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tv   Worldwide Exchange  CNBC  November 21, 2022 5:00am-6:00am EST

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it is 5:00 a.m. at cnbc global h5eadquarters. here is your top "five@5." breaking overnight disney ousting bob chapek as ceo and bob wiiger takes the spot of the. and china sparking fears of restrictions and lockdowns with covid deaths. aftx exposing the billions t
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owes to creditors. and back in the fold as elon musk reverses two suspensions with mixed results. and new estimates on the holiday travel outlook and how many people are taking to the roads for turkey day it is mois monday, november 21s 2022 you are watching "worldwide exchange" here on cnbc good morning welcome to the show. i'm dominic chu in for brian sullivan futures are muted after a big week for wall street last week this week, the dow jones industrial average implying an opening bell down 93 s&p lower 19 points. nasdaq down 72 marginal to fractional losses implied at the opening bell. if you check the bond market, we
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are seeing moves the 10-year treasury note is above 3.8% the 2-year treasury is 4.53% 30-year is ticking lower at 3.92%. oil falling below80 a barrel down two weeks in that a row wti crude is $79.71. that is down 37 cents. .75% decline for ice brent in cryptocurrency, bitcoin is easing but hovering at $16,000 level that many traders are eyeing bitcoin at $16,937 ethereum sitting at 1 s$1.120
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a quick check in asia and early trading in europe. joumanna bercetche, as you see, is standing by in the london newsroom good morning, joumanna >> dom, the mood from asia is negative overnight you see all of the indices trading in the red shanghai down .4%. hang seng is down due to covid concerns which is front and center beijing ordered people to stay home today guangzhou announced a five-day lockdown they will test for inbound travelers entering the city. big impacts on covid kospi is down as well. as for europe markets, this is translating in negative outlook. some minors or basic resources
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with exposure to china trading in the red dax is down .40% this is after a better ppi number at 35% year on year versus expectation those numbers are beginning to move in the right direction. dom, elevated levels >> joumanna bercetche with the latest on the market action in europe now to the breaking news and shocking shakeup at disney silvana henao is here with those. >> shocking it is. disney's board announcing bob chapek is out. it is reappointing bob iger as chief executive immediately. this marks the end of the three-year term of chapek and after the board agreed to give him a contract extension they agreed to cut costs as it
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deals with the surging costs of the streaming service. chapek's time has been rocky stock is down 30% since he was named ceo in february of 2020. he faced a number of controversies since. disney was forced to close due to the pandemic and in october that year, it announced a bigger focus on the streaming in july of 2021, disney was sued by scarlett johansson over the streaming release of the "black widow" movie then they clashed with the don't say gay bill with the governor ron desantis it fired the content chief over the issues with chapek and this month, misses for the fourth quarter profit.
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warning that streaming growth could thin in a statement, bob iger says he is thrilled to return and optimistic about disney's future iger led disney for 15 years and oversaw pixar and other entertainment venues he will work closely with the board to find a successor. dom. >> silvana henao, we are showing the chart under chapek's time. disney lost a quarter of the value. we are down 41% for the last year the shares are up 8% to 9% in pre-market trade we'll keep an eye on it. silvana henao, thank you. stocks looking to start the week lower ahead of the retail earnings and shortened trading week due to the thanksgiving
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holiday. best buy and dick's and nordstrom set to report before thanksgiving investors look for signs of a peak in inflation or consumer slowdown into that all-important holiday shopping season. joining me now is benjamin lau a member of the cnbc financial adviser 100 list we have featured, ben, a lot of you on the financial advisory side we want to know what clients are thinking about the current market and the outlook is. maybe the big first question is is this a market that makes you fearful or optimistic? >> right now, it is short-term we are cautious right now. you think the market is pricing too optimistic of the powell pivot. now is the time to shore up cash balances >> you mean solidify or build them get the dry powder, so to speak.
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where are you raking that money, that cash? what are you selling to raise the levels for down the line when a better opportunity arises >> so many of our clients take that money for living expenses they take the technology names and shore to cash and treasuries and investment grade bonds >> if that is the case, if it is treasury and bonds that you are raking money in, what does that mean before the cash gets redeployed again >> i'm looking for earnings to come down. we have not seen an earnings recession in the sa&p 500 that pe is high. that is what we are looking for. waiting for earnings to settle in the market before jm umping back in the risk side. >> is there a high beta or
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volatility names you are less attractive to these names? if you were to put a shopping list together, what parts of the market could be more opportunistic in the environment? >> look where you see earnings and revenue growth in the s&p 500. right now, the name is energy. energy is still the hot sector as long as oil prices are ele elevated american fracttkers can still ue money. other things are companies that are exposed to the cap-x cycle businesses continue to spend >> you mentioned the bond trade. i'm looking at 2-year treasury and shorter maturity side of things yielding at 4.5%. you have 10-year treasury that
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is at 3.8% the yield curve is inverted. short-term rates higher than long-term ones how attractive is it to put money into the short-term treasury side because it is yields so much more than other parts of the yield curve >> there are different ways to take that. in the short-term, treasuries are a great place to be. are short-term spending needs. when you look at longer term, look at more credit plays. investment grade bonds because the yields are coming up so quickly. >> all right benjamin lau, thank you. when we come back on the show, more on disney's shocking ceo shake up and what it means for the stock which has gone nowhere but down. and ftx looks to make good with creditors with owing more
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than $2 billion. and a record-breaking week for the lihoday travel a record-breaking week we have more when "worldwide exchange" returns after this commercial break
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welcome back to "worldwide exchange." it will cost more to go over the river and to grandma's house this year. 98% of people will travel from
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pre-pandemic levels. air travel is still near the highest levels for this time of year so far some help navigating all of it, let's bring in brian kelly. we'll call him the points guy. that is what everyone calls him. brian kelly, i know because i have planned over the last few weeks here i have multiple trips under my belt this fall i planned another trip in december and before the holiday, before christmas everything is costing more how much more will it cost this year >> you know, if you are a procrastinator like me, you will be hit hard. we see prices up 35% when compared to 2019 levels. we're still not above the 2019 traffic levels there will be a little bit less people traveling, but the prices are simply staggering. especially in the leisure
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markets. i was looking at las vegas $3,000 one way business class ticket it is not everywhere, but prices are up >> business class is fancy i'm a coach or economy guy those tickets are getting expensive. my trip is to florida next month. it is costing me a bit more. i wonder if it is because and this is anecdotally. you are the expert here. i often see my flights are changing a lot they are rescheduled i heard other people say they have been booked on flights canceled how much are airlines dealing with the logistical nightmare going into the holiday season? is that the reason why we are seeing prices go higher? >> you are what we are seeing is flights completely sold out in advance because airlines have cut the schedule american has cut around 16% of the schedule for the busy holiday travel season. thanksgiving is starting early
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that is the key trend with covid. people are traveling longer and earlier. this holiday travel season is going to be long and extended for the industry the issue is they still have crew issues. covid, fingers crossed, there is not a massive outbreak like omicron last year. there arestill hurdles and weather is the biggest thing that could throw everything into chaos. so far this week is looking good >> brian, we've heard a lot about stories with the best time to book airfares and when to buy tickets. tips and tricks as we head into the season and slightly procrastinating, when should we book flights and what types of routes are attractive over others >> i would say as far in advance as possible. i'm booking my spring break travel europe is still on sale. the u.s. dollar is strong. i talked to families who go to florida on the school breaks in
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the spring and they are seeing outrageous prices. europe is on sale. it is about choosing the right destination. book in advance. i use google flights it lets you be flexible. if you can change one or two days, it can save. it is not one or two days with cheap air fares. if you see something good, book qui quickly. >> brian kelly, thank you very much good luck. >> thanks. still on deck for the show, china's covid crisis hitting a fever pitch as new lockdowns sends investors fleeing again we have an update when "worldwide exchange" returns >> announcer: today's big number 20%. that's how much capital spending among s&p 500 is expected to
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grow this year according to dow jones industrial average capital spending is set to top $200 billion in the third quarter alone. once he's all on his own? this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪
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a fear amid reductions, consumer stocks are hit you have names like sands china and alibaba and yum china all down let's bring in eunice yoon with the possible lockdowns again eu eunice, is this the situation where the government gets more strict this time around? >> reporter: beijing has been in an effective shutdown since the weekend with most businesses shut and schools online. this is after cases reached about 2,000 in the capital in the past two days. reported its first three deaths in the past six months the situation is worse in export hub guangzhou with 9,000 new infe infections
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the city imposed a five-day lockdown for the most populous district they reported a silent mode which is effective shutdown for the rest of the city a lot of people watching might be wondering how this all works with the fact that the government here had made announcement saying they would have a more targeted approach of what they call opt myimizing th zero covid policy. they did the pass mass testing y the state media saying that the solution should avoid a one-size-fits-all approach what investors need to understand is how the con contradictory messaging is playing out locally. the decision making locally is devolved into the hands at the ground level the problem is a lot of the people on the ground want to appear they are sticking to zero covid. at the same time, they don't
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want to have to deal with all of these -- they want to appear they are hitting the new precise approach because of that, it just plays out to a more chaotic policy dom. >> one of the big points over of the last year or two years now in the u.s. was the idea that vaccination is what helps bring you back out of this the more people that get vaccinated, the less economic damage there will be just take us through what exactly is the vaccination profile in china right now are the majority of people vaccinated where are the vulnerable groups? what is that and how can that possibly hypothetically help ease the zero restriction environments >> reporter: officially, the vaccination rate is in the 90%
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range. the government says most people have had at least one shot the problem is when you get to the elderly. people who are over the age of 80, it is in the 60% range officially the problem is we don't really know how effective some of the vaccines have been whether or not they are the right ones to be effective against omicron. that's one thing a lot of people are concerned about. the fact that those three deaths happened and this was an 87 year old man. the other two were in their 80s. it is a reminder how ill prepared the population is from the medical level and from a mental level the messaging is that covid is so dangerous. >> eunice yoon live in beijing with the latest on the covid crackdown. thank you very much. straight ahead on the show
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what the ftx failure means for the industry. and chapek is out and iger is back in "worldwide exchange" is back after this >> it isn't a concern for disney shareholders at all. any dynamic would have an impact on the company long term it's his company he will manage as he sees fit with the board under circumstances which are different than when i was ceo and chairman we talked. it is changing rapidly he'll make his own decisions and i hope that he's learned good lessons. i hope he has in terms of some of the things i did along the way of what worked and didn't work the relationship i have with him he eecveelevant to howffti
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the stock market push after the losing week is looking in question futures point to the lower start to the holiday trading week. breaking overnight massive switch at disney with chapek replaced with bob iger. taking the foot off the gas
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pedal. one says he is on board with slowing the pace of rate hikes in the fed bid to quash inflation. it is monday, november 21st, 2022 you are watching "worldwide exchange" on cnbc. welcome back to "worldwide exchange." i'm dominic chu in for brian sullivan the dow implied lower by 102 points s&p imp mplied lower by 20 poin. losses are fractional at the opening bell oil prices are lower again today. u.s. prices below the $80 per barrel mark. wti at $79.65. similar decline for ice brent futures.
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$87.04 let's check on the top stories with silvana henao >> dom, hi the atlanta fed president is suggesting he is in favor of starting to slow the central bank pace of interest rate increases. speaking over the weekend. bostic said he is ready to move away from .75 rate hike at the december meeting he feels the policy rate doesn't need to increase more to tackle the inflation. he said any temptation to cut before the fall of the 2% target if the economy weakens former president trump says he has no interest to return to twitter after elon musk reinstated his account musk making the decision after polling users on the platform. the former president is not the only high profile account
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reinstated on twitter. kanye west tweeted, testing, testing. twitter confirmed he was locked out due to violation of policies after the rapper posted a series of anti-semitic tweets. and simon & schuster will let the sale to penguin fall apart. they will not appeal the ruling that blocked the deal with the announcement happening this week the judge in the matter ruling last month that the merger would reduce competition the reports at paramount will receive a $200 million break-up fee as a result of the deal falling apart. >> silvana henao with the headlines. thank you. to the breaking news now with disney and the company's board. announcing late last night that ceo bob chapek is out.
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reappointing bob iger into the role the move marking the end of the three-year tenure by chapek. facing a number of controversies and sagging share price. those shares down 30% since he took over in february of 2020 right before the depth of the pandemic bob iger says he is thrilled to return and optimistic about disney's future. disney's board says iger will work as ceo for two years in a bid to set a direction for renewed growth and work closely with the board to find successor. for more on this, let's bring in alex barker with the financial times. alex, this is a shock only because we thought bob iger, he has been iconic and associated with disney. why turn back to him in the
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absence of bob chapek? >> my colleagues on the platform say it is return of the jedi it feels as big a surprise as that disney is about magic. it always has been bob chapek got the theme parks running, but never had that special touch that a ceo needs sometimes. you could feel the loss of confidence around disney within his top management team and the creative community and eventually with investors as well as they began to miss numbers and it spiraled into a position where it looked irreletrievable for chapek the only man to turn to was iger >> we showed a timeline, if you will, earlier this hour, with a number of many misstep by bob
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chapek with his tenure clashes with the florida government and governor desantis there and lgbt rights and issues we had some big executive departures and firings during that time. of course, the big one is covid-19 and the lockdowns he started in february of 2020 is bob chapek playing the hand he was dealt is this the best he could do given what happened over the last two years >> i don't think he's lost his job because of the pandemic or, indeed, the economic downturn. all media has suffered it has been more in his handling of small episodes through the period starting with the reorganization of disney itself. it created a lot of discontent with the company then, those relationships with stake holders that are vital to how disney operating creative community and hollywood
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and scarlett johanssen and florida was another important moment both for disney stock and disney itself. florida is such an important operating unit for them. and so as a ceo, you can only have so many missteps before you reach a point where your top management team is not pulling in the same direction and i think chapek reached that point. >> the board obviously lost confidence in bob chapek as ceo. in that statement in the release, we get an idea the board is looking to keep iger on for two years. he will set the strategic direction for the company and maybe more importantly, find his
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eventual successor alex, you mentioned you are looking for the "it" factor that bob iger had who would fill those shoes when he has to find a successor >> a very big question disney for decades has been awful at the succession policy even back to the iger days they found it very hard to replace iconic ceos. no one is more iconic than bob iger it is going to be front of his mind because in terms of his legacy, one of the biggest failings was able to run a good succession process and anoint someone who will be a steady hand on the till who emerges? i have no idea
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a few people were groomed by iger only to find they were dropped at the last moment i suspect there will be a beauty parade of media executives who want the role. all of them will have in the back of their mind that concern that bob iger was never really able to let go disney was too important for him and you can see that relationship with chapek sour quickly. i think anyone coming in will want to know that not only will they have the confidence of the board and iger as successor, but iger will step back and not be back-seat driving and chapek would thought to be doing. >> big shoes to fill goofy-sized shoes to fill. thank you. and bitcoin hovering around
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$16,000 mark as consumer confidence is tested the latest is the collapse of ftx and sam bankman-fried. inbankrupt filings, it owes more than $50 billion to creditors. one being owed $200 million. each wall street is split on the near-term future of the industry overall with some calling for a massive usystemic failer. others say this latest failure is more like growing pains fofor something that could benefit society and grow the global economy. joining me now is alice fulwood.
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this economist deals with this issue. what is the debate and can you frame the current state of play for us >> of course on the cover this week, we put crypto down fall as the image. the debate was about whether or not the latest failure in crypto marked the beginning of the end. it is a difficult question as you pointed out in the intro people are split people think this is one domino that has fallen and topple over a lot of other dominos within crypto and eventually lead to the unwinding of a lot of institutional interest and customer embraced regulatory of crypto over the past few years essentially undermine the technology that it promised to do one point we make is crypto has been around a long time. it is not a novel emerging technology
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crypto is 14 years old the underlining promise doesn't have a huge amount to show for it yet the case that this bullish cryptocurrency people make is you have to keep hanging on. ignore the scams and failures. bitcoin and cryptocurrency will be realized eventually is harder to stack up. >> alice, there have been times over the course of the relatively short life of cryptocurrency compared to other asset classes a precedent in the past about large-scale drops and flushouts. we have seen bitcoinprices in the thousands of dollars of range, not tens of thousands of dollars range before what is the sense about whether or not there is a bigger flush so to speak and how big could it get? >> if you look at the
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catastrophes with crypto with the luna coin which brought 30% down for crypto and then the other firms in june. now the failure of ftx which has taken 25% off bitcoin and crypto prices it is clear throughout the year, the failures tend to get big selloffs in crypto the question is how many other institutions is gun-toting teenager -- ftx going to take out? many of them now seem to be struggling failure of ftx have taken out a number of other exchanges. it seems to have put pressure on the gemini lending group and owner of the group which is a big crypto player which people are looking at for contagion
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effects. there seems to be -- it took us six months to get to the ftx failure to the last failure in crypto as everything unwound in that company it will take time. the sense is that there is no way a player this big could fall without enormous collateral damage >> okay. before we let you go, what do you think right now is the biggest bullish case is there one to be made there is a bounce to be bought for crypto investors out there or is the narrative negative >> in terms if you should buy crypto today or tomorrow, i'm not the best place to talk about that day-to-day financial advice there is this underlining promise of technology.
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i think behind the scenes of the huge failures, the people working on these blockchain layer and application layer of various blockchains like ethereum, they are improving it all the time a huge upgrade that went through ethereum blockchain earlier this year that made it pave the way for it to become more efficient and all of the stuff people want to build upon blockchains to be realized i do think there is a really bullish case for me is compelling use case emerges that pulls attention in crypto away from the financial stuff away from the exchanges and speculation and that stuff there is a bullish case. it is about technology we have to wait and see. >> alice fulwood, thank you very much. coming up, the world cup kicking off as controversy swirls around the global event
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what it means for the major soccer showdown. all of that when "worldwide exchange" returns after this commercial break
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happened this past week. hundreds of millions of people worldwide are expected to watch on tv and bet on the action as well the american gaming association estimates 20 million adults in the u.s. will wager $1.8 billion on the world cup let's talk about this with patrick risch over at washington university in st. louis. the ceo of sports impacts. patrick, we turn for the business case and investing angle. take us through how big of a deal this world cup betting angle is in the context of the nfl. >> dom, it is interesting when you look at the context and ratio. the nfl this past year and sofi was $7.6 billion bet on the game by american betters. if you look at the numbers on the per better basis $240 per gambler on the super
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bowl, 48% forecasted for the world cup in the united states dom, there is more action, if you will, during a football game more things to bet on. more side bets and betting lines. who will score first who will have the most passing yards or rushing yards you didn't have as many things within a soccer match. that is why the handle for super bowl is more volume than soccer sgsoccer >> patrick, the last-minute alcohol ban with the biggest sponsor of world soccer out there as anheuser-busch. the biggest brewer in the world. what happened? how can you have a world cup and then not have one of the biggest sponsors feel they got the most out of the advertising dollar?
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>> dom, people talked about that in st. louis with them in our backyard this is a blow pno one expected. there are a way to make goods for this this gets budweiser bargaining leverage going forward the number of commercials during this world cup, but anything fifa when the world cup comes to the united states and canada, you believe budweiser will leverage this for more ads or commercials during any fifa related event between now and 2026 and the 2026 world cup. >> patrick, before we have let you go, how likely or how much do you think -- first of all, no doubt a lot of money in the middle east and no doubt sports is a beneficiary of the middle
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east money how likely is it that fifa and world soccer will want to go back to the middle east seeing exactly what is happening with this world cup and qatar >> it reminds you of the line from the movie "animal house." my students will not get this. the john gpa of 0.0. that is the probability of going back to qatar and middle east. there has been so many issues. the human rights issues. we have seen contentious behavior with the players and soccer federations and fifa threatening yellow cards if players raior organizations spek out. it is a mess we hope the soccer is good at the end of the day, with the scandal of how this world cup eventually got to kqatar in the
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first place. dom, this left a bad taste i don't expect it coming back to the middle east any privatize t time soon. >> patrick, thank you. on deck for the show we layout the trading sector for the week ahead we'll be right back after this
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is it possible the only thought that comes to mind is... ♪ finally? this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪ let's get more on the trading week ahead and bring in the managing director at rose advisers at hightower. patrick, this is a short week with the holiday and people are more uncertain of what to do ahead of the holiday what is the market telling you right now? >> when i look at some of the indicators, we saw the ppi data recently which was softer than expected that would agree with some of the core cpi numbers we saw earlier in the month i look at existing home sales.
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they were down 6% in october more importantly, the unaffordability. 28% of housing purchases were from first-time home buyers. that's the fourth straight month below 30%. that's an interesting indicator for us i think there is weakness in the economy generally. we are looking at a lot of indicators showing weakness and perhaps more heaviness, i think, in the financial markets and economy overall. >> you mentioned some of the economic indicators. you can't ignore inflation right now. do you get a sense inflation is in the process of peaking or do we have a way to go before we get it under control >> dom, you know, i think we still have time. you look globally. japan and uk those markets still haven't rolled over. in the u.s., inflation will be persistent it remains the predominant
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threat to the economy and the financial markets. it is because it is pervasive. it is not one area it is across consumer. it is across energy. frankly, you know, unemployment still remains very low we have a strong labor market. companies have very strong pricing power. we have seen that throughout the earnings season. >> if that is the case, why is the economic narrative and market effect so negative right now? it seems people are positioning for that recession >> yeah. i think, you know, as we look coming into 2023, people look at the market for example, the equity markets, there is competition in investment. you are not looking at fixed income with yields moving higher as an investor, the positioning is alternatives are in the market for you i think in the equity market,
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there are places to hide and places to find ideas that will continue to grow in the foreseeablepatrick, where are t places >> you know, when we come into this year, we were positioned defensively in healthcare and in the defensive consumer sectors right now, you know, in the energy sector, i like energy infrastructure i look at companies like energy and enterprise product partners. those are companies with diversified portfolios and world class and nat gas and pipeline they pay a 7% dividend and healthy balance sheet with a lot of demand and through-put for the foreseeable future >> patrick, we appreciate it
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have a nice thanksgiving week. >> you too, dom. modest losses at the opening bell that does it for us here on "worldwide exchange. "squawk box" comes up next see you tomorrow qualify d of up to $26,000 per employee, even if you got ppp. and all it takes is eight minutes to find out. then we'll work with you to fill out your forms and submit the application. that easy. has helped businesses like yours claim over $1 billion in payroll tax refunds. but it's only available for a limited time. go to powered by innovation refunds. these days, our households depend on the internet more and more. families grow, houses get smarter, and our demands on the internet increase. that's why we just boosted speeds for over 20 million xfinity customers, on us. so you get more of the speed you need for day and night streaming.
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good morning probably you heard by now. shocker in the disney c-suite. bob chapek is out. bob iger is back china's developing story the first covid death since may sparking investor fears over lockdowns. a market alert oil prices continuing to sliede we'll talk about what's at play on this monday, november 21st,
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2022 it's thanksgiving week all over the world. not really "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm andrew ross sorkin along with joe kernen. becky is off today what a morning, joe. we have so much news to get to bob iger news is beyond. trying to think this all through. working on the phones. the dow is off 88 points nasdaq down 91 the s&p is off 20 points i'll show you treasury yields. the 10-year treasury note is at 3.8. the 2-year treasury at


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