it is 5:00 a.m. on wall street here is the top five at wall street could the win streak be at risk? futures are down. breaking news from japan former prime minister shinzo abe dead after assassinated at a campaign event the latest on what we know. elon musk's bid to buy twitter in jeopardy. talks are taking a new turn. a troubling report revealing how many hundreds of billions of taxpayer dollars were wasted on

the covid loan program. and your weekly list of the top five insider buys is back with one big stock and investor at the top of the list it is friday, july 8th this is "worldwide exchange. welcome from wherever in the world you are watching thank you for joining us here on cnbc i'm brian sullivan we are sorry to say we have to begin the program with news that former japan prime minister shinzo abe is dead after being shot abe was giving a campaign speech for the parliament elections in the city called nara and the gunman opened fire local media reporting that the suspect is in custody. before abe succumbed to his injuries, the defense minister

and abe's brother called it an attack on democracy. japan has virtually no private gun ownership and very little violence of any kind we will have more coming up throughout the hour and day here on cnbc. shinzo abe dead at 67. now to the markets stocks trying to make it five in a row for gains. that's not looking promising dow futures off 114 points nasdaq down 48 down .20 things could turn around markets popped on thursday the nasdaq jumped more than 2% very good breadth internally 84 of the nasdaq 100 moved higher the bonds are just below at 2.98%. in oil, so much for some $100 price. $102 and change. it rose above 100 on thursday.

the recent price drop may be hedging on futures contracts than any demand. as we have shown you in most global recessions, oil demand had not dropped much in fact, 60 years, oil demand has fallen in a year ten of those times. bitcoin climbing above $21,000. bitcoin just above that at $21,400. ethereum is mildly lower as well let's get a check on the global markets and go worldwide. joumanna bercetche is back she is in the london newsroom with the early trade in europe joumanna, great to see you >> great to see you, brian great to be back i have to say, it is a sobering end to the week with the news from japan that said, the markets are declining.

you see a lot of red on the board. this despite the fact that the stoxx 600 had a good week for the most part. up 3 points today. today it is slipping back in the negative territory nikkei slipping a few percentage points a lot of political turmoil with the news of the this is the reaction in the uk stocks. cac is down. germany is in focus with lots of talk about a potential bailout of uniper, the largest gas importer of russian gas. geoff cutmore has been talking about that all week. we have seen wild moves here you see behind me we are at 1.01 with the euro and dollar this is the lowest the euro in

20 years this is the worst week for the euro in the last couple months down 2 points on the week. big question as to what this means for the ecb. a lot of pressure on them to start hiking back to you, brian >> joumanna bercetche in london. thank you. to the top stories including major shakeups at retail trader favorite gamestop. kristina partsinevelos is here with that and more >> good morning, brian gamestop is announcing it has fired the cfo. it is making job cuts across the company as part of the turn around plan. a source telling cnbc that he was let go because he was not the right culture fit and too hands off. the source adds he was pushed out by the chairman. shares falling 5%. a different story for levi's the clothing company says the

results for the second quarter benefitted from the americans opting for more relaxed dress roads at work. levi's reviving the net revenue and hiking dividends and celsius accused of fraud. a former investment manager said they used customer profits to rig the token and fail to properly hedge risks resulting in freezing assets it is accusing celsius of running a ponzi shcheme. a credit crisis in the crypto market brian. >> just truly incredible in a matter of days so many big players wiped out. rattling the confidence of crypto kristina partsinevelos, thank you. the macro markets gearing up

for the jobs number out in a couple of hours at 8:30 a.m. ahead of that, two fed members signaling sharp rate hikes on the way. governor christopher waller and james bullard stressing they need to get policy in restrictive territory to combat fl inflation. they are playing down fears the u.s. economy is headed for recession. let's bring in gina sanchez. our cnbc contributor i don't know if you saw the movie "platoon" with charlie sheen. his troop mate says, wrong, right, you ain't never been right about nothing. that makes me think about the federal reserve. we have to listen to what they have to say. they whiffed on so many things for so long. what is your level of faith in

the fed? >> the fed is very, very, very late to taking away the punch bowl at this party this party has gone into overdrive. now they are attempting to do their job, they're doing it in a ham-handed manner. right now, i would say the chances of the fed is right are low. there are those that argue we are probably already in recession, at least a mild one nobody thinks we're going into a steep rehe scesrecession. there is a meaningful concern that the very aggressive rate hike that's targeted against inflation that's being driven by commodities, lately, and that's not a kind of inflation that the fed is usually effective at controlling. it is a head scratcher >> yeah, they can drill more oil wells or produce more steel pipe

or ships or shipping container they can control the inflation gina, if we go into recession, you believe it will not be that steep or severe is that fair to say? >> that's our current ass assumption if we go into recession or if we are there already, it will be a mild recession we were already coming off the back of the rebound as covid pandemic started to feel like it was coming to an end it turns out it's not over yet the closing of the economy and we had a big reopening and we were on the back of that boom already. this really cooled the economy quickly. i don't think it was the fed that did that. it was oil prices that did that. that's what cooled the economy

>> that's why we talk about it so much. pretty much every day, gina. if that's the case then, the calculus we have to do with regard to stocks is trying to figure out how much earnings estimates are going to come down or earnings themselves not just estimates coming down or put the appropriate multiple on that and come up with a number yesterday, oppenheimer dropped their estimate i expect more will do the same do you expect that >> yeah, we're expecting these to come down if you assume that companies will have to revise down earnings and that's the general assumption, and ours, you have to assume we are not as cheap as we look right now. right now, we look fairly valued some might say money should come rolling in as soon as you get the earnings, we will look expensive and

markets have to come back down again. we see another bout of re-pricing over the summer or late summer or early in the fall that is the scary time in the markets. as what was said, october is a scary time in the market so is july, september and november we are going into the fall time period when we could have a second round of re-pricing in the markets in order to deal with where we land in terms of interest rates >> yeah. we'll see what happens a lot of fed chatter see if they lose full control of the markets. gina sanchez, thank you very much appreciate it. all right. we have a lot more to do on this friday when we come back, japan, the world, in shock. much more on the assassination of former japanese prime minister shinzo abe.

shot dead at 67 years old. next step force the uk following boris johnson's resignation. steve sedgwick will talk about who may step into the role and when and opportunity friday here on "wex. the weekly insider buy segment is back and one big-name veoropng the list. we roll on right after this. s, s o it's a place to change the world. loopnet. the most popular place to find a space. only at vanguard, you're more than just an investor you're an owner. that means that your goals are ours too. and vanguard retirement tools and advice can help you get there. that's the value of ownership.

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all right. breaking news from overseas. japanese media reporting former japan prime minister shinzo abe is dead after being shot the 67-year-old was giving a campaign style speech for the parliament elections in the southern part of the nation when the gunman opened fire abe was the longest serving prime minister the media reporting that the 41-year-old male is in custody abe's brother calling the an tsa sati assassination attempt an attack on democracy japan has virtually no private gun ownership. leaders making statements expressing condolences we will have more throughout the hour and day here on cnbc. shinzo abe assassinated at 67 years old. still on deck. we will get more old story as

the details continue to roll in. plus a spirit airlines saga taking another turn and another pause. we'll tell you about it after isho bak [sfx: street ambience] ♪ ["fly me to the moon"] ♪ ♪ ♪ imagine a community where millions share ideas and

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welcome back the race to replace boris johnson as the britain prime minister after his decision to step down. the decision less than 24 hours

after the announcement several political leaders are throwing their hat in for the job or testing the waters. steve sedgwick is with us from london steve, who is stepping up to potentially be the next prime minister of the united kingdom >> reporter: brian, i knew you would ask me that. i don't want to answer the question yet if you come to me on monday, i'll have a better idea. they are all trying to do it i came here yesterday speaking to the back bench mps, including one who put in his resignation letter yesterday morning when i was on the phone chatting to an mp, his phone went he said he has to answer it. it is a candidate trying to get to be the backer each of the candidates who gets the first ballot on moniday or tuesday, needs eight mps to back them they were starting to canvas

support to get the eight namesoh politics apart from boris johnson and his deputy dominik robb will try to stabbend for i. the home secretary and the chancellor and former chancellor and treasury secretary as well the former health secretary and former health secretary jeremy hunt the list is endless and a number of names you haven't heard of. by the end of next week, we will be in the latter sdtages of finding out who will run in this kentucky derby we will see who will have the job until they sort out the successor of boris johnson that is what is happening in westminster today. >> what are the betting odds is johnson staying on as you

noted yesterday as a caretaker until the fall or listen to the critics and make his exit immediately? >> reporter: you will love this. he wants to in part because the country retreat of uk prime ministers is a list. he wanted to hold a summer party there as well. among other things, he wanted to get his party at the summer retreat. that will probably not happen. what will happen is the institution called the 1922 committee, the executive committee of the conservative party within parliament will set the rules to get the process going quickly. maybe we don't have to wait until october. possibly get it do after summer recess they get a big party here. way bigger than you and an i at cnbc maybe by september we get this sorted out >> steve, i would not take a holiday right now. you know as well as i do

we cover the energy markets. we have an energy crisis coming up in winter i know there have been reports of the uk trying to reopen the rough natural gas field that it closed down five years ago you wonder as much as people dis dislike boris johnson, are these critical decisions to be made now for the winter will they be made? >> reporter: stop it, sully. you know that is the key question boris johnson has turned an around he won't may major policy announcement while we await the successor. that means as you implied, not just on energy, but economy and possibly the host of other issues as well we will not have the big announcements to fight the cost of living crisis that biden is fighting on your side of the pond as well

and sort out inflation and economic issues in the united kingdom of tax and spending and host of other things if he is not making those decisions because he respects what his successor is or is not doing, what are we doing will we see great piles of tumbleweeds like an old western clint eastwood movie until we get a decision quite possibly >> let's hope not, steve millions in the uk facing energy poverty. if the winter is cold, let's hope it doesn't get worse. steve sedgwick, i appreciate it. on deck. a special friday rbi on a shocking report of how many hundreds of billions of your taxpayer dollar of covid relief may have gone to those who didn't need or want it.

warren buffett's biggest stock pick if you missed it, follow us on the "worldwide exchange" podcast platforms. we'll be right back. (vo) is three hundred and ninety-one thousand four hundred and thirty-four square feet... enough space for your ambition? loopnet. the most popular place to find a space. only at vanguard you're more than just an investor you're an owner.

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major averages looking to keep the win streak going. futures pointing to a lower open can the markets turn around to make it five in a row?

the most important story europe's growing energy crisis prices spiking with countries racing to stock up fuel ahead of winter. and always opportunity friday here on "wex" with the biggest buys by company ins insiders including one high profile investors making a big-time buy. it is friday, july 8th this is "worldwide exchange. welcome or welcome back. good friday morning. not quite 5:30 on the east coast. let's get a check on the markets and your money we are seeing futures in the red. major averages up four days in a row. one of the longer win streaks we had this year. right now, we see if that will turn around. we are seeing fair value on the s&p in the green dow futures down 95 poibnts. nasdaq down 70 points.

this coming off a big jump from the nasdaq on thursday nasdaq rising more than 2% you had very good breadth. 84 of the nasdaq 100 moved higher futures are negative, but starting to turn a bit good news on this opportunity friday as we like to call it. even with earnings season, the quiet period approaching, we have insider buying for one more week of data for a few weeks highlighted the top five stocks bought the most by the c suite level executives with their own money. the info comes from verity data. the fifth most insider buy rocket company ceo buying $398,000 of tock. stock four, keurig/dr. pepper. chief buying $466,000 of that

stock. the third? macerich buying $525,000 worth of the real estate company. his first buy in more than two years. the top two insider buys over $1 million each stock two is nextera energy. ceo buying over $1 million of the power producer verity notes he had been a seller of the stock. a reversal in sentiment on nextera. the most insider buy this week john rogers. buying $1.02 million of nike on the board there this was his third buy of nike and his largest on record. so, if you want to follow john rogers, look at nike shares down 30% for the month. john seeing value there.

there you go names this week, rocket company, keurig/dr. pepper and macerich and nextera energy and nike. you have the blackout periods here in the coming weeks a segment you see only on cnbc pro. time for the look at the top stories, including spirit airlines saying it needs more time yet again to figure out its merger plans as well as new doubts about elon musk's plan to buy twitter. kristina partsinevelos is back with those >> a lot of doubt in my stories today. good morning, brian. let's start with spirit airlines delaying the vote scheduled today on the $2.4 billion sale to frontier to continue talks with frontier and jetblue. this is the third time the talks have been postponed. they sweetened the bids in the

past few months to seek to create the fifth largest u.s. airline. reports say this delay is to give time for spirit and jetblue to finalize the deal spirit will have a shareholder meeting on july 15th. fresh doubts over the $44 billion bid to buy twitter for elon musk. talks have cooled after they cannot verify twitter figures on the spam accounts. in a call yesterday, twitter removed 1 million spam accounts daily. shares are down 25% since musk struck the deal to take it private in april separately, twitter is laying off 30% of the recruiting team or less than 100 people as they seek to cut costs. in may, the ceo said they would suspend hiring. and berkshire hathaway

bought 12 million shares of obje occidental they are now the largest shareholder. the stock more than doubled this year brian, back to you >> berkshire buying on a high note a rare move for them bullish sign kristina partsinevelos, thank you. now let's do more on what we consider one of if not the most important economic stories of the world. that is the growing crisis of energy supplies and energy costs in europe. natural gas futures in europe are trading at $50 u.s. or more right now with no sign of coming down compare that to our costs of $6. all of this as uk and europe fill the storage tanks ahead of winter let's dive into this with per magnus nysveen who is head of

rystad energy. per magnus, the word crisis here in the united states is thrown around too much. i don't use that term then lightly. is it wrong to call what is happening in continental europe and uk a crisis? >> no, we had that crisis last winter on the energy crunch in europe and then the ukraine war. it is a crisis with a bigger impact from last winter. now we see gas prices peaking again. gas prices are volatile. they go up and down. they have never seen gas prices like in the summer that is normally the low season. now prices are peaking almost as high as the historic peak during the worst had in

europe this crisis, but crisis is anticipated by the markets because the real crisis for ordinary people and for politicians will come over the winter if we are not able to fill the gas storage and that is empty during the winter, then you absolutely have a crisis political crisis and, of course, people unable to heat their houses the real crisis can be this winter all historic prices on the energy markets dwarfed by the situation in europe. that is what the market is anticipating >> heatwaves get all of the media attention. actually cold tkills far more people globeally and in europe

per magnus, cold is more dangerous. is there a real risk of many people in the uk and continental europe unable to afford or unable to get the power to heat their homes this winter? that would be a humanitarian crisis as well >> yeah. you know, the swing polar generation is gas. if there is no gas available, we have to prepare for other power sources. it can be cold storage if we are running out of gas over the winter for a couple of weeks, we will run out of power. that can have exact consequences you say that elderly people would get power interruption over days. that is what we are afraid of. that is why the storage has to

be well over the summer. the heat we are seeing in july makes it unable to see the storage as much as we should. >> i know the world hates vladimir putin it hates what he has done to ukraine and the ukrainian people and want to see him punished all of the stories are the russian flows around the world maybe to india and revenues being the same before the war. is there some solution or elegant way out of this for western europe absent a quick, and let's hope for a peaceful end, to the foolish war in ukraine? is there any way out could europe reverse the sanctions without having some political backlash >> first of all, it is important to understand the oil market and gas market is different.

oil can be shipped to other parts of the world 30% of the crude oil is shipped overseas russian oil that went through europe can go to asia. that is happening now. the russian export has been much more resilient than we thought russian exports to europe used to be 3.5 million barrels per day. now it is down to 2.5. it will fall oil imports from russia have increased up to 1 million barrels. the russian oil is discounted by almost $40 compared to brent refiners that are able to get the ships, they can see the tremendous profits on one cargo

of russian crude oil $40 cheaper per barrel that is a dream for refiners >> and they are buying up all they can it is a shame so far the western sanctions have not done a lot to cut down on russian money. per magnus nysveen, we appreciate it. thank you very much. coming up, your rbi and shocking new report of the hundreds of billion i dos of yoa lldoars spent on covid aid for people who potentially didn't need it. stick around and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work.

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good friday morning. it's 5:40 on the east coast. the sun is rising in washington, d.c. lovely shot of the white house and washington monument in the background hope you are having a good start to your friday it is time for the special friday rbi this one is a big deal for all you taxpayers. you remember, of course, 2020's covid relief plan. ppp, paycheck protection program. it was meant to give small businesses loans to stay in business as the pandemic ravaged the nation totaling $800 billion. it helped a lot of small businesses stay afloat and pay employees during a difficult

time it may have wasted a lot of your money. maybe hundreds of billions of dollars. a new report by the st. louis fed reserve said the ppp plan was quote not targeted well. also, quote, only one quarter of ppp funds supported jobs that would have otherwise disappeared. it gets worse. the study found of the jobs saved by the money, the afteaverage cost of the saved jobs was $169,000 to $258,000 that is compared to the small pay of $58,000 three to five times as much as the job itself was spent on saving the job overall, ppp cost you, taxpayer, $4 for every $1 in wages and benefits received by workers in the retained or saved jobs to top it off, the st. louis fed

also found that most of the benefits did not go to the lower end workers who needed the money the most rather to the owners of the small businesses that received the money. so many of those businesses were in industries that actually boomed over the past two years like car dealerships, residential real estate or fast food ppp is referred to as a loan program, hard to call it that. i think almost none of the money has been or will ever be repaid. 11.5 million loans approved by the government totaling $793 billion. of those, 90% have been forgiven by the government. meaning they will never been paid back by the people who took them it will fall on the national debt and you to pick up the tab. all for many businesses that

never, never needed the money, but may have taken it anyway random but frustrating let's talk about this and bring in jimmy pethokoukis cnbc contributor on author and podcast host and smart guy jimmy, millions of businesses needed the money and the money and program needed to be enact tenacte quickly. i spent hours going through some of the data bases that are publicly available, jimmy, i don't mind that people took it s shouldn't we press more to get money paid back from the businesses that are booming? >> as you know, the point was for these not to be loans. basically grants as long as companies didn't cut payroll and

kept functioning they did i don't think now we should press the companies. if you want to make something of it, that's fine. the program worked the way it was supposed to work of this wasn't -- it was called paycheck protection. it wasn't a jobs program or wage support program. from what we know, companies that took this money, employment went up and they were in a stronger financial position. >> yeah. >> the point was lay the foundation for a strong recovery so we didn't have a slow recovery or a jobless recovery and we have it look at how much we spent per job is really miss i

misinterpreting the program. >> i want to be very clear on that i would have taken the money >> we're sitting here saying this how do we know who needed the money back then? >> we he e don't. i said i would have taken the money. nobody knew what would happen. ji jimmy, $1.4 billion to car dealers. $1.3 billion to fast food franchisees. almost none paid it back they boomed. residential real estate agents i saw thousands of them last night when residential real estate he boomed i'm not saying you shouldn't have taken the money this money will fall on the taxpayer according to the st. louis fed, the poorest out there never got the money. 72% of the money went to the top 20% of income earners according to the st. louis fed

i'm saying should we press more to pay that back >> well, again, to be clear, they were supposed to be forgive a able loans >> if you are one person -- >> the spirit of the deficit and heading into a recession and should we then get money from the companies? that is not the time for that. >> listen, i agree now is not the time the reason we are bringing this up is the st. louis fed came out with the study i know people said this won't work we had to do something the report was eye opening to me most of the money flowed to the top and small business owners shared it with banks and their suppliers. if you average this out of $714 billion lost and divide by the tax receipts every household will owe about

$6,000 because of this >> first of all, it is not the st. louis fed study. it is a blog post on an external study. >> fair enough. >> what is the counter factual is the counter factual as far as lost revenue and lost jobs if we don't do this program, the program put together in the fog of something that never happened before i think revenue per job again, it's called the paycheck protection it is the business survivability. to have a strong recovery which we were having and would be having until we decided to spend more money which is moving to inflation. by that standard, now we know the final results, it looks pretty good. >> fair enough i guess i'm ticked off because you look at the irs program and

you allow people to take out money from the 401(k) and had to be paid back that is people's own money taken out and it had to be repaid over three yearsin inor you have the giant tax bill we have this plan. now we know everybody boomed in car dealers and whatever the money's gone i guess it is good for the $80,000 pickup trucks. jimmy, this discussion is not over we haveto go we'll bring you back i appreciate it. on deck, the monthly jobs number rolling out in three hours. will it change the fed's thinking at all? simeon hanill ym wlayout to watch where he is finding opportunity now. stick around why not both? visibly diminish wrinkled skin in just two days. new crepe corrector lotion only from gold bond. champion your skin.

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to morning as the numbers cross, the fed president john williams will be speaking in puerto rico and raphael bostic will speak at 8:45 a.m at 10:00 a.m., we get the may wholesale inconvventory report said that will stop you in your tracks. to help cap off your week and trading day ahead, let's bring in simeon hyman. simeon, great to have you on the program. what are you watching most closely right now? >> i think what we have seen is the old adage that the cure for high prices is high prices we'll probably see a bit of a weaker jobs number today inflation expectation has been coming down steadily for months. the headline is oil pulled back. if you look at the break evens,

they have been coming down since april. in fact, the ten-year break even is close to 2% the two-year break even pulled back that is the good news. that is increasing concerns of economic weakness. >> do you feel the stock market is closing in on some kind of a bottom maybe not this is the bottom, but getting close? >> the question he is what's priced in. here's one way to think about it we hhave decent fundamentals crazy low leverage be he low 1% for net to ebida we are trading 17 times 2022 estimates. that should be 20. turn that on its head says to me the market is priced for something like a 10 or 15% miss of those expectations.

that's one way to kwaun quantif is priced in it is enough for challenges, but not catastrophe. >> listen, i like to be sunnyside up, simeon no one wants to hear doom and gloom. former prime minister shinzo abe assassinated and boris johnson stepping down and europe dimming lights and it is summer. you wonder what the winter will bring and if it is worth it to take a near-term risk on equities >> our thoughts and prayers to the people of japan and that is shocking news we woke up to this morning and the departure of johnson. neither of those things are likely to change any policy direction. brexit still will happen japan will still likely have easy money there are substantial upside opportunities.

let's pray for an end in the war in ukraine and, of course, thetg of the chinese economy to resolve some supply chain issues absolutely there are risk of weakness in the global economy some of that is reflected in stocks maybe not the worst possible outco outcomes >> you priced into challenges as you say. so would a 15 or 16 times multiple on $205 earnings for the s&p, is that a reasonable number >> if we he make the consensus numbers, there is upside in the market for sure, but we did see in q1 some indication of things people are worried about one of the things that folks are concerned about is margin compression. in the first quarter, the s&p 500 tallied up 13% top line

growth, but only 7.5% bottom line growth. that's what people are worried about. in an inflationary environment, can you pass the costs along look for companies that can actually sustain those margins as an example, the s&p 500 given consistent dividend growers, they took the same level of 13% earnings growth -- excuse me sales growth and turned it into earnings growth. that is opportunity. we point to credit with leverage so low and spreads actually widened substantially this year. if you look historically and plotted one times net to ebida, you get about 100 bips a spread. we're at 170 fixed coupon bonds are like

fixed mortgages. even if it doesn't make it to the bottom line, it makes it easier to pay off the debt in the higher income statement. >> well said simeon hyman wrapping it up for us on "worldwide exchange." that is it for us on "worldwide exchange." breaking news. shinzo abe shot and killed we will see are myou again on monday morning take care. om comca iness. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network. from the most innovative company. bring on today with comcast business. powering possibilities.

good morning four days and counting no, not melissa being here s&p and nasdaq on four-day

winning streaks. matching thebest days of the year the june jobs report testing investors. twitter defending the account of bots as elon musk's acquisition of the company said to be in trouble. breaking news from japan former prime minister shinzo abe has died after being shot at a campaign event it's friday, july 8th, 2022. "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site from times square. i'm melissa lee with joe kernen. checking out the futures a lot can change with the june jobs report. we are looking to lose 11 at the open nasdaq looking