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tv   Worldwide Exchange  CNBC  May 10, 2022 5:00am-6:00am EDT

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it is 5:00 a.m. on wall street here is your top five at 5:00. markets rocked by global slowdowns. futures are higher right now it is not just stocks. commodities and crypto and oil sold off as investors look to raise cash is the bottom finally at an end? and the staggering number of the biggest stocks lost in just a matter of days. tesla once again hitting the brakes at the shanghai facility as more china lockdowns crush the supply chain apparently it is not a
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match. google accused of holding developers hostage of the android app payment system all this on this tuesday, may 10th this is "worldwide exchange. well good morning and welcome. i'm brian sullivan thank you for joining us on another very busy day on wall street let's jump right in. it is looking a lot better today than it has the last couple sessions cue the music. stock futures are actually not in turmoil higher across the b bhe board of course, all this amid the big t declines nasdaq tanking another 4% on monday it is now down more than 25% for the year in fact, we were on pace for the
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sixth worst year ever for the nasdaq just passing by 2001's drop if the year ended today, it would be the sixth worst in 50 years. the big reason is the sudden and shocking surge of bond yields. yields actually fell a bit on monday some are seeing that as a sign of a bottom being close. it's the first time in a while that bonds got bought while stocks sold off. something to watch bond yields are moving down a bit. in the oil market, crude oil falling on monday. china lockdown concerns. maybe people raising cash and everything else. we saw oil fall. it is up 42 cents a barrel over $103 a barrel natural gas got hit. it is below $8 back below $7 at $6.99 speaking of dollars. we cannot ignore what is happening to the u.s. dollar
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probably don't talk about it enough the dollar index is absolutely on fire. mighty greenback at a 20-year high that is going to impact all kinds of things. commodities and oil and anything traded and sold around the world. watch the dollar index going in the opposite direction of the dollar? crypto it got crushed again on monday bitcoin below $30,000. good news because we like you tto wake up with good news on the east coast of the united states. gains right now. back closing in on $32,000 at least right now nearly everything we track is higher. that has been certainly a big change for the last couple days. it's early see if it sticks waking up today and it feels a little bit better than monday. what does? let's get a look at how global markets are shaping up on the back of monday's selloff
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we have chery kang in shanghai and julianna tatelbaum in the london newsroom. chery, what happened your m monday -- or tuesday >> volatility for sure good morning, brian. we saw asian stocks mostly down. however as we watched u.s. stock futures climbing back up, we actually saw a lot of the marmarket s pairing back nikkei is down 0.5%. ditto for the kospi. hang seng was the big loser. technology stocks with the pronounced losses. once an gain, alibaba and tence. interestingly enough, mainland chinese stocks closed higher
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across the board that is interesting because the global markets are feeling jittery because on the one side of the fed policy, but the other side, the china covid lockdown and worries of the potential demand disruption. shanghai composite is pushing higher by 1% tech heavy star 50 index pushing higher by more than 2.5% chinex is up 2% at the close it is not clear what they were reacting to. yesterday after the market closed, we did see the pboc, central bank of china, coming out with policy support. they are going to take steps to boost confidence and step up support for the real economy and that could explain the dollar pulling back versus the chinese currency cnh and cny
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brian. >> chery kang, thank you now to the trade in europe which is looking better this tuesday morning. julianna >> it is, brian. one of our twitter followers asking why are you and brian always stating bad news? we have ghave green across the . the size of the gains is not matching the size of the losses. stoxx 600 ended 3% lower yesterday. we do see some healthy buying taking place cac 40 in france up 1% german market catching a strong bid. up 1.5%. similar for the italian market the uk market and ftse 100 is up .80%. modest gains and green across the board. from the sector perspective, we see strong appetite for cyclicals. banks up 2%.
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autos, chemicals and industrials all performing well. on the down side, we are seeing less demand for health care which is up six basis points oil and gas taking a breather. media and utilities under performing brian, investors are willing to put risk back on the table and back into the market i imagine investors are hesitant to see how u.s. markets trade today. >> i got to tell that twitter user, whoever it is, thank you for watching because we are the first show in the u.s., we get the stuff that happens overnight and it is sometimes not good news. it's not our fault, julianna >> not our fault if you are short the market, we are the bearer of good news. >> that's true that's a great point i can't see you. just a floating head and arms with the green screen behind you.
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we appreciate it julianna tatelbaum, thank you very much. back here at home. monday had something happen that had not happen in a year s&p 500 fell below 4,000 you have the concerns with the fed, inflation and slowdown and consumer spending hitting the markets hard has the market become too nervous? given that and the economic data we have been getting, it has been good. let's bring in brian levitt at invesco. i know the data we get is in the rear-view mirror it is from something that happened last month or two months ago i get that is there any chance that the markets, as a global mechanism, is too pessimistic or is it right? is the wisdom of crowds working? >> i think the market got this right in the sense that we have seen interest rates move up significantly with the inflationary pressures when rates move up, you get
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valuation adjustment we have that you also have policy which is uncertain. policy will be uncertain until inflationary pressures start to moderate and we can better size where the fed funds rate will have to go it is presetty classic. when bond rates spike and you get the volatility for long-term investors, are we getting bearish? yes. >> this is not the first d drawdown we had. march 2020, pandemic issues. i get it the s&p fell 30% in 2008 and 2009 and in 2000 and 2001 it is painful. those have become opportunities. if you are a longer term investor not tomorrow or next month,
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that's not long term if you have a long-term investor, shouldn't we look for opportunity? three or five or ten years out >> absolutely. i was looking last thursday which felt so terrible that was the 54th worst day of the last 25 years. as bad as it it felt, we have bn there. i have 54 wrinkles on my forehead to prove that when you have the down turns, history suggests adding money is better than pulling money out of the market it all goes back to the first principles time in the market matters more. don't try to time it people can argue and say in the last 25 years, the federal reserve was there to lower rates. this was a very different environment. that is raising rates and fed is going full forward on it it. i get that the market is pricing that in. it is challenging. it is not fun.
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over the long term, betting against the market is betting against human civilization and betting against things getting better over time i'm not willing to take that bet. >> this is analogous the dow did jump 33% i don't know if that will happen again. i want to read a quote that came out yesterday from jpmorgan chase. we stayed pro risk with overweight and stocks. underweights in bonds and cash the past week selloff appears over done and driven to a large extent of fear and poor market liquidity rather than fundamental developments i highlighted liquidity because scott minerd told us there is a shortage of liquidity in the bond market. meaning not a lot of money that's the reason we are seeing the outside swings that could effect equities
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because the money to buy things or do other trades is not there like it used to be because of the interest rate moves. would you agree with some of that none of that >> i think you are right as investors have fled bonds for the first time in 40 years, that led to the equity valuation adjustment we have to remember what 3% can start to mean for savers it has been a long time to generate any type of interest in government bonds there will be a captive audience where will rates settle? we have to see what we will see is a slowdown in economic activity i'm hard pressed to imagine interest rates to continue to move meaningfully higher i investors will find their way back into the markets. are we at the bottom
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there is a massive capitulation. we are getting there by the time you are at the bottom, it is 10% of the stocks on the new york stock exchange trading an bove the 200 day movn average. are we there maybe not. more volatility could be ahead for investors, stocks are a better way to play and a hedge against inflation. that's where investors should be long term. >> it is up 77% of the time. you get the statement. quarterly statement of the 401(k) or investment account, just hit delete. it will be ugly. move on. think long term. brian levitt, i'll steal that 54 for my rbi some time have a great day
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>> thank you that is a good rbi also happening now continued covid lockdowns and supply chain in china taking a toll on tesla. let's get to the headlines with silvana henao. good morning >> tesla has reportedly halted production at the shanghai facility according to reuters, the move stems from the ev maker facing problems in securing parts for the vehicles the report says it is expected to rollout less than 200 cars today. that is a sharp drop from the 1,200 it had been building since reopening a month ago following the closure due to covid lockdowns in shanghai. reuters adds that tesla had planned as late as last week to increase output to pre-lockdown levels by next week. president biden is looking to approve a $33 billion for
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ukraine. telling lawmakers to do so before trying to pass $10 billion in covid funding arguing that u.s. aid for ukraine has nearly run out the move marks a reversal for the president after insisting last month that the aid and pandemic funding be approved together separating the two bills expected to increase the chances both are passed by congress. grindr is going public the dating app for the lgbt community saying it merged with the spac the merger is expected to close in the second half of the year will raise $384 million in funds for grindr the deal values the app at $2 billion post transaction closing. brian. >> silvana henao, thank you very much we have more to come on this busy tuesday when we come back, more on the
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ripple effects on the china lockdowns. and why you hear things are getting better is not correct. and the big movers and sending shares of novavax plummeting later on, amazon taking action against employees who led unionization efforts the story you have to hear and much more after this stick around yeah i was so close to the stage when i saw her and she... she pulled me in. wasn't expecting that. it was literally... literally the greatest thing i've ever seen... scene... it was such a scene, but i looked pretty hot... so hot. i mean the look on his face... face it! you really missed out on the best time... time of our lives. you really had to be there. when you're with amex, you always have a story to tell. it's never a question of if it's going to happen... it's when. ♪♪ what if you could have the perspective to see more? at morgan stanley, a global collective of thought leaders
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welcome back if you talked about this last year, and we did, we would have thought by this time this year, at least some global supply chain issues would ease. a recent report by rbc says problems may only be getting worse in some parts as china covid lockdowns and russia's war in ukraine and other events add to delays in ports and drive up costs again. get this, rbc says one fifth of the container ship fleet is stuck in various ports look at that graphic what in the world is that? that is a screen grab from the web site at the port of shanghai the dots, the green dots, is a cargo ship we left off oil tankers. that is just cargo it is an ocean traffic jam of epic proportion. it is causing headaches and
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higher costs everywhere. michael tran of rbc. great work diving into the numbers and data and ai and everything else. michael, i look at that web site a lot. there are always a lot of ships off shanghai i get that not to this level. what are you seeing at rbc with with the data you follow how bad is it right now off the chinese coast? >> brian, it is not good i mean, last time i was on with you, the metrics were different. we spent a lot of time talking about supply chain 1.0 that was focused on long beach and l.a. what we are seeing now is supply chain 2.0. this is going global u.s. bottlenecks remain. you see increased congestion in china. that is not the only place you see it in europe do with the put together is create a metric that we call the time of turn
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around we look at 22 of the most important ports. we effectively use analytics to understand how fast or slow ships are moving through each port it is effectively an efficiency metric we call time of turn around we look at the ports and when you think of shanghai, it ranks third last within the space globally followed by houston and l.a./long beach. >> this is fascinating stuff we had all of the congestion off l.a. and long beach and it suddenly got better. we realized it got better because they shipped ships down shore and to mexico. sort of out of helicopter cameras way. is there any time where the time of turn around or congestion at
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l.a. and long beach are getting better >> i think what is interesting, brian, if you told me several months ago that just china would be faced with covid and you would have the conveyor belt moving from china to the west coast of the u.s. and ships hitting l.a. and long beach and you told me that would have slowed like it had -- i would have said if l.a./long beach operating at a normal rate, coul you are clear the backlog. that bottleneck should have cleared. it is not. we look at the time of turn around we are seeing by our metric, it takes 6.9 days to enter the geo fence than exit that boundary. a month ago? five days. pre-covid? 3.3 days we are seeing a ship takes twice as long to navigate through the port than pre-covid.
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things are not getting better relative to a month ago. >> wow very quickly, michael. this may not be in your wheel house. l l longshoreman contract expires on june 30th. they could go on strike. the longshoremen have a lot of bargaining power if there was a work stoppage, what would be the ripple effect? >> it is tough, brian. you look at the ripple effect. you think of the best-case scenario for us for humanity and markets would be china is able to clear covid if you are able to get rid of covid for whatever reason, today, tomorrow in china, you effectively think the ships would start moving quickly from china to global ports. what happens if that plays out, you get a lot of lumpy and large
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shipments start to navigate over the course of the next several weeks to other global ports. you could see a scenario where it takes several weeks or a month to get to the final destination. if we start to see a lot of ships move toward the port of l.a. and long beach, you overwhelm the port leading into negotiations in the summer if you see a scenario like that with china clearing covid, that doesn't mean the end of the supply chain you will overwhelm the port of l.a. and long beach once again. >> might be why more ships going through the canal and savannah and charleston we will see. michael tran, thank you. >> thank you let's get a check of the other headlines outside of the global markets and your money. frances rivera is in new york with those what's going on, frances >> lots going on we start with the multistate manhunt for the former
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corrections officer and inmate that has come to an end. vicky white and casey white were on the run for a week. they were captured in evansville, indiana. vicky white died from self inflicted gun shutshot wound casey white will return to alabama. and senate passes bill boosting security for the supreme court. the senate extended security to the justices and family members. that bill goes to the house. protests have taken place in the neighborhoods of three conservative justices. andy warhol's screen painting of marilyn monroe fetched $195 million at christi's. it shattered the work by an american artist.
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p proceeds from the sale will go to charity. and nasa showing off the images from the james webb telescope. the most detailed image of the galaxy outside of the milky way. you see the retired telescope here in comparison you see the picture is worth 1,000 words. that is what $10 billion will get you. brian. >> it is still pretty. somebody can put that on a print and make that a painting and sell that in 70 years. >> and get a filter and do it on the cheap. that's what everybody else does. >> you can do that that, too. frances rivera, always practical. frances, thank you up next here on "wex." elon musk trying to please
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european regulators over his twitter takeover bid the pledge he is making over content coming up. all that with the stock futures higher across the board as we headnt io commercial break. we're back on a tuesday right after this stick around
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welcome back time for big money movers. three key stock stories happening now. trader favorite amc. all of you apes out there with
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shares jumping after the strongest first quarter in two years. consumers coming back to the theaters sales over $40 million over the forecast still amc shares down 82% from the all-time high of $72.60 a share. stock two is novavax dropping 10% on earnings miss it came in at $256 a share analysts looking for 13 cents a share more looking for upside of the story? novavax reported the first profitable quarter from the vaccine rollout. and stock three is upstart intelligence company it is the disaster of the day. shares are down more than 45%. that's right 45% on disappointing results they topped estimates. expectations were higher guidance was not good.
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upstart down 46% in the pre-market that is brutal we are rounding the turn here in the 5:00 hour. still ahead on "worldwide exchange." the morning rbi and the top strategists and their year-end price targets and just how wrong about everyone has been so fa numbers you have to see after this
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welcome back looking like a lot better day than the last couple sessions. nasdaq futures are up 1.6% i know it lost 4% yesterday. we are in the green across the board. oil is down a touch. actually bond yields are coming down a bit we talk about the nasdaq because big tech runs the show the stock route has hit big tech the hardest. losses the last couple days are truly staggering for the biggest of the big let's call it random but painful. just seven mega cap names. microsoft, amazon, tesla and google and meta/facebook lost 3$330 billion per day for three days making some of that back today wow. $1 trillion in three trading
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sessions new doom and gloom the sun is up. weather is getting warmer. making headlines this morning is elon musk saying his plans are in agreement with the european union social media rules those guidelines are designed to force companies to do more to police illegal content they are not in effect yet musk's comments about a platform for free speech led to speculation he could relax the content moderation rules also match group suing google of accusing the market of distributing apps on android and forced to use google billing system and taking a cut. former amazon workers involved in the staten island union effort tell cnbc they have been fired in recent days. the men were working with amazon labor group which a group led by the former and current
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employees. last month, workers at the warehouse voted to join the union. a smaller facility nearby rejected the effort last week. now let's talk peloton you may be riding one right now watching the show. if you are, thank you. we are going to be watching the results. they are out in a few hours. the first quarter with the new ceo barry mccarthy the product itself has been a hit, stocks have been a disaster don't use that word lightly. peloton stock down 89% from the all-time high. 89%. the next guest says there is still potential for the company. danielle adam is senior vp they are doing about 3 million users and $40 a month? 1.2 to 1.4 the recurring revenue every year for them daniel, the market is
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prescribing negative value to the hardware business, is it not? >> i think it is at this point the worst-case scenario is priced in in our view. if you look at the recent leg down, it is on rumors that the company is looking to raise in equity stake the cash concerns that the company needs cash influence the focus is the cash balance. last quarter, peloton ended with $1.6 billion in cash on the balance sheet. our estimate for this quarter, fiscal third quarter, they will exit with 1.3 billion. to the extent it is below that and the cash is higher, stock could trade lower. our expectation is 1.3 or above and the stock should trade
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higher on that >> this is important what you are saying, correct me if i'm wrong, daniel, this is not an exercise bike story this is not a connected device story. right now, peloton stock is a liquidity problem story. potentially. >> brian, you know, frankly from 140 to 50, it was a bike story and subscriber growth story. the move from 50 to 30 is a bike and fundamental story. this latest move lower, we think, is pricing in the liquidity concerns and risk around the company's viability which we think they have ample cash to survive the next few years. they will come out a strong player in a more consolidated market >> because unlike a lot of other companies in the past -- by the way, are now gone or stock to zero or bankruptcy -- peloton
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does have a loyal customer base. i say that because their churn rate, the amount of people who sign up is low people tend to stick with them $40 a month. they have pricing power to raise that they are generating cash i presume they are cutting costs? you have a $55 target on the stock, daniel. you think it will be okay longer term >> absolutely. if you separate the two businesses between subscription and the hardware the other end of the business, the hardware business loses money the subscription business is the cash cow if you were to separate the two, you would not get a lot of subscriber growth, but you could milk that cash cow which is the subscription business. in part, our $55 target is based on that sum of the parts which is a higher value to the s
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subscription side of the business. >> daniel adam, thank you. >> thank you 89% off the high wow. on deck, why tesla is having more problems in shanghai and your morning rbi with a look at just how wrong nearly every wall street strategist has been so far this year -- at least so far. the numbers you have to hear stock futures are up the sun is coming up the weather is getting warmer. we'rgloue ad y are with us we're back right after this.
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welcome back to "worldwide exchange." stock futures are actually higher across the board right now. that is the first time in days we have been able to see that. all this despite the fact that the china covid lockdown is never ending in cities continuing to hit global companies doing business there tesla is no exception. let's get more from eunice yoon who has more on the story. eunice, good morning >> reporter: good morning, brian. many impact of the lockdown in shanghai is the latest for tesla. the car association says tesla produced over 10,000 cars here for the month. this is a far, far lower number than the figure that was seen for march in terms of sales and production tesla data comes as tesla says
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in a statement it has no notice of production halt at the shanghai facility. this is amid reports that capacity had been constrained because of the parts shortage. tesla situation is the latest example of the impact of the lockdowns on the supply chain and real constraint of capacity. no end in sight for the zero covid approach in fact, beijing, which wrapped up the pressor moments ago, 836 for the latest outbreak. it is imposing tighter restrictions and increasing the mass covid testing rounds and adding anal swabs for more of the heavily quarantined areas. shanghai reported 3,000 cases today. this is mostly asymptomatic and fewer deaths at six.
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even so, shanghai is in the quiet period end ing deliveries authorities are now sweeping entire communities and buildings of people to government quarantine if their building has one positive case. there is a question if this is a short-term disruption or long-term disruption, brian. we had one case where this could be long term the american chamber of commerce said u.s. business confidence has been shaken. for shanghai production, 15%, they said is fully shut. 59% has been slowed or reduced in terms of their investment, brian, they are delaying and decreasing investment. 52% said that is what they are doing now and that's what they plan to do >> one case in a building and
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many people in the building or entire building locked in or locked down for the number of cases in shanghai which is one tenth the number of the state of rhode island i know you cannot comment on it. we wish you well i know these are tough times in china. we love you, eunice. be well. what is going on over there? time for the rbi let's dive into wall street stocks and expectations. if you were optimistic, the markets would go up this year. don't feel embarrassed you are not alone. pretty much every macro strategist on wall street was bullish coming into the year we know that because most firms put out end of year price targets on the s&p 500 we snatched them up and used the list and use it as a scorecard on which firms and strategists got it right the answer is none
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zero not even close not the ones we know look at this it is all the price target of strat getegists on the street safety in numbers kind of thing. there is a range of 900 points between the high and low estimates. john stoltzfus has the high at 5300 mike wilson and barry bannister are tied at the low at 4400. everyone else in the mirddle we are 17% below that right now. even worse for the estimates, as you go down, it takes a higher percentage gain to get back to where you were because map bottom line. to get to the median estimate of where strategists think we will end the year, the s&p 500 has to
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rise 21% -- to get to the lowest estimate the most right strategist on the street so far? the index has to jump more than 9% could it happen? sure a long way to go for the year. signs inflation is starting to peak 25 years and you will see a lot of strategists begin to cut estimates and cut soon once one does it, the rest will follow quickly i have seen this movie before. i bet you a coffee i'm right random but interesting or horribly wrong. coming up, looking for full can capitulation we have more coming up. and may is the asian american pacific islander month. we have dominic chu with more.
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>> one of the things i appreciate dutring aapi heritage month is the lessons i learned from my parents and grandparents everything that makes us unique as asian americans these days, i'm reminded there are so many more things that bring us together than drive us apart. this aapi heritage month, i'll focus on tho silits.seimarie ary investing with their heart. they're two times more likely to invest in companies that have social and environmental goals. ♪ ♪ there are so many more young investors coming in and participating in the financial marketplaces today, and that's really due to advancements in technology. there's a proliferation of innovative technology solutions to be able to interact and invest in the financial markets. younger investors today are engaging in social media in ways that we've never seen in the past. they're in forums, actively engaging with their peers
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on certain topics and certain investment ideas. 75% of them believe that their investment decisions can influence climate change, and 90% of them want sustainable investing options in their 401(k). they believe that they can really impact with their investment dollars more so than prior generations. i'm naeema huq abrar, and we are morgan stanley.
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what do you think healthier looks like? cvs can help you support your nutrition, sleep, immune system, energy ...even skin. so healthier can look a lot cvs. healthier happens together. welcome back a quick menu of everything that is happening today the small business optimism index coming out we will see if that drops. more speeches from the key fed leaders and new york's john williams highlights from peloton and electronic arts and wynn results. those are earnings let's welcome in chris murphy at
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susquehanna. we have learned from you, options run the show now they not only tell us what will happen or where the bets are placed, but move equities around what are you seeing from your perch on the options market? any sign of full capitulation yet? >> good morning, brian so, you know, we are certainly getting closer we are not seeing that full capitulation sign yet. the two things that we are always looking at is volatility expectation. they spiked. that is the vix. they spiked, but not nearly as much as it did in the great financial crisis or covid. we are also looking at correlation. when all of the stocks and everything begins to move together that felt like the case recently, but it is not quite at the level of great financial crisis or covid. >> yeah. explain to us the difference
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between now or the last couple of weeks and march of 2020 >> sure. you know, we're talking about vix and the volatility measurements in the mid-30s versus twice as high so, you know, as much as it feels painful now, i would point out so much positioning has been pulled back. the trading we are seeing now feels more like a buyers' strike and everybody getting out of the way. we are not seeing the surge in volumes that is related to surges in volatility everyone is either waiting for the fed to finally throw the hammer down and really shake the markets so we can rebuild or waiting to see if the stock market basically does the fed's job for it >> in march of 2020, very different story, pandemic,
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panic, lockdowns everybody hunkered in. the s&p 500 fell 31% from its high to the pandemic low in six or seven weeks we're only down 16% from the all-time high. i shouldn't say only it is painful for a lot of people the point is bottoms historically whether it is 2000 or 2001 or 2020. they he are down 20% >> the parallel i started to look at recently is 2011 a lot of similarities happening. we got the first five-week losing streak. the first time of multiple fridays where the s&p 500 sold off. 2001 was two years after the fed rewrote the playbook and did moves and things that's where with we e are righ.
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s&p 500 in 2011 sold off 22% from the all-time high options indicators point to seventh inning if you are looking at the magnitude of the move, it is the seventh inning of the time period that is what i would focus on right now. that parallel. >> is it possible, chris, the nasdaq could bottom before the s&p 500? we showed the difference are returns. nasdaq down 11% from the all-time high more than the s&p 500. do you think the entire market will bottom at the same time >> you are right we are focused on the broader market when everything sells together that would be s&p 500. we know how much under the hood, especially the nasdaq and certain technology sectors have gotten hit hard. i think we are past the first move
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ithink we are now feel confident it is over and everything washed out and every sector regardless. that is the s&p. >> okay. we've talked about it before i've said it on the air before, chris. how important is tesla and its stock and options to the market? really important, right? >> i think it is what i would start to wonder is in this stage, tesla when we had so much of the retail focus, that is not there quite as much anymore. it is not as active as that group has pulled back and started to lose money sdp >> they got washed out >> washed out. tesla was the beacon for that group and now that group is not as impactful, it is still a very impactful stock, but not as much as 2011. >> that is good to know. maybe the correlation is tesla
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and the market will ease some. a lot of people did get stopped out. they got margined out. chris murphy of susquehanna. thank you very much. >> thank you that does it for us on "worldwide exchange. we have another big show tomorrow see you in 23 hours. we leave you today unlike the last three or four sessions with stock futures in the green enjoy it while it lasts. "squawk box" is next not. do i just focus on when things don't work, and not appreciate when they do? i love it when work actually works! i just booked this parking spot... this desk... and this conference room! i am filing status reports on an app that i made! i'm not even a coder! and it works!... i like your bag! when your digital solutions work, the world works. that's why the world works with servicenow. this? this is supersonic wifi from xfinity.
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good morning markets rocked by global slowdowns. futures pointing to a slight rebound this morning we will show you what's moving. tesla again hitting the brakes at the shanghai factory as more china lockdowns crush
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the supply chain. new housing data out this hour it could signal relief in sight if you are struggling to buy a home it is tuesday, may 10th, 2022. "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc live from the nasdaq market site from times square. i'm rebecca quick along with joe kernen and sorkin sork look at u.s. equity futures seeing a rebound after steep declines that added up over the last week and a half the dow futures this morning indicated up by 217 points


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