it is 5:00 a.m. at cnbc headquarters here is your top "five@5." stocks looking to reverse course as investor sentiment is bearish this morning the fed kicks off the two-day policy meeting today. wall street is pricing in another aggressive interest rate hike with the benchmark 10-year treasury hitting levels not seen in more than a decade. your stock of the morning is fourth under pressure as supply strains hit the bottom line.

why a struggling stock price that beyond meat investors need to be worried about this morning. later on, amazon scores another hit with the thursday night football exclusive streaming deal it is tuesday, september 20th, 2022 you are watching "worldwide exchange" here on cnbc good morning i'm dominic chu in for brian sullivan let's kick off the tuesday morning with stock futures solid gains in yesterday's session. stocks snapped a two-session losing street. now indicating a slightly lower open dow implied lower by 13 points we were higher a few hours ago s&p 500 down 4 points at opening bell nasdaq down 7

if you look at s&p 500, we were in the green at 3:00 a.m now in the 5:00 hour, we lost momentum at the flat line the benchmark 10-year treasury hit the highest level since 2011 yielding over 3.5% we are still creeping higher 3.524% near the highs of the overall trade of the last couple days for the benchmark 10-year treasury the rest of the yield curve in the spectrum moving to the up side ahead of the fed meeting. 2-year treasury is 3.976%. 30-year treasury is 3.54% at this stage to the oil market. crude prices indicating a slowdown in the economy as of late in this morning's session, up .50% for wti.

$86.19 ice brent crude is 19.75%. up .75%. nat gas is up 1% in crypto, bitcoin and ethereum prices trading lower they have been volatile, but steady around the 20,000 mark. just about flat for ethereum prices $1,359. let's get a check of markets around the world and julianna tatelbaum live in the london newsroom good morning, julianna >> dom, good morning as for european trade, it has been choppy so far at the moment, all of the major regions are trading lower. ftse 100 in the uk is only 7 basis points higher.

cac in france is under per perf performing ftse mib is down as they wait for the elections on sunday. and we could have alarm for investors with german august producer price index it shows inflation is continuing to run hot that was the biggest jump ever for the ppi. in terms of the central bank, we got a big decision from sweden central bank the ckrona is trading lower analysts are calling this a catch up move from the central bank to beat inflation running at 9% in august. the move in the krona is moving lower on the back of the decision the idea is the central bank is front loading interest rate hikes, but doesn't mean they

will be more aggressive. now attention shifting to the federal reserve. we have the swiss national bank decision this week and the bank of england policy decision dom, back to you. >> julianna tatelbaum, thank you very much. to the top corporate stories with silvana henao >> dom, good morning shares of ford under pressure ahead of the open. the company warned it expects to incur an extra $1 billion in costs during the third quarter due to inflation and supply chain issues ford says this is resulting in parts shortages impacting 40,000 to 45,000 vehicles it is primarily higher trucks and suvs which yet to hit dealer lots gm said supply chain issues would hurt earnings and noting

95,000 vehicles in vfactories lack components. and iron ore metals will spend $6 billion on fossil fuels and will use solar and hydrogen to generate the electricity and fuel needed to extract iron ore and calpers says the decision to put the program on hold for ten years cost members up to $18 billion in missed returns. in a statement, nearly 2 million members have been lower than expectations and efforts to limit down side risk resulted in missing out on say big chunk of growth dom, lots of unhappy investors >> silvana henao, i appreciate it. back on wall street, futures are in the red following a positive end to the session yesterday. investors are gearing up for the

fed two-day policy meeting starting today many see the consensus for the third straight 75 basis point hike which is priced in. joining me now is gina sanchez gina, this is a foregone conclusion they will raise rates. it is whether it is 75 or a full 1% what is the case that the fed does not need to be more aggressive than its third straight 75 point hike >> dom, there are a few cases. i'm concerned the fed isn't listening as closely as they used to be to things like inflation. we started to see inflation begin to rollover. look, one little point down doesn't ninecessarily make a

trend. it breaks the trend we were suffering through. it sees wages going flat the fed should pay attention to that and the curve is going up it is starting to price in less of a rosy outlook and potentially recession. >> if that's the case, if there is a recession possibly at play, is there any reason why you wouldn't see some kind of a bid, some kind of a bidding bias toward longer term treasury? if there were an economic slowdown, why wouldn't you want to take a 3.5% yield on the 10-year treasury with money guaranteed by the full faith and credit of the u.s. government if you believe we are heading to a recession in the next couple years? >> dom, if you byou believe thao would take that, absolutely. if you look at the way the yield curve is acting, it is playing

chicken with the fed right now if you look at economists, forecasts are not yet forecasting a severe recession they are forecasting sub returns for 2023 that is not great. equities don't perform well in the economy like that. it is not a recession. >> if that is the case, if equities are appropriately priced for the rate outlook by the end of the year and where the rates will end by the end of the cycle? >> that is a good question, dom. fed fund futures are pricing in the fed to continue to go to 4.5% as the fed funds futures. that's the fed funds rate with the curve. if they did that, no the equities are not priced for that the equity markets are barely

priced for 3%. if we remain in the 3% to 4% range well into 2023 and into 2024, the equity markets are not priced for that. >> if they are not priced for that, do you go back in the markets and continue buying equities do you wait? sit with cash on the sidelines or dislocations in the market to find opportunities and what types of opportunities are you looking into >> i would go with capital structure. if you don't believe we are going into a severe recession that will cause a lot of defaults, you should probably be heading into credit right now. there is probably going to be interesting situations this is an area that has been dead for ten years there is probably interesting situations where you get really good yield on companies that are solid that just need some

liquidity. there could be some opportunities higher up the capital structure. the equity markets, you have to be careful if anything, i would say the gr growthier parts are priced in more there are parts of tech right now that actually look attractive you have to be careful quality is king. cash is king >> it is interesting looking at high yield bond etfs yielding 5% with the selloff opportunities here gina sanchez, thank you very much when we come back on the show, a look at the primary source global economic slowdown and if the worse is still expected. and mark mahaney says the stocks are ready to pick

and why scott minerd has an update on the fed meeting. "worldwide exchange" is back after this break

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i'll go man-pire. welcome back to "worldwide exchange." we have a market flash on the interest rate complex around the world. specifically germany five-year sovereign bond yield in germany has risen to the

highest level since july of 2011 it is at 1.8% right now. you see across the board yields have been ticking higher especially in the eurozone and even japan and all of this ahead of the policy meeting from the fed that starts today where the fed is expected to hike rates by .75. to the energy crisis and two of the german largest utility companies are closing in on a deal to close lng from qatar to replace russian supplies talks with the two nations have not been easy with disagreements over length of contracts and pricing. those close to the talks say a compromise is expected soon. europe's biggest economy aims to replace all russian energy imports by the mid of 2024 china is keeping the benchmark lending rates

unchanged as others are tightening policies. two weeks ago, china cut the rate as they tried to boost the economy hit by covid lockdowns and profit crisis. this is being felt across the world. fedex and alcoa warning of weaker demand and tying it to asian markets. let's get more with shehzad qazi the economic data is not good from china we know that and expect that given the fact that the government is speeking to lockdown the economy with the covid concerns is dhchina in a position to mak comeback in the next 6 to 12 months if covid is still an issue as we head into the winter months >> the next 6 to 12 months -- well the first 6 months will be

pretty tough there was a reasonable expectation that the second half of 2022 would look better than the first half of 2022 as we have seen with covid zero and the repeated lockdowns which very broader macroeconomics effects, we'ring going to finish off this year on a sour note what are the factors that investors need to look at as they think about the next year from this point on does covid zero go away? i don't think there is a case to be made that covid zero is going to be scrapped all together. the underlining conditions have not been met for that. the second one, of course, is what happens with stimulus is china going to roll out fiscal stimulus or monetary stimulus i think the chances of that don't look particularly bright i would think slower pace of expansion and much weaker

economy than we anticipated even if it looks better than 2022 >> slower pace of expansion and an economy where rates are getting cut. the currency is weakening. what's to keep people from saying, you know, i don't want to be in china let's go somewhere else. if the u.s. looks bad, it's still better than china. >> if you are talking about equity markets, you may be seeing more and more of that some folks might find opportunities and pockets of strength that could be the case of course, the larger question is, you know, for corporates looking at china, that has to be a long term play the chinese economy is going through a period of transition clearly. now transitions are uncertain and transitions can be messy we'll see how policy continues to evolve. so this is about whether you are trying to make a long-term play for china or not

that is what it comes down to. >> you know, shehzad, the fedex ceo got a lot of attention with the numbers released this week during the interview on "mad money" with jim cramer, he specifically talked about asia and china as the manufacturing hub of the world if they see weakness there, they see it everywhere. that is what led to the call of world recession coming up. is china going to export its problems to the rest of the world? if china sneezes, do we all get a cold >> i'm not sure that's the case. if the manufacturing sector is struggling, that is telling you there is softness elsewhere. china's economic revival through 2021 and so forth and 2020 was driven by the fact of strong

demand in the west which helped the manufacturing sector we need to get the relationship right over there number two, there is incredible weakness in chinese domestic demand we know that china is not the biggest consumer of global services. will foreign service providers be hit hard by chinese domestic weakness i'm not sure about that. china's economic weakness will affect the commodities market. that is a positive story for global inflation we need to think through the broader market implications ofs chinese weakness in the current period >> shehzad qazi, thank you very much. skill on deck, the top st trending stories for beyond meat and then apple in damage control over the iphone liupne that and more coming up.

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welcome back to "worldwide exchange." we have fphillip mena with the latest in new york >> and the earthquake felt in the capital of mexico city

there were no other reports of damage, but an hour earlier, mexico ran an earthquake simulation marking the anniversary of two quakes on september 19th, 2019, an earthquake killed 400. hurricane fiona has strengthened to a category 3 storm. it pummeled puerto rico and the dominican republic two people died as a result of the storm. president biden spoke with the puerto rican governor vowing more support in the coming days. more than 300 personnel are assisting with response and recovery the damage in the dominican republic says the damage is considerable the storm destroyed everything fiona could become a category 4 hurricane later this week as it moves toward bermuda

officials in texas are opening the criminal investigation into the migrants being sent to martha's vineyard. 48 migrants were lured from his county before they were flown to florida and to massachusetts lawyers representing some of the migrants say the group was tricked by a misleading brochure for housing and jobs for refugees florida governor denies any laws were broken. he said this on fox news last night. >> they all signed consent forms to go. the vendor that isiss doing thi for florida has a packet and numbers for martha's vineyard for services and agencies in massachusetts that handle things involving immigration and refugees it was clearly voluntary >> this comes as new government data shows that for the first time ever arrests along the southern border surpass 2 million within the fiscal year

which ends this month. dom, back to you >> phillip, thank you very much. as we head to break, reminder, sign up for the most powerful investment conference of the year. cnbc's delivering alpha returning on september 28th in person go to cnbcevents.com/deliveringalpha to register. september 28th ineyon w rk city. a massive lineup we'll be right back after this

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positive momentum for stocks after staplging a turn around futures are changing this morning. and the fed policy meeting kicking off today with another round of aggressive interest rate hikes why scott minerd and jay powell say people are not on the right track. and amazon scores big with the streaming deal for thursday night football as it smashes records with the prime platform. it is tuesday, september 20th, 2022 you are watching "worldwide exchange" on cnbc. welcome back to the show

i'm dominic chu in for brian sullivan let's look at the stocks at 5:30 a.m. futures have lost momentum over the last few hours s&p implied lower by 11 points nasdaq down 53 over the last few hours, momentum has waned we were solid in the green yesterday and now drifting to the red. bond yields are creeping higher ahead of the policy meeting from the fed. the 2-year treasury is a little below 3.99%. the 30-year treasury is 3.55%. checking the shares of ford under pressure on the company's warning after the close yesterday that it expects to incur an extra $1 billion in costs during the third quarter due to inflation pressure and supply chain issues. ford says the supply issues are

impacting 45,000 vehicles. primarily higher margin trucks and suvs have yet to hit doeale lots gm is down as well let's get a check of the corporate stories with silvana henao. >> dom, a judge denying the justice department bid to stop united health bid to buy change health care. the two companies will move forward with the deal. change shares jumping on the news doj filed the lawsuit earlier this year aiming to stop the deal saying it would give the largest health insurer access to its data and push up costs a group of states are asking for revival the lawsuit. the lawsuit featuring 46 states is challenging the meta

acquisition of instagram and whatsapp amazon entry in thursday night football is scoring big with nfl fans. the company note of the game was the most watched night in the u.s. in prime video history. dom, the game attracted record number of new prime subs subscriptions for a three-hour period beating out prime day and cyber monday it will be interesting to see if the memberships remain after the season is over >> this is something you want to watch. silvana henao, thank you back to the top story and federal reserve kicking off the policy meeting today according to the data from the cme group. investors are expecting a third

75 basis point hike tomorrow you can see the odds are 84% 16% for a full 1% hike this is the central bank trying to fight inflation rates not everyone thinks the fed is on the right track scott minerd spoke with brian sullivan yesterday >> when you look at what the policymakers are looking at, the rate is contracting. we have inflation in the rear-view mirror we are not looking at inflation going forward. there is a good chance in the attempt to prove their credibility that they will overdo it. >> overdo it says scott minerd joining me now is lee baker. are you worried, lee

will the fed overdo it >> i'm not worried they will overdo it. chairman powell brought his method man out in the pain speech i'm not concerned they will overdo it. could they overdo it abso absolutely a 75 hike this week could be followed by lower hikes in the future i'm not concerned at this point. >> lee, do you think they will slow down? are you seeing signs with the data that makes you think the fed is okay to slowdown after the 75 >> i think next year, yes. not this year. if we take the idea that the fed will overdo it, i don't think the fed is just going to blindly keep the foot pressed on the accelerator.

as we begin to see signs at some point joblessness increasing the unemployment rate begins to creep up and other signs i think they may ease off the gas. i don't think it will be until next year. >> if it is not until next year, does that mean the markets look unattractive to you or do you feel now is the time to invest we already now priced in all of those interest rate hikes in the coming 2023? >> i think the equity markets will continue to be rough. we are looking at other areas to try to add value to client portfolio. there are etfs because people are concerned about the down side i'm not going to dismiss the possibility that the fed overdoes it.

i'm not convinced they will. using these instruments protects our clients. >> if they do overcook it, people look at defensive parts of the market. dividend paying stocks like utilities and consumer staples are you looking at those as well >> absolutely. sunoco is a place. you have solid companies with history of paying dividends. >> by the way, real estate has been hammered of late. do you still cthink there is opportunity there? >> i think so. i don't want to say reits at large. in certain sectors, you can find opportunities that will be a good opportunity to get yields

out a ton of bounce. >> lee baker at apex financial i appreciate it. >> thank you, dom. coming up on the show. taking the retail traders ahead of the fed decision. we have average investors on what the fed will do next. first, as we head to break, some of the top trending stories. beyond meat coo -- i don't know how to read this facing charges for the altercation at the football game doug ramsey is accused of punching through the back windshield in the car and punching the driver and then biting his nose. those are the allegations. ramsey and beyond meat have yet to respond for comment from cnbc. tom cruise and sandra bullock are accusing paramount

out of millions of dollars they are saying they are missing out cause of the deal saying they get less from the cable channel than other studios do in similar deals. apple is rolling out an update to the operating system to fix issues. to fix issues. the fix for i0 it takes a village to support society and businesses have a responsibility s 16 ove it takes a village to support that village. shake. "worldwide exchange" is back after this i am peter akwaboah, chief operating officer for technology, operations and firm resilience. when you think about diversity, the employee network group is fundamental to any organization to provide a community and a belonging environment for the employees.

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welcome back now is time for something random but interesting, rbi we go out to brian sullivan for that >> time for the morning rbi. today, let's get random but interesting about something that does not get a lot of attention these days the national debt. as we look ahead to the fed meeting, we talk about higher rates impacting your borrowing costs. those rates impact america's borrowing costs. when the united states issued more debt which we do every day, it will cost more. maybe a lot more because rates doubled from the low the debt we issue from now on will cost more to hit the

national debt. it is now a national debt of $30 trillion $250,000 owed for every taxpayer you say so what. the debt has always been high you are right. we put the growth into perspective. it is important to know that the numbers are in current dollars we have adjusted them all up for inflation so they would be in 2022 numbers like we said $92,000 for every person in america right now. up from $74,000 from 2017. it has been covid. we had to spend the money. put that statement aside government debt has been growing long before the pandemic 15 years ago before the

financial crisis, national debt was $42,600 per person that is a number that people said was too high. that was around $7,000 per person more than five years earlier in 2002. you take the time machine back to 1992 and the national debt was just $32,000 per person. remember, all those numbers are adjusted up to today's dollars it was $15,000 a person in real dollars back then. the national debt is $92,000 per person.d in 30 years. maybe you don't care the numbers so big and it is impossible to comprcomprehend every time the fed raises rates, the bond payments go up. just like a giant credit card. you may not care about the interest rates, but you should it is the biggest bill we are

all going to have at some point. it could cost $1 trillion a year just to service that national debt money on interest payments not on schools, not housing, not roads. just interest. hello higher taxes on everyone seems hard not to comprehend sad but true and all interesting ahead of the fed meeting >> brian sullivan, thank you very much for the rbi. now let's stick with the theme of the fed decision and impact on the average american taxpayer bringing in editor in chief caleb silver of investopedia caleb caleb, brian spoke about how you should think about the interest rates. is that a concern? >> absolutely.

they have been watching rates rise and hear the fed talk tougher about raising rates through next year or into next year what do they do? we like to look at what our readers are looking at the top stories, dom, may not surprise you how to buy treasury bonds. there is an alternative. we went from no other alternative to alternative that is the yield on bonds they are looking at t-bills are taxed. the best cd rates. finally looking to put money in the bank they are getting more return they are looking for the top four government bond etfs. equities have not been fun they are wondering what quantitative tightening is the fed selling. >> it is interesting, caleb one of the things i go through the data at cnbc.com every evening

and look at what the tickers people search. normally one person rate and it is near the top of the list. the 10-year treasury note. over the course of the last five or six months, there are now seven or eight interest rates people are looking at. including the spread with the 10/2 and t-bills looking for rates. they are looking for 2-year treasury and 1-year yield. interest rates are a huge deal will they continue to be with the fed given its path >> i believe so. i think investors know that by now. they will know better by tomorrow afternoon the fed is getting more aggressive which is causing our readers to look for ways to maximize the opportunity with rising rates or protect from down side in the equity market or stay on the sidelines all

together we track anxiety through the terms of the search. i told you the top articles. anxiety is high, dom, not as high as last year or in 2020 the concerns around macroeconomics conditions. will we be in the high inflation environment for a while or is the fed going to turn this into the stagflation and put the economy to sleep they are looking at macroeconomics concerns and thinking about how it impacts them personally. they looking for the etfs and opportunity for rising rates fearing what happens when rates rise further because they know the equity market has been in a spin now since the last month or so >> caleb bef, before i let you , are there stocks people are looking at >> they are looking for

opportunity to get some yield out of this. they are not hovering around the home stocks. those are falling out of favor they are looking to make money and save money and conserve money and get money from the dividends or take advantage of higher yields. it is interesting. they are looking for opportunities to put money to work >> caleb silver. thank you very much. we appreciate it on deck for the show, mark mahaney is looking at whether it is time to get back to the beat up sector. and throughout hispanic heritage month, cnbc is celebrating our teammates and contributors and colleagues. as we head to break, here is project ceo sandra campos. >> as a latina, it is important to be proud of the heritage and proud of who i am

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for over 50 years, pimco has reinvented fixed income to create opportunities for investors in every market environment. so, no matter what happens you can build the bonds that mean the most to you. pimco, a global leader in active fixed income. welcome back taking a look at the futures we are moving toward some of the low areas of the session right now. the dow jones industrial average is implied lower by 100 points s&p down 16. you may recall we were off 5 to 10 earlier this hour the nasdaq implied lower by 65 stocks putting a stop to the losing streak on monday. technology and growth oriented stocks are taking the biggest hit with the nasdaq down 2% this

month. the index is now 28% off the record highs from last fall. some of the biggest names in the index are up more than from the recent 52-week high. let's take a look at the wall. major losses for mega ap meta down 59%. amazon and alphabet and microsoft and applethas well. let's talk to mark mahaney about this mark, some people harp on me saying those are not technology companies. we get the idea. these are technology adjacent companies and massive in value they have taken a beating. is it going to stay that way >> these are the most challenging back drop

environments i have seen in tech stocks in some time. now you have a rising interest rate which is negative for long duration assets. high interest rates have the negative headwind on growth assets you have softening macro conditions you have a risk to the multiple and the risk to the earnings or risk to the pe and the risk to the "e" if you want to think about it that way. my guess is that basket of stocks can out perform the market these are good valuation levels we look back on and say we would have bought more given those two moves, the macro trend will get tougher before they ease. >> mark, you have been watching these stocks for some time now

do you remember a time when you faced this kind of valuation issue and economic issue since the end of the great financial crisis in 2009 and 2010, it has been up and up for the tech stocks. it has been a low interest rate environment. what happens now are they still relative safe havens like the last 12 years every time the market goes down, they get bought? does the rise in interest rates change that? >> you are right we had a very unusual environment the last two years with lower than average interest rates the last two years dramatically lower than average interest rates and dramatic stock performance somewhere along the way it will lead to under performance. you have that here within tech and growth, you can find a more value like name.

mega cap offers you the highest quality growth tech names and i find it hard to believe you wouldn't include amazon or google or meta in there. the first two at least and probably meta. the valuation sector as a whole is overrated the multiples went up dramatically in 2001 on the premise that interest rartes would stay low for a long period of time. there were covid wins. there thwere not as many as implied valuation. that is easy to say with hindsight, i know. we will get back to market fundamentals at some point it is not weeks away, but it is not years away either. you get a chance to buy google at 17 times earnings those fundamenta is why i upgrax

you want clear valuation support going into 2023. there are a few spots that offer that >> mark, we are flashing these charts the one thing they have in common is netflix which we are showing is they have taken a beating. catalyst wise, do you think there is anything we have to look for the mega cap names and the ad tier for netflix. what makes you do in and buy >> it has to be valuation. you have some names like amazon and google and meta, you had challenging comps this year because they were beneficiaries of covid trends. the comps will get easier. revenue growth accelerates when you have normal growth

acceleration and multiples told and go higher. i like amazon because it is trading 30% below the pre-covid multiple i have a set up where fundamentals will reflect up the question is the rate they will reflect up it should re-rate modestly. >> mark mahaney, thank you very much that doeitor uons fs "worldwide exchange. "squawk box" picks up coverage next we will see you tomorrow ♪♪ ♪♪ be ready for any market with a liquid etf. get in and out with dia.

good morning the fed ready to begin a two l -day meeting

treasuries not seeing highs seen in a decade. back to work with mixed reviews. new numbers on americans heading back to the office it's tuesday, september 20th summer is just about over. "squawk box" begins right now. good morning 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. let's take a look at what is happening with the equities. things started out in the green early this morning 3:00 a.m now the dow futures have turned down once again. yo