tv Worldwide Exchange CNBC September 6, 2022 5:00am-6:00am EDT
it's 5:00 a.m. at cnbc wall street looking to kickoff a trading week in the green as tech looks to halt the longest losing streak in years. nord stream continuing to stop gas flows and no easy road ahead from 10 downing and another win for former president trump and challenge to the fbi raid at the mar-a-lago estate. and shocking events over retail trading favorite bed bath
& beyond it is tuesday, september 6th you are watching "worldwide exchange" here on cnbc good morning i'm courtney reagan in this morning for brian sullivan thanks for joining from wherever you are watching around the world. let's kick off tuesday with a look at u.s. stock futures this morning. we are trending higher on the three averages dow jones industrial average is trending higher by 158 points. s&p higher by 24 nasdaq up 97 all three averages losing 3% or more nasdaq is now down six trading days in a row for the first time since august of 2019 let's get a look at the treasury market and see the move on the yields 2-year treasury at 3.46. 10-year treasury at 3.256%
in the oil market, crude is hovering below $90 a barrel. staying at $87.87. brent crude is down at $94.30. let's get a check on cryptocurrency and what we are seeing near the markets this morning for bitcoin and ethereum bitcoin is higher at 1.4%. $20,000. ethereum is 5% higher at 1,663 let's let a look at the overseas markets with joumanna bercetche in the london newsroom >> courtney, we didn't get a lot of movement in the major indexes. nikkei is ending flat. shanghai composite up north of
1% on some proposals from the chinese government to shore up the economy. over here in europe, however, the mood is a lot more positive today than yesterday while the u.s. were out yesterday, we saw european markets plunge 2%. that after we walked in to the announcement that russia was cutting off gas flows from the nord stream pipeline we retraced about 40% of yesterday's losses with the gains spread out across the indices. the best sector is the retail sector today we have oil and gas stocks not really joining in with the rally we're seeing in spot prices after that surprise opec plus cut. worth noting, the ftse 100 is also one of the positive indices today. you will hear more from geoff in a short while about the plans the new uk prime minister will have for the economy
>> joumanna bercetche, thank you. let's stick with europe. uk conservatives choosing the next leader and prime minister over the weekend to replace boris johnson. geoff cutmore joining us from 10 downing street hi, geoff. >> reporter: very good morning, courtney we heard boris johnson give his speech we is now flying to the queen's official residence in scotland at balmoral where he will officially resign and tliz trus will be sworn in she is also heading to balmoral. this would normally be done in london, but because the queen is in balmoral, they will go to her. liz truss has to put together her cabinet and we will start to get policy announcements it may be a cliche, but she as a
very full in tray. people in the uk are waiting on the announcement on energy everybody is concerned how their bills are rising the speculation and the leaks from the conservative party suggest that there will be some form of freezing of energy bills, both for consumers and for businesses as quickly and as possible as thursday then we are expecting a supp supplementary budget for the co country as a whole to provide support in the difficult times with the high inflation levels the pound at a 37-year low and inflation at a 40-year high. so she has to hit the ground running and come up with some new policies fast back to you. >> it has been so active in the uk politics.
geoff, can you tell us what it means for the uk relationship with the u.s. moving forward >> reporter: well, u.s. leaders will know her. u.s. politicians are familiar with liz truss she was the foreign secretary. she has met president biden. apparently that meeting went well she has said in the past it is a special relationship, but not necessarily an exclusive relationship i think she has had frustration about the slow pace of a post-brexit trade deal with the united states. it seemed at times like the democratic administration of president biden has not been particularly keen to speed the passage of that bill because there are concerns about the way that the uk government has dealt with northern ireland. now, liz truss has made it
fairly clear she is willing to suspend parts of that agreement if she doesn't feel she is getting progress on trade with the eu and that would upset, i think, the government heartily i think if i could put her on the map here for americans, she is a believer in reaganomics and she believes in tax cuts we will see if there is more from the administration about this i suspect there are probably more republicans who will feel kinship with her economic outlook than there are democrats. back to you. >> very interesting. a special, but not exclusive relationship geoff cutmore. another developing story this morning russia scrapping plans to resume natural gas flows via the nord
stream pipeline. the pipeline accounts for 35% of the total russian gas imports. the operators state gazprom had been set to resume operations on saturday after three days of scheduled maintenance. the news sent the price of natural gas surging yesterday. it has come down a bit and still off the highs that we saw in late august. amid the shutdown, eu leaders are drafting plans for new caps on wholesale gas prices and as geoff cutmore referred to, incoming prime minister liz truss is preparing her plan to freeze energy bills. caps are due to surge 80% in the next month it is not just russia, opec and allies, including russia, agreed yesterday to slash oil production by 100,000 barrels e
prices the cut which is a surprise to many in the energy space, accounts for .10% of global demand saudi arabia last month flagged the possibility of opec cuts to address what it sees as exaggerated oil price movement we will have more on both of the stories later on in the hour let's get to a few of the other top stories. bertha coombs is here. good morning good to see you. >> good morning, courtney. shares of the most widely held chinese tech stocks falling over the weekend as beijing ramps up covid very distributions as of this morning nearly every province in the country has new recordings leaving 60 million people in lockdown and more on edge over what new measures are
to come. shares of german listed volkswagen surging this morning. the company confirming plans it will list its porsche brand in what could be one of the largest european ipos in years according to the wall street journal, the offering could value the sports car brand as much as $84 billion. volkswagen will use cash to finance the transition to electric and self driving cars volkswagen intends to list porsche on the frankfurt stock exchange and offer to private investors in a public offering for late september or early october. amazon says 25 million people watched the premiere of the series "lord of the rings:the rings of power" on friday amazon says it was the biggest streaming debut in company
history. it marks the first time amazon has released viewership data by the way, hbo's "house of the dragon" brought in 10 million viewers for its series that premiered two weeks ago. looks like the rings beats the dragons. >> these shows are big hits. big fan bases. i don't know anything about either i really need to get caught up on these trilogies or whatever now. >> you and me both >> thank you so much, bertha to washington, d.c. and developments around the fbi raid on former president trump's mar-a-lago estate. we have brie jackson with the latest brie >> reporter: good morning, court any of the justice department investigation is on hold right now after a federal judge granted mr. trump's request to have a special master intervene in the case. the doj says it is looking at the judge's opinion and considering next steps
a legal victory for former president trump. a federal judge granting his legal team's request for a third party known as a special master to review the evidence seized from trump's florida home. the ruling blocks the investigation into the classified documents recovered >> the department of justice will need to think long and hard about appealing this decision. >> reporter: a detailed list of seized property shows mr. trump had more than 11,000 government owned documents at mar-a-lago. 520 pages that may be considered privileged including mr. trump's medical documents. issues related to taxes and accounting information >> the government, the most important thing to me, time is of the essence >> reporter: mr. trump reacted on his truth social web site attacking the justice department and fbi as corrupt >> the mar-a-lago raid was a desperate effort to distract
from joe biden's record of misery and failure >> reporter: president trump on the road monday blasted ed bidn >> they're extreme you cannot be a democracy when they support violence when you don't like the outcome >> reporter: the judge set a friday deadline for the trump legal team and justice department to submit recommendations for who could serve as the special master. the ruling does slow down the justice department investigation, but the judge is allowing the intelligence community to move forward with its damage assessment of potential national security risk courtney >> brie, former president trump and allies claimed the fbi search was politically motivated. what did the judge say about the search in her ruling >> reporter: the judge did side with the federal government that there was no evidence of callus disregard for the former president's constitutional
rights the judge pointed out the unprecedented nature and historic nature of the search. calling the search of the former president's home unprecedented >> that is very true we can all agree on that no matter what side of the aisle you're on. thank you, brie. when we come back, preparing four portfolio for rising rates and economic slowdown and higher inflation. the stocks my next guest says are a must buy right for. plus, cvs beating out amazon and more with an $8 billion acquisition. another unexpected turn in a rocky few months for bed bath & veyond a ry busy hour still ahead when "worldwide exchange" returns.
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that's it? we feeling good? looks like we're feeling good. bring on today with comcast business. powering possibilities. welcome back stocks trying to put last week's lee losing streak in the rear-view mirror s&p 500 up 17. nasdaq indicated higher by 762 joining me now is chuck lieberman. thank you for joining me here, chuck. what do you think the market's attention is on so far in the early going with the reversal from the action on friday? now we're indicated higher why? >> i think we overreacted last week the market had every reason to expect the fed to push rates higher the economy is doing well.
the market is torn between wea data suggesting to some there may be recession ahead and on the other side inflation forcing the fed to raise rates. >> what do you think about the data the jobs report that some looked at is perhaps looseninging of the labor market and maybe inflation has peaked we have more readings to go. where do you stand on economic data >> i don't think it is an effective argument to tell a police officer that you slowed down from 120 miles an hour to 100 and you shouldn't get a ticket the economy is still doing well. we are generating more jobs than sustained. that's generating a tighter and tighter labor market underneath the surface, there is pressure on inflation even though some of the transitory components of inflation are coming out of the data
super superficially, the data is better if you analyze the data, the numbers are not at level where the fed can relax. >> before we get specific picks when it comes to investment decisions, what do you think of the energy market with the opec plus cut surprise we got with the nord stream pipeline issuissues issues >> opec is staying out of it they are happy with higher prices they are content to sit back and do as little as they can nord stream is a concern obviously far more for europe than us. we are an indirect beneficiary we are exporting as much as we can and we will continue to do that in natural gas and crude oil. it is good for domestic industry domestic industry is able to take advantage of that in termsof the economy, it's
unfortunate because europe is likely to experience a recession. that is fairly likely. the impact on the u.s. is much milder >> september is not often a strong month historically for equities here we are coming out of the labor day weekend full steam head for business and economy. what kind of investment decision do you have for september and environment with rising rates and persistent inflation levels? >> that's why investors should focus on companies that benefit from higher rates or higher inflation. so i like real estate. they own property. property ben pefits from higher inflation. they raise rents those are typically fixed. these are companies that are if you like highly geared toward
inflation and they benefit from rising rates another group of companies that i like are some of the financials especially the ones that are sensitive to interest rates like banks and insurance companies. specifically insurance companies. higher interest rates help them. you've got to play on these themes energy is an area that will continue to benefit. the u.s. will continue to produce more europe is clearly troubled because of what is happening in the ukraine and russia clearly again companies that own energy are a place to ben pefit from what's going on >> reits and banks chuck lieberman, thank you for joining us >> thank you, courtney still on deck, heextreme het out west while the energy grid is pushed to the breaking point.
28.77. they are up 50% since the beginning of the summer when signify was looking to do a deal a amazon and united health had shown an interest. this will help cvs grow on the services division. it provides in-home patient care and the purchase by cvs comes as competitors like walgreens and amazon are moving further into the health care services division cvs acquired aetna in recent years, but looked to leverage the primary care services along with home care they will provide a big step up in that direction. especially for the medicare population cvs and signify any expect the
deal which is subject to regulatory approval to hold a conference call at 8:30 this morning to discuss the details courtney >> interesting bertha, thank you very much. surprising that amazon got beat out. if they wanted to win, they could put up more money. let's get a look at our headlines with frances rivera in new york with the latest >> courtney, good morning. we start with another scorcher for much of the country. 46 million americans under heat alerts as the heat wave continues to blanket the west. record-breaking temperatures 10 to 30 degrees above normal in areas of california. and it will continue to add strain to the power grid one of the two suspects in the canada stabbing spree has been found dead and police are searching for his brother. police say his injuries were not
self inflicted he has been charged with first-degree murder and breaking andn't nentering the mass stabbing left 10 debt and 18 injured. and russia sanctions americans sawn penn and ben stiller. both outspoken critics of the war in ukraine penn has been working on a documentary about the invasion and stiller called volodymyr zelenskyy a hero and a ban from rush hour, mark kelly and florida senator rick spot. president biden was sanctioned earlier this year. courtney, those are your headlines. back to you. coming up, a tragic turn of
events at bed bath & beyond as they try to stage a turn around. you can check us out on apple, spotify or other podcast apps we'll be right back. ♪♪ ♪♪ be ready for any market with a liquid etf. get in and out with dia. when tired, achy feet make your whole body want to stop, it's dr. scholl's time. our insoles are designed with unique massaging gel waves, for all-day comfort and energy. find your relief in store or online.
extending the shoutdown of the nord stream pipeline. and wrapping up to back to school and shopping for the holidays over what consumers will spend this season it is tuesday, september 6th and you are watching "worldwide exchange" on cnbc. welcome back i'm courtney reagan in for brian sullivan i hope you had a nice weekend. it's right at 5:30 a.m. here on the east coast here is how the markets and your money look right now well ahead of the opening bell. dow jones industrial average is higher by 44 points. s&p up 21. nasdaq higher by 82. let's see if we can break that friday losing streak to our top story this morning and russia scrapping plans to resume natural gas flows to
europe through the nord stream pipeline after discovering a leak it accounts for 35% of europe's total russian gas imports. the pipeline operator gazprom had been set to resume operation on saturday after three days of maintenance. that news sent the price of natural gas surging yesterday. it has come down a little bit, but still off the highs of late august it is not just russia rocking the global newenergy opec and allies agreed to slash 100,000 barrels a day to boost global energy prices the cut is a surprise to many in the energy space accounts for .10% of demand saudi arabia last month flagged the possibility of output cuts to address what it sees as exaggerated oil price movements. to help us digging through this
is brian sullivan on the news line brian, good of you to join us here on what i think most likely is a day off for you tell us. i know it is hard to surprise you. m many were surprised with the opec cut were you surprised >> no. neither should our viewers good morning, hope to be on the show some day. we reported this a week and a half ago we had a conversation with the saudi energy minister. he did not directly tell me this we went on cnbc that day and the next day and on twitter and social and said it is my take based on my conversation that opec will cut production i didn't know by how much, but we announced it. reading about it as a prsurprise it is a reversal from the earlier jump they did they said they would dial back the quota. let's get to russia first.
this is the breaking news. this is the risk we talked about in germany in mid-july gas would not resume to russia they did put nord stream back on at 20% now off for three days for quote maintenance. now off indefinitely until the western sanctions end. i don't think it is too strong of a term, courtney, to say there is an energy war that is going on with the west they have the war-war with ukraine, but now many say russia is weaponizing its energy output energy is not part of the economy. energy is the economy. the economy takes energy and makes it into useful and pr productive things to sell. nord stream offline. two other smaller pipelines in europe one through ukraine and one through turkey it is flowing some russian gas and german storage is ahead of schedule at 83%-ish.
they have never gone through a winter just relying on storage without also having flow and electricity prices in germany still remain at heights that cause americans heads to spin. >> absolutely. the prices are insane. i know european leaders are looking at price caps. are there knock-on risks -- could what we see turn into a political or financial crisis? what about financially or politically? what are the ripple effects? >> i think that is an excellent point. i'm not going to say that is guaranteed nothing in life is except death and taxes. there is a risk of that happening. it is proving right now, courtney in the last 24 hours and i'll not go through all of them we had a number of governments come out and say they will spend tens of millions of dollars on anti-inflation in the netherlands or germany.
the incoming prime minister liz truss is talking about freezing energy bills for a year. that would cost over $100 billion. politicians have to do this because the people are suffering. people who are not going to be able to afford to heat their homes across many parts of europe this winter that can become, obviously, not just a humanitarian crisis, but financial crisis as well because now you will collapse the economy. there was a report out, courtney, i'll leave you with this 6 in 10 manufacturers in england may have to go out of business because they can't afford their heating bill i thought about that yesterday i drove across the great state of ohio. i was driving across the midwest and thinking what if 6 in 10 businesses in elkhart or
youngstown, ohio were out of business is what if this is a macro issue? we will do a special tonight at 6:00 p.m. eastern time i committed a tv sin i teased myself. >> i was going to do that for you. >> thank you yours will be much better. >> a beautiful graphic up right now for viewers able to see us on screen. the energy emergency is tonight at 6:00 p.m. eastern brian, thank you so much for starting your day early with us here on "worldwide exchange. we'll tune in tonight. this is a crisis we need to focus on we will get more analysis on the latest developments in the energy crisis. joining me now is kateryna
filippenko thank you for joining us brian brought up salient and scary points about the potential ripple effects from the crisis in europe right now. what are your expectations for what's to come in the european energy markets >> europe right now is in a good place to withstand the winter without nord stream if the winter is normal we expect to finish the winter below the five-year average, but below the level that doesn't requiremassive containment it will fill to about 80% which is below european target for next winter, but five-year average. that is if winter is normal. if winter is really cold in europe and in asia, this could create problems and europe may
run out of storage before the end of the winter. the crisis is expected to be volatile this winter. >> what would happen if there was a full shutdown of russia oil? russia energy into the european region >> well, if there is full shutdown of russian gas into european region and if the weather is normal, then we will still run out of storage before the end of the winter and what it will cost is it will cost the need for massive demand reduction. at the moment, we assume europe will reduce demand in winter bb by 7%. if we see the full shutdown, we may see the union laalert triggered and demand containments be mandatory. >> speaking of demand and what consumers are using and paying, what do you make of the politician s decisions about cas
on what consumers pay and what those ripple effects are >> the cap is a tricky balance for european governments because on one hand if you put cap on the gas price, you need to make sure the cap is low enough to support the consumer and support the industry at the same time, you need to make sure the cap doesn't distort market signals or reduce demand response we so badly need particularly in industry this cap is incentive gas flow in europe versus asia. our compete in asia for lng. the cap should be enough or the price should be high enough to incentive oil as gas we will need additional gas especially if they are diverse
phii away from russian gas. >> thank you coming up, a key stretch for the retail sector. we layout what the final months of the year look for the sector. and as we head to break, a news alert for semi conk conducr sector according to the new york times, $28 billion will go to grants and loans to build facilities. another $10 billion will go toward expanding manufacturing for older generations of technology used in cars and d ication technology an11i$11 billion to research an development. "worldwide exchange" is back in just a moment. we got this, babe. that means that your dreams are ours too. and our financial planning tools can help you reach them. that's the value of ownership.
welcome back to the tragic story of the death of the chief finance officer of bed bath & beyond. he fell to his death on friday he left no note behind and did not say anything to his wife who was home at the time of his death. he joined bed bath in 2020 coming from avon he spent 20 years at p&g in a statement, arnal was instrumental throughout the pandemic he was 52 years old. his death is a latest in sho shocking twists and turns with
the company. arnal was named as part of the class action lawsuit on allegations of artificially inflating the stock price. the stock sales in question were preplanned as part of the agreement he signed in april in the august filing, the company said it was evaluating the complaint, but believes it is without merit bed bath would not comment when asked by cnbc. shares are down 16%. let's stay on retail companies turning from back to school to return to office to the holiday season shifting consumer habits and inventory glut piling on to a tough year the retail etf down 30% in 2022. for more, let's bring in dana telsey chief research officer at the
telsey adviser group before we move on to the holiday season, i know it is not in your coverage, but the telsey group covers bed bath & beyond anything we heard over the weekend from the death of the chief financial officer have implications or anything with the financing of the company >> the company just gave out detailed strategy call on wednesday about the game plan for the go forward i don't think the tragic events of the weekend impact the results of what the company will be i think he had a tremendous impact i know he was very well respected and certainly well liked. it is a tragedy. i hear there will be a new announcement of incoming cfo announced today or tomorrow. >> understand. let's move on to back to school and what you think is going to
happen there after we just wrapped up the bulk of the retailers results. another bifurcated market. the haves and have-nots is more clear. will that continue throughout the wrap-up of back to school with apparel spend and holiday season >> you said it bifurcated the difference in spending with lower and higher income consumers. inflation is keeping some of the growth rates up. typically, the holiday season can be 7 to 9 times larger than the back to school season. back to school is the second largest season of the year i don't see any difference keep in mind, we will see a tax care credit. they don't have those this year. as a result, i think the inventory dpglut out there will continue to lead to promotions given as so many companies spoke
in the second quarter earnings season is to get clean on inventory by the end of the year that will lead to mark downs in the back half. >> companies dealing with so many pressure with the higher cost they are paying to run the business on everything from wages to freight and, of course, the glut of inventory and trying to figure out what consumers will be willing to buy what are some of your picks as we look into the back half of the year specifically the holiday season, dana, for some of the haves? >> i think for some of the haves, you will continue to see a high demand for luxury goods the growth rate may not be as high as it ithas been, but you will see a high growth rate. cosmetics or ulta will win this holiday season i'm anxious to see as we go through the season where we are seeing what some of the
department stores can do i know that we are seeing macy's, for example, lead with many categories than the past. we could see improvement there i would also say when you are thinking about apparel look at ralph lauren and levi's. ralph lauren is raising uar and widen customer base. look at tapestry kate spade has been compelling for new and existing customers >> it is fascinating, dana, as we look at that bifurcation. how do you sum up the u.s. consumer >> i think they are watching carefully because the spend on essentials are costing more dollars. they are spending on experiences rather than just goods or lower
income consumers are watching pennies carefully with the tradedown. >> dana telsey, it is good to have you for retail. it is an important season. thank you very much. >> thank you as we head to break, be sure to sign up for the powerful investment event of the year delivering alpha returns on september 28th with policymakers and best investors sharing their ex-pepert insights. scan the qr code on the screen "worldwide exchange" will be right back analysis help make trading feel effortless and its customizable scans with social sentiment help you find and unlock opportunities in the market with powerful, easy-to-use tools power e*trade makes complex trading easier react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders
the new iphone thursday is the weekly jobless claims claims from docusign we wrap up with the wholesale trade and earnings from kroger on friday. let's look at the markets today with the stocks pointing to a higher open with summer wrapped up traders are gearing for the worst month for the markets. the next guest says there are mounting reasons to be bullish in the longer term sylvia jablonski is the cio of defiance etf sy sylvia, give me good news. >> good morning, courtney. look back at the last few weeks and it doesn't look good i think we are at an interesting point. it feels like we're at the june low. nasdaq in bear market. s&p is close we have to pull back off the
short-term rally i think a lot of that was off the fed. if you think about why we heard the reasons of jobs and inflation data i think inflation has peaked and coming down. the price of gas is a factor housing is coming down consumer sentiment is coming down a little bit. those are important points i also think that the markets overreacted to when what we heard in jackson hole. the fed is persistent and firm with fighting inflation. if we get another 75 and 25 after that, that will turn things around. also, september is the worst month. october, 60% of the time, you get a rally. that could be the predictor. >> that's a glass half full. do you think a soft landing is
indeed possible? >> i think that a soft landing is possible. if there is a recession, it is a short recession. i don't think it will be deep and protracted in 2008 we are not in the middle of the financial crisis the consumer is strong corporates are strong. you have solid balance sheets. earnings may come down a little bit. i don't think that we're going to have stellar growth i'm bearish about growth this is where you pick your stocks and buy stocks you like that are priced far less than a few weeks ago. look what happened if you bought in june, you missed out on july. these things continue until the market gets to a state where we see that trend sdp
>> timing is everything. perhaps we are helpful for october. what are some stocks on your shopping list? >> i like the old tech generals. i like apple the big show as we call it tomorrow that is exciting. i think the company is a cash cow with strong balance sheet. they innovate and touch all consumer spending whether it is services or goods. i like amazon, microsoft for the same reason and google these are just strong quality companies that tend to do well believe it or not, i like semiconductors it has been slammed. these are names that are dollar cost average over time i don't think nvidia and amd are going away any time soon you spoke about this there is another bill coming out. $50 billion going to sldevelopig manufacturing. you need this to innovate and
good morning energy shock opec announcing a surprise production cut kind of a surprise russia halted the flow of gas through the nord stream pipeline that energy crisis is one of the challenges for the uk new prime minister liz truss she is officially taking the job today. and bill murray crypto wallet hacked and $185,000 from
the charity auction stolen details straight ahead it is tuesday, september 6th, 2022 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. the gang's all here. i'm rebecca quick along with joe kernen and andrew ross sorkin. we have ready to get back to school kids first day back to school. >> summer's over >> i'm kind of here. >> physically we're all here >> it's raining out. it's not even real summer. >> i got in at midnight, sorkin. >> when does summer end? >> september 21st. >> enjoy it.