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whistleblower heading to capitol hill. the railroad strike that could cost the u.s. economy $2 billion a day. historic night at the emmys for a number of reasons. we've got the winners and highlights ahead it is tuesday, september 13th, 2022 you are watching "worldwide exchange" here on cnbc good morning i'm come edominic chu in for brn sullivan this is your u.s. stock futures. the dow implied higher by 142 points s&p by 20. the nasdaq higher by 65. the major advantages trying to extend a four-session winning streak ahead of the august read on consumer prices, cpi.

the bond market is very much in focus with the inflation data. the 10-year treasury note yield is lower on the session so far just a hair below 3.32%. it continues a near to medium turn trend to the upside 2-year treasury about 3.53%. 30-year treasury below 3.49% in the crude market, the growth outlook for the world right now with prices higher u.s. benchmark wti is $88.79 that is a percent gain ice brent crude is $1.05 higher. in cryptocurrency, we are seeing bitcoin and ethereum prices show little movement to the down side after near-term strength

bitcoin is down .20% you can see $1,718.34 for ethereum let's get a check of the world markets with joumanna bercetche in the london ne newsroom good morning, joumanna >> good morning, dom the asia markets is leaning positive the shanghai is five basis points higher. concerns about covid lockdowns hang seng down a bit one stock in focus is nintendo after the rollout of one of the num new games. here with more solid footing ftse 100 in focus. up .20%. retailers are trading weak this morning. the stock pulling down the ftse 100.

dax is up slightly numbers coming in moving higher. cac 40 is moving up as well. the grocer has cut its outlook expecting numbers to decline the british online retailer posted a 3% increase in third quarter sales and customer base grew in the period you see sharp reaction south today. one other stock we are looking at is ubs. plans to hike the dividend to 55 cents per share. the swiss lender signalled it expect the share buyback program to top $5 billion by the end of the year positive reaction there, dom >> joumanna bercetche live in london thank you very much. let's get to the top corporate stories. let's go to silvana henao. >> dom, good morning a majority of twitter sh

shareholders voting in favor of the $44 billion sale to elon musk despite protests from the tesla founder. according to reports, early voting shows investors approving the deal by a wide margin. there is a chance the results could change as shareholders can alter the votes today at the meeting scheduled for 1:00 p.m. and shareholders through layoffs as the company looks to adjust to a slowdown in the consumer spending habits the fashion rental service did not say the number of jobs affected, but as of january, 958 full-time employees and 138 part-time. this is meant to go through the sales force. sales are down sharply in the

pre-market for rent the runway the company will open with a market cap of $242 million shares of nintendo surging in asia on news of the action shooting game has kicked off sales at record pace in japan. the company says of the game topped 3 million in the first three days setting a new record for switch consoles, dom >> i never heard of the game i will have to be aware of it going forward. >> it is all over. >> back to the markets now the main event is the august consumer are index cpi. s slightly cooled from july due to the drop in oil prices that is not enough to convince the fed to take the foot off the gas pedal. a 92% chance that america's

central bank will hike by 75 for a third straight meeting let's bring in mark avallone mark, this is probably the worst kept secret or rate increase we're ever going to get. is there anything that changes the fed's outlook with the cpi numbers today? >> it is highly unlikely that they change course it is very important that they maintain aggressive stance against inflation because powell's last speech said that no unclear terms that inflation was public enemy number one. any hesitancy on that especially after the fed governors spoke in that record would come across as weak against inflation and deep down, investors want inflation under control. sea as much as higher rates hurt >> do you think investors

realize or convinced, mark, that inflation is -- i won't call it peaking. that would be a bold call. is in the process of peaking we see multiple signs in credit and treasury markets we're seeing signs in commodities about the idea that expectations for inflation are coming down. in your mind, are investors prepared for what could be this inflation print going forward? >> well, that's a great question i do like the way some of the commodity prices are cooling and energy futures and oil futures are cooling. what is happening simultaneously, wage demands are going up and the cost push, the old 1970s style inflation, spiraling wages is alive and well calls for unionization we hear on the rails that sis a big story that could evolve i think wages on the rise is an offset to the benefit of km

commodity easing i don't think inflation is in the rear-view mirror we are in the middle of the battle >> do you find there are places right now, we're starting to see a multiday winning streak? we had a selloff in recent weeks here are there still places that are attractive in the market to you right now? >> i think we get bounces as soon as we think inflation is pulling back or the fed will say nice things. i thaink that is hope and apartmopt optimism if you are a growth investor and believe p in slow growth world, it will bring top line and be attractive to investors. you want to invest in technologies that is something we believe in. we are not abandoning the technology trade if you want to balance the portfolio and looking for other

areas, you want dividend payers and you want steady, reliable companies. we think insurers are well poised in that area. balance sheets hold a lot of cash bond portfolio has been beaten down now benefit from higher rates. they have done a lot of internal clean up and reduced risk profile. you can look for areas of the market that might do well in an uncertain market >> all right mark avallone with the call on tech and insurers. have a good day. when we come back on the show, two sides still at odds ahead of the friday deadline that could kickoff the first u.s. rail strike since the early 1990s. more ahead on the big inflation report roger ferguson is here with his thoughts. later on a c-suite shakeup at peloton can anything turn around the stock that has fallen more than 90% in the past 12 months?

we have a busy hour ilstl ahead when "worldwide exchange" returns after this break

welcome back to "worldwide exchange." to the latest on what could be the first nationwide rail strike since 1992 it could begin this friday and bring a swath of the u.s. supply chain to a grinding halt negotiations continue with the railroad carriers and labor unions representing workers.

lori ann larocco joins us now. what is the sticking point preventing a deal with the rail companies and workers? >> dom, i spoke with the president of the engineers union. he is leading the negotiations for the coalition representing the 12 labor unions. he told me the biggest sticking point is refusal of unpaid sick time for employees >> we have our proposal for sick leave. we are looking to address medical issues of illness or physical union pacific and bnsf are pushing attendance policies assessing points to members when they do the regular medical events >> reporter: an e-mail to cnbc, the company continues to push for a resolution for wage

increases to ply ees employees allows further disruption to the supply chain we are hearing from bnsf they say it is a categorically false statement to say we are holding up we are negotiating and reached agreement with multiple unions based on the board recommendations. just this morning, another shoe is dropping ahead of the possible strike. amtrak is now saying it is cancelling longs distance routes with more possible the railroad operator says effected trips from chicago to los angeles. the empire route from chicago to seattle. the california zephyr route and los angeles to san antonio to texas eagle route. dom. >> not just cargo, but passenger

p passengers as well lori ann >> they are still at the bargaining table at this point, they have done polling of 10,000 participants in a 72-hour period. 80% of the membership said they will not accept the contract because it does not address their quality of life issues i then asked if congress does step in and cooling period is extended, what his members will do >> i talked to members who said if they don't fix it, we're leaving. they could lose 10% of the work force and it would further harm the supply chain >> reporter: they do not intend to blink this is the hill they are going to die on if this is how it has to go down dom. >> lori ann, thank you very

much coming up here, top trending stories, including a chance to own a piece of elon musk memorabilia memorabilia courtesy of his ex-girlfriend from his college days that story after this on "worldwide exchange" the ey entrepreneurs access network has a tremendous impact on my business and other african american and latino entrepreneurs across this country because they give access to networks, business opportunities and capital. ♪♪ ♪♪ ♪♪

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scotland to london where she will head to buckingham palace for the final time we have tania bryer outside buckingham palace. good morning >> reporter: good morning, dominic. i'm here at buckingham palace where the queen's coffin is expected this evening at 7:00 she is flown from edinburgh a accompanied by princess anne they will have king charles and others of the royal family where the coffin will lay in the room at buckingham palace the family will pay their private respects before tomorrow when the queen's coffin leaves buckingham palace at 2:22

british summertime to head to westminster hall >> okay. so the plans right now, we're seeing the live pictures in scotland what exactly is the overall logistical plan tomorrow we know she heads to westminster. what happens around that in tomorrow's plan? >> reporter: so, dominic, tomorrow, from buckingham palace, the queen's coffin will be taken down the mall here to westminster hall where she will lay in state for four days of the from 5:00 tomorrow, the members of the public are able to go and pay their respects they are go and walk past the queen's coffin 24/7. it will be open 24/7 so the mourners can go and say farewell to queen elizabeth ii for four days before the state funeral on monday right now, buckingham palace is

a ring of steel. there is security. no one is allowed near buckingham palace itself down the mall, adjacent here, in green park, at st. james' ps is lining up. >> thank you tania bryer. let's get a check of the top headlines with frances rivera in new york with the latest there >> dom, good morning nbc news learned the dodj issued 40 subpoenas in the last week alone to trump and the capitol riot confirming to nbc news, he received a subpoena. his attorney called it the widest and obtuse subpoena he has seen and the justice department declined to comment.

and the emmys back in full force to celebrate the best in tv. becoming the youngest two-time winning actress for the role "eu "euphoria. another actress stole the show ♪ i'm an endangered ♪ ♪ species ♪ ♪ but i sing ♪ ♪ a victim's song ♪ >> cheryl lee accepted the outstanding actress award. she encouraged others to quote never ever give up on you. and lee jeung jae won for "squi game." and lizzo took home the first

emmy with the video. and all told, the "white lotus" and "ted lasso" won as well. and russell wilson found jeudy to even things up. one last chance for denver with a 64-yard field goal attempt this hooks left. the seahawks spoil the return and win of 17-16 dom, back to you. >> frances rivera, thank you as we head to break now, checking shares of apple the company abandoning a $20 billion takeover bid for unity software after it was rejected we are watching shares of vm ware misleading investors by obscuring the financial performance without admitting or

denying the findings, vm will pay an $8 million penalty. vm shares down in the pre-market. if you haven't done so, the follow our podcast if you missed "worldwide exchange" check us out on apple the or spotify or your pcaodst choice we'll be right back.

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on stocks continuing to build on recent gains and more could be on tap for today futures are pointing toward a higher open. front and center for investors today. the latest read on inflation expected to show moderating prices former fed vice chair roger ferguson lays out what it means for the rate hike strategy going forward. twitter shareholders set to sign off on the $44 billion takeover bid it is tuesday, september 13th. you are watching "worldwide exchange" here on cnbc welcome back to the show i'm dominic chu in for brian sullivan u.s. stocks are pointing to a higher open. dow implied higher by 130 points s&p higher by 18

the nasdaq up by 52 or so points checking now on energy and oil coming off three days of gains you can see right now the oil trade is higher. wti crude up $1. 88$8 $88.75 1% gains there similar gain, $1 upside for brent crude. the world benchmark at $94.99. natural gas up as well with. speaking of oil. the near term price of crude first is ubs slashing the forecast for brent by $15 a barrel to $110 citing the china lockdowns and elevated russian exports morgan stanley is cutting the outlook. fourth quarter estimates of $95

a barrel that due to the sharp slowdown in demand. still, both banks expect prices to recover in 2023 as supply for oil gets tighter speaking of energy, the steep drop of gasoline is expected to play a role for august cpi report due at 8:30 a.m today's read is the final major economic data point ahead of the federal reserve interest rate decision joining me now is former vice chairman roger ferguson and a cnbc contributor as well as a member of tiaa roger, what is your thought about the inflation print and how much will it weigh and influence the fed decision or is

it a foregone conclusion >> the incoming data is always relate rant, but this time around, less relevant than the past the reason is that chair powell and others have clearly indicated that another what they described as supersized rate is called for and the market is pricing in 75 basis points i think credibility would call to move 75 given the market has priced that in there shouldn't be too much reaction in the market i think this time around, what is signalled is the most likely outcome. i agree with the market consensus. probably 85% likely they will see a 75 basis point move next time. >> roger, i'm glad you brought up credibility i have heard that a lot. they use that word with regard

to the fed and many times, more often than not, it is about the fed not having credibility right now. in your mind, i understand you are a former member of the federal reserve. in your mind, does the fed have a credibility problem right now? >> i think the fed had a credibility problem in that they started relatively late in making the moves obviously, there are many in the marketplace in academia saying this inflation is more persistent than transitory i think they regained that credibility at this stage and the evidence of that is that both short-term and longer term inflation expectation are relatively well anchored in the 2% range which is the target slightly above i think markets are indicating that the fed is serious and markets believe it

additionally, there is some survey data from the new york fed the other day that showed many consumers in that survey expect inflation over the longer term to return closer to the fed target i think the issue of creditbiliy now is not the markets don't believe the fed and being serious about the 2%, but the credibility of delivering after bold statements in the public domain >> roger, a lot has been said about the fed becoming data dependent. we know that factors a lot especially with the cpi data i wonder you mentioned the market indicators and things happening elsewhere. commodity prices when it comes to the discussion behind closed doors with the fmoc meetings, which is more of an influence of a policy decision the economic hard data itself or

is it more of what is happening in the marketplace and reactions to the data that drives a lot of the fed discussion >> i think it is much more the economic data in terms of what the economy is actually doing and also the survey data we've heard from chair powell and others talk about ex expec expectations look, i think the fed understands the market is filled with cross currents. there are many factors outside the fed control that drive the market finally, the fed is focused on its core mission and core mission has to do with maximum sustainable growth and low and stable prices. that mission does not run through whether or not the markets themselves are up or down and in fact the fed recognizes that market movement may be the result of the actions. it is not the target of their actions. it is the core data and real economy and inflation and inflation expectations those are the things talked

about at the table. >> roger, before we let you go, in your expert opinion, has inflation peaked >> it may have peaked in the technical mathematical sense we will not see it continue go above 8.5 from the last time having said that it might have peaked is not the clear evidence that chair powell said he needed to be sure that the job is done. so i think there might be a slight disconnect with enthusiasm and marketplace that inflation has peaked suggesting a near-term pause or something of that sort versus what the fed wants to see clear and convincing evidence of a return of inflation closer to the 2% number that's why they keep talking about the job is not yet done. markets may not hear that as clearly as fed would like. >> a bigger path ahead for sure.

former vice chair roger ferguson, we appreciate your thoughts thank you. >> thank you now to the top stories with silvana henao. >> dom, peloton announcing a major shakeup in the c-suite john folle foley resigning he served ten years before stepping down before the layoffs. in addition to his exit, the co-founder is stepping down as the chief legal officer and the commercial officer is leaving at the end of next week the moves mark the latest by new ceo barry mccarthy amid the push to revamp the company whose shares are down 69% this year. amazon faces their shakeup

cnbc heard the top executive overseeing workplace health and safety is leaving next month heather mcdougal joined in 2019 from oshsa. they face scrutiny over the workplace safety record. and shares of oracle revenue coming in line with expectations after the boost of the closure of the deal for health data software maker erpgs and guidance earnings coming in below estimate as the strength of the dollar dom. >> henao, thank you for the headlines. we have a big day shaping for for twitter. peter zatko is set to testify at 10:00 a.m. extreme, egregious deficiencies related to privacy, security and content moderation

this as a majority of the shareholders voted in favor of elon musk's $44 billion takeover of the social media platform there is a chance the results could change as shareholders could alter votes during the meeting at 1:00 p.m. today for more, let's bring in laura unger. laura, thank you for joining us. can you take us through having been on the regulatory side of things, what exactly is the conversation like with regard to whether or not elon musk has to take over twitter given what is happening with the campaign to at least get out of the deal >> well, thanks, dominic at this point, it is becoming a little bit of a forced marriage, i would say. interesting plot twist for today for the shareholder meeting,

pursuant to the merger shareholder agreement which mr. musk is trying to back away from he has to vote his 9% ownership shares in favor of the merger agre agreement. he is a large shareholder. he has a duty to other shareholders he also has abiding agreement that he has tried to step away from to vote the shares in favor of the agreement it is a bit of a conundrum for him. on the one hand, he is trying to back away from the deal and saying there's been material adverse effects to the company by all of the disclosure and user base and bots and now whistleblower. on the other hand, he is required legally with his signature, i guess, to vote in favor of the transaction >> laura, these are in some w

ways, subtly nuanced and two different issues the whistle pblower issues and these allegations of misrepresenting the true number of users or bots or spam part of the platform laura, how do we separate the two and from the regulatory standpoint, what does that mean when you have the whistleblower with the high profile testimony and the different set of issues with regard to the users stats >> i think the user stats are not related to the whistleblower allegations as we know it today or this morning. but, again, one of the ways that mr. musk can back away from the agreement according to the terms of the agreement is if there is a materially adverse affect to the company and if you and what we hear today is materially

different and could fit within those parameters, he would have a base to step away from the agreement. material adverse affect is a very high bar, however i think what we're talking about is the whistleblower coming forward with allegations around lax security or technology company not really being best in class in terms of its privacy and security practices so that data protection is not what it should be. that is not necessarily relevant what he has been talking about -- what mr. musk has been talking about in terms of the number of users. they are two different facts when you put them together, that's enough for it to be something for him to step away however, i think most of the lawyers have opined that is not

going to be enough for him to step away. we don't know what the whistleblower will say today again, this will play out in the court of law next month with the judge who has already sounds less than enamored with mr. musk's document production this might add more fuel to the fire if he doesn't vote in favor of the merger agreement. >> laura, in your mind, what is the most likely outcome of this? does elon musk end up having to buy twitter? >> i don't see a way for him not to buy twitter without serious ramifications and a long bout of litigation the courts may move quickly to have specific performance to go ahead with the transaction then what happens to the company with a reluctant leader?

not the best scenario. >> not the best. laura unger, thank you very much we appreciate your thoughts. coming up, your morning rbi. with a dip in inflation figures, it may mean little relief to the home heating and electric bills. and some of the top trending stories as we go to break. elon musk's college girlfriend is auctioning off items to pay for her stepson's college tuition. a never before seen birthday card bids have crossed $10,000 for the birthday card. yes. two ticket stubs from michael jordan's game from 1984. they have an estimated value of $200,000 to $300,000. and flying for the holidays?

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we go out to brian sullivan with rbi. >> thanks, dom we will try to bring this back for you as much as we can. random but interesting thing you may hear all day cnbc style. today? let's talk about the biggest topic in the economy inflation. there is actually potential good news that we will hear later on this morning the biggest market moving event is the consumer price index known as the cpi that report is going to be widely watched and may impact the federal reserve decision of how to raise interest rates. there is good news with inflation. price of gasoline has fallen in the last couple months energy costs are a big part of the inflation data because of that drop, what you pay at the pump and it is possible it could see a negative cpi print later today. yes, negative. if we do, of course, it doesn't mean we have negative inflation. that is not how it works

it means the overall headline inflation declined month over month. that would be welcome. inflation is still at a 40-year high before you go out and spend gas savings, here is the other side of the story the price of the home electric and heating bill is going up, up and up a few days ago and quietly, utilities in new jersey asked for big increases in what they are allowed to charge you for power. in some cases, psg & e can raise 25% in the months ahead. a local gas company granted a nearly 16% rate jump in other words, if your electric bill was $300 a month, it may b $350 or $375 depending on the energy mix not just here in new jersey. we have seen these in other parts of the country as well you may have already gotten a notice do the basic math.

if you use $50 or $75, you may be saving from the highs and now probably going to be handed right back to the utility company. in one energy door and out the other. even if the headline inflation data shows a drop, enjoy it while you can. you will get sticker shock this winter unless, you keep the thermostat low and wear sweaters. something to plan for in the family budget. hopefully random, but interesting and important. dom. >> well, i've tried to get my wife to wear more sweaters and my kids as well. we'll pay for the heating bills. brian, thank you for the rbi as we head to break, sign up for the most powerful investment event of the year. cnbc's delivering alpha

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welcome back to "worldwide exchange." plenty going on today for investors and traders. key economic reports in a few minutes, we get the latest read on small business with the survey for the month of ago. and all week we have been talking about this the latest read on inflation with the consumer price index cpi report starbucks holding investor day today. the first since naming its ceo and then the united nations general assembly kicking off today. speeches from president biden will kickoff next week. as we gear off the trading day, let's start with the 10-year treasury which is in focus. now remember the cycle high here

earlier this year was 3.48%. we have seen a steady climb to 3. 3.32%. that inflation number playing in the market with regard to the month of trading we have seen, only two sectors in the s&p that are positive over the course of the last month two very different sectors energy, given the prices we have seen and utilities technology down 7% the worst in the s&p as valuations are under pressure with interest rates higher one more place to watch within technology the under performance the last month over the key part of the market semiconductors and nvidia all down between 12% and 22% keep an eye on that indication for the market for more, let's bring in keith lerner at truist advisor

services keith, when you look at the trade, does it worry you that there has been severe under performances in places like computer chips and semiconductors overall >> first, good morning great to be with you as always regarding technology, you know, for this market to make headways given the weight on the technology sector, tech is going to have to perform it doesn't have to out perform, but perform. our work is kneutral, dom valuations are stretched at 25% premium to the overall market. as you mentioned, rates are moving higher. we would rather be overweight with energy and health care and utilities. we think while the market had a nice rally and we expected it, it still is in the context of the choppy trading year. >>ing keith, there have been a

number of folks out there in the trading community who said the inflation outlook which is moderating, but we still haven't priced in for the market currently what could be a recessionary scenario. it looks likely that a soft landing is more likely than a hard landing is this market priced in for recessionary narrative >> it is not, dom. back in june when the market was down 24%, it was pricing in recession. that is actually the medium decline rate is 24%. we went from pricing in a recession at the lows to the highs in august and pricing in a soft landing i think right now we're in the middle there is not a short-term edge i think people priced in recession too early. the high risk of recession is early to mid next year we do still think that is a

risk it is deferred, not gone >> we have about a minute left with you, keith. i wonder from the trading perspective, is it still okay for investors to be putting money in the market or do you believe a flush is about to happen next year >> overall, our outlook is the defensive this year. especially the last two years we were bullish dom, we are looking for the next two or three or five years, it is fine to put money in. we will be aggressive on pull backs and think about it we went up 5% in a week. the week before this, we were saying it is time to be aggressive right now, there is not much of a source we would be doing it incrementally as opposed to aggressive >> keith lerner, thank you. >> thank you, dom. that does it for us here on

"worldwide exchange. futures pointing to a higher open dow up 152 points ahead of the inflation data cpi is out at 8:30 a.m quk x""sawbo picks up the coverage coming up next. ♪♪ ♪♪ be ready for any market with a liquid etf. get in and out with dia. another busy day. be of course it is -et 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. check the traffic on your network.

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good morning today's test for the markets inflation data the august cpi report due at 8:30 a.m. eastern. it better be good. the markets are setting up for a friendly number. twitter shareholders moving closer to approving the elon musk takeover deal while he mounts the legal fight to end the deal. shake up at peloton. co- founder and two other executives are leaving as it

looks to mount a turn yaround it is tuesday, september 13th, 2022 "squawk box" begins right now. welcome to "squawk box" here on cnbc. we're live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. so far, the u.s. equities are looking up the dow futures are up 150 points s&p futures up by 20 nasdaq up by 60. if you are watching treasury yields this morning and this is something to keep track of before and after the cpi at 8:30 10-year treasury is 3.318% oil prices are lower than recent months if you look this morning, at least this hour, wti i