it is 5:00 a.m. at cnbc. here is your top "five@5." stocks looking to keep the win streak alive despite the hawkish jay powell keeping expectations for stocks low for now. overseas a nation in mourning over the passing of queen elizabeth ii. what a new chapter for the monarchy means for the united kingdom. especially during a time of economic uncertainty sticking with europe

energy ministers holding an emergency meeting today to discuss the energy crisis and measures to mitigate record high prices plus, the biden administration worried that prices on the home front are heading higher weighing a release from the petroleum reserve. and later on, details on elon musk, twitter and massive payments to a whistleblower. it is friday, september 9th, 2022 you are watching "worldwide exchange" here on cnbc good morning i'm dominic chu in for brian sullivan let's kick off with stocks looking to keep the win streak alive and build on two days of gains. it's not a lot it's a start futures are strong and right now just about near session highs. if you check out what is happening, the major averages,

s&p is implied higher by 30 points dow jones industrial average higher by 325. nasdaq roughly higher by 18. solid in the green now for the three in three indices. in the bond market, yields have been trending higher if you look right now, you will see a little bit of stability here the 10-year treasury falling back to 3.28%. the 2-year treasury hovering at 3.48 the 30-year treasury at 3.45%. in energy, oil prices right now are moving a little bit to the up upside u.s. benchmark is up ice brent futures is 1.75 to the

upside now $90.89 nat gas with 2% gains. we are trying to figure out if there are weekly losses in play. rbob gasoline. gasoline future on pace for four straight down weeks. in cryptocurrency. bitcoin and ether prices moving to the upside. ethereum is $1,104 up 4%. around the world, hong kong surging 2% shanghai up 1% let's spin around the world to europe very much green there. ftse 100 is up 1.5%. the cac in france is similar gains with the dax in germany. let's get to the top stories with partnippa stevens

>> dom, the biden administration is weighing executive order for development in china the order could come in the next couple months and potentially block outbound investment by american companies and individual investors and a rocky week for the spac tied to former president trump's truth social the company failing late yesterday to gain the necessary votes to delay planned merger with truth social trump media and technology group digital world had been pushing shareholders to vote for the year-long delay this week amid scrutiny the clock is ticking on the rail strike that could cost the u.s. economy $2 billion a year as of this morning, 5 of the 12 unions representing 21,000 workers have reached voluntary

agreements with the railroads. ahead of the deadline, if a series of deals are not reached. 155,000 workers could be heading to the picket lines straining a supply chain further >> thank you, pippa. looking to add to the gains yesterday for the stock market despite ongoing headwinds, we have global chief investment officer scott minerd with the grim outlook. >> 3,000 or 3,400. we'll figure out the bottom when we get there at that point, i'm a buyer if you believe everything i said or if you believe the fed will pause, then it will be supportive for risk assets and the season will turn around. seasonals turn positive in

november through march actually through june. the old adage of buy in may or sell in may go away and come again at labor day >> sell in may, go away. come again in labor day. bill stone, chief officer and paul kim those are the two gentlemen you see on the screen. you heard scott's comments maybe we start with you, bill. is this a scenario right now building up in the markets where we could retest those lows we have been asking among all of our guests for a couple of weeks now. we're ride ight in the middle. >> i'm more optimistic in the short run because we had, you know, first of all, short-term yields pushed up to the new highs which tells me we priced in a lot of fed hiking in fact, we are back to having priced in 75 in september.

it is not going to get worse than that. at least here in the short-term. you have what you heard. a ton of negative sentiment. that doesn't mean we don't test the lows again i think no one really knows. the fight against inflation is the pivotal decision on this and that is really hard to call. >> paul, if you take a look at how investors have been behaving at least over the course of the last couple weeks, as we have seen this recovery off the lows and this move to the highs in the last couple months here off the june lows, have there been places specifically that you see more investor activity or more interest in picking a bottom >> certainly seeing it certainly seeing a lot more appetite for strategies that rely more on income. maybe rely more on options things that avoid basically duration risk. getting out of bonds and

alternatives into other ways of generating returns those have certainly done well managed futures. a certain category have seen a lot of activities and flows really decade long type interest you are seeing investors trying to zig as the market is zagging particularly with bonds. that's the investment moves. year to date, is the market pricing in the tightening from central banks? we have yet to see the other shoe drop with earnings beyond just interest rate >> paul, if i could follow-up. you mentioned things like managed futures and alternative strategies and income strategies that doesn't scream putting your money in an index into the qqq or s&p do you feel there is a shift back now toward more of that active management or alpha or

out performance seeking rather than passive or index investing? >> i think you are seeing people look for alternatives which tend to be more active than not the punch line is get out of the big long only asset classes. passive equities particularly in technology stocks and bonds bonds in particular. so, if you are moving out of those two big categories, what do you have left alternatives things that don't rely on either of those markets continuing to go up. >> okay. bill, i'll give the last word to you here if you take a look at the way things are shaping up now, there's been a debate for weeks about whether inflation is peaked or not. i'm not asking you to make a call in this environment, what is the strategy for how you approach this last half of the year and specifically the last quarter? it should be seasonally strong after the volatile september >> it should be, you are right

you are coming in past the mid-term elections and that is also another time. i do think headline inflation seems to have peaked i'll say for now you never know i think we're good there i think what will be more important next week is looking underneath the surface if we have relief on the wages and rents. that's going to be harder. that's where it gets difficult you know, the first step is to get the headline to come off the peak we are moving there. >> bill, one last question to you. if we get a softer than expected inflation print on the consumer level next week that the fed may not raise by 75? >> i guess it is always possible i'll go with 75. the ecb went 75 yesterday. they have clear sailing.

not that would change their mind it makes it easier the wall street journal article on monday and the fed said to them 75 being likely once you have the market pricing in 75, why would you take it it will not upset anything it is priced in. >> all right bill stone and paul kim. thank you, gentlemen have a nice weekend. >> thank you now we turn to a nation in mourning following the passing of queen elizabeth ii. the longest serving monarch in uk history our geoff cutmore is outside buckingham palace in london. geoff, a profound sense of sadness for many in the united kingdom right now. >> reporter: absolutely, do dominic. a somber mood outside buckingham palace throughout the morning, you've

seen people gradually drifting in and gathering in front of the gates of palace and leaving flowers at the gates and lighting candles as they express their condolences to the royal family and mark a very important turning point for the uk this is ultimately the end of the second elizabetean era we move to king charles ii i immediately important queen elizabeth's death at 96, king charles came into being. king charles iii we expect as the queen died at bal balmoral, her body will move to the cathedral in edinborogh. she will go to westminster

abbey. king charles iii will fly from scotland and come to london and come here to buckingham palace where he will meet the new prime minister, of course, liz truss of course, this is the remarkable thing about this week because it was already a week of transition for the people of the united kingdom because we have a new prime minister effectively queen elizabeth's 15th prime minister. she was, of course, the queen during the era of winston churchill as prime minister. it shows you how long her reign ultimately was so at the beginning of this week, she effectively introduced liz truss to the british people and allowed her or invited her to form a new government which is, i think, why everybody is a little bit surprised given we saw pictures earlier this week of the queen meeting the new prime minister that her death

came so quickly. i think liz truss summed it up for everyone here in the uk as she commented on the kqueen's death. >> queen elizabeth ii was the rock on which modern britain was built. our country has grown and flourished under her reign britain is the great country it is today because of her. >> reporter: and a new era for the united kingdom we are waiting for final details on how long the period of mourni mourning is going to be and exactly the prior for the queen's funeral. those details are coming together we expect prince charles or should i say king charles iii to sign off on the plans today with the uk government. back to you. >> there will be a lot of scrutiny and eyes on the united kingdom in the next ten days

given the festivities and celebrations and, of course, the mourning happening across the country. geoff cutmore, see you later on. we will have more on "worldwide exchange." when we come back on the show, european energy ministers are holding an emergency meeting today to discuss the energy crisis and nord stream shutdown. we are live in brussels with the update there next. plus, a multimillion dollar hush payment in the elon musk $44 billion deal on twitter. and more on the passing of queen elizabeth ii and what it means for the nation at an economic crossroads. we have a busy hour still ahead when "worldwide exchange" returns after this break

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welcome back to "worldwide exchange." european union energy ministers meeting in brussels for an extraordinary summit to discuss high energy prices this is coming days after russia said the nord stream 1 pipeline will remain shutdown indefinitely and we have annette weisbach with us. how is this going to come together with a plan to tackle high prices? >> it is super important for the

economy. they are comparing this right now to potentially the worst economic crisis since the second world war. we have first reports that energy intensive companies do cut back on their production steel makers also commodity producers are reducing production in europe because of those record high energy prices. we are not only talking about gas prices gas prices actually came back a little bit surprisingly, i have to say. we are also now talking about electricity prices they are at record highs this is the reason one of the biggest reasons here for the energy ministers to gather to bring those prices back because it will be a big drag on the economy and it also might mean that we're going to see energy rationing throughout the winter period i briefly caught up with the german economy minister robert here on the ground in brussels i asked him what he expects from that meeting

take a listen. >> this is about finding market mechanics so the merit order is not spoiling the prices for the cheap energy we are in a good way doing exactly that s>> so essentially the electricity prices are at record highs. they need to come down to avoid a very, very serious recession here in europe >> annette, if you talk about some of the plans that are being conceived right now, these are short-term plans to tackle high energy prices. is there any sense the energy ministers will address the longer-term issues with energy, infrastructure and sourcing to wean the continent off russian oil and gas?

>> this meeting here is about emergency measures they need to have a short-term plan in place. they want to come to conclusion at the latest by wednesday next week we'll look into liquidity measures as the most likely outcome from the meeting throw more money at utilities and throwing more money at the consumer of course, you are right we need a medium-term solution as well. they are looking to decoupling from the gas price and electricity price. currently, they are intertwined. the gas price is more or less dictating the electricity price in europe. as also with europe, it is difficult. there are 27 member states sand they all have a different energy mix and system they all have different interests. the french want more support for nuclear energy germans with renewable energy

support. it is a tricky one to really transform the european energy system and also the way to source gas from various countries because clearly gas was seen as the transitional power in that whole transformation of the economy toward more renewable energy now with no gas coming from russia, they have a serious problem. >> annette weisbach with the latest on the energy crisis. thank you very much. a new playbook for the nfl as the season kicks off. it happened last night the bills smoked the rams. the investor ilitis.mpcaon all of that happening when "worldwide exchange" returns after this

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watch from anywhere. streaming is a huge part of that let's bring in patrick rishe director at washington university in st. louis. patrick, we turn to you for sports business. let's talk about the betting angle first. so many folks wanting the kickoff season this is the first year we williwill see huge betting how much will we expect? >> dom, it will increase fan enga engagement that is the reason the nfl and leagues want to see legalized ga gambles. it is not if, but when we know there are 31 states that have legalized it. we talk about putting the sports books in venues. i think you mentioned arizona has the sports book in their venue. you will see this trend as well, dom. it goes back to engagement we have seen a reduction of fans going to the venues. this is the way for teams and leagues to bring fans off their seats and create that fomo

fear of missing out. and get engaged in the action at the venue. >> speaking of engagement and fomo, there are increasingly more ways to watch football now and streaming is a big part of that we were already watching it in some ways on our phones and tablets before this is now big. we have a lot of games that will be streamed online these days. how does that change the dynamic for the nfl? >> well, it certainly is a complement it is not a substitute you want to reach fans where they are and, dom, in particular, the younger fans that's the life blood for future revenue extstreams for the nfl. the younger fans are more likely to stream than people of our age. it is crazy to see what the numbers have done. traditional viewership of espn traditional was 100 million

subscribers in 2011. it is down to 76 million on the streaming side, that started off 2 million three years ago. now up to 22 million you have to meet the fans, especially the younger fans, where they are and that is streaming. >> multibillions of dollars that is happening over the next few years. speaking of multibillions of dollars. team valuations continue to keep going higher and higher. what exactly the cowboy pps will be the richest team in the nfl. over other franchise sees moves rise up with the tide. what can tick down valuations if s anything >> the only thing to take it down if you are reduction of media rights media rights have jumped last year, last march, with increase of 40% to 60% in national media

rights starting next year, you see the national media rights between $10 billion and $11 billion per year that's going to escalate the amount of revenue that teams can generate and the value of teate. >> patrick, have a nice weekend. coming up, september looks to wrap up the first week on the right. rbc's amy wu silverman is coming up next. easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. want more from your vitamins? get more with nature's bounty. from the first-ever triple action sleep supplement. to daily digestive support. to more wellness solutions every day. get more with nature's bounty.

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one week in and september already bucking its stock sinking reputation futures are higher ahead of the opening bell. the end of the era for a nation as the world mourns the passing of queen elizabeth ii. what it means for a country already facing an economic crossroads the week's biggest insider buy and one executive that is buying into strength on a down year for most stocks. it's friday, september 9th, 2022 you are watching "worldwide exchange" here on cnbc welcome back to the show i'm dominic chu in for brian sullivan dow futures are implying an open

that is about 246 points higher. 32 points higher to the upside for the nasdaq up 1%. solid gains for the futures markets. let's get to the top kcorporate stories with pippa >> the biden administration is looking for ways to head off a spike in oil prices. prices later this year include additional release from the country spr. according to reports, officials are warning of the surge in prices coming in december when eu sanctions on russian energy supplies go into effect. it is still preliminary and no decision has been made yet. and elon musk's lawyer says a whistleblower was paid millions the disclosure from team musk comes from the tesla ceo which continues to discredit twitter and push to terminate the $44 billion purchase of the company.

twitter representatives yesterday declined to comment about the payment. t-mobile authorizes stock buybacks the repurchases are expected to be financed with cash and proceeds from debt sales t-mobile shares up 28% this year dom. >> pippa, thank you very much. let's get back to the markets as september is notoriously being bad for equities and looking at gains across the board joining us is amy wu silverman amy, this is the idea of september being the volatile down side months we're not seeing it as much right now. that might mean because we already had a volatile august. what's the forecast in your mind look like? >> you know, good morning. it is interesting because we

kind of have been saying volatility has misbehaved overall this year. if it will not continue the playbook, it may continue in september and october. if you look at the last ten years, dom, vix is supposed to rise in september and october and often in august when investors don't think of it as august as a high volatility month. there are several catalysts that we think can jump start it including conference season and the beginning of earnings in october. >> if we are showing the vix right now because you mentioned volatility muted 23 is the long-term average for the s&p volatility is that a good or bad sign in your mind right now? >> look, a vix of 23 is still high i think most investors kind of have the psychological 20 barrier on the vix at least during the pandemic

era. we have seen spikes on the vix to 80. the question is in this new environment for volatility and by that i mean the last ten years prior, we had a very, very different rate regime than we will have going forward. i think you do continue to have this bar at 20 and volatility does float higher, in particular, as you start to get more data points from the september fmoc and inflation and people adjust. we think it follows the playbook for september and october where you see higher volatility level. >> amy, one of the things you look at is options and skew. the relative price of call options and similar down side or upside proptection and put options. is there anything we can glean from the price of options as to whether or not there is demand for upside protection or down

side protection? >> that is a great question. skew is our barometer for demand for down side protection that metric on historical basis and this is for the s&p 500 is low on the five-year basis it is still low compared to history which encapsulates the pandemic that has not worked out this year part of that is depend sency it is difficult to tell investors to do that in an environment where we have aggressive rate hikes. >> before we let you go, amy, one thing you look at is where you see the heat developing in the market

is there a certain group that could see volatility in the options market right now >> i would say some that are not too at issue is the gas situation and in asia compared to the u.s on a sector basis, it is interesting to me because we continue to see the small cap. the russell 2000 volatility low relative to tech a lot of people are questioning whether or not that's due to turn you see that in consumer which is not that surprising as we head into conference season and negative announcements in the consumer space. >> amy wu silverman, thank you very much. >> thank you time now for the weekly insider buying segment where we highlight the top five stocks bought the most by the c-suite level executives with their money. for that, we go out to our own brian sullivan >> thanks, dom i'm not there every day, we are

still going to try to bring you "worldwide exchange" exclusivel insider buy segment. the top five getting buying by executives these are individuals buying stocks with their own money. this comes from verity platforms. we count down five to one. the fifth most insider buy this week a new flname douglas emmett $500,000 buy by the board member this comes from other buys days earlier. number four, primo water the ceo buying 509$509,000. and number three the hog. ha ha harley-davidson. he has a strong record as a

buyer of stock this is the only name that is higher for the year. 4% not great, but out performing the market to the top two of the week stock number two a new name to the insider buy list hamilton lane incorporated pennsylvania based investment manager. more than $800 billion under management his first insider buy since november of 2018 shares are down 32% this year. and the most insider buy of the week is travel company booking holding. the chairman buying $1.8 million by adds to two bigger buys in august it was the first buys in 18 years. wow. certainly a name to watch. top five douglas emmett, primo water and harley-davidson and hamilton

lane and booking holdings. we will talk more at 1:00 p.m. on the exchange. tune in for that as well with that, back to you, dom. thank you very much, brian see you at 1:00 p.m. today remember, this is a segment you will only see here on "worldwide exchange" or on cnbc pro be sure to sign up today. coming up, the social and economic road ahead for a nation in mourning following the passing of queen elizabeth ii. as we head to break, some of the big money movers docusign surging as they post second quarter earnings that top forecast raising guidance for billings or revenue this year as well. shares up 17%. zscaler reporting better than expected results and billings came in above estimates. the outlook for the quarter and full year is above expectations.

shares up 14%. finally, rh. restoration hardware reporting earnings that beat forecast the chain is trimming its sales outlook for the year saying it expect demand to sease in the housing market. atn e res are fl ith pre-market trade right now hi, honey. oh, is this what we're wearing today? see it works because it's pattern on pattern on pattern. anything but that one. let me try one more.

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welcome back today a nation mourns the loss of her majesty queen elizabeth ii spending 70 years on the throne there. we mark the end of the era, what does her passing mean for the country on the brink of economic crisis with so much uncertainty still ahead? joining me now is lutfey siddiqi. professor siddiqi, this is a very interesting way to look at the event. the end of the elizabethan part two. what does it mean for the country at the crossroads especially with the checkeconomc crisis at play >> dominic, thank you for having me we are gutted. it is a huge event for the country. it could not have come at a

worse time the queen was unseriversally lo around the world and for what she symbolized and personified you know, the country was already feeling beleaguered. this feels like a kick in the stomach for a country on its knees. the economy has been in a blue funk we're in a stagflation there is growing imbalance externally this tragic news weighs heavily from here on she had a probing wit. she famously asked economists in 2008 how come nobody saw the financial crisis or the causes she championed she, for example, was a patones at the college of wales and promoting international

understanding. she will be heavily missed. >> professor, one of the things that has been talked about so much in the hours since the queen's passing is just how much she has seen during her reign. how much she has presided over in 70 years on the throne. this is basically a woman who presided over the makings of what we know as the modern united kingdom today what exactly then does king charles now have to do along with newly minted prime minister liz truss to get the united kingdom out of the funk, as you call it, for the united kingdom and its economy? >> there will be issues king charles will have to reckon. british society is fractious

today. you mentioned her 70-year reign. she had 15 prime ministers four of whom happen to be in the last six years the state of the union is weaker we have a nationalist party governing scotland for other a decade northern ireland in a different place since brexit the challenges are great on the economic front, you have c c c contraction in gdp the inflation. the external balance is wider. in terms of what's required? the new government needs to rise above political ideology this is true for the government as for the opposition. we are stuck in the binary of thatcherism and socialism. there needs to be a pragmatic grand strategy there is no industrial policy.

there is no coherent way of piecing together the green transition leveling up visa and immigration and all of these in absence of that, you don't bring in long-term investment. you need long-term investment, particularly outside of the country to bridge the deficit the country has run and all of the investments that are required >> professor luftey siddiqi, our condolences to everyone in the united kingdom thank you. on deck for the show, get getting set for the trading day with tiffany mcghee's can't miss we'll be right back.

welcome back to "worldwide exchange." here what wall street is watching fre earnings from kroger fed speech from charles he have ev evans. the new iphone is available for pre-order today. all models of the iphone 14. looking at the markets s&p 500 is in an interesting part of a range. that is to say if you look at the highs that we saw over the last couple weeks and lows we saw in june, we're pretty much a hair above the middle of that trading range. 4,006 for the s&p 500. we are roughly at the middle crossroads how we got there over the course of the week with the positivity, if we can maintain it today, has been tilted toward a couple of sectors. that is consumer discretionary and financials

rising interest rates playing a part in the financials discussion and little bit more bounce back in terms of optimism about the american consumer playing in the deiscreesk iscrey se sector the energy sector about flat over the last week it has been a laggard as concerns of the economy have come up. check out apple, google and tesla. that story driven by the tesla out performance. up 9% right there. keep an eye on the mega cap stocks for more on the trading day ahead, let's bring in tiffany mcghee a cnbc contributor tiffany, as you look at the market in this range right now, do you feel we test the lows again or head back toward the highs we saw over the last month or so? >> listen, i think the really important thing, dom, is to understand we are really in the midst of volatility.

i was listening as your earlier guest asking about inflation and has it peaked and also markets and what it means for the volatility are we at lows i know for the past three weeks, we have been on this losing streak for the past two days, we have been really ticking up i think the most important thing for investors to really understand is that they need a tactical strategy. a lot of investors when they begin investing, they get allocation together and strategy together really based on the risk tolerance. what this is is your strategic allo allocation that is the basic 60/40 if that is appropriate for you what do you do in the short-term that is your tactical asset allocation how do you play the moves? to circle back to the question, we continue to see volatility ahead. powell has been very clear that the fed is not going to move

they had the dual mandate. they will not move until they see significant decline in the inflation reading. not all of the signs show inflation has peaked i'm paying attention to has inflation gone down enough for the fed to move and we will not see that until we see the consistent readings. getting your tactical ansset allocation together and your risk tolerance determines what you do in the short-term moves >> if you look at the decision, there has to be at some point no matter how you feel, a higher conviction relative to other feelings do you feel there are trades out there that warrant the real focus of your money right now? >> i can tell you what we're doing from the tactical perspective. what we have been doing all

year adding income. you talked about bonds earlier i think bonds and bond yields will go higher that is an option. you also stole my thunder and talked about alternatives. you can get income in alternatives we have add income and buying core names at good prices. your staples your microsoft and your apple and your amazon and alphabet whatever the core names to you are, they are still at a descent price. these high conviction themes we like to buy on long themes. for us, i'll give you an example. we love ecommerce and emerging markets. i'll come with my picks. the latin american play for us we love that it is the best position to take advantage of the growth in brazil >> the top play. the top play from tiffany

mcghee thank you, tiffany have a nice weekend. that does it for us on "worldwide exchange. the markets are higher atw i mplied higher 200 points th does it for "worldwide exchange." "squawk box" picks up the coverage next. see you on monday. another busy day. of course it is - you're a cio in 2022. so what's on the agenda? you guys have a look at that and see... morning security briefing - make that two. share that link. send that contract. see what's trending.

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good morning rebound continues. dow set to jump 200 points overseas, a nation in mourning over the passing of queen elizabeth ii we will talk about the new chapter for the monarchy plus, energy ministers in europie holding an emergency meeting today and trying to ease the record high prices.

it's friday, september 9th, 2022 and "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live in the nasdaq market site in times square i'm rebecca quick along with joe kernen and andrew ross sorkin. yesterday was the second day in a row you have seen gains for the markets this comes three days of losses. so far, green arrows dow indicated up 200 points. nasdaq up 123. treasury yields have come down slightly still above where we were last friday the 10-year treasury is yielding 3.27%. the 2-year treasury at 3.28%