global headquarters and here's your top five at 5:00. investors gearing up to wrap up another turbulent week of trading with the monthly job report set to provide fresh fuel maybe for the stock market. also, the senate signed off on a short term debt bill. so long california, hello texas. elon musk announcing tesla is

moving its headquarters to the lone star state. and the global natural gas shortage sending prices skyrocketing our conversation with the ceo of one of the u.s.'s largest natural gas producers. the end of an era for a celebrity chef bobby flay chopping ties with the food network it's the top of the hour, you're watching "worldwide exchange" here on cnbc good morning, happy friday i am dominic chu in for brian sullivan today here is how the markets are setting their friday up. stock futures are stable dow implied higher about 22 points, s&p down about 7 and nasdaq 40. all three major indexes were

able to tack on gains of roughly 1% yesterday after the senate struck a deal to race the debt ceiling more on that in a moment we want to check on treasuries as the ten year pushes closer to the 1.6% mark. just on that number, 1.600 two year just a hair about 32 bases points we have that big release of the key monthly jobs report out at 8:30 a.m. eastern time and that interest rate complex showing a little bit of signs in terms of prices lower, yields higher. one of the biggest stories of the markets right now, energy. oil rebounding yesterday after doubts the u.s. will release crude oil from the strategic petroleum reserves right now wti 1.5% upside,

$79.52 ice brent $83.22 about 1.5% there as well let's go worldwide, julianna tatelbaum is in the london news room with the look at the early trade in europe. good friday morning. >> good morning, dom european markets this week got a boost of support paying a way for higher after the retreat in natural gas prices we've seen it mull back in european and natural gas prices which is creating equities to move higher. this morning we're in a holding pattern. tracking what you're seeing in u.s. futures with investors seemingly cautious ahead of the jobs report later today. ftse 100, the uk index trading about 7 points higher. but we have red across the board. travel firms have welcomed the uk government's restriction relaxation

47 countries taken off the so-called red list and this was a real deterrent to travel you had to stay in hotel quarantine upon arrival. only seven countries remain on the list we are seeing a bid come through for uk travel names, not a huge amount of movement, this was well telegraphed but a further step in normalization of life here in the uk back to you. thank you, julianna tatelbaum live in london let's check our other top stories this morning >> we made it. the senate has approved a short term increase to the country's debt limit to avoid a potential default in the next few weeks. 11 republicans joining all 50 democrats to get the bill approved last night. the measure now heads to the house with democratic leaders. they're saying members will return tuesday to vote on it the agreement allows the debt

increase to increase by $480 billion, which the treasury says will allow it to pay bills until december 3rd tesla, it's moving its headquarters from california to austin, texas. elon musk making the an announcement yesterday he also touched on the ongoing global chip shortage and the potential impact on sales growth. >> basically if we can get the chips, we can do it. so hopefully the chip shortage will alleviate soon. but i feel confident being able to maintain something like this, at least above 50% for quite a while. >> china has reportedly ordered coal miners to ramp up production amid the energy surg surges they've instructed them to

increase capacity by 100 tons. the move comes as china grapples with power shortages impacting everything from high-tech manufacturing facility to food production. >> thank you, we'll see you later on back to the markets as investors prepare to wrap up another roller coaster week, despite monday's sell off to kick things off for the week all three major indices are set to end in the green. for more let's bring in joseph joe, you and i follow each other on twitter, we see the commentary there is it surprising at all for you that post evergrande, post what we saw on monday that the markets could be trying to take a leg higher right now >> not at all. if you review what has happened recently, i think this pullback

is normal. it's part of the seasonal weakness from about mid september until mid october, the market is traditionally weak you have a lot of factors such as index rebalancing, end of the quarter portfolio adjustments, government fiscal year end, debt ceiling. the system shifts from normals so it's normal to see this pullback during this seasonally weak time. but into the second half of november into december, i think the news cycle will shift towards fundamentals, a lot of faang stocks will report earnings soon and we can shift into a seasonably favorable time for the markets. >> joseph, there used to be a time where we talked about pullbacks and pullbacks meant, eight, nine, 10, 12, 15% sometimes, maybe even more we haven't seen that for a while, certainly not the 10 to

15 to 20% variety. is it worrisome at all when we see the pullbacks they're 3 to 5% and that's about as deep as it goes? >> that's a great point. i think the liquidity provided into the system with all the sector rotation where money is constantly rotating from when they sell off tech rotates into energy or financials i notice the s&p corrects 3 to 5% but a lot of growth stocks do correct greater than that when you look at the average stocks they are down double digits from their highs. i think a lot of the liquidity that the fed is providing is keeping that sector rotation alive. and speaking of the fed, they meet every six weeks, their next meeting is scheduled inearly november and i don't see them rattling the markets at all they'll announce the taper schedule, they're going to reduce the 120 billion in bond buying that started at the beginning of the pandemic but i

don't see that starting until 2022 and interest rates they're not going to touch for a while so i think the liquidity you're talking about the fed will continue to provide that equity friendly environment. >> i'm glad you brought that up. with the jobs number coming out today, liquidity, fed policy in focus here for a lot of folks out there, it's going to take a lot in terms of a jobs number either huge gains or disappointing numbers to move the market or the fed perhaps from its policy right now, but is there any possible way that the fed could misstep in the next six months to two years, given the fact that everybody kind of knows what's going to happen in that time frame >> yeah, that's a great question i think that they've made it clear that they would rather be late than early. no question a lot of the economic numbers are back to normal or even trending above normal prior to the pandemic but they want to make sure that

the economy recovers and i think they're going to -- if the analogy is peel the band-aid off slowly rather than rip it off with the market. so i think they're okay knowing that they're going to be late and will continue to provide an equity friendly environment. and on p top of that, the technicals are showing a lot of stocks that had great gains earlier this year, consolidatin those gains and could be setting up for a strong fourth quarter during a seasonably strong time. >> we have a couple seconds left, any favorite part of the market or a stock that you like? >> i'm big on software, i'm a growth manager i like software, semiconductors we need to be patient until we get through this seasonably weak time but headed into a favorable period in the late fourth quarter. >> thank you very much we appreciate it, we'll see you later on. >> thank you. when we come back on the show, our exclusive conversation with the ceo of this country's

largest natural gas producer eqt on the global energy prices and the surge in those gas prices. plus shares of one bio tech company plummeting over a key decision on one of its drugs. and later on, tom forselli looks for what to watch in the monthly jobs report due out this morning. we have a busy hour ilstl ahead when "worldwide exchange" returns after this

welcome back to "worldwide exchange," time now for your big money movers three stock stories of the morning. stock number one, samsung, the company said third quarter profits likely rose to $13.3 billion, 28%, the highest amount in three years. that was driven by rising price for memory chips and display sales for smart phone makers newest devices however the results were slightly below expectations and shares fell slightly in south korean trading. stock number two, is allogene therapeutics

they put a hold on a cancer drug, the company said it came from an abnormality in a patient. those shares down 25%. and stock number three, quidel, reporting third quarter revenue growth that beat analysts' forecasts. seeing a surge in demand it also secured a contract to supply tests to the federal government those shares up 6% in the pre-market trade. still up, tinder and lyft finding a match in one another and making catching a ride on your next date that much easier. a look at that and the morning's other top trending stories that's coming up next. >> announcer: today's big number $10.7 billion. that's how much nft trading volumes hit last quarter according to data from dat radar. that's a 704% increase over the prior quarter.

it's another day. and anything could happen. it could be the day you welcome 1,200 guests 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. all right. that's a live shot of times square in new york city. manhattan, things are just getting going it's 5:18 a.m. eastern time just a little over maybe half an hour, 45 minutes away from the start of "squawk box." they're in times square. let's check the other top headlines we go to phillip mena in new york with the latest there. good morning. >> good morning. we'll start with the deadly flash flooding that has left entire communities in alabama

under water. dozens of people had to be rescued when as much as 13 inches of rain fell 4 people were killed, the oldest victim was only 23 years old and a 4-year-old girl who was strapped into a car seat died after the van she was in was swept away the u.s. navy revealed one of the nuclear powered attack submarines struck an object. it happened in the south china sea. it was still fully operational two unnamed officials tell the associated press it's not clear what the sub hit but not another submarine. two sailors had minor to moderate injuries. and the rams and seahawks butted head, seattle scored first but then riussell wilson would get hurt look at his bent finger there.

he leaves in the third los angeles takes the lead the rams scored 23 points in the second half. and the comeback attempt comes up short l.a. comes out of seattle victorious, they win the ball game, 26-17. dom, back to you. >> phillip, i'm a born and raised northern california guy from the bay area. i'm a 49ers fan and i got to tell you we're at the bottom of the basement in probably the strongest division in football in years all four of those teams could likely make the playoffs what a great game. >> everybody thought the cardinals were going to be at the bottom and they're the only undefeated team left there's still a long season left and trey lance might be up soon. let's get to today's top trending stories which include an app match made in heaven, a record setting photo, and champagne that should be neither

shaken nor stirred. >> we're going to have a fun time today >> let's see what we got. >> tinder and lyft are matching up to offer users the ability to buy a lyft ride for a date the sender can choose either a one way or a round trip option depending on how your date goes. tinder is describing the partnership as a way to get back to, quote, making irl connections. a picture of shoeless joe jackson fetched more than $14 million at an auction. the auction saw one of babe ruth's bats sell for over $1 million after 27 years with the channel, bobby flay is leaving the food network. he's been in contract negotiations with the ompany the chef had been at the network

since it first started in its first year and just in time to celebrate today's "no time to to die" release, they're releasing a cham, bollinger is celebrating 40 years of the champagne of james bond it costs 79 bucks. we have to check on the top trending tickers you have the ten year, alibaba, tesla, camber energy and apple we went through a lot. >> we went through a lot i know we have a limited amount of time. i'll first start with the tinder/lyft combination. the in real life get back together, go on physical dates again, it's been happening for a while now but this is an interesting partnership. here's what i would say. would you accept a ride from a date on lyft >> of course i would

but the question is, would you be insulted if you get a round trip ticket? say a guy is going to ask me out, gives me a round trip, or he only buys me one way? >> i'm a traditional guy, i'm more conservative type guy so i would also offer the round trip and see where things go. by the way, i think the whole idea here is you can get a refund for some of the unused fares, right >> you can you can get a credit >> here's the other one, i'm a massive 007 fan. i love james bond. i think that daniel craig could be the best james bond ever. he's certainly top two in my mind, sean connery and him here's what i think, $79 for a bottle of bollinger seems like a cheap proposition. >> that's what i said. that's not too bad especially if it becomes a collector's item. >> we use the tinder/lyft date

app function to go to the movies to see universal pictures distributed "no time to die" and then we have a big story to tell about what to do the next day. >> a date with dom would be stellar. >> i like it both of us, i think, are good catches for a nice movie night. >> yes if only we were single. >> yes we'll see you later on thank you very much. our exclusive conversation is coming up with the ceo of eqt on the rapid rise of natural gas prices and when relief could come the cold weather is going to be here soon enough and if you haven't done so, please follow our podcast. check us out on apple or spotify or your podcasplfot atrm of choice "worldwide exchange" will be right back

it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today.

stocks looking to cap off yet another roller coaster week as investors await that big monthly jobs report out later on this morning congress taking a key step to avoid a potential u.s. default as the senate signs off on a debt ceiling hike. we are live in washington d.c. with what happens next and google looks to crackdown on climate misinformation, pulling the plug on those spreading lies on its platforms. it's friday, october 8th you are watching "worldwide exchange" right here on cnbc

welcome back to the show i am dominic chu in for brian sullivan today here's how your money and investments are looking halfway through the 5:00 a.m. eastern time hour. stock futures are pointing to stable we'll call it markets here the dow implied lower by 17 points the s&p by 6 points, and the nasdaq down by 32. those moves are all very muted considering what we've seen the last week. all three were able to tack on gains of roughly 1% yesterday after the senate struck a deal to raise the debt ceiling. we want to check on the treasury the 10 year treasury note yield is closer to the 1.6 mark right now. two years .32% and the 30 yearlong bond 2.15%

right now. all of this happening as we await the release of the key monthly jobs report out 8:30 a.m. eastern time. you can see the interest rate complex is down in price and up in yields across the board one of the biggest stories in the market right now is energy those prices for oil rebounding yesterday after growing doubts that the u.s. will release crude from the strategic reserves in a bid to tackle tight supplies you can see crude just before $79 per barrel 1% gains there, 1% for ice brent crude to $82.74. natural gas seeing a spike, as we've been telling you in. in a moment we'll hear from one of the biggest names but other players are seeing their shares pop on those moves over the last week diamondback up 6.5%. phillip 66 up almost 10%

and chesapeake up 4.5% as well a nice move higher across the energy complex let's check the top stories now. kristina. >> google and youtube has a policy prohibiting climate deniners on their platforms. they say they'll be barred from making ad revenue off content that contradicts scientific findings on the matter ford will temporarily suspend production at one of its facilities in mexico due to a shortage of materials. according to "reuters," the shutdown will take place next week it did not specify which materials were facing shortages. the facility produces the auto makers bronco sport suv. an insurance deal. chubb agreed to buy cigna for

$5.75 billion. the deal marks the latest consolidation in asia's insurance sector the deal is expected to close next year following regulatory approvals. back to you. thank you for those stories. now to washington d.c. where congress has moved one step closer to helping avoid a default by the u.s. after the senate signed off on a measure to hike the debt ceiling at least short term ylan mui joins us with more. this is the classic case, i guess, of kicking the can down the road. >> reporter: yes, i am after weeks of stalemate and a delay, the senate voted last night to raise the debt limit and avoid a catastrophic default the final valley was 50-48, right along party lines. democrats for it, republicans against it >> the amendment is agreed to. >> republicans played a dangerous and risky partisan game and i am glad their

brinksmanship did not work for the good of america's families, for the good of our economy. republicans must recognize, in the future, they should -- that they should approach fixing the debt limit in a bipartisan way >> reporter: but the gop did end up lending a hand providing critical support for reaching those 60 votes needed to overcome a fp filibuster that cd have killed the bill. >> i understand why republican leadership blinked, but i wish they hadn't. i wish they hadn't because i believe we were on the verge of victory. the american people agreed with us >> reporter: now the bill heads to the house, which technically on recess but members will return to washington to vote on it tuesday evening in hopes of quickly sending it to the president's desk as a reminder the bill would raise the debt ceiling by

$480 billion, the treasury department projects that will last until about december 3rd. democrats are hoping this allows them to focus on reaching an agreement on the broader economic agenda before the next crisis hits. >> this is the key question for everyone because markets arguably rallied on the notion we got the deal done but i wonder in terms of the overall mosaic in terms of how this drama is playing out, how do the talks proceed before the december deadline when we have to deal with all of this again is there a likelihood we could see a broader deal done and get passed for that broader infrastructure deal and the social spending plan as well >> reporter: yes, so now democrats have set up basically a series of rolling deadlines over the next two months once they are officially back from recess, they want a deal with that infrastructure bill with the social spending package, there's recognition it's going to be smaller and

they want to pass that by halloween. if they can do that, that frees them up to tackle government funding and the debt ceiling, which are now wrapped together once again before that december 3rd deadline so congress works best under pressure, dom, and they've had to give themselves these deadlines in order to create the urgency to get something done. >> those deadlines are always rolling, i guess thank you for the update there on the d.c. drama right now. now to what we've been calling one of the most important economic events happening right now. the sudden surge in all things energy, particularly natural gas prices more than 131% this year and about to cap its longest weekly winning streak since december of 2013 seven straight weeks of gains. that's why our own brian sullivan sat down with one of the biggest names in the natural gas business digging into why this is happening and how long that surge in prices is likely to last.

>> we are very pleased to be joined by toby rice, ceo of eqt energy they are the largest natural gas producer in the united states. if it was its own country it would be ranked 12th in the world, but they're in pennsylvania, the marcellus shale up into new york, and the entire middle east region. appreciate you joining us with maybe the biggest single global story going on right now in laymen's terms we've tried and you're in the bibusiness, explain to us what do you think is happening with the natural gas markets in the u.s. and particularly around the world. >> it's pretty simple. we're seeing an energy crisis in europe and asia. the pull on l&g to feed their markets, keep their factories open, supply the public, has

reached extreme levels and that ha has risen the price of natural gas in the united states love to get into what has driven this almost panic buying that we're seeing in europe and asia. >> do it, that's why we have you on toby. i have called it panic buying. i guess the question maybe you can answer also is, how long might it go on a lot of shorts being covered, commodity desks probably getting blown up in europe and asia as well how long will this go on and why they need to panic buy >> i think first off, as an energy executive we do not like seeing extreme prices, but the cause of this is simple to understand traditionally, historically, we valued energy to be reliable and low cost and now with this modern world that we're living in, there's a new criteria, we want energy of the future to be low cost, reliable, and green.

and so, what we've seen in europe has been a transformation of their grid to prioritize the green aspects of their grid. and they've added probably, you know, more renewables in europe than any place in the world, renewables make up almost 30% of their grid and what's come from an impact of that has been a retirement of less green solutions like coal coal has been wound down their access to energy security has been cut off by lowering the amount of development that they do in the north sea, which has traditionally been their blanket for energy security. so you're left with a grid not as reliable as it should be. and a warm winter in -- sorry, a warm summer in china has put them in the competition for l&g and coupled with less wind production as expected, germany was down 20% wind production compared to what they estimated.

utilities in the uk are saying it's down 30%. that's just left this country scrambling to secure the energy supplies they need they're currently 20% under their five-year average for gas storage. so what you're seeing is you're seeing two continents compete for a product to stock up and provide the reliable energy source that that yeir people absolutely need to survive. >> some of the stuff from china, a lot of it, comes from us we ship it also europe they're buying u.s. l&g. you don't have to be political here, toby, it's a fact. the white house is talking about potentially stopping crude oil exports and stopping gas as well what's the right strategy -- is there a right strategy from a political or regulatory perspective here or let the market work? >> i think it's very simple. we need to understand the energy of the future, embrace that. embrace that green is going to be a criteria.

but the policies we put in place have to ultimately respect a balanced approach towards all three of those criteria. balance being low cost, being green, and being reliable. one of the things that the -- the opportunity in front of us today and one of the things that we're looking at this as natural gas producers and really disappointed because all of this situation could have been avoided if we can unleash american shale, the united states has been able to secure energy and independence here through leveraging our shale resources and we can do more all we need to do this is more l&g export facilities and more pipelines. and with those tools then we can leverage the greatest american resource we have, which is american shale and we can power the world and give the world the energy security they need. >> the second part of that is obviously not looking so good, which is the pipeline. the analysts they talk about your company morgan stanley just raised the

price target as well but those who love your company will say improving market access is the key to eqt. you have the gas, the man power, the facilities, you have to get it to market. >> that's absolutely right and, you know, critics of pipeline infrastructure i think need to understand when we don't have this type of infrastructure, it's not just keeping this gas from reaching places like new england, it's keeping this gas from reaching places like europe, like asia, where they burn over 40% of their energy comes from electricity where they are in dire need for this fuel source so we need to start thinking about natural gas not just as a domestic commodity but as a tool and a resource to power the world. and to do that we clearly need to have more pipeline infrastructure so we can share the benefits of american shale with the world >> we're not going to hold you to the prediction, toby, thank goodness we are in america where we are going to have plenty of power this winter, knock on

wood, how long do you think this energy crunch in asia and/or europe might last? >> i think it's going to be very difficult to see a situation with -- in europe and asia where they can actually stock up, i think they're going to be stocking up regardless of whether it's a warm winter or cold winter. i think it's going to take a period of time for them to stock up so, you know, believe that this, you know, pricing increase for l&g is going to persist for well past the winter. >> a huge story there with regard to natural gas. thanks to brian sullivan and toby rice on that story on natural gas prices coming up on the show, tesla saying so long to silicone valley as it heads to the lone star state phil lebeau has a report on that and senator cynthia loomis revealed she purchased potentially up to $100,000 of not a stock, bitcoin

the wyoming republican was revealed in a regulatory filing made just yesterday. attorneys general in 19 states and washington d.c. have filed a complaint seeking to block the u.s. postmaster general's ten year budget cutting plan and microsoft says it plans to actively look into the potential impact of making its devices easier to repair the tech giant said it has ordered a third party study on the matter and plans to make changes based on the findings next year. microsoft in the news. "worldwide exchange" is back after this

age before beauty? why not both? visibly diminish wrinkled skin in... crepe corrector lotion... only from gold bond.

welcome back to "worldwide exchange." tesla says it's packing up and moving on. announcing it's shifting its headquarters from silicone valley to austin, texas. phil lebeau joins us with more on the takeaways from the shareholder meeting yesterday. it was maybe not unexpected but this is on the record official >> reporter: i think a lot of people were expecting it, dom. so when elon musk said we're pulling up stakes as far as our headquarters and moving to austin it didn't generate as much surprise as you might expect maybe a year, year and a half ago. we'll talk about the move in just a bit but let me talk about the other pieces of moves that came out from elon musk talking at the

company's annual meeting yesterday. he addressed the supply chain issues that hit tesla and other automakers in the last year. it will be under pressure until next year. cyber truck production, by the way, which the cyber truck will be built in austin that's not going to start until late next year and there's the headquarters of tesla moving to austin but musk took great pains to say we are not completely abandoning california >> we will be continuing to expand our activities in california this is not a matter of sort of tesla leaving california as i said, our intention is to increase output from fremont by 50%. >> reporter: the texas factory by the way, is not officially open yet but we expect that to happen before the end of the

year in fact, this video here, you can -- it's remarkable how much has happened since we first shot this video the factory is essentially ready to be open and it'll start producing model wise likely by the end of the year. they're also opening a factory just outside of berlin, germany that's happening in the fourth quarter. and one note regarding semiconductors and the chip crisis that hit so many in the auto industry. elon musk saying the company has been taking its supply of chips and prioritizing those for car production instead of energy storage product production though he expects that to change as the supply of chips increases as is expected to happen the next several months into next year >> you think about it, it makes sense that electric vehicle makers are going to be more reliant on computer chips. >> right. >> i wonder, if i could go back phil, this move from the hq from

palo alto to texas, how much of this do you think is really about elon musk's disdain for california versus a real desire to be in texas where he actually lives right now? >> reporter: it's hard to know for sure, dom. i wouldn't be surprise if it's a fairly healthy mix of both probably more for the fact that he spends so much time in austin and in texas and he doesn't spend as much time in california he sold both of his houses in many california, he essentially lives in the austin area spacex has facilities down in texas. and one other thing to keep in mind, the silicone valley, not that you have to abandon it, because it's so crowded but when you go out to that tesla facility out there, dom, the headquarters are in palo alto, not far from fremont, they are landlocked and jammed. there is no room when you go out there, it hits

you in terms of how crowded it is for them. so i'm not surprised they made the decision look, let's have a little bit more elbow room. the future in terms of the giga factory in texas, let's move the headquarters down here. >> he's taking pains to say we're not abandoning california. he was even tweeting please consider joining ai tesla software or hardway ware if you would like to join but can't move to palo alto or austin, that is okay for those with talent i guess he wants people to know palo alto is still in play. >> when they did their ai day, we said at the time this is really a recruiting event. that's what it turned to be. they need ai talent. he talked about that yesterday during the annual meeting. >> thank you very much we'll see you later on today

on deck for the show, stocks are in a holding pattern ahead of the jobs report coming out. laying out what to expect in the report coming up. it's hispanic heritage month we'll spotlight business leaders and anchors, reporters and contributors all month long. here's courtney dominguez. >> study after study hispanics tend to under invest in the stock market and keep their money in cash. the power of investing is something that wasn't taught at home or school but in today's day and age it's important to know your money is working for you, growing for you overtime and the best way to secure your financial freedom is to make sure you have an investment plan in place

it's that time again, jobs

friday, payrolls are forecast to have risen by 500,000 last month versus the increase of 235,000 back in august joining us is tom porselli i lof talksing to you on jobs day because you lay out the great context. what should we expect from today's report >> it's always good to be with you guys so we're looking for some of the consensus, i wouldn't make a deal about that, we're 425, i think consensus is 500 the biggest source of uncertainty is leisure and hospitality jobs, that was the big miss last month. that sector showed zero job growth we were looking for something closer to 400,000 last month so it would be inexplicable to go from averaging near 400,000 the prior few months to zero last month but these things can sometimes happen so we built in a modest increase

in the coming month for that sector i know that might sound boring. that's the biggest source of uncertainty. i think the one interesting thing that can come out is what happens with the unemployment rate i think we're sort of expecting, if not this month maybe in the next month you can see, you know, sort of more of a -- i don't want to call it a surge because we're not expecting a surge, but i think you can see more of an increase in the labor force. just as the extended unemployment benefits expired. which obviously they expired right ahead of the survey payroll week for this report you could see some increase there, you could see the unemployment rate rise, i wouldn't make much of that, to be honest. people tend to roll into the labor force after economic crisis only when they're feeling confident about the backdrop look, i think as has been widely reported at this point, there's

about 11 million job openings versus 8.4 million people unemployed so i think they have every reason to feel confident. >> one of the things we want to talk about now is the broader narrative of inflation with regard to the overall economy. that puts into focus for me at least a specific line item that's hourly earnings, how important is that number going to be this time around >> i think that, you know, if you consider average hourly earning and what it has done over recent months, it's been rising at a fairly rapid clip. i think the reality is, if we're right that you do start to see sort of more people start to reenter the labor force, you know, you could take some of the heat off of these increases that we're seeingin average hourly earnings i think that's a reality so some slowing eventually, not saying it's going to happen this month. but some slowing is certainly possible again, i would stress because i know that will be the headline

it's average hourly earnings are flat on the month whenever it does happen. i think what you have to keep in mind is the benefit has been realized hourly earnings have been rising for so much for so many months if you look at a precovid base line estimate of what earnings would have been, had the pandemic not happened, we're wildly above where we would have been so a lot of the benefit's already in place so for the people that do start to roll into the ranks of the employed, they'll still benefit even if you don't see these sort of continued big sequential month on month gains. >> a couple seconds left here, tom. is there any number that would shock the markets right now? >> i -- i don't think that there is let me say it this way i think the range is incredibly wide to shock the market i would call it a kneutral rang.

sort of conversation that we've had over the recent days, i think the neutral range is very wide. >> tom porcelli, thank you very much have a nice weekend. >> thank you that does it for us on "worldwide exchange. "squawk box" picks up the coverage next on this big jobs friday vices. 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. baaam. internet that doesn't miss a beat. that's cute, but my internet streams to my ride. adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me.

big whoop! mine gives me a 4k streaming box. -for free! that's because you all have the same internet. xfinity xfi. so powerful, it keeps one-upping itself. can your internet do that?

good morning, breaking news out of washington. we kind of knew, though, the senate passing a short term increase to the debt limit the house set to vote on it next that's good, though. it's jobs friday futures muted ahead of the 8:30 eastern government report but we had a couple of big sessions wednesday and thursday kind of surprise snap back on wednesday and a continuation yesterday. and welcome to texas, elon

musk making it official announcing that tesla's headquarters leaving california. it's friday, october 8, 2021 "squawk box" begins right now. good morning, everybody. happy friday welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin. andrew, welcome back we missed you. >> thank you very much joe didn't i mean, you didn't hear, joe didn't miss me that much but i'm glad you did. >> we missed you. >> i can't say it enough how much i missed him. i say it in an average way i need to be like flowing with welcome back there was no gift. okay monday >> you're mad that you didn't get an airport t-shirt gotcha