at chevron, we're taking action. tying our executives' pay to lowering the carbon emissions intensity of our operations. it's tempting to see how far we've come. but it's only human... to know how far we have to go. it is 5:00 here at cnbc. here is your top five at 5 target and lowes set to share quarterly results. warning. yellen saying to raise the debt ceiling. and the ev race. and the battle against covid fda looking to authorize a

pfizer booster for all adults as soon as tomorrow another sign this is becoming a crypto world and we are all living in it wait until you see how the staple's center in l.a. is being rebranded in one of the largest deals ever you are watching here on cnbc. >> good morning. happy wednesday. i'm frank holland for brian sullivan this morning. here is how your money and global markets are setting up. we are seeing here a bit of a mixed picture. nasdaq moving higher the consumer again is in focus

target and lowes we are watching for today. now a look at the treasury yield. wti and brent crude. we'll watch october building permits. that housing out at 8:30 eastern. pointing to a bigger draw down than expected. last week, the pressure that could force the biden administration to release administration reserves. much more clearly from our london news room with juliana. >> i will do my best the big data point today in the uk is the consumer price index hitting a 10-year high in october with price increases

accelerating 4.2 compared to the last month will pile even more pressure on the bank of england when it hikes rates against in september. we are flat and now gains have tempered some what out to the european markets the stock 600 higher to just under 490. yesterday hitting an all-time high it has been an incredibly high run and continuing today. from a sector perspective. this is what it looks like media

up on the down side travel and pleasure down 1.25%. there are renewed restrictions oil and gas on the rise. auto and tell con. highlighting the ftse 100 is underperforming on the back of that early strength. >> you delivered as promised lady in red. thank you. >> other top headlines bertha is here with those. good morning >> good morning, frank treasury secretary janet yellen says december 15 is the date to watch. saying the treasury would be left with insufficient resources to keep financing beyond that date the new date is 12 days later than the december 3 deadline

that letter based on the fact that congress had just passed the $480 billion disney shut down hong kong park after a positive covid test any person who visited between november 14 to 16 will have to be tested. they have been plagued with mul multiple closures since the start of the pandemic. musk sells another $900 million in stock assuming he will sell the full

10% of his shares as he promised to do. he's now about half way there. looks like the market is starting to take that in stride, frank. >> those are billionaire problems >> thank you again >> investors are making the the biggest gains. 29% over global equities expecting a global economic boom saying inflation is transitory still tops the list of tale winds including rate hikes by central bank and china we'll have much more ahead when we come back twitter rolling out warning labels on false and miss

informing tweets >> ev startups and the latest. >> president biden will make his final decision on a new fed chair. a very busy hour still ahead when "worldwide exchange" returns. offers investors a broader view. ♪♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. your doctor gives you a prescription. let's get you on some antibiotics right away. you could have it brought right to your door, with 1-to-2 day delivery from your local cvs. or same day if you need it sooner. but at a time like this,

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movers shares up just about 7%. higher profit in sales on demand for furniture. twitter warning out new warning labels on false and misleading tweets adding orange and red so they stand out more than the old blue showing a 17% increase of click through rate which means more people click on them to lead to tweets that debunk those posts >> rivian and lucid overtake now overtake vw and ford lucid surpassed ford after

ordersfor the first car jumped to 17,000. market cap $91 billion about $12 billion more than ford three of china's biggest tech giants. baidu, alibaba and jo.com. some investors have been shying away check out the k web down more than 30% this year is it now safe to dip your toes back into those waters let's get to cirrus. talking the k web. down about 30% the last week up about 5%.

are investors now thinking they've been told now the chinese policy to ensure social adhesion and income and things that keep the communist party in power. in the long term, if you believe china is going to be the global superpower by 2040 and you are purely motivated then you have no option to get into the market now because it is relatively cheap. >> huge chinese techcompanies

showing for the regulations that had come down hard on them that share price has become more well positioned. is the risk of regulatory crack downey less in the west. these kind of privacy issues could be a regular torry crack

down in the west china has shown there can be a crackdown on the sector. people have been talking about this for years that tech had been out of control and regulators hadenacted. >> with those actions with video games and online restrictions. the president of ten cent calling these restrictions or crack down the new normal i think the answer is that we just

don't know the right moment is with electric vehicles and the chinese semiconductor sectors. really the weakest link in tech armor. >> one last question t rowe price says near term volatility in china creates an attractive opportunity with solid exports. do you share that opinion that right now, these chinese stocks are attractive how long a horizon do you see that being the opinion >> i think for the short term, they are extremely risky a lot of that applies to the tech in the west on a longer term, in the 10-year view, now is a great time. on the assumption you think china will be the global

superpower by 2040 or 2050 and that you are disregarding the esg issues remember in the west, investors like black rock have said they are going to penalize. and chinese tech companies are not known for being the best at esg. overall, chinese tech is cheap >> thank you, cyrus. i'm going to call you cyrus m. and coming up, why all adults could be rolling up their sleeve on boosters the pfizer shot could be days away today's big number 66%. that's the share of the largest u.s. publicly traded companies that have reported larger profit

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welcome back let's get a check on the morning with philip mena in new york >> good morning. the jury will continue deliberations today in the homicide trial of kyle rittenhouse. critics pointing out the unusual move to have the defendant

randomly choice the six alternates he was 17 years old when he opened fire on several people killing two during a protest in kenosha, wisconsin charged with five felony counts including first degree felony homicide a vote today to censure paul gosar for posting a viole violet animae video of an attack on alexandria ocasio-cortez and killing biden. he removed those posts but did

not apologize. britney spaers speaks out. >> i'm grateful each day to have keys to my car and owning an atm. owning cash for the first time and being able to buy candles. talking about a tell-all with oprah. if you drink coffee or tea, you may be lowering your risk of stroke and dementia with every cup. those who drink two to three cups coffee or tea have a 32% lower risk of stroke and lower risk of dementia how about that >> are you a coffee or tea drinker? >> i like both

sounds like i'm doing well for myself according to that study >> i may need to pick up a cup i never drink coffee or tea but maybe i need to start. stay brain strong. no part of the economy crypto is not touching right now. how it is touching the sports world in big letters and even bigger money check us out on apple, spotify and other psap on "worldwide exchange." we'll be right back.

yesterday, home depot and walmart. earnings and the consumer continue to drive the market action we speak with top ranked expert on expectations. >> and taking a page from madison avenue with massive messaging overhaul when it comes to the $1.25 trillion spending package. 20 years and $700 million. say goodbye to staples and hello to the crypto.com arena. you are watching "worldwide exchange" here on cnbc

>> welcome back. i'm frank holland in for big papa a mixed picture with the futures. dow down fractionally and nasdaq up crypto falls below that 59,000 mark ripple up and ether and litecoin up as well yesterday, walmart and home

depot. what do you expect coming up today. >> i expect more of the same that's one of the big eger risk retailers are going to take. you look at target they are very forward looking. they are going to try very hard to minimize disruptions. if i saw one blip, the number of trips decline. suraverage basket size was up and revenue earnings the average ticket was up. when you have higher oil prices that does eventually hit consumers and there are other warning signs out there. that struck me as pretty much overlooked >> yesterday, walmart and home depot and yesterday lowes.

do you see that same kind of performance we saw from home depot? >> yes lows and home depot are both benefitting from a huge home renovation boom. it is not really going to stop people bought houses when you buy a house, it takes months or long tore be upgraded. this isn't a one and done or monthly change these things take quite some time it is hard to hire contractors we are looking for work and they are telling us to wait months or weeks and some deliveries could take a year. i think retailers will be strong household debt levels are low. wage gains 4%, 5%. several years of wage gains now. the consumer is strong they are spending money.

that's the bright spot in the economy and optimistics for investors. before we cut you off, cycles you say double digit gains will hit right before the.com bubble burst. this is unlikely before the fourth year double digit gains >> that prior time was 1943. i think investors need to realize this is not going to

continue p.m. shouldn't just jump in because it is a great party. >> wall street is one way. i'm going to steal that and post it later and take credit for it. top stories with bertha. you got a line i can steel and tweet out. >> wait until the end here good morning, frank. the fda is working to authorize the pfizer booster shot for all adults as soon as tomorrow the move would expand the number of eligible americans by tens of millions the special committee has a meeting scheduled for this friday to discuss the booster's efficacy and safety. >> as pfizer has asked regulators for the pill to use in high-risk patients by the end

of the year. finding that pill to be 89% effective. president biden says he will make the final decision on the fed chair nomination in about four days. new comments come after the white house officials say mr. biden was still weighing whether to keep jay powell around for a second term as fed chairman or elevate the fed governor to the post >> a new era, folks. the staple's center in los angeles will be renamed the crypto.com arena in a 20-year, $700 million agreement one of the largest deals of its kind of, the official home of the nba lakers and clippers, the nhl kings and wnba sparks will

be renamed on christmas day. the new logo revealed when the lakers play the nets the center opened in 1999. crypto.com ceo will be on tech check to discuss the deal. 1999-2000, we saw the sock puppet in pets.com do a super bowl ad. being able to spend money like that doesn't mean it is going to last forever but it puts a real kind of pin there as a moment. >> i was not expecting you to pull a sock puppet from super bowl 1999. >> this is what it reminds me of is this one of those peak moments or really moving into an

era where crypto has arrived >> christmas day will be a big day. great game that day with the lakers and nets. turning now to the nation's capital. democrats hoping to pass the build back better social spending plan before christmas as the house votes to approve the spending measure here with the time line. new messaging democrats are hoping to sell ahead of the midterms the key word here, inflation >> democrats don't want you to talk about inflation that's why they have been criticized for how much the social spending package costs and they are trying to turn the tables for how much this will give back to working families listen to president biden during

a trip yesterday. >> a group saying it will bring down the costs and reduce inflation. >> those economists he refers to one is the husband of treasury secretary janet yellen because this agenda invests in long-term projects, it will ease long-term inflationary pressures. >> showing this would boost gdp and create jobs but shows inflation would be higher in 2022 and 2023 if this bill is passed by as much as half a percentage point moody's calls concerns of run away inflation overdone.

republicans are already calling this biden flation >> is this going to hurt democrats in key states? >> democrats have struggled to find what their social spending is all about leading to the focus on the price tag. originally $3.5 trillion some want it as high as 6 trillion

>> retail earnings reporting for heavy weights reporting after top and bottom line beats. >> negative warnings from retailers outweigh announcements. that remains to be seen. >> supply chain and freight costs may be good enough to overcome issues at least now >> what does all of this mean. thank you for being here >> we mentioned this

walmart and huge quarters continue to spend and spend. how do you see target numbers shaping up, lowe's numbers shaping up has all of the spending already been done? >> i don't think so. i think the holidays will be the blowout here talking about 22 being the question mark. i think holidays will be really strong particularly for these companies that have been able to get goods to the u.s walmart talking about renting ships and getting things here through any means possible walmart is really well positioned target is and home depot and lowes, also costco all these big retailers are set up well.

>> a lot being able to buy early that shift of services and how does this play out you'll see the big ticket and small ticket the question is how do we proceed we've been talking about this all for general really a fairly significant task fuelling money for rent or food. the holiday savings. we do too but not to the degree.

we look at these stocks. sales are going to be strong and we look at the sales are they already priced in or will they even outperform the market >> it depends. we saw two things yesterday. home depot were able to bring a lot of money to the bottom line. walmart wasn't able to transfer those higher sales it depends how the cost and freight costs are up home depot was incredible to things put this up target has been doing that and so is lowes dollar general is

having a hard time albertsons really well stocked i think it depends and also retailer to retailer. california is struggling where chicago is a lot better yesterday. >> appreciate the insight. thank you for being here don't miss two interviews coming up later today brian cornell in an exclusive interview and lowe's ceo >> coming up, more on the ev surge and what could be the new big three when it comes to u.s.

automakers that's coming up so, who's it going to be? tom? could be danny. guess it's on maggie. should we have another one? talk to us about retirement today. feel comfortable about tomorrow. massmutual.

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kick pain in the aspercreme. >> now the head of partners is speaking out leslie joins us now. >> good morning. the latest out later today

the first ever tv interview. coming on the heels of his firm topping top notch spot in private equity performance unable to discuss the figures. the recent success while noting significant macro risks on the horizon. >> we are big believers in long-term tech markets are frothy you'll have to pick and choose and that's more than doubled the rate of gdp. seeing two areas of large scale

froth perhaps the stages of the bull market. >> despite risks he sees, adding to its $25 billion and putting capital to work. to watch our full interview or subscribe to our news letter go to cnbc.com. >> why the interest in founder >> typically you see more of a bc style investing historically founders have had this whole ethos he said ethos is really

changing the idea that they do want to have more of a partner take control and change things from a private standpoint from the private market i thought that was an interesting comment as well. >> we appreciate that full interview. >> back to a few names we've been watching all week tesla, lucid, rivian all with market caps larger than the old big three. on the left, the traditional automakers you see gm, $90 billion. ford, $79 billion. tesla over a trillion. rivian at $147 billion and

rivian at $89 billion. to back it up, b covering tesla with a sell rating and 638 price target thank you for being here. >> thank you, frank. >> looking at these valuations 16 to 18 times much higher. that short term price can be justified. >> are you aware of another company called arrival how come that company hasn't seen that kind of gains when they have very similar u.s.

models >> in terms of the company but how the ev industry is varying very, very fast. more than tesla to get into the industry so much more than three companies. that's more than one of the reasons behind this. >> you said tesla was overpriced how does that impact your view of thestock?

>> looking at the old big three in that ev business. for those vehicles in the new big three. buying in for the big time ev makers for passenger and commercial vehicles also need to pay attention to the chinese market as we can all see. that gap between tesla will be

smaller. >> especially for these ev markets. >> looking for hints from stocks are headed from here take a look at the options market follow the podcast check us out on apple, spotify and other apps on "worldwide exchange." we'll be right back.

your doctor gives you a prescription. let's get you on some antibiotics right away. you could have it brought right to your door, with 1-to-2 day delivery from your local cvs. or same day if you need it sooner. but at a time like this, aren't you glad you can also just swing by to pick it up? and get your questions answered. because peace of mind is something you just can't get in a cardboard box. that's healthier made easier. at cvs.

welcome back stocks are right bee love record territory. most signs point to more signs

ahead. >> last time you were here, your parents were settling into to a move to florida. >> hawaii. >> hawaii. i knew it was somewhere i liked. >> i think probably because we are heading into thanksgiving where you are already seeing things strip in and seeing this level of volatility. it is probably not something that is going to be staying at this level >> you you are saying voluntary is transitory? on a serious note. you are mentioning really low volatility when it comes to

stocks and bonds as a leading story. >> i do? i think that's one of the reasons why the volatility cannot stay at theselevels especially when people aren't paying attention >> asking you about that where do you see it because of course everything that comes up must

come down. >> i think when you look to the retail base trading through robin hood, they do like those call options we saw rivian trade yesterday and go to the moon right away. that has had an interesting technical impact on our market typically, our market has more expensiveness on the did you know side to the upside. it has given you an example of a time that could sell expensive options. that's making a lot of things like collars as a hedging tool >> i'm not a big gambler >> i'm a poker player. >> i don't get it at all i have been to a casino.

i watch the roulet and when i see like 10 reds in a row, i think i'm going to put a chip on black. it has to change >> does it impact people's decisions to buy options and shorts >> i love that analogy the reality is when you look at red and black, there is a 50/50 chance if you saw it 10 times in a row, it does have a psychological impact people saying maybe i need to put a new chip on the corner >> interesting strategy. i'm never going to play texas hold em against you.

>> thadot es it here on "worldwide exchange. "squawk box" coming up next. #1 for diabetic dry skin #1 for psoriasis symptom relief and #1 for eczema symptom relief. gold bond. champion your skin. this is elodia. she's a recording artist. 1 of 10 million people that comcast has connected to affordable internet in the last 10 years. and this is emmanuel, a future recording artist, and one of the millions of students we're connecting throughout the next 10. through projectup, comcast is committing $1 billion so millions more students, past... and present, can continue to get the tools they need to build a future of unlimited possibilities.

good morning more retail reports oven the way. we'll hear from lowes and target this hour, we bring you two big interviews with company ceos employees at act vision as employees walk off saying they knew about sexual allegations and didn't inform the board. >> expanding booster shots the fda could authorize a third pfizer jab for all adults as soon as tomorrow september 17, 2021 "squawk box" begins right now

becky quick is with us and is live from a target store. what is going on today >> it is a big week for retail out with numbers today. it is target reporting i'm at a target store on 34th street you usually think miracle on 34th street and macy's this year, big box retailers target cape out with better than expected numbers but stock still down target today, the street i