tv Worldwide Exchange CNBC November 22, 2022 5:00am-6:00am EST
it is 5:00 a.m. at cnbc global headquarters. here is your top "five@5." stocks under pressure as yet another fed official doubles down on the central bank pledge to keep interest rates higher for longer. less than 24 hours after taking the top job again at disney, bob iger already making major changes amid new revelations amid bob chapek's last hours of ceo. and the fallout of ftx now another firm is reportedly
weighing bankruptcy as investor capital continues to dry up. plus, a wild ride for oil. opec pushes back on reports it is considering boosting production before the year is up. later on elon musk waffling again on the blue subscription service. it is november 22nd, 2022. you are watching "worldwide exchange" here on cnbc good morning i'm dominic chu in for brian sullivan let's kickoff the hour with the check of u.s. equities moving to the down side in certain parts of the market. now the dow is moving higher by 85 points implied at opening bell on the bond market side, checking the yields, the 10-year treasury is ticking a little lower to 3.8%.
the benchmark 2-year treasury is 4.4% in energy, oil for u.s. benchmark wti an above $80 $80.43 the similar percentage move we are seeing in world benchmark ice brent crude is $87.90. within cryptocurrency, hanging around the $16,000 level. down 1%. ethereum prices are $1,077 we continue to watch shares of disney after news of bob iger returning as ceo he is already getting to work. in a memo to staff obtained by cnbc, iger says former ceo bob
chapek's right-hand kareem daniel will leave in coming weeks. new reports of growing frustration of executives around chapek in the final weeks. we'll have more later on in this hour. first, let's get a check of the action with the trade in europe with arabile gumede in the london newsroom. good morning, arabile. >> dom, the question and big story out of asia and impacting market trade i restrictions the government has put out few more measures in china that is on the back of the increase in the number of covid cases and three deaths around china as well. we are seeing a lot of grumblin with the hang seng falling 1.3%.
the tech stocks were the ones feeling the brunt. you are seeing losses there. the rest of the market is a mixed picture and seeing a sense of positivity. to the european picture. we started off seeing a bit of negativity for the european picture. it is faring better. .90% higher for the ftse 100 others aring moving on the lockdown from the asian region .50% for the ftse mib. and still a lot of interest being put on the covid-19 restrictions in asia which will be the basis liquidity will dry up toward the thanksgiving holiday for the
remainder of the week. dom. >> arabile gumede in london with the latest thank you very much. let's get to the top corporate stories with silvana henao. >> dom, good morning carl icahn is betting against meme stocks. icahn began banning gamestop when it was $143 a share he has been adding to the position saying the stock could fall more and not trading on fundamentals. elon musk is planning to delay the relaunch of the $8 per month blue mark service. the platform will probably use different color check marks for organizations than individuals this after twitter blue was launched and pulled after it created imposter accounts
leaving it ripe for misinformation musk planned the relaunch for november 29th. and cleveland fed president loretta mester says the economy needs to show more signs of progress before decreasing interest rates >> we're at a reasonable point now to then sort of now be deliberate and setting monetary policy to get back to price stability and judicious and balance the risk to minimize the pain back to stability that is the next phase of policy i don't think we're near stopping in terms of phrasing the question of slowing and eventually pausing we still have more work to do. >> dom, the fed's final policy meeting of the year kicks off december 13th. we'll all be watching. >> silvana henao, thanks.
ahead of opening bell. perspective on the trading week confidence of the team at bespoke investment group in years like 2022 where the s&p is down 10% and then monday's session tends to be lower and tuesday mixed and performance on wednesday and friday, black friday, tend to see the stronger returns as you see there wednesday's session gaining more than 1% with gains of .50% for the friday session for more, let's bring in malcolm ethridge and mark avallone gentlemen, thank you both for being here mark, maybe we'll start with you. you heard the mester comments on "closing bell" yesterday we're nowhere near done with the rate hike campaign you are hearing a lot more these days about journey versus
destination. in other words, the number or types of rate hikes we have versus the ending rate for fed funds rate will be which are you paying attention to more? >> good morning. i watched that interview she was clear to say the fed has entered into a restrictive zone. i was reassured to hear that because at least it tells us they are monitoring how the impact of all these rate hikes is affecting the economy i think she even did say that we're down to a .5 level and that .75 was quite aggressive. you could hear that the downward slide in rate hikes is here. i think that's because they're seeing the slowdown in the economic data, housing and rental prices and commodity prices are all starting to slow down i'm looking for a more benign fed in 2023. i think that could eventually become positive for stocks.
>> malcolm, it is a good point the idea you could have certain fed policymakers in essence throttling back on the commentary they are still hawkish, but not as so. is it a reason to be more constructive in stocks that this idea we know the fed will continue to hike interest rates, but not at the 75 basis clip the entire way >> one, i think it is great to hear fed governors coming out and, you know, remaining hawkish, but giving a bit of hope we also know there is really one fed official whose statements matter here. dom, to answer your question more directly here, the reality is most investors have already tempered expectations that 75 basis points in december is very unlikely we will probably see 50 basis points consensus has rallied around that the majority of any activity we
see in the market related to fed policy specifically from here on out is based on whether we think there is a pivot coming or cut coming on or about some positive movement in rates in 2023 because nobody wants to be behind the curve or late to the pivot party is the phrase i heard recently most of the activity is baking in that 75 pbasis points is gone and see where powell goes for 2023 >> malcolm, does that mean you are looking at communication stocks again we talked about this over last several days disney is the latest the under performance in media and technology are those the places you want to be if you don't want to be late to the pivot party >> dom, i never abandoned my tech trade i think any market movement we have in the near term, in the next 6 to 12 months, is driven
by mega cap tech eventually we rotate away from the trade, but i also think it is very tough to get away from those 8 or 10 names that led the initial correction i think those names also have to lead us out of it. we can have a recovery toward the end of the year or early next year more likely without those names participating. it will be a much bigger recovery with the names participating. i think it is very tough to leave them behind just yet rotation of people are looking for is more of an 2023 and 2024story. >> mark, it is not just equities part of the conversation right now. we have gone for years talking about the tina trade there is no alternative. you were making nothing in yield on the bond market you are making 4.5% on short duration two-year treasury notes. that's what the yield is
better for investment great corporate debt are bonds now a more attractive start of the story does the 60/40 portfolio come back into the lexicon here in financial markets? >> that's a great question since many investors fall into the moderate or moderate risk growth profile, a 60/40 allocation makes sense for them. to look back and say 60/40 portfolio is dead because it had a bad year that's the wrong way to look at it you have to look forward now that interest rates are higher, bonds could provide that buffer against when a stock market decline happens you are getting 4.5% on treasury 5% on investment grade corporate. that is while right now below the inflation level. it is well above the target that
the fed has settled on i think for moderate risk investors to abandon the bond trade because it had a bad year this year is looking in the rear-view mirror they should look forward to see more opportunity in the balanced portfolio. >> gentlemen, we have a few moments left mark, in a couple of sentences here your favorite sector and stock >> i'm looking where interest rates are. we spent the day how interest rates are higher the insurance stekector. those asset values have been beaten down. real estate has been beaten down they improved. they are internal product lines and lower risk offering and lower costs. we like financials and insurance. >> malcolm, the last word to you? >> i would drill all the way down to the mega cap tech trade i mentioned and focus on cloud
coo computing. companies with decent financials and have potential of positive returns when the market is depressed to deliver their product costs very little. the migration to cloud computing will not stop soon in a recession or not >> malcolm ethridge and mark avallone thank you, gentlemen when we come back on the show, beijing tightening as covid grips across the country. and the dominos keep falling with ftx and stacey widlitz says retailers ll hwiave to get creative to get shoppers back this black friday. more after this commercial break. you are watching "worldwide
exchange" on cnbc. th to fill out your forms and submit the application. that easy. getrefunds.com has helped businesses like yours claim over $1 billion in payroll tax refunds. but it's only available for a limited time. go to getrefunds.com powered by innovation refunds. what if you were a major transit system with billions of passengers taking millions of trips every year? you aren't about to let any cyberattacks slow you down. so you partner with ibm to build a security architecture to keep your data, network, and applications protected. now you can tackle threats so they don't bring you to a grinding halt. and everyone's going places, including you. let's create cybersecurity that keeps your business on track. ibm. let's create
welcome back to "worldwide exchange." another rough session in asia as china deals with another covid infection wave we're talking metuan and jd.com down 4% or more. eunice yoon is joining us from beijing with the covid infection wave eunice >> reporter: dom, beijing is a near ghost town after two new deaths and covid cases hit fresh
highs. the city authorities have said that they are now closing more parks, malls and urging residents to stay home they also are requiring a negative 48-hour covid test as of thursday for more public places now, beijing is one of many cities around the country seeing fresh covid cases hitting fresh highs. the total count for the country as of this morning was 29,000. obviously from the zero goal perspective, that is a large number given the size of the population at the same time, it is alarming a lot of authorities in what they describe as a grim situation. beijing is now conducting mass testing. guangzhou is imposing tighter lockdowns. out in the west, they will have
stricter stay-at-home measures there was research out today localities account for 20% of the china gdp. those localities are under some form of lockdowns or curbs it is not so far away from the situation we saw back in april when shanghai was in lockdown. obviously a serious situation. some encouraging news, though, coming from china's iphone city, their covid cases are dropping and the local media have reported that foxconn is close to the goal of staffing. the government there as well as
the province authorities are trying to ramp up that production facility. >> eunice, we have spoken a lot or speculated about the idea that covid zero may exist in some form, but in a targeted approach by the government they would be a little bit more surgical and not shut everything down these manufacturing hubs are key for china's economy. if you are telling us 20%, one fifth of the chinese economy, under restriction, it has an effect on gdp. is there any progress you are hearing about it will no longer be a wide shutdown or perhaps more targeted to localities or businesses or industries or companies? >> reporter: that's certainly the messaging from the top the leadership is trying to, at
least seemingly so, get the local authorities to become more targeted and specific as you say. the challenge is trying to translate that on the ground from a local perspective, local authorities think they are being more targeted. they are looking at a small area sometimes just a neighborhood. so trying to translate that on the ground is a huge challenge for beijing. in addition to that, you mentioned zero covid this whole week, the state media has been trying to explain the new reopening rules. in those explanations, they continue to say zero covid is a magic weapon until you or as long as we have zero covid being the standard, it makes it so much more difficult to think that the local authorities won't prioritize keeping the case load near zero and they will continue to use all of the lockdowns and
quarantines as the primary method to reach that goal. with that, it makes it difficult to see how economic activity could return to normal. >> confusion still a big part of the story. eunice yoon, thank you. the fallout continues in the wake of the ftx collapse now another firm is reportedly weighing a possible bankruptcy as investor capital dries up
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welcome back to "worldwide exchange." let's get a look at the headlines with frances rivera in new york with the latest >> dom, good morning colorado holding a vigil last night to honor the five victims killed in the lgbt mass nightclub shooting we are hearing about those who prevent loss of life >> there are five people that i could not help and one of which was my family to me. he was part of my family since my daughter was in high school i got into mode. i needed to save my family that family, everybody in that room i'm not a hero i'm just some dude >> he and fellow club goers
entered the rampage that killed five people and injured 29 others. and in indonesia, a 5.6 magnitude earthquake hit triggering landslides and causing buildings to collapse. more than 2,200 homes were damaged. a major milestone for the artemis mission. it sent back this picture of earth. it is sling shooting around the moon the journey is expected to last 20 more days. now to a ground breaker on the diamond. olivia pichardo is making history. the first woman to make an ncaa division i baseball roster she is a utility player for brown having previously pitched and played for usa baseball women's national team. dom, that is how you play like a
girl the way it should be kudos to her >> what a great story. especially with college agent l athletics. frances rivera, thank you. talk about a fall from grace. a former pandemic winner can't catch a break. the more than mystery chart revealed teye ttock down 60% aro da we'll be right back. easy-to-us e dynamic charting and risk-reward 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 so you won't miss an opportunity ♪♪ for skin as alive as you are... don't settle for silver. harness the power of 7 moisturizers & 3 vitamins
investors grappling with renewed worries of covid cases in china shaking up the magic kingdom. appointed ceo bob iger making his presence felt one day on the job after new details emerge about what caused bob chapek the boot. and shoppers gear up for black friday and cyber monday deals coming up. will it be a happy holidays for the retail industry? it's tuesday, november 22nd. you are watching "worldwide exchange" here on cnbc welcome back to the show i'm dominic chu in for brian sullivan let's kick off the half hour
with the dow implied higher by 45 points. s&p higher by 7. the nasdaq higher by 16. ga gains, but they are modest. and details about the c-suite shakeup with bob iger rer returning as ceo silvana henao. >> good morning. bob iger as the head of disney less than 24 hours on the job. he said the company would go through restructuring in the coming weeks amid the announcement, kareem daniel, close ally of bob chapek would be departing a memo discussed that decision making would go back to the creative teams details emerging about the pay
package. iger will receive a package valued at $27 million per year bob chapek is likely to receive a severance worth $20 million. speaking of chapek, the downfall came as top company officials raised concerns of management. sources telling david faber, one to express lack of confidence was the cfo. additional reports suggest that iger heard some of the complaints about chapek's leadership advised the leadership to take their concerns to the board. >> silvana, thank you. the final stretch before the thanksgiving and black friday events best buy and dick's sporting goods and dollar tree reporting today alone. those results are coming as the
sector gears up for black friday and cyber monday insight into the strength of the consumer after strong retail sales figures for october and gloomy outlooks from target and tjx. 2022 is a tough year for the consumer discretionary sector. down 23% compared to the 17% drop for the broader s&p joining me to talk about this is stacey widlitz she knows a lot about retail let's start with the macro question is this retail pain trade over or do we have to wait for the q4 holiday shopping season to finish before we know the real results? >> good morning, dom i think we have more pain ahead of us until we clear through the inventory that you and i talked about so many times over the six months sales growth is lower than inconvventory growth it is still the case
it is getting better all of the companies reported are making progress. we are not there yet that said, expectations are low here we know promotions started super early this year. they do every year earlier this year. the consumer has been clear. they are responding to markdowns and promotions every retailer has said that they also said that business slowed in the second half of october. urban outfitters added to that last night all three brands slowed down into november. >> stacey, can we start with the bigger part of the market and work our way down to the individual parts we heard a mixed story are from the big box side of things retail or home improvement can you take us through the take away from the walmart and target and home depot and lowe's and
then costco. can you give us the picture? >> the consumer is healthy there is demand. we don't have an overall demanded problem, but an overall shift demand retailers did not plan for that. they didn't plan for the shift away from home or comfortable clothes to travel. we have too much inventory in the wrong places that's the bottom line the consumer is spending on basics and food which is up double digits year oever year turkey is 17% more expensive this year. their wallet is shifting to other areas and shifting away from discretionary home depot lowe's said they are not seeing a slowdown home depot said in some price points, they are seeing a little bit of resistance. generally healthy category you know, average ticket is still up there the pro is still spending on
backlogs of jobs from housing over the years i guess it depends which category you're talking about. certainly apparel and electronics. we will hear more about that from best buy today. it is all about promotions to get the consumer spending. >> often times the holiday shopping season focuses on electrics and apparel. which is your top pick >> i would say that if you look at the footwear category, we saw the rush of over-inventory our data peaked at the end of august nike is most interesting the business is getting better working through inventory. i think target is beaten down, but this is the new department store. we go back to discretionary purchasing and i would look at target i think it bottomed out.
>> nike and target the top calls. thanks have a good thanksgiving holiday. >> thank you, dom. let's talk about ftx and executives and new executive who led the restructuring efforts at enron. they are heading to the delaware courtroom this morning for the first appearance before the bankruptcy judge a lot of creditors and customers are hoping the hearing will shed light on how the bankrupt exchange is planning to deal with debt and customers funds that are not accessible. joining me now is kenzie sigalos. what can we expect to see in court? >> reporter: dom, good morning this is the very first hearing in the biggest cryptocurrency bankruptcy case. ftx filed several motions with the court along with the agenda which lays out what they are
asking for a lot of the requests have to do with keeping day-to-day operations afloat. they want permission to pay outside vendors and plsuppliers. ftx is looking to consolidate bank accounts to pay employees ftx said staff is owed $1 million for work completed prior to filing for bankruptcy we are likely going to get a play-by-play of what went wrong and what new management is doing to safeguard assets. including the customer funds. >> kenzie, one of the biggest questions still is whether ftx creditors, the people it owes money to, get their money back if so, when can they expect that money back same for the retail customers who kept cryptocurrency assets on the platform. are we going to get any answer on those fronts when the money
will be there? >> reporter: we did get some answers over the weekend we don't have a full list of creditors. we got some clarity through initial filings. ftx owes the top 50 creditors $3.1 billion ftx could have more than 1 million creditors. in terms of how much money ftx has on hand to pay back customers and creditors, one filing shows the exchange have a combined cash balance of over $1.2 billion a lot of that cash is tied up. ftx has said it could need until january to outline total assets and liabilities. part of the problems is the inadequate bookkeeping kept by sam bankman-fried. look to see if there is updated
guidance with respect to the restoring the customer and creditor funds >> every day, a new headline about what another crypto firm may be feeling and we could see some knock-on effects or ripple effects from the ftx implosion still going on we heard another name in the headlines this morning what is the latest on this contagion effect >> look at the bitcoin price chart. a two-year low trading at $15,600 early this morning. in terms of the internal contagion across ftx, bloomberg is reporting that prosecutors opened a probe on ftx months before the collapse lookingat the u.s. and offshore operations with a focus on compliance with the bank secrecy act a lot of questions about digital currency group which owns genesis and grayscale.
genesis is in talks to raise capital after pausing customer withdrawals last week. the firm pushing back on the reports it is weighing bank bankruptcy in a statement to cnbc, we have no plans to file for bankruptcy. our goal is to resolve the current situation without the need for any bankruptcy filing grayscale, asset manager running the largest bitcoin fund, will not share proof of reserves with customers due to security concerns senators are urging banking regulators to oversee the trading policies clearly a lot at play here >> a complicated story kenzie sigalos, thank you very much. coming up on the show. crude facing pressure with covid concerns and policy whiplash we will dive into more down side risk ahead for oil and
elsewhere. as we head to break, a check on the big money movers. shares of zoom slumping. the third quarter beat forecast, but zoom is cutting annual revenue outlook as the platform expects a hit from declining online business. shares down 9% pre-market. zoom chief financial officer will have more on this in a first on cnbc interview at 8:30 a.m. and dell technology with full year sales to fall by $600 million. inflation and rising interest rates and currency headwinds to weigh on customers and i.t. spending plans. check out coinbase barron's reports the yield on the debt was trading at 57 cents on the dollar yesterday.
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let's have some fun. alright. [announcer] marc benioff [announcer] and bret taylor! you excited to be here? this is going to be huge. [michael] i want my daughter to have a livable world. [marquita] i just try to keep a [marquita] growth mindset. and the sky's the limit. [manish] you are capable [manish] of anything. [manish] the only limitation is [manish] in your mind. ooh, i hope you all are getting this. with gold bond... you can age on your own terms. new retinol overnight means the smoothing benefits of retinol are now for your whole body. plus, fast-working crepe corrector diminishes wrinkled skin in just two days. gold bond. champion your skin. welcome back to "worldwide exchange." oil prices are moving higher today.
u.s. west texas intermediate and brent crude up to ten-month lows in yesterday's session on the wall street journal report that opec and partners would discuss increasing output by up to 500,000 barrels per day at the next meeting on december 4th. prices rebounded in had full after the saudi energy minister denied that report saying the kingdom is sticking with output cuts let's talk more about this confusion with john kilduff. founding partner at kilduff partner. if you put more oil out and bring more supply to market, it moves prices lower if you take it offline, supply lack of, makes prices higher what do we take from this as opec does something at the december 4th meeting
>> that's why i stuck with commodities in my career the dip yesterday got the saudi's attention. the move of wti below $80 is something they have a line in the sand for brent, more importantly, above $85. it was bizarre opec plus engineered a supply cut or quota cut three or four weeks ago as this point. the market was caught off guard by the alleged turn around in policy and obviously had the whiplash back up higher when it became clear it wasn't the case. however, last month, the saudis pumped more oil than the previous month it is a confused state of affairs with the producers
obviously the situation with russia is the big 500-pound gorilla in the room here mostly because we are facing a supply cliff from russia when the eu embargo, for lack of a better word, kicks in on december 5th which is a week or two away we could finally, the market could finally lose meaningful amounts of russian crude oil and refined products that hasn't been the case since the war started with ukraine it could finally begin to play here in december obviously the peak demand period in the northern hemisphere winter which would mean the lost russian barrels a factor in getting prices in rally mode it is what we are holding our breath for it is the parade of horribles when you talk about triple digit oil again. we so far have been able to
skirt the worst-case scenario. consumers have been very lucky the set up for the winter is going to be a moderate winter the way the atmospherics are looking. we still may be lucky. the true test is coming here in a couple of weeks. >> you bring up an excellent point. demand dynamic they are jaw bone all they want about supply what about demand? that is clear now especially with china starts to lockdown because of covid is that going to put pressure on prices >> very much so, dom signaling as we saw yesterday is very important you signal you will be tight with supply and prices will go up otherwise, down. no, on the flip side of everything i just said china is as important on the demand side of the price equation ass saudi arabia and russia on the supply side. the covid situation in china recently gone off the rails.
the number of cases is spiking beijing may go into full lockdown across the entire city. only part of it is right now other key sectors of china are in lockdown already. it is hurting their economy. it has been hurting their economy. their economy, china's economy has been problematic with or without covid. property sector in particular. gdp there. nothing like it was. again, consumers outside of china are lucky because we're not being squeezed by demand it is facing this situation that is keeping a lid on prices because of the covid situation in china >> co >> john kilduff. thank you. kari firestone is up next with the shopping list
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welcome back the dow pointing to gains. s&p up by 6. joining me now is kari firestone and regular feature on the halftime report. kari, good morning the one thing we'll start off with is whether or not you feel good about this seasonably strong time of year with stocks. are we down enough to see a year-end rally >> hi, dom nice to see you. we had good momentum a couple of weeks ago that gave us a sense there was going to be a real rally at the end of the year of the we had the day with the cpi which came in light and s&p was up 5.5%. nasdaq up 8% we had trouble following up on that what is important to look at perhaps 50-day moving average
still above it for the s&p we need a couple of strong days to carry this forward. it would be greatif we saw thi this week. it is a short trading week >> with the short trading week, there have to be in the coming days and weeks with the strong time of year are more on the radar. take us through your picks you are a stock picker by trade. i like to know what is on the list >> the first thing i would say is it is a little early to be too aggressive on adding risk. the market has been risk an ve averse all year. there have been a number of stocks which were battering ram at them. we see attractive opportunities to match with those more
defensive. on the slight risk-on trade, we add some meta and some google tgoogle, alphabet or salesforce meta sales is a ten times multiple these companies all talked about cost cutting and making an effort to improve margins. they are activists in many tech stocks google is an example where you are having major hedge funds say we don't think that your structure is appropriate for the way we are looking at companies now. you need to bring more to the bottom line. yes, we see opportunities there. on the other side, we still have some defense names
o'reilly auto, american express. those are names we like. thermo fisher. they represent cash flow earnings and steady. they may not have the same possible if the market turns you need them with the risk-off situation. no one knows what the fed will do we really hope inflation comes down there are good signs of it it is not so obvious to the market >> kari, before we let you go, i heard a lot about the auto parts retailers. o'reilly is near record highs now, but not the same for auto parts. how do you pick? >> it is interesting we owned o'reilly for years and tri trimmed it a couple of times it is not cheap any more they have been able to raise
prices some as costs have gone up they addressed the supply chain issue and advanced awuto hasn't been able to do that they struggled with product and inventory. that means consumers are unhappy. you need something for your car. you need it now. you can't leave the car unfixed. >> i'm a big guy who likes to keep the cars on my driveway i don't buy a new car often. >> that and the golf clubs in the car. >> kari firestone. thank you. that does it for us here on "worldwide exchange. "squawk box" picks up vegecora next we'll see you tomorrow
bitcoin at a two-year low as the ftx collapse continues to rip tripple through the markets. the bankrupt exchange heads to the delaware court. and changes at the magic kingdom. and carl icahn takes aim at a meme stock it is november 22nd, 2022. "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm andrew ross sorkin along with joe kernen this morning and melissa lee. beck ay is out >> melissa lee >> whayo
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