clover does that. this is really good. secure payments, the tools you need, people who can help, we do that. talk to a clover business consultant today it is 5:00 a.m. at cnbc global headquarters. here is your top five at 5:00. one more trading session to go in what's been another wild week on wall street futures right now are flat for now. apple shares popping after the tech giant beats the street in the latest quarters revenues rose 11%. a different direction for robinhood. the brokerage house with stock drop after a decline in active users. it is no secret the fed is getting ready to raise rates

we'll bring you the inside scoop on one industry raising to get in on the money before it dries up and rates go higher. prepare ing for a weekend nor'easter tens of millions of people under winter storm watches right now it is friday, january 28th, 2022 you are watching "worldwide exchange" here on cnbc good friday morning. i'm dominic chu in for brian sullivan stock futures are stable for now. as you can see here, the dow implied lower by 26 points s&p higher by one point. nasdaq up by 64. the dow now is down 9 of the last 10 trading sessions that doesn't begin to tell you the story on the wild swings we've seen the vix.

volatility index with the lowest level since 2020 it has traded above 30 that indicates elevated levels of volatility. not like the peaks in the pandemic lows. very elevated given the course of the last year the nasdaq and s&p are both in correction territory s&p is 10.2% off the record high nasdaq, meanwhile, is down nearly 18% from its record high. flirting with what traders call bear market territory. it would have to drop by 20% to get to that mark the index is on pace for its fifth negative week in a row which would be the worst run since the fall of 2012 you are seeing a tick higher across the yield curve ten-year treasury yield is 1.83%. the two-year note is 1.21%

between these two, the yield curve is flattening. something i'm sure the fed is watching right now let's go worldwide rosanna lockwood is in the london newsroom. good morning, rosanna. >> good morning, dom let's look at how things are shaping up it is unfortunate here the ftse 100 is off in london. cac in france is down. we had economic data from france and germany and spain. germany was the standout xetra dax in german is down 1.6% and banks were the positive story this week, but it is down despite the rate hike. we had lot of earnings from

companies like h & m and the luxury provider. that would be in household goods. look at the h & m. the world's second largest fashion retailers. rise in raw material and shipping costs are offset by favorable u.s. dollar exchange rates. next year, we will see more global expansion up 7.2% unicredit. profit coming in better than expected despite the italian lender taking the fourth quarter hit among the ceo restructuring plan the cfo has come out in the last few minutes about share buybacks they will proceed when they get approval to do so. they dropped plans for takeover on the russian bank. if you want interesting stories,

look at unicredit. that is down in the red. that is a quick snapshot >> rosanna in london thank you. apple is the big mover of the morning. shares are moving higher by 4% it will drive the out performance perhaps in the nasdaq and a dow component we have arjun kharpal covering this for us in london. what should they take away other than the apple beat on the top and bottom lines >> reporter: if we dig into the numbers, dom, products like iphone despite the global chip shortage and manage to grow revenue at 9%. gaining traction and particularly in china where apple is the number one smart phone provider up 24% in the quarter.

key to apple's future growth and ability for the company to eek out revenues of iphone users the only under performer was the ipad down 14%. the company blaming supply constraints. it was the supply chain issues apple hasn't given guidance since the pandemic began it was the key comments on supply chain by the ceo saying he expects the current quarter to the december quarter issues manages to hit record revenue in the december quarter those comments from tim cook talking about the easing of supply chain issues are what soothed investors. that is why the share stock happened overnight dom. >> how much of this, arjun, is

the iphone and the market share in china and it regained the top spot there how critical we talked a lot about the notion that apple is trying to diversify from being dependent on the iphone. it has so much to do with the success of the company and china is the latest part of the story, right? >> reporter: right i argue it is central. think about the iphone as the vehicle for apple to get the device into people's hands and upsell on other things apple music and subscription services $19.5 billion of revenue in a single quarter that is huge that is bigger than some companies make in a year that is because apple has over 1 billion devices in the market. anllows them to continue to gro services whether it is apple tv

or music and other services. that is why the iphone is integral to the story. if you think about the products. air pods and apple watch what apple is doing in fit yes, sir fitness. central is the iphone. that is why apple needs to inn innovate that is why china is a market where consumers want leading edge and the best camera. what apple has done this time with the iphone 13 is delivered. apple has been guilty in china of overpricing phones and bringing expensive phones to the market with features that do not match up to what consumers want. this time with the iphone 13, particularly in china, they seem to have got it right >> arjun kharpal, thank you. now to the other top corporate stories. silvana henao has those.

>> good morning, dom shares of robinhood are dropping now. reporting last night among the headlines, the company posting a decline in active users and issuing a disappointing revenue forecast the company went public in july. shares are down 43% this month roughly 90% off the high meanwhile, home depot naming a new ceo. ted decker will be promoted to the job as of march 1st. he joined the company in 2000. hd shares are down year to date, but up 265% since outdogoing ce. and softbank confirming the coo marcelo claure is leaving the company. he was seen as the right-hand

man. dom. silvana, thank you when we come back, could investors be getting the fed story wrong? we'll ask one market strategist and go to the charts as we head to break, check out the biggest dow movers apple is in the mix. visa is up 4.5%. apple up 4%. salesforce up 4% stay tuned "worldwide exchange" returns after this break

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welcome back to "worldwide exchange." nasdaq is trying to avoid a fifth down week in a row for what would be the longest losing streak since 2012. ahead of opening bell, you see the russell 2000 is more than 20% below its recent 52-week high the nasdaq and dow transportation off more than 15% from the all-time highs. the s&p 500 off more than 10% from its record high the dow is off 7%. relative out performer every u.s. index is trading below the 200-day moving average. let's talk about this with sven

henrich. sven, this is interesting because we have been talking about the notion that the market was due for a pullback is this as bad as it gets or could it get worse >> hi, dominic good to be with you. let's be clear, last year the fed was under pressure with the sy stimulus they kept on transitory. we had the blow off. the technicals were deteriorating although the s&p made the new all-time high in january. what we are seeing is a technical break on everything. we see massive damage underneath you cited the equity down moves. it is worse. some of the most under sold technical readings we have seen in years this is a dramatic pullback on the technicals

this is a gaming operation in the months ahead >> do you believe that a lot of talk that has been out there over the last several days with the fed put is still in place? this notion if the markets fall that precipitously that the fed will step in with ancommodating policy does the fed put still chexist? >> the fed put is on every market drawdown since 2009 since, it has been between 15% and 20%. what is interesting here in terms of the interpretation going to fed rate hikes with five this year, i believe it when i see it. all they are doing here is talking. fed chair powell has actually not committed to anything really on this talk here in the last few days

he is talking about talking and more meetings. frankly, what is happening, with all of the rate hike expectations is ratcheted up it is a clever fed put built into the market. at the end of the day, and i said this at the beginning of the year, the easiest way to deal with inflation is let equity markets drop, but not enough for the systemic event. with markets dropping, you are tightening financial conditions. that is what has happened. global markets lost $9 trillion in value in the last month that is significant. it has an impact on the economy. wit we saw that in 2018 with 20% retail sales dropped and the fed switched policies. i'm not saying they are not going to raise rates i'm saying as the equity markets drop, it takes out the fluff and excess and impacts retail sales of the over the course of the

bring and summer, they he will tempted to ease off on the expec expectations that reacts a rally mark >> sven, we know, you and i know and many folks know that trading and investing is more complex than a simple this versus that in many parts of social media, it is boiled down to whether you buy dips or sell rips, so to speak. are you of the mind that the market has deteriorated enough to buy on weakness or do you feel there is a regime where anytime there is a pop, you use it to lighten your position? >> it is interesting as the corrections evolve, you have to be mindful of the technical signals. nasdaq, for example, we are seeing oversold levels that are

worse than march 2020. we have other signals to suggest we're actually setting up for a rally. of course, there's been a lot of technical danger done and any rally you run into major resistance points. components of the nasdaq below the 50 -- only 14% are above the 50 be aware you have to look for pivots of control. one is the daily five moving average on the s&p we haven't been above it since january 12th that is currently at 4670. we need to see the market carry itself and take control of the mas. the other is the weekly knifive ema. are you are in a bear phase. for now, every time we tag the

ma, it say selling point we need to see evidence of that behavior changing and you can get more confidence that the low is in process of being made. >> all right sven henrich thank you. have a nice weekend. still on deck, why commercial real estate developers cannot run to the bank fast enough right now why the boom could have big implications for the markets and broader economy. stay tuned you are watching "worldwide exchange" here on cnbc >> announcer: today's big number 38.2%. that was the jump in one bedroom residential rents in miami last year over 2020 according to zumper's annual rent report. that represents the biggest jump of all u.s. cities ed and secure. and your customers want seamless and easy.

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time now for the big money movers three stock stories of the morning. first, visa. shares of the credit card company jumping in extended trading after the earnings report the ceo attributing the results due to the commerce transactions he believes the economy will recover despite the surge. you can see 4.5% gains for visa. you have mondelez. down after it expects to face a larger impact from supply chain

issues to the north america seg segment. it expects costs to rise and high single digits compared to 2021 shares off 2% in the pre-market trade. finally. western digital. shares of the digital chip maker sliding. the snags to result in disappointing profit ability in the quarter. those pressure despite the company beating on the profit and revenue side of things. it was a record setting year for commercial property in 2021 sales. as investors bet on ways the pandemic has changed how americans live and work. the biggest threat to spending is rising interest rates as the fed prepares to pull the trigger on the first rate hike since 2018 let's discuss this with spencer levy the senior adviser at cvrv

spencer, thank you for joining us if we talk about the notion, that rising rates are going to be a headwind for real estate, why is it we are seeing so much construction activity right now? it seems as many parts of the country have cranes everywhere with construction projects going. >> the question my clients ask every day is do i put the shovel in the ground today or a year from now when we see lower i infl inflation? the answer is it is better today. the inflation is better than it has been in years. capital is low if you look at the shortened of the yield curve, most of the clients are getting short-rate debt those that go long, the ten-year is relatively low. i would say demand is there. shortages of housing and shortages of industrial and cost of capital is lower today than a year from now. all of those factors make sense

to put the shovel in the ground today. >> let's talk about whether or not that leads to bubble-like activity there are arguments to be made, spencer, there are parts of the real estate market that are in a bubble phase right now a growth rate that cannot be sustainable. do you feel as that's the case right now given all of the boom in the construction market we have been seeing >> i don't see that for two reasons. first, one of the things about the commercial real estate is interesting with the industrial and multifamily where we have shortages based on demand. office, where we don't have demand, you don't have office construction or retail construction those are the areas that have weaker demand than the areas i mentioned before i'm not worried about the bubble take a look at last year we saw unbelievable rent growth

in multifamily and industrial where we see the most construction in some cases, excess of 20% that will not bring growth at that level we expect advanced rent growth in 2022 and beyond. >> how much of a threat, spencer, is rising rates if you look at this, the marke s pricing in four or five interest rate hikes? you talked about longer-term debt maybe rising along that side is it a situation where the real estate market and commercial should be cautious going forward given the fact we are seeing rising rates >> long term rising interest rates, modestly rising interest rates and modestly rising inflation is good for real estate for values the only time is if we are wrong on the three or four rate hikes and it is worse than that.

if it gets worse than that, you should be concerned. if it stays in that band, it should be fine the treasury should go up by 100 basis points which is where it will go next year some time, that is still low cost of capital by any measure if inflation goes beyond what we are seeing, there is cause for concern. in the hike band, it is a favorable environment. >> expspencer levy, thank you. let's get a check of the headlines with frances rivera in new york good morning >> good morning. we start in houston where three police officers are recovering after being shot officials say it happened last night as they responded to a family disturbance call. a car chase and crash and the shootout erupted with officers the suspect carjacked a woman and barricaded himself in the

home after an hours long standoff, he surrendered. in new york, a tribute to a fallen nypd officer. the casket of 22-year-old jason repres rivera he and his partner were fatally wounded in the shooting last week services for officer mora is set for wednesday. tens of millions are in the path of the winter storm that could overwhelm cities this weekend. a nor'easter is intensifying as it pushes on to the coast. warnings from north carolina to maine and new england is bracing for 20 inches of snow plus the risk of damaging wind gusts that could leave people without power and in the freezing cold

dom, it is the weekend all we are thinking about with the kids is wanting to play in it >> i don't know about you, frances, my daughter is beaming about the possible snow day on saturday we will see what happens be safe. thank you. >> coming up we keep an eye on apple. will the apple a day keep the bears away we'll have the latest coming up after the break. here. aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme.

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apparent apple shares look to beat expectations can it be enough to save the nasdaq the longest weekly losing streak in almost a decade. preparing for a weekend nor'easter tens of millions of people under storm watches right now. it is friday, january 28th, 2022 you are watching "worldwide exchange" here on cnbc welcome back i'm dominic chu in for brian sullivan on this friday morning. let's get you caught up on the markets. we are halfway through the 5:00 hour let's call it relative stability. dow implied lower by 85 points meanwhile, the s&p implied lower by 4 points. nasdaq higher by 56.

the vix, vot tilatility index, hitting the lowest level since 2020 you can see some of the highest levels we have seen in multiple years. the s&p 500 and nasdaq are in correction territory so to speak. nasdaq down 18% from the high. index down the fifth week in a row. the worst run since the fall of 2012 we are watching interest rates closely. the focal point for conversation in the markets treasury yields just about 1.83%. on the currency side, look at what is going on there euro is lower against the dollar dollar/yen dollar strength versus the pound.

1.3373:last trade there. dollar strength is the key theme. energy prices despite the fact we are seeing a higher dollar. wti crude. $86.76 brent up $89.50. cryptocurrency bitcoin prices are higher by 2%. 36,625 look at shares of apple. popping after the first quarter earnings report. apple saw revenue growth in every product category except ipads. that's $124 billion in revenue growth just for one quarter. the company is still declining

to offer guidance. ceo tim took telling our julia bourstin that it is likely to increase we have daniel flax with more. daniel, if you talk about the results and we spoke with arjun earlier that apple is a juggernaut it is the apple ipad that was weak what was the key take away for s you? what got you excited about the report yesterday >> good morning. it was about the continued innovation and what remains a difficult environment. this innovation is extending across multiple areas. iphone is healthy. we have strong growth in services wear wearables. watch. the mac. a lot to like here

this is the broadening that sets the company up well for the next 12 to 24 months for growth perspective >> what does the next 12 to 24 months be about? on the continued focus on the services side of the business? it wasn't that long ago we talked about amazon as a retail operation. now focus on web services. is the same thing going to happen this year with regard to the apple ecosystem with the app store and everything else? >> in the near term, dominic, we will see slowing growth driven by what a very difficult compares with the business in the pandemic as we look out through the year and importantly into 2023, the install base is growing. the company is delighting users across the product line.

even ipad where it was down. i would anticipate more in the balance of the year and as we look into next year, you of course, will have new products introduced this year which drives growth in 2023 and beyond so, this is a story if we step back about innovation and reinvention. we remember the ipod about two decades ago. it attests to the fact that apple continues to invent and redefine users experience which is the driving experience in growth >> we talk about the ipad and iphone they were revolutionary. k now they are evolutionary. what is the next big thing is it the car? is it a fitness type of

operation? what is it for apple that you think over the coming years they want to tell investors to get them more excited about the company? >> i think it will be a few things we actually see signs of it right now. if you think about the health care opportunity for apple and the fitness opportunity. the watch has a lot of key f features with the ekg. you will see more in the health care space if you look at the fitness arena. you have fitness plus. that combines service and the watch. i would expect apple to extend the health ckcare offerings int more services. that is the ability to work with others as well and bring an innovative experience that many cases as we know from the company helped users lead

healthealth he healthy and often saved lives. apple has a role there what is important is they get the experience right and what we have seen from the company historically, they rather would bring a product to market when it is ready rather than rush it out and have the user experience be anything other than terrific. you mentioned the car. i imagine they, along with others, are doing a lot of work of trying to think through what the car of the future looks like there is opportunity for them there. if they are able to push the products and experiences forward, introduce new things and keep users happy, increase the size of the install base that is the key to me to creating shareholder value over the next couple years sdplchlt app >> is apple a relative value or relatively expensive at those

levels >> i think the stock is attractive here over the next couple of years. it is driven by the growth and free cash flow generation. we look out further and see tremendous innovation ahead. so, they are not going to be successful with everything that they do. if they are able to innovate and create new products and new services that delight users, that, in my view, is the key that will also translate into revenue growth and free cash flow generation. if they are able to do that, i think this is significant shareholder value to be created. >> daniel flex, i appreciate it. coming up next on the show trending stories and bomb cyclone i like saying that with regard to weather not sure i want to live through one. supply chain issue with

cookbooks falling off a ship the story you need to hear to believe. as we head off to break, we have a few of the big money movers robinhood dropping very large. down 1% after the post of decline in active users. home depot naming a new ceo. ted decker will be promoted to the top job as of march 1st. home depot shares flat softbank reporting that marcelo claure is leaving the company. the two parties have been talking about it for months. claure has been the right-hand man to ma's son. you can't buy security. you can't buy happiness.

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cool. thanks. nice. secure payments, the tools you need, people who can help, we do that. talk to a clover business consultant today. welcome back to "worldwide exchange." 33 million people under winter storm watches from eastern north carolina up to new england nbc meteorologist bill karins joins us now bomb cyclone i like saying it, but not living through it >> it means we have a powerful storm developing quickly the bottom line. this will be a blizzard. this will be the first blizzard in many areas of the jersey shore. possibly maryland and delaware and cape cod this is a serious storm.

let's get into the numbers millions of people that number has grown exponentially in last couple hours bou hours because of the advisories. up to 43 million people in the winter storm watch or warning or blizzard warnings. the blizzard warning is the worst criteria for the jersey shore and maryland and on cape cod. what happened overnight is that we got more agreement with the heavy snow is going to fall on the i-95 corridor from baltimore to philly to new york city a ton of snow on long island and areas of cape cod. the area of blue is 3 to 6 inches of snow in maryland and delaware coastal new jersey someone could get a foot to a foot and a half of snow. totals will be highest on cape cod. 18 inches from boston to nantucket. someone could get 2 to 3 feet of snow we will probably get thunder snow for a period of time on

saturday afternoon it will be a cold snow a powdery and fluffy snow. winds gusting 600 m miles an hor from boston to the cape. we will have snow drifting between 3 to 5 feet in areas because it is a light and powdery snow if it is blowing, you will have more in your yards with the power outages, you could get them with winds 60 miles an hour. widespread power outages are possible coastal areas of maine, massachusetts and long island. we are setting the stage today for the big storm later tonight and tomorrow, dominic. the other thing i'll mention the forecast in miami is 37 degrees sunday morning people in south florida are not happy with the storm it is not just us in the northeast. >> it is funny i watched our sister network

golf channel the lpga in orlando. puffer jackets and beanie hats how long can we expect this extra cold spell to last is it quite some time or could we get back to normal winter weather soon >> that is what is interesting about this storm this is the marking point of the end of the really cold period of winter weather by the end of next week, much of the east coast is going to be 40s and 50s and 60s new york city could be in the 60s by next friday we have to get through the storm and we get through the harsh winter period. >> bill, have a nice weekend thank you. to the top trending stories. a ride share deal. ultra wealthy philanthropy and

cookbooks lost at sea. silvana. >> reporter: uber and lyft the companies have been seeking a deal for years statehouse lawmakers are considering a bill to give drivers like paid sick leave and keeping the gig workers status they would not have to transition to full-time employees. the world's richest people donated $175 billion to causes in 2020. that is according to data firm wealth-x it was up compared to 2019 in the year marked by the fallout of the covid pandemic. donations by institutions and public foundations saw an increase of 1.5% in giving about $264 billion donated the report says there is evidence donations remained

stable or strengthened moderately there are supply chain issues and supply chain issues the entire shipments of two highly anticipated cookbooks are lost at sea after the cargo ship carrying the books rolled over into the atlantic ocean while waiting to clear conjunction the storm rolled the cookbooks by restaurant turkey and the wolf and mess l melissa clark were stuck in the containers release dates have been pushed back >> the real definition of supply chain issues sil silvana, thank you on deck for the show the kick chicken or the gg. how this could be telling us something about the market right now. if you haven't watched us, check us out oyon ur podcast on

spotify or your podcast format of choice. we'll be right back. ♪♪ i am daniel dibiasio, managing director, morgan stanley wealth management. a great way to start with a high schooler is to start with something simple and achievable, yet dynamic. could be making a purchase, like a pair of sneakers or a sweater. saving to have a few dollars for a future purchase. or how much money do you think you spent this week? and starting with some actual facts. so it's an exercise i think to be engaged together with your children, rather than giving out like a homework assignment. having a job as a teenager is an incredibly valuable experience and not necessarily just about earning the money, but understanding what it takes having a job. and so just keeping it simple and bite-sized and moving them through a conversation over time is probably a better way to do it. i am daniel dibiasio and we are morgan stanley.

welcome back that is a live shot right now of our friends out in chicago a snowy morning right now at 4:51 central time. things just getting going there. we will expect a lot of that snow over here in the northeast as well. not with that system still, chicago, good morning to you. check out the russell 2000 small cap. this marks the first bear market for the index since march of 2020 russell is sensitive about the economic growth and rising interest rates that is everything the economy is or may experience in the months ahead as the fed tightens policy if you look at the picture overall, as you see the pull back with regard to the russell 2000, it has broken out of the trading range we have seen for the better part of the year.

the russell 2000 may be an indication for the broader market we will see if that happens. let's talk more about this with emily bowersock hill.emily let's talk about the small caps. >> i think it is tremendous important. you know, frankly, can you hear me okay? i may have internet issues >> we got you, emily great. >> okay. the russell has struggled through 2021 i don't think it is terribly surprising to see them bleeding the correction and going into bear market or close to a bear market over 40% of the nasdaq is, you know, down 50% of course, you know, most people have an allocation to small caps

in the portfolio retail investors have a larger percentage than the typical investor and institutional investor that will have an impact >> if you look at the small cap picture, has it gotten to a point where it is compelling or still too many clouds with regard to covid and variants and impacts and rising interest rates for you to feel comfortable in the small midcap side of the market emily bowersock hill, are you there? i think we lost her. if you look at what is happening with the markets right now, the reason why it is important to talk about the bottoming process play out or not is because we have seen the favorite past market, the s&p and the nasdaq, with the biggest pull back. the biggest since the pandemic

lows we have focused on the value trade and economic stocks and industries tied to energy and oil and gas. tied to materials. tied to industrials that would rebound as the world, not just the u.s., but the world recovers from the covid pandemic. in that time, you could say the mega cap technology trade has taken more of a middle to maybe not backseat, but middle seat to the process. since the financial crisis lows we have seen, it has been the consensus trade and one that many profited from over the course of the last 10 to 12 years. whether or not you look at apple or microsoft or amazon or meta, the company formerly known as facebook, or tesla, many have been indicative of the value trade middle cap there watch apple because of the shares up 3.5% right now. check what is happening with interest rates they heare centered to the

conversation with the market pull back which is one that is driven by fears of growth. ten-year is 1.83 in the last trade there. in the commodity market. brent crude is $86.96. ice brent crude is up as well. on the currency side it has been dollar strength. euro and dollar/yen and pound. all action with that movement. keep an eye on those cryptocurrency have been the most volatile. bitcoin and ethereum as well as other smaller alt coins. keep an eye on those that does it for us on "worldwide exchange" on friday morning. markets are stable for now

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apple should help in the session. stock rising on the earnings and revenue. we have comments from ceo tim took on the supply chain. executive shakeups at softbank and home depot. spotify's loss and sirius fm's gain. it is friday, january 28th,

2022 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm becky quick with joe kernen and andrew ross sorkin tgif we will look right how at the u.s. equity picture. dow is down by 100 points. that doesn't seem like much compared to the week s&p is down 8. nasdaq up by 40 points if you look at the week, it has been a heck of a week. you know this if you have been watching you will see for the week the dow was down the s&p was down 1.6%. nasdaq off 3%. fo