it is 5:00 a.m. at cnbc. here is the top "five@5. futures in the green, but bonds with pressure. futures finding momentum to close out a september that no one wants to remember. history not repeating itself ceo telling jim cramer the market is not like past selloffs shares of nike crushed following quarterly results as they reveal a massive oversupply problem. hitting the pause on hiring

amid growing pressure. the race is on for congress to finish a deal to fund the government with hours to go until a shutdown takes effect. it is friday, september 30th you are watching "worldwide exchange" on cnbc. good morning i'm frank holland in for brian sullivan let's kickoff the check of the markets and money. stock futures in the green across the board dow could open at 200 higher the s&p and nasdaq higher as well stocks after a selloff on thursday with the s&p hitting a new low. all three indices falling 1% to 3% apple shedding 5% of reports after decline of products. specifically the iphone 14 and the downgrade by bank of

america. look at mega cap tech stocks here you are seeing meta as we mentioned with hiring cuts down 1.5% microsoft in the green amazon up. also, check on the bond market yields are falling a bit weaker dollar is helping the 10-year treasury at 3.71 still the inversion. the oil market oil prices getting a boost as we hear more reports of a possible production cut by opec plus. wti up 1.5%. brent crude up 1%. natural gas with a boost as well looking at the big money mover. nike shares hammered in trading on the back of earnings right now, earnings and revenue down 9%. more of a selloff after that nike warning of overinventory. 44% surge of inventory due to

supply chain it is taking aggressive steps to lower supplies more on that coming up later in the hour we will have to dig into that. we want to go worldwide with joumanna bercetche in the london newsroom with the trading action overseas good morning >> good morning, frank the last trading day of the month and quarter. it has not been pretty for global stocks. asia stocks with the mxci down a quarter. and some statbilization with th hang seng. the shanghai is down .50%. hang seng up .30%. the worst quarter since 2015 nikkei in japan with accelerated selling down 1.8%. the picture in europe is a lot more positive today. surprising you would say given all of the data we had to digest this week.

the picture is positive for the last trading day of the month for the quarter as a whole with the stoxx 600 down 6%. many indivisces are down 3% to . ftse 100 in the uk up .70% a lot of focus there one thing i would say watching the uk market. the conservative party conference next week to get clues on the government fiscal plan frank. >> joumanna, a lot of green across the board time to get to the morning top stories. bertha coombs is here with those. >> good morning, frank the biden administration looking to take steps to blunt the influence in the asian pacific region the white house striking a partnership with a dozen nations covering security to climate change the administration announcing more than $800 million in financial support as part of the plan

the move comes after china in june proposed a sweeping trade and security deal with ten countries in the region. that pact later shelved after many of the countries declined to sign on lawmakers signing off on the anti-trust bill that looks to curb big tech. it raises fees for anti-trust for big mergers and gives states attorneys general power in the fights the bill is one of several under consideration to enforce efforts to rein in big tech. it must now clear the senate. and staying with big tech. according to reports, mark zuckerberg has told plemployeest is implements a freeze and taking steps to reduce costs that could include restructuring and downsizing

previous reports suggested meta was planning to cut expenses by 10% in the coming months including reducing staff i love how we say reducing staff and downsizing people will lose jobs. >> absolutely. i think if you were one of the impacted, that doesn't make you feel better. thank you very much. stocks are set to limp to the finish line after a tough week for investors with the selloff intensifying more. despite the sea of red, morgan stanley's ceo said it is not done yet speaking with jim cramer last night. he said he is not surprised with the frorth in the markets. >> you have the spacs and crypto which is washed out. it's not surprising. i'm not seeing panic this is not '87 other '91.

it is not dot-com or the financial crisis it is not there. behavior supports that >> let's bring in phil palumbo this morning >> thank you, frank. >> he is the voice of the market he is not seeing panic do you agree >> first, i don't believe the estimate of the price-to-earnings ratio. the estimates are off the peak 3% to 5% during any recession period, you see an average correction about 30%. in 2008, we saw 90% there is a wide range. however, when you think about what the fed is embarking on and wage increases and consumer demand slowing, you will see a

profit recession which means if you take estimates down by 20% and this is important. the forward multiple today is 19 times. that means the market has to get cheaper. that's why analysts are saying 3,000. that is an appropriate level i don't agree. >> you heard 3,000 i heard 3,3500 as the lowest one thing i want to touch on is it is not 1981 or the dot-com bubble what you see is similar to march of 2020 and the start of the pan pandemic should people still diversify portfolios is 60/40 the way to go how do you recommend clients >> this is the most challenging environment. balance and asset class all came up together. what i've been vocal on the show

is we are in a bubble and it collapsed. technology or crypto raising of cash was important. investors did that for my clients, 15% in cash. with the down turn, we will deploy capital this is where you make the most money. we're in a bear market we have companies off the highs. 30% or 50% or greater. it is going to get worse you have to step in and dollar cost average. >> your note hits on things today. you say we are in the eye of the storm. plan for what we see with ian and the tragedy there. the market is not as tragic. a lot of people losing wealth right now. we're in the eye of the storm. we are seeing the stronger dollar how does it impact your philosophy i know you are a long-term investors. >> you have to understand the 20% correction took time here we are. the next 20% will happen quick

over a two or three month period you cannot wait out a year or two to get back in it is the mention drop when you need to step in. over the next two or three months, it will be time to deploy capital any studies you look at with corrections like we are seeing six months, one year, two years later, you will be happy you stepped in what you have to do every day, frank, is look for opportunities of great businesses that are stable and good earnings and great free cash flow the market is throwing a perfect pitch. you have to step in as an investor this is where the most money is made. >> obviously pce is coming up later. that is a market mover. if it is higher than expected, we see a selloff what are you expecting today and how do you see it impacting the

markets? >> it is not transitory. it was going to be out of control. i think inflation is going to be over we will see inflation come down. peak inflation is already in the commodity pricing. the wealth effect evaporate. we look at bonds and technology and stocks the inflation story is going to start to dissipate just like covid. over the next 12 months. that's my expectation. >> phil palumbo, thank you for being here. when we come back, europe leaders coming together on the energy crisis. we are live in brussels with the steps they may take with rising costs. and british prime minister liz truss holding emergency talks amid continued worries with financial markets we talk to one former bank of england member about the growing concerns of policy in the uk. and the latest on hurricane

ian as it moves up the east coast and residents in florida pick up the pieces in its wake a very busy hour when "worldwide exchange" returns. real-time ticket upgrade! meaning... i get to meet my childhood idol. that works. i named my dog joey fatone. when your customer experience works, the world works. that's why the world works with servicenow.

welcome back to "worldwide exchange." to the latest in the europe energy crisis. leaders in the region gathering in brussels for the emergency meeting to address the continued surge of the energy prices there. this comes on the heels of the

leaks in the nord stream pipeline in the baltic sea some suggesting sabotage of the cause of the leaks julianna tatelbaum is in brussels with the meeting. julianna, have lerdsaders come with ways to address the costs >> reporter: frank, this is the second emergency meeting we had from the energy ministers this month alone. it is crunch time for europe as we head toward the cold winter months in terms of what could be agreed today, there is expectation that we could see agreement around a plan to cut energy use and cut down on electricity during peak hours and agreement around the imposition of windfall tax to remove the fossil future e producers. there is a hole in the agenda. the price cap. the measure that has been up for

debate in the last several weeks in europe. listen to the chair of the meeting. >> that is not on the table today. everything is possible i expect it will be done at some point on the agenda. >> reporter: now this gas cap is highly controversial as a measure. the proponents of the gas cap say it would bring down the gas for the block and it would be good and filter through lower pressure on households and businesses in europe a number of countries, 15, have signed a letter saying we should go forward with this opponents think the gas cap to divert gas away from europe to countries willing to pay more for gas. >> julianna, we mentioned thoughts that the leaks in the nord stream might be due to

sabotage what is latest >> reporter: we are expecting to get an update from denmark they have been investigating the leaks. we know the europeans suspect sabotage behind the gas leaks. they stopped short of calling out russia as the likely source behind the gas leak. we will listen for updates there. that is another key feature of the meeting. >> julianna tatelbaum live in brussels thanks for that report still on deck on "worldwide exchange." more top stories including the twist in elon musk and twitter. >> announcer: today's big number $40 billion. that's how much hurricane ian could cost the insurance industry according to insurance data firm artemis.

welcome back to "worldwide exchange." hurricane ian churning up the east coast as residents in georgia and carolinas brace for life-threatening conditions. this as residents in florida

pick up the pieces we have chris pollone live in naples, florida, with more on the aftermath of the storm good morning, chris. >> re >> reporter: we're here in naples one of the hardest hit areas nbc news confirmed at least a dozen people have died as a result of ian. more than 2 million customers without power. that is a little better from yesterday, but not by much people here are still awed by the destruction. with ian out of florida, the destructive storm is now taking aim at the carolinas >> friday is not going to be a pretty day in low country. >> reporter: people in coastal areas taking the storm seriously after what happened in florida >> we got extra things water, bread grocery stores are selling out of everything. >> reporter: after blasting the beach towns, ian dumped rain

over central florida firefighters evacuated a nursing home on thursday the first daylight gave officials a scope of the destruction. >> some of the damage was almost indescribable. >> reporter: storm chasers captured the destruction brought by the ian eyewall in fort myers and naples, the neighborhoods were wiped out by storm surge. residents went into the water to save people stranded >> police and fire and public works got after it and made close to 200 water rescues >> reporter: sanibel island only accessible by boat or helicopter after the only bridge washed out. >> the search and rescue teams are on the island going to the areas that they can get to help the individuals. >> reporter: this is a race against time to save lives

and one real estate data analytics firm estimates ian could cost florida $47 billion that would make it the most expensive storm to hit since hurricane andrew back in 1992. frank. >> you have been there for a few days in florida. what have you seen on the ground as the storm has moved through and now watching the aftermath >> reporter: it's unbelievable, frank. especially here in naples, one of the hardest hit areas up through fort myers you come down the street where there's a boat in a yard a lot of houses don't have power. there's very obvious damage. almost looks like they've been through a tornado. you go a couple streets over and lights are on and everything looks fine it is really the whims of mother nature of where these things go and topography and storm surge came in. you see a ton of first

responders i was driving from tampa and i was passed by pickup trucks pulling generators and caravans of electrical workers and sheriff's officers converging to help with search and rescue and crowd control. things of that nature. >> a very concerning situation tragic as well chris pollone, thank you for your reporting on the ground. let's get a check of other headlines with frances rivera in new york with the latest happy friday, frances. >> good morning, frank more leaders condemning the russian plan to annex. after holding staged referendums in russian occupied territory last week. president biden labeled the referendums a sham. the development in the january 6th investigation. ginni thomas, wife of clarence

thomas, met with the house committee yesterday for four hours. the committee chairman saying thomas stood by her false claims the election was stolen. she was focused on reports of fraud and irregularity and played no role after the election results. miami dolphins tua tagovailoa was hospitalized after a scary hit. he was stretchered off the field in the second quarter after his head slammed off the turf. he was taken to a hospital for head and neck injuries an optimistic update from the dolphins who said he was expected to travel home with the team on to the action wide receivers found the way past the dolphins defense. joe burrow threw for two touchdowns as cincinnati wins 27-15. that's all we were talking about this morning, frank. how do the images of his fingers down which is imprinted in our head with the images hopefully he rebounds and gets

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stocks finding to close out a tough month for investors on a positive note. futures pointing to a higher open the bank of england fighting to instill confidence and calm in the market following the fiscal intervention. martin weale is standing by to talk about the issues. and nike reveals a massive

uptick in inventory. it is friday, september 30th you are watching "worldwide exchange" here on cnbc welcome back happy friday i'm frank holland in for brian sullivan let's get to the markets and your money futures in the green the dow looks like it could open 175 points higher. s&p and nasdaq almost .7.75% higher in early trading. s&p hitting a new low on thursday investors happy to leave a very tough month. all three indices deep in the red in september one of the worst months for stocks look at this action here the dow down 7%. s&p down 8%. nasdaq is the hardest hit down more than 9% we are checking the bond market right now. yields moving a little lower

10-year treasury at 3.71. 2-year treasury over 4%. again, something to watch. also watching the oil market ticking higher on the thought and reports that opec plus might do production cuts wti at $82 a barrel. brent crude at $90 a barrel. in crypto, bitcoin below the level of 20,000. moving higher in the pre market. bitcoin at $19,500 ethereum up .50% xrp. having a really good month up 12% this morning. let's get to the top stories. bertha coombs is here now with more on those. good morning >> good morning, frank a bill to fund the government is one step closer to be approved the deadline hours away. the senate thursday approved the

short-term funding extension to avoid a shutdown it is set to take effect at midnight the measure heads to the house lawmakers expressed confidence there will not be a shutdown if the stop-gap bill is approved, it extends funding through december 16th. we'll be back here again in over two months shares of micron facing whipsaw action on extended trading on the back of the fourth quarter results the first quarter results will be below expectations as well. saying it is taking steps to emerge from quote unprecedented market downcycle by scaling back on plans to build out capacity apple facing a c-suite shake up tony blevins is leaving the

company. the video shows him getting out of a vehicle at the high end car show and making vulgar comments about women. new details about the elon musk ties to twitter amid the legal wrangling by both sides. a court filing reveals before the current issues, ex-ceo jack dorsey sent a text in late mama march he wanted musk on the board in april dorsey said he thought the board's approach was quote completely stupid and backwards. added his power is limited because he only had one vote and a limited stake in twitter all of this coming as musk and twitter prepare for court next month over the failed bid to take over the company. we will see elon musk today, frank. tesla holds the ai day

>> it seems like elon musk finds a way to keep himself in the news bertha, thank you. uk prime minister liz truss is expected to hold an emergency meeting with the head of the monetary watch dog today after failing to calm the panic over the future of the country's economy. earlier this week, the bank of england announced plans to start suspending the gilt and start buying long bonds in an effort to calm the turmoil amid the budget let's talk about this for the future of uk and global economy with martin weale. a former member of the bank of england monetary policy. good morning, martin >> hello >> first, over in england, they are raising rates now and buying long bonds now is the uk behind the curve >> i don't think the uk is behind the curve i think what happened was the chaos generated in bond markets

in particular as a result of the budget last week and the mini budget last week and that meant that pension funds were facing liquidity problems and the bank of england had to make emergency measures for liquidity that goes against what it planned before the mini budget which was to, like the federal reserve board, to open quantitative tightening. >> we have breaking news this morning. eurozone inflation of 10% in september. how do you see that impacting the bank of england? >> the bank of england is mainly concerned about inflation in britain rather than inflation in the euro area. the european central bank will be extremely concerned by 10% inflation. like the bank of england saying

it will bring inflation down and returning it to the target of 2% >> you mentioned the uk is focused on the uk and not concerned about the eurozone is the opposite true is the eurozone concerned about the uk and reversal of plans >> i think what worries other countries about what is going on in the uk is that at least immediately after the budget, there was some evidence that the concerns about the uk with the depressing bond market not only in the uk, but elsewhere there is spillover possibly that is a bit calmer now as the chart is showing interest rates in france and germany lower than those in the uk italy is still a bit higher. of course, for the uk to keep company with italy is not

diverse for the uk management. >> speaking of the uk management liz truss is not planning to reverse the tax cuts what is the path forward for the uk to deal with the energy crisis and stabilize the economy? >> the big problem liz truss faces is there are three ways in which the budget could be put on a convincing basis in other words, persuading people the national debt relative to gdp is going to fall rather than rise one is to reverse the budget measures the second is to make cuts in public spending. the third is for the economy to grow at 2.5% per year. the trouble with the last solution is that while they may believe their policies will deliver growth of 2.5% a year, i don't think anyone else will in particular, i would be

extremely surprised to say the least if the office for budget responsibility, the fiscal watch dog, was prepared to use a growth rate of 2.5% a year that leaves us either unwinding the fiscal measures that were announced last friday which, of course, is extremely difficult for politicians who want to sound determined and try new approach or it leaves the government imposing substantial spending cuts and you can be confident that will not be popular with voters and it is not going to be popular with voters at a time when the labor party has a lead in the opinion polls. we have seen a slightly calmer situation recently my view is labor's need is one of the factors calming the situation. people can see there are going to be political constraints on what the prime minister and

chancellor actually do >> you mentioned the political aspect of all this and politicians want to stay resolute as a former bank of england member, what is the ability to fix this chaos and the human energ energy chriss? >> as i said, it is not the energy crisis which is seen as the problem by market. it was the government was making permanent or presented permanent tax cuts with no sense of how the budget consequences were going to be addressed. as i was explaining, that's two solutions. one is to cut spending which will go down like a lead balloon by voters. i think we will see a combination of the two there have been cuts in

government spending over the last ten years and liz truss wants to increase for very good reasons spending on defense over the next few years so we're in a better position to deal with the threat of security that russia puts us in >> looking for compromise coming forward. martin weale, we appreciate your insight. thank you. >> thank you coming up on "worldwide exchange." the big money mover and shares of nike diving on the back of the quarterly results. stacey widlitz is here to talk about the sector as a whole. and disney has named alisa bowen president of disney plus disney plus with ads launches on december 8th in the u.s. for $8 a month. nasa and spacex is looking

to extend the life of the hubble telescope. this is using the dragon capsule to raise the altitude. the telescope delivered images since 1990 from space including the moons of pluto and made the discovery of the age of the universe. and trevor noah is leaving "the daily show" after seven years. he thanked the audience for their support. he will continue hosting for the time being noah took over from jon stewart in 2015. "worldwide exchange" back in a moment

welcome back to "worldwide exchange." nike shares plunging in the pre-market down 9% after the company expressed issues with overstock. the retail giant beat estimate, but noted supply chain has led to overinventory the company quote faces a new degree of complexity for more on nike and the state of retail, let's bring in stacey widlitz. good morning, stacey

>> good morning, frank >> you said earnings and revenue are great. the real number to pay attention to is the inventory number plus 65%. 65% higher in north america. what does it mean for mnike goig forward? >> they said september trebnds were better. stock is down 10%. the number we care about is inventory. inventory up 65% in north america. that is 50% higher growth and inventory than sales that means we're going into another period of severe markdowns. they were very clear of the quarter we're in is going to be hit hard by markdowns. there is a lot of product that came in late last quarter and product that came in early for holiday as many brands didn't know about the timing with the supply chain issues. now they have to get rid of the stuff. it is focused in apparel rather

than footwear. >> you hit on retailers. according to the long beach port, 70% of the items were brought in during september for the holidays that creates issues for nike and broader retail what does that mean for the holiday season will we see bigger deals than the last couple years? >> absolutely, frank we are back to 2019 basically in terms of promotions. as you said, everybody with the supply chain delays decided to get ready early for holiday at a time when demand fell off a cliff and inflation spiked more. now the consumer is pulling back that's clear now we have this overinventory situation which is the opposite of last year you are seeing it in apparel and home you see it across the board. you know, certainly amazon has

added a second prime day this year to help demand and get it moving and sell advertising dollars. you will see everybody rally around that event and push promotions earlier this year and harder as everybody is worried about having the glut of inventory. >> you took the words out of my mouth, stacey. amazon having a fall prime day walmart and target with earlier deals than normal. before they would have before the pandemic is that the cure for all this? are consumers with inflation, are we all eager to buy early or is this going to maybe falter a bit and are they stuck with the inventory? >> i think what will drive the consumer out early is the bigger better deals we had events in the years where things were full price in the last few years where we didn't have enough inventory. consumers came out and not

enough of a deal for me. if we get those big percentage off in october and early, people will shop early and rally around that for retailers and brands, margins will look ugly into holiday it this year if you slash prices at the beginning, where do you go from there? >> a lot of questions. a lot of us are looking for deals. if you hold retail stock, you are worried. >> no deal there >> stacey widlitz, great to have you on. on deck on "worldwide exchange." stocks are looking to have a september to forget. if you haven't already, follow our podcast if you missed "worldwide exchange" check us out on apple or other podcast apps. "worldwide exchange" will be right back

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spending out at 8:30 a.m. eastern. the report includes the favorite gauge on inflation personal consumption index at 9:45 a.m., the chicago pmi and the final read on the consumer with sentiment at 10:00 a.m. several fed officials are speaking today lael brainard. we wrap up the final trading day of september today most investors will be happy to put the month behind them. september living up to the worst month. s&p down 8%. nasdaq tumbling more than 9% bond yields and dollar risen sharply. let's bring in lizzie evans. >> good morning, frank >> the s&p down 8% for the month. where do you see it going from here

where is your support level from the s&p? a lot of people believe we will see more down side >> thanks, frank it has been a brutal month in the markets. i think in the short-term that we will see further down side. we are looking at 3500 the market breaks through that and the next level is 3200 >> what you are describing is giving up all the stimulus related gains we saw during the pandemic what does that mean? is that a situation where you advise your clients to buy i dip or wait and see? >> it is a great question. if you look at the 10-year treasury, we are at 3.7% we saw 4% this week. i think it is reasonable to assume we will see 4% again. if you look at the last time the 10-year treasury was at 4%, that was 2010 as you mentioned, at that point in time, the market was trading at a 16 times multiple

if you look at the lowest c consensus on the s&p for next year at $200 a share apply that 16 times multiple and that's where the 3200. 3500 is 5% down from where we are today. 3200 is 13% down from today. we are telling clients it is important to be patient and conf confident. look for value in asset classes and styles of investment hang in there. it will get worse before it gets better we are still in the secular bull market secular bull markets last 15 to 20 years this started in 2013 i think it is important to take that long-term approach. i think there is further down side from here >> of course we want to take a long-term approach with money. in the near term, people are seeing pain. are there companies where investors can find opportunity today? >> i think if you look at energy, i still believe energy

is the cheapest sector in the s&p 500. although it is up 40% year to date we are down 22% since june we like the integrated look at chevron. dividend yield of 4% they are growing at 6% a year. s they have a super strong balance sheet out of covid they have a refinery business which will expect to continue given the imbalance with energy. i think that is a good company to look at again, you have to be super selective and you have to be def defe defensive. >> you have to be selective. i have been asking people this question we are looking at companies to ride out the situation and selloff. you mentioned dividend investing. other people are looking at free cash flow or margins what is the focus with the quote/unquote quality of the company that makes it

investable >> great question. what is quality? to us, we are focused on strong cash flow and free cash flow looking at the balance sheets of companies. just much like we did in 2020. if you are in a period of prolonged economic slowdown, you look at the debt load of the company and free cash flow and if they can sustain a period p of prolonged economic slowdown. >> one last question before we let you go, lizzie during the pandemic, a lot of retail investors jumped into the market they are probably facing losing the gains made during the pandemic what advice would you give them? >> there is nothing fun about a bear market. bear market is like riding a bull the ride is not fun. you need to be patient and you need to be smart and confident now is the time for those investors that did jump in

during 2020 to see if there is an opportunity to rebalance the portfolio and take opportunities. we are looking at a lot of roth i.r.a. conversions there are strategic moves. they need the long-term approach and know why you own. >> i remember this time last year we were talking about booms in the market. lizzie, thank you. >> thank you, frank. one last check of the markets. the futures off their highs of the morning. the dow looks like it could open 100 or 150 points higher nasdaq and s&p .50% higher that is it for "worldwide exchange." "squawk box" takes it from here.

good morning whipsaw week the lows seem to be lower. at least for now, futures are pointing to a bounce at the open after the s&p hit the lowest level in two years. lawmakers racing against the clock to avoid a government shutdown deja vu all over and elon musk twitter saga text change from musk and the founder ceo jack dorsey. it is friday, september 30th you know what that means tomorrow is october 1st. "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. as joe mentioned, this is the last trading day of the month and quarter. if you are watching the equity futures this hour, you will see relief dow futures indicated up 145 s&p up 23. nasdaq up 64 this comes after another down day esterday the s&p was down by 2.1% it fell to the lowest level since november of 2020 nasdaq down 2.8% dow down as well down by 1.5% giving back all of the gains the markets picked up the day before where we hoped for a bit of relief after six down days i