act on president obamas proposed plan for u. S. Tax reform and he says theres three reasons that makes america less attractive place to do business. The combination of high corporate rate, our complicated system for taxing and our ageing infrastructure. Back over to you. Thank you very much. Jack lew at delivering alpha today, 8 30 a. M. Eastern time. Another big part of the day ahead not to miss. I think one question for him hes going after the European Commission for these preemptive tax claw backs. His inversion rule that wasnt announced too long ago was also sort of a look back that ruined one of the Biggest Department deals, tore it apart. Im glad you brought that up. Was going to bring it up when we discussed it. In britain and in europe there are other flip side stories, finds on the like of Deutsche Bank and theres an argument on the european side theres a holier than thou perspective from the u. S. Treasury on this. Either way its dlaer conclusion that the u. S. Should use this news headline and fallout publicly to reform its Corporate Tax. Right. Lets move on to some other Corporate News. General motors announcing its new chevy volt can go 238 miles on a single charge. This tops the range of its more expensive competitor the tesla model s. The volt will go on sale later this year with a Sticker Price of 37 rk 500. Gm executive will join squawk box later this morning at 7 15 eastern time. When we come back slightly better than Economic Data out of china. Well head to china for a complete round up of numbers. Later today dont miss complete coverage of our delivering alpha conference. Among the headliners a panel with former treasury secretary tim quite quite and ray dalio together on the stage. Well bring to it you live. Stay tuned youre watching cnbc business in business live. Whats going on here . Im val, the orange money retirement squirrel from voya. Were putting away acorns. You know, to show the importance of saving for the future. So youre sort of like a Spokes Person . More of a spokes metaphor. Get organized at voya. Com. [rock music playing] announcer dont let e. Coli mosh with your food. An estimated 3,000 americans die from a foodborne illness each year. So, always separate raw meat from vegetables. Keep your family safe at foodsafety. Gov [ clock titime. ] you only have so much. Thats why we want to make sure you wont have to wait on hold. And you wont have to guess when well turn up. Because after all we should fit into your life. Not the other way around. Welcome back to word Worldwide Exchange. Tripledigit declines in the dow futures. We were looking at this yesterday. We were looking at steeper declines in the future markets yesterday and we saw a strong rally throughout the day as there was a push back on expectations of a rate hike with more dovish commentary than expected. We have no fed speakers today. That means these declines may carry through for the whole day. Were looking at over 100 point decline for the dow. 0. 6 . Oil prices are slipping today as the international Energy Agency pushed back expectations of demand particularly because of wobbleness in asia. Now to asia. We got a bunch of Economic Data out of china overnight. We go singapore to round out the headlines. Good morning. Reporter hi. I think these numbers are consistent with tentative stabilization with growth rates around 6 . So not consistent with a hard landing. Lets get that out of the way. What we need to see here apart from the fact that rebalancing is gaining some momentum. I want to high like the sales numbers. 10. 6 in august. Markets mainly chinese equities typically agnostic about these data points. The main driver will be the current circumstance dollar and pace of Capital Market liberalization. All in all a fairly risk on the day. We started with initial gains after the dovish commentary from brainard overnight but did evaporate. Degree of caution out here. Ill leave you with mccrorys bank takes on brainards comment. Say her comment leaf the hawks outgun, outmaneuvered and looks like september is no longer aa live event. Were one and done and happens in september. Goldman sachs is bullish on china over the short term. Upgrading chinese equities to overweight. Goldman says although the long term picture is murky china is a decent bet for those looking to make money to the end of the year. Goldman thinks the economy will strengthen in the Fourth Quarter due to recently easing measures. Coming up on the show headlines from the campaign trail including president obama stumping for Hillary Clinton today. First as we head to break heres todays National Forecast from the weather channel. Good morning. Another Beautiful Day across the northeast. If you loved yesterday youll love today. Starts off on a cool, crisp note temperatures warm up to the low 80s. Under sunny skies. We have a front coming from the midwest bringing a couple of showers. Not as widespread in terms of thunderstorms but behind it big temperature changes. 59 degree High Temperature in bismarck, north dakota thats the kind of air thats coming in. In the south more thunderstorms especially in florida and especially in southeastern georgia and south carolina. Thank your tropical disturbance for that. Wont develop but will bring some extra rainfall. Temperature side of things very warm ahead of the front behind it a big cool down coming in with lower humidity as well for the next couple of days. Thats your latest forecast Worldwide Exchange continues after this. Whats it like to put your home in good hands . Like having something fit you, just right, thank you randall. Every stitch and seam of your Home Insurance, tailored to fit you and your budget. With unique features, like claim free rewards. Ohh customized Home Protection extra features all at an affordable price im going to live in this. In means getting more from your Home Insurance with an expert allstate agent. Its good to be in, good hands. Everyone thought i was crazy to open a hotel here. Everyone said its so hard to be a musician, but i cant imagine doing anything else. Now that the train makes it easier to get here, the neighborhood is really changing. Im always hopping on the train, running all over portland. I have to go wherever the work is. Trains with innovative Siemens Technology help keep cities moving, so neighborhoods and businesses can prosper. I can book 3 or 4 gigs on a good weekend. Im booked solid for weeks. It takes ingenuity to make it in the big city. Welcome back to Worldwide Exchange and good morning. Lets get you up to speed on todays Market Action. Were looking at a selloff. Dow futures down 101. Nasdaq down 27. We saw tripledigit declines in yesterdays preMarket Action and that turned around throughout the morning. Were still seeing more than 200 point rally for the dow making up for more than half of fridays selloff. At the root of some of these stock market moves the bond market. Lets show you what the ten year is doing. Relative calm in the bond market after the mini spike on friday. Ten year treasury note sitting below 170 level, 1. 65. Very level in Economic Data. Well hear from the secretary treasury and the former treasury secretary tim quite quite who will be monitoring the remark and reaction for any market moving comments. Lets move on to politics. President obama is traveling to philadelphia today to campaign for Hillary Clinton. As she recovers from pneumonia. Nbcs tracie potts joins us from washington with all the latest. Reporter good morning. Shes got surrogates out there, shes doing what she can by phone. Thats kind of the only way she can campaign right now. Former president bill clinton hitting the road on her behalf. After nearly collapsing from dehydration, Hillary Clinton is home this morning in new york tweeting im feeling fine and Getting Better and im anxious to get back out there. She tells cnn why she did not disclose fridays pneumonia diagnosis earlier. I didnt think it was going to be that big of a deal. Reporter today bill clinton heads to the west coast in her place and president obama campaigns for clinton in philadelphia. Like clinton someone got overheated at a donald trump rally but hes not focused on clintons health. Instead trump is hitting the air waves. You know whats deplorable, Hillary Clinton viciously demonizing hardworking people like you. Reporter and demanding an apology from clinton for calling half of his supporters a basket of deplorables. The racist, sexist, homophobic zexophobic. Reporter clinton said she regrets how many she labelled but insist extremists are backing trump. For now shes making her case from behind closed doors. Thats because shes still under doctor orders. Bill clinton headed out west to california today. And then nevada to represent her until shes back on the campaign trail. The issue, of course, of how open and honest the campaign has been is one thing but if we put that to the side, of course, yesterday you mentioned to us still a long way to go until november. The Actual Health scare itself could look a distance speck in the distance by the time we get to election day. How long does she have to remain behind closed doors for it to become a much bigger issue in terms of the health side of things . Reporter what the doctor had said initially was five days. That was from fridays diagnosis. Obviously she didnt do that for first couple of days and shes acknowledged that. Anything beyond this week