it is 5:00 a.m. at cnbc. here is your top "five@5." stocks pointing to a higher open as they look to the inflation report china extending lockdowns and restrictions again as covid cases spread across sevregions. activist dan lowe changes his tune with the fight with disney. and the clock is ticking on the nationwide rail strike that

could cost the u.s. economy $2 billion a day. later on, jpmorgan chase looking at new ways to fend off some of the fintech competition. it is monday, september 12th, 2022 you are watching "worldwide exchange" here on cnbc good morning welcome to the show. i'm dominic chu in for brian sullivan let's kick off the hour with the futures. dow implied higher by 206. s&p by 29. nasdaq higher by 105 this is right near session highs for the futures market this is after stocks snapped a three-week losing streak last week with all three major averages ending in positive territory. in the bond market, we are checking on yields they are moving, but slightly to the down side.

10-year treasury a hair below 3.3% the 2-year treasury 3.54%. keep an eye on that dynamic. 30-year long bond above 3.44%. watching everything now with oil prices and given the moves to the down side as of late we are bucking the trend more this morning fractional gains 69 cents higher for wti. ice brent crude is $93.71. nat gas up 1.5%. in cryptocurrency, bitcoin and ethereum with support to the upside bitcoin prices up 3% 22,256 losses for ethereum. 1 1,756. ethereum prices out performing the crypto market ahead of the merge of the technical side.

watch for cryptocurrency as well around the world, europe is getting the trading day going on they have been open for a little bit. green on the screen. karen tso is standing by with the early trade action in europe >> dom, good morning up, up and away with the risk-on moves. it has been cautious trading pattern for a number of weeks with the energy story as europe eyes supply from over winter and beyond we are back in the green parking aside the concerns the ftse here in the uk up 1.2%. dax up 1.5%. stronger gains of 1% across the markets from france to what you see in spain and across to italy at 1.76% pop defensive markets in switzerland. if you look at sectors, you see various sectors up more than 2%.

basic resources and banking and reit names higher. gdp from the uk returning to growth in july up .2% after the contraction in june. also hawkish language from ecb policymakers suggesting we may need to see interest rates in europe at 2% to try to tame rising prices. both of these trades are stronger this morning. euro in particular at 1.5% pop you see the move above 1.01% some feel this is unexplained with the size of the jump. it is very strong morning session. .90% on sterling a period of mourning here still. as you look at the headlines in uk which are dominated by what is taking place in edinburgh and

what is taking place at buckingham palace. separate of that, the dollar is still stronger against the yen weaker versus the swiss. we are seeing more action and hawkish from the central banks that expectation of 2% required. back to you, dom >> karen tso, thank you very much to some of the top corporate stories with silvana henao >> dom, good morning the white house is reportedly planning to expand export restr restrictions to china. measures aimed at chips for ai tech and similar to restrictions issued earlier this year to the likes of kla and applied materials. reuters adds this would cause restrictions over nvidia and amd against shipping certain ai

chips to china. and voyager is heading for bankruptcy according to reports, voyager has 22 investors who expressed bidding on assets. a bidding war could be good news for voyager and creditors and customers locked out of the accounts as the bidding war could fetch a higher price tag the ftx disclosed a bid or voyager in july, but voyager called it a low-ball offer. and dan loeb is pushing for disney to spinoff espn in a tweet, the ceo says he looks forward to seeing how espn executes on growth and

innovation plans loeb disclosed the stake in disney in august and announced plans to push the media giant to make a string of changes in espn spinoff one of them. dom. >> silvana henao, thank you. to a developing story. china implementing more restrictions over the covid outbreak new restrictions in beijing limiting entry and exiting from the city anything to minimize community transmission ahead of the party congress next month. restrictions are tightening in the cities of shenzhen and chengdu. this is causing a growth outbreak concern growth will slow to 2.7% this year from the previous estimate of 2.8%. futures pointing to a higher opening bell

extending gains from last week ahead of the august consumer price index inflation report tomorrow this is the next report ahead of the policy decision at the end of the month joining me is ben emos who watches all things macro ben, we have action on both sides of the atlantic with interest rates take us through the thought process as to whether or not the rate hikes will, in fact,ing trigger a slowdown economically big enough to cause a global recession. >> good morning, dom it is a process on each side of the pond that central banks are front loading rate hike cycles ecb will do it now and the bank of england will follow the dollar may start to slowdown in appreciation. at the same time, you get somewhat more traction in the

stock market that is the market reaction to the tightening against the back drop issue you described of increasing risk of slowdown if not recession with central banks tightening the fallout from the energy crisis in europe as much as they see price caps on energy prices, it doesn't mean the energy crisis is over europe is the biggest risk of recession while the central bank has to tighten against the u.s. economy that is on track to be strong this quarter. it is a mixed picture. it is the picture of slowdown against tightening of central banks. i think that process will continue. >> ben, does that mean investors should be more defensive with regard how they position are we looking at the industries that fare better consumer staples or utilities? >> that would be one part of the

portfolio and it has been consistent this year staples, materials, consumer durables they stay on track they have steady bounce as we say. there's companies that are not effected by the swings of inflation or cyclical outlook. i think, dom, there is some level of offense, too as we speak. it is actually energy. it has had some down draft recently it continues to be significant energy demand. i think people under estimate that and delivering enormous cash flow. secondly, higher rates support financials take that and you play offense with that defense against the economic slowdown back drop. >> in this scenario you are talking about, there is a lot of positioning with regard to protecting the down side are you noticing anything with regard to how investors are

positioned in the marketplace right now that suggest that maybe folks are a little less pessimistic where things are headed >> general idea, dom, is the wall of worry. there is data on this and banks have put options and money pulled from equity funds and that sort of thing general a narrative that is shifting here if the ecb is going to continue to raise rates and support the euro and weak in the dollar. that weakness of the dollar is giving relief to global markets. secondly, china slowing down does produce lower inflation in china. that gets exported to other countries. that is a narrative that is picked up from the markets to your point, it is a wall of worry out there and at the same time, the narrative is shifting to an upside here. as people hedge against down side, the upside is more in

focus. >> is the u.s. the best place to be the most insulated in terms of the possible down side >> i would say insulated if euro falls in recession, we will be affected by it the euro has been resilient and underestimated the reopening and stimulus done in 2021 and this year as much as the fed has been tightening, the u.s. economy is best shape this is why the dollar has been strong and the stock market is not falling off the cliff. it is the safe haven >> ben emoemons, thank you. my next guest says these are the tech stocks to own right now. and we go live to england

for the funeral rapreparations r the queen. and tracking gun sales for visa and mastercard. all that ahead when "worldwide exchange" returns.

welcome back check out futures. dow industrials implied higher by 200 points.

s&p up 19. this represents the highs of the session for the futures market you can see in the last six hours with a steady climb. hours now from now, the public will get the first opportunity to say good-bye and thank you to queen elizabeth ii in person after her coffin's long journey through the scottish countryside lindsey reiser joins us from london how are the citizens honoring the late queen >> reporter: dom, good morning right now is a mourning period and we saw the procession making its way from balmoral to edinburgh. people waited in line for hours to catch a glimpse of the coffin we know princess anne was riding behind in the car carrying the coffin she was taking part in the

procession we also know that there are events scheduled to take place every single the day meticulous planning in the works for decades. her majesty's coffin will lie in state in edinburgh today it will be the scottish people's first chance to pay respects as she lies in state. her coffin will be flown from edinburgh to london tomorrow taken to buckingham palace the royal family will join in the gun carriage procession where her majesty will lie in state for four days before her funeral at westminster abbey dom, i have been on the ground for several days the mood here is not only hopeful for a new modern monarchy with king charles iii and very solemn. this is the only monarch that many people here have known. she was in reign for 70 years. talking to people, they feel this deeply, dom

>> you mentioned the mood regarding the queen and her reign. can you tell us about what it is like in terms of how people feel about king charles iii what it will be like with his reign? will it be a continuation of queen elizabeth ii is he a transition type king because of the crossroads from the technical and energy perspective as well? >> reporter: certainly many people will consider this an existential moment for the monarchy people want to appreciate and respect the period of mourning and deal with the cost of living crisis after that. including labor strikes and the like we're seeing live pictures of the motorcade carrying king charles iii as he heads to parliament behind me to address parliament we will hear from him for the third time since his accession to king. we know that in talking to people at buckingham palace, people are hopeful and people

want to give him a chance. they do feel like he has been preparing for this role his entire life. not necessarily a transitionary king we have to remember the commonwealth and monarchy playing a day-to-day role in their lives. they are hanging on the king's words. he struck the right tone so far when he has addressed the nation and commonwealth and sympathizing with people and the loss and looking ahead to the future and renewing the vow of life long service. d dom, if i may mention, the eyes on the fab four, william, kate, harry and meghan invited on the walk-about around the castle many looking at the reunion in the time of mourning people will watch closely as

they will participate and play large roles. >> lindsey, you mentioned the broad strokes with regard to timing and logistics the key date is next monday, correct? >> reporter: right one of the key dates is the procession on wednesday with the royal family following behind the coffin going from buckingham palace to westminster hall preceding her lying in state and state funeral at westminster abbey. >> lindsey reiser, thank you still on deck for the show a closer look at energy and remarkable moves in oil prices since the highs that we saw back in june. not just for oil, but gasoline as well. keep it right here

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welcome back oil prices reversing losses from earlier today. global demand overshadowed by covid restrictions in china and rate hikes. whchina's oil demand has the people at home choil let's talk more about all this with kate richard. kate, your firm warwick made a lot of waves and headlines the wall street journal reporting you are trying to open a new fund to invest in oil and gas. is this the time to invest in oil and gas given the dynamics >> i can't discuss anything related to the fund, but the macro is interesting and my macro partner and i wrote a

piece last week about a tale of two tales. you can see that the yoasymetri risk we can make arguments it can go far south. we can see 40 to 50 by the end of the year. what we said is we think you have to manage the near-term volatility in the context of a long-term structure under investment in hydro carbons and metal complex. we are bearing the fruits of the last decade. >> kate, this issing interesting bec because you can argue the last 6 to 12 months, the world realized the reliance on gas that is not

taken off line by flipping a switch if you try to do that, people feel the pinch with the rise of price. what about the glide path or path with which you have to transition to clean energy from oil and gas? it is not just going take two or five years >> i don't know if the governments learned it yet what we are seeing is we are going to live in a dual world with renewables and hydro carbon if you look at renewable investment, it is up 50 times. it is still 6% of supply at the same time, hydro carbon is flat. from 2009 today, supply to total energy from 81% to 79% of the mix. we see that we are going to live in a world where there are electric vehicles and there are internal combustion solutions.

we need to keep that in context. a lot of times when we think of hydro carbons, there is the under investment and now prices are going to be high that's not the case. the case is we are actually afraid we see high prices, we know, especially in the context of recession back drop, it will make prices fall that will be celebrated politically and celebrated in the popular news that does help solve short-term inflation and ease inflation a bit, it is setting up for the higher quick cycles we see in oil and for oil prices going higher you know, we see copper and oil both down over 30% this year that is also setting up a longer term issue which is the structure under investment i think the solutions for that are not political. most likely they are in the capital markets. i did want to say i think you

should prepare going into the end of the year for high short-term volatility. if you look at average intraday for crude is over $4 a barrel. natural gas is between 50 cents and 60 cents that's high. on the european side of the business, we see in the last two weeks over $1.5 trillion of liquidity in derivatives market. electric and natural gas producers. that matters in the derivatives market going back to the short-term providing lower prices or easing inflation or providing an entry point to some of the stocks or commodities. it is not setting up for a great outcome for the world. it is setting up for cash flow for producers. we do expect to see higher oil prices if you fwyou think about going t

the margin in the last week, taking $1.5 trillion of liquidity from the derivatives makes it hard to increase production on the renewable side for aluminum smelters, taking that liquidity out of the system makes it very hard to finance those projects which are critical for the energy transition we see the volatility creating a difficult macro context. that means we have upward price pressure my guess is after the short-term volatility plays out. >> kate, we have a few moments left you mentioned the capital investment and investments you are thinking about making. are there specific companies or types of companies that would stand to benefit more than others with regard to the oil and gas trade? >> i would say two things. if you are a cio that doesn't

have a policy that prohibits from investing in extractives, what metals are doing in portfolios is doing what it supposed to do when growth is not in and valuation matters and structure supply issues with the world aware over the last year and there are thesenessn that we have, it performs well in the portfolio and argues the natural resources in the portfolios. it is one of the best performing sectors in allocation in public and private. number two, valuation in the space is not interesting everything is within half. if you look at the super majors, 3.5 times. if you look at the large caps, they are four times. there is not a lot of variety. in allocation, i want to see

duration of inventory space. i want to see a strong balance sheet. i want to see valuation that is appropriate and pick entry moment for conoco, they are down 10% from the high. trading at four times. you know, they have a 30% threshold. giving back 30% to investors that is a nice place to play they are the second largest oil producer in the u.s. after exxon. >> conocophillips. kate, thank you very much. we appreciate it please come back we want to hear more about the macro story as well. let's get a check on the top headlines outside of the markets and your money frances rivera is in new york. >> dom, good morning over the weekend, the ukraine coun counter offensive put russian forces on retreat.

more territory in the northeast is liberated, ukraine says the russian defense minister is denying the retreat and redeploying forces to the east ukraine is accusing russia of attacking a power station in kharkiv. the missile strikes caused widespread blackouts across several regions. turning to the extreme weather in the united states southern california slammed by tropical storm kay lake hughes had more than 20 cars trapped in the mudslide no reports of any injuries. and in the nfl, tom brady and bucs under the lights of texas capping of off wild week one. t tampa with four field goals and mike evans made a falling catch in the end zone for the game's first touchdown. the only one bad news for the cowuldwuldwhers

when dak press toco it is out with an injury to his hand and giants getting within one in tennessee big blue went for two and saquon barkley punched in to get the lead 21-20. dom, those monday mornings are tough now nfl is back. >> they are. i watched my niner goes down to chicago. it was wild. frances rivera, thank you very much for that. straight ahead on the show top trending stories including iconic day drama moving from the air waves to the streaming world. and trouble you may have to keep up with your favorite soap opera. that story coming up we'll be right back.

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to fintech and looking to fend off players in the growing industry it is monday, september 12th here on "worldwide exchange" on cnbc welcome back to "worldwide exchange." i'm dominic chu in for brian sullivan we are near session highs right now with the dow implied higher by 181 points. s&p up 27. nasdaq up by 95. again, moving toward the session highs just a little bit below those right now. a news alert on an announcement by the biden administration and efforts to wipe out cancer president biden is making an address on the cancer moonshot initiative he will talk about the cancer cabinet and actions for sure those steps will include a new

agency to drive medical innovation and signing an executive order launching an initiative to make sure the u.s. makes cutting edge processes as well that is from the biden administration. let's check on the other top stories. silvana henao is back. >> dom, disney ceo announcing changes coming for parts of the theme park and streaming platform speaking at the expo, bop chapek announced the campus at the california adventure will be adding a third attraction. the company later announcing the feature will focus on the store line of the marvel films chapek using the event to tease disney plus in the metaverse looking at ways to blend the physical and digital world visa, mastercard and

american express will make gun shop purchases separate from other purchases. it will add a new category for firearm retailers and big box retailers will have a different code until now, they were categorized with a different group jpmorgan chase agreeing to buy payment start up renovite. the move will help jpmorgan chase fight off threats from other fintech firms. the deal marks the latest fintech deal with the bank buying five startups since late 2020 >> silvana henao, thank you. turning to markets and technology stocks in the sector looking to keep rebound going nasdaq snapping the three-week losing streak last week with it

and the nasdaq 100 climbing 4% the best weekly performance since july let's bring in nancy tengler at laffer tengler investments nancy, whether it is dead cat or whether it can fizzle out like this over the last 12 years, technology led to the upside is this time any different >> i don't know, dom i hate to be consensus i think there are times when you really want to chase cheap some of the stay at home names down 70% and there are times to stick with reliable growth this is the time not to chase cheap, but stay with reliable growth we like a number of names in the cloud and cyber and chip space that's where we are putting our focus. i think you will be rewarded growth that came in last quarter

for many of the companies was outstanding. >> how do you pick them? you mentioned don't chase that value trade. within your universe of favorite pi picks and industries, you have to figure out. which semi stocks? which cloud stocks which enterprise solution stocks in technology would you go for what metrics do you use to get there? >> i'll start with the macro environment and how we narrow it down rbc did a cio study where 78% of chief information officers increased i.t. budgets 86% are increasing software as a percentage of that 50% are decreasing the hardware budget wit we want to focus on software which we think we will need with the tight labor force.

then we go to where the spend is going. microsoft is getting the biggest contribution to spending in the two years they requested about 2022 and 2025. you have to assume they get it between. as there is growing at 28% teams is catching zoom the cio would use teams 60%. the stock is down 21% year to date you are getting a 1% yield when we can get earnings growth and dividend growth, that is nir va nirvana for us we like cyber. >> go ahead. i was going to say it can't just be mega caps, right? >> no, peloton network is a large cap, but not a mega cap. that is another name we like in

cyberspace they have been firing on all eve engines. the growth they put and generated last quarter is remarkable billings up over 40% you have in various surveys the cio saying the last thing they cut in the budget is cyber it will be an ongoing challenge for the country and government and corporate businesses we like that name for a long time up 50% year over year. it is not cheap. i would wait for pullbacks >> microsoft and palo alto networks we have a few moments left, nancy. you said you are not chasing the value trade. energy is something you should stay away from >> no, i was talking about cheap and tech we're overweight in energy we are twice the s&p which is not a lot.

still is a bet on our part we have been long on the group for a while. you get a little bit more time rising energy costs in q4. then we may start taking some off the table. >> nancy tengler, thank you. coming up, the race to keep rail workers on the job. the costly issues that could cause if they go on strike. and derek jeter owe enterin into the collectible cards launching the sports card collectors to grade, buy and sell cards online and in person. europe's energy crisis dimming the lights on the eiffel tower. city leaders are expected to propose this week that the monument should go dark an hour earlier than usual amid spiking electricity prices some days of our lives fans

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welcome back a developing story around the supply chain set to face the latest test thanks to the strike from rail workers. both sides have until friday to reach a deal until workers walk off the job. this could cost the american economy $2 billion every single day. we have lori ann larocco with more rmt. >> reporter: good morning, dom 10 of 12 labor unions agreed to the contracts, but two large unions which represents half workers have not yet come to agreement. a labor spokesperson told me a contract will not be ratified unless there are quality of life impro improvements work schedules and attendance

policies must be addressed so workers can take sick days and vacation time without fear of termination. a strike will idle several thousand freight trains daily which requires 460,000 instruction. the american trucking association says that the trucking industry does not have enough equipment or drivers to fill that gap. around 40% of the nation's long distance trade is moved by rail. dom. >> lori ann, what have the railroads, the companies, told you about the negotiations and whether or not progress can be made >> reporter: so far, they are mum in talks with the labor negotiations of personal time. the railroads are starting today to follow federal guidelines to secure shipments of hazardous cargo. the engineers union and smart

transportation division say the measure is unnecessary calling it corporate extortion the railroads are using shippers and consumers as pawns to get unions to cave congress must not cave into what is described at corporate terrorism. the email explains that the measures are necessary they tell me, with less than a week away from potential service disruption, carriers are obligated to take appropriate action to prepare. this includes making plans for handling haz-mat and notification to shippers is an essential part to the contingency plan dom. >> lori ann larocco there. for more on the story, head to cnbc.com more details there as we head to break, sign up for the most powerful investment event of the year. it is cnbc's delivering alpha. returning on september 28th with

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all while staying on track to reduce our carbon emissions intensity in the area. because it's only human to tackle the challenges of today to help ensure a brighter tomorrow. as we kickoff the trading week, let's dive into the markets with the s&p which is now above halfway between where the highs were we saw last couple months and lows in june where we were right here is higher off the lows. with regard to that, it has been the only positive sector in the s&p 500. that is energy even with the slide in oil prices communications services is down 7% technology down 8% take a look at that juxtaposition with stocks.

apple apparent nd microsoft both under performing dramatically exxo exxonmobil despite that, the energy secrsector is en vogue with investors let's bring in zach hill now this is the situation with large cap technology has fallen out of favor. interest rates are part of the story. is this one of the places that should be on investors shopping lists because of the discount? >> that's a great point. i think you need to start looking at this area we have been under weight at the top of the market in the mega tech area all year overweight energy. we like that position. as you start to get closer, a lot of talk about recession and things like that, were not in that kcamp

we think it makes sense looking at the higher names and staying away from the speculative growth area that out performed. >> zach, large cap and mega cap technology over the last decade is a safe haven trade because it has been insulated to the down turns of the economy what has changed what has made the technology so much less attractive now >> quite frankingly, thefranklye haven with the pick up of growth they would immediately start not necessarily lowering rates, but guiding policy in your favor and for a long duration asset, that was beneficial the situation is opposite today. the only thing the fed cares about is inflation we take them on their word for assets that are more sensitive to discount, mega cap

is one of them, that is a difficult macro headwind wie hae not seen since june of 2008. >> do you think that anything that happens with the inflation data out this week changes the calculus for 75? >> the market will move around on speculation we have been doing that since march this year. as we see it, we believe the fed on this as well. we think we need to see not just one, but two that are favorable. we looking at a top line number that will slow because of gas prices falling really for the last three months the core numbers are still elevated and some of the other trend inflation numbersare elevated not compatible with 2% inflation. we need two months improvement to be past peak inflation. one bad number will reset the

clock. >> zach hill thank you very much. we appreciate it that does it for us on "worldwide exchange. dow implied higher by 175. "squawk box" comes up next reas with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity an xfinity rewards special offer. that lets you place, flatten, or reverse orders

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good morning futures pointing to a higher open after the major averages snap three-week losing streak. developing from washington biden administration reporting to hit china with curbing on tool exports. and dan loeb backs off to spinoff espn from disney it is monday, september 12th,

2022 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. on a monday morning, we are looking at significant upside to the futures. right now, dow futures indicated up 150 points. s&p up 23. nasdaq up 83 all this comes after the strong week for the markets last week joe mentioned the major averages ended the three-week losing streak last week both the s&p and nasdaq, you are talking of gains of 4% for the week the dow up more than 2%. you are looking at green arrows this morning treasury