it is 5:00 a.m. in st. petersburg, florida and your top 5 at 5:00. this wild week rolls on. down one day, up the next. now the futures are higher at the wednesday whiplash the change in fortunes likely link today a deal in d.c., mitch mcconnell extending sort of a debt ceiling olive branch. bitcoin nearing 45,000 but that may not be the biggest story in the space this morning. natural gas shortages

continuing to fuel the global energy crisis. we'll break down some of the absurd prices countries are paying. and kathy wood's new stock, what she's pouring millions into now. we'll bring you that name on this thursday, october 7th this is "worldwide exchange. good morning, good afternoon, or good evening and welcome from wherever in the world you may be watching. i'm brian sullivan, thank you for joining us that stock move by kathy wood is not on the only move move she is's making more on that in a minute. your global markets are setting up your thursday, stock futures are higher across the board. nasdaq nearly 1% dow futures about .75%

all of this coming after another wild session on wednesday that saw the dow erase a more than 400 point loss from bottom to top. we're talking about a 526 point swing for the dow. same for the broader s&p erasing its own 1.3% loss for its biggest single day swing since last february. nearly a year. wow. yields not spooking investor rs this morning the 10 year holding just above 1.5% but not moving the markets a different story for energy oil coming off a sharp reversal yesterday for the worst day in weeks. this morning crude is down again. the biden administration is now talking about the rare move of potentially oil from the strategic petroleum reserve and/or even banning crude oil exp exports. more on that in a bit. same story for natural gas it is lower but natural gas

still higher than it was one month ago. it's up 130% this year down a little bit right now, but still well up from where it was a couple of weeks and months ago. and then, of course, there is the crypto up yet again on bitcoin, breaking above 55,000 for the first time since may, settled a little bit below that, at 54.4 bp ether at 35.86 on the march higher certainly a lot of positive looking charts on the crypto side macro china still closed for a long holiday week, but hong kong surging 2% in overnight trading. and europe, despite the concerns about the energy stuff we talk about, it doesn't matter to invests, leat least today we ar seeing gains across the board with germany up more than 1% stocks there up three of the last four days let's start there. this morning one uk advocacy group is warning politicians not

only about supply of natural gas, but also that many businesses may be priced out of the market if energy prices stay high some spot prices for uk natural gas, bought in the moment. more than 800% above historically average prices. let's talk more about this, what exactly is going on, what people are saying about it, julianna tatelbaum is standing by in london so we're making a big deal about it here. is it a big deal in the media there? >> reporter: it certainly is, brian. and there is mounting pressure on consumers and businesses and in turn on politicians so over the last several days we've heard from a number of european political leaders with people really pressing them to explain how we got here. was this a miscalculation on their part when it comes to storage capacity and the demand situation as it has evolved. we've heard from a number of european political leaders over the course of the week talking

to the crisis. what's really happened over the last 24 hours is natural gas prices have retreated here in europe and the uk. i want to bring you to this chart. it explains a lot of the narrative taking a shape right now this is around europe's energy dependency, around 44% of natural gas from russia. so hugely dependent on russia. and yesterday we saw a turn in sentiment, natural gas prices break and begin to drop off vladimir putin came out and said russia was set to increase supplies to europe this is a picture how we're trading right now, european natural gas futures down 15% this morning you already mentioned u.s. natural gas prices, uk natural gas down about 10% so russia a huge player here providing reassurance to markets. brian? >> vladimir putin to the rescue, julianna i think when vladimir putin has to come out and calm the markets you have one heck of

a story. thank you, appreciate that back home. new developments around the debt ceiling deadline, which may be helping stock futures this morning. silvana is here with more on that what do we got democratic lawmakers are signaling they're take up mitch mcconnell's offer to raise the u.s. debt ceiling into december, alleviating the immediate risk of default but raising the prospect of another political fight near the end of the year. senate majority leader chuck schumer said the two sides were, quote, making good progress and he hoped to have an agreement worked out by today. facebook is reportedly delaying the roll out of new products amid the scrutiny of congress and the media and they're also putting a hold on work for existing products while they conduct, quote, reputational reviews to examine how the changes may be received by the public.

and nike shareholders yesterday rejected a shareholder proposal asking the company to report on the effectiveness of its diversity, equity and inclusion program. nike which aligned itself with black lives matter and other movements, including those by collin kaepernick urged shareholders to vote against the resolution saying it's doing enough to promote equity and inclusion across all levels of the company. back to you. we'll see how investors react to that. thank you very much. that potential deal out of d.c. as well as maybe the historically solid fourth quarter helping stock futures right now, up 160 on the dow, about 1% on the nasdaq a tech turn around why don't we think longer term and bring in joanne feeny. joanne, i'm sure you watched the day-to-day waves of the market with interest but it's not going

to change your overall investing views. you're thinking about where to make money not just next year but five and ten years from now. so i'm going to ask you, where can we make money five and ten years from now >> right, brian. good to see you. as we talked about before, that investment horizon really does need to be longer term we do want to make money along the way. but we have to recognize it's going to be a bit volatile so what we're doing for clients is giving them exposure to three areas. one it's very important to remain exposed to secular growth trends, they can be in technology, in consumer, they can be even be in industrials, there's some component to that certainly. but the second area you want exposure to is the strong cyclical opportunity in front of us a lot of folks are worried that the recovery has slowed down, but that slowing means the recovery is going to be lasting for longer p and finally we want to make sure

to have defensive positions because we have some risk ahead of us, whether it's inflation, the debt ceiling and other politics in washington so we have defense positions as well if you can ride out the volatility, you want to play to the long-term potential of a stock market >> you know, there's a tj max near my house and yesterday i was in the shopping center it was, the parking lot was full. i thought it was weird, thinking who has their afternoons free. it seemed crowded. but we talk about higher energy prices, we talk about food inflation as well. i know tjx which is one of your picks, doesn't sound like you are that worried about the consumer right now >> brian, when you look at the consumer balance sheets they have a lot of savings that they're sitting on from what's happened over the last year. so yeah we think there's a lot of potential for a tj maxx, not

just the stores we're all familiar with, but also their home goods stores, which have done well and we think are going to continue to do well because the housing surge is still ongoing, and we see that in the data, on the shortage of houses for sale so we also like lenar here, we think that's going to be the strongest. and folks go out and fill their homes with stuff that they find at tj maxx and home goods as well >> i was thinking work from home must mean work from tj maxx. it's 2:00 in the afternoon, the store was packed let's talk about the defensive side of the position td and citi group, some financials, how are those big banks a defensive play, joanne >> one of the big risks that we're facing and i think it's a substantial one is rising interest rates and the banks have really underperformed just recently

because of the, you know, the low interest rate environment they've been in and also the delay in the loan balances going up and we think those -- both tailwinds start to improve for banks and provide insurance against higher inflation and interest rates that's where it's both defensive position and recovery positions. i can tell you as an economist, interest rates are too low given where inflation is and the fact we have real economic growth as part of the recovery >> we're going to find out if the bond vigilantes agree with you. we'll see if they tick up rates en masse more. jo joanne feeny appreciate you getting up early and coming on. always value your opinion. have a great day. >> thanks, brian. when we come back, one big day here on cnbc, with four reporters thousands of miles apart and our supply chain's

most critical points all day today we're going to show you the issues, the choke points and what it all might mean for your holiday shopping we are live at the port of shanghai with stock number one ahead. is the bottom in for big tech? why some valuations once thought stretched could be your next big buy. and then, why cathie wood is trading in her metro card for a pair of shades and maybe a tom 'ltey jersey wel ll you about that big move and it has nothing to do with stocks.

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welcome back it is a big day here on cnbc because we are doing a deep dive into the global supply chain crunch helping you see firsthand what is really going on and we have four of our finest out there in the field across the world, highlighting some of the key choke points ahead of the holiday shopping season. we kick it off this morning with where it all begins and eunice joon >> reporter: it begins on the factory flower, higher wages means the cost of making one of these care bears is up 25% since january. ahead of christmas boxes are stacked here for one to two months compared to no waiting time before the pandemic. >> we don't know when customer get the shipping space we don't know.

>> reporter: once a bear leaves the factory, it takes 15 to 20 days to arrive at a u.s. port like l.a having these products stuck in china is just the beginning. >> i haven't gotten that care bear yet maybe it's on this ship it's so busy at the port of los angeles, there's 65 ships parked out here yet long shoreman are not working 24/7. >> we can work 24/7 and our men and women are willing to work 24/7 the problem is where do those truckers, where do they take their cargo? >> reporter: 34% of daily truck appointments go unused because warehouses up the road are full. that means there's 650,000 containers on the ships or the docks waiting for someone. >> reporter: railway containers here now more than 225% higher, half of the care bears stop in

ch chicago on the way east of the mississippi. but the rail yards are backed up. >> driver shortage, labor shortages across the supply system that is really causing the problems >> reporter: also trucking rates are 91% higher than they were pre-pandemic making the trip to retailers more expensive and take longer. >> reporter: it can take twice as long for a product like this care bear to get from a chinese factory to this learning express store in bedford, massachusetts. the journey costs 620% more. >> we're adding a freight surcharge at the end of the invoice. and the retailer will have to determine whether they incorporate that into their selling price. >> reporter: this toy store is selling care bears for $16.99 and they have inventory for now. >> the supply chain issues are very real. we are seeing it's taking weeks to months to get products into the store. so we encourage you to buy now if you see something that you

want to give this christmas. >> reporter: and, brian, so the producer of this care bear has also suggested that americans buy their toys for christmas early. this care bear actually has travelled across china from the factory to the shanghai port here and before it is able to get onto a boat to the united states, there are still several bottlenecks that the care bears and other chinese products going to the united states face. the port protocols are very strict because of beijing's covid-19 zero tolerance approach in fact, currently the port workers have to undergo 16 continuous hours of work, 16 days of work, and then seven

days of government quarantine. and then seven days of home isolation. everybody has to be vaccinated and also undergo covid testing every other day. brian? >> yeah, china still one of the last countries trying kind of fruitlessly to do the covid zero policy there's other issues as well we have talked about the energy supply crunches in europe but there have been rolling blackouts in other ports of china as well. is there a concern there or are you reading there about the energy crunch, china is a big importer of energy, costs have gone up, also adding more i guess fuel -- bad term -- to the fire on some of these supply chain problems >> reporter: absolutely. that was one of the key concerns that some of the factory owners who we spoke to said they saw coming over the next year or so. they said they're worried about the electrical limitations and

also concerned about the rising costs of petroleum that rising cost is going to be built into the stuffing of this care bear which means rising cost another concern that the factory owners are concerned about, because they're seeing more and more orders from, say, walmart and costco and target, those retailers have large warehouses here and they're starting to see lines forming of truckers who are waiting up to 40 hours to be able to unload some of their product. and then that waiting time just means added costs for a lot of these factories. >> almost two days sitting in your truck waiting at a port does not sound fun i have to correct you on something, i'm sorry i hate correcting my friends on the air. that care bear is stuffed with love, not polyester. >> reporter: how about love plus

polyester? no >> polyester love, let's split the middle, eunice yoon. i expect to see that care bear in about a month, like that pillow you sent me with my face on it. i'll never forget that eunice yoon, thank you appreciate it. care bears by the way, who knew care bears could be used to tell such an important story. your big money movers including a $3 billion deal from magazines. yep. magazines. dow futures up 160 we're back after this.

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worth is watching your employees grow with it. principal. for all it's worth. welcome back time for your big money movers today it's inflation of a different kind we'll do four stories. stock number one is levis. consumers continuing to splurge on new clothes as they return to busting out into social life and people gained weight they expect revenue growth about 20%. stock number two, meredith, agreeing to buy the company's media assets for roughly $2.7 billion, including people mag magazine, entertainment weekly, iac will combine the business with the dosh dash unit. stock number three is twitter,

selling moup to applovin for just over $1 billion in cash twitter says it is focussing more on its own ads on its own app and website. and stock number four, rocket labs surging after the company was chosen by nasa to fly an experimental solar sail into space. they went public in august through a spac deal. straight ahead, bullish on big tech dan ives is here to break down his thesis and why he's a buyer right now. we'll talk tesla with the annual meeting today and a reminder if you haven't already, follow our podcast, nasdaq futures up 1%. back right after this.

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kicking the can down the road again as senate republicans offer a short-term solution to raise the american debt ceiling. for investors maybe a deal is a deal no matter how long that has stocks looking to rip. futures they are higher. why millions of people in europe may be praying and hoping for a much warmer winter it's thursday, october 7th and this is "worldwide exchange.

welcome back or welcome, everybody, what is it thursday -- good friday morning, we'll say that it's 5:20 in the east, ere's how your money investments look right now stock futures they're looking solid, dow futures up about 145 points, but that is not the story. technology, of course, leads this market. nasdaq futures really are the story and they are up about 1% right now. almost the same on a number basis as the dow europe also higher across the board. kind of shaking off some of their energy concerns we are seeing the major averages higher there. let's talk about oil because i want to hit the price and a new golden note which just crossed the tape a few moments ago to prices we are seeing a softening in the energy markets right now but wti crude still at 75, natural gas down a bit but well above where it was two to three weeks ago. the biden administration has

come out yesterday and started talking about a couple things. hold the prompter, please. they started talking about doing -- releasing the strategic petroleum reserve or they've talked about banning exports of crude or refined products or maybe both okay thinking the idea is that energy prices are too high. but goldman sachs out with a note this morning, moments ago, looked at it in the commercial break, saying there may be more at work here goldman writing this morning, talking about this potential export ban it's a little bit confusing without context because it literally just came out. goldman says this could also strengthen the u.s. administration's -- not the spr release but the banning of exports. so the banning of exports might strengthen the u.s. administration's negotiation power ahead of discussions on the carbon border tax adjustment proposed by the eu what what they're saying is if we

stop exporting oil or gas for a short period of time, it may reduce our carbon footprint in the near term and give us a lower benchmark in these negotiations really politically strategic what goldman also said, though, is that ironically it would be particularly bullish meaning gas prices could go up due to the fact the u.s. would still be a net importer of gasoline because we are priced off of imports off of brent crude, brent crude prices may go up so they're saying if if we ban exports of crude oil it may be more of a trade deal negotiation tactic than anything else but it also may raise gasoline prices because we'll have to import off the higher brent crude i'm sure that's not what the administration would want or hope but goldman out with a note moments ago saying that is a risk. let's move on. your top story, a likely deal in

d.c. over the debt ceiling the shutdown possibly going down an end today, at least for a few months ylan mui joining us with what may get done and need to get done good morning. >> reporter: good morning, brian. still no official word on whether this dealt ceiling deal would get done senate majority leader chuck schumer said the two sides are making progress but not there yet. now republicans have offered to support a short-term increase in the debt limit that would allow the government to keep borrowing money to december. but democrats would have to target a specific dollar amount for the new cap. they couldn't wave it all together republicans hope the extra time would allow democrats to pass a longer term fix through the reconciliation process and without gop help mitch mcconnell said the deal would moot any excuses about

rushing the votes. senator bernie sanders called it a good step forward. elizabeth warren said mcconnell caved. but the response from the white house was more skeptical. >> a press release is not a formal offer regardless, even the scant details reported show more difficult options than the one that is quite obvious in the president's view and is in front of the faces of every member on the hill we can get this done today we don't need to kick the can. >> the senate comes back to session at 10:00 a.m. and hopefully we'll find out whether they can reach the aagreement. >> does it solve the problem or are you we doing this delicate d.c. dance again around christmas? >> brian, don't you like to dance together we're going to be doing this again around christmas is the real answer here

this does not solve the problem. it just punts all the fiscal deadlines to the winter time so you have the economic agenda, they want to pass that by halloween, you have the government funding deadline december 3rd and now the debt ceiling again. we just played the movie and all the incentives, dynamics and roadblocks remain the same we have to just navigate them all later in the year. >> you got me thinking about -- i'm going to date myself here. listen to little eric b. and churning the butter. it's like d.c. it's a metaphor. just churning the butter. >> reporter: are you talking about the dance move >> i'm talking about both, and butter now i'm thinking about butter and now i'm hungry it's like a triple play. roger rabbit -- >> reporter: i was thinking about the taylor swift song, i've seen this film before and i didn't like the ending

>> you didn't see it, but i was doing this, which is just -- nobody wants to see. ylan, have a great day, thank you. >> reporter: have a great day, brian. let's check the other top stories with somebody who no doubt has churned the butter on the dance floor. you can't unsee that >> those were good dance moves, brian. they were good so president biden -- >> thanks for lying. >> president biden and chinese leader xi jingping plan to meet virtually before the end of the year according to an official who spoke with cnbc. the two leaders reached an agreement in principle to manage competition between the two companies. it follows a meeting thursday between jake sullivan and his chinese counter part watching shares of ginkgo bio

works is down after it was said the company is a scam, the worst fraud of the 20 years and a u.s. version of the chinese hustle. the company went public recently through a spac merger and has a market cap of $20 billion. they do have one big fan at least, that being cathie woods who's been buying into the stock since it went public and bought 8.2 million shares yesterday and ark, the company is moving headquarters to florida effective november 1st the company also announcing it plans to build an incubator in collaboration with the local government which aims to retain and top talent by supporting entrepreneurs and tech startups in the region. it'll be named the ark innovation center and is expected to open in july 2023.

brian? like you said, she's trading in the jackets for sunglasses. >> yeah. st. petersburg is a growing financial center raymond james and others are there. tampa may have the best airport in the united states. >> there you go. >> thank you. >> you got it. let's talk about the two ts. tech and tesla they do go hand in hand after all. in the past month, the nasdaq more than 5%, with investors wondering if the shine has come off big tech and the most important stock in the world, tesla, it has its annual meeting today and a little mystery surrounding mr. musk as always let's talk about this with dan ives what's your macro take on big tech right now is it played out >> in my view, this is just sort of a white knuckle period to what's in the midst of a broader multi-year rally for tech. to us it's a doubling down on tech in our bull thesis here

because we don't worry about some of the events or a 20-bit move in the ten year instead focus on the digital transformation it's $2 trillion of spending in the next decade. still think 16,000 is our target for nasdaq year end. and this is just what i view as a rest or digestion period as any start or negative thesis for tech. >> do you expect more of that ahead? historically fourth quarter is great for stocks, do you think it could be the same, you think? more volatility or does the d.c. debt deal smooth things out? >> right now it's a brig green light to own tech, more than 10% plus going into end of year. i think q3 is going to be a major positive i think the street is underestimating numbers for the next 18 months on tech

the haters will continue to hate they've hated the tech rally the last year and a half but i view this the start, the next leg, as we go into what i view is a sort of growth frontier the debt still massively underestimated but the class, cyber security, big cap tech, specifically apple, microsoft. >> let's talk tesla, the annual meeting today. sort of mystery comments, expect nothing less of elon musk, perhaps new head quarters in austin, texas. what are the expectations for today? do you think they could say we're moving headquarters to texas? >> this is going to be some fireworks when musk is speaking. i think the big focus, it's not a surprise they're doing it austin more and more, it's coming out of austin, not just the cyber truck build out but i see more and more cars built out of

austin the next few years. so i think they'll announce the opening of berlin the next few months, key in terms of europe, and the bottleneck, and what we're seeing in austin, getting online in the company months right now tesla doesn't have a demand issue, it's a supply issue. i think there's going to be bullish comments coming out of tesla today. >> dan ives, always appreciate your views, certainly on a stock that is no doubt one of if not the most important in the world. have a great day thank you very much. >> thanks. coming up from electric cars to crypto, regulators looking to bring one crypto asset into the main stream, maybe but a quick hit in other headlines. a federal judge yesterday in texas ordering a suspension of the abortion law britain sky is launching a

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welcome back while you may have been stuck watching stocks lately pay attention to crypto. nearly every major asset is up, bitcoin up to nearly 55k it's not now but it was. recent data is showing more investors are holding onto bitcoin for longer, avoiding the exit amid the pullbacks, they're buying and holding it. this coming amid developments that stable coin, a report out of coin desk overnight that the fdic is studying whether they may be eligible for federal department insurance coverage. it's a coindesk story, noelle. it has four or five sources. i read it last night this seems like a big deal when the government says maybe we'll ensure some of these assets. what's your take >> it's exciting these are my opinions, nothing i

say is investment advice stablecoin underpins much of crypto market liquidity and should underpin other types of market liquidity as well it's precisely this kind of move that leads that to happen. that class, the rumblings about coins we've been hearing that are going to give stablecoin the veneer of respectability that will enable them to help liquidity in markets around the world as well as develop other functionalities with the programmable qualities they invent. >> it would basically be part of the federal government putting its stamp of approval on at least one part of the crypto market also the possibility, no guarantees in life -- well, one guarantee down the road -- there may be an etf approved for bitcoin or other cryptos assuming we get that, what might

that mean? >> it's a very big if to be honest, brian. we have some approvals -- sorry, decisions that are supposed to be coming down next week but these are bitcoin future based etf, which are different they aren't necessarily going to have a huge amount of interest we've looked at the canadian figures. we could see something play out here we have to bear in mind it is a very big if we could see yet another delay in the decisions gensler does seem to like to batch his delays as well we're asking what probability do you give of a u.s. approval of a bitcoin etf in october and the vast majority said 25% or less but we're seeing in the markets yesterday not everyone shares that opinion. >> two developments there that i know crypto holders are hoping

for. we appreciate you getting up early. thank you for joining us on wex. have a great day. >> thanks, brian. >> you're welcome. on deck, your morning rbi and one big reason you should be happy you live in america right now. plus why kerry firestone is using history as a guide when it comes to spotting her next buying opportunity. dow futures up 160 back with kerry after this ys and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.

welcome back today's rbi is very much like yesterday's rbi because it's about the same topic europe's growing power crisis but from a different angle because what began as an industrial problem, big power plants, utilities, manufacturers, et cetera is morphing into a dangerous individual problem because people are going to feel the impact of the power issue soon if they haven't already. electricity prices are starting

to soar following the gains in natural gas and goal look at the data from energy live it shows daily pricing of electricity per megawatt hour it's 288 euros more than 300 in germany those are numbers but what do they mean? for viewers not in europe, what it means is that electricity prices have gone insane. those are 300, 400 or 500% higher than normal 300 euro megawatt hour is usually 30 that's going to start to show up soon in consumers' utility bills if it has not already. can you imagine your bill going up 3 or 400% in a month? it's like what happened during the texas storm. though this will hopefully be short lived, may be related to short covering for natural gas whatever in that time only a few things

happen people deal with it, eat it, pay their higher bill and cut down on spending for other stuff, bad for the economy. two, people refuse or can't pay their bills and risk getting cut off. or three, politicians that created the problem will blame fossil fuel companies and evil traders and make them eat the bill so, dear viewer, which of those three things do you think is likely to happen right. we all know. and let's hope the weather stays warmer in europe for a while longer, because otherwise, it could be a tough winter. random but interesting your next guess is one of the favorites and wrote this week you have to keep your headlines in many perspective and use history as a guide let's bring in kerry firestone, cnbc contributor. there's the headline what is the gist for those who can't or for some reason won't read it? give us the takeaway

>> well, hi, brian, thanks the idea is that headline news affects markets but we have to look beneath the headlines over the last ten years i took all the incidents where there was a decline of 5% or more in the market we know definitely 2020, the market was down 34%. but we've had 18 such times when the market has fallen, what caused them. there's a lot of headline china concern. china trade talks, for example, hit the headlines consistently through the last five years. there are global worries such as greece not paying debt, greece defaulting, spain, italy, et cetera that happened after the financial crisis the other two categories were inflation and interest rates as we know, the market has basically gone higher over the last ten years, really the last 12 years, other than that big decline in 2020 and that was covid, covid, of course, is a

factor that we've had recently we're hoping that covid doesn't reoccur as a big headline. but the market recovered and i looked at each one of those cases. is it covid that's going to kill the market in the future what about china what about interest rates? what about inflation we conclude there's enough demand in the system, there's enough demand from consumers and industry for product and services that we can withstand these headline risks and the market is going to be able to move beyond them that this decline will subside >> as somebody who travels frequently i can assure you that the majority of the country outside the northeast has moved beyond it already they said if it pops again, we got to live our life you have some really interesting picks, names with pricing power we don't talk about much i don't hear you arguing about booze allen hamilton on the halftime report very much or american tower but you think

these are quality stocks with pricing power because regardless what happens with the pandemic we're going to need cell phone towers. >> we need defense and cell phone towers and for sure, if you look at the list, netflix, american express, visa -- i'm not sure american express was on the list but i'm adding it these are companies are subscription models or powers with cost plus pricing and take a -- if there's price increases at the merchant level they'll take their share of it we have some inflation, probably here to stay, but you and i both know there has been many periods of time, decades where there's 4% average inflation and the market has been able to sustain an uptrend just many people who think about or write about the market weren't alive or paying attention to inflation back in the '80s. >> or the '90s

'94, the federal reserve raised interest rates by 2.5% and the market doubled in the next five years. you have to remember that. on my flight back from vegas i watched this show on netflix called "squid game". you like netflix as a pick i don't know if you watched the show it's weird. >> it's pretty wild. i think that's going to be a fantastic generator of interest for netflix. and they had a period of 10 months where it underperformed we bought the stock and they continued to underperform for a while. now it's hitting its stride. remember, they couldn't make any shows through the first part of covid and with that subscriber base and pricing power we like that stock a lot >> if we're talking about it, it's already gotten to that point. we're watching some of those great names. as always, love having you on,

great historical perspective and go sox. >> you bet, brian. and, yes, go sox folks thank you all for watching "worldwide exchange." i'll be on squawk in about 10 minutes to talk about energy they'll pick up the market coverage i am off tomorrow. go hokies saturday night against notre dame we'll see you tomorrow

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good morning, while the wall

street swing is continuing after yesterday, now they're pointing to a higher open but the picture can change in the blink of an eye. developing story out of d.c. congress looks to be closer, closer now, to a short term debt ceiling extension. and facebook continuing under fire really a punching back reportedly slowing new products now as it responds to criticism that it's putting profits over people it's thursday, october 7th, 2021 and "squawk box" begins right now. good morning, everybody. welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen andrew is out today. we're watching the u.s. equity futures closely.

yesterday board was down across all those major afternoons and for most of the day we were in negative territory until we saw a respite towards the end of the session. after you heard the idea there could be a deal reached for the debt limit, it really kind of turned things around, energy prices went down, stocks went up and the dow, s&p and nasdaq were in positive territory by the end of the session the dow and s&p are in positive territory for the week, the nasdaq is down for the week, down by about.4% we were talking about the highs and how high off we were for any of them. even before you look at the futures picture, the dow up 200 points, s&p futures indicated up by 30, the nasdaq indicated up by 138, we were talking about the dow only about 3.4% off the all-time high. the s&p about 4% off the high. the nasdaq, the weakest, still only